Dürr AG — Earnings Release 2009

Aug 6, 2009

News Details

Ad-hoc | 6 August 2009 07:39

Dürr Aktiengesellschaft: Dürr increases order intake in the second quarter

Dürr Aktiengesellschaft / Half Year Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Results for the first half of 2009

Dürr increases order intake in the second quarter

• Requests for quotation pick up
• Positive EBIT despite sales decline, optimization measures take effect
• Cash flow improved in the second quarter

Bietigheim-Bissingen, August 6, 2009 - The Dürr Group saw demand pick up
in the second quarter of 2009. At EUR 298.4 million, incoming orders were
more than 40% higher than in the two preceding quarters. Sales revenues in
the first six months fell to EUR 571.5 million (-24%) as there were
customer-induced delays in the execution of orders and declines in
short-term services and spare parts business. EBIT was also positive in the
second quarter and came to EUR 6.1 million in the first six months (H1
2008: EUR 24.6 million). That includes one-time expenses of EUR 3.5 million
(H1 2008: EUR 0 million) for restructurings and a write-off as a result of
the Chrysler insolvency. In a difficult market environment Dürr is solidly
financed, with cash and cash equivalents of EUR 64 million and
approximately EUR 400 million of unutilized credit and guarantee lines.

Ralf Dieter, Dürr AG's CEO, commented: 'In the second quarter we managed
to win several large paint systems orders, and the smaller-volume business
in mechanical engineering products also picked up. To further expand our
leading position in the market we are continuing to invest in new products
also in the present environment and are stepping up our R&D spending.'

Orders on hand were worth EUR 844.5 million as of June 30, 2009, after EUR
817.8 million in the first quarter. As a result of measures to reduce net
working capital cash flow from operating activities improved by EUR 23
million year over year in the second quarter of 2009. Net financial debt
amounted to EUR 104.5 million as of June 30, 2009. At 32.9%, the equity
ratio remained above 30%.

Dürr's CFO Ralph Heuwing commented: 'The cost-cutting measures already
initiated in 2008 are taking effect: personnel expenses were reduced by
about 7% year over year, and interest payments by 30%.' About 300 jobs have
been cut since the fourth quarter of 2008, mainly in France and the USA,
and the number of leased workers was reduced by 320. The workforce
adjustments will be continued in the second half of the year, mainly
abroad. Another roughly 350 job cuts are planned, and there will also be
further reductions in the number of leased workers.

Outlook

The macroeconomic environment remains uncertain. A reliable forecast for
the full year is therefore still extremely difficult. Positive for Dürr is
that automobile manufacturers have not abandoned important investment
projects, but have only postponed them. From today's vantage point, Dürr
expects incoming orders to exceed sales revenues in 2009, therefore orders
on hand should be above last year's level. Sales revenues will fall by up
to one-fourth due to project delays. However, Dürr estimates that EBIT
before restructuring costs (up to EUR 9 million) will be in the region of
EUR 20 to 30 million.

KEY FIGURES Dürr Group (IFRS, continuing
operations)
in EUR million H1 H1 Q2 Q2
2009 2008 2009 2008
Incoming orders 506.8 876.1 298.4 358.3
Orders on hand (June 30) 844.5 1,172.7 844.5 1,172.7

Sales revenues 571.5 752.7 262.0 396.5
Restructuring costs 2.8 0.0 1.5 0.0
EBITDA (earnings before financial result, 16.4 33.5 6.6 18.7
taxes, depreciation and amortization)
EBIT (earnings before financial result 6.1 24.6 1.4 14.2
ans taxes)
Earnings after tax -6.6 10.8 -7.1 6.3
Earnings per share (in EUR) -0.42 0.63 -0.43 0.36
Cash flow from operating activities -37.8 -7.5 -5.5 -28.5
Free cash flow -51.9 -24.7 -9.6 -32.8
Capital expenditure 15.0 8.1 10.9 4.4
Balance sheet total (June 30) 989.3 1,141.5 989.3 1,141.5

Equity (with minority interests) 325.9 294.5 325.9 294.5
(June 30)
Equity ratio (June 30) in % 32.9 25.8 32.9 25.8
Net working capital (June 30) 168.8 127.2 168.8 127.2
Net financial debt (June 30) 104.5 89.0 104.5 89.0
Employees (June 30) 5,906* 6,044 5,906* 6,044

Paint and Assembly
Systems Division
in EUR million H1 2009 H1 2008 Q2 2009 Q2 2008
Incoming orders 376.0 641.8 232.0 255.4
Sales revenues 407.1 555.3 183.8 286.5
EBIT 11.5 18.9 3.4 9.8
Employees (June 30) 3,433 3,560 3,433 3,560

Measuring and Process
Systems Division
Incoming orders 130.7 234.3 66.3 103.6
Sales revenues 164.4 197.3 78.2 109.9
EBIT -3.1 8.0 -0.9 5.7
Employees (June 30) 2,427 2,437 2,427 2,437

*Compared to H1 2008 99 employees were added by the first-time
consolidation of two companies

Immaterial variances may occur in the computation of sums and percentages
due to rounding.

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Information and Explaination of the Issuer to this News:

The Dürr Group is a supplier of plant and equipment that commands leading
global market positions in its areas of activity. Business with the
automotive industry accounts for about 85% of its sales. Dürr also
supplies innovative manufacturing and environmental technologies for the
aircraft, mechanical engineering, chemical and pharmaceutical industries.
The Dürr Group operates in the market through two divisions. The Paint and
Assembly Systems division supplies production and painting technologies,
mainly for automotive body & chassis manufacturing. The equipment and
systems supplied by the Measuring and Process Systems division are used,
among other things, for engine and transmission production and for final
vehicle assembly. Dürr is present in 44 locations in 20 countries around
the world. The Group achieved sales of EUR 1.6 billion with approximately
6,100 employees in 2008.

Kontakt:
Dürr AG
Günter Dielmann/Mathias Christen
Corporate Communications & Investor Relations
Tel +49 7142 78-1785/-1381
Fax +49 7142 78-1716
E-Mail corpcom@durr.com

06.08.2009 Financial News transmitted by DGAP

Language: English
Issuer: Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Deutschland
Phone: 07142 78-1785
Fax: 07142 78-1716
E-mail: investor.relations@durr.com
Internet: www.durr.com
ISIN: DE0005565204
WKN: 556520
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Hannover, Düsseldorf, München,
Hamburg

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