Dürr AG — Earnings Release 2008

Feb 19, 2009

News Details

Ad-hoc | 19 February 2009 07:54

Dürr Aktiengesellschaft: Dürr well equipped for a more difficult environment after a strong 2008

Dürr Aktiengesellschaft / Preliminary 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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Preliminary results 2008
Dürr well equipped for a more difficult environment after a strong 2008

• High gross margin in Q4 2008
• Group net profit in 2008 rises to EUR 46 million and allows dividend
  proposal of 70 cents per share
• Order backlog and service business support sales generation in 2009

Stuttgart, February 19, 2009 - On the basis of preliminary figures the Dürr
Group's sales revenues grew to EUR 1,603 million in 2008. Adjusted for the
deliberate reduction in assembly conveyor business, this was an increase of
14%. EBIT was up 30% to EUR 73 million. This includes last earnings burdens
in the assembly conveyor business. Group net profit rose to EUR 46 million
(2007: EUR 22.2 million). This will enable a dividend of 70 cents per share
to be proposed (2007: 40 cents).

Adjusted for the assembly conveyor business, incoming orders declined year
over year by 14% to EUR 1,464 million. The decline was mainly due to the
fact that in December 2008 ready to sign paint systems orders worth around
EUR 200 million were postponed to the first half of 2009 by the automobile
industry. On the other hand, the mechanical engineering division, Measuring
and Process Systems, booked 4% more orders than in 2007.

Despite the project postponements at the end of the year cash flow was
positive to the tune of EUR 31 million. Net financial debt amounted to EUR
34 million as of December 31, 2008, a reduction of EUR 26 million year over
year. At 31%, the equity ratio exceeded the targeted level of 30% (December
31, 2007: 23.9%). At the end of 2008 Dürr had orders on hand worth EUR 925
million. This cushion, equivalent to 7 months' sales, and the stable,
shorter-term service business will support sales generation in 2009. The
number of employees rose by 207 to 6,143 (+3%) in 2008. 251 new jobs were
created in the emerging markets. In addition, a foreign company with 68
employees was consolidated for the first time.

Dürr reacted immediately to the project postponements in December, among
other things by running down working time accounts and reducing capacities.
Over 200 jobs will be cut in France and the US by the end of March 2009.
The number of temporary external workers is being reduced, and short-time
working is being introduced at some locations.

Outlook

Based on the projects currently under negotiation Dürr expects moderate
declines in business volume and earnings in 2009. The considerable
uncertainties in the automobile industry do not allow an exact forecast at
the present time. However, Dürr expects that the automobile industry will
continue with its investments in strategically important markets and in
rationalization. With energy-saving innovations such as the EcoDryScrubber
spray booth concept Dürr can make an important contribution to help
customers cut costs. The steady service and revamp business, which
accounted for 25% of sales revenues in 2008, is being further expanded. The
strengthened equity base and the credit facilities that are firmly
committed until into the year 2011 provide a solid financing basis.

The full annual financial statements for 2008 will be presented at the
annual press conference on March 18 in Stuttgart after they have been
approved by the Supervisory Board.

in EUR m 2008 2007 Change in
%
Incoming orders 1,464 1,782 -18
Orders on hand (Dec. 31) 925 1,083 -15
Sales revenues 1,603 1,477 +9
EBIT (earnings before interest, investment income 73 56 +30
and taxes)
Group net profit 46 22 +109
Net profit from continuing operations 34 21 +62
Cash flow from operating activities 31 86 -64
Equity with minority interests (Dec. 31) 341 257 +33
Net financial debt (Dec. 31) 34 61 -
Employees (Dec. 31) 6,143 5,936 +3

All figures relate to the continuing operations. Group net profit is an
exception and also includes discontinued operations. The figures in this
press release are preliminary and have not been approved by the Supervisory
Board or audited by the external auditor.

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Information and Explaination of the Issuer to this News:

Ralf Dieter, Dürr AG's CEO, commented: 'We achieved almost all our targets
in 2008 despite the worsening conditions at the end of the year. The gross
margin of over 19% in the fourth quarter was the highest for some years.
This shows that Dürr is in lean and efficient shape. We are equipped for
the downswing but are still watching the market very closely.'

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
achieved sales of EUR 1.6 billion with approximately 6,143 employees in
2008. Dürr is present in 47 locations in 21 countries around the
world.

Ansprechpartner:

Dürr Aktiengesellschaft
Günter Dielmann / Mathias Christen
Corporate Communications & Investor Relations
Tel +49 (0)711 136-1785 / -1381
Fax +49 (0)711 136-1716
E-Mail corpcom@durr.com

19.02.2009 Financial News transmitted by DGAP

Language: English
Issuer: Dürr Aktiengesellschaft
Otto-Dürr-Strasse 8
70435 Stuttgart - Zuffenhausen
Deutschland
Phone: +49 (0)711 136-0
Fax: +49 (0)711 136-1034
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, Hamburg, Düsseldorf, München

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