Drägerwerk AG & Co. KGaA / Preliminary Results/Final Results
18.02.2010 17:03
Dissemination 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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According to preliminary, unaudited financial statements, Drägerwerk AG &
Co. KGaA achieved a considerable increase in profitability in the fourth
quarter of 2009. In this period alone the Company generated EBIT of EUR
51.7 million (Q1-Q3 2009: EUR 28.4 million). At the end of September, EBIT
was down on previous year levels by more than 51 percent, however by the
end of the fiscal year Dräger had managed to close the gap to just 24.3
percent. EBIT for the full year 2009 totaled EUR 80.1 million. This is all
the more impressive given the EUR 30 million impairment loss on deep-sea
diving systems in the safety division, EUR 19.6 million of which came in
the fourth quarter. Most of this impairment loss was essential after a
customer cancelled a major project due to the financial crisis. This
negative impact was offset by net savings from the turnaround program in
the full year of EUR 45 million, around EUR 20 million above the last
estimate from Q3 2009. In addition, the medical division's sales and order
situation was boosted in the fourth quarter by new products, growing demand
and an increasing share of sales from high-margin equipment. While
consolidated net sales came in almost on a par with previous year levels at
EUR 1,911.1 million (-0.2 percent) in currency adjusted terms, order intake
grew by 2.9 percent to EUR 1,978.3 million with orders on hand up by as
much as 9.2 percent, posting a new record mark of EUR 440.1 million.
Consolidated EBIT was recorded at EUR 80.1 million (2008: EUR 105.8
million) and net profits totaled EUR 32.5 million (2008: EUR 49.4
million*).
In currency adjusted terms, order intake in the medical division was up 5.4
percent to EUR 1,339.6 million, while sales grew by 2.0 percent to EUR
1,261.5 million. EBIT for the medical division rose 1.6 percent to EUR 76.7
million.
Order intake in the safety division was down 1.7 percent in currency
adjusted terms to EUR 665.9 million, while sales fell by 4.0 percent to EUR
676.9 million. EBIT at the safety division dropped by 50.5 percent to EUR
30.2 million, which was mainly due to the impairment loss of EUR 30 million
on deep-sea diving systems.
As of December 31, 2009, liquid assets at Group level amounted to EUR 344
million. The ratio between net debt and EBITDA was 2.6 (2008: 1.6).
For the financial year 2010, Dräger is expecting net sales growth in the
low single digit percent region at Group level. Supported by the larger
share of new products as well as an improved cost position based on the
turnaround program's ongoing measures, Dräger is expecting the consolidated
EBIT margin to climb to between 5 and 6 percent (2009: 4.2 percent) in the
financial year 2010.
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Information and Explaination of the Issuer to this News:
* Given the now mandatory application of IAS 32 on the classification of
equity and debt capital, Dräger has reviewed its reporting policies for
disclosed participation capital and has identified potential for
adjustments. As a result and in keeping with IAS 32 and IAS 39 equity and
debt components for respective series of participation rights are being
disclosed and valued for the first time in the financial statements issued
as of December 31, 2009. Figures from previous years have been adjusted
accordingly to aid comparability.
Corporate Communications:
Burkard Dillig
Tel. +49 451 882-2185
burkard.dillig@draeger.com
Investor Relations:
Vanina Herbst
Tel. +49 451 882-2685
vanina.herbst@draeger.com
18.02.2010 17:03 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23542 Lübeck
Deutschland
Phone: +49 (0)451 882-0
Fax: +49 (0)451 882-2080
E-mail: info@draeger.com
Internet: www.draeger.com
ISIN: DE0005550636, DE 000 555 065 1, DE 000 555 067 7, DE 000 555 071 9
WKN: 555063, 555065 Genussschein A, 555067 Genussschein K, 555071 Genussschein D
Indices: TecDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, Hannover, München, Hamburg; Freiverkehr in
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Drägerwerk AG & Co. KGaA: Drägerwerk: Strong business at year-end and successful turnaround program result in surge in Q4 profitability
| Source: EQS Group AG