Drägerwerk AG & Co. KGaA / Key word(s): Change in Forecast
15.07.2015 20:54
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc report in accordance with Sec. 15 of the German Securities Trading
Act
Drägerwerk AG & Co. KGaA: Dräger revises 2015 earnings forecast
Based on the preliminary results, Drägerwerk AG & Co. KGaA has revised its
earnings forecast for 2015. Dräger now anticipates an EBIT margin of
between 5.0 and 7.0 percent for 2015. Originally, an EBIT margin of between
6.0 and 8.0 percent was forecasted.
Dräger recorded a year-on-year rise in order intake in the second quarter
of 10.3 percent. Net sales rose by 13.2 percent to EUR 634.0 million. Net
of currency effects, order intake increased by 4.4 percent and net sales
rose by 6.8 percent. Orders in the medical division increased by 11.3
percent (5.3 percent net of currency effects), while net sales rose by 14.5
percent (7.6 percent net of currency effects). In the safety division,
orders were up by 8.5 percent (2.8 percent net of currency effects),
whereas net sales increased by 11.0 percent (5.4 percent net of currency
effects). Total Group EBIT came in at EUR 21.7 million (prior-year quarter:
EUR 15.0 million), equating to an EBIT margin of 3.4 percent (prior-year
quarter: 2.7 percent).
As a result, net sales rose year on year in the first half of 2015 by 9.9
percent (3.4 net of currency effects). Total EBIT stood at EUR 22.7 million
(6 months 2014: EUR 34.0 million). The EBIT margin fell from 3.2 percent in
the prior-year period to 1.9 percent.
Business development fell short of expectations in certain particularly
profitable countries for Dräger in the Asia Pacific and Americas region.
This applies above all to China and USA, and no significant improvement is
expected in demand in the second half of the year.
Next to lower net sales from especially profitable regions, a change in the
product mix in the first half of the year toward lower-margin products had
a negative impact on the gross margin. This neutralized positive currency
effects. The gross margin stood at 45.8 percent (6 months 2014: 45.7
percent).
In the first half of 2015, functional expenses rose net of currency effects
by 6.3 percent compared to the prior-year figure. Due to the weak euro this
corresponds to a nominal growth of 12.4 percent.
Dräger's high US dollar cost position means that the continued weakness of
the euro is barely having any positive effects on the EBIT margin.
New full-year forecast for 2015:
Net sales growth net of currency effects is expected to come in at the
previously forecast range of 2.0 to 5.0 percent for 2015 (net of currency
effects). The gross margin is not likely to match the previous year's
level. Dräger expects its EBIT margin to stand at between 5.0 and 7.0
percent (previously 6.0 to 8.0 percent) and does not anticipate any
significant changes in relevant exchange rates in this regard.
The medium-term guidance remains unchanged.
Dräger will publish its full results for the first six months of the fiscal
year on July 30, 2015.
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23558 Lübeck, Germany
www.draeger.com
Investor Relations:
Thomas Fischler
Phone: +49 451 882-2685
thomas.fischler@draeger.com
Corporate Communications:
Melanie Kamann
Phone: +49 451 882-3998
melanie.kamann@draeger.com
Disclaimer
This ad hoc report contains statements on the future development of Dräger
Group. These forward-looking statements are based on the current
expectations, presumptions, and forecasts of the Executive Board as well as
the information available to date. They were compiled to the best of the
company's knowledge. Dräger does not provide any warranty nor assume any
responsibility for the future developments and results described above.
These are dependent on a number of factors. They entail various risks and
contingencies outside of the company's influence and are based on
assumptions which could prove to be incorrect. Dräger does not assume any
responsibility for updating the forward-looking statements contained in
this report. This does not infringe any legal stipulations on the
adjustment of forecasts. Please go to Investor Relations / Financial
Calendar at www.draeger.com for information on all important financial
dates.
15.07.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23542 Lübeck
Germany
Phone: +49 (0)451 882-0
Fax: +49 (0)451 882-2080
E-mail: info@draeger.com
Internet: www.draeger.com
ISIN: DE0005550602, DE 000 555 063 6, DE 000 555 065 1, DE 000 555
067 7, DE 000 555 071 9
WKN: 555060, 555063 Vorzüge, 555065 Genussschein A, 555067
Genussschein K, 555071 Genussschein D
Indices: TecDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich; Regulated Unofficial
Market in Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Drägerwerk AG & Co. KGaA: Dräger revises 2015 earnings forecast
| Source: EQS Group AG