Dürr Aktiengesellschaft / Key word(s): Preliminary Results/Change in Forecast
18.10.2011 13:52
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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Dürr with further growth acceleration and earnings increase in the third
quarter
18.10.2011 - Dürr AG - WKN 556520 / ISIN DE0005565204
Bietigheim-Bissingen, October 18, 2011 - Based on preliminary figures, the
Dürr Group booked orders worth EUR 866 million in the third quarter of 2011
(+138% versus Q3 2010). Demand thus continued to pick up contrary to the
general economic trend. Order intake for the first nine months rose to EUR
2,066 million (+88%). Accordingly, the Group has already topped the
approximately EUR 2.0 billion mark targeted for the full year 2011. At EUR
2,122 million as of September 30, orders on hand topped the EUR 2.0 billion
mark for the first time. Sales in the first nine months of 2011 increased
to EUR 1,307 million (+53%); the third quarter was the strongest quarter so
far this year, with revenues of EUR 524 million (+56% versus Q3 2010). EBIT
advanced to EUR 62 million; almost half of that or EUR 29 million was
generated in the third quarter (Q3: 2010: EUR 13.2 million). With an EBIT
margin of 4.7% for the first nine months, Dürr exceeded its guidance of 4.0
to 4.5% for the full year. Earnings after tax rose to EUR 35 million in the
first nine months of 2011 after EUR -9.9 million in the same period last
year.
With a number of large orders, for example from China and Mexico, Dürr
again benefited in the third quarter from the automobile industry's
continued high level of investment activity in the emerging markets. The
emerging markets will probably account for over 65% of total order intake
in 2011, with China alone contributing nearly 40%. In the past twelve
months Dürr has increased its workforce in the emerging markets by 30%,
while in the established markets it has grown by only 9%. The emerging
markets now account for 30% of the Group's 6,672 employees.
Operating cash flow improved to EUR 28 million in the first nine months of
2011. In the same period last year it had been EUR -33 million. The net
financial status was slightly positive at EUR +1 million at the end of the
third quarter of 2011 (September 30, 2010: EUR -57.5 million).
After the strong third quarter Dürr now expects order intake for the full
year 2011 to be in the region of EUR 2.5 billion. The sales forecast for
2011 is being raised from EUR 1.75 billion to EUR 1.8 billion. The EBIT
margin is expected to be around 5.0% instead of the 4.0% to 4.5% previously
forecast. Earnings after tax should grow more than proportionally on the
back of an improved financial result and a lower effective tax rate.
Despite the troubles on the financial markets and the weakened economic
expectations Dürr currently sees no signs of a decrease in demand in the
automobile industry; requests for quotation remain at a high level.
All the figures are preliminary and have not been audited. Dürr is offering
the opportunity for a conference call with the management board on October
19 at 10.30 a.m. Dürr will be releasing the final results for the third
quarter and the first nine months of 2011 on November 3, 2011. There will
be no conference call on that day.
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Key figures Dürr Group
in EUR million 9M 2011 9M 2010 Q3 2011 Q3 2010
Incoming orders 2,066 1,100.7 866 363.6
Orders on hand (Sept. 30) 2,122 1,257.3 2,122 1,257.3
Sales 1,307 854.5 524 336.6
EBITDA (earnings before 77 28.1 34 17.7
financial result, taxes,
depreciation and
amortization)
EBIT (earnings before 62 14.3 29 13.2
financial result and
taxes)
Earnings after tax 35 -9.9 19 3.4
Earnings per share (in EUR) 1.9 -0.60 1.0 0.18
Cash flow from operating 28 -33.4 53 -31.2
activities
Free cash flow -5 -55.0 29 -40.4
Capital expenditure 16 10.0 4.4 4.5
Equity (with non-controlling 341 294.4 341 294.4
interests) (Sept. 30)
Equity ratio (in %) 23 25.5 23 25.5
(Sept. 30)
Net financial debt (Sept. 30) +1 -57.5 +1 -57.5
Employees (Sept. 30) 6,672 5,825 6,672 5,825
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Dürr AG
Günter Dielmann/Mathias Christen
Corporate Communications & Investor Relations
Phone +49 7142 78-1785/-1381
Fax +49 7142 78-1716
Email corpcom@durr.com
18.10.2011 DGAP's 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: Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
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, Düsseldorf, Hamburg, Hannover, München
End of Announcement DGAP News-Service
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DGAP-Adhoc: Dürr Aktiengesellschaft: Dürr with further growth acceleration and earnings increase in the third quarter
| Source: EQS Group AG