Strong growth in the first quarter: Dräger achieves excellent result
(Thomson Reuters ONE) -
Drägerwerk AG & Co. KGaA / Strong growth in the first quarter: Dräger achieves excellent result processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
- Order intake, orders on hand and net sales increased
- Earnings five times higher than at the same time in the prior year
- Cash flow from operating activities more than quadrupled
- Turnaround program continues to be successful
Lübeck - Drägerwerk AG & Co. KGaA's order intake, orders on hand, net sales and
earnings increased considerably in the first quarter of 2010.
Order intake went up 7.4 percent (net of currency effects) to EUR 488.2 million
and orders on hand 9.0 percent to EUR 472.9 million. Dräger's net sales amounted
to EUR 465.9 million, 8.1 percent (net of currency effects) higher than in the
prior year. The Group EBIT of EUR 36.8 million was five times higher than in the
first quarter of 2009.
Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG,
explains: "We got off to an excellent start in fiscal year 2010. Our good
relations with customers are paying off and the turnaround program is working.
We also gained from currency effects, an improved product mix and high order
intake in the fourth quarter of 2009."
Financial position and net assets develop positively
The Group's improved working capital management is also showing good results.
During the reporting period, Dräger's cash flow from operating activities more
than quadrupled year-on-year. It amounted to EUR 26.2 million (1(st) quarter
2009: EUR 5.9 million), some of the reasons being an increase in net profit and
a positive development in trade payables. This was offset by rising inventories
due to the continuously positive order situation at Dräger Group.
The Group's equity went up EUR 36.1 million to EUR 429.9 million in the first
three months of 2010. This was mainly attributable to the positive quarterly
result and currency translation effects. The equity ratio therefore increased to
21.8 percent.
Turnaround program continues to be successful
As planned, the turnaround program generated further savings and increased
efficiency in the first quarter of 2010, resulting in savings of EUR 11.9
million (before implementation costs of EUR 0.4 million) compared to the same
period in the prior year. Stefan Dräger reiterates: "The extremely positive
quarterly result reinforces our intention to carry on implementing our
turnaround program with determination. As before, we are aiming to improve the
competitiveness of our company in the long term and to create the necessary
conditions for our future success by significantly boosting our profitability
and operating cash flow."
Outlook
In view of the positive development in the first quarter, Dräger now expects an
EBIT margin in the upper region of the originally anticipated 5 to 6 percent
before effects of the measurement of the cash component of the purchase price of
the 25 percent share in Dräger Medical AG & Co. KG for the entire fiscal year
2010. Dräger anticipates net sales growth in the lower one-digit percentage
range. This estimate is based on the assumption that the markets relevant to
Dräger are going to continue growing and also that the turnaround program will
continued to be implemented successfully.
Key figures for the first three months of 2010 (? million)
+------------------+--------------------+--------------------+----------+
| | First quarter 2010 | First quarter 2009 | Change |
+------------------+--------------------+--------------------+----------+
| Order intake | 488.2 | 448.6 | +8.8 % |
+------------------+--------------------+--------------------+----------+
| Medical division | 323.6 | 295.2 | +9.6 % |
+------------------+--------------------+--------------------+----------+
| Safety division | 172.3 | 160.1 | +7.6 % |
+------------------+--------------------+--------------------+----------+
| | | | |
+------------------+--------------------+--------------------+----------+
| Net sales | 465.9 | 425.2 | +9.6 % |
+------------------+--------------------+--------------------+----------+
| Medical division | 306.3 | 268.3 | +14.2 % |
+------------------+--------------------+--------------------+----------+
| Safety division | 167.0 | 163.0 | +2.5 % |
+------------------+--------------------+--------------------+----------+
| | | | |
+------------------+--------------------+--------------------+----------+
| EBIT[1] | 36.8 | 6.5 | +466.2 % |
+------------------+--------------------+--------------------+----------+
| Medical division | 40.3 | 2.7 | |
+------------------+--------------------+--------------------+----------+
| Safety division | 12.7 | 10.5 | +21.0 % |
+------------------+--------------------+--------------------+----------+
| | | | |
+------------------+--------------------+--------------------+----------+
| EBIT margin | 7.9 % | 1.5 % | |
+------------------+--------------------+--------------------+----------+
| Net profit | 18.7 | -0.1 | |
+------------------+--------------------+--------------------+----------+
| EPS[2] | 1.38 | -0.10 | |
+------------------+--------------------+--------------------+----------+
[1] EBIT = Earnings before interest and taxes.
[2] EPS = Earnings per preferred share (?)
Disclaimer
This press release contains forward-looking statements regarding the future
development of the 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 it to date and have been prepared to the
best of its knowledge and belief. No guarantee or liability for the occurrence
of the future developments and results specified can be assumed in respect of
such forward-looking statements. Rather, the future developments and results are
dependent on a number of factors. They entail risks and uncertainties beyond our
control and are based on assumptions which could prove to be incorrect.
Notwithstanding any legal requirements to adjust forecasts, we assume no
obligation to update the forward-looking statements contained in this report.
You will find all key financial dates on our website at www.draeger.com under
Investor Relations/Financial Calendar.
Contact
Corporate Communications:
Burkard Dillig
Tel. +49 451 882-2185
burkard.dillig(at)draeger.com
Investor Relations:
Vanina Herbst
Tel. +49 451 882-2685
vanina.herbst(at)draeger.com
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23542 Lübeck, Deutschland
www.draeger.com
The press release can be downloaded from the following link:
[HUG#1411892]
--- End of Message ---
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55 Lübeck Germany
ISIN: DE0005550636;
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Press release (PDF): http://hugin.info/135701/R/1411892/364269.pdf
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 20264
Anzahl Zeichen: 0
contact information:
Town:
Lübeck
Kategorie:
Business News
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