Third quarter 2009: Order intake and net sales increase
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * H1N1 virus boosts positive development * Earnings in third quarter increase year-on-year * Currency effects impact full year earnings * Operating cash flow significantly up on prior year figure * Turnaround program records its first successesLübeck - Drägerwerk AG & Co. KGaA was able to once again increase itsorder intake in the third quarter of 2009. The company exceeded theprior-year figure by 9.5 percent (net of currency effects), postingorder intake of EUR 481.7 million. "The markedly positive developmentof order intake in the third quarter of 2009 gives us greatmomentum," comments Stefan Dräger, Chairman of the Executive Board ofDrägerwerk Verwaltungs AG. This development was supported byincreased order intake volumes in connection with the H1N1 virus.Net sales for Dräger Group were at EUR 454.4 million in the thirdquarter (up 3.3 percent net of currency effects) and totaled EUR1,348.3 million for the first nine months of 2009 (up 3.1 percent netof currency effects).Third quarter earnings up on prior yearIn the third quarter of 2009, savings from the turnaround programoffset earnings impacts from exchange rates, deep diving projects,shifts in the product mix and implementation costs. After taking2008's non-recurring expenses of EUR 9.6 million into account, EBITwas up EUR 2.3 million year-on-year.However, the earnings improvements cannot yet balance out theearnings decline from the first half of the year.Net cash improvesIn the third quarter 2009, operating cash flow recorded very positivedevelopment compared to the prior year with net cash increasing byalmost EUR 50 million. Intensive working capital management was amajor driver behind this improvement: During the reporting period,Dräger built up less inventories and was once again able to reducethe level of receivables.Turnaround program records its first resultsThe measures introduced up to now through the turnaround program tookpressure off earnings in the third quarter of 2009. Up to the end ofSeptember, the company achieved savings of EUR 32.3 million, EUR 18.2million of which came in the third quarter. This offsetimplementation expenses of EUR 18.3 million, EUR 14.2 million ofwhich were recorded in the third quarter. Up to this point,turnaround has focused on procurement, travel and telecommunicationscosts, marketing and sales costs as well as logistics. Production isalso continuing its program PRIME (Production Improvement forExcellence). This program allows employees to use their knowledge andexperience to enhance efficiency, cut costs, reduce through-put timesand space requirements as well as improve quality. At the same time,Dräger is currently conducting a global review of its productionsites for efficiency and competitiveness.The significantly improved order situation and net cash provided byoperating activities has allowed the company to reverse its plans tocancel Christmas and holiday pay for 2009. Instead, Dräger is goingto use the period until the end of the year to talk to employeerepresentatives. The company is looking to agree on obligatorymeasures aimed at cutting costs and making business more flexible inan effort to improve earnings.OutlookThe effects of the worldwide financial and economic crisis continueto negatively impact business. For 2009, the Executive Boardanticipates that net sales will be slightly down and consolidatedEBIT considerably lower than in the prior year. Despite the lowerconsolidated EBIT, the Executive Board is expecting net profit in theblack.Key figures for the first nine months of 2009 (in EUR millions)+---------------------------------------------------------------------+| |Q3 2009|Q3 2008| Change| Q1-Q3| Q1-Q3| Change|| | | | | 2009| 2008| ||-------------------+-------+-------+--------+-------+-------+--------||Order intake | 481.7| 443.8| + 8.5 %|1,414.5|1,398.3| + 1.2 %||-------------------+-------+-------+--------+-------+-------+--------||Medical division | 323.0| 284.8|+ 13.4 %| 928.4| 907.8| + 2.3 %||-------------------+-------+-------+--------+-------+-------+--------||Safety division | 166.1| 166.0| + 0.1 %| 506.0| 509.2| - 0.6 %||-------------------+-------+-------+--------+-------+-------+--------|| | | | | | | ||-------------------+-------+-------+--------+-------+-------+--------||Net sales | 454.4| 443.9| + 2.4 %|1,348.3|1,307.4| + 3.1 %||-------------------+-------+-------+--------+-------+-------+--------||Medical division | 293.6| 284.5| + 3.2 %| 871.7| 835.7| + 4.3 %||-------------------+-------+-------+--------+-------+-------+--------||Safety division | 167.7| 166.1| + 1.0 %| 496.4| 490.5| + 1.2 %||-------------------+-------+-------+--------+-------+-------+--------|| | | | | | | ||-------------------+-------+-------+--------+-------+-------+--------||EBIT[1] before | | | | | | ||non-recurring | | | | | | ||expenses | 13.3| 20.6|- 35.4 %| 28.4| 79.5|- 64.3 %||-------------------+-------+-------+--------+-------+-------+--------||Medical division | 9.0| 12.4|- 27.4 %| 20.1| 48.4|- 58.5 %||-------------------+-------+-------+--------+-------+-------+--------||Safety division | 10.1| 14.3|- 29.4 %| 28.1| 43.8|- 35.8 %||-------------------+-------+-------+--------+-------+-------+--------|| | | | | | | ||-------------------+-------+-------+--------+-------+-------+--------||EBIT[1] | 13.3| 11.0|+ 20.9 %| 28.4| 58.6|- 51.5 %||-------------------+-------+-------+--------+-------+-------+--------||Medical division | 9.0| 5.7|+ 57.9 %| 20.1| 39.1|- 48.6 %||-------------------+-------+-------+--------+-------+-------+--------||Safety division | 10.1| 13.4|- 24.6 %| 28.1| 37.3|- 24.7 %||-------------------+-------+-------+--------+-------+-------+--------|| | | | | | | ||-------------------+-------+-------+--------+-------+-------+--------||EBIT margin | 2.9 %| 4.6 %| | 2.1 %| 6.1 %| ||-------------------+-------+-------+--------+-------+-------+--------|| | | | + 105.6| | | ||Net profit | 3.7| 1.8| %| 5.3| 22.5|- 76.4 %||-------------------+-------+-------+--------+-------+-------+--------||EPS[2] | 0.20| 0.05| | 0.21| 1.26| |+---------------------------------------------------------------------+[1] EBIT = Earnings before net interest result and income taxes[2] EPS = Earnings per preferred share in eurosDisclaimerThis press release contains forward-looking statements regarding thefuture development of the Dräger Group. These forward-lookingstatements are based on the current expectations, presumptions, andforecasts of the Executive Board as well as the information availableto it to date and have been prepared to the best of its knowledge andbelief. No guarantee or liability for the occurrence of the futuredevelopments and results specified can be assumed in respect of suchforward-looking statements. Rather, the future developments andresults are dependent on a number of factors. They entail risks anduncertainties beyond our control and are based on assumptions whichcould prove to be incorrect. Notwithstanding any legal requirementsto adjust forecasts, we assume no obligation to update theforward-looking statements contained in this report. You will findall key financial dates on our website at www.draeger.com underInvestor Relations/Financial Calendar.ContactCorporate Communications:Burkard DilligTel. +49 451 882-2185burkard.dillig(at)draeger.comInvestor Relations:Vanina HerbstTel. +49 451 882-2685vanina.herbst(at)draeger.comDrägerwerk AG & Co. KGaAMoislinger Allee 53-5523542 Lübeck, Deutschlandwww.draeger.comThe press release can be downloaded from the following link:http://hugin.info/135701/R/1352771/327475.pdf --- End of Message ---Drägerwerk AG & Co. KGaAMoislinger Allee 53-55 Lübeck GermanyWKN: 555063; ISIN: DE0005550636; Index: TecDAX, CDAX, HDAX, MIDCAP, Prime All Share, TECH All Share;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Stuttgart, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Börse Berlin, Regulierter Markt in Börse Düsseldorf, Regulierter Markt in Frankfurter Wertpapierbörse, Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg, Regulierter Markt in Niedersächsische Börse zu Hannover;
Datum: 05.11.2009 - 07:30 Uhr
Sprache: Deutsch
News-ID 7924
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 253 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Third quarter 2009: Order intake and net sales increase"
steht unter der journalistisch-redaktionellen Verantwortung von
Drägerwerk AG & Co. KGaA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
