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(Ad-hoc) Squeeze-out of Schenck minority shareholders for EUR 157 per unit share in cash

04/28/2004 - Dürr AG - WKN 556520 / ISIN DE0005565204

In its meeting today, the Supervisory Board of Dürr AG approved the Board of Management's proposal to fix the cash settlement in the squeeze-out of Carl Schenck AG's minority shareholders at EUR 157 per unit share. Dürr AG holds 98.7% of Carl Schenck AG's capital stock.

Dürr will present its financial statements for fiscal 2003 at a press conference for that purpose in Stuttgart tomorrow. The Dürr Group increased consolidated sales by 9% in 2003 to EUR 2,264.5 million (2002: EUR 2,082.1 million). At EUR 2,356.2 million, consolidated incoming orders were also slightly above the high year-earlier level (EUR 2,346.7 million). Adjusted for exchange rate effects, sales would be 17%, and incoming orders 10%, above the previous year's figures.

Earnings before taxes amounted to EUR minus 6.9 million (2002: EUR 22.6 million). Besides continuing margin pressure and exchange rate effects (EUR 4.1 million), restructuring costs of EUR 25.6 million associated with the SPRINT SQUARED earnings enhancement program were mainly responsible for the decline. Added to that were expenses for no longer needed interest rate swaps and impairment losses on the book value of investments (EUR 11.0 million).

Due to a valuation allowance of EUR 23.0 million on deferred tax assets for loss carryforwards, a net loss of EUR 31.3 million was incurred in fiscal 2003 (2002: net income of EUR 12.0 million). Since this valuation allowance is expense-neutral, Dürr shows positive cash flow from business operations of EUR 56.4 million. Earnings per share amounted to EUR minus 2.19 (2002: EUR 0.84). Because of the negative earnings, the Board of Management and Supervisory Board of Dürr AG will propose to the annual shareholders' meeting that no dividend be paid for 2003.

Dürr expects significantly positive earnings before taxes in fiscal 2004, to which the SPRINT SQUARED program will contribute substantially.

Dürr AG
The executive board

End of disclosure