From today’s vantage point Dürr expects incoming orders in excess of € 2.3 billion in 2013; after incoming orders in the previous year of € 2.6 billion. Sales revenues are expected to be between € 2.4 and 2.6 billion in the current year. This is supported by the high order backlog and the Group’s excellent position in the emerging markets. Dürr assumes that the buoyant current demand will continue, especially in the automotive industry. The EBIT margin should be between 7.0% and 7.5% (previous year: 7.4%).
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Dürr intends to distribute 30-40% of net income.
In the second quarter 2011 Dürr has signed a new syndicated loan contract which expires in June 2014. It is now possible for the loan to be renewed until June 2015 at no extra cost. The cash credit line stands at € 50 million and the guaranteed credit line at € 180 million. The cash credit line was unused as of March 31, 2013.
In September 2010/December 2010 Dürr issued a bond (maturity: September 2015; interest rate: 7.25%; volume: € 225 million). The bond was used on the one hand for the early redemption of an older high-yield bond and on the other hand for long-term financing of the Dürr Group.
We can also draw on a loan of € 40 million from the European Investment Bank for research purposes. The loan has a term of up to 4 years.
As of March 31, 2013 we had cash-on-hand of € 289 million. The net financial status was with € 59 million positive.
The Dürr strategy provides us with a clear road map for profitable growth in the longer term. The debt reduction in the past few years and the successful refinancing exercise are further cornerstones for a successful development of the company: Dürr has greater financial leeway, and has a sound financing solution with reduced interest expenses until the year 2015.