(Ad-hoc) Dürr Interim Report 1 st half 2002 - Increased incoming orders in difficult environment

08/21/2002 - Dürr AG - WKN 556520 / ISIN DE0005565204

By obtaining major orders from North America, Europe and China, Dürr has increased its incoming orders in the 1st half of 2002 by 16% to EUR 1,173 m (1st half 2001: 1,008 m). The lively pace of incoming orders continued at the beginning of the 2. half of the year; In July, Dürr received major orders valued at about EUR 160 m. At EUR 877 m, consolidated sales revenue was close to the high level of the same period in 2001 (888 m). Orders on hand as of June 30 climbed to EUR 1,463 m (1st half 2001: 1,455 m) and, compared to end of 2001, increased by EUR 296 m. The number of employees as of June 30 sank to 12,577 (1st half 2001: 12,754).

Earnings before taxes (EBT) at the end of the 1st half 2002 were EUR minus 15.6 m (1st half 2001: 12.2 m). In the 2. quarter, along with strong increases in incoming orders and revenue, Dürr already came close to achieving a positive EBT. Operating income (EBITDA) for the 1. half of the year totaled EUR 21.9 m (1st half 2001: 54.1 m). The earnings situation was strongly marked by restructuring expenses, primarily in the Schenck Group, as well as in some Dürr companies in the USA. Implementation of our restructuring measures is proceeding as planned. The continuing weakness in the economy has also affected earnings. The SPRINT earnings enhancement program is on target and is making significant contributions to improvements in profitability. It comprises, e.g., staffing adjustments in companies with weak earnings, the merging of locations and the reduction of tied-up capital.

Against the background of the lively pace of incoming orders, even after the reporting period, and a predominantly stabile situation with strategic major projects in the automotive industry, from its current view, the Board of Management expects incoming orders and sales revenues for all of fiscal year 2002 to attain the level of 2001. Earnings too, before restructuring expenses, should also again be on the scale of 2001. However, there could be additional risks if the global economy declines further, among other things as a result of negative developments in the stock markets. This could have effects on Dürr's currently stable project situation as well. Dürr is very confident that it will benefit above-average from an economic upturn as of 2003.

Dürr AG
The executive board

End of disclosure