(Ad-hoc) Dürr with profit in the first quarter of 2004

05/14/2004 - Dürr AG - WKN 556520 / ISIN DE0005565204

With earnings before taxes of EUR 4.3 million (first quarter of 2003: EUR minus 14.5 million), the Dürr Group returned to the profit zone in the first quarter of 2004, after finishing fiscal 2003 with earnings before taxes of EUR minus 6.9 million due to restructuring.

The Dürr Group's gross margin improved in the first quarter of 2004 to 17.3 %, while having amounted to 16.1 % in fiscal 2003. Earnings before interest expense, taxes, depreciation, and amortization (EBITDA) increased to EUR 16.3 million from EUR minus 0.1 million in the previous year's period. With consolidated net income of EUR 2.2 million (first quarter of 2003: net loss of EUR 8.4 million), earnings per share amounted to EUR 0.16 (first quarter of 2003: EUR minus 0.59). The earnings improvement is primarily attributable to the SPRINT SQUARE earnings enhancement program.

Dürr was able to raise consolidated sales in the first quarter of 2004 by 21 % to EUR 486.7 million (first quarter of 2003: EUR 403.8 million). The increase is primarily the result of completing a large contract in North America. Consolidated incoming orders in the first three months of 2004 amounted to EUR 415.1 million and thus returned to a normal level, as expected, after the extraordinarily high previous year's figure of EUR 1,123.8 million.

<ü>For the full year 2004, Dürr expects earnings before taxes above the figure achieved in 2003 before restructuring expense (EUR 18.7 million). The SPRINT SQUARE program is expected to contribute substantially to the earnings improvement.The financial statements for the first quarter of 2004 have been prepared in accordance with US GAAP.

In an internal review, Dürr has determined that order-specific receivables were valued too high, and accruals too low, in the financial statements for the first quarter of 2003. It has subsequently adjusted the affected items in the statements of income for that quarter. The adjustment has no effect on the consolidated financial statements dated December 31, 2003, because the presented earnings effects reversed themselves in the subsequent quarters.

Dürr AG
The executive board

End of disclosure