(Ad-hoc) Dürr AG Q1 2005 business figures

05/12/2005 - Dürr AG - WKN 556520 / ISIN DE0005565204

The Dürr Group (continuing operations) increased incoming orders in Q1 2005 by 4% versus the same period last year despite ongoing restrained capital expenditure in the automobile industry. In firstquarter 2005, incoming orders rose to Ä 375.6 million (Q1 2004: Ä 361.9 million). Consolidated sales came to Ä 337.6 million and as expected fell short of the level for Q1 2004 (Ä 429.8 million). However, the figure for the previous year's quarter was disproportionately high owing to the strong contribution a large-scale order made to sales. The decline in Group sales also reflects the automotive industry's restrained capital expenditure over the last six months. Given the lower sales, earnings before income taxes amounted to Ä -6.8 million and were thus lower than in the first three months of 2004 (Ä 2.1 million). We expanded our industrial business, which performed gratifyingly. The key factor underlying the decrease in earnings in Q1 was not only the lower level of sales but also the rise in interest expense by Ä 3.7 million to Ä 8.9 million. The company also made progress in first-quarter 2005 as regards cost of sales, which were lowered far further than the decline in sales. Dürr's gross margin increased from 17.1% to 19.4%. EBITDA came to Ä 7.0 million, as against Ä 12.7 million one year earlier. Amortization and depreciation of Ä 5.5 million was on a par with the previous year's figure of Ä 5.8 million. EBIT amounted to Ä 1.6 million compared with Ä 7.0 million one year before. Net interest expense totaled Ä 8.4 million, up from Ä 4.9 million for Q1 2004. First-quarter 2005 closed with a net loss of Ä 4.2 million as against net income of Ä 0.7 million for Q1 2004. After minority interests, the loss per share was Ä 0.29, as compared with EPS of Ä 0.03 one year earlier. The company expects that compared with Q1 earnings will develop better in the further course of the year than in the first three months. The expansion of operations in the general industrial business will be of great importance in this context, as will be first cost savings achieved by creating a leaner Group structure. Dürr expects that consolidated sales for 2005 will be down on the year. Incoming orders over the next few months hold the key to the overall performance during the year. Negotiations with several clients are advanced. Given this scenario, Dürr plans with EBT for 2005 exceeding 2004's level.

Dürr AG
The executive board

End of disclosure