2012-02-15 07:38:14 -
Drägerwerk AG & Co. KGaA /
Preliminary figures 2011: Another record net sales and earnings year for Dräger
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Lübeck - According to the preliminary, unaudited financial statements,
Drägerwerk AG & Co. KGaA achieved record net sales of around EUR 2.3 billion in
fiscal year 2011 (2010: EUR 2.2 billion), corresponding to net sales growth of
3.6 percent. The EBIT margin was 9.5 percent, coming in at the upper limit of
the forecast of 8.5 percent to 9.5 percent. Overall, Dräger increased its
earnings before interest and taxes by approximately 11 percent year-on-year and
closed fiscal year 2011 with EBIT of some EUR 214 million (2010: EUR 193
million). This amount also
includes expenses for the implementation of the new
sales structure in the mid one-digit million euro range advised for 2012.
As a result of the extraordinarily strong fourth quarter, the medical division's
net sales went up by 0.9 percent to approximately EUR 1.5 billion. The EBIT
margin came to around 12.9 percent (2010: 12.7 percent) according to preliminary
data. This positive development was mainly the result of extraordinarily high
net sales, particularly from countries with above-average margins, as well as an
advantageous product mix in the fourth quarter of 2011.
The safety division's net sales rose by 9.4 percent to EUR 0.8 billion. The EBIT
margin amounted to around 9.5 percent (2010: 8.3 percent) according to
preliminary estimates. In 2011, the safety division profited in particular from
an upturn in industrial demand.
Growth expected to continue in 2012
Dräger again expects to grow at least at the pace of overall global economic
growth in 2012 (IMF January 2012 estimate: +3.3 percent). However, as announced
in November 2011, research and development as well as IT costs are likely to
rise higher than net sales in 2012: Based on stable market development, the
Company continues to anticipate a Group EBIT margin of between 8.0 percent and
9.5 percent for fiscal year 2012. In the medium term, the new sales structure
will significantly reduce sales expenses and tap into additional growth
potential. All in all, Dräger expects to make relative marketing and sales costs
savings of at least one percentage point by the end of 2014. The Company also
plans to continue to grow faster than the market and achieve a minimum EBIT
margin of 10 percent in the medium term.
Preliminary figures 2011 (EUR million)
+--------------------+---------+---------+---------+---------+---------+
| | Fourth | Fourth | 2010 | 2011 | Change |
| | quarter | quarter | | | |
| | 2010 | 2011 | | | |
+--------------------+---------+---------+---------+---------+---------+
| Net sales | 635.3 | 698.5 | 2,177.3 | 2,255.8 | +3.6 % |
+--------------------+---------+---------+---------+---------+---------+
| Medical division | 443.1 | 486.3 | 1,472.0 | 1,484.5 | +0.9 % |
+--------------------+---------+---------+---------+---------+---------+
| Safety division | 202.2 | 221.4 | 733.8 | 802.7 | +9.4 % |
+--------------------+---------+---------+---------+---------+---------+
| | | | | | |
+--------------------+---------+---------+---------+---------+---------+
| EBIT | 56.1 | 74.1 | 192.8 | 213.8 | +10,9 % |
+--------------------+---------+---------+---------+---------+---------+
| Medical division | 58.3 | 84.0 | 186.6 | 191.8 | +2.8 % |
+--------------------+---------+---------+---------+---------+---------+
| Safety division | 13.9 | 9.4 | 61.0 | 76.1 | +24.6 % |
+--------------------+---------+---------+---------+---------+---------+
| | | | | | |
+--------------------+---------+---------+---------+---------+---------+
| EBIT margin (in %) | 8.8 | 10.6 | 8.9 | 9.5 | |
+--------------------+---------+---------+---------+---------+---------+
| Medical division | 13.2 | 17.3 | 12.7 | 12.9 | |
+--------------------+---------+---------+---------+---------+---------+
| Safety division | 6.9 | 4.2 | 8.3 | 9.5 | |
+--------------------+---------+---------+---------+---------+---------+
Disclaimer
This press release contains statements on the future development of Dräger
Group. These forward-looking statements are based on the current expectations,
presumptions, and forecasts of the Executive Board as well as the information
available to date. They were compiled to the best of the company's knowledge.
Dräger does not provide any warranty nor assume any responsibility for the
future developments and results described above. These are dependent on a number
of factors. They entail various risks and contingencies outside of the company's
influence and are based on assumptions which could prove to be incorrect. Dräger
does not assume any responsibility for updating the forward-looking statements
contained in this report. This does not infringe any legal stipulations on the
adjustment of forecasts. Please go to Investor Center / financial calendar
atwww.draeger.com for information on all important financial dates.
Contact
Corporate Communications:
Melanie Kamann
Phone: +49 451 882-3998
melanie.kamann@draeger.com
Investor Relations:
Vanina Hoffmann
Phone: +49 451 882-2685
vanina.hoffmann@draeger.com
Drägerwerk AG & Co. KgaA
Moislinger Allee 53-55
23542 Lübeck, Germany
www.draeger.com
Press release (PDF):
hugin.info/135701/R/1585826/496768.pdf
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Source: Drägerwerk AG & Co. KGaA via Thomson Reuters ONE
[HUG#1585826]
