22.07.2019 Dürr Aktiengesellschaft  DE0005565204

DGAP-Adhoc: Dürr adjusting earnings forecast for 2019


DGAP-Ad-hoc: Dürr Aktiengesellschaft / Key word(s): Change in Forecast
Dürr adjusting earnings forecast for 2019

22-Jul-2019 / 17:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Dürr adjusting earnings forecast for 2019
Dürr AG - WKN 556520 / ISIN DE0005565204
Bietigheim-Bissingen, July 22, 2019 - The Dürr Group has today adjusted its earnings guidance for 2019. The EBIT margin is now expected to be in a range of 5.5 - 6.0% instead of the previously projected figure of 6.5 - 7.0%. The new target range for EBIT before extraordinary effects is 6.0 - 6.5% (previously 7.0 - 7.5%). The main reason for the revised guidance is, on the one hand, that the Woodworking Machinery and Systems division (HOMAG Group) is recording a market decline in business with the furniture industry. On the other hand, the Measuring and Process Systems division is exposed to substantially greater competition. The Group's full-year targets for order intake (EUR 3.8 - 4.1 billion) and sales (EUR 3.9 - 4.1 billion) are unchanged due to persistently stable automotive business. Free cash flow is likely to be lower in 2019 than last year (2018: EUR 78.4 million); previously an increase had been expected.

Earnings in the Woodworking Machinery and Systems division are under pressure from shrinking margins caused by declining market volumes. This is accompanied by significantly declining sales in Chinese business with its wider margins and a disproportionately sharp increase in the cost of materials and personnel costs relative to sales. Division sales are likely to be lower than expected in the second half of the year. Earnings in the Measuring and Process Systems division are being impacted by higher R&D expenses in connection with digitization, changes in the product mix and lower sales in the first half of the year. The latter is due to muted order intake in the second half of 2018 and softening demand for balancing technology for combustion engine components (e.g. turbochargers). The division expects sales to accelerate in the second half due to stronger order intake in the first half of 2019 (up 6.5%).

As things currently stand, Paint and Final Assembly Systems and Application Technology, the two divisions addressing the automotive industry, will achieve their order intake, sales and EBIT margin targets for 2019. Paint and Final Assembly Systems will benefit from the scheduled implementation of the FOCUS 2.0 optimization program. Despite the more difficult underlying conditions, there is a constant level of capital spending projects from the automotive industry in the pipeline. The environmental technology division Clean Technology Systems should also post increases in order intake, sales and earnings.

Provisional figures for the first half of 2019
Group EBITDA rose by 6.8% to EUR 150.4 million in the first half of 2019. EBIT dropped to EUR 95.2 million, down from EUR 101.4 million in the same period of the previous year (down 6.1%). The EBIT margin came to 5.1%. Before extraordinary effects (EUR 11.7 million), EBIT came to EUR 106.9 million, translating into an EBIT margin of 5.7%. The extraordinary effects were very largely related to purchase price allocation. Earnings after tax fell by 6.6% to EUR 63.6 million in the first half of the year.

Sales climbed by 7.5% to EUR 1,880.4 million in the first half of the year. Order intake exceeded sales by EUR 40.6 million, coming to EUR 1,921.0 million in the first half of the year and thus falling only slightly short of the previous year's high figure (down 1.7%). In the second quarter, the market decline in the furniture industry together with a temporary dip in order receipts from the automotive industry triggered a 12.9% decline in order intake. However, higher automotive order intake is expected again in the third and fourth quarter. Consolidated on October 5, 2018 for the first time, the Megtec/Universal Group contributed around EUR 100 million to order intake and sales in the first half of 2019.

Free cash flow fell to EUR -181.4 million in the first half of 2019 (H1 2018: EUR -106.8 million). The main reason for this was temporarily lower payment receipts from the automotive industry. Among other things, this is due to the low automotive order receipts in the second quarter, resulting in correspondingly lower prepayments received. The Dürr Group expects to see an improvement in cash flow in the second half of the year. Net financial status stood at EUR -310.4 million effective June 30, 2019, dropping by EUR 271.6 million over the same date one year earlier. Of this, the application of IFRS 16 accounted for EUR 99 million.

Given the more challenging macroeconomic environment, the Group's EBIT margin guidance for 2020 (7.0 - 8.0%) is currently under review.

All figures stated for the first half and the second quarter of 2019 are provisional and have not been audited. The report on the first half of the year setting out the final figures will be published on August 7, 2019.


KEY FIGURES for the Dürr Group (IFRS)
EUR m   H1 2019
H1 2018 Change  Q2 2019
Q2 2018 Change
Order intake   1,921.0 1,955.0 -1.7% 815.1 935.9 -12.9%
Sales   1,880.4 1,749.6 7.5% 930.5 909.5 2.3%
EBITDA (earnings before financial result, taxes, depreciation and amortization)   150.4 140.9 6.8% 74.7 69.8 7.0%
EBIT (earnings before financial result and taxes)   95.2 101.4 -6.1% 46.6 50.3 -7.4%
EBIT before extraordinary effects1   106.9 112.8 -5.2% 52.3 56.0 -6.5%
Earnings after tax   63.6 68.1 -6.6% 30.6 33.6 -8.9%
EBIT margin (%)   5.1 5.8 -0.7 pp 5.0 5.5 -0.5 pp
EBIT margin (%) before extraordinary effects1   5.7 6.4 -0.7 pp 5.6 6.2 -0.6 pp
Cash flow from operating activities   -112.9 -59.1 - -69.9 16.6 -
Free cash flow   -181.4 -106.8 - -115.4 -10.4 -
Net financial status2 (June 30)   -310.4 -38.7 - -310.4 -38.7 -
Net working capital (June 30)   603.4 452.9 33.2% 603.4 452.9 33.2%
Employees (June 30)   16,384 15,236 7.5% 16,384 15,236 7.5%

1Extraordinary effects in H1 2019: EUR -11.7 million (H1 2018: EUR -11.4 million)
2 IFRS 16 "Leases", which has been applied since the beginning of 2019, has burdened net financial status by around EUR 100 million.

Dürr AG
Günter Dielmann / Mathias Christen
Corporate Communications & Investor Relations
Phone +49 7142 78-1785 / -1381
Fax +49 7142 78-1716
E-Mail [email protected]

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitization/Industry 4.0. Its products, systems and services enable highly efficient manufacturing processes in different industries. The Dürr Group supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical and woodworking industries. It generated sales of EUR 3.87 billion in 2018. In October 2018, the Dürr Group acquired the industrial environmental technology business of US-based company Babcock & Wilcox, comprising the Megtec and Universal brands. Since then, it has over 16,400 employees and 108 business locations in 32 countries. The Group operates in the market with five divisions:

- Paint and Final Assembly Systems: paint shops and final assembly systems for the automotive industry

- Application Technology: robot technologies for the automated application of paint, sealants and adhesives

- Clean Technology Systems: air pollution control, noise abatement systems and battery coating lines

- Measuring and Process Systems: balancing equipment as well as assembly, testing and filling technology

- Woodworking Machinery and Systems: machinery and equipment for the woodworking industry

This publication has been prepared independently by Dürr AG/Dürr group ("Dürr"). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. As is the case for any business activity conducted in a global environment, such forward-looking statements are always subject to uncertainty. They are exposed to a number of risks, uncertainties and other factors, including, but not limited to those described in Dürr's disclosures, in particular in the chapter entitled "Risks" in Dürr's annual report. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards) rules. Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS rules. The calculation of alternative financial metrics may vary from company to company despite the use of the same or similar terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary on the Dürr website (https://www.durr-group.com/de/investoren/glossar/).


22-Jul-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Phone: 07142 78-0
Fax: 07142 78-1716
E-mail: [email protected]
Internet: www.durr-group.com
ISIN: DE0005565204, XS1048589458
WKN: 556520, A1YC44
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange
EQS News ID: 844833

End of Announcement DGAP News Service

844833  22-Jul-2019 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 3.713,19 3.869,82 3.921,50 3.324,82 3.536,67 4.314,07 4.627,33
EBITDA1,2 667,70 326,87 308,50 125,27 299,37 337,50 322,25
EBITDA-Marge3 17,98 8,45 7,87 3,77 8,47 7,82
EBIT1,4 287,02 233,50 195,90 11,12 175,67 205,90 191,45
EBIT-Marge5 7,73 6,03 5,00 0,33 4,97 4,77 4,14
Jahresüberschuss1 199,62 163,51 129,80 -13,86 84,94 134,26 110,22
Netto-Marge6 5,38 4,23 3,31 -0,42 2,40 3,11 2,38
Cashflow1,7 119,78 162,27 171,90 214,96 256,97 264,70 287,49
Ergebnis je Aktie8 2,81 2,27 1,79 -0,23 1,16 1,81 1,55
Dividende8 1,10 1,00 0,80 0,30 0,50 0,70 1,05
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Deloitte

WKN Kurs in € Einschätzung Börsenwert in Mio. €
556520 20,560 Halten 1.422,79
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,14 19,47 0,47 11,41
1,27 4,95 0,31 6,14
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
0,70 0,70 3,40 17.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
14.05.2024 08.08.2024 07.11.2024 20.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-9,14% -4,71% -3,84% -26,31%
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