DGAP-Adhoc: Dürr Aktiengesellschaft: Efficiency enhancement and structural measures at HOMAG, operating outlook for Dürr Group unchanged for 2019
DGAP-Ad-hoc: Dürr Aktiengesellschaft / Key word(s): Change in Forecast/Strategic Company Decision
Dürr Aktiengesellschaft: Efficiency enhancement and structural measures at HOMAG, operating outlook for Dürr Group unchanged for 2019
06-Nov-2019 / 16:41 CET/CEST
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Efficiency enhancement and structural measures at HOMAG, operating outlook for Dürr Group unchanged for 2019
Bietigheim-Bissingen, November 6, 2019 - The Dürr Group has adopted a package of measures aimed at achieving substantial efficiency gains in the Woodworking Machinery and Systems division (HOMAG Group). The package entails non-recurring expenses of EUR 40 million, of which around EUR 37 million will be arising in 2019. These measures are to generate annual savings of around EUR 15 million by 2021 at the latest.
Among other things, the HOMAG Group will be discontinuing production at its Hemmoor site in the German state of Lower Saxony and making further personal adjustments at other German facilities. All in all, roughly 350 out of 4,100 jobs in Germany are to be cut at HOMAG by 2020. In this way, HOMAG is actively addressing the structural overcapacities in Germany and responding to capacity additions in growth markets. In the previous years, HOMAG was able to fully utilize its domestic German capacities due to the extraordinarily strong demand in the furniture industry. However, demand for HOMAG is currently lower, a situation which is also likely to continue in 2020. It is in response to this that the package of measures, which also includes the merger of the Systems and Automation business units, is now being implemented. Currently, 63% of the workforce is based in Germany, whereas HOMAG generates 80% of its sales outside Germany.
In addition to the extraordinary expense for the package of measures at HOMAG (expenses of EUR 37 million in 2019), the Dürr Group faces an impairment of a further EUR 6 million in connection with a pending legal dispute in 2019.
At 6.0 to 6.5% for 2019, the Dürr Group's forecast for its EBIT margin before extraordinary effects is unchanged. Similarly, there are no changes to the full-year targets for order intake (EUR 3.8 to 4.1 billion) and sales (EUR 3.9 to 4.1 billion). Business with the automotive industry is persistently stable and still in line with expectations.
The forecast for EBIT after extraordinary effects has been adjusted for 2019 to allow for the extraordinary effects arising from the measures outlined above. The EBIT margin is now expected to be in a range of 4.4 to 4.9% instead of the previously projected figure of 5.5 to 6.0%. Earnings after tax should now reach EUR 115 to 130 million, down from the previous forecast of EUR 145 to 160 million.
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 had around 16,500 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/).
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905867 06-Nov-2019 CET/CEST
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