14.04.2016
Drägerwerk AG & Co. KGaA DE0005550602
DGAP-Adhoc: Drägerwerk AG & Co. KGaA: Dräger reports negative earnings in first quarter
Drägerwerk AG & Co. KGaA / Key word(s): Quarter Results
14.04.2016 21:39
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.
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Ad hoc report in accordance with Sec. 15 of the German Securities Trading
Act
Drägerwerk AG & Co. KGaA: Dräger reports negative earnings in first quarter
Based on preliminary figures, Drägerwerk AG & Co. KGaA concluded the first
quarter of 2016 with a negative result. Earnings performance had been
expected to be sluggish at the start of the year due to low order intake in
the fourth quarter 2015. There is no change to the previous full-year
forecast.
Order intake declined by 2.5 percent year on year in the first quarter. In
terms of net sales, Dräger recorded a decline of 2.4 percent to EUR 532.4
million (Q1 2015: EUR 545.5 million). Net of currency effects, order intake
and net sales both rose marginally by 0.2 percent.
Business development according to the new regional segments was as follows:
Performance in the Europe region was positive, particularly as a result of
solid net sales development in Germany. Compared to the same quarter in the
prior year, net sales in Europe rose by 2.6 percent (net of currency
effects). By contrast, net sales fell in the two other regions. In the
Americas region, net sales decreased by 3.6 percent net of currency
effects, particularly due to the decline in Mexico and USA. Net sales in
the Africa, Asia and Australia region fell by 2.0 percent net of currency
effects, although business in China experienced positive development.
The gross margin for the first three months of the year came to 42.0
percent (Q1 2015: 47.3 percent). The significant decline in the gross
margin was particularly due to negative currency effects. Negative mix and
price effects also impacted the gross margin.
Functional costs declined by 5.6 percent year on year in the first three
months of 2016; this equates to a decline of 4.2 percent net of currency
effects. Restructuring expenses in the amount of EUR 2.6 million are
included in the functional cost (Q1 2015 EUR 3.7 million).
Group EBIT came to approximately EUR -16 million (Q1 2015: EUR 1.1
million), which corresponds to an EBIT margin of -2.9 percent (Q1 2015: 0.2
percent).
Dräger continues to expect full-year net sales growth of between 0.0 and
3.0 percent (net of currency effects) along with an EBIT margin of between
3.5 and 5.5 percent. For 2016 we expect a lower full-year gross margin
compared to 2015. On the other hand functional costs are expected to fall
due to the positive effects of the efficiency program.
Dräger will publish its full results for the first three months of the
fiscal year on April 26, 2016.
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23558 Lübeck, Deutschland
www.draeger.com
Investor Relations:
Thomas Fischler
Tel. +49 451 882-2685
[email protected]
Corporate Communications:
Melanie Kamann
Tel. +49 451 882-3998
[email protected]
Disclaimer
This ad hoc report 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 Relations / Financial
Calendar at www.draeger.com for information on all important financial
dates.
14.04.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23542 Lübeck
Germany
Phone: +49 (0)451 882-0
Fax: +49 (0)451 882-2080
E-mail: [email protected]
Internet: www.draeger.com
ISIN: DE0005550602, DE 000 555 063 6, DE 000 555 065 1, DE 000 555
067 7, DE 000 555 071 9
WKN: 555060, 555063 Vorzüge, 555065 Genussschein A, 555067 Genussschein K, 555071 Genussschein D
Indices: TecDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich; Regulated Unofficial
Market in Stuttgart; Terminbörse EUREX
End of Announcement DGAP News-Service
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