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Preliminary Figures for Fiscal Year 2004:*
Top and Bottom-Line Growth for Dräger in 2004
- Group sales up 6.9 percent to €1,520.5 million
- EBIT up 23.6 percent to €117.2 million
- Consolidated net profit up 39.1 percent to €47.3 million
- Higher dividends proposed
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| Lübeck, March 23, 2005 – A strong final quarter in fiscal year 2004 saw the Dräger Group chalk up annual sales of €1.52 billion, EBIT (before one-time expenses) of €117 million and consolidated net profit of €47 million. The year-on-year change takes account of the first-time adoption of International Financial Reporting Standards (IFRSs) for fiscal year 2004 and the prior fiscal year. |
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| 2003
HGB
| 2003
IFRSs
| 2004
IFRSs
| Change under
IFRSs
Sales
net of currency effects |
€1,413.5m
|
€1,422.1m
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€1,520.5m
|
+ 6.9%
+ 9.1% |
| EBIT |
€96.4m |
€94.8m |
€117.2m |
+ 23.6% |
| Net profit |
€37.8m |
€34.0m |
€47.3m |
+ 39.1% |
Earnings per
preferred share
after minority interests |
€2.15 |
€1.77 |
€2.02 |
+ 14.1% |
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| The special effects on consolidated net profit comprise one-time expenses and the profit from discontinued operations. |
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| 2003
HGB
| 2003
IFRSs
| 2004
IFRSs
| Change under
IFRSs
| One-time expenses |
€32.4m |
€37.1m |
€22.3m |
- 39.9% |
Profit from
discontinued operations |
+ €20.2m |
+ €19.0m |
+ €9.4m |
- 50.5% |
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| €12.3 million of the €22 million in one-time expenses relates to the joint venture with Siemens and the acquisition of the Air-Shields activities by Dräger Medical in 2004; €10 million relates to potential expenses for Drägerwerk AG in connection with the new building project for Dräger Medical in Lübeck as a result of the underutilization of land and buildings leased over the long term. The discontinuation of internal service and production operations – including the gains on disposal – led to income of €9.4 million. In the prior year, the special effect from discontinued operations was mainly attributable to the disposal of Dräger Aerospace. |
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| The two subgroups Dräger Medical and Dräger Safety contributed to the Group’s strong performance. The Dräger Medical subgroup broke through the one billion euro sales barrier to achieve EBIT of €94.2 million and an EBIT margin of 9.2 percent. Dräger Safety also continued its success by increasing both top and bottom-line figures in fiscal year 2004. The subgroup recorded sales of €503 million and EBIT of €40.9 million, which equates to an EBIT margin of 8.1 percent. |
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| 2003
HGB
| 2003
IFRSs
| 2004
IFRSs
| Change under
IFRSs
Dräger Medical
Sales
net of currency effects |
€917.7m
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€920.2m
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€1,023.4m
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+ 11.2%
+ 13.7%
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| EBIT |
€91.4m |
€85.3m |
€94.2m |
+ 10.4% |
Dräger Safety
Sales
net of currency effects |
€477.4m
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€477.3m
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€503.0m
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+ 5.4%
+ 7.1% |
| EBIT |
€39.7m |
€36.5m |
€40.9m |
+ 12.1% |
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| The two subgroups experienced the largest sales increase net of currency effects in the US (Dräger Medical: 26.6 percent; Dräger Safety: 19.5 percent). |
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| In light of the strong performance of the Group’s core businesses across all regions, the Executive Board of Drägerwerk AG has proposed to the Supervisory Board to increase dividends to €0.39 per common share (prior year: €0.34) and €0.45 per preferred share (prior year: €0.40) and submit this proposal for resolution at the stockholders’ meeting on June 10. |
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| For fiscal year 2005, the Dräger Group and its subgroups expect sales growth of between five and seven percent and an increase in EBIT and net profit of between five and ten percent. The forecast takes into account the current market situation, the ongoing success of the Group’s efforts to improve the organization of its operations, and an exchange rate of US$1.28/€1. |
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| This press release contains forward-looking statements regarding the development of the Dräger Group. No assurance can be given as to the content of these statements as they are based on assumptions and estimates that comprise certain risks and uncertainties. |
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* Detailed audited figures for fiscal year 2004 will be disclosed on April 28, 2005 at the annual accounts press
conference in Lübeck and at an analysts’ conference in Frankfurt.
On May 12, 2005, the Q1/2005 figures will be published.
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