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- Marked improvement in earnings and order intake
- Global business driving growth
- Profitable growth forecast for 2006 and 2007
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| Lübeck, April 25, 2006 – Drägerwerk AG, Lübeck, has continued its success story for the fifth consecutive year. At today’s annual accounts press conference, Dräger’s Executive Board presented its financial statements for 2005. The audited results underpin the Group’s preliminary figures published in mid-March. Order intake was particularly strong, increasing by 11.3 percent to €1,695.9 million. Revenues increased by 7.3 percent to €1,630.8 million. New records were also set by EBIT (before non-recurring expenses) (€128.2 million; 2004: €117.2 million) and net profit (€59.6 million; 2004: €47.3 million). |
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| 2005
| 2004
| Change
| Order intake |
€1,695.9 million |
€1.523,3 million |
+11.3 % |
Revenues
Percentage generated abroard |
€1,630.8 million
77.8 % |
€1,520.5 million
75.4 % |
+7.3 %
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EBIT (before
non-recurring expenses) |
€128.2 million
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€117.2 million
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+9.4 % |
| EBIT margin |
7.9 % |
7.7 % |
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| Net profit |
€59.6 million |
€47.3 million |
+26.0 % |
Net profit
after minority interests |
€36.9 million
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€25.3 million
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+45.8 %
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Earnings per preferred
share after minority interests |
€2.93*
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€2.02
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+450 %
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| Capital employed |
€885.4 million |
€796.8 million |
+11.1 % |
ROCE
(return on capital employed) |
14.5 %
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14.7 %
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| Equity ratio |
32.7 % |
32.8 % |
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Dividend per common share**
Dividend per preferred share** |
€0.44
€0.50 |
€0.39
€0.45 |
+12,8 %
+11.1 % |
| Headcount as of December 31 |
9.687 |
9.706 |
-0,2% |
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* Includes non-recurring effect of €0.41 (change in legal form of Dräger Medical AG & Co. KG)
** As proposed by the Executive and Supervisory Boards
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| 2005
| 2004
| Change
| Balance sheet total |
€1,536.2 million |
€1,429.0 million |
+7.5 % |
| Equity |
€502.8 million |
€469.1 million |
+7.2 % |
| Equity ratio |
32.7 % |
32.8 % |
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| Capital employed |
€885.4 million |
€796.8 million |
+11.1 % |
| Net financial debt |
€255.8 million |
€218.3 million |
+17.2 % |
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| Chairman of Drägerwerk AG’s Executive Board Stefan Dräger attributes the Group’s sound performance in fiscal year 2005 to the comprehensive measures that have been consistently pursued over the last few years. Successful product innovations, the ongoing optimization of global business processes and the expansion of its international sales and service network have improved Dräger’s overall competitiveness and efficiency as a global medical and safety technology group. |
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| 2005
| 2004
| Change
Dräger Medical
Order intake
Revenues |
€1,156.4 million
€1,106.4 million |
€1,018.5 million
€1,023.4 million
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+13.5 %
+8.1 % |
EBIT (before
non-recurring expenses) |
€100.7 million
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€94.2 million
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+6.9 % |
| EBIT margin |
9.1 % |
9.2 % |
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| ROCE |
16.1 % |
16.6 % |
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Headcount
as of December 31 |
5,856
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5,859
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-0.1 %
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Dräger Safety
Order intake
Revenues
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€573.2 million
€557.8 million
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€510.0 million
€503.0 million
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+12.4 %
+10.9 %
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EBIT (before
non-recurring expenses) |
€47.2 million
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€40.9 million
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+15.4 %
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| EBIT margin |
8.5 % |
8.1 % |
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| ROCE |
24.7 % |
25.9 % |
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Headcount
as of December 31 |
3,620
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3,329
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+8.7 %
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| In fiscal year 2005, the Dräger Medical subgroup’s worldwide revenues climbed to €1,106.4 million, an increase of 8.1 percent on the prior year (€1,023.4 million). Marked revenue growth was achieved in the Americas (up 18.1 percent) as well as in Europe excluding Germany (up 14.0 percent); UK/Ireland (up 28.4 percent), Spain (up 17.6 percent) and Italy (up 18.2 percent) contributed in particular to European revenues. At 13.5 percent, growth in order intake was higher than revenues and significantly higher than market. Dräger’s internationalization efforts have reaped significant rewards in this respect, with around 78 percent of overall business and as much as 86.8 percent of equipment sales now generated abroad. EBIT (before non-recurring expenses) increased by 6.9 percent to €100.7 million (prior year: €94.2 million). At 9.1 percent, the EBIT margin was just under the prior-year figure (2004: 9.2 percent). |
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| In fiscal year 2005, the Dräger Safety subgroup’s revenues rose by 10.9 percent to €557.8 million (2004: €503 million), thus outperforming the market. At 10.5 percent (excluding Dräger Interservices), two percentage points higher than the rest of Europe, revenue growth in Germany was particularly pronounced, despite an inert market. Order intake, up by a total of 12.4 percent, developed differently across the regions. In the Americas and the Asia/Pacific region, for example, orders increased by 6.5 and 11.0 percent, respectively. In Europe (excluding Germany), order intake was up by 8.4 percent, and in Germany by 4.6 percent (excluding Dräger Interservices). EBIT (before non-recurring expenses) increased by 15.4 percent to €47.2 million (2004: €40.9 million), producing an EBIT margin of 8.5 percent. Contained in the subgroup’s result is a gain of €2.1 million from the intragroup transfer of a subsidiary of Dräger Interservices GmbH.
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| As of December 31, 2005, headcount at the Dräger Group was 9,687 (2004: 9,706), with 55 percent of employees working abroad. In 2005, Dräger created added value of €704.6 million, a 3.9 percent increase on the prior year. The largest portion of this added value, €570.1 million (80.9 percent), was distributed to Dräger employees (2004: €565.9 million; 83.4 percent). Added value per employee (annual average) amounted to €73 thousand, a 5.8 percent increase on the prior year (2004: €69 thousand). This far outweighed the 1.7 percent increase in personnel expenses per employee to €59 thousand (2004: €58 thousand). |
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| The share in added value of just over €570 million, broken down by function, highlights the knowledge and customer-oriented focus of the Company. Some €275 million (48 percent) of personnel expenses was attributable to research and development and sales and marketing employees. In addition, 40 percent of production and service employees, who in total account for a further €230 million (40 percent) of personnel expenses, serve customers on site as service engineers or equipment assemblers. |
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| In fiscal year 2005, research and development expenses amounted to €108.3 million, which equals 6.6 percent of revenues (2004: 6.8 percent). In the fiscal year, 70 patent applications were filed with the German Patent and Trademark Office. |
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| The Executive and Supervisory Boards of Drägerwerk AG propose to increase dividends to €0.44 per common share (2004: €0.39) and €0.50 per preferred share (2004: €0.45) and submit this proposal for resolution at the annual shareholders’ meeting on June 2, 2006. |
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| The Dräger Group has entered the new fiscal year with confidence and aims to continue its top and bottom-line success. Both subgroups, Dräger Medical and Dräger Safety, not only want to maintain but also expand their global presence, particularly in Asia and the Americas. They also want to counteract the prevailing pressure on prices by increasing productivity. Measures include optimizing their global business processes, extending their customer relations and constantly improving their innovative product lineup. If the market environment remains the same, revenue growth of five to seven percent is forecast for Dräger Medical and three to five percent for Dräger Safety. Overall, the Dräger Group expects to achieve revenue growth of four to seven percent as well as a slightly greater increase in EBIT (before non-recurring expenses) and net profit. Fiscal year 2007 is expected to continue in a similar positive vein. |
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The Q1/2006 figures will be published on May 11, 2006. |
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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 entail certain risks and uncertainties. |
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(c) Drägerwerk AG & Co. KGaA, 2007 |
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