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- Strong growth in revenues and earnings
- Success through innovation, global presence and process optimization
- Higher dividend for 2006 – sound stock performance
- Profitable growth forecast for 2007 and 2008
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| Lübeck, March 29, 2007 – Drägerwerk AG, Lübeck, has continued its success story for the sixth consecutive year. At today’s annual accounts press conference, Dräger’s Executive Board presented the 2006 financial statements, which were completed four weeks earlier than last year. The audited results are in line with the preliminary figures published at the end of February. Order intake was up 10 percent to EUR 1,865.0 million and revenues increased by 10.5 percent to EUR 1,801.3 million. New records were also set by EBIT (before non-recurring expenses) (EUR 148.2 million; 2005: EUR 128.2 million) and net profit (EUR 73.9 million; 2005: EUR 59.6 million). |
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| 2006
| 2005
| Change
| Order intake |
€1,865.0 million |
€1,695.9 million |
10.0 % |
Revenues
Percentage generated abroad |
€1,801.3 million
78.7 % |
€1,630.8 million
77.8 % |
10.5 %
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EBIT (before
non-recurring expenses) |
€148.2 million |
€128.2 million |
15.6 % |
| EBIT margin |
8.2 % |
7.9 % |
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| Net profit |
€73.9 million |
€59.6 million |
24.0 % |
Net profit after
minority interests |
€43.6 million |
€36.9 million |
18.4 % |
Earnings per preferred share
after minority interests |
€3.47 |
€2.93 |
18.4 % |
| Capital Employed |
€910.8 million |
€885.4 million |
2.9 % |
ROCE
(return on
capital employed) |
16.3 % |
14.5 % |
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| Equity ratio |
33.0 % |
32.7 % |
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Dividend per common share*
Dividend per preferred share* |
€0.49
€0.55 |
€0.44
€0.50 |
11.4 %
10.0 % |
| Headcount as of December 31 |
9,949 |
9,687 |
2.7 % |
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*As proposed by the Executive and Supervisory Boards
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| 2006
| 2005
| Change
| Total assets |
€1,636.3 million |
€1,536.2 million |
6.5 % |
| Equity |
€540.0 million |
€502.8 million |
7.4 % |
| Equity ratio |
33.0 % |
32.7 % |
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| Capital employed |
€910.8 million |
€885.4 million |
2.9 % |
| Net financial debt |
€254.5 million |
€255.8 million |
-0.5 % |
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| Chairman of Drägerwerk AG’s Executive Board Stefan Dräger attributes the Group’s sound performance in fiscal year 2006 to a number of successful projects as well as 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 competitiveness and efficiency as a global medical and safety technology group. As a result, the Group is growing faster than the market. |
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| 2006
| 2005
| Change
Dräger Medical
Order intake
Revenues |
€1,275.1 million
€1,239.2 million |
€1,156.4 million
€1,106.4 million
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10.3 %
12.0 % |
EBIT (before
non-recurring expenses) |
€112.7 million |
€100.7 million |
11.9 % |
| EBIT margin |
9.1 % |
9.1 % |
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| ROCE |
17.2 % |
16.1 % |
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Headcount
as of December 31 |
6,051 |
5,856 |
3.3 % |
Dräger Safety
Order intake
Revenues
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€611.8 million
€589.1 million
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€573.2 million
€557.8 million
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6.7 %
5.6 %
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EBIT (before
non-recurring expenses) |
€54.9 million |
€47.2 million |
16.3 % |
| EBIT margin |
9.3 % |
8.5 % |
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| ROCE |
25.7 % |
24.7 % |
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Headcount
as of December 31 |
3,683
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3,620
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1.7 %
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| In fiscal year 2006, the Dräger Medical subgroup’s revenues rose by 12 percent to EUR 1,239.2 million (prior year: EUR 1,106.4 million). Strong revenue growth was achieved in the Americas (up 20.1 percent) as well as in Europe excluding Germany (up 14.6 percent), where Italy, Spain and the UK made a particular contribution. Although high cost pressure on acute point of care (“APOC”) customers in Germany caused this market to stagnate, the sales organization enjoyed impressive growth of 5.7 percent. Only in the Asia/Pacific region did temporary and local circumstances not allow growth. |
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| Dräger Medical’s order intake was also pleasing, up 10.3 percent. Dräger’s internationalization efforts have reaped significant rewards in this respect, with around 79 percent of overall business now being generated abroad. EBIT (before non-recurring expenses) increased by 11.9 percent to EUR 112.7 million (prior year: EUR 100.7 million). At 9.1 percent, the EBIT margin was unchanged on the prior year. |
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| In fiscal year 2006, the Dräger Safety subgroup’s revenues rose by 5.6 percent to EUR 589.1 million (prior year: EUR 557.8 million), thus outperforming the market. At 1.3 percent, revenue growth in Germany was also pleasing, despite an stagnating market. Order intake, up by a total of 6.7 percent to EUR 611.8 million, developed differently across the regions. In the Americas and the Asia/Pacific region, for example, orders increased by 0.2 and 7.6 percent, respectively. In Europe (excluding Germany), order intake was up by 13.2 percent; in Germany, a slight dip of 1.6 percent was recorded. |
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| EBIT increased by 16.3 percent to EUR 54.9 million (prior year: EUR 47.2 million), producing an EBIT margin of 9.3 percent (prior year: 8.5 percent). |
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| As of December 31, 2006, headcount at the Dräger Group had increased by 262 from 9,687 in the prior year to 9,949. At 55 percent, the portion of employees based abroad remained the same. In 2006, Dräger created added value of EUR 754.7 million, a 7.1 percent increase on the prior year. The largest portion of this added value, EUR 594.7 million (78.8 percent), was attributable to Dräger employees (2005: EUR 570.1 million; 80.9 percent). Added value per employee (annual average) amounted to EUR 77 thousand, a 5.5 percent increase on the prior year (2005: EUR 73 thousand). By contrast, personnel expenses per employee only increased by 1.7 percent to EUR 60 thousand (2005: EUR 59 thousand). |
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| The share in added value of just over EUR 594.7 million, broken down by function, highlights the knowledge and customer-oriented focus of the Company. Some EUR 300 million of the personnel expenses incurred was attributable to research and development and sales and marketing employees. A further EUR 228 million was attributable to production and service employees, around 40 percent of whom serve customers on site as service engineers or equipment assemblers. |
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| In fiscal year 2006, research and development expenses amounted to EUR 118.0 million, which equals 6.6 percent of revenues (2005: EUR 108.3 million or 6.6 percent). In the fiscal year, 74 patent applications and 2 utility models were filed with the German Patent and Trademark Office. Overall, 896 people were employed in the Dräger Group’s research and development departments in 2006. |
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| The Executive and Supervisory Boards of Drägerwerk AG will propose an increase in dividends to EUR 0.49 per common share (prior year: EUR 0.44) and EUR 0.55 per preferred share (prior year: EUR 0.50) and submit this proposal for resolution at the annual shareholders’ meeting on May 11, 2006. Dräger’s sound business performance was also rewarded by the stock market. Since the beginning of 2006, the preferred stock price has risen by around 50 percent. Dräger stock is now trading at over EUR 67 (opening price as of March 28, 2007). |
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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 in 2007 and 2008. Both subgroups, Dräger Medical and Dräger Safety, want to continue expanding their global presence, particularly in Asia and the Americas. The Group also wants to stave off the competition by increasing productivity. A key project for Dräger Medical is the implementation of the platform strategy for its product portfolio. Dräger Safety sees its potential in the further expansion of the two strategic business fields Dräger Safety Solutions and Compliance. The new Compliance business field is mainly engaged in core business, selling industrial respiratory protection equipment via dealers. |
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The Q1/2007 figures will be published on May 8, 2007. |
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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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