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- Order intake up 15.2 percent, revenues up 12.9 percent, EBIT (before non-recurring expenses) up 13.9 percent
- Both subgroups successful
- Proportion of revenue generated abroad reached 80 percent
- Optimistic outlook for 2006 confirmed
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| Lübeck, May 11, 2006 – The Dräger Group, Lübeck, a global leader in medical and safety technology, grew again substantially in the first three months of fiscal year 2006, recording a significant increase in results. Both subgroups, Dräger Medical and Dräger Safety, made an important contribution to the Group’s positive revenue and earnings performance. Both order intake and revenues reached record levels in the first quarter of 2006. |
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| Order intake rose by 15.2 percent to EUR 452.2 million (Q1/2005: EUR 392.5 million). Revenues climbed 12.9 percent to EUR 385.3 million (Q1/2005: EUR 341.4 million); a further improvement in the spread of revenues over the four quarters may therefore be expected. This performance was enhanced by the change in exchange rates, which contributed around three percent to the rise in order intake and revenues. |
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| EBIT (before non-recurring expenses) increased by 13.9 percent from EUR 18.0 million in the prior-year quarter to EUR 20.5 million. Due to a lower tax expense as a result of the change in legal form of Dräger Medical AG & Co. KG, earnings after taxes in the first quarter rose by 51.0 percent to EUR 7.4 million. |
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| Research and development costs came to EUR 28.4 million or 7.4 percent of revenues in the first three months of 2006. |
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| Q1/2006
| Q1/2005
| Change
| Order intake |
€452.2 million |
€392.5 million |
+15.2 % |
| Revenues |
€385,3 million |
€341.4 million |
+12.9 % |
Ebit vor
Einmalaufwendungen |
€20.5 million |
€18.0 million |
+13.9 % |
| EBIT margin |
5.3 % |
5.3 % |
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| Net profit |
€7.4 million |
€4.9 million |
+51.0 % |
| Headcount as of March 31 |
9,761 |
9,671 |
+0.9 % |
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- Double-digit order intake and revenue growth continues
- Growth much faster than the market
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| At EUR 12.9 million, Dräger Medical achieved an 8.4 percent increase in EBIT (before non-recurring expenses) than in the prior year (Q1/2005: EUR 11.9 million). At 5.0 percent, the EBIT margin was slightly lower than in the same prior-year period (Q1/2005: 5.3 percent). Revenues climbed 14.1 percent to EUR 258.2 million (Q1/2005: EUR 226.2 million). Order intake came to EUR 303.8 million after three months (Q1/2005: EUR 263.8 million), corresponding to an increase of 15.2 percent on the prior year. The subgroup has thus again displayed impressive growth rates, much higher than the global market for acute point of care (“APOC”) solutions including home respiration, which is estimated to be growing at two to three percent at present. Dräger Medical’s performance is mainly attributable to the further expansion of the global sales structure and the ongoing drive to improve internal processes as well as the product portfolio tailored to customer needs. |
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| Growth was recorded in all foreign regions: Europe excluding Germany reported the greatest rise in revenues, up 21 percent. In Germany, revenues dropped three percent due to the shrinking domestic market, while order intake increased by 5.4 percent. The subgroup was able to defend its market position in Germany despite tough competition and challenging market conditions. Revenues climbed 16.8 percent in Asia/Pacific and 13.2% in the Americas, with 8.7 percent growth in the US net of currency effects. |
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| 8.1 percent of revenues was invested in research and development. |
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- Growth across all regions
- Proportionately higher increase in EBIT (before non-recurring expenses)
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| Dräger Safety’s EBIT for the first quarter of 2006 came to EUR 10.9 million (Q1/2005: EUR 9.0 million, i.e. EUR 11.1 million minus an extraordinary profit of EUR 2.1 million from the intragroup transfer of a subsidiary of Dräger Interservices GmbH). The subgroup thus improved (comparable) EBIT by 21.1 percent on the prior year. This is equivalent to an EBIT margin of 8.1 percent; the comparable figure for the prior-year period is 7.3 percent. Dräger Safety’s global revenues rose year on year by 9.5 percent to EUR 134.9 million in the first three months of 2006 (Q1/2005: EUR 123.2 million). At EUR 156.4 million, order intake was up 14.7 percent on the prior-year period (EUR 136.4 million). |
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| Dräger Safety was able to increase revenues in all regions, with a rise of 5.3 percent in Europe excluding Germany and as much as 9.6 percent in Germany. Growth was up 1.4 percent on the prior year in the Americas and 13.1 percent in Asia/Pacific, in both cases net of currency effects. In terms of core business, Dräger Safety extended its market position in this region, despite price pressure. |
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| Research and development costs came to 5.2 percent of revenues and mainly went towards new product developments. |
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| Given the sound figures for the first quarter of 2006, Drägerwerk AG has reaffirmed its outlook for the current fiscal year. Stefan Dräger, Executive Board Chairman of Drägerwerk AG commented as follows: “Results for the first quarter show strong growth and provide a sound basis for the continuation of profitable growth for the sixth year in a row.” |
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| If the market environment remains the same, we expect revenue growth of five to seven percent for Dräger Medical and three to five percent for Dräger Safety in 2006. 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. The subgroups also expect the increase in the comparable operating result to be somewhat higher than revenue growth. |
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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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