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First Quarter of 2008: Draeger Improves Order Intake and Net Sales

Saturday, May 10, 2008 General News
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LUEBECK, Germany, May 9 Based on the first quarter,Draegerwerk AG & Co. KGaA confirms its forecast of stable EBIT (beforenon-recurring expenses) for 2008 with slightly higher net sales than in theprior year. In the first quarter of 2008, both order intake and net salesdeveloped well.
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The Draeger Group's order intake rose by 11.0 percent against theprior-year quarter to EUR 493.8 million. Despite the weak performance of theUS dollar against the euro, net sales grew by 3.4 percent to EUR 405.7million. If exchange rates had remained stable, the increase in both orderintake and net sales would have been 4 percentage points higher. At EUR 17.5million, EBIT (before non-recurring expenses) is on a par with the prior-year.As announced for fiscal year 2008, non-recurring expenses were incurred in thefirst quarter. These totaled EUR 7.1 million and related to personnel measuresand IT restructuring, Accordingly, EBIT (after non-recurring expenses) totaledEUR 10.4 million in the first three months of 2008. Net profit came in at EUR2.5 million, compared with EUR 6.5 million in the same prior-year period.
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Medical division

Draeger Medical increased its order intake by 16.1 percent to EUR 320.0million in the first quarter of 2008. At EUR 264.1 million, net sales were 1.6percent above the prior year. Net of currency effects, order intake grew by20.4 percent and net sales by 5.6 percent. Medical generated an above-averageincrease in EBIT (before non-recurring expenses), taking it to EUR 12.1million. This represents a 42.4 percent increase year on year. EBIT (afternon-recurring expenses) came to EUR 11.7 million.

Safety division

The Safety division's order intake increased by 2.5 percent (net ofcurrency effects: 5.7 percent) to EUR 179.3 million. Net sales rose to EUR147.6 million, up 6.3 percent (net of currency effects: 9.6 percent) on theprior year (EUR 138.9 million). Safety's EBIT before non-recurring expensestotaled EUR 9.5 million (22.8 percent below the prior year) and EBIT afternon-recurring expenses came to EUR 4.3 million. Earnings were marred by thestrong euro and shifts in the product mix.

Forecast

For the current fiscal year, the Company anticipates that EBIT (beforenon-recurring expenses) will remain stable despite the slowdown in the globaleconomy, with net sales increasing slightly. As announced, we expect to incurnon-recurring expenses of between EUR 20 million and EUR 25 million.

Disclaimer

This press release contains forward-looking statements regarding thefuture development of the Draeger Group. These forward-looking statements arebased on the current expectations, presumptions, and forecasts of theExecutive Board as well as the information available to it to date, and havebeen made to the best of its knowledge and belief. No guarantee or liabilityfor the occurrence of the future developments and results specified can beassumed in respect of such forward-looking statements. Rather, the futuredevelopments and results are dependent on a number of factors. They entailvarious risks and uncertainties and are based on assumptions which could proveto be incorrect. Notwithstanding any legal requirements to adjust forecasts,we assume no obligation to update the forward-looking statements contained inthis report. The Draeger Group will publish the Q1/2008 figures on May 8,2008. You will find all other financial dates on our website atwww.draeger.com under Investor Center/Financial Calendar.Q1/2008 key figures (EUR million) Q1/2008 Q1/2007 Change Order intake 493.8 444.9 +11.0% Medical 320.0 275.7 +16.1% Safety 179.3 174.9 +2.5% Net sales 405.7 392.5 +3.4% Medical
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