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Dürr AG adjusting earnings forecast for 2022, unchanged medium-term goal for EBIT margin of at least 8%

Dürr Aktiengesellschaft / Key word(s): Change in Forecast/Quarter Results
Dürr AG adjusting earnings forecast for 2022, unchanged medium-term goal for EBIT margin of at least 8%

02-May-2022 / 18:21 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Dürr AG adjusting earnings forecast for 2022, unchanged medium-term goal for EBIT margin of at least 8%

Dürr AG - WKN 556520 / ISIN DE0005565204

Bietigheim-Bissingen, May 2, 2022 - Dürr AG is adjusting its earnings forecast for 2022 in response to the mounting global supply chain problems in recent weeks. Given protracted cost inflation, renewed lockdowns in China and geopolitical uncertainties, the Board of Management does not expect the supply chain constraints to ease significantly before the end of 2022. By contrast, the forecast for 2022 published in February had assumed a marked improvement in the second half of the year. At the same time, Dürr AG confirms its medium-term target of an EBIT margin of at least 8% in 2023 or 2024, since the current turmoil is only temporary in nature.

The EBIT margin before extraordinary effects is now expected to be in a range of 5.0-6.5% in 2022 instead of the previously projected figure of 6.5-7.5%. In 2021, it had reached 5.6%, coming to 4.9% in the first quarter of 2022. In the second quarter, lockdowns in China will temporarily exert an adverse effect on sales and earnings.

The full-year forecast for order intake, sales and free cash flow for 2022 remains unchanged. In the first quarter of 2022, order intake rose to a record €1,400.5m (up 35.7% on Q1 2021). This was driven by record order intake at HOMAG (€573.8m) and significant growth in automotive business and in environmental technology. The full-year target corridor of €4,100-4,400 million in 2022 remains readily achievable.

Sales climbed by 14.7% to €905.7 million in the first quarter. Despite the temporary adversities in China, further growth and the achievement of the sales target of €3,900-4,200 million are expected for 2022 as a whole.

Free cash flow amounted to €74.8 million in the first quarter and should reach €50-100 million in 2022 as planned. Although net working capital is expected to rise in the further course of the year as a result of the planned growth in sales, customer prepayments should remain strong thanks to the good order situation, while capital spending should reach the lower end of the target corridor (4.0-5.0% of sales).

The following positive currency translation effects were registered in the first quarter of 2022: order intake €+59.7m, sales €+20.8m, EBIT before extraordinary effects €+2.0m.

As things currently stand, the Board of Management is confident that margins will widen significantly in 2023, underpinned by the high order intake and order backlog, the price adjustments implemented and the margin quality of orders on hand. Against this backdrop, the Board of Management is optimistic that the medium-term target for the EBIT margin of at least 8% will be achieved by 2024 at the latest.

The Group's adjusted earnings targets for 2022 are shown in the table below. An adjusted forecast for the divisions is expected to be published together with the half-year figures on August 4, 2022.

The full interim financial statement for the first quarter of 2022 will be published, as announced, on May 10, 2022. A conference call with the Board of Management will be held for investors and press representatives on May 3, 2022 at 2pm (CEST). The conference call previously scheduled for May 10, 2022 has been canceled.

Dürr Group forecast for 2022

  2021 act.Previous forecast for 2022New forecast for 2022 (May 2, 2022)
Order intake€m4,291.04,100-4,4004,100-4,400
EBIT margin before extraordinary effects%5.66.5-7.55.0-6.5
EBIT margin%5.05.9-6.94.4-5.9
Earnings after tax€m84.9130-180100-150
Free cash flow€m120.850-10050-100
Net financial status (December 31)€m-99.5-75 - -125-75 - -125
Capital spending (net of acquisitions)€m107.8
(3.0% of sales)
4.0-5.0% of sales4.0-5.0% of sales


Q1 2022 (preliminary)

Dürr Group
€m Q1 2022Q1 2021Δ
Order intake 1,400.51,032.235.7%
Orders on hand (March 31) 3,897.22,902.734.3%
Sales 905.7789.814.7%
Gross profit 213.8178.020.1%
Research and development costs 33.028.814.9%
EBITDA (earnings before financial result, taxes,
depreciation and amortization)
EBIT (earnings before financial result and taxes) 43.724.181.6%
EBIT before extraordinary effects1 44.629.252.7%
Earnings after tax 27.18.5218.7%
Gross margin (%) 23.622.5+1.1%-pts.
EBIT margin (%) 4.83.0+1.8%-pts.
EBIT margin (%) before extraordinary effects1 4.93.7+1.2%-pts.
Cash flow from operating activities 105.791.915.0%
Free cash flow 74.865.713.8%
Capital spending (net of acquisitions) 31.619.462.8%
Total assets (March 31) 4,393.64,297.72.2%
Equity (incl. non-controlling interests)
(March 31)
Equity ratio (March 31) 24.121.7+2.4%-pts.
ROCE (return on capital employed, annualized) (%) 16.29.0+7.2%-pts.
Net financial status (March 31) -11.4-101.788.8%
Net working capital (March 31) 366.9405.5-9.5%
Employees (March 31) 17,92616,9845.5%
  1 Extraordinary effects in Q1 2022: €-0.9 million (including purchase price allocation effects of €-5.1 million), Q1 2021: €-5.2 million
Paint and Final Assembly Systems1
€mQ1 2022Q1 2021Δ
Order intake460.6301.952.6%
EBIT before extraordinary effects9.05.758.8%
Employees (March 31)5,2464,9366.3%

Application Technology1
€mQ1 2022Q1 2021Δ
Order intake167.8129.429.6%
EBIT before extraordinary effects9.56.547.1%
Employees (March 31)1,9842,070-4.2%

Clean Technology Systems1
€mQ1 2022Q1 2021Δ
Order intake112.2101.710.3%
EBIT before extraordinary effects0.22.7-91.6%
Employees (March 31)1,4101,3554.1%
Measuring and Process Systems1
€mQ1 2022Q1 2021Δ
Order intake101.166.053.2%
EBIT before extraordinary effects3.73.312.1%
Employees (March 31)1,6861,708-1.3%

Woodworking Machinery and Systems1
€mQ1 2022Q1 2021Δ
Order intake573.8440.130.4%
EBIT before extraordinary effects26.813.598.4%
Employees (March 31)7,2746,6349.6%

1 Effective January 1, 2022, tooling business was transferred from Woodworking Machinery and Systems to Measuring and Process Systems. Due to this transfer the division sales now also include group internal sales with other divisions. These sales are being eliminated at group level. The previous year's figures were duly adjusted.

Dürr AG
Andreas Schaller / Mathias Christen
Corporate Communications & Investor Relations
Phone +49 7142 78-1785 / -1381
Fax +49 7142 78-1716
E-Mail corpcom@durr.com

Information and Explanation of the Issuer to this News:

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitalization/Industry 4.0. Its products, systems and services enable highly efficient and resource-saving manufacturing processes in different industries. The Dürr Group supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical, medical technology and woodworking industries. It generated sales of €3.54 billion in 2021. The company has almost 18,000 employees and 120 business locations in 33 countries. The Dürr Group operates in the market with the brands Dürr, Schenck and HOMAG and with five divisions:

- Paint and Final Assembly Systems: paint shops as well as final assembly, testing and filling technology for the automotive industry, assembly and test systems for medical devices

- Application Technology: robot technologies for the automated application of paint, sealants and adhesives

- Clean Technology Systems: air pollution control, noise abatement systems and coating systems for battery electrodes

- Measuring and Process Systems: balancing equipment and diagnostic technology

- Woodworking Machinery and Systems: machinery and equipment for the woodworking industry

This publication has been prepared independently by Dürr AG/Dürr group. It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in disclosures of Dürr AG, in particular in the chapter 'Risks' in the annual report of Dürr AG. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of the Dürr group may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as 'expect,' 'want,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'seek,' 'estimate,' 'will,' 'project' or words of similar meaning. Dürr AG neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Net assets, financial position and results of operations of the Dürr group should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr AG can be found in our glossary on the web page.

02-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


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