With a number of large orders, for example from China and Mexico, Dürr again benefited in the third quarter from the automobile industry’s continued high level of investment activity in the emerging markets. The emerging markets will probably account for over 65% of total order intake in 2011, with China alone contributing nearly 40%. In the past twelve months Dürr has increased its workforce in the emerging markets by 30%, while in the established markets it has grown by only 9%. The emerging markets now account for 30% of the Group’s 6,672 employees.
Operating cash flow improved to € 28 million in the first nine months of 2011. In the same period last year it had been € -33 million. The net financial status was slightly positive at € +1 million at the end of the third quarter of 2011 (September 30, 2010: € -57.5 million).
After the strong third quarter Dürr now expects order intake for the full year 2011 to be in the region of € 2.5 billion. The sales forecast for 2011 is being raised from € 1.75 billion to € 1.8 billion. The EBIT margin is expected to be around 5.0% instead of the 4.0% to 4.5% previously forecast. Earnings after tax should grow more than proportionally on the back of an improved financial result and a lower effective tax rate.
Despite the troubles on the financial markets and the weakened economic expectations Dürr currently sees no signs of a decrease in demand in the automobile industry; requests for quotation remain at a high level.
All the figures are preliminary and have not been audited. Dürr is offering the opportunity for a conference call with the management board on October 19 at 10.30 a.m. Dürr will be releasing the final results for the third quarter and the first nine months of 2011 on November 3, 2011. There will be no conference call on that day.
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