DGAP-Adhoc: Correction of a release from 15/04/2020, 20:26 CET/CEST - Drägerwerk AG & Co. KGaA: FY 2020 guidance cancelled. Strong Q1 order intake opens up opportunities for significantly higher net sales and earnings. Consideration given to termination of pc series A and K and potential use of equity financing

2020. április 15., szerda, 20:52





DGAP-Ad-hoc: Drägerwerk AG & Co. KGaA / Key word(s): Preliminary Results/Change in Forecast


Correction of a release from 15/04/2020, 20:26 CET/CEST - Drägerwerk AG & Co. KGaA: FY 2020 guidance cancelled. Strong Q1 order intake opens up opportunities for significantly higher net sales and earnings. Consideration given to termination of pc series A and K and potential use of equity financing


15-Apr-2020 / 20:52 CET/CEST


Correction 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.





Ad-hoc notification in accordance with Sec. 17 of the MAR



Drägerwerk AG & Co. KGaA: Full-year 2020 guidance cancelled. Strong Q1 order intake opens up opportunities for significantly higher net sales and earnings. Consideration given to termination of participation certificate series A and K and potential use of equity financing.



Dräger hereby announces its preliminary, unaudited figures for the first quarter of 2020.



In the wake of the COVID-19 pandemic, Dräger received a considerably higher number of orders in the first quarter of 2020 than in the first quarter of the prior year. At a level of around EUR 1,393 million (Q1 2019: EUR 648 million), incoming orders in Q1 were approximately 117 percent (nominal: 115.1 percent) higher than the prior-year quarter net of currencies effects. Demand in the medical division is very high at the present time: here, incoming orders were at approximately EUR 1,043 million (Q1 2019: EUR 379 million), an increase of approximately 177 percent (nominal: 175.5 percent) on the same period of the prior year net of currencies effects. Demand was particularly strong for products required for the treatment of COVID-19 patients: ventilators, patient monitors and related consumables. Incoming orders for other products such as anaesthesia and Workplace Infrastructure were also up on the prior year. At around EUR 350 million (Q1 2019: EUR 269 million), order intake in the safety division was also significantly higher than in the prior year (net of currencies effects approximately +32 percent, nominal +29.9 percent). There was a particularly sharp increase in orders for light breathing protection (e.g. PPE masks).



A large proportion of the orders are scheduled for delivery before the end of 2020. For this purpose, production capacity is currently being increased in various areas. The high level of incoming orders only resulted in a limited increase in net sales in the first quarter. Net of currencies effects, net sales rose by approximately 7.1 percent (nominal: 6.4 percent) to around EUR 640 million (Q1 2019: EUR 602 million). Net sales increased in the medical division, as well as in the safety division. The gross margin was around 44.2 percent (Q1 2019: 42.3 percent). Functional costs were up 6.8 percent (nominal: 6.6 percent) on the prior-year figure after currency adjustments. The EBIT for the first quarter was around EUR -0.6 million (Q1 2019: EUR -10.7 million), resulting in an EBIT margin of around -0.1 percent (Q1 2019: -1.8 percent).

Due to the very dynamic development in order intake in connection with the COVID-19 pandemic, Dräger has considerable opportunities to significantly exceed its previously planned level of net sales and earnings. Dräger will specify its expectations for 2020 with the publication of the half-year results.



Following the termination of participation certificate series D in March 2020 with effect from the end of fiscal year 2022, the ‏company is now also considering termination of all participation certificates of the remaining series A and K with effect from the end of fiscal year 2020. A potential termination of participation certificate series A and K would result in an increase in earnings per ordinary share of approximately 10 percent and per preference share of approximately 9 percent (pro forma as of December 31, 2019, without consideration of financing cost). Including the already terminated participation certificate series D, the cancellation of all participation certificates would result in an increase in earnings per ordinary share of approximately 36 percent and per preference share of approximately 34 percent (pro forma as of December 31, 2019, without consideration of financing cost). The theoretical redemption value for series A and K currently stands at approximately EUR 157 million. In this connection, the company is considering various financing options, including an increase of the preference share capital.



Dräger will publish full results for the first three months of the fiscal year on April 30, 2020.



Drägerwerk AG & Co. KGaA

Moislinger Allee 53-55

23558 Lübeck, Deutschland

www.draeger.com



Investor Relations:

Thomas Fischler

Tel. +49 451 882-2685

thomas.fischler@draeger.com



Corporate Communications:

Melanie Kamann

Tel. +49 451 882-3998

melanie.kamann@draeger.com



Disclaimer

This ad hoc report contains statements on the future development of Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to date. They were compiled to the best of the company"s knowledge. Dräger does not provide any warranty nor assume any responsibility for the future developments and results described above. These are dependent on a number of factors. They entail various risks and contingencies outside of the company"s influence and are based on assumptions which could prove to be incorrect. Dräger does not assume any responsibility for updating the forward-looking statements contained in this report. This does not infringe any legal stipulations on the adjustment of forecasts. Please go to Investor Relations / Definitions of financial indicators at www.draeger.com for information on alternative performance measures used.












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Language: English
Company: Drägerwerk AG & Co. KGaA

Moislinger Allee 53-55

23542 Lübeck

Germany
Phone: +49 (0)451 882-0
Fax: +49 (0)451 882-2080
E-mail: info@draeger.com
Internet: www.draeger.com
ISIN: DE0005550602, DE 000 555 063 6, DE 000 555 065 1, DE 000 555 067 7, DE 000 555 071 9
WKN: 555060, 555063 Vorzüge, 555065 Genussschein A, 555067 Genussschein K, 555071 Genussschein D
Indices: SDAX, TecDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich; Regulated Unofficial Market in Stuttgart, Tradegate Exchange
EQS News ID: 1022547





 
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1022547  15-Apr-2020 CET/CEST







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