17-Jun-2010 - Drägerwerk AG & Co. KGaA

Dräger expecting higher net sales growth and improved earnings

As a result of the continued positive business development in April and May, Dräger is expecting its business to progress better than previously anticipated for the full year 2010, driven by a good order situation and the strong development of net sales, especially in the regions Asia-Pacific and the Americas. "This development is supported by savings from the turnaround program, which is continuing as planned, a sustained positive shift in the product mix to higher margin equipment and industrial business as well as positive currency effects", explained Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG. In addition to that, Dräger has successfully sold the deep diving system that was fully written off in the fourth quarter of 2009. The latter will make a positive earnings contribution in a higher single-digit million euro range in the fiscal year 2010.

The Executive Board of Drägerwerk Verwaltungs AG, as the personally liable partner of Drägerwerk AG & Co. KGaA, is now expecting an increase in net sales for 2010 in the mid single-digit percent range, while it had previously anticipated growth in the low single-digit percent range. The Executive Board is now expecting an EBIT margin in the range between 7 and 8 percent instead of the previously forecast range of 5 to 6 percent (fiscal year 2009: 4.2%), excluding changes from the valuation of the Siemens cash payment option component. This guidance is based on the assumption of a consistent development in Dräger's relevant markets and the continuation of the successful implementation of the turnaround program, and the trend in currency exchange to be continued.

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