Drägerwerk AG & Co. KGaA: Preliminary figures H1 2023: Net sales and earnings significantly above prior year – full-year guidance reaffirmed

Drägerwerk AG & Co. KGaA / Key word(s): Preliminary Results/Forecast
Drägerwerk AG & Co. KGaA: Preliminary figures H1 2023: Net sales and earnings significantly above prior year – full-year guidance reaffirmed

14-Jul-2023 / 18:29 CET/CEST
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Ad-hoc notification in accordance with Sec. 17 of the MAR

Drägerwerk AG & Co. KGaA: Preliminary figures H1 2023: Net sales and earnings significantly above prior year – full-year guidance reaffirmed

Lübeck, July 14, 2023 – Dräger's net sales in the first half of 2023 increased by 19.6 percent (net of currency effects; nominal: 17.7 percent) to around EUR 1,532 million and were thus significantly higher than the prior-year figure (6 months 2022: EUR 1,302.4 million). This was due in particular to the noticeable improvement in delivery capacity as a result of diminishing global supply chain problems, which enabled Dräger to generate strong net sales growth from the high order backlog. In addition, the surge in demand for ventilators in China at the beginning of the year had a positive impact on net sales development. In the medical division, net sales in the first half of the year increased by 19.3 percent (net of currency effects; nominal: 17.2 percent) to around EUR 911 million (6 months 2022: EUR 777.2 million). In the safety division, net sales rose by 20.0 percent (net of currency effects; nominal: 18.4 percent) to around EUR 622 million (6 months 2022: EUR 525.2 million).

Preliminarily calculated earnings before interest and taxes (EBIT) improved to around EUR 48 million (6 months 2022: EUR -111.7 million) in line with the significant sales growth. The medical division reported EBIT of around EUR -3 million (6 months 2022: EUR -80.3 million) and the safety division EBIT of around EUR 50 million (6 months 2022: EUR -31.4 million). The Dräger Group’s gross margin increased significantly to around 44 percent (6 months 2022: 40.4 percent), due in particular to higher production and service utilization and more effective price enforcement.

Order intake in the first half of 2023 was down 1.5 percent (net of currency effects; nominal: -3.1 percent) on the prior-year period, at around EUR 1,597 million (6 months 2022: EUR 1,647.6 million). The medical division recorded a decrease of 6.5 percent (net of currency effects; nominal: -8.0 percent) to around EUR 918 million (6 months 2022: EUR 996.8 million), while the safety division reported an increase of 6.2 percent (net of currency effects; nominal: 4.4 percent) to around EUR 679 million (6 months 2022: EUR 650.8 million).

In the second quarter of 2023, preliminarily calculated order intake was 1.1 percent (net of currency effects; nominal: -3.5 percent) below the level of the prior-year period at around EUR 793 million (Q2 2022: EUR 821.9 million). Net sales increased by 21.1 percent (net of currency effects; nominal: 18.1 percent) to the prior-year period to approximately EUR 771 million (Q2 2022: EUR 652.9 million). Gross margin was around 43 percent (Q2 2022: 38.6 percent). EBIT improved to around EUR 19 million (Q2 2022: EUR -76.6 million).

Dräger confirms its forecast for the current fiscal year. Accordingly, the Company expects a return to growth and profitability with an increase in net sales of 7.0 to 11.0 percent (net of currency effects) and an EBIT margin of 0.0 to 3.0 percent.

Full results for the first six months of the fiscal year will be published on July 27, 2023.

Drägerwerk AG & Co. KGaA
Moislinger Allee 53–55
23558 Lübeck, Germany
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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