1 Interim Report January 1 to June 30, 2006 Technologies Systems Solutions
2 Contents 3 Key figures 5 Management report 15 Consolidated income statement 16 Consolidated balance sheet 17 Consolidated statement of changes in equity Statement of recognized income and expense in 18 the consolidated financial statements Cover photo: High-pressure crankshaft deburring and cleaning system from Dürr Ecoclean 19 Consolidated cash flow statement 20 Notes to the consolidated financial statements 24 Financial calendar 2006 and Contact
3 3 Key figures for the Dürr Group (IFRS) (Continuing operations) June 30, 2006 June 30, 2005 Incoming orders in m Orders on hand (June 30) in m Sales revenue in m EBITDA in m EBIT in m Net loss for the period in m Cash flow from operating activities in m Cash flow from investing activities in m Cash flow from financing activities in m Balance sheet total (June 30) in m 1, ,358.8 Equity (excluding minority interests) (June 30) in m Net financial debt (June 30) in m Net working capital (June 30) in m Employees (June 30) 5,755 6,099 1) Dürr stock ISIN: DE High 2) Low 2) Close 2) Number of shares (June 30) k 15,728 14,298 Earnings per share (continuing operations) Immaterial variances may occur in this report due to rounding in the computation of sums and percentages. The balance sheet for the first half of 2006 no longer includes values for the Measuring and Process Technologies business unit, which was sold, but the balance sheet for the first half of 2005 does. We are thus complying with a provision of IFRS 5. Accordingly, the values on the balance sheet are comparable only to a limited extent. 1) Continuing operations (excluding Measuring and Process Technologies) 2) XETRA
4 4 Highlights Incoming orders up considerably on previous year Gross margin improved steadily over several quarters After-tax earnings positive in the second quarter and noticeably better than the previous year despite expected sales decline Group-wide FOCUS program on track implementation stage begins
5 5 Management report Economic environment The global economy continued to grow in the first half of This is particularly true of the United States and China, but also of Japan, most of the emerging economies, and some Western European economies. Germany, too, has seen signs of an upturn. The increase in domestic economic forces expected there for 2006 is based more or less equally on the continued positive trend in spending on plant and equipment and the slight increase in consumer spending following a long period of weak demand. However, the outlook for 2007 is dimmed by rising interest rates and raw material prices worldwide and considerable increases in taxes and social security contributions in Germany. Development of global demand for automobiles in the industrialized countries of the West held steady despite high oil prices. The United States, on the other hand, registered a marked decline in demand for light trucks, including SUVs, while demand for fuel-efficient vehicles increased. Asia and Eastern Europe recorded considerable growth. Experts believe automobile production is likely to pick up speed over the yearearlier period, increasing by a solid 3% in We have received a growing number of project inquiries since winter 2005/2006, which can also be attributed to customers picking up projects that had been postponed in previous quarters. The increase in project inquiries has already resulted in stronger incoming orders in the first half of Project inquiries continue to come in from the automotive industry at a steady pace. FOCUS program In mid-august 2005, we launched FOCUS as a Group-wide program aimed at improving our profitability and financial structure for the long term. Through it, we are concentrating on our core business as a manufacturer of machinery and industrial equipment for the automotive industry, which will account for some 90% of Group sales revenues in FOCUS is not a restructuring program in the traditional sense. With FOCUS, we want to position ourselves well in our sales markets and tap the automotive market s existing growth potential. Nevertheless, it does involve a personnel reduction in order to adjust capacities to regional shifts in demand.
6 6 All told, some 800 of the company s 6000 and more jobs are to be cut, with most of those cuts being in the Americas and Europe. By contrast, we are creating new jobs in Eastern Europe and Asia, particularly India and China. The number of employees at June 30, 2006, was down 305 from the end of 2005 as part of FOCUS; 332 jobs were cut in Thus, the lion s share of the planned reductions is complete. Another structural change is automotive customers growing needs in terms of modernizing existing plants and making them more flexible. Many of these plants are outdated and no longer sufficiently productive. Because more than 50% of all existing plants contain Dürr technology and because of our technological expertise, Dürr is predestined to benefit from this trend. But Dürr must also adapt its business processes and resources to these market conditions. New service product lines have been defined and launched and our service organization has been completely revamped. We now have a service manager responsible for each country in which we operate. And we are keeping our antennae tuned to the biggest automotive factories by stationing Dürr employees directly in those factories or nearby to better address those customers needs and make suggestions for plant improvements. As a result, we expect service revenue to increase by around 15% each year. Dürr management will track this progress closely and make adjustments as needed. Projects progressing according to plan All FOCUS projects have already started up on schedule. As part of these projects, we have examined our internal processes for any problems that may arise, pinpointed barriers and identified potential for needed improvements. Now it is time to implement the concepts we have developed. Of the FOCUS projects, eight were already completed as of March 31 of this year. Five more were wrapped up in the second quarter of Implementation of the FOCUS measures takes top priority at Dürr, which is why each business unit has designated an experienced team member to ensure that implementation is successful.
7 7 Business developments* Incoming orders up considerably on previous year Incoming orders for the Dürr Group in the first six months of 2006 were up 16.0% year-on-year to million (previous year: million). This improvement was driven largely by growth in Paint and Assembly Systems. The incoming order figure for the second quarter was 3% above the yearearlier period, which was by far the strongest quarter in Measuring and Process Systems was able to offset the first-quarter decline in incoming orders, posting a gain of 4.0% for the first six months. In the geographic breakdown of incoming orders, it is clear that Asia is becoming increasingly important. Orders intake from the region grew 76.5% on the previous year. Incoming orders from Germany remained well below the year-earlier figure. We received strategically important orders from Europe in the second quarter. Business in the Americas held steady at an unsatisfactory level. Sales and orders on hand Consolidated sales for the first six months of 2006 ( million) were down 4.7% from the previous year ( million), as expected. The main reason for this decline was the relatively weak orders intake in the second half of 2005, whose time-delayed effect on sales is reflected now. The bookto-bill ratio improved in the first six months to 1.3 (previous year: 1.1). At June 30, 2006, orders on hand amounted to million (previous year: million). Nevertheless, this amounts to an increase of million compared with orders on hand at the end of Gross margin improved again Although sales revenue was down 4.7% in the first half of 2006, the cost of sales was down even further, by 5.4%. This resulted in a corresponding improvement of 0.6 percentage points in our gross margin on average for the year to date, to 17.0%. The primary forces driving this improvement were increased efficiency and growth in our services business. At 49.4 million, selling costs in the first half were virtually unchanged from the year-earlier period. However, the figure for the second quarter was down 1.4 million from the same period of In particular, we strengthened our sales organization in Asia. In the first half of 2006, administrative expenses were down 1.7 million from the year-earlier period, to 42.7 million. Second-quarter developments are especially noteworthy, as administrative expenses declined 3.1 million from the first quarter of 2006 to 19.8 million due to successful implementation of FOCUS. Administrative expenses were also 12.8% lower in the second quarter of 2006 than they had been in the second quarter of *Unless indicated otherwise, all values and statements in this interim report refer to continuing operations of the Dürr Group, that is, the Paint and Assembly Systems and Measuring and Process Systems divisions and the Corporate Center (Dürr AG). Only the balance sheet for H includes the figures from Measuring and Process Technologies, as required by IFRS 5. This interim report was prepared in accordance with the International Financial Reporting Standards (IFRS).
8 8 Direct research and development costs declined 1.0 million to 9.3 million. We plan to maintain an appropriate relation between these expenditures and sales revenue. Other operating income and expenses show a balance of +4.7 million (previous year: +0.8 million). Income from provisions for projects and processes and liabilities that were no longer needed influenced the other operating income in the second quarter. The other operating income and expenses figure also includes an insurance benefit payment received for a fire in a building in Brazil. The costs of implementing FOCUS, for which we were unable to create provisions last year due to accounting rules, are stated separately. These expenses include consulting costs. Overall, other operating income and the costs of implementing FOCUS are more or less balanced. Earnings after taxes positive in the second quarter EBITDA for the first six months of 2006 was 16.4 million (previous year: 14.7 million), and EBIT was 6.0 million following 3.0 million in the yearearlier period. The Group generated a net loss of -3.3 million (previous year: million), due in large part to a 6.7 million year-on-year improvement in our financial expense figure to million as the Group s financial position improved. Despite a marked decline in sales revenue ( 46.6 million to million), we achieved earnings after taxes of 1.3 million in the second quarter of 2006, following a loss of -5.9 million in the year-earlier period. The FOCUS measures are yielding results. Financial position Cash flow* Cash flow from operating activities in the first six months of 2006 amounted to million, a marked improvement over the outflow of million in the year-earlier period. Key factors causing the negative cash flow from operating activities in the first half of 2006 included outflows for taxes (taxable income from the sale of Measuring and Process Systems), personnel adjustments, and other structural measures undertaken as part of FOCUS as well as the use of provisions. Advances received, which are recognized under equity and liabilities, were down 11.2 million to million, which roughly corresponds to the increase in net working capital. A sharp decline in advances received (and in the development of net working capital) was also responsible for the negative cash flow from operating activities last year. *The values for changes to balance sheet items reported in the cash flow statement are adjusted for exchange rate effects. For this reason and due to acquisition accounting, they can only be seen in the balance sheet to a limited extent.
9 9 Cash flow from investing activities amounted to 16.2 million (previous year: 75 million) in the first six months of the year. The fact that this value is positive is largely due to a 20 million inflow from the out-of-court settlement of arbitration proceedings relating to an acquisition made in an earlier fiscal year. This cash inflow hat no impact on the consolidated income statement. In 2005, this figure was influenced by proceeds from disposals of non-current assets. Cash flow from financing activities amounted to -8.1 million (previous year: 26.3 million), due primarily to interest payments of million. Balance sheet ratios improved considerably The balance sheets for the first half of 2006 and the first half of 2005 are only comparable to a limited extent. The balance sheet for the first half of 2006 no longer includes values for Measuring and Process Technologies, but the balance sheet for the first half of 2005 does. We are thus complying with a provision of IFRS 5. Net financial debt at June 30, 2006, totaled million, following 84.9 million at the end of fiscal In the first half of 2006 the still negative cash flow was the primary force driving this increase. Thus, cash and cash equivalents decreased 38.7 million from December 31, 2005, to 86.0 million. At June 30, 2005, net financial debt was still million. Total assets in continuing operations were down to 1,046.9 million at June 30, 2006, compared with 1,185.3 million at December 31, The biggest change on the assets side was a decrease in current assets and trade receivables, to million (December 31, 2005: million). On the liabilities side, trade payables dropped to million (December 31, 2005: million) and other liabilities decreased to million (December 31, 2005: million). The equity ratio rose to 23.0% at June 30, 2006 (June 30, 2005: 18.0%). At June 30, 2006, equity and non-current liabilities equaled 122% of non-current assets. Current and non-current liabilities Amounts in m June 30, 2006 June 30, 2005 December 31, 2005 Financial liabilities Corporate bond Trade payables of which prepayments received Tax liabilities Other liabilities Total
10 10 R&D and capital expenditures Direct expenses for research and development (R&D) shown in the income statement for the first half of 2006 are 9.3 million (previous year: 10.3 million). Including expenses for project-related development done under customer orders, the R&D ratio was considerably higher. The recently launched FOCUS project entitled Innovation Management is aimed at better coordinating R&D processes among the individual business units. Capital expenditures for property, plant and equipment and intangible assets amounted to 6.0 million (previous year: 9.3 million). This decline is due in part to the fact that a large portion of our IT investments will come in the second half. Capital expenditures went primarily to painting technology, in particular robotics and conveyor systems. In addition, we continued to invest in coating processes and software development. Capital expenditures* Amounts in m June 30, 2006 June 30, 2005 Paint and Assembly Systems Measuring and Process Systems Corporate Center Total * in property, plant, and equipment and intangible assets Employees Continued growth in Asia At June 30, 2006, Dürr employed 5,755 persons worldwide. That is 344 employees, or 5.6%, fewer than a year ago. The primary reason for the decrease was a capacity reduction in Paint and Assembly Systems (-303 employees). It should also be noted that personnel at corporate headquarters was reduced by 30% year-on-year. Although we added 45 employees in the growth regions of Asia and South Africa, we had to eliminate 273 jobs in the mature markets of North America and Europe in the first half. In 2005, we added 38 new jobs in Asia.
11 11 Employees June 30, 2006 June 30, 2005 December 31, 2005 Paint and Assembly Systems 3,840 4,143 3,979 Measuring and Process Systems 1,877 1,902 1,966 Corporate Center Total 5,755 6,099* 5,992* * continuing operations (excluding Measuring and Process Technologies) Personnel changes At its meeting on August 10, 2005, the Supervisory Board appointed Ralf Dieter Chief Executive Officer of Dürr AG effective January 1, Mr. Dieter has been a regular member of the Board of Management of Dürr AG since January 1, 2005, and is also Chief Executive Officer of Carl Schenck AG. Treasury stock and subscription rights Dürr AG owns no treasury stock. No subscription rights have been granted to members of its corporate bodies or to employees as part of the Dürr International Stock Option Plan (DISOP).
12 12 Overview of the divisions Paint and Assembly Systems Amounts in m June 30, 2006 June 30, 2005 Incoming orders Sales revenues EBITDA EBIT Employees (June 30) 3,840 4,143 Incoming orders in Paint and Assembly Systems increased considerably, to million, in the first six months of Large systems orders for painting technology came from India, China, and Italy. By contrast, the North American automotive industry practiced spending restraint, although we did win a large-scale modernization order. The systems orders ensure good capacity utilization in painting technology, application technology, and environmental systems, particularly in Germany and Asia. Second-quarter EBIT was far improved over the year-earlier period despite lower sales revenue. Plant Engineering achieved a positive result despite lower sales. Measuring and Process Systems Amounts in m June 30, 2006 June 30, 2005 Incoming orders Sales revenues EBITDA EBIT Employees (June 30) 1,877 1,902* * continuing operations (excluding Measuring and Process Technologies) Incoming orders in Measuring and Process Systems for the first six months were up 4,0% on the previous year. The stronger orders intake, particularly in the second quarter, was due to a large-scale order in Cleaning and Filtration Systems. EBIT declined markedly compared with the year-earlier period, due to weak operational earnings within the Cleaning and Filtration Systems division, where the product range is being adjusted to match the changed market conditions. Business in Balancing and Diagnostic Systems is satisfactory, although the bulk of sales and earnings will come in the second half.
13 13 Corporate Center Corporate Center (Dürr AG) EBIT for the first half of 2006 totaled -0.5 million following -2.5 million for the year-earlier period. Major adjustments have been made in the Corporate Center. Outlook Project demand from the automotive industry remains brisk. Due to the positive demand trend in our modernization and services business and orders for new plant and equipment from Asia and Eastern Europe, we expect incoming order volume to increase in Sales revenue is unlikely to change significantly due to the smaller order backlog at the end of 2005 both in the Group and in the two divisions. We expect second-half sales revenue to be noticeably higher than both the first half and the year-earlier period. For fiscal 2007, we anticipate a slight increase in incoming orders and sales in the Group and in the divisions. Our most important task for 2006 will be to resolutely push forward implementation of FOCUS. We expect first success of FOCUS in Only a portion of the purely mathematical savings calculated for personnel expenses will actually materialize since Asia and Germany are up to full capacity utilization and we are compelled to outsource more and more work. On this basis, we expect a considerable improvement in our operating results for However, the implementation of FOCUS is weighing on results. Our net interest position will improve over Overall, we still expect earnings after taxes for 2006 to be slightly positive. The improvements in productivity that we are seeking to achieve with FOCUS hold great potential for improving our bottom line in the medium term. We also face stiff price competition. Our target margins are 4% with respect to earnings before taxes and 8% with respect to EBITDA. These margins may still fall short of our targets for 2007 as a whole because the effects of FOCUS will take the course of the year to develop fully.
14 14 Development of Dürr stock Dürr stock developed more or less in line with overall market trends in Germany during the reporting period. In April and May, the stock made considerable gains after the company s targets were presented to investors in various interviews and road shows following the financial press conference on March 30, General uncertainty on the market in June brought the share price back down to the level at which it started the year. Price trend of Dürr stock in XETRA trading from January June 2006 Compared with development of the DAX, MDAX and SDAX (indexed values), in % Dürr share in XETRA DAX MDAX SDAX Events subsequent to the reporting date There were no events subsequent to the reporting date to report. Stuttgart, August 10, 2006 Dürr Aktiengesellschaft The Board of Management
15 15 Consolidated income statement of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to June 30, 2006 June 30, 2006 June 30, 2005 April 1 - June 30, 2006 April 1 - June 30, 2005 Amounts in k Continuing operations Sales revenues 626, , , ,588 Cost of sales -519, , , ,405 Gross profit on sales 106, ,553 55,206 60,183 Selling expenses -49,405-49,226-24,826-26,253 General and administrative expenses -42,722-44,417-19,843-22,757 Research and development costs -9,337-10,306-4,275-5,540 Other operating income and expenses 4, , ,689 4,402 10,583 6,423 Restructuring expense / onerous contracts -3,676-1,386-3,075-1,386 Impairment losses less insurance benefit received Earnings before investment income, other interest and similar income, interest and similar expenses and income taxes 6,013 3,016 7,508 5,037 Results of associates Other interest and similar income 2, , Interest and similar expenses -13,080-18,331-6,665-9,573 Earnings before taxes of continuing operations -4,764-14,457 2,389-4,012 Income taxes 1,446 2,001-1,107-1,895 Earnings of continuing operations -3,318-12,456 1,282-5,907 Earnings of discontinued operations 30 18, ,127 Consolidated profit or loss for the period -3,288 6,317 1,150 9,220 Profit/loss share of minority interests Continuing operations Discontinued operations Dürr Group Profit/loss share of shareholders of Dürr Aktiengesellschaft Continuing operations -3,382-12,411 1,207-6,029 Discontinued operations 27 18, ,350 Dürr Group -3,355 6,510 1,075 9,321 Earnings per share in (basic and diluted) Continuing operations Discontinued operations Dürr Group
16 16 Consolidated balance sheet of Dürr Aktiengesellschaft, Stuttgart, as of June 30, 2006 June 30, 2006 June 30, 2005 Dec. 31, 2005 Amounts in k Assets Goodwill 263, , ,377 Other intangible assets 19,067 37,322 20,777 Property, plant and equipment 116, , ,671 Investment property 12,147 18,470 13,068 Investment in associates 11,883 16,939 12,892 Other financial assets 5,478 5,846 4,950 Income tax receivables Deferred taxes 46,818 48,245 43,170 Prepaid expenses Non-current assets 476, , ,865 Inventories and prepayments 52,619 69,412 43,716 Trade receivables 396, , ,705 Income tax receivables 5,747 2,441 6,158 Other receivables and other assets 24,326 66,098 43,171 Cash and cash equivalents 85,970 52, ,658 Prepaid expenses 5,833 6,438 3,010 Current assets 570, , ,418 For informational purposes: Total assets of continuing operations 1,046,918 1,291,276 1,185,283 Assets of a disposal group classified as held for sale (discontinued operations) - 67,505 3, , , ,250 Total assets Dürr Group 1,046,918 1,358,781 1,189,115 Equity and liabilities Subscribed capital 40,264 36,603 40,264 Capital reserve 160, , ,459 Revenue reserves 62,612 51,447 65,967 Other comprehensive income -24,245-3,993-20,140 Equity without minority interests 239, , ,550 Minority interests 1,358 1,612 1,517 Equity with minority interests 240, , ,067 Provisions for pension obligations 67,961 54,315 67,818 Other provisions 9,951 19,313 9,753 Bonds 188, , ,901 Other financial liabilities 11,500 25,405 12,602 Income tax liabilities 12, Deferred taxes 46,522 54,094 44,408 Deferred income 1,631 1,763 1,632 Non-current liabilities 339, , ,557 Other provisions 62,302 91,697 81,979 Trade payables 263, , ,833 Financial liabilities 19, ,154 17,410 Income tax liabilities 9,270 7,104 27,332 Other liabilities 112, , ,896 Deferred income 779 5,330 1,241 Current liabilities 467, , ,691 For informational purposes: Total liabilities of continuing operations 1,046,918 1,314,206 1,187,315 Liabilities in direct connection with assets classified as held for sale (discontinued operations) - 44,575 1, , , ,491 Total equity and liabilities Dürr Group 1,046,918 1,358,781 1,189,115
17 17 Consolidated statement of changes in equity of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to June 30, 2006 Amounts in k Subscribed capital Capital reserve Revenue reserves Other comprehensive income Equity without minority interests Minority interests Equity with minority interests January 1, , ,000 44,937-19, ,870 1, ,745 Profit/loss from continuing operations , , ,456 Profit/loss from discontinued operations ,921-18, ,773 Other comprehensive income ,677 15, ,607 June 30, , ,000 51,447-3, ,057 1, ,669 January 1, , ,459 65,967-20, ,550 1, ,067 Profit/loss from continuing operations , , ,318 Profit/loss from discontinued operations Other comprehensive income ,105-4, ,107 Other changes June 30, , ,459 62,612-24, ,090 1, ,448
18 18 Statement of recognized income and expense in the consolidated financial statements of Dürr Aktiengesellschaft, Stuttgart, as of June 30, 2006 Amounts in k June 30, 2006 June 30, 2005 Change in the fair value recorded in equity of financial instruments used for hedging purposes 1, Adjustment item for currency translation of foreign subsidiaries -5,575 16,223 Actuarial gains/losses from defined benefit obligations and similar obligations Deferred taxes on revaluations recognized directly in equity Revaluations recognized directly in equity -4,107 15,607 Profit after tax -3,288 6,317 Total profit for the period and revaluations recognized directly in equity in the period -7,395 21,924
19 19 Consolidated cash flow statement of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to June 30, 2006 Amounts in k June 30, 2006 June 30, 2005 Earnings before interest and taxes (EBIT) 5,566 3,585 Income tax paid -5, Results of associates Dividends from associates Amortization and depreciation of non-current assets 10,386 11,661 Net gain on the disposal of property, plant and equipment ,023 Non-cash expenses and income ,213 Changes in operating assets and liabilities Inventories -10,275-9,485 Trade receivables 71,857 63,188 Other receivables and assets -1, Provisions -17,514-22,746 Trade payables -78, ,151 Other liabilities (other than bank) -23,875 7,169 Other assets and liabilitities -2, Cash flow from operating activities of continuing operations -51, ,019 Cash flow from operating activities of discontinued operations 1,365-5,322 Cash flow from operating activities -50, ,341 Purchase of intangible assets -2,223-3,085 Purchase of property, plant and equipment -3,794-6,259 Purchase of other financial assets Proceeds from the disposal of non-current assets 937 7,102 Purchase price refund 20,000 - Disposal of discontinued operations, net of cash disposed of 1,873 77,356 Cash flow from investing activities of continuing operations 16,185 75,005 Cash flow from investing activities of discontinued operations -3-2,286 Cash flow from investing activities 16,182 72,719 Change in current bank liabilities 1,726 53,284 Payment of finance lease liabilities Change in financial liabilities to associates -49-1,083 Internal financing 1,212-9,160 Interest received 1, Interest paid -12,131-16,421 Cash flow from financing activities of continuing operations -8,078 26,338 Cash flow from financing activities of discontinued operations -1,229 10,606 Cash flow from financing activities -9,307 36,944 Effects of exchange rate changes 4,663 1,649 Change in cash and cash equivalents -38, Cash and cash equivalents At the beginning of the period 124,857 51,471 At the end of the period 85,970 52,442 From continuing operations 85,970 44,273 From discontinued operations - 8,169 Dürr Group 85,970 52,442
20 20 Notes to the consolidated financial statements January 1 to June 30, Summary of significant accounting policies The Company Dürr Aktiengesellschaft ( Dürr AG or the Company ) is headquartered at Otto-Dürr-Strasse 8 in Stuttgart. Dürr AG and its subsidiaries ( Dürr or the Group ) are a worldwide leading supplier of plants, systems and services for automobile production. The offering covers all the main production and assembly stages of a vehicle. As a system supplier, Dürr designs and constructs paint shops and final assembly plants. Dürr also supplies cleaning systems, filtration systems and balancing machines for the manufacture of engines, transmission and vehicle components. Dürr s main customers are the major companies in the automobile industry worldwide. The consolidated financial statements are prepared in accordance with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB ( Handelsgesetzbuch : German Commercial Code). The consolidated financial statements are in line with all IFRSs that have to be adopted by the balance sheet date. The accounting policies used generally correspond to the methods applied in the consolidated financial statements of December 31, 2005; we refer the reader to our 2005 annual report. In 2005, Dürr decided to apply IAS 19 (revised) to measure pension commitments. According to this standard, actuarial gains and losses are recorded without effect on income directly in equity. Comparability with the prior-year figures is ensured by adjusting the balance sheet positions concerned. The effects in terms of amount can be seen from the statement of changes in Group equity as of January 1, 2004 and December 31, 2004 (adjusted); we refer the reader to the 2005 annual report. Income that is recorded during the reporting period for seasonal reasons, due to cyclical developments, or only occasionally is not cut off in the consolidated interim financial statements. Expenses that are incurred irregularly during the reporting period have been cut off in those cases where they would also be cut off at year-end. The income taxes were determined on the basis of an estimated average annual effective income tax rate. The consolidated financial statements are prepared in thousands of euros ( k), unless stated otherwise.
21 21 2. Consolidated group Besides Dürr AG, the consolidated financial statements as of June 30, 2006, contain all domestic and foreign entities which Dürr AG can control, directly or indirectly (control relationship). The entities are included in the consolidated financial statements from the date when the possibility of control was obtained. Besides Dürr AG as parent company, the consolidated group contains the following entities: June 30, 2006 June 30, 2005 Number of fully consolidated entities Germany Other countries June 30, 2006 June 30, 2005 Number of entities accounted for at equity Germany 1 1 Other countries The consolidated financial statements contain one entity (June 30, 2005: nine) in which minority shareholders hold interests. In the reporting period, two companies were deconsolidated. 3. Discontinued operations Effective March 10, 2006, SRH Systems Ltd., Worcester, Great Britain - which was part of the Development Test Systems (DTS) business unit - was sold to Horiba, Japan. Furthermore, subsequent effects of the divestments made in 2005 of the DTS, Services, and Measuring and Process Technologies (MPT) business units are included.
22 22 4. Earnings per share Earnings per share are determined pursuant to IAS 33 (Earnings per Share). If there are dilutive effects present, two different ratios for earnings per share must be disclosed. The ratio earnings per share does not take account of dilutive effects; the earnings share of the shareholders of Dürr Aktiengesellschaft is divided by the weighted average number of shares outstanding. The ratio earnings per share (diluted) accounts not only for the shares outstanding, but also for shares potentially available on the basis of options. The calculation is presented below (all amounts in thousands of euros or thousands of shares, except earnings per share). Basic and diluted earnings per share are the same in the periods to June 30, 2006 and in 2005, as no new option rights were issued and all existing option rights have expired. June 30, 2006 June 30, 2005 Profit/loss allocable to shareholders of Dürr Aktiengesellschaft in k -3,355 6,510 of which continuing operations in k -3,382-12,411 of which discontinued operations in k 27 18,921 Number of shares outstanding (weighted average) 15, ,298.2 Earnings per share (basic and diluted) in of which continuing operations in of which discontinued operations in Liabilities from restructuring measures Liabilities from restructuring measures have decreased in comparison with December 31, 2005 by 6,712 thousand to 28,945 thousand. The decrease is mainly due to utilization with effect on income of liabilities formed in prior periods. Expenses from restructuring measures in the first half of 2006 amount to 3,676 thousand (first half of 2005: 1,386 thousand). These expenses totaled 601 thousand in the first quarter of 2006.
23 23 6. Segment reporting The primary reporting is based on the divisions of the Group. The Dürr Group is comprised of a management holding and two divisions differentiated by product and performance spectrum that each have global responsibility for their products and results. The Corporate Center mainly consists of Dürr AG. 1st half 2006 Amounts in k Paint and Assembly Systems Measuring and Process Systems Corporate Center Continuing operations Consolidation Discontinued operations Total divisions Sales revenues with external customers 498, , , ,485 Sales revenues with other divisions 172 1, , Total sales revenues 498, , , , ,485 EBIT 10,867-4, , ,408 Employees (as of June 30, 2006) 3,840 1, ,755-5,755 1st half 2005 Amounts in k Paint and Assembly Systems Measuring and Process Systems Corporate Center Continuing operations Consolidation Discontinued operations Total divisions Sales revenues with external customers 508, , , , ,705 Sales revenues with other divisions 861 3, , Total sales revenues 509, , , , , ,705 EBIT 7, ,536-1,684 3,016 24,836 27,852 Employees (as of June 30, 2005) 4,143 2, , ,746
24 24 Financial calendar 2006 November 14, 2006 Interim report on first nine months of 2006 Financial calendar 2007 March 29, 2007 Financial press conference March 29, 2007 Analysts conference May 10, 2007 Interim report first quarter 2007 May 18, 2007 Annual shareholders meeting, Stuttgart August 09, 2007 Interim report first half 2007 November 15, 2007 Interim report on first nine months of 2007 Contact Please contact us for further information: Dürr AG Günter Dielmann Corporate Communications & Investor Relations Otto-Dürr-Straße Stuttgart Phone: Fax: This interim report is the English translation of the German original. This interim report includes forward-looking statements about future developments. As is the case for any business activity conducted in a global environment, such forward-looking statements are always subject to uncertainty. Our information is based on the conviction and assumptions of the Board of Management of Dürr AG, as developed from the information currently available. However, the following factors may affect the success of our strategic and operating measures: geopolitical risks, changes in general economic conditions (especially a prolonged recession in Europe or North America), exchange rate fluctuations and changes in interest rates, new products launched by competitors, and a lack of customer acceptance for new Dürr products or services, including growing competitive pressure. Should any of these factors or other imponderable circumstances arise, or should the assumptions underlying the forwardlooking statements prove incorrect, actual results may differ from those projected. Dürr AG undertakes no obligation to provide continuous updates of forward-looking statements and information. Such statements and information are based upon the circumstances as of the date of their publication.
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