May 14, 2020 / 5:53 AM / 17 days ago

BRIEF-Duerr Says Coronavirus Negatively Impacting Business, No Full-Year Forecast

May 14 (Reuters) - Duerr AG:

* CORONA NEGATIVELY IMPACTING BUSINESS PERFORMANCE

* EXPECTS A SUBSTANTIAL DECLINE IN ORDER INTAKE AND SALES IN THE SECOND QUARTER AND DOES NOT RULE OUT THE POSSIBILITY OF A LOSS AS WELL AS A NEGATIVE CASH FLOW FROM OPERATING ACTIVITIES

* GRADUAL RECOVERY EXPECTED IN THE SECOND HALF OF THE YEAR

* GIVEN THE EXCEPTIONAL MACROECONOMIC SITUATION, IT IS CURRENTLY NOT POSSIBLE TO PROVIDE A PRECISE FORECAST FOR THE YEAR AS A WHOLE

* Q1 OPERATING EBIT DROPPED TO € 32.6 MILLION (DOWN 40.2%) PRIMARILY AS A RESULT OF THE LOWER SALES AND CONTRACTION OF SERVICE BUSINESS

* AFTER EXTRAORDINARY EXPENSES, EBIT CAME TO € 22.9 MILLION, WHILE EARNINGS AFTER TAX REACHED € 13.2 MILLION.

* ORDER INTAKE RECEDED BY 24.2% OVER THE STRONG FIRST QUARTER OF 2019 TO € 838.3 MILLION

* AT € 842.6 MILLION, SALES FELL BY 11.3%

* IN A SOLID POSITION THANKS TO HIGH LIQUIDITY, FREE FUNDS OF A RECORD € 1.7 BILLION

* IN CHINA, BUSINESS HAS RETURNED TO NORMAL FOLLOWING THE LOCKDOWN IN JANUARY/FEBRUAR Source text: tinyurl.com/yaxwnqcp Further company coverage: (Reporting by Berlin Speed Desk)

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