Comentario sobre 1 Timoteo
10. Por lo que ahora el apóstol declara, se desprende que Pablo y también Timoteo están
business performance of the Dräger group
Fourth quarter Twelve months 2012 2011 Change in % 2012 2011 Change in %
Order intake € million 636.7 613.5 +3.8 2,405.5 2,293.2 +4.9 Orders on hand 1 € million 483.0 461.3 +4.7 483.0 461.3 +4.7
Net sales € million 726.9 698.5 +4.1 2,373.5 2,255.8 +5.2 EBITDA 2,3 € million 110.5 91.5 +20.7 295.3 274.6 +7.5
Depreciation / amortization 3 € million (18.2) (17.4) +4.6 (65.7) (60.9) +7.9
EBIT 4 € million 92.3 74.1 +24.5 229.6 213.8 +7.4
Interest result € million (9.1) (11.6) (21.2) (33.2) (33.0) +0.5
Income taxes € million (26.4) (16.8) +57.2 (61.4) (55.7) +10.2
Net profit € million 56.7 45.7 +24.0 135.0 125.1 +8.0 Earnings per share 5
per preferred share € 3.19 2.73 +16.8 7.69 7.35 +4.7
per common share € 3.17 2.72 +16.5 7.63 7.29 +4.7
Earnings per share on full distribution 6
per preferred share € 2.43 1.61 +50.9 5.87 4.60 +27.7
per common share € 2.41 1.60 +50.6 5.81 4.54 +28.1
R&D costs € million 52.3 45.3 +15.5 197.3 160.5 +22.9
Equity ratio 1 % 34.6 34.5 34.6 34.5
Cash flow from operating activities 3 € million 87.8 77.7 +12.9 176.8 161.7 +9.3
Net financial debt 1 € million 56.8 39.8 +42.9 56.8 39.8 +42.9
Investments 3 € million 23.4 27.1 (13.8) 78.2 78.1 +0.2
Capital employed 1,7 € million 898.4 877.1 +2.4 898.4 877.1 +2.4
Net working capital 1,8 € million 404.1 362.8 +11.4 404.1 362.8 +11.4
EBIT 4/ net sales % 12.7 10.6 9.7 9.5
EBIT 4,9/ capital employed 1,7 (ROCE) % 25.6 24.4 25.6 24.4
Net financial debt 1/ EBITDA 2,3,9 Factor 0.19 0.14 0.19 0.14
Gearing 10 Factor 0.08 0.05 0.08 0.05
DVA 11 € million 149.7 134.6 +11.2 149.7 134.6 +11.2
Total headcount 1 12,516 11,924 +5.0 12,516 11,924 +5.0
1 Value as of December 31
2 eBITDa = earnings before net interest result, income taxes, depreciation and amortization
3 equipment leased out is recognized in property, plant and equipment. The prior-year figures were adjusted accordingly. 4 eBIT = earnings before net interest result and income taxes
5 On the basis of the expected dividend
6 Based on an imputed actual full distribution of earnings attributable to shareholders
7 capital employed = total assets less deferred tax assets, current securities, cash and cash equivalents and non-interest-bearing liabilities 8 Net working capital = current, non-interest-bearing assets less current, non-interest-bearing debt
9 Value of the last twelve months 10 gearing = Net financial debt / equity 11 Dräger Value added = eBIT less cost of capital
2012 was marked by weakening economic growth. This downturn affected most of the industrialized nations, but also hit important emerging markets such as China. At the same time, Europe continued to be affected by the debt crisis. In this economic climate, in fiscal year 2012 or- der intake rose by 2.2 percent (net of currency effects). Net sales growth was 2.5 percent (net of currency effects) up year-on-year. Orders on hand went up by 5.0 percent (net of currency effects).
Order intake stagnated in the medical division (0.0 per- cent net of currency effects), while net sales increased by 2.3 percent (net of currency effects). The safety division saw 6.8 percent (net of currency effects) order intake growth and 3.2 percent (net of currency effects) net sales growth. Dräger experienced above-average improvement in earn- ings: EBIT rose by 7.4 percent in 2012 to EUR 229.6 mil- lion (2011: EUR 213.8 million). This means that the EBIT margin increased slightly again, from 9.5 percent to 9.7 per- cent. Dräger Value Added (DVA) also increased in fiscal year 2012 again; DVA is Dräger’s most important key manage- ment figure. As of December 31, DVA came to EUR 149.7 million, corresponding to a rise of 11.2 percent year-on- year (2011: EUR 134.6 million).
The positive earnings development was due to increasing net sales volume – especially in countries with above-
average margins. Dräger recorded a favorable product mix, particularly in the fourth quarter, in addition to which certain costs that had been planned for 2012 did not arise that year.
The development of Dräger’s business is considered in detail as follows.
orDer intake
In fiscal year 2012, Dräger’s order intake increased year- on-year by 2.2 percent (net of currency effects) to EUR 2,405.5 million (2011: EUR 2,293.2 million). A large order from Deutsche Bahn for interchangeable special units for a total of seven tunnel rescue trains in the engineered solutions business had a positive impact on order intake in the safety division. The order amounts to a mid-two-digit million figure. Delivery will continue until 2016. Without this order, Group order intake would have remained almost the same (net of currency effects). In the medical divi- sion, order intake (net of currency effects) remained stable. Strong order intake from Russia, China, India and Japan balanced out a downturn in orders from European coun- tries and the US in this division. Order intake in the safety division grew by 6.8 percent (net of currency effects). While order intake from China decreased, solid growth was visible not only in Germany, but also in Australia and the US. Group-wide, the Rest of Europe region saw a drop
orDer intake
Fourth quarter Twelve months
€ million 2012 2011 Change in % currency Net of effects in % 2012 2011 Change in % currency Net of effects in % Germany 122.3 113.3 +8.0 +8.0 513.0 451.9 +13.5 +13.5 Rest of Europe 248.2 259.9 (4.5) (5.6) 847.4 878.2 (3.5) (4.4) Americas 124.0 107.4 +15.4 +11.7 457.3 438.4 +4.3 (0.7) Asia / Pacific 104.3 96.4 +8.2 +4.9 414.8 360.3 +15.1 +7.0 Other 37.9 36.5 +3.8 +4.2 173.0 164.4 +5.2 +4.4
74 BuSINeSS perFOrMaNce OF The Dräger grOup
in order intake. In the Americas region, orders remained stable, while other regions saw good levels of growth. In the fourth quarter, order intake increased for the Americas region in particular.
orDers on hanD
As of December 31, 2012, orders on hand (net of cur- rency effects) were up 5.0 percent against the prior-year value. Orders on hand in the medical division decreased slightly, by 2.4 percent (net of currency effects). Net sales in the fourth quarter, which were significantly higher than order intake, contributed to this development. In the safety division, orders on hand at the end of 2012 were at 21.5 percent (net of currency effects) significantly up year-on-year. This figure contains the above-mentioned large Deutsche Bahn order. At the end of 2012, equipment orders on hand covered a 2.7 month period (December 31, 2011: 2.6 months). This key figure is based on the average net sales over the past twelve months.
net sales
In fiscal year 2012, Dräger net sales increased by 2.5 per- cent (net of currency effects) to EUR 2,373.5 million (2011: EUR 2,255.8 million). In the medical division, net sales increased by 2.3 percent (net of currency effects). Solid growth was achieved in Russia, China, Saudi Arabia
and Australia, while in the US, a number of countries in Southern Europe and in Germany, deliveries decreased. Net sales in the safety division went up by 3.2 percent (net of currency effects). Higher numbers of deliveries in Germany, Russia, the US and Canada contributed to this, while net sales in China fell. Group-wide, net sales increased most in the Other Countries region, at 24.1 percent (net of currency effects), but the Company also saw significant growth in the Asia/Pacific region again this year. In the fourth quarter, net sales grew by 2.7 percent (net of currency effects). This was also due in particular to growth in net sales in the Americas region.
earnings
Gross profit in fiscal year 2012 went up by EUR 58.7 million to EUR 1,167.0 million due to high net sales. The gross margin increased slightly, to 49.2 percent (2011: 49.1 per- cent). While the safety division, in which gross profit was hit by an increase in valuation adjustments in 2011, experienced increased margins in industry and the fire services, the margin was somewhat lower in the medical division compared to the prior-year. A drop in margin in this customer area is mainly due to low-margin large proj- ects. Currency effects also had a positive effect on gross profit.
orDers on hanD
€ million December 31, 2012 December 31, 2011 Change
in % Net of currency effects in %
Germany 114.8 67.3 +70.6 +70.6
Rest of Europe 141.1 154.0 (8.4) (9.7)
Americas 91.0 98.0 (7.2) (5.3)
Asia / Pacific 92.2 89.8 +2.7 +4.0
Other 43.9 52.2 (15.9) (15.3)
The costs for our functional areas increased by 4.6 per- cent year-on-year throughout the Company, the main rea- son being the 22.9 percent increase in research and development (R&D) expenses. We invested in developing new products, the compliance of our existing portfolio with RoHS II1 and defending our market position in the
monitoring sector. The research and development ratio therefore increased to 8.3 percent (2011: 7.1 percent). Al- though Dräger continued to invest in sales structures in growth markets, the Company nonetheless managed to reduce the marketing and sales ratio to 25.1 percent (2011: 25.5 percent).
Higher IT costs due to the improvement of Group-wide in- frastructure did however have a negative effect on earn- ings. The year-on-year drop in variable management and Executive Board remuneration had a positive effect on results, as did the fact that expenses for implementing the new sales organization had already been recognized in functional costs for the previous year. The changes in ex- change rates compared to the euro had a negative effect on functional costs.
Group earnings before interest and taxes (EBIT) grew last year by 7.4 percent to EUR 229.6 million (2011: EUR
213.8 million). This means the EBIT margin was 9.7 per- cent (2011: 9.5 percent).
In the fourth quarter, EBIT was EUR 92.3 million, making it EUR 18.2 million higher than in the previous year. The EBIT margin increased to 12.7 percent (Q4 2011: 10.6 per- cent). Both higher net sales and the improved gross mar- gin (+0.7 percentage points) had a positive effect on EBIT. The higher gross margin was due mainly to the safety division, while the medical division remained at the same level as the previous year. Functional costs fell in the last quarter of 2012 as a result of one-off burdens that were in- curred the previous year, including for the implementa- tion of the new sales organization.
Despite expenses for buying back the participation certifi- cates in the first quarter of this year, interest expenses increased by EUR 0.2 million year-on-year to EUR 33.2 mil- lion in fiscal year 2012, therefore remaining almost con- stant. At 31.2 percent, the effective tax rate was on a simi- lar level to the previous year (2011: 30.8 percent). Earn- ings after income taxes amounted to EUR 135.0 million, up 8.0 percent on the prior-year period (2011: EUR 125.1 million).
1 eu Directive ›restrictions of the use of certain hazardous substances in electrical and electronic equipment‹
net sales
Fourth quarter Twelve months
€ million 2012 2011 Change in % currency Net of effects in % 2012 2011 Change in % currency Net of effects in % Germany 143.6 136.4 +5.3 +5.3 462.6 457.7 +1.1 +1.1 Rest of Europe 284.4 299.0 (4.9) (6.0) 864.7 866.4 (0.2) (1.2) Americas 136.1 118.6 +14.7 +12.3 461.0 440.3 +4.7 (0.4) Asia / Pacific 113.3 103.2 +9.8 +6.4 404.1 346.1 +16.7 +8.4 Other 49.4 41.3 +19.5 +19.1 181.2 145.3 +24.8 +24.1
76 BuSINeSS perFOrMaNce OF The Dräger grOup | caSh FlOW STaTeMeNT
investments
In fiscal year 2012, Dräger invested EUR 67.9 million in property, plant and equipment (2011: EUR 67.3 million) and EUR 10.3 million (2011: EUR 10.8 million) in intan- gible assets. These investments mainly pertained to replace- ments, equipment for rental and the modernization of the IT infrastructure. Depreciation in the last fiscal year was EUR 65.7 million (2011: EUR 60.9 million) and was covered to 119 percent by investments, meaning that non- current assets rose by EUR 12.5 million net.