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INVESTOR RELATIONS PRESENTATION

Corporate Communications & Investor Relations Dürr AG

Bietigheim-Bissingen, March 2018

www.durr.com
DISCLAIMER

This publication has been prepared independently by Dürr AG/Dürr Group (“Dürr”). It may contain statements which address such key issues as strategy, future financial results,
events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not
limited to those described in Dürr´s disclosures, in particular in the chapter “Risks” in Dürr´s annual report. Should one or more of these risks, uncertainties and other factors
materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those
described in the relevant forward-looking statements. These statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“estimate,” “will,” “project” or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of
developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external
agencies.
Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International
Financial Reporting Standards). Dürr´s net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics.
Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The
calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial
metrics used at Dürr can be found in our financial glossary on the Dürr web page (http://www.durr.com/investor/service-faqs-glossar-contact/glossary/financial-glossary/).

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 2


AGENDA

1. Executive Summary

2. Our five divisions

3. Group strategy

4. Group financials, markets and outlook

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 3


1. EXECUTIVE SUMMARY

Worldwide leading supplier of efficient production


technologies with outstanding digital expertise driven by
automation, digitization and networked production
Major customer groups: automotive, furniture and general
industry
Highly cash generative; flexible production facilities with
pronounced focus on NWC; strong ROCE
Expanding service business with healthy margins and
further growth potential
Group structure with efficient processes; further growth via
acquisitions. HOMAG can be seen as a blueprint for
further acquisitions

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 4


1. EXECUTIVE SUMMARY
Dürr: global leader in strong competitive position

Customers Fast facts

Market shares between 30 and 60% in different machinery


and engineering activities
Strong emerging markets presence with ca.
50% share of global incoming orders
Share of current incoming orders: 55% automotive
business, 45% general industry, e.g. furniture, machinery
Net exposure to combustion engine technology negligible
High entry barriers with limited number of competitors
Business drivers:
Greenfield: growing markets
Brownfield: replacement potential
Service: installed base
Automation, digitization & networking

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 5


AGENDA

1. Executive Summary

2. Our five divisions

3. Group strategy

4. Group financials, markets and outlook

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 6


2. OUR FIVE DIVISIONS
Divisional breakdown 2017 (2016)
Dürr AG

Paint and Application Clean Technology Measuring Woodworking


Final Assembly Technology Systems and Process Machinery and
Systems Systems Systems
• Incoming orders • Incoming orders • Incoming orders • Incoming orders1 • Incoming orders
€ 1,210 m (1,094 m) € 602 m (583 m) € 166 m (177 m) € 531 m (683 m) € 1,366 m (1,165 m)

• Sales • Sales • Sales • Sales1 • Sales


€ 1,175 m (1,140 m) € 620 m (561 m) € 185 m (167 m) € 511 m (624 m) € 1,224 m (1,082 m)

• EBIT • EBIT • EBIT • EBIT1 • EBIT


€ 70 m (77 m) € 64 m (76 m) € 3 m (6 m) € 65 m (80 m) € 86 m (45 m)

• Operating EBIT • Operating EBIT • Operating EBIT • Operating EBIT1 • Operating EBIT
€ 70 m (82 m) € 64 m (59 m) € 3 m (6 m) € 66 m (80 m) € 94 m (71 m)

• EBIT margin • EBIT margin • EBIT margin • EBIT margin • EBIT margin
6.0% (6.8%) 10.3% (13.6%) 1.8% (3.7%) 12.7% (12.8%) 7.0% (4.1%)

• Operating EBIT margin • Operating EBIT margin • Operating EBIT margin • Operating EBIT margin • Operating EBIT margin
6.0% (7.2%) 10.4% (10.5%) 1.8% (3.7%) 12.9% (12.8%) 7.7% (6.6%)

1 decline due to sale of Ecoclean as of March 2017

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 7


2. MARKET SHARE DÜRR/COMPETITORS1

Paint Dürr 50%, Eisenmann 10-15%, Taikisha/Geico 20%


Paint and Final Assembly Systems local competitors: AE, Giffin, Gallagher Kaiser, Trinity (Toyota)
Final Assembly Dürr, Rofa, Scivic, Siemens, Eisenmann

Application Technology Dürr ~50%, ABB ~20%, Fanuc ~15%, Yaskawa ~10%; local competitor: Doolim

Clean Technology Systems Dürr 40-50%2, John Zink/KEU 20%, CTP 10%

Balancing Dürr 46%, CEMB 16%, Kokusai 8%


Measuring and
Filling Dürr 48%, Fives 16%, SAT 8%
Process Systems
Testing Dürr 50%, Burke Porter Group 21%, Fori 10%

Woodworking Machinery
Dürr 31%, Biesse 12%, scm group 11%, Schelling/IMA 7%; local competitors: Nanxing, KTD
and Systems
1 own estimates, average of last 3 years
2 market share relating to business with exhaust-gas purification systems for automotive paint shops

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 8


2. PAINT AND FINAL ASSEMBLY SYSTEMS
Paint shops and final assembly systems
Turn-key paint shops for the automotive industry (OEMs, suppliers)
Final assembly systems (e.g. conveyor equipment, control systems)
Service and modernization of existing sites

in € m 2016 2017 2018e

Incoming orders 1,094 1,210 1,000-1,200

Sales revenues 1,140 1,175 1,100-1,200

EBIT 771 70 -

EBIT margin 6.8%1 6.0% 4.0-5.0%2

ROCE >100% >100% >100%


1 including extraordinary expenses in connection with the closure of a smaller plant in Austria (€ 4.9 m)
2 including extraordinary expenses of € 5-10 m due to the FOCUS 2.0 optimization program

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 9


2. PAINT AND FINAL ASSEMBLY SYSTEMS: REFOCUSING
PROGRAM

PRODUCT EFFICIENCY
Continued cost pressure and unfavorable COST
pricing

Action required for


Re-allocation of OEM spending to Paint and Final
new product developments 2015/2016 Assembly Systems

Local competitors gaining BUSINESS


market shares in Asia Pacific PORTFOLIO &
GROWTH ORGANIZATION

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 10


2. PAINT AND FINAL ASSEMBLY SYSTEMS
Optimization program FOCUS 2.0: 6-7% EBIT margin goal in 2020

Product cost Efficiency Business portfolio & Organization


growth

Reduction product Capacity adjustment Service growth Global structure of


costs System Center/
Optimization Digital Factory
Business Center
Plastic painting – manufacturing footprint
China: increase of
new setup Optimization Dürr
Sales process local competencies
Systems Group: closer
optimization
Final assembly cooperation within the
repositioning divisions

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 11


2. APPLICATION TECHNOLOGY
Paint application, glueing and sealing technology
High-tech systems and software for automated paint application, glueing
processes and seam sealing (e.g. robots, atomizers, color change
systems, quality assurance)
Interior painting  automation potential
Economic lifetime of paint robots: 12-15 years  replacement cycle just
beginning
Strong service potential (e.g. spare parts) due to increased installed base

in € m 2016 2017 2018e

Incoming orders 583 602 600-650

Sales revenues 561 620 600-650

EBIT 761 64 -

EBIT margin 13.6%1 10.3% 10.0-11.0%

ROCE 40.0%1 28.9% 27-32%


1including extraordinary income of € 17 m

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 12


2. APPLICATION TECHNOLOGY
Addressing new markets: General industry
Application products: components & automated paint solutions
Complete range of application products for general industry (e.g.
plastics, wood, furniture, construction)
Pre-installed and ready2spray robot system, jointly developed by
Kuka and Dürr. Kuka will provide the compact robot and Dürr the
paint application technology.  integrated solution is unique to
the market.
Target: € 50 m revenue by 2020
Competition1
7%
8%
31% Nordson
Others
Graco
23%
Finishing Brands
Iwata
31%
1 Market size ~ € 3 bn

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 13


2. PAINT BUSINESS1

TYPE BUSINESS DRIVERS

Expansion of capacity in new and existing locations


Greenfield
Replacement of old and non-productive plants

Increased quality requirements especially in the emerging markets


Efficiency enhancements: cost reductions (e.g. energy, material); cycle times
Brownfield Flexibility: addition of new models/facelifts to existing painting lines
Automation: e.g. interior painting of vehicles
Environmental regulation: stricter emissions laws

Continuous demand: spare parts, upgrades, training


Service
Wear & tear of aging installed base: smaller modernizations and upgrades

1 Divisions Paint and Final Assembly Systems and Application Technology

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 14


2. PAINT BUSINESS1
Brownfield with growing importance

Incoming orders 2008: € 950 m Incoming orders 2017: € 1,812 m Incoming orders 2020e

24%
28%
30%
35%

48%

61%
15%

24%
35%

Greenfield Brownfield Service


Incoming orders increased by 90% within 9 years, mostly due to higher demand in brownfield & service business
1 Divisions Paint and Final Assembly Systems and Application Technology

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 15


2. CLEAN TECHNOLOGY SYSTEMS
Exhaust air purification systems & energy efficiency systems
Drivers: energy prices, regulation, environmental issues
Customer split: 25% automotive; 25% chemistry, petrochemistry,
pharmacy; 50% other industries
Streamlining at loss making energy efficiency technologies started
EBIT margin goal: 6-7% in 2020

in € m 2016 2017 2018e

Incoming orders 177 166 190-220

Sales revenues 167 185 180-200

EBIT 6 3 -

EBIT margin 3.7% 1.8% 3.0-4.0%

ROCE 13.6% 5.6% 15-20%

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 16


2. MEASURING AND PROCESS SYSTEMS
Highly profitable machinery niches with global presence
High market shares in all businesses
Positioned globally with a high degree of localization
Strong footprint in China with local production, R&D etc.

in € m 2016 2017 2018e

Incoming orders 683 5311 430-4601

Sales revenues 624 5111 440-4801

EBIT 80 65 -

EBIT margin 12.8% 12.7% 12.5-13.5%

ROCE 24.9% 24.9% 30-35%


1 Dueto sale of Ecoclean business as of March 31, 2017
(2016: business volume € ~ 200 m) not fully comparable

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 17


2. MEASURING AND PROCESS SYSTEMS
Three strongly performing machinery niche players

Balancing of rotating parts and components for


many manufacturing industries, service centers
Balancing

End of line assembly and testing equipment for


the automotive industry
Assembly & testing

Filling of appliances (refrigerators, air


conditioners and others)
Filling
Filling automotive – end of line

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 18


2. WOODWORKING MACHINERY AND SYSTEMS
World market leader HOMAG Group acquired to capture automation trend in the industry
Product range from stand-alone machines through to complete,
automated production lines for efficient woodworking
Major customers: Furniture industry, construction supplies and timber
home construction
Strong need for automation: Batch one production, fully digitized
process from order to delivery
31% market share, biggest customer: IKEA (~ 5% of sales)

in € m 2016 2017 2018e

Incoming orders 1,165 1,366 1,350-1,500

Sales revenues 1,082 1,224 1,300-1,400

EBIT 45 86 -

EBIT margin 4.1% 7.0% 7.5-8.0%

ROCE 11.3% 22.5% 25-30%

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 19


2. WOODWORKING MACHINERY AND SYSTEMS
Transformation for substantial value creation

"Fix the house" Innovation push Sustainable


Internationalization profitable growth
Standardization

2016/2017 2017/2018 2018/2019

Optimize portfolio Expansion China & USA Profitable project business

Standardization Innovation & product modularization Digitization (e.g. tapio)

Efficiency improvement in Localization of engineering & Expansion of product range


functions and processes development (e.g. surface technology)

Develop project business ERP rollout Service excellence

ONE HOMAG

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 20


2. WOODWORKING MACHINERY AND SYSTEMS
Project business: Clear margin improvement since 2014
Final acceptance Final acceptance Final acceptance
02/2014 - 01/2015 09/2015 - 08/2016 09/2016 - 08/2017

Absolute change of EBIT margin between budget and FAC


Absolute change of EBIT margin between budget and FAC

Absolute change of EBIT margin between budget and FAC

EBIT margin according to budget EBIT margin according to budget EBIT margin according to budget

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 21


2. WOODWORKING MACHINERY AND SYSTEMS
Enabling HOMAG to tap market potential in China
China accounts for ca. 40% of world furniture production
HOMAG China order intake
HOMAG: China order share increased from 12% in 2014 in € m
to 16% in 2017 250
Tier-1 and tier-2 sales split will turn from dominant tier 1 216
contribution towards higher tier-2 share 200

Measures 150
146
Expansion of product range towards simpler and cheaper 113
solutions & standardization of machines 108
100 82
Expansion of manufacturing capacity to a production
65
volume of € ~150 m within the next years
Rollout of new sales concept with strong key account 50
management, also in China
Service capacity increase due to machinery sales growth 0
2012 2013 2014 2015 2016 2017
Increase local engineering & development capacity

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 22


AGENDA

1. Executive Summary

2. Our five divisions

3. Group strategy

4. Group financials, markets and outlook

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 23


3. DÜRR STRATEGY 2020

Dürr strategy 2020 targets: up to € 5bn sales, 8-10% EBIT margin, >30% ROCE

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 24


3. STRATEGY
Innovation: R&D efforts focused on tangible customer value

Cost per unit in a paint shop Reduction of resource consumption/emissions in paint shops of a German OEM

20% Energy Water VOC Paint²


2.000 2,0 3,5 6
1.800
3 5
41% 1.600
1,5
8% 1.400 2,5 -36%
4
1.200 2
1.000 1,0 3
800 1,5
-67% -71% -73% 2
600 1
3% 28% 0,5
400
0,5 1
200
Invest Energy Personnel Service Material
0 0,0 0 0
kWh/unit m³/unit kg/unit l/unit
Ø cost per unit in a current paint shop
= € 3201
1 Compared to € 420 15 years ago 2 In spray booth only

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 25


3. STRATEGY
Innovation: digital@DÜRR – 4 smart dimensions

• e.g. on-demand energy supply • e.g. virtual commissioning,


for ovens, smart pumps with virtual engineering, additive
reduced maintenance efforts Smart manufacturing
Smart
Products Processes

Smart Smart
• e.g. predictive maintenance, • e.g. iTAC.MES.Suite,
Services Factories
documentation/maintenance ADAMOS IIoT platform,
via pad, internet, QR code digital market places LOXEO
and tapio

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 26


3. STRATEGY
Innovation: Full line IIoT offering reinforces leading market position against pure software providers

ADAMOS: Adaptive Manufacturing Open Solutions


Founding partners ADAMOS GmbH:
DMG Mori, Dürr, Software AG, Carl Zeiss, ASM
Establish ADAMOS as industry standard
On edge, on premise and in the cloud
Leading edge technologies
Large combined installed base
"White label" solution allows for
company-individual IIoT market places
ADAMOS App Factory develops new apps

Next step: Scaling up ADAMOS by integrating additional partners from the machinery industry. Latest
partners: ENGEL & Karl Mayer

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 27


3. STRATEGY: DIGITAL SOLUTION PROVIDER FOR OUR
CUSTOMERS
Two digital market places as enablers for digital manufacturing

LOXEO and tapio: market places for IIoT apps and digital services
Suppliers’ and competitors’ machines can also take part and contribute
information/data
No software vendor lock-in
Dürr Digital Factory: 70 specialists develop new apps

Customer benefit of LOXEO and tapio:


optimizing production, increasing system availability

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 28


3. STRATEGY
Globalization: High investments in network of locations – reinforcement of local activities

in € m 2013 2014 2015 2016 2017


Capex 51.2 54.9 102.3 81.9 88.0
Acquisitions 34.8 242.1 42.0 13.6 15.3
Total 86.0 297.0 144.3 95.5 103.3

Extension of global presence: Reinforcement of new markets


but also investments in established markets of North America
and Germany with good prospects
15 production, test and engineering centers: extended,
modernized or newly built
Campus concept transferred to key locations: more efficient
processes, open communication and sustainable energy
concept
Capex spending in 2018e: € 75-85 m
New Dürr Campus in Shanghai, China

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 29


3. STRATEGY
Acquisition course to be continued / HOMAG takeover as a blueprint for acquisitions

2017: Minor bolt-on acquisitions


Criteria for major „HOMAG II“ acquisition:
Target areas: mechanical engineering,
automation technology, measuring systems,
environmental
World market & innovation leadership
No restructuring cases but earnings
improvement and synergy potential
Making use of Dürr‘s excellent positioning
in global/emerging markets
Corporate culture should fit
Sales size up to € 1.5 billion
Valuation must be reasonable

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 30


3. STRATEGY
Service: Long-term target 30% of sales

2014 2015 2016 2017

Sales revenues (in € m) 634.1 884.9 981.9 945.9

In % of group sales 24.6 23.5 27.5 25.5

Strengthening service business and capacities in emerging


markets (e.g. China, India, Mexico) with disproportionately
high potential
Service pricing, dedicated offerings, complaint management
system, decentralized ware-housing, delivery speed
2017: Service sales +1% on a like-for-like basis, reaching
25.5% of total sales
CAGR since 2012: 13%

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 31


3. STRATEGY
Service

Service type in % of revenues Number of paint robots sold (cumulative figure)


12.000
18%
Modifications and
upgrades 10.000

42% 8.000

Spare parts and


repairs 6.000

4.000
Maintenance,
assessments,
40% 2.000
seminars

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 32


3. STRATEGY
Efficiency: Global processes, localization & portfolio optimization
Further globalization of Dürr processes
Global processes with full utilization of SAP/CAX/CRM/SharePoint
Global IT platforms, integrated systems, one single database, continuous capex spending
Expansion of sourcing offices and manufacturing in China, India, Mexico, Brazil

Rigorous localization of Dürr products in the emerging markets


Supplemental product portfolio with low-cost/low-end solutions; local added value
Reduction of specifications

Consistent portfolio optimization to improve profitability


Example: Sale Dürr Ecoclean 2017
Cash inflow € 108 m, book gain € 23 m
Low-margin business
Focus on conventional power train technology (internal combustion engine) with limited growth perspective
Further optimizations among others: Aircraft assembly technology sold in 2014; French production facility sold in 2014;
Austrian workshop closed in 2016; Energy efficiency streamlining started in H1 2017

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 33


AGENDA

1. Executive Summary

2. Our five divisions

3. Group strategy

4. Group financials, markets and outlook

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 34


4. NET INCOME SURPASSED THE € 200 M MARK

in € m 2014 2015 2016 2017


Incoming orders 2,793.0 3,467.5 3,701.7 3,876.0
Orders on hand (end of period) 2,725.3 2,465.7 2,568.4 2,516.3
Sales 2,574.9 3,767.1 3,573.5 3,715.4
Gross profit on sales 591.1 828.0 858.3 858.3
Gross margin (%) 23.0 22.0 24.0 23.1
EBIT 220.9 267.8 271.4 289.6
EBIT before extraordinary effects 237.4 294.3 286.4 281.8
EBIT margin (%) 8.6 7.1 7.6 7.8
EBIT margin (%) before extraordinary
9.2 7.8 8.0 7.6
effects
Net income 150.3 166.6 187.8 201.5
1 Adjusted by FX and Ecoclean sale

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 35


4. CHANGED PREPAYMENT PATTERN
Free cash flow still positive in 2017

in € m 2014 2015 2016 2017

EBT 204.7 244.5 258.1 269.9

Other aggregated items of cash flow 12.3 66.3 2.9 21.3

Net working capital changes 74.3 -137.8 -33.6 -171.4

Cash flow from operating activities 291.2 173.0 227.4 119.8

Interest paid (net) -16.6 -10.4 -15.8 -17.9

Capex -53.6 -99.8 -81.6 -87.5

Free cash flow 221.1 62.8 129.9 14.3

NWC increase due to a changed payment pattern of customers (lower prepayments); no major change in 2018
Decline in cash flow due to increase in NWC, cash flow improvement in 2018 expected

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 36


4. NWC: ONLY A SLIGHT INCREASE TO BE EXPECTED IN 2018

in € m 12/31/2015 12/31/2016 12/31/2017


Materials and supplies 154.4 151.8 181.3
+ Work in process from small series production 81.5 88.4 94.7
+ Finished goods and merchandise (net) 109.2 103.4 102.6
+ Prepayments 42.0 37.5 59.1
+ Inventories and prepayments 386.7 381.1 437.7
+ Trade receivables due from third parties 536.7 418.5 473.6
+ Trade receivables due from entities accounted for using the equity method 6.0 20.7 9.2
+ Costs and estimated earnings in excess of billings (construction contracts) 353.6 357.1 469.3
+ Total trade receivables 896.3 796.3 952.1
- Billings in excess of costs on uncompleted contracts (construction contracts) 534.3 522.4 481.2
- Billings in excess of costs on uncompleted contracts (small series production) 112.7 125.7 167.7
- Trade payables 398.6 333.9 378.0
- Trade payables due from entities accounted for using the equity method 0.5 0.5 0.2
- Liabilities from notes payable 0.2 0.5 0.5
- Total trade payables 1,046.3 982.9 1,027.6
= Net working capital 236.8 194.4 362.1
███ included in total balance (total work in process less billings)

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 37


4. SOLID FINANCIAL RATIOS

12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017

Equity in € m 511.4 725.8 714.4 831.0 903.7

Equity ratio in % 25.7 24.4 23.9 24.8 26.5

Net financial status in € m 280.5 167.8 129.4 176.5 191.5

Net working capital in € m -33.1 87.6 236.8 194.4 362.1

DWC (days working capital) -4.9 12.2 22.9 27.2 35.1

ROCE in % 76.2 38.7 45.3 41.11 39.51


1 adjusted for the sale of Dürr Ecoclean

Equity ratio increased to 26.5% in 2017; equity ratio of 30% as long-term goal
Net financial status expected to reach € 240-280 m at year end 2018
ROCE for FY 2018 should reach the upper end of 30-40% range

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 38


4. WORK IN PROCESS LESS PROGRESS BILLINGS SHOULD STAY
SLIGHTLY NEGATIVE OR AT AROUND ZERO IN THE FUTURE

in € m 12/31/2015 12/31/2016 12/31/2017

Assets

Costs and estimated earnings in excess of billings (construction contracts) 353.6 357.1 469.3

Work in process from small series production 81.5 88.4 94.7

Liabilities

Billings in excess of costs on uncompleted contracts


(construction contracts) -534.3 -522.4 -481.2

Billings in excess of costs on uncompleted contracts


(small series production) -112.7 -125.7 -167.7

Total balance (total work in process less billings) -211.9 -202.6 -84.9

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 39


4. FURTHER GROWTH IN THE CAR MARKET
Growth drivers until 2022: China, India, South East Asia, Russia & Iran

+3%
in m units1 Ʃ 111.0
120,0 +4%
Ʃ 98.1
CAGR 3,6
Ʃ 94.0
100,0 2,9 +6%
2,5
+16%
34,5
28,9 +5%
80,0 27,1 +7%

60,0 +2% 25,2


+4% 22,9
22,0

40,0
+2% 25,1
22,1 +4% 23,0

20,0
20,3 0% 20,4 +3% 22,6
0,0
2017 2018 2022
1Light vehicles production
Source: PwC, Autofacts
Others China Asia (w/o China) Europe Americas Last update: January 2018

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 40


4. TRADITIONAL OEMS WITH HIGH INVESTMENTS1
IN 2017 AND 2018
Capex mix could shift towards e-mobility, self-driving, connected cars

in € bn 2012 2013 2014 2015 2016 2017e 2018e

BMW 5.0 6.6 6.0 5.8 5.7 6.3 6.9

Daimler 6.4 6.7 6.1 6.8 8.4 10.0 9.5

FCA 5.4 5.5 5.9 6.7 6.3 6.4 6.8

Ford 4.2 5.1 5.7 6.2 6.4 6.5 7.0

GM 6.2 6.2 5.4 6.7 8.7 8.3 7.4

Renault 1.9 2.5 2.4 2.7 2.0 3.3 3.5

PSA 1.9 2.2 2.2 2.8 3.3 3.9 4.9

VW 12.9 15.1 16.1 17.8 18.5 18.8 18.1

Total 43.9 49.9 49.8 55.5 59.3 63.5 64.1

1 Capex spending incl. capitalized R&D, Source: Deutsche Bank

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 41


4. WOODWORKING MACHINERY MARKETS
Strong growth in markets for rest of decade

CAGR +4%
in € m
5.000 Ʃ 4,229 Furniture production
breakdown
Ʃ 3,550 390
4.000 +8% Machinery for
285 703 wooden houses
China
3.000 583 +5% US
Machinery for doors, 36% 39% Germany
2.000 windows, flooring
3.135
Italy
2.682 +4%
Furniture machinery India
1.000 4%
market 12%
4% Other
0 5%
2016 2020e
HOMAG Sales Share

83% 14% 3% Sources: CSIL, Euroconstruct,


Holzbauverband, competitor data,
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% regional expert evaluation
42

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 42


4. OUTLOOK: FURTHER GROWTH IN SALES EXPECTED

Order intake in € m Sales in € m Gross margin in % EBIT margin in %

3,700-
3,600- 3,900
3.876 3,900 3.767 3.715 24,0 8,6 7.0-
3.702 3.574 23,0 23,1 23,5 7,6 7,8
3.467 22,0 7.5
7,1
2.793
2.575

2014 2015 2016 2017 2018e 2014 2015 2016 2017 2018e 2014 2015 2016 2017 2018e 2014 2015 2016 2017 2018e

Declining EBIT margin due to swing in extraordinary effects (extraordinary effects 2018e: € 15-20 m, thereof € 5-10 m
for FOCUS 2.0 optimization program at Paint and Final Assembly Systems)
EBIT margin before extraordinary effects approx. stable

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 43


4. FINANCIAL CALENDAR

03/22/2018 Publication annual report 2017 (no conference call)


03/22/2018 MainFirst Corporate Conference, Copenhagen
04/18/2018 Lampe Conference, Baden-Baden
05/03/2018 Goldman Sachs Small & Midcap Symposium, London
05/09/2018 Annual General Meeting, Bietigheim-Bissingen
05/16/2018 Interim statement for the first quarter of 2018
06/08/2018 Societe Generale Nice Conference, Nice
08/09/2018 Interim financial report for the first half of 2018

Dürr Corporate Communications & Investor Relations Contact

Günter Dielmann Mathias Christen Stefan Tobias Burkhardt

 guenter.dielmann@durr.com  mathias.christen@durr.com  stefantobias.burkhardt@durr.com


 +49 7142 78-1785  +49 7142 78-1381  +49 7142 78-3558

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 44


Appendix

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 45


NEW MANAGEMENT BOARD STRUCTURE

Ralf W. Dieter Carlo Crosetto Dr. Jochen Weyrauch


CEO CFO Member of the Board

 Application Technology  Finance / Controlling  Paint and Final Assembly


 Woodworking Machinery and  Investor Relations Systems
Systems  Risk Management  Measuring and Process
 Public Relations  Legal Affairs / Patents Systems
 Human Resources (Employee  Global Sourcing  Clean Technology Systems
Affairs Director)  Corporate Social  Information Technology
 Research and Development Responsibility  Corporate Development
 Quality (including M&A)
 Internal Auditing
 Corporate Compliance

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 46


KEY DATA OF THE SHARE

WKN / ISIN 556 520 / DE0005565204

Bloomberg / Reuters Due / dueg

Class of shares Common bearer shares

Index Category e.g. MDAX (Performance); CDAX (Performance); FAZ Index, Stoxx 600

Stuttgart (regulated market)


Trading centers / stock exchange Frankfurt (regulated market)
Several open markets

Capital stock € 88.6 million

Number of shares 34,601,040

Market capitalization as of 2018/02/16 € 3,649 m

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 47


SHAREHOLDER STRUCTURE/DIVIDEND POLICY

Free float at 71.2%1

Heinz Dürr GmbH


25,3%
Heinz u. Heide Dürr Stiftung

Institutional and private investors


- Thereof AXA S.A. 5.1%2)
- Thereof The Goldman Sachs Group: 4.7%2)
- Thereof Deutsche Bank AG: 4.7%2)
- Thereof Morgan Stanley: 4.0%2)
3,5% - Thereof MainFirst: 3.2%2)
- Thereof Alecta Pensionsförsäkring: 3.2%2)
- Thereof members of the
Dürr Board of Management: 0.2%2)
71.2%1 - Thereof members of the
Dürr Supervisory Board: 0.1%2)

1 Free float calculated according to Deutsche Börse AG


2 According to the relevant laws

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 48


SHARE PRICE DEVELOPMENT

Remarkable long-term
outperformance compared to
1.400 DAX & MDAX
Dürr
1.300 indexiert
Dürr highly benefited from China
1.200
DAX boom due to its strong emerging
1.100 indexiert
markets presence
1.000 MDAX
900
indexiert HOMAG takeover in 2014 took
some time to be understood, but
800
then levered the Dürr share.
700
600 In 2015, China fears impacted the
500
stock markets and Dürr, too.
400 Skeptical view on Dürr in early
300 2016 changed with strong
200 quarterly results
100 Digitization as further value driver
0
2010 2011 2012 2013 2014 2015 2016 2017 2018

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 49


DIVIDEND POLICY

Dividend policy: 30-40% payout ratio


in € 2009 2010 2011 2012 2013 2014 2015 2016 2017
2,10 €
Earnings 1,85 €
per -0.78 0.19 1.79 3.10 4.05 4.33 4.67 5.26 5.62
1,65 €
share
1,45 €
Dividend
per 0.00 0.15 0.60 1.13 1.45 1.65 1.85 2.10 -1 1,13 €
share
Total -1 0,60 €
0.0m 5.2m 20.8m 38.9m 50.2m 57.1m 64.0m 72.7m
payout
0,15 €
Payout -1 0,00 €
- 32% 32% 35% 38% 38% 38% 39%
ratio
2009 2010 2011 2012 2013 2014 2015 2016
1 not yet available

Consensus estimate for 2017 dividend at € 2.20e per share

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 50


ANALYSTS’ VIEW ON DÜRR

41%
14%
45% 23 equity research analysts cover Dürr
ø target price: 108.39 €
Target price range between 75 and 130 €
86% recommend to buy or hold the Dürr share

Buy Hold Sell

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 51


FIXED INCOME
Key data Bond / Bonded loan („Schuldscheindarlehen”)

Bond Bonded loan („Schuldscheindarlehen”)


WKN / ISIN A1YC44 / XS1048589458 -

Issued volume EUR 300 million EUR 300 million

Coupon 2.875% 1.6% in average

Maturity /
April 3, 20211 5, 7, 10 years (issued March 2016)
Repayment
Nominal value EUR 1,000.00 -

Stock exchange / regulated market Luxembourg Stock Exchange, unofficial trading


-
listing German stock exchanges

Rating Since 2010 it does exist neither a company rating nor a bond rating -

Syndicated loan held by Dürr AG: € 465 million


Bilateral credit facilities of a smaller volume and liabilities from finance leases

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 52


EQUITY STORY
Good reasons to be invested in Dürr
World market leadership: In ~95% of its product portfolio with market shares between 30 and 60%  high entry barriers
Service potential: Increased installed base is starting point for a growing and profitable service business.
Market positioning: About 40-50% of the business volume from emerging markets. Best positioned in competition.
Growth: Organic growth expected at ~3% p.a.. Further acquisitions should contribute to the expansion.
Technology leader: Dürr enables customers to reduce costs per units and thus to increase production efficiency.
Industry 4.0 / smart factory: Leading due to intelligent solutions (e.g. ADAMOS, MES)
Value creation: ROCE exceeds cost of capital significantly – ROCE 2017 at 39.5 %, cost of capital 2017 at 7.9%.
Continuity: Continuous improvement of earnings since 2010; 7th consecutive record year with steady increase of dividend.

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 53


VALUE MANAGEMENT

FY FY FY FY FY FY The most important performance indicators at Dürr


Key figures
2012 2013 2014 2015 2016 2017
Incoming orders
Incoming
orders
2,596.8 2,387.1 2,793.0 3,467.5 3,701.7 3,876.0 Sales
EBIT
Sales
2,399.8 2,406.9 2,574.9 3,767.1 3,573.5 3,715.4
revenues ROCE (EBIT/Capital employed).

EBIT 176.9 203.0 220.9 267.8 271.4 289.6 Cash flow from operating activities
Free cash flow
Operating
117.6 329.1 291.3 173.0 227.4 119.8
cash flow Economic Value Added (EVA)
Free cash Also non-financial performance indicators tracked, e.g.
65.9 261.9 221.1 62.8 129.9 14.3
flow
Employee and customer satisfaction
ROCE 47.4 76.2 38.7 45.3 41.1 39.5 Training/education
Ecology/sustainability
EVA 99.3 124.3 121.6 146.2 142.5 145.5
R&D/innovation

© Dürr AG, CCI, Investor Relations Presentation, Bietigheim-Bissingen, March 2018 54


INVESTOR RELATIONS PRESENTATION
Corporate Communications & Investor Relations Dürr AG

Bietigheim-Bissingen, March 2018

www.durr.com

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