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Conference CallResults January - June 2012 Dürr GroupRalf W. Dieter, CEORalph Heuwing, CFOBietigheim-Bissingen, August 1, ...
DisclaimerThis presentation has been prepared independently by Dürr AG (“Dürr”).The presentation contains statements which...
Book-to-bill ratio at 1.2                                                         H1 2012   H1 2011           Q2 2012   Q2...
Continued strong growth trend in incomingordersin € m                                                                     ...
Incoming orders H1 2012 vs. H1 2011in € m1.600                                                                            ...
Incoming orders: Healthy regional splitRolling 4 quarter comparison     Incoming orders                                   ...
H1: EBIT doubles due to strong salesand moderate SG&A increase                                                    H1 2012 ...
Temporary increase in NWCCash flow/free cash flow                                                                 H1 2012 ...
NWC: Increase along with business expansion                                                          06/30/2012        12/...
WIP and progress billings:    WIP reduction of € 31m                                                             06/30/201...
WIP and progress billings                                                         06/30/2012              12/31/2011      ...
Strong ROCE despite NWC level                                                         06/30/2012   12/31/2011   06/30/2011...
Paint and Assembly Systems:Strong order momentum continued                                                                ...
Application Technology:Strong EBIT development                                                                           H...
Measuring and Process Systems:Incoming orders accelerating in Q2                                                          ...
Clean Technology Systems:On track in Q2                                                                           H1 2012 ...
Market: Strong passenger car sales in H1 2012Change year-over-year in %                    Japan                          ...
No change in long term growth trendChina, India, Russia, Thailand & Indonesia with expected growth >10%LV production incre...
Outlook: On the way to 7% EBIT marginOngoing growth and profit improvement expectedSales in € m                           ...
Summary H1 better than expected, incoming orders in Q2 above Q1 and Q2 2011,  EBIT margin already at 7.1% in Q2 Positive...
Financial calendar09/25/2012                  Baader Conference, Munich09/26/2012                  Berenberg & Goldman Con...
Conference CallResults January - June 2012 Dürr GroupRalf W. Dieter, CEORalph Heuwing, CFOBietigheim-Bissingen, August 1, ...
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Conference Call first half of 2012

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Transcript of "Conference Call first half of 2012"

  1. 1. Conference CallResults January - June 2012 Dürr GroupRalf W. Dieter, CEORalph Heuwing, CFOBietigheim-Bissingen, August 1, 2012 www.durr.com -1-
  2. 2. DisclaimerThis presentation has been prepared independently by Dürr AG (“Dürr”).The presentation contains statements which address such key issues as Dürr´s strategy,future financial results, market positions and product development. Such statements shouldbe carefully considered, and it should be understood that many factors could cause forecastand actual results to differ from these statements. These factors include, but are not limited toprice fluctuations, currency fluctuations, developments in raw material and personnel costs,physical and environmental risks, legal and legislative issues, fiscal, and other regulatorymeasures. Stated competitive positions are based on management estimates supported byinformation provided by specialized external agencies.Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 -2-
  3. 3. Book-to-bill ratio at 1.2 H1 2012 H1 2011 Q2 2012 Q2 2011 Δ Δin € mIncoming orders 1.404,3 1.200,4 17,0% 725,2 643,4 12,7%Sales revenues 1.163,3 783,5 48,5% 600,9 424,9 41,4%Orders on hand (06/30) 2.386,5 1.746,9 36,6% 2.386,5 1.746,9 36,6% Project pipeline continues to be strong, despite weakening of macro-economic situation Service business +22% Order backlog at record level secures utilization well into second half of 2013Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 -3-
  4. 4. Continued strong growth trend in incomingordersin € m 866 900 29800 725 189 679 35700 643 35 618 28 17600 541 557 175 21 160 26 182 159 149 Clean Technology500 Systems 144 165 137 Measuring and Process 362 375 364400 339 22 116 166 Systems 13 17 155 18 Application Technology 97300 101 100 127 80 Paint and Assembly 152 Systems 466200 78 69 83 379 65 336 325 275 294 244100 179 162 169 130 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 -4-
  5. 5. Incoming orders H1 2012 vs. H1 2011in € m1.600 H1 H1 +17% 2011 20121.400 Strong European and US business 1.404,31.200 1.200,41.000 800 600 +44% -3% 400 +14% 460.0 +60% 318.8 320.2 301.0 -48% 200 291.4 278.9 262.8 163.9 136.5 0 71.3 Total China America Germany Europe w/o Germany Asia, Japan, Africa w/o ChinaDürr AG © CCI, Conference Call H1 2012, August 1, 2012 -5-
  6. 6. Incoming orders: Healthy regional splitRolling 4 quarter comparison Incoming orders Incoming orders Sales revenues Q3 2011-Q2 2012 Q3 2011-Q2 2012 Q3 2011-Q2 2012 (2010/2011) (2010/2011) (2010/2011) 12.5% 29.4% 14.6% 31.5% (18.9%) (30.0%) (14.2%) (26.0%) Mature markets Emerging markets * 41% (43%) 59% 23.6% 25.2% (57%) (26.3%) 7.0% (24.4%) 7.5% (9.5%) (9.5%) 23.8% 24.9%*Asien (ohne Japan), Mexiko, Brasilien, Osteuropa (21.9%) (19.3%) Germany Emerging markets share at just under 60% Europe w/o Germany, incl. Eastern Europe North and South America China still most important single market Asia (w/o China), Africa, Australia ChinaDürr AG © CCI, Conference Call H1 2012, August 1, 2012 -6-
  7. 7. H1: EBIT doubles due to strong salesand moderate SG&A increase H1 2012 H1 2011 Q2 2012 Q2 2011 Δ Δin € mGross profit on sales 198.1 140.4 41.1% 105.8 79.1 33.8%EBITDA 85.2 43.4 96.3% 49.7 29.0 71.4%EBIT 72.3 33.9 113.3% 42.7 24.1 77.2%Net income 44.0 16.0 175.0% 26.8 14.2 88.7% Gross margin increases to 17.6% in Q2 (Q1: 16.4%) due to high utilization and better order mix Moderate increase of SG&A costs (+20%) well below sales increase Financial result weaker at € -12.8 m (€ -10.1 m) due to inclusion of Campus refinancingDürr AG © CCI, Conference Call H1 2012, August 1, 2012 -7-
  8. 8. Temporary increase in NWCCash flow/free cash flow H1 2012 H1 2011in € mEBT 59.5 23.7Depreciation and amortization of non-current assets 12.8 9.5Interest result 13.1 10.5Income taxes paid -8.8 -4.3Δ Provisions -15.2 -0.4Δ Net working capital -120.0 -33.2Other -6.0 -30.9Cash flow from operating activities -64.6 -25.1Interest paid (net) -2.1 -0.2Capital expenditures -15.0 -8.0Free Cashflow -81.7 -33.3 Reduction of NWC expected in H2 2012, final project payments are concentrated in H2Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 -8-
  9. 9. NWC: Increase along with business expansion 06/30/2012 12/31/2011 06/30/2011in € mNWC in € m 151.2 32.6 63.0DWC (Days Working Capital) 23.4 6.1 14.5DSO (Days Sales Outstanding) 119.4 117.2 113.9 DWC Within target range of 20 to 25 days despite rise in NWCDürr AG © CCI, Conference Call H1 2012, August 1, 2012 -9-
  10. 10. WIP and progress billings: WIP reduction of € 31m 06/30/2012 12/31/2011 06/30/2011 in € m Assets Work in process from contracts (WIP) 1,465.0 936.8 844.7 Progress billings -1,089.8 -639.2 -570.71 WIP in excess of billings 375.2 297.6 274.0 Liabilities Work in process from contracts (WIP) -1,262.7 -1,221.9 -742.6 Progress billings 1,733.2 1,650.1 1,081.42 Billings in excess of WIP 470.5 428.2 338.8 Machinery business WIP -33.1 -23.1 -15.33 Progress billings 32.9 18.6 15.24 Billings in excess of WIP -0.2 -4.5 -0.1 Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 10 -
  11. 11. WIP and progress billings 06/30/2012 12/31/2011 06/30/2011in € mBalance: total WIP less total progress billings 1 - 2 - 4 -95.1 -126.1 -64.7Prepayments (liabilities) 2 + 3 503.4 446.8 354.0 Progress billings were € 95 m higher than future receivables1) on June 30, 2012 This will lead to a future cash outflow of € 95 m However, cashflow should benefit from higher earnings/revenues 1) These future receivables are not included in trade receivablesDürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 11 -
  12. 12. Strong ROCE despite NWC level 06/30/2012 12/31/2011 06/30/2011Equity in € m 386.6 364.3 323.2Equity ratio in % 22.1 21.9 24.3Net financial status in € m -48.3 51.8 -34.9Cash in € m 235.5 298.6 195.2Gearing in % 11.1 -16.6 9.8ROCE1) in % 29.5 28.4 16.4 Equity ratio expected to increase during the next quarters Net financial status expected to be positive at FY end 1)annualizedDürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 12 -
  13. 13. Paint and Assembly Systems:Strong order momentum continued H1 2012 H1 2011 Δ in € m Incoming orders 703.4 538.5 30.6% Sales revenues 531.2 342.8 55.0% EBIT 29.5 14.0 110.7% Solid order execution EBIT more than doubled due to higher volume and moderate overhead cost increaseDürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 13 -
  14. 14. Application Technology:Strong EBIT development H1 2012 H1 2011 Δ in € m Incoming orders 303.2 282.5 7.3% Sales revenues 264.5 171.5 54.2% EBIT 25.0 7.2 247.2% Incoming orders in Q2 slightly weaker than in Q1, but strong pipeline Strong earnings improvement due to high utilization and improved margin realization, EBIT margin reached almost 10% in Q2Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 14 -
  15. 15. Measuring and Process Systems:Incoming orders accelerating in Q2 H1 2012 H1 2011 Δ in € m Incoming orders 334.5 324.1 3.2% Sales revenues 323.8 236.6 36.9% EBIT 22.8 12.4 83.9% Incoming orders in Q2 2012: + 9.9% yoy and + 9.4% vs. Q1 2012 Ongoing strong order momentum at Balancing and Assembly Products Earnings improvement in both business units Cleaning and Filtration Systems positive in H1Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 15 -
  16. 16. Clean Technology Systems:On track in Q2 H1 2012 H1 2011 Δ in € m Incoming orders 63.2 55.4 14.1% Sales revenues 43.7 32.6 34.0% EBIT 0.6 1.5 -60.0% Several projects won in H1: e.g. in chemical, carbon fibre and automotive industries, strong Q2 order intake: +23% compared to Q1 2012 EBIT margin in Q2 at 6.2%Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 16 -
  17. 17. Market: Strong passenger car sales in H1 2012Change year-over-year in % Japan 57% USA 15% Russia 14% India 13% China 9% Germany 1% Brazil 0%Western Europe -7% -10% 0% 10% 20% 30% 40% 50% 60% Source: VDA (German carmakers´ association)Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 17 -
  18. 18. No change in long term growth trendChina, India, Russia, Thailand & Indonesia with expected growth >10%LV production increase by 27 m units over 5 years! 101.8 CAGR in %110 97.5 2,9100 92.5 2,8 86.0 3.0 2,7 90 79.6 2,6 74.6 2,4 25,9 80 24,4 11.1 2,5 22,2 19,5 70 16,9 15,3 60 24,9 25,7 5.6 24,2 50 23 19,6 21,7 40 22,7 23,6 30 20,5 21,9 3.5 19,9 19,3 20 21,5 22,7 23,7 6.5 10 17,3 19,3 20,4 0 2011 2012 2013 2014 2015 2016 Source: own estimates, PWC, JD Power America Europe Asia (without China) China Other Last update 2012Dürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 18 -
  19. 19. Outlook: On the way to 7% EBIT marginOngoing growth and profit improvement expectedSales in € m 2,300 2,685 1,922 Incoming orders in € m 2,500 1,261 1,782 1,078 1,642 1,460 1,464 1,217 1,185 6.5 - 7% 2009 2010 2011 2012e 2005 2007 2009 2011 EBIT margin 5.5% 2005 2006 2007 2008 2009 2010 2011 2012e (EBIT in € m) (106.5) 2.9% 0.5% (36.6) (5.7) 2009 2010 2011 2012eDürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 19 -
  20. 20. Summary H1 better than expected, incoming orders in Q2 above Q1 and Q2 2011, EBIT margin already at 7.1% in Q2 Positive long term market outlook (PwC), despite current macro-economic slowdown Solid project execution Positive 2012 outlook supported by order backlog, incoming orders and pipeline. Margin goal of 6.5 - 7% within reach - 20 -
  21. 21. Financial calendar09/25/2012 Baader Conference, Munich09/26/2012 Berenberg & Goldman Conference, Munich11/06/2012 Interim report for the first nine months of 2012 Analyst conference11/13-14/2012 UBS Conference, London12/4-7/2012 Berenberg Conference, LondonContact: Dürr Aktiengesellschaft Günter Dielmann Corporate Communications & Investor Relations Carl-Benz-Str. 34 74321 Bietigheim-Bissingen Germany Phone +49 7142 78-1785 E-Mail investor.relations@durr.comDürr AG © CCI, Conference Call H1 2012, August 1, 2012 - 21 -
  22. 22. Conference CallResults January - June 2012 Dürr GroupRalf W. Dieter, CEORalph Heuwing, CFOBietigheim-Bissingen, August 1, 2012 www.durr.com - 22 -
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