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CONFERENCE CALL
RESULTS JAN. – MAR. 2019
Bietigheim-Bissingen, May 17, 2019
Ralf W. Dieter, CEO | Carlo Crosetto, CFO
www.durr-group.com
2© Dürr AG, Conference call – Q1 2019, May 17, 2019
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 (https://www.durr-group.com/en/investor-relations/service/glossary/).
3
OVERVIEW: GROWTH IN ORDER INTAKE AND SALES
Q1 2019 vs. Q1 2018, in € m
1,019.1
1,105.9
840.1
949.9
+13.1%
56.8
54.6
-3.9%
34.5
33.0
-4.4%
Incoming orders Sales revenues Operating EBIT Net profit
Q1 2018 Q1 2019 Margin
6.8%
5.7%
4.1%
3.5%
© Dürr AG, Conference call – Q1 2019, May 17, 2019
+8.5%
4
ORDER GROWTH IN NORTH AMERICA + EMERGING MARKETS
Declining demand in China only temporary
1,019.1
212.6
156.5
196.2
339.8
114.0
1,105.9
115.4
404.6
139.1
267.8
178.9
Total China Americas Germany Europe
(w/o Germany)
Asia (w/o China),
Africa, Australia
© Dürr AG, Conference call – Q1 2019, May 17, 2019
+8.5%
-45.7%
+158.5%
-29.1%
-21.2%
+56.9%
in € m
Q1 2018 Q1 2019
Q1 2019 Q1 2018 Δ
Gross profit on sales in € m 206.4 198.6 3.9%
EBITDA in € m 75.7 71.1 6.5%
EBIT in € m 48.6 51.1 -4.8%
EBIT before extraordinary effects in € m 54.6 56.8 -3.9%
EBIT margin in % 5.1 6.1 -1.0 ppts
EBIT margin before extraordinary effects in % 5.7 6.8 -1.0 ppts
Net income in € m 33.0 34.5 -4.4%
5
Q1 2019: SLIGHT INCREASE IN GROSS PROFIT
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Gross margin declined to 21.7% (Q1 2018: 23.6%) due to higher production costs (e.g. wages) and ongoing competitive
pressure
Extraordinary effects of € -6.0 m in Q1 2019 (Q1 2018: € -5.7 m), thereof € -5.1 m purchase price allocation effects
Overhead costs (+9%) grew at a lower rate than sales (+13%)
6
Capex
-66.5
Taxes Others
-19.6
NFS 3/2019NFS
12/2018
EBT DepreciationNFS 12/2018
adjusted
IFRS 16 M&A
-135.7
NWC
-9.7
32.3
-98.8
+45.9
+27.1
-87.3
-8.3
-17.3
in € m
Q1 2019 NET FINANCIAL STATUS (NFS) EVOLUTION
Δ
Q1 2019 Q1 2018
Operating cash flow -43.0 -75.6
Free cash flow -66.0 -96.5
Δ Net financial status -69.2 -91.8
© Dürr AG, Conference call – Q1 2019, May 17, 2019
7
IFRS 16 „LEASES“ FIRST TIME APPLICATION  EFFECTS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
EBITDA +7 +28
EBIT +1 +3
Financial result -1 -3
Operating cash flow +6 +24
Free cash flow 0 0
in € m Q1 2019 FY 2019e
Assets +89 +89
Equity -7 -7
Other liabilities -3 -3
Financial liabilities +99 +99
8
NWC: UNSATISFACTORY LEVEL IN Q1, BUT DWC UNCHANGED
© Dürr AG, Conference call – Q1 2019, May 17, 2019
███ included in total balance (total work in process less billings)
in € m 03/31/2019 12/31/2018 03/31/2018
Inventories and prepayments 556.0 535.4 530.6
+ Total trade receivables 605.1 603.0 508.3
+ Total contract assets 528.3 478.3 472.5
- Trade payables (incl. liabilities from notes payable) 546.3 502.4 388.1
- Total contract liabilities 612.7 673.0 653.8
= Net working capital 530.4 441.4 469.5
DWC 50.3 41.1 50.3
9
WORK IN PROCESS BALANCE:
TEMPORARY SHORTFALL OF CUSTOMER PAYMENTS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Total balance FY 2019e between € 0 and -100 m
in € m 03/31/2019 12/31/2018 03/31/2018
Assets
Total contract assets 528.3 478.3 472.5
Work in process from small series production 125.0 119.8 122.3
Liabilities
Total contract liabilities -612.7 -673.0 -653.8
Total balance (Total work in process less billings) 40.5 -74.8 -59.0
10
ADJUSTED NET FINANCIAL STATUS
Strong improvement of NFS in Q1 on an adjusted basis
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Adjusted net financial status declined by € 22 m during the last 12 months
Without the outflow for acquisitions (€ 148 m) adjusted NFS would have improved by € 126 m in the last 12 months
in € m 03/31/2019 12/31/2018 03/31/2018
Net financial status -135.7 32.3 84.5
IFRS 16 - -98.8 -98.8
Total balance (Total work in process less billings) 40.5 -74.8 -59.0
Adjusted net financial status -95.2 -141.3 -73.3
11
FACTORING/FORFEITING:
NEGATIVE IMPACT ON CASH FLOW IN Q1
Cash flow would have been € 16 m higher without reduction of forfeiting
© Dürr AG, Conference call – Q1 2019, May 17, 2019
in € m 03/31/2019 12/31/2018 12/31/2017
Factoring 0.0 0.0 0.0
Forfeiting 9.0 24.9 28.0
Total 9.0 24.9 28.0
Δ End of previous year -15.9 -3.1 22.9
03/31/2019 12/31/2018 03/31/2018
Equity in € m 1,034.3 992.2 931.5
Equity ratio in % 27.7 27.4 26.8
Net financial status in € m -135.7 32.3 84.5
Cash in € m 589.2 655.0 558.6
Gearing in % 11.6 -3.4 -10.0
ROCE1
in % 16.5 24.0 23.7
12
EQUITY RATIO GETTING CLOSER TO 30%
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Equity up 11% yoy
Net financial status expected to improve during the next quarters
ROCE expected between 20 and 30% in FY 2019
1 annualized
13
PAINT AND FINAL ASSEMBLY SYSTEMS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Strong order intake in Q1 (e.g. Mexico, India), project pipeline unchanged
at a satisfactory level
Q1 order intake margin improved yoy due to improved cost position (FOCUS 2.0)
EBIT increased slightly; EBIT margin decline due to billing of elder
low margin orders
FOCUS 2.0 optimization program expected to generate margin improvements
1 annualized
Q1 2019 Q1 2018 Δ
Incoming orders in € m 394.1 274.2 43.7%
Sales revenues in € m 311.1 270.2 15.1%
EBIT in € m 12.7 12.4 1.7%
EBIT margin in % 4.1 4.6 -0.5 ppts
ROCE1
in % 55.3 44.7 10.5 ppts
14
APPLICATION TECHNOLOGY
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Moderate start in Q1, but healthy project pipeline
EBIT margin at 10.5% despite sales decline
Book-to-bill at 1.14
Market share stable between 45 and 50%
1 annualized
Q1 2019 Q1 2018 Δ
Incoming orders in € m 159.6 168.6 -5.4%
Sales revenues in € m 139.4 145.5 -4.2%
EBIT in € m 14.6 15.2 -3.7%
EBIT margin in % 10.5 10.4 0.1 ppts
ROCE1
in % 19.8 25.2 -5.4 ppts
15
CLEAN TECHNOLOGY SYSTEMS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Q1 figures influenced by consolidation of Megtec/Universal
Incoming orders nearly doubled
Sales tripled
Book-to-bill at 1.3
Earnings affected by weaker sales and underutilization in some areas,
strong earnings improvement expected during the next quarters
1 annualized
Q1 2019 Q1 2018 Δ
Incoming orders in € m 112.6 57.6 95.3%
Sales revenues in € m 88.3 30.3 >100%
EBIT in € m -0.7 -1.0 -
EBIT margin in % -0.8 -3.2 2.4 ppts
ROCE1
in % -1.6 -5.9 4.3 ppts
16
MEASURING AND PROCESS SYSTEMS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Order intake slightly above previous year´s level
Sales decline due to weaker incoming orders in H2 2018
Earnings affected by sales decline and higher R&D costs (digital innovation)
Improvement of sales and earnings expected during the next quarters
1 annualized
Q1 2019 Q1 2018 Δ
Incoming orders in € m 105.1 103.4 1.6%
Sales revenues in € m 91.9 99.4 -7.5%
EBIT in € m 6.8 10.4 -34.5%
EBIT margin in % 7.4 10.5 -3.1 ppts
ROCE1
in % 9.5 16.2 -6.7 ppts
17
WOODWORKING MACHINERY AND SYSTEMS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Order intake 19% below record level of Q1 2018
Q1 2018 impacted by a large order (approx. € 60 m), which was cancelled later by
the customer and eliminated from WMS order book in Q2 and Q4 2018 respectively
Order intake in Q1 2019 on the average level of the previous quarters
Earnings decline due to stronger price competition, underutilization at some locations
and higher production costs (e.g. wages)
Cost reduction program intensified in Q1 1 annualized
Q1 2019 Q1 2018 Δ
Incoming orders in € m 334.6 415.2 -19.4%
Sales revenues in € m 319.2 294.6 8.3%
EBIT in € m 18.4 19.7 -6.9%
EBIT margin in % 5.8 6.7 -0.9 ppts
ROCE1
in % 14.6 19.8 -5.1 ppts
44%
38%
18%
Spare parts
Modifications
Other services
(e.g. maintenance,
assesments)
Service mix 3 months 2019
18
SERVICE BUSINESS: STRONG EXPANSION OF 22%
All divisions with double digit sales growth rates
Margin level slightly declined but still very healthy
Service business expected to expand steadily during the next
quarters; growth rate in Q1 was exceptional
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Q1 2019 Q1 2018 Δ
Sales revenues in € m 272.8 224.4 21.6%
% of group sales 28.7 26.7 2.0 ppts
Sales in € m
3,767
3,574
3,713
3,870
3,900-
4,100
2015 2016 2017 2018 2019e
19
OUTLOOK
Unchanged outlook: Growth in sales, earnings and cash flow expected
© Dürr AG, Conference call – Q1 2019, May 17, 2019
7.1
7.6 7.7
6.0
6.5-
7.0
2015 2016 2017 2018 2019e
EBIT margin in %
3,467
3,702
3,803
3,931
3,800-
4,100
2015 2016 2017 2018 2019e
Order intake in € m
EBIT margin before extraordinary effects slightly up (7.0 to 7.5%)
20
SUMMARY
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Strong business expansion despite challenging market conditions
Book-to-bill at 1.2, order backlog at € 2.8 bn
Moderate earnings development in Q1 (EBIT -5%), but improvement expected in the course of the year
Ongoing competitive pressure in all divisions, but cost cutting measures, productivity improvements, ceasing overload
costs (2018) and lower extraordinary costs will lead to an earnings improvement in 2019
Cash flow improved in Q1 2019, NWC not satisfactory, DWC unchanged
Estimated IFRS 16 impact 2019: NFS: € 99 m decrease, EBITDA: + € 28 m, EBIT: + € 2.5 m, financial result: - € 2.5 m,
operating cash flow + € 24 m, free cash flow: no influence
Clean Technology Sytsems: integration of Megtec/Universal progressing as planned
No guidance change for 2019
Traditional application of paint generates overspray
(paint particles which do not reach the surface)
Individualization trend: more two-tone painting required
“Old” process for two-tone painting (car roof)
Manual masking of painted car and second run in painting line
Much waste (masking material), high manual work load,
painting line blocked for second run (loss of time)
New EcoPaintJet:
Automated, highly accurate application
No overspray (“printer like”)
Boosting OEM production efficiency
Next step: EcoPaintJet Pro
Overspray-free application like digital printing
Several OEM beta sites, market launch expected mid-2019
21
GUIDED TOUR: ECO PAINT JET
Overspray-free paint application, ground-breaking technology
© Dürr AG, Conference call – Q1 2019, May 17, 2019
22© Dürr AG, Conference call – Q1 2019, May 17, 2019
GUIDED TOUR: DIGITIZATION
Broad DXQ software spectrum, 7 user stories
DXQoperate
Consistent and scalable: the common HMI (Human Machine Interface) from Dürr
Smart robot programming: the universal tool to program and parametrize the Dürr robot families
Maintenance at the right time: the digital maintenance management for the entire paint shop
DXQanalyze
Your look into the equipment: the IIoT solution that evaluates all equipment and process data
Equipment operation focusing on quality: the IIoT solution that enables real-time simulation of heat-up curves in the oven
Higher quality, improved Overall Equipment Efficiency: the IIoT solution that highlights the real issues in paint quality
DXQcontrol
Turnkey solutions for automotive production
Material flow and logistics: Planning. Operation. Control.
Business intelligence: more flexibility in analysis and reporting of production data
DXQsupport & LOXEO
Future-proof service solutions: hotline 24/7, eLearnings, webinars, trainings
LOXEO – the digital market place for our customers
23
GUIDED TOUR: DXQ SOFTWARE FAMILY
Smart & digital: software innovations straight from the Dürr Digital Factory
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Total VOC down: Eco+Paintshop meets new regulations
24
GUIDED TOUR: ENVIRONMENTAL TECHNOLOGY
New EU-wide VOC regulations: broad opportunities in paint shop retrofitting
© Dürr AG, Conference call – Q1 2019, May 17, 2019
25
GUIDED TOUR: ECO PRO FLEET AGV
Flexible material transport for the paint shop of the future
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Paint shop of the future: Maximum efficiency, flexibility and productivity through process modularization and agile
conveyor technology (AGVs)
Dürr produces own AGVs specific for the needs in a paint shop; no competitor offers a comparable flexible solution
First customer beta sites
Low overall height
Paint and solvent resistant
Easy to cleanTwo drives per vehicle
No pauses in operation
26© Dürr AG, Conference call – Q1 2019, May 17, 2019
Appendix
27
BALANCE SHEET HIGHLIGHTS (1/2)
© Dürr AG, Conference call – Q1 2019, May 17, 2019
03/31/2019 12/31/2018 03/31/2018
Non-current assets 1,320.1 1,244.3 1,106.4
of which goodwill & intangibles 650.6 651.3 586.0
of which property, plant and equipment 522.5 433.8 405.0
of which investment & financial assets 68.8 65.1 62.4
Current assets 2,418.9 2,370.1 2,366.4
of which inventories and prepayments 556.0 535.4 530.6
of which contract assets 528.3 478.3 472.5
of which trade receivables 590.5 566.7 498.6
of which sundry financial assets 53.2 52.4 198.0
of which cash and cash equivalents 589.2 655.0 558.6
Total assets Dürr Group 3,739.0 3,614.4 3,472.8
28
BALANCE SHEET HIGHLIGHTS (2/2)
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Equity and liabilities in € m 03/31/2019 12/31/2018 03/31/2018
Total equity 1,034.3 992.2 931.5
of which non-controlling interests 15.5 14.9 15.0
Non-current liabilities 857.9 786.1 791.1
of which provisions 69.4 69.1 68.6
of which bond and bonded loan 598.1 598.0 597.4
of which other financial liabilities 84.9 12.8 12.2
of which deferred taxes 90.7 91.9 94.4
Current liabilities 1,846.8 1,836.2 1,750.2
of which other provisions 127.1 130.7 141.3
of which contract liabilities 609.9 670.8 650.0
of which trade payables 545.4 501.4 387.2
of which sundry financial liabilities 349.0 347.7 390.1
of which other liabilities 135.8 142.3 137.4
Total equity and liabilities Dürr Group 3,739.0 3,614.4 3,472.8
29
P&L IN DETAIL
© Dürr AG, Conference call – Q1 2019, May 17, 2019
in € m Q1 2019 Q1 2018 Δ
Sales revenues 949.9 840.1 13.1%
Cost of sales -743.5 -641.4 -
Gross profit on sales 206.4 198.6 3.9%
Selling expenses -82.5 -71.0 -
General administrative expenses -46.9 -43.8 -
Research and development costs -29.1 -30.9 -
Other operating income 7.7 9.9 -21.9%
Other operating expenses -7.0 -11.8 -
Earnings before investment income, interest and income taxes 48.6 51.1 -4.8%
Investment income 2.0 0.6 241.5%
Interest and similar income 1.6 2.6 -36.4%
Interest and similar expenses -6.3 -6.5 -
Earnings before income taxes 45.9 47.8 -3.9%
Income taxes -12.9 -13.3 2.7%
Profit of the Dürr Group 33.0 34.5 -4.4%
Attributable to:
Non-controlling interests 1.9 1.0 88.8%
Shareholders of Dürr Aktiengesellschaft 31.1 33.5 -7.2%
Number of shares issued in thousands 69,202.1 69,202.1 -
Earnings per share in € (basic and diluted) 0.45 0.48 -6.2%
30
CASH FLOW
© Dürr AG, Conference call – Q1 2019, May 17, 2019
in € m Q1 2019 Q1 2018
EBT 45.9 47.8
Depreciation and amortization of non-current assets 27.1 20.0
Interest result 4.7 3.9
Income taxes paid -9.7 -22.5
Δ Provisions -4.4 -9.2
Δ Net working capital -87.3 -99.6
Other -19.2 -16.1
Operating cash flow -43.0 -75.6
Interest paid (net) 0.2 -8.0
Repayment of lease liabilities -5.9 -
Capital expenditures -17.3 -12.8
Free cash flow -66.0 -96.5
Others (e.g. currency effects) -3.2 4.6
Change net financial status -69.2 -91.8
31
OVERVIEW: FINANCIAL FIGURES BY DIVISION (1/2)
© Dürr AG, Conference call – Q1 2019, May 17, 2019
2019 2018 2017
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
PFS
Incoming orders in € m 394.1 394.1 274.2 303.3 187.9 534.9 1,300.4 268.3 377.3 181.0 315.8 1,142.3
Sales revenues in € m 311.1 311.1 270.2 297.1 311.2 357.1 1,235.7 275.4 256.4 284.5 358.9 1,175.2
Order backlog in € m 1,321.6 1,150.1 1,164.5 1,033.9 1,216.4 1,242.0 1,329.6 1,211.2 1,148.4
EBIT in € m 12.7 12.7 12.4 12.5 14.0 17.0 56.0 17.0 13.9 16.0 23.4 70.4
Employees 3,514 3,435 3,405 3,447 3,472 3,367 3,384 3,463 3,457
APT
Incoming orders in € m 159.6 159.6 168.6 176.6 141.2 146.0 632.4 157.1 168.3 134.8 126.4 586.5
Sales revenues in € m 139.4 139.4 145.5 152.5 174.1 180.5 652.6 134.2 152.7 160.4 175.1 622.4
Order backlog in € m 391.5 407.3 433.0 398.3 366.5 461.3 467.7 436.9 384.2
EBIT in € m 14.6 14.6 15.2 15.5 17.4 19.9 68.0 13.9 15.5 17.2 18.2 64.8
Employees 2,271 2,112 2,154 2,230 2,246 1,953 1,985 2,024 2,063
CTS
Incoming orders in € m 112.6 112.6 57.6 58.8 36.3 105.3 258.2 56.6 38.6 27.8 41.9 164.9
Sales revenues in € m 88.3 88.3 30.3 34.7 54.9 106.8 226.7 38.6 47.7 45.3 54.1 185.6
Order backlog in € m 217.8 125.7 151.3 130.8 191.3 142.9 128.8 110.1 98.3
EBIT in € m -0.7 -0.7 -1.0 -1.6 -11.7 -0.7 -15.0 0.4 1.2 0.3 1.5 3.3
Employees 1,443 601 600 612 1,472 573 586 596 603
MPS
Incoming orders in € m 105.1 105.1 103.4 111.1 93.2 95.6 403.3 161.7 117.1 139.4 124.9 543.0
Sales revenues in € m 91.9 91.9 99.4 114.2 112.6 130.4 456.5 145.4 105.2 131.1 129.4 511.1
Order backlog in € m 217.0 260.0 258.1 236.0 201.5 256.4 262.1 269.1 257.6
EBIT in € m 6.8 6.8 10.4 13.5 14.1 21.8 59.7 14.4 15.7 17.6 16.7 64.3
Employees 2,306 2,317 2,303 2,325 2,279 2,224 2,244 2,280 2,279
In € m
32
OVERVIEW: FINANCIAL FIGURES BY DIVISION (2/2)
© Dürr AG, Conference call – Q1 2019, May 17, 2019
2019 2018 2017
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
WMS
Incoming orders in € m 334.6 334.6 415.2 286.1 339.6 295.9 1,336.8 400.9 332.6 345.4 287.3 1,366.3
Sales revenues in € m 319.2 319.2 294.6 311.1 331.6 361.0 1,298.3 296.8 301.2 305.8 315.0 1,218.8
Order backlog in € m 622.0 676.4 657.6 666.3 601.6 534.0 555.8 591.0 560.9
EBIT in € m 18.4 18.4 19.7 17.4 21.5 27.6 86.2 20.3 23.4 22.1 17.2 83.0
Employees 6,633 6,484 6,567 6,605 6,593 6,083 6,149 6,316 6,371
CC/Cons.
Incoming orders in € m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sales revenues in € m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Order backlog in € m 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1
EBIT in € m -3.1 -3.1 -5.7 -7.0 -3.3 -5.4 -21.4 20.2 -8.8 -5.5 -4.7 1.2
Employees 248 204 207 242 250 193 197 197 201
Group
Incoming orders in € m 1,105.9 1,105.9 1,019.1 935.9 798.2 1,177.7 3,930.9 1,044.5 1,033.9 828.3 896.4 3,803.0
Sales revenues in € m 949.9 949.9 840.1 909.5 984.5 1,135.8 3,869.8 890.3 863.2 927.1 1,032.5 3,713.2
Order backlog in € m 2,769.8 2,619.6 2,664.6 2,465.4 2,577.2 2,636.7 2,744.2 2,618.3 2,449.4
EBIT in € m 48.6 48.6 51.1 50.3 51.9 80.2 233.5 86.2 60.9 67.7 72.2 287.0
Employees 16,415 15,153 15,236 15,461 16,312 14,393 14,545 14,876 14,974
In € m
33
OVERVIEW: EXTRAORDINARY EFFECTS
© Dürr AG, Conference call – Q1 2019, May 17, 2019
2019 2018 2017
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
PFS
-1.0 -1.0 -0.5 -0.5 -0.5 -0.5 -2.2 -0.5 -0.5 -0.5 -0.5 -2.2
APT
-0.1 -0.1 -0.1 -0.1 0.0 0.0 -0.2 -0.1 -0.1 -0.1 -0.2 -0.5
CTS
-1.9 -1.9 -0.2 -0.2 -13.7 -6.1 -20.1 -0.2 -0.2 -0.2 -0.2 -0.7
MPS
-0.4 -0.4 -0.5 -0.3 -0.4 -0.4 -1.5 -0.3 -0.3 -0.3 -1.4 -2.4
WMS
-2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -8.7 -2.2 -2.2 -2.2 -2.2 -8.7
CC
-0.3 -0.3 -2.3 -2.4 -0.5 -3.5 -8.7 22.7 -3.4 -0.9 -0.7 17.7
Total
-6.0 -6.0 -5.7 -5.7 -17.3 -12.8 -41.4 19.4 -6.7 -4.2 -5.1 3.3
In € m
34
FURTHER GROWTH OF CAR PRODUCTION
© Dürr AG, Conference call – Q1 2019, May 17, 2019
20.3 20.3 22.4
22.4 22.6
24.7
22.3 22.6
25.4
25.6 26.9
32.4
2.6 2.4
3.3
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2018 2019 2023
Others China Asia (w/o China) Europe Americas
+3%
Growth drivers until 2023: China, India, South East Asia
1 Light vehicles production
Source: PwC, Autofacts
Last update: April 2019
Ʃ 93.2
Ʃ 94.8
Ʃ 108.2
+5%
+1%
+1%
+2%
+8%
+5%
+3%
+2%
+2%
CAGR
in m units1
+0%
+0%
35
Woodworking machinery market stagnating in 2019
Sources: CSIL, Euroconstruct,
Holzbauverband, competitor data,
regional expert evaluation
WOODWORKING MACHINERY MARKET
39%
12%
5%4%
4%
36%
Furniture production
breakdown
China
US
Germany
Italy
India
Other
35© Dürr AG, Conference call – Q1 2019, May 17, 2019
3.4
3.5
3.9
4.0 4.0 4.0
4.3
4.5
2015 2016 2017 2018 2019e 2020e 2021e 2022e
in € bn
36
TARGETS FOR 2019
© Dürr AG, Conference call – Q1 2019, May 17, 2019
1 on property, plant and equipment and on intangible assets (excluding acquisitions)
Actual 2018 Target 2019
Incoming orders in € m 3,930.9 3,800 - 4,100
Orders on hand in € m (12/31) 2,577.2 2,400 - 2,900
Sales revenues in € m 3,869.8 3,900 - 4,100
EBIT margin in % 6.0 6.5 - 7.0
EBIT margin before extraordinary effects in % 7.1 7.0 - 7.5
ROCE in € m 24.0 20 - 30
Financial result in € m -13.8 Deterioration
Tax rate in % 25.6 27 - 28
Earnings after tax in € m 163.5 175 -190
Operating cash flow in € m 162.3 Up on the previous year
Free cash flow in € m 78.4 Up on the previous year
Net financial status in € m (12/31) 32.3 -60 to -20
Liquidity in € m (12/31) 655.0 660 - 700
Capital expenditure in € m1
74.4 80 - 90
25.5%
3.5%
71.0%
Heinz u. Heide Dürr Stiftung
37
SHAREHOLDER STRUCTURE
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Free float at 71.0%1
Institutional and private investors 2
- Thereof AXA S.A. 5.0%
- Thereof The Goldman Sachs Group: 4.8%
- Thereof Deutsche Bank AG: 4.7%
- Thereof MainFirst: 4.7%
- Thereof Morgan Stanley: 4.0%
- Thereof Alecta Pensionsförsäkring: 3.2%
- Thereof BlackRock: 3.2%
- Thereof members of the Dürr Board of
Management: 0.3%
- Thereof members of the
Dürr Supervisory Board: 0.1%
Heinz Dürr GmbH
1 Free float calculated according to Deutsche Börse AG
2 According to the relevant laws
05/28/2019 Société Générale The Nice Conference, Nice
06/05/2019 Deutsche Bank Berlin Conference, Berlin
08/07/2019 Interim financial report H1 2019
08/28/2019 Commerzbank Sector Conference, Frankfurt
09/24/2019 Berenberg and Goldman Sachs German Corporate Conference, Munich
09/25/2019 Baader Investment Conference, Munich
38
4. FINANCIAL CALENDAR
© Dürr AG, Conference call – Q1 2019, May 17, 2019
Günter Dielmann
 guenter.dielmann@durr.com
 +49 7142 78-1785
Stefan Tobias Burkhardt
 stefantobias.burkhardt@durr.com
 +49 7142 78-3558
Mathias Christen
 mathias.christen@durr.com
 +49 7142 78-1381
Dürr Corporate Communications & Investor Relations contact
CONFERENCE CALL
RESULTS JAN. – MAR. 2019
Bietigheim-Bissingen, May 17, 2019
Ralf W. Dieter, CEO | Carlo Crosetto, CFO
www.durr-group.com

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Dürr AG Conference Call – Q1 2019

  • 1. CONFERENCE CALL RESULTS JAN. – MAR. 2019 Bietigheim-Bissingen, May 17, 2019 Ralf W. Dieter, CEO | Carlo Crosetto, CFO www.durr-group.com
  • 2. 2© Dürr AG, Conference call – Q1 2019, May 17, 2019 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 (https://www.durr-group.com/en/investor-relations/service/glossary/).
  • 3. 3 OVERVIEW: GROWTH IN ORDER INTAKE AND SALES Q1 2019 vs. Q1 2018, in € m 1,019.1 1,105.9 840.1 949.9 +13.1% 56.8 54.6 -3.9% 34.5 33.0 -4.4% Incoming orders Sales revenues Operating EBIT Net profit Q1 2018 Q1 2019 Margin 6.8% 5.7% 4.1% 3.5% © Dürr AG, Conference call – Q1 2019, May 17, 2019 +8.5%
  • 4. 4 ORDER GROWTH IN NORTH AMERICA + EMERGING MARKETS Declining demand in China only temporary 1,019.1 212.6 156.5 196.2 339.8 114.0 1,105.9 115.4 404.6 139.1 267.8 178.9 Total China Americas Germany Europe (w/o Germany) Asia (w/o China), Africa, Australia © Dürr AG, Conference call – Q1 2019, May 17, 2019 +8.5% -45.7% +158.5% -29.1% -21.2% +56.9% in € m Q1 2018 Q1 2019
  • 5. Q1 2019 Q1 2018 Δ Gross profit on sales in € m 206.4 198.6 3.9% EBITDA in € m 75.7 71.1 6.5% EBIT in € m 48.6 51.1 -4.8% EBIT before extraordinary effects in € m 54.6 56.8 -3.9% EBIT margin in % 5.1 6.1 -1.0 ppts EBIT margin before extraordinary effects in % 5.7 6.8 -1.0 ppts Net income in € m 33.0 34.5 -4.4% 5 Q1 2019: SLIGHT INCREASE IN GROSS PROFIT © Dürr AG, Conference call – Q1 2019, May 17, 2019 Gross margin declined to 21.7% (Q1 2018: 23.6%) due to higher production costs (e.g. wages) and ongoing competitive pressure Extraordinary effects of € -6.0 m in Q1 2019 (Q1 2018: € -5.7 m), thereof € -5.1 m purchase price allocation effects Overhead costs (+9%) grew at a lower rate than sales (+13%)
  • 6. 6 Capex -66.5 Taxes Others -19.6 NFS 3/2019NFS 12/2018 EBT DepreciationNFS 12/2018 adjusted IFRS 16 M&A -135.7 NWC -9.7 32.3 -98.8 +45.9 +27.1 -87.3 -8.3 -17.3 in € m Q1 2019 NET FINANCIAL STATUS (NFS) EVOLUTION Δ Q1 2019 Q1 2018 Operating cash flow -43.0 -75.6 Free cash flow -66.0 -96.5 Δ Net financial status -69.2 -91.8 © Dürr AG, Conference call – Q1 2019, May 17, 2019
  • 7. 7 IFRS 16 „LEASES“ FIRST TIME APPLICATION  EFFECTS © Dürr AG, Conference call – Q1 2019, May 17, 2019 EBITDA +7 +28 EBIT +1 +3 Financial result -1 -3 Operating cash flow +6 +24 Free cash flow 0 0 in € m Q1 2019 FY 2019e Assets +89 +89 Equity -7 -7 Other liabilities -3 -3 Financial liabilities +99 +99
  • 8. 8 NWC: UNSATISFACTORY LEVEL IN Q1, BUT DWC UNCHANGED © Dürr AG, Conference call – Q1 2019, May 17, 2019 ███ included in total balance (total work in process less billings) in € m 03/31/2019 12/31/2018 03/31/2018 Inventories and prepayments 556.0 535.4 530.6 + Total trade receivables 605.1 603.0 508.3 + Total contract assets 528.3 478.3 472.5 - Trade payables (incl. liabilities from notes payable) 546.3 502.4 388.1 - Total contract liabilities 612.7 673.0 653.8 = Net working capital 530.4 441.4 469.5 DWC 50.3 41.1 50.3
  • 9. 9 WORK IN PROCESS BALANCE: TEMPORARY SHORTFALL OF CUSTOMER PAYMENTS © Dürr AG, Conference call – Q1 2019, May 17, 2019 Total balance FY 2019e between € 0 and -100 m in € m 03/31/2019 12/31/2018 03/31/2018 Assets Total contract assets 528.3 478.3 472.5 Work in process from small series production 125.0 119.8 122.3 Liabilities Total contract liabilities -612.7 -673.0 -653.8 Total balance (Total work in process less billings) 40.5 -74.8 -59.0
  • 10. 10 ADJUSTED NET FINANCIAL STATUS Strong improvement of NFS in Q1 on an adjusted basis © Dürr AG, Conference call – Q1 2019, May 17, 2019 Adjusted net financial status declined by € 22 m during the last 12 months Without the outflow for acquisitions (€ 148 m) adjusted NFS would have improved by € 126 m in the last 12 months in € m 03/31/2019 12/31/2018 03/31/2018 Net financial status -135.7 32.3 84.5 IFRS 16 - -98.8 -98.8 Total balance (Total work in process less billings) 40.5 -74.8 -59.0 Adjusted net financial status -95.2 -141.3 -73.3
  • 11. 11 FACTORING/FORFEITING: NEGATIVE IMPACT ON CASH FLOW IN Q1 Cash flow would have been € 16 m higher without reduction of forfeiting © Dürr AG, Conference call – Q1 2019, May 17, 2019 in € m 03/31/2019 12/31/2018 12/31/2017 Factoring 0.0 0.0 0.0 Forfeiting 9.0 24.9 28.0 Total 9.0 24.9 28.0 Δ End of previous year -15.9 -3.1 22.9
  • 12. 03/31/2019 12/31/2018 03/31/2018 Equity in € m 1,034.3 992.2 931.5 Equity ratio in % 27.7 27.4 26.8 Net financial status in € m -135.7 32.3 84.5 Cash in € m 589.2 655.0 558.6 Gearing in % 11.6 -3.4 -10.0 ROCE1 in % 16.5 24.0 23.7 12 EQUITY RATIO GETTING CLOSER TO 30% © Dürr AG, Conference call – Q1 2019, May 17, 2019 Equity up 11% yoy Net financial status expected to improve during the next quarters ROCE expected between 20 and 30% in FY 2019 1 annualized
  • 13. 13 PAINT AND FINAL ASSEMBLY SYSTEMS © Dürr AG, Conference call – Q1 2019, May 17, 2019 Strong order intake in Q1 (e.g. Mexico, India), project pipeline unchanged at a satisfactory level Q1 order intake margin improved yoy due to improved cost position (FOCUS 2.0) EBIT increased slightly; EBIT margin decline due to billing of elder low margin orders FOCUS 2.0 optimization program expected to generate margin improvements 1 annualized Q1 2019 Q1 2018 Δ Incoming orders in € m 394.1 274.2 43.7% Sales revenues in € m 311.1 270.2 15.1% EBIT in € m 12.7 12.4 1.7% EBIT margin in % 4.1 4.6 -0.5 ppts ROCE1 in % 55.3 44.7 10.5 ppts
  • 14. 14 APPLICATION TECHNOLOGY © Dürr AG, Conference call – Q1 2019, May 17, 2019 Moderate start in Q1, but healthy project pipeline EBIT margin at 10.5% despite sales decline Book-to-bill at 1.14 Market share stable between 45 and 50% 1 annualized Q1 2019 Q1 2018 Δ Incoming orders in € m 159.6 168.6 -5.4% Sales revenues in € m 139.4 145.5 -4.2% EBIT in € m 14.6 15.2 -3.7% EBIT margin in % 10.5 10.4 0.1 ppts ROCE1 in % 19.8 25.2 -5.4 ppts
  • 15. 15 CLEAN TECHNOLOGY SYSTEMS © Dürr AG, Conference call – Q1 2019, May 17, 2019 Q1 figures influenced by consolidation of Megtec/Universal Incoming orders nearly doubled Sales tripled Book-to-bill at 1.3 Earnings affected by weaker sales and underutilization in some areas, strong earnings improvement expected during the next quarters 1 annualized Q1 2019 Q1 2018 Δ Incoming orders in € m 112.6 57.6 95.3% Sales revenues in € m 88.3 30.3 >100% EBIT in € m -0.7 -1.0 - EBIT margin in % -0.8 -3.2 2.4 ppts ROCE1 in % -1.6 -5.9 4.3 ppts
  • 16. 16 MEASURING AND PROCESS SYSTEMS © Dürr AG, Conference call – Q1 2019, May 17, 2019 Order intake slightly above previous year´s level Sales decline due to weaker incoming orders in H2 2018 Earnings affected by sales decline and higher R&D costs (digital innovation) Improvement of sales and earnings expected during the next quarters 1 annualized Q1 2019 Q1 2018 Δ Incoming orders in € m 105.1 103.4 1.6% Sales revenues in € m 91.9 99.4 -7.5% EBIT in € m 6.8 10.4 -34.5% EBIT margin in % 7.4 10.5 -3.1 ppts ROCE1 in % 9.5 16.2 -6.7 ppts
  • 17. 17 WOODWORKING MACHINERY AND SYSTEMS © Dürr AG, Conference call – Q1 2019, May 17, 2019 Order intake 19% below record level of Q1 2018 Q1 2018 impacted by a large order (approx. € 60 m), which was cancelled later by the customer and eliminated from WMS order book in Q2 and Q4 2018 respectively Order intake in Q1 2019 on the average level of the previous quarters Earnings decline due to stronger price competition, underutilization at some locations and higher production costs (e.g. wages) Cost reduction program intensified in Q1 1 annualized Q1 2019 Q1 2018 Δ Incoming orders in € m 334.6 415.2 -19.4% Sales revenues in € m 319.2 294.6 8.3% EBIT in € m 18.4 19.7 -6.9% EBIT margin in % 5.8 6.7 -0.9 ppts ROCE1 in % 14.6 19.8 -5.1 ppts
  • 18. 44% 38% 18% Spare parts Modifications Other services (e.g. maintenance, assesments) Service mix 3 months 2019 18 SERVICE BUSINESS: STRONG EXPANSION OF 22% All divisions with double digit sales growth rates Margin level slightly declined but still very healthy Service business expected to expand steadily during the next quarters; growth rate in Q1 was exceptional © Dürr AG, Conference call – Q1 2019, May 17, 2019 Q1 2019 Q1 2018 Δ Sales revenues in € m 272.8 224.4 21.6% % of group sales 28.7 26.7 2.0 ppts
  • 19. Sales in € m 3,767 3,574 3,713 3,870 3,900- 4,100 2015 2016 2017 2018 2019e 19 OUTLOOK Unchanged outlook: Growth in sales, earnings and cash flow expected © Dürr AG, Conference call – Q1 2019, May 17, 2019 7.1 7.6 7.7 6.0 6.5- 7.0 2015 2016 2017 2018 2019e EBIT margin in % 3,467 3,702 3,803 3,931 3,800- 4,100 2015 2016 2017 2018 2019e Order intake in € m EBIT margin before extraordinary effects slightly up (7.0 to 7.5%)
  • 20. 20 SUMMARY © Dürr AG, Conference call – Q1 2019, May 17, 2019 Strong business expansion despite challenging market conditions Book-to-bill at 1.2, order backlog at € 2.8 bn Moderate earnings development in Q1 (EBIT -5%), but improvement expected in the course of the year Ongoing competitive pressure in all divisions, but cost cutting measures, productivity improvements, ceasing overload costs (2018) and lower extraordinary costs will lead to an earnings improvement in 2019 Cash flow improved in Q1 2019, NWC not satisfactory, DWC unchanged Estimated IFRS 16 impact 2019: NFS: € 99 m decrease, EBITDA: + € 28 m, EBIT: + € 2.5 m, financial result: - € 2.5 m, operating cash flow + € 24 m, free cash flow: no influence Clean Technology Sytsems: integration of Megtec/Universal progressing as planned No guidance change for 2019
  • 21. Traditional application of paint generates overspray (paint particles which do not reach the surface) Individualization trend: more two-tone painting required “Old” process for two-tone painting (car roof) Manual masking of painted car and second run in painting line Much waste (masking material), high manual work load, painting line blocked for second run (loss of time) New EcoPaintJet: Automated, highly accurate application No overspray (“printer like”) Boosting OEM production efficiency Next step: EcoPaintJet Pro Overspray-free application like digital printing Several OEM beta sites, market launch expected mid-2019 21 GUIDED TOUR: ECO PAINT JET Overspray-free paint application, ground-breaking technology © Dürr AG, Conference call – Q1 2019, May 17, 2019
  • 22. 22© Dürr AG, Conference call – Q1 2019, May 17, 2019 GUIDED TOUR: DIGITIZATION Broad DXQ software spectrum, 7 user stories
  • 23. DXQoperate Consistent and scalable: the common HMI (Human Machine Interface) from Dürr Smart robot programming: the universal tool to program and parametrize the Dürr robot families Maintenance at the right time: the digital maintenance management for the entire paint shop DXQanalyze Your look into the equipment: the IIoT solution that evaluates all equipment and process data Equipment operation focusing on quality: the IIoT solution that enables real-time simulation of heat-up curves in the oven Higher quality, improved Overall Equipment Efficiency: the IIoT solution that highlights the real issues in paint quality DXQcontrol Turnkey solutions for automotive production Material flow and logistics: Planning. Operation. Control. Business intelligence: more flexibility in analysis and reporting of production data DXQsupport & LOXEO Future-proof service solutions: hotline 24/7, eLearnings, webinars, trainings LOXEO – the digital market place for our customers 23 GUIDED TOUR: DXQ SOFTWARE FAMILY Smart & digital: software innovations straight from the Dürr Digital Factory © Dürr AG, Conference call – Q1 2019, May 17, 2019
  • 24. Total VOC down: Eco+Paintshop meets new regulations 24 GUIDED TOUR: ENVIRONMENTAL TECHNOLOGY New EU-wide VOC regulations: broad opportunities in paint shop retrofitting © Dürr AG, Conference call – Q1 2019, May 17, 2019
  • 25. 25 GUIDED TOUR: ECO PRO FLEET AGV Flexible material transport for the paint shop of the future © Dürr AG, Conference call – Q1 2019, May 17, 2019 Paint shop of the future: Maximum efficiency, flexibility and productivity through process modularization and agile conveyor technology (AGVs) Dürr produces own AGVs specific for the needs in a paint shop; no competitor offers a comparable flexible solution First customer beta sites Low overall height Paint and solvent resistant Easy to cleanTwo drives per vehicle No pauses in operation
  • 26. 26© Dürr AG, Conference call – Q1 2019, May 17, 2019 Appendix
  • 27. 27 BALANCE SHEET HIGHLIGHTS (1/2) © Dürr AG, Conference call – Q1 2019, May 17, 2019 03/31/2019 12/31/2018 03/31/2018 Non-current assets 1,320.1 1,244.3 1,106.4 of which goodwill & intangibles 650.6 651.3 586.0 of which property, plant and equipment 522.5 433.8 405.0 of which investment & financial assets 68.8 65.1 62.4 Current assets 2,418.9 2,370.1 2,366.4 of which inventories and prepayments 556.0 535.4 530.6 of which contract assets 528.3 478.3 472.5 of which trade receivables 590.5 566.7 498.6 of which sundry financial assets 53.2 52.4 198.0 of which cash and cash equivalents 589.2 655.0 558.6 Total assets Dürr Group 3,739.0 3,614.4 3,472.8
  • 28. 28 BALANCE SHEET HIGHLIGHTS (2/2) © Dürr AG, Conference call – Q1 2019, May 17, 2019 Equity and liabilities in € m 03/31/2019 12/31/2018 03/31/2018 Total equity 1,034.3 992.2 931.5 of which non-controlling interests 15.5 14.9 15.0 Non-current liabilities 857.9 786.1 791.1 of which provisions 69.4 69.1 68.6 of which bond and bonded loan 598.1 598.0 597.4 of which other financial liabilities 84.9 12.8 12.2 of which deferred taxes 90.7 91.9 94.4 Current liabilities 1,846.8 1,836.2 1,750.2 of which other provisions 127.1 130.7 141.3 of which contract liabilities 609.9 670.8 650.0 of which trade payables 545.4 501.4 387.2 of which sundry financial liabilities 349.0 347.7 390.1 of which other liabilities 135.8 142.3 137.4 Total equity and liabilities Dürr Group 3,739.0 3,614.4 3,472.8
  • 29. 29 P&L IN DETAIL © Dürr AG, Conference call – Q1 2019, May 17, 2019 in € m Q1 2019 Q1 2018 Δ Sales revenues 949.9 840.1 13.1% Cost of sales -743.5 -641.4 - Gross profit on sales 206.4 198.6 3.9% Selling expenses -82.5 -71.0 - General administrative expenses -46.9 -43.8 - Research and development costs -29.1 -30.9 - Other operating income 7.7 9.9 -21.9% Other operating expenses -7.0 -11.8 - Earnings before investment income, interest and income taxes 48.6 51.1 -4.8% Investment income 2.0 0.6 241.5% Interest and similar income 1.6 2.6 -36.4% Interest and similar expenses -6.3 -6.5 - Earnings before income taxes 45.9 47.8 -3.9% Income taxes -12.9 -13.3 2.7% Profit of the Dürr Group 33.0 34.5 -4.4% Attributable to: Non-controlling interests 1.9 1.0 88.8% Shareholders of Dürr Aktiengesellschaft 31.1 33.5 -7.2% Number of shares issued in thousands 69,202.1 69,202.1 - Earnings per share in € (basic and diluted) 0.45 0.48 -6.2%
  • 30. 30 CASH FLOW © Dürr AG, Conference call – Q1 2019, May 17, 2019 in € m Q1 2019 Q1 2018 EBT 45.9 47.8 Depreciation and amortization of non-current assets 27.1 20.0 Interest result 4.7 3.9 Income taxes paid -9.7 -22.5 Δ Provisions -4.4 -9.2 Δ Net working capital -87.3 -99.6 Other -19.2 -16.1 Operating cash flow -43.0 -75.6 Interest paid (net) 0.2 -8.0 Repayment of lease liabilities -5.9 - Capital expenditures -17.3 -12.8 Free cash flow -66.0 -96.5 Others (e.g. currency effects) -3.2 4.6 Change net financial status -69.2 -91.8
  • 31. 31 OVERVIEW: FINANCIAL FIGURES BY DIVISION (1/2) © Dürr AG, Conference call – Q1 2019, May 17, 2019 2019 2018 2017 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total PFS Incoming orders in € m 394.1 394.1 274.2 303.3 187.9 534.9 1,300.4 268.3 377.3 181.0 315.8 1,142.3 Sales revenues in € m 311.1 311.1 270.2 297.1 311.2 357.1 1,235.7 275.4 256.4 284.5 358.9 1,175.2 Order backlog in € m 1,321.6 1,150.1 1,164.5 1,033.9 1,216.4 1,242.0 1,329.6 1,211.2 1,148.4 EBIT in € m 12.7 12.7 12.4 12.5 14.0 17.0 56.0 17.0 13.9 16.0 23.4 70.4 Employees 3,514 3,435 3,405 3,447 3,472 3,367 3,384 3,463 3,457 APT Incoming orders in € m 159.6 159.6 168.6 176.6 141.2 146.0 632.4 157.1 168.3 134.8 126.4 586.5 Sales revenues in € m 139.4 139.4 145.5 152.5 174.1 180.5 652.6 134.2 152.7 160.4 175.1 622.4 Order backlog in € m 391.5 407.3 433.0 398.3 366.5 461.3 467.7 436.9 384.2 EBIT in € m 14.6 14.6 15.2 15.5 17.4 19.9 68.0 13.9 15.5 17.2 18.2 64.8 Employees 2,271 2,112 2,154 2,230 2,246 1,953 1,985 2,024 2,063 CTS Incoming orders in € m 112.6 112.6 57.6 58.8 36.3 105.3 258.2 56.6 38.6 27.8 41.9 164.9 Sales revenues in € m 88.3 88.3 30.3 34.7 54.9 106.8 226.7 38.6 47.7 45.3 54.1 185.6 Order backlog in € m 217.8 125.7 151.3 130.8 191.3 142.9 128.8 110.1 98.3 EBIT in € m -0.7 -0.7 -1.0 -1.6 -11.7 -0.7 -15.0 0.4 1.2 0.3 1.5 3.3 Employees 1,443 601 600 612 1,472 573 586 596 603 MPS Incoming orders in € m 105.1 105.1 103.4 111.1 93.2 95.6 403.3 161.7 117.1 139.4 124.9 543.0 Sales revenues in € m 91.9 91.9 99.4 114.2 112.6 130.4 456.5 145.4 105.2 131.1 129.4 511.1 Order backlog in € m 217.0 260.0 258.1 236.0 201.5 256.4 262.1 269.1 257.6 EBIT in € m 6.8 6.8 10.4 13.5 14.1 21.8 59.7 14.4 15.7 17.6 16.7 64.3 Employees 2,306 2,317 2,303 2,325 2,279 2,224 2,244 2,280 2,279 In € m
  • 32. 32 OVERVIEW: FINANCIAL FIGURES BY DIVISION (2/2) © Dürr AG, Conference call – Q1 2019, May 17, 2019 2019 2018 2017 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total WMS Incoming orders in € m 334.6 334.6 415.2 286.1 339.6 295.9 1,336.8 400.9 332.6 345.4 287.3 1,366.3 Sales revenues in € m 319.2 319.2 294.6 311.1 331.6 361.0 1,298.3 296.8 301.2 305.8 315.0 1,218.8 Order backlog in € m 622.0 676.4 657.6 666.3 601.6 534.0 555.8 591.0 560.9 EBIT in € m 18.4 18.4 19.7 17.4 21.5 27.6 86.2 20.3 23.4 22.1 17.2 83.0 Employees 6,633 6,484 6,567 6,605 6,593 6,083 6,149 6,316 6,371 CC/Cons. Incoming orders in € m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Sales revenues in € m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 Order backlog in € m 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 EBIT in € m -3.1 -3.1 -5.7 -7.0 -3.3 -5.4 -21.4 20.2 -8.8 -5.5 -4.7 1.2 Employees 248 204 207 242 250 193 197 197 201 Group Incoming orders in € m 1,105.9 1,105.9 1,019.1 935.9 798.2 1,177.7 3,930.9 1,044.5 1,033.9 828.3 896.4 3,803.0 Sales revenues in € m 949.9 949.9 840.1 909.5 984.5 1,135.8 3,869.8 890.3 863.2 927.1 1,032.5 3,713.2 Order backlog in € m 2,769.8 2,619.6 2,664.6 2,465.4 2,577.2 2,636.7 2,744.2 2,618.3 2,449.4 EBIT in € m 48.6 48.6 51.1 50.3 51.9 80.2 233.5 86.2 60.9 67.7 72.2 287.0 Employees 16,415 15,153 15,236 15,461 16,312 14,393 14,545 14,876 14,974 In € m
  • 33. 33 OVERVIEW: EXTRAORDINARY EFFECTS © Dürr AG, Conference call – Q1 2019, May 17, 2019 2019 2018 2017 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total PFS -1.0 -1.0 -0.5 -0.5 -0.5 -0.5 -2.2 -0.5 -0.5 -0.5 -0.5 -2.2 APT -0.1 -0.1 -0.1 -0.1 0.0 0.0 -0.2 -0.1 -0.1 -0.1 -0.2 -0.5 CTS -1.9 -1.9 -0.2 -0.2 -13.7 -6.1 -20.1 -0.2 -0.2 -0.2 -0.2 -0.7 MPS -0.4 -0.4 -0.5 -0.3 -0.4 -0.4 -1.5 -0.3 -0.3 -0.3 -1.4 -2.4 WMS -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -8.7 -2.2 -2.2 -2.2 -2.2 -8.7 CC -0.3 -0.3 -2.3 -2.4 -0.5 -3.5 -8.7 22.7 -3.4 -0.9 -0.7 17.7 Total -6.0 -6.0 -5.7 -5.7 -17.3 -12.8 -41.4 19.4 -6.7 -4.2 -5.1 3.3 In € m
  • 34. 34 FURTHER GROWTH OF CAR PRODUCTION © Dürr AG, Conference call – Q1 2019, May 17, 2019 20.3 20.3 22.4 22.4 22.6 24.7 22.3 22.6 25.4 25.6 26.9 32.4 2.6 2.4 3.3 0.0 20.0 40.0 60.0 80.0 100.0 120.0 2018 2019 2023 Others China Asia (w/o China) Europe Americas +3% Growth drivers until 2023: China, India, South East Asia 1 Light vehicles production Source: PwC, Autofacts Last update: April 2019 Ʃ 93.2 Ʃ 94.8 Ʃ 108.2 +5% +1% +1% +2% +8% +5% +3% +2% +2% CAGR in m units1 +0% +0%
  • 35. 35 Woodworking machinery market stagnating in 2019 Sources: CSIL, Euroconstruct, Holzbauverband, competitor data, regional expert evaluation WOODWORKING MACHINERY MARKET 39% 12% 5%4% 4% 36% Furniture production breakdown China US Germany Italy India Other 35© Dürr AG, Conference call – Q1 2019, May 17, 2019 3.4 3.5 3.9 4.0 4.0 4.0 4.3 4.5 2015 2016 2017 2018 2019e 2020e 2021e 2022e in € bn
  • 36. 36 TARGETS FOR 2019 © Dürr AG, Conference call – Q1 2019, May 17, 2019 1 on property, plant and equipment and on intangible assets (excluding acquisitions) Actual 2018 Target 2019 Incoming orders in € m 3,930.9 3,800 - 4,100 Orders on hand in € m (12/31) 2,577.2 2,400 - 2,900 Sales revenues in € m 3,869.8 3,900 - 4,100 EBIT margin in % 6.0 6.5 - 7.0 EBIT margin before extraordinary effects in % 7.1 7.0 - 7.5 ROCE in € m 24.0 20 - 30 Financial result in € m -13.8 Deterioration Tax rate in % 25.6 27 - 28 Earnings after tax in € m 163.5 175 -190 Operating cash flow in € m 162.3 Up on the previous year Free cash flow in € m 78.4 Up on the previous year Net financial status in € m (12/31) 32.3 -60 to -20 Liquidity in € m (12/31) 655.0 660 - 700 Capital expenditure in € m1 74.4 80 - 90
  • 37. 25.5% 3.5% 71.0% Heinz u. Heide Dürr Stiftung 37 SHAREHOLDER STRUCTURE © Dürr AG, Conference call – Q1 2019, May 17, 2019 Free float at 71.0%1 Institutional and private investors 2 - Thereof AXA S.A. 5.0% - Thereof The Goldman Sachs Group: 4.8% - Thereof Deutsche Bank AG: 4.7% - Thereof MainFirst: 4.7% - Thereof Morgan Stanley: 4.0% - Thereof Alecta Pensionsförsäkring: 3.2% - Thereof BlackRock: 3.2% - Thereof members of the Dürr Board of Management: 0.3% - Thereof members of the Dürr Supervisory Board: 0.1% Heinz Dürr GmbH 1 Free float calculated according to Deutsche Börse AG 2 According to the relevant laws
  • 38. 05/28/2019 Société Générale The Nice Conference, Nice 06/05/2019 Deutsche Bank Berlin Conference, Berlin 08/07/2019 Interim financial report H1 2019 08/28/2019 Commerzbank Sector Conference, Frankfurt 09/24/2019 Berenberg and Goldman Sachs German Corporate Conference, Munich 09/25/2019 Baader Investment Conference, Munich 38 4. FINANCIAL CALENDAR © Dürr AG, Conference call – Q1 2019, May 17, 2019 Günter Dielmann  guenter.dielmann@durr.com  +49 7142 78-1785 Stefan Tobias Burkhardt  stefantobias.burkhardt@durr.com  +49 7142 78-3558 Mathias Christen  mathias.christen@durr.com  +49 7142 78-1381 Dürr Corporate Communications & Investor Relations contact
  • 39. CONFERENCE CALL RESULTS JAN. – MAR. 2019 Bietigheim-Bissingen, May 17, 2019 Ralf W. Dieter, CEO | Carlo Crosetto, CFO www.durr-group.com