Durr Ag · XETR:DUE
Durr — Q1 2009 Earnings Presentation
20 slides from Durr's earnings presentation, Apr 28, 2009
Slide 1: Welcome to the conference call Dürr AG
Welcome to the conference call Dürr AG Results January-March 2009 Dürr Group Stuttgart, April 28, 2009
Slide 2: Disclaimer
Disclaimer This 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 should be carefully considered, and it should b
Slide 3: Few new orders in Q1
Few new orders in Q1 Q1 2009 Q1 2008 ∆ in € m Incoming orders 208.4 517.8 -59.8% Sales revenues 309.5 356.2 -13.1% Orders on hand (03/31) 817.8 1,210.4 -32.4% OEMs didn’t place large orders (> € 20 m) in Q1 Sales revenues decreased by 13% due to delay in ongoing projects by OEMs Orders on hand decre
Slide 4: Sales passenger cars Q1 2009
Sales passenger cars Q1 2009 ∆ Q1 2009/Q1 2008 5 +5% +4% +4% +2% 0 Russia USA Japan Europe India Brazil China -5 -10 -23% -17% -40% -38% -15 -20 -25 -30 -35 -40% -40 Improvement in sales in many markets in March compared to January/February Source: VDA Dürr AG © CCI, Conference Call Q1 2009, April 2
Slide 5: Good presence in emerging markets
Good presence in emerging markets January - March 2009 Incoming orders Incoming orders Sales revenues 2009 2009 (2008) 2009 (2008) 27.6% 22.8% 16.6% 19.9% (19.5%) (13.4%) (19.4%) (36.6%) Mature 42% markets Emerging 58% markets* 31.9% 30.3% 30.3% 20.6% (39.6%) (22.6%) (38.5%) (10.4%) Decrease in inco
Slide 6: Employees: 23.5% of workforce in emerging markets
Employees: 23.5% of workforce in emerging markets 03/31/08 in % 12/31/08 in % 03/31/09 in % Germany 3,029 50.5 3,059 49.8 3,043 50.8 Western Europe 919 15.3 947 15.4 919 15.3 North America 781 13.0 679 11.1 579 9.7 Emerging markets1) 1,238 20.6 1,416 23.0 1,408 23.5 Others 41 0.6 42 0.7 42 0.7 Dürr
Slide 7: Robust profitability in Q1 despite revenue decrease of 13%
Robust profitability in Q1 despite revenue decrease of 13% Q1 2009 Q1 2008 ∆ in € m Gross profit on sales 60.9 60.6 +0.5% EBITDA 9.8 14.8 -33.8% EBIT 4.8 10.4 -53.8% Net income/loss 0.5 4.5 -88.9% Gross margin improved to 19.7% (17.0%), higher efficiency, improved order quality and capacity reductio
Slide 8: Cash flow decline due to increase in NWC
Cash flow decline due to increase in NWC Cash flow/free cash flow Q1 2009 Q1 2008 in € m EBT 0.8 6.3 Depreciation and amortization of non-current assets 5.0 4.4 Interest result 4.3 4.4 Income taxes paid -6.9 -3.7 ∆ Provisions -4.6 0.7 ∆ Net working capital -35.8 31.3 Other 4.9 -22.4 Cash flow from o
Slide 9: Forfaiting reduced to normalized levels
Forfaiting reduced to normalized levels 12/31/2007 03/31/2008 12/31/2008 03/31/2009 in € m Factoring 14.2 8.8 15.0 12.5 Forfaiting 20.8 0.0 67.6 17.2 Total 35.0 8.8 82.6 29.7 Change vs year end -26.2 -52.9 On a comparable basis – including change in factoring/forfaiting of € -52.9 m - cash flow was
Slide 10: Prepayments in % of order backlog stable
Prepayments in % of order backlog stable Prepayments in € m Prepayments/order backlog in % 220 18% 200 180 16% 160 140 120 14% 100 80 60 12% 40 20 0 10% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 Dürr AG © CCI, Conf
Slide 11: Equity ratio above 32%
Equity ratio above 32% Key ratios 03/31/2009 03/31/2008 ∆ Equity in € m 345.9 253.0 36.7% Equity ratio 32.2% 23.3% 8.9ppt Net financial debt in € m 73.0 58.3 25.2% ROCE1) 14.2% 16.9% -2.7ppt Strong equity basis Net financial debt increased parallel to NWC development ROCE declined due to higher CE 1
Slide 12: Paint and Assembly Systems: Weak order intake in Q1
Paint and Assembly Systems: Weak order intake in Q1 Q1 2009 Q1 2008 in € m Incoming orders 144.0 386.4 Sales revenues 223.3 268.8 EBIT 8.1 9.1 Strong decrease in incoming orders, but several key orders expected from Q2 onwards Despite sales decrease, unchanged EBIT before restructuring (€ 0.8 m rest
Slide 13: Measuring and Process Systems: Mixed picture
Measuring and Process Systems: Mixed picture Q1 2009 Q1 2008 in € m Incoming orders 64.4 131.3 Sales revenues 86.2 87.4 EBIT -2.2 2.3 Balancing and Assembly Products: Sales revenues and earnings above previous year Cleaning and Filtration Systems: Underutilization in France and US. Restructuring pro
Slide 14: Acquisition Datatechnic S.A.
Acquisition Datatechnic S.A. Acquisition to complete product offering in turbocharger balancing Datatechnic sales < € 10 m; acquisition price < € 10 m Dürr’s strength: imbalance measurement one integrated product offering Datatechnics strength: imbalance correction Dürr AG © CCI, Conference Call Q1
Slide 15: Additional measures in Q1 to improve utilization and cost position
Additional measures in Q1 to improve utilization and cost position Reduction of workforce in US and France by 150 per Q1 2009 and 270 per Q2. Restructuring costs included in Q1 Reduction of external workers from 550 to 300 per Q1 2009 and to 100 in Q2 2009 Use of overtime accounts and increase of sh
Slide 16: Well positioned to defend or even gain market share
Well positioned to defend or even gain market share Stable financial structure with € 235 m financial headroom Dürr’s leading technology, sales initiative with new products/solutions Strong international foothold, especially in emerging markets Strong position in small car plant tooling Huge install
Slide 17: Financial Calendar
Financial Calendar 04/30/2009 Annual general meeting 08/06/2009 Interim report first half 2009 11/05/2009 Interim report January - September 2009 Contact: Dürr Aktiengesellschaft Günter Dielmann Corporate Communications & Investor Relations Otto-Dürr-Strasse 8 70435 Stuttgart Germany Phone: +49 (0)7
Slide 18: Dürr AG © CCI, Conference Call Q1 2009, April 28, 2009
Dürr AG © CCI, Conference Call Q1 2009, April 28, 2009 - 18 -
Slide 19: Shareholder structure March 13, 2009
Shareholder structure March 13, 2009 Dürr AG © CCI, Conference Call Q1 2009, April 28, 2009 - 19 -
Slide 20: Markets and outlook
Markets and outlook Production in million units (changes in %) Region 2007 2008 2009 2010 2011 2012 CAGR 2007-2012 North America 15.1 (-0.7%) 12.6 (-16.6%) 9.0 (-28.6%) 11.1 (23.3%) 12.8 (15.3%) 14.0 (9.4%) -1.4 % Mercosur 3.2 (18.5%) 3.4 (6.2%) 3.1 (-8.8%) 3.5 (12.9%) 3.8 (8.6%) 4.1 (7.9%) 5.1 % We