Durr Ag · XETR:DUE

Durr — Dürr Aktiengesellschaft — Investor Day (October 2011)

21 slides from Durr's investor day presentation, Oct 19, 2011

  1. Slide 1: Dürr Investors' Day

    Dürr Investors´ Day Results January – September 2011 Dürr Group Dürr Aktiengesellschaft Ralf Dieter, CEO Ralph Heuwing, CFO Regensburg, October 19, 2011

  2. Slide 2: Disclaimer

    Disclaimer These 9 month figures are preliminary and not audited. The final 9 month figures will be published on November 3, 2011. This presentation has been prepared independently by Dürr AG (“Dürr”). The presentation contains statements which address such key issues as Dürr´s strategy, future fina

  3. Slide 3: Ongoing momentum in Q3

    Ongoing momentum in Q3 9 months 9 months 2011 2010 Δ Q3 2011 Q3 2010 Δ in € m Incoming orders 2,066 1,100.7 88% 866 363.6 138% Sales revenues 1,307 854.5 53% 524 336.6 56% Orders on hand (09/30) 2,122 1,257.3 69% 2,122 1,257.3 69% ƒ Incoming orders more than doubled in Q3 (YOY) ƒ Sales in Q3 +56% (Y

  4. Slide 4: Incoming orders over the last 4 quarters: € 2.6 bn

    Incoming orders over the last 4 quarters: € 2.6 bn in € m 866 900 29 800 189 700 643 34 600 541 557 21 26 648 Clean Technology 159 500 Systems 165 Measuring and 362 375 364 144 339 339 Process Systems 400 22 13 17 298 9 18 Paint and Assembly 15 450 Systems 300 59 80 101 101 152 208 371 187 66 15 371

  5. Slide 5: Incoming orders Jan. - Sept. 2011 vs. 2010

    Incoming orders Jan. - Sept. 2011 vs. 2010 in € m 2,500 2500 +88% ƒ Germany: 2010 2011 Steady revamp 2,000 2000 2,066 and modernization business ƒ Europe: 1,500 1500 Recovery in most countries (e.g. Hungary, Italy, UK, Russia, Serbia) 1000 1,000 1,101 +108% ƒ China: +87% +98% 782 Order boom 500 500

  6. Slide 6: China boom continues

    China boom continues Incoming orders Incoming orders Sales revenues 9 months 2011 9 months 2011 9 months 2011 (9 months 2010) (9 months 2010) (9 months 2010) 11.3% 16.1% (15.8%) 28.3% Mature (21.4%) (20.7%) markets Emerging markets* 37.8% 34.4% (39.6%) (34.1%) 65.6% (60.4%) 21.7% 8.8% (21.7%) (10.4%

  7. Slide 7: Chinese production share by OEM and brand

    Chinese production share by OEM and brand 2010-20171) Units (in m) Joint Venture New Joint Venture Rank OEM with Own Brands Brand 2010 2017 1 SAIC 3.5 5.5 VW, GM MG, Roewe, Shanghai Baojun (with GM) Huizhong 2 FAW 2.3 3.2 VW, Toyota Besturn, FAW, Hongqi, Kaili (with VW) Xiali 3 Dongfeng 2.1 4.1 Toyo

  8. Slide 8: Further strong earnings improvement in Q3

    Further strong earnings improvement in Q3 9 months 9 months Q3 Q3 2011 2010 Δ 2011 2010 Δ in € m Gross profit on sales 229 162.5 41% 88 61.2 44% EBITDA 77 28.1 172% 34 17.7 94% EBIT 62 14.3 332% 29 13.2 120% Net income 35 -9.9 - 19 3.4 450% ƒ Q3 gross margin as expected at 16.9% due to shift towards

  9. Slide 9: Paint and Assembly Systems: Jump in orders in Q3

    Paint and Assembly Systems: Jump in orders in Q3 9M 2011 9M 2010 ∆ in % in € m Incoming orders 1,469 695.8 111 Sales revenues 862 571.2 51 EBIT 41 13.4 205 ƒ Several large orders from China in Q3; other regions remain strong ƒ EBIT € 20 m in Q3 © Dürr Aktiengesellschaft, CCI, Results, Dürr Investors

  10. Slide 10: Aircraft Technology Systems: Irkut: Biggest order in history

    Aircraft Technology Systems: Irkut: Biggest order in history ƒ Dürr´s order volume more than € 50 m1) ƒ Planned capacity of 10 airplanes per year should be increased to 84 in the next years ƒ Structural assembly and final assembly: 2 lines with state-of-the-art technology, e.g. EcoPositioner, EcoRPC

  11. Slide 11: Measuring and Process Systems: Positive earnings trend

    Measuring and Process Systems: Positive earnings trend 9M 2011 9M 2010 ∆ in % in € m Incoming orders 513 352.7 46 Sales revenues 388 234.3 66 EBIT 21 1.2 - ƒ Incoming orders in Q3 above Q1 (+15%) and Q2 (+19%) ƒ No signs of weakening in Q3 © Dürr Aktiengesellschaft, CCI, Results, Dürr Investors’ Day

  12. Slide 12: Clean Technology Systems: Strong growth continues

    Clean Technology Systems: Strong growth continues 9M 2011 9M 2010 ∆ in % in € m Incoming orders 84 52.2 61 Sales revenues 57 49.1 16 EBIT 3 2.1 42 ƒ Q3 incoming orders at Q1 and Q2 level ƒ Sales are picking up in Q3 as expected © Dürr Aktiengesellschaft, CCI, Results, Dürr Investors’ Day, October 19

  13. Slide 13: Strong improvement in cashflow despite NWC increase

    Strong improvement in cashflow despite NWC increase Cash flow/free cash flow 9 months 2011 9 months 2010 in € m EBT 48.4 -3.3 Depreciation and amortization of non-current assets 14.9 13.8 Interest result 13.6 17.7 Income taxes paid -7.3 -14.3 ∆ Provisions 4.2 1.3 ∆ Net working capital -48.2 -39.2 Ot

  14. Slide 14: Rapid growth with impact on financial ratios

    Rapid growth with impact on financial ratios 09/30/11 12/31/10 09/30/10 Equity in € m 341.0 319.4 294.4 Equity ratio in % 22.7 26.3 25.5 Net financial status in € m 0.9 23.6 -57.5 Cash in € m 235.0 252.3 93.3 Gearing in % -0.3 -8.0 16.3 ROCE1) in % 20.7 9.4 4.6 ƒ ROCE in Q3: 29% (annualized) ƒ Incre

  15. Slide 15: WIP and progress billings

    WIP and progress billings 09/30/11 12/31/10 09/30/10 in € m Assets Work in process from contracts (WIP) 922.2 700.9 699.7 Progress billings -606.2 -491.6 -486.4 1 WIP in excess of billings 316.0 209.3 213.3 Liabilities Work in process from contracts (WIP) -937.2 -552.5 -474.8 Progress billings 1,371

  16. Slide 16: WIP and progress billings

    WIP and progress billings 09/30/11 12/31/10 09/30/10 in € m Balance: total WIP less total progress billings 1 - 2 - 4 -116.1 -52,1 2.4 Prepayments (liabilities) 2 + 3 452.7 273.2 222.3 ƒ Progress billings exceeded total WIP by € 116 m on September 30, 2011 => Future cash outflow! However, the short

  17. Slide 17: Automotive industry remains confident and pursues capex plans

    Automotive industry remains confident and pursues capex plans Current statements at the IAA International Motor Show BMW gives an optimistic outlook on 2012 despite the economic downturn and plans to achieve a long term margin of 10 percent. The group wants to invest a record sum of € 76bn between 2

  18. Slide 18: Light vehicles: Growth expectations practically unchanged

    Light vehicles: Growth expectations practically unchanged Light vehicle production: From 2011 to 2015 production will grow by 10 m units in China! In m units Region 2009 2010 2011 2012 2013 2014 2015 CAGR 2011-2015 North America 8.5 (-32.5%) 11.9 (40.0%) 13.1 (10.1%) 13.8 (5.3%) 14.5 (5.1%) 15.5 (6.

  19. Slide 19: Dürr and automotive markets significantly better positioned in autumn 2011 compared to 2008

    Dürr and automotive markets significantly better positioned in autumn 2011 compared to 2008 ƒ Dürr ¾ Orders on hand on record high, approx. 75% above autumn 2008 ¾ Staff size significantly reduced in USA and Western Europe (outside Germany) ¾ Improved competitiveness and higher market shares (innova

  20. Slide 20: Summary

    Summary ƒ Strong sales and earnings momentum in Q3; order backlog at record high ƒ Outlook 2011: ¾ Incoming orders: ~ € 2.5 bn (+50%) ¾ Sales: ~ € 1.8 bn (+45%) ¾ Significant earnings improvement: EBIT margin around 5% ¾ Net profit: ~ € 50 m ƒ Still healthy project pipeline, no downturn in sight – b

  21. Slide 21: Financial calendar

    Financial calendar 11/03/2011 Interim report for the first nine months of 2011 – NO Conference Call! 11/21+22/2011 German Equity Forum, Frankfurt 12/01/2011 Berenberg Conference, Penny Hill Park, London 12/14/2011 Close Brothers Conference, Geneva Contact: Dürr Aktiengesellschaft Günter Dielmann Cor

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