Drägerwerk AG & Co. KGaA Analyst Conference Frankfurt, March 11, 2015

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1 Drägerwerk AG & Co. KGaA Analyst Conference 2015 Frankfurt, March 11, 2015

2 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any securities. No money, securities or other consideration is being solicited by this presentation. This presentation contains forward-looking statements regarding the future development of the Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to it to date, and have been made to the best of its knowledge and belief. No guarantee or liability for the occurrence of the future developments and results specified can be assumed in respect of such forward-looking statements. Rather, the future developments and results are dependent on a number of factors; they entail risks and uncertainties beyond our control and are based on assumptions which could prove to be incorrect. Notwithstanding any legal requirements to adjust forecasts, we assume no obligation to update the forward-looking statements contained in this presentation. Interim financial reports as well as preliminaries are not audited. 2

3 Agenda 1 Highlights Financials 3 Fit for growth and Outlook 3

4 Net Sales in 2014 reached a record level Business Development Dräger Group Net Sales (in EUR million) 8.5% EBIT- Marge 2, % Currency adjusted +2.5% Nominal % EBIT- Marge 2, Q1 Q2 Q3 Q Highlights Sales increase in line with expectations: net sales of EUR 2.435; +4.0% cc Challenging H1, due to FX and weak demand Strong year-end business bringing EBITmargin to a full year level of 7.3% Both segments and all Regions contributed to net sales growth FX situation improving, but full-year FX impact still negative (FY FX: Net sales -150 bps, EBIT margin ~ -50 bps) Very favorable cash conversion Equity ratio exceeds 40% Dividend pay our ratio increases to 30% 4

5 All Regions contributed to top-line growth Regional Order Entry of Dräger Group America Europe +5.2% +2.9% constant currency constant currency 1,360 1, % % 471 nominal Middle East, Africa, Others nominal 2013 Asia-Pacific +6.4% +5.4% constant currency constant currency +5.1% +2.6% 392 nominal nominal

6 Shares & Dividends # warrants exercised 11 10* * potentially Siemens Warrants 10 remaining warrants expire April 2015 if exercised, 500,000 new preference shares will be issued (total preference shares: 7.6 million) Expected cash inflow of EUR 31.7 m Employee Participation Program employee participation program in Q1/Q2 (2 years holding period for employee shares) all shares will be bought in the market (no new shares will be issued) expected volume ~30,000 shares Dividend Policy & Dividend Proposal Equity ratio > 40% (impacts 2014: Options ~+1pp, pensions ~-3pp) Dividend proposal will result in 30% pay out ratio Common Shares Preference Shares no change of dividend policy 6

7 M&A Activity Dräger-Simsa Santiago, Chile 51% of JV with Simsa S.A., Chile; (option on 100%) 38 employees, revenue < EUR 3m, purchasing price EUR 3.6m development, production and sales of rescue chambers for the growing Mining industry in Central- / South-America completion of our high end product portfolio for recue chambers with an upper basic offering Insert photo Gas Secure Oslo, Norway 10 employees, revenue < EUR 1m, purchasing price ~ EUR 60m disruptive technology for true wireless optical gas sensor solution, currently unique in the market proven functionality with globally more than 100 installations substantially lower installation and maintenance cost 7

8 Agenda 1 Highlights Financials 3 Fit for growth and Outlook 8

9 Business development Dräger Group Q Q Change 12M M 2014 EUR million EUR million % EUR million EUR million Change % Order Intake , , Order on hand Net Sales , , Gross margin 46.8% 47.4% 48.3% 46.7% Functional Expenses % of Net Sales -34.0% -34.7% -39.7% -39.7% EBIT EBIT Margin 12.5% 12.6% 8.5% 7.3% Interest Result Tax rate 32.4% 31.8% Net Profit DVA Currency adjusted 12M: order intake +2.8%, orders on hand -5.6%, net sales +4.0% Currency adjusted quarter: order intake +5.5%, orders on hand -5.6%, net sales +6.3% 9

10 Business development Medical division: order entry in Q and FY 2014 Middle East, Africa & Others Asia/Pasific % nom % cc % +4.1% % +11.5% -17.0% +7.7% 76.5 % nom % cc 1, % +2.8% % -4.3% +3.5% +6.3% -2.4% +0.6% +3.0% +4.0% % +12.6% Americas +2.4% +3.2% Q FY 2014 Europe 10

11 Business development Medical division Net Sales EBIT Q4 13 Q % EBITmargin +7.2% Currency adjusted ,544.7 FY % Currency adjusted +9.2% -15.9% 16.0% EBITmargin 9.9% EBITmargin 1,585.4 FY14 8.1% EBITmargin Good order development in Europe and Asia-Pacific. Weak demand in Americas and decline in Middle East, Africa & Others. Good demand for Anesthesia and Hospital Consumables & Service. Currency adjusted order book -4.6%. Decline especially in Asia-Pacific and Americas. Currency adjusted FY net sales +4.3%. All regions contributed. Strong growth in Q4. (FY FX -1.7pp) FY gross profit margin down -1.4% mainly due to negative product- and country mix. (FX ~ -1/2 pp) FY EBIT down -16% year over year. (FX ~ -1/2 pp) Q4 13 Q4 14 FY13 FY14 11

12 Business development Safety division: order entry in Q and FY 2014 Middle East, Africa & Others Asia/Pasific Americas % nom % cc % +9.8% % +0.3% +67.4% -4.5% +19.6% +12.9% +8.9% +8.8% % nom % cc % +4.0% % -6.6% +17.4% -3.2% +5.1% +6.8% +3.5% +4.0% Q FY 2014 Europe 12

13 Business development Safety division Net Sales EBIT Q4 13 Q % EBITmargin +5.1% Currency adjusted FY % Currency adjusted +8.1% -1.0% 13.2% EBITmargin 10.3% EBITmargin FY14 9.9% EBITmargin Order growth from all product areas, except Engineered Solutions (mainly due to basis effect). Currency adjusted order book -5.6% compared to prior year. Strong decline in Asia/Pacific. Currency adjusted net sales increased by +4.2%. All regions and all product areas contributed to net sales growth. (FY FX -1.1pp) Gross margin declined by -2.2 pp. Product-mix negative. (FX ~ -1 pp) EBIT stable. Lower functional expenses could not fully compensate the margin and mix effects. (FX ~ -1 pp) Q4 13 Q4 14 FY13 FY14 13

14 Key Figures 2013 million 2014 million Change % Cashflow (from operating activities) in % of EBIT 34% 105% Investments Cash and cash equivalents Net financial debt Net financial debt 1 /EBITDA Capital employed 1 1, , ROCE (EBIT 2 /Capital employed 1 ) 19.1% 16.1% Net Working Capital Equity ratio EPS per common shares EPS per preferred shares EPS per common shares (on full distribution) EPS per preferred shares (on full distribution) Values at due date 2 EBITDA and accordingly EBIT of the last twelve months

15 Dividended proposal (in EUR million) 2014 (in EUR million) Net profit * Dividend Participation certificates ** Common shares Preferred shares Net payout ratio 15.1% 30.1% Dividend per common share Dividend per preferred share * after earnings attributable to non-controlling interestes ** Without minimum dividend, after taxes 15

16 Agenda 1 Highlights Financials 3 Fit for growth and Outlook 16

17 FIT FOR GROWTH Overview Initiatives SHAPE 1 Optimize global Sales, Marketing & Administration set-up Improve SG & A expense ratio and working capital 17 FIT FOR GROWTH Global footprint 3 Optimize production set-up FIT! 2 Optimize innovation set-up Bring customer value faster to the market and increase innovationshare Improve workflow and delivery times and reduce production cost

18 FIT FOR GROWTH Overview Initiatives Optimize global Sales, Marketing & Administration set-up SHAPE* FIT! Global Footprint Objective: improve SG&A expense ratio and working capital efficiency Fields of action: legal entity consolidation within sales organization Streamlining, standardization and pooling of central, regional and local tasks and processes (cont.) roll-out of standardized ERP system and back-office and outbound logistics processes implementation of shared services where useful Effective expense management Further efficiency measures to be defined by regions (ongoing process) Targets and timing: Reduction of SGA ratio** by 1pp in 2017 and additional 1pp 2019 * SHAPE combines the measures communicated in Q3 telco (customer focused efficiency, expense management, improvement of working capital) ** compared to 2014 (SG&A ratio = 31%) at comparable FX rates and before possible on-off expenses for restructuring or similar 18

19 FIT FOR GROWTH Overview Initiatives Optimize innovation set-up SHAPE FIT! Global Footprint Objective: Bring customer value faster to the market and increase innovation share Fields of action: Improve competency- and capability- (to have the right people) and technologymanagement (to focus on the right technological trends) Strengthen system and platform based development (multiplication of functionalities) and increase global standardization (tools, processes) for efficient x-site collaboration Reengineer launch process to improve ramp-up speed for new innovations (address all prerequisites in early stage of development) Increase focus on expanding product portfolio targeted at Emerging Markets Targets and timing: Improve time to market by 50% until 2019 Increase innovation share* * Innovation share measures the turnover with new products and upgrades (products / upgrades introduced into the markets in the last three years) 19

20 FIT FOR GROWTH Overview Initiatives Optimize production set-up SHAPE FIT! Global Footprint Objective: improve workflow and delivery times and reduce production cost Investment in Zukunftsfabrik in Lübeck, Germany Complete modernization of main production and logistic site and introduction of efficient material- and workflow to improve flexibility and delivery times Investments: 71m invest (2014: 7m, 2015: 39m, 2016: 25m) Savings: from 2017 ~8m (mainly reduction of 130 FTE) Closure of site in Pittsburgh, USA Existing production lines (gas detection devices) will be transferred to Lübeck Savings: from 2017 ~3m (mainly reduction of 50 FTE) Transfer of production with high labor content to Chomutov, Czech Rep. Transfer production lines for masks, protective clothing and others Savings: from 2017 ~2m Total restructuring cost: ~12m (2015; mainly H1), ~3m (2016) 20

21 FIT FOR GROWTH Effects on EBIT-margin* Net sales growth of CAGR 3 to 6 percent (net of currency effects) ~7% +2% SHAPE SG&A ratio Global footprint stabilize GP-margin FIT! R&D ratio >10% Improve Working Capital Reduce time to market * The forecasted EBIT margin is based on the assumption of constant currencies (basis FX beginning 2015) 21

22 Outlook 2015 and mid term guidance Net sales growth of 2% to 5% (net of currency effects) EBIT-margin of 6.0% to 8.0%* GP-margin on par with prior year R&D Budget increase to up to 230m Improvement of SG&A ratio** of 1pp R&D ratio starting to decline first improvements in time to market Net sales growth CAGR 3 6 % (net of currency effects) Improvement of SG&A ratio** of additional 1pp time to market improved by 50%*** stable gross profit margin EBIT-margin above 10%* * based on the assumption of constant currencies (basis FX beginning 2015) ** compared to 2014 (SG&A ratio = 31%) at comparable FX rates and before possible on-off expenses for restructuring or similar *** innovation projects starting

23 23 Questions & Answers

24 24 Appendix

25 Business development Dräger Group Q Q Change 12M M 2014 EUR million EUR million % EUR million EUR million Change % Order Intake , , Order on hand Net Sales , , Gross Profit 1, , Gross margin 46.8% 47.4% 48.3% 46.7% R&D % of Net Sales -7.0% -7.4% -8.5% -8.7% SG&A % of Net Sales -26.8% -26.9% -31.1% -30.8% Functional Expenses % of Net Sales -34.0% -34.7% -39.7% -39.7% EBITDA EBITDA Margin 15.1% 15.6% 11.4% 10.5% EBIT EBIT Margin 12.5% 12.6% 8.5% 7.3% Interest Result Tax rate 32.4% 31.8% Net Profit DVA Currency adjusted 12M: order intake +2.8%, orders on hand -5.6%, net sales +4.0% Currency adjusted quarter: order intake +5.5%, orders on hand -5.6%, net sales +6.3% 25

26 Business development Medical and Safety division Medical Division Q Q Change 12M M 2014 million million % million million Change % Order Intake , , Order on hand Net Sales , , EBIT EBIT Margin 15.8% 16.0% 9.9% 8.1% DVA Currency adjusted 12M: order intake +2.8%, orders on hand -4.6%, net sales +4.3% 1 Currency adjusted quarter: order intake +4.1%, orders on hand -4.6%, net sales +7.2% Safety Division Q Q Change 12M M 2014 million million % million million Change % Order Intake Order on hand Net Sales EBIT EBIT Margin 13.0% 13.2% 10.3% 9.9% DVA Currency adjusted 12M: order intake +4.0%, orders on hand -5.6%, net sales +4.2%. 1 Currency adjusted quarter: order intake +9.8%, orders on hand -5.6%, net sales +5.1% 26

27 Functional Expenses Q Q Change 12M M 2014 EUR million EUR million % EUR million EUR million Change % R&D % of Net Sales -7.0% -7.4% -8.5% -8.7% SG&A % of Net Sales -26.8% -26.9% -31.1% -30.8% Functional Expenses total % of Net Sales -34.0% -34.7% -39.7% -39.7% 27

28 Consolidated balance sheet Assets 31 Dec Dec 2014 Change million million % Intangible assets Property, plant and equipment Other non-current assets Non-current assets Inventories Trade receivables Other current assets Cash and cash equivalents Current assets 1, , Total assets 2, ,

29 Consolidated balance sheet Equity and liabilities 31 Dec Dec 2014 Change million million % Equity Liabilities from participation certificates Provisions for pensions and similar obligations Non-current interest-bearing loans Other non-current liabilities Non-current liabilities Current provisions Current loans and liabilities to banks Trade payables Other current liabilities Current liabilities Total equity and liabilities 2, ,

30 Cash-flow statement EUR million EUR million Group net profit Change in inventories Change in accounts receivables >100 Change in accounts payables >100 Depreciation and amortization Other operating cash flow items Operating cash flow >100 Investing cash flow Free cash flow >100 Financing cash flow Change in cash >100 Cash and cash equivalents Change in cash and cash equivalents, i.e. without any effect of exchange rates 2 Values at due date Change EUR million EUR million % 30

31 Financial calendar March 11, Accounts press conference, Hamburg - Analysts meeting, Frankfurt April 29, Report for the first three months Conference call, Lübeck April 30, Annual shareholders' meeting, Lübeck July 30, Report for the first six months Conference call, Lübeck November 5, Report for the first nine months Conference call, Lübeck 31

32 Contact Melanie Kamann Corporate Communications Thomas Fischler Investor Relations Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaA Moislinger Allee Moislinger Allee Lübeck, Germany Lübeck, Germany Tel Tel Fax Fax Mobile Mobile

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