CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2014

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1 WELCOME DÜRR AKTIENGESELLSCHAFT CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2014 Ralf W. Dieter, CEO Ralph Heuwing, CFO Bietigheim-Bissingen, March 9, 2015

2 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 be understood that many factors might cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal and legislative issues, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. 2

3 AGENDA 1. Overview 2. Financials 3. Outlook and summary 3

4 1. OVERVIEW Major achievements Results 2014 in line with/above expectations Acquisition of HOMAG Group New business: components for industrial painting Streamlined: aircraft business and French automation business Turnaround: cleaning technology business Service business strongly expanded (+18%) Ongoing capex spending program increase of own value added Successful refinancing: 600 m with better conditions 4

5 1. OVERVIEW Further improvements Incoming orders in m 2, , % Orders on hand (December 31) in m 2, , % Sales revenues in m 2, , % EBIT in m % Net income in m % Earnings per share in % Cash flow from operating activities in m % Free cash flow in m % Incoming orders, orders on hand and cash flow above expected ranges Strong EBIT margin of 8.6% despite negative contribution of Woodworking Machinery and Systems 5

6 1. OVERVIEW Q4 strong growth in m Q Q thereof HOMAG Incoming orders Sales revenues EBIT Net income Cash flow from operating activities Free cash flow HOMAG contributed 49.6 m to cash flow and 35.5 m to free cash flow Dürr (w/o HOMAG) with a good set of Q4 numbers 6

7 1. OVERVIEW Target achievement 2014 (without HOMAG Group) Actual 2013 Target 2014 Actual 2014 Sales revenues in m 2, ,400-2,500 (2,300 since Q4) 2,322.1 Incoming orders in m 2, ,300-2,500 2,574.8 EBIT margin in % (9.0 since Q4) 9.9 ROCE in % Free cash flow in m Slightly negative

8 1. OVERVIEW Order intake above expectations in m 3, % ,000 2,500 2, ,793.0 Strong Chinese business, Europe stronger than expected, North America took a breather after a strong ,000 1, % -28% +51% 1, % % Total China America Germany Europe w/o Germany Asia, Japan, Africa w/o China 8

9 1. OVERVIEW Strong business in Emerging Markets Incoming orders 2014 (2013) Incoming orders 2014 (2013) Sales revenues 2014 (2013) 31.4% (27.3%) 14.7% (13.5%) 28.0% (31.7%) 15.2% (15.8%) Mature markets 43% (46%) Emerging Markets 1 57% (54%) 4.2% (4.8%) 30.7% (23.7%) 6.1% (7.0%) 26.9% (27.2%) China most important single market; Europe strong, too 19.0% (30.7%) 23.8% (18.3%) Germany Rest of Europe incl. Eastern Europe North and South America 1 Asia (ex Japan), Mexico, Brazil, Eastern Europe Asia (ex China), Africa, Australia China 9

10 AGENDA 1. Overview 2. Financials 3. Outlook and summary 10

11 2. FINANCIALS Net income +7%, w/o HOMAG +14% Sales revenues in m 2, , % Gross profit on sales in m % Gross margin in % %-points R&D in m % SG&A in m % EBIT in m % Financial result in m % EBT in m % Income taxes in m % Net income in m % 11

12 2. FINANCIALS Income statement Sales up by 7% due to HOMAG consolidation; delays in project execution Gross margin increased by 2.8 ppt to 23.0% Higher margins due to strong service business, good order execution, productivity gains and turnaround in cleaning technology Start-up costs of around 5 m in industrial painting R&D expense increased by 30%, further strengthening of competitive position Increased own value added => lower material costs, higher personnel expenses Financial result improved despite negative impact from HOMAG due to a better financial structure Income tax rate at 27% due to consolidation of HOMAG Net income margin nearly unchanged at 5.8% 12

13 2. FINANCIALS Cash flow/free cash flow in m EBT Depreciation and amortization Interest result Income taxes paid Provisions Net working capital Other Cash flow from operating activities Interest paid (net) Capital expenditures Free cash flow Free cash flow covered the HOMAG acquisition 13

14 2. FINANCIALS Net working capital: Further improvement on a comparable basis 12/31/ /31/ /31/2014 NWC in m DWC (Days Working Capital) DSO (Days Sales Outstanding) NWC increase due to HOMAG consolidation Without HOMAG: NWC around -60 m DWC better than target range of days on an adjusted basis 14

15 2. FINANCIALS WIP and progress billings: Ongoing high prepayments in m 12/31/ /31/ /31/ Assets WIP in excess of billings Liabilities Billings in excess of WIP Machinery business Progress billings Billings in excess of WIP Balance: total WIP less total progress billings Prepayments (liabilities) Normalized level of WIP less total progress billings at around -100 m; ~ 200 m outflow in the next quarters 15

16 2. FINANCIALS Strong expansion in equity 12/31/ /31/ /31/2014 Equity in m Equity ratio in % Net financial status in m Capital employed in m Cash in m Gearing in % ROCE in % Net financial status positive despite outflow for HOMAG acquisition Capital employed more than doubled to 572 m due to HOMAG consolidation 16

17 2. FINANCIALS Total investments at 300 m Strong capex spending to increase in-house production 15 production, test and engineering sites expanded, modernized or newly built since 2012 Own value added increased from 29% to 35% in the group (cost, quality advantages and industrial painting products) Dürr Campus newly built in China & USA in 2015/2016; capex spending of around 50 m in m Capex Acquisitions Total

18 2. FINANCIALS Divisional breakdown 2014 (2013) PAINT AND FINAL ASSEMBLY SYSTEMS APPLICATION TECHNOLOGY MEASURING AND PROCESS SYSTEMS CLEAN TECHNOLOGY SYSTEMS WOODWORKING MACHINERY AND SYSTEMS Paint shops & final assembly systems Paint application, application products for the general industry Balancing, assembly, testing, filling & cleaning machines Air purification systems, energy efficiency systems Machinery and plants for woordworkung Since 10/2014 Incoming orders m: 1,291.8 (1,124.7) Sales m: 1,078.2 (1,176.9) EBIT m: (98.3) EBIT margin %: 9.9 (8.4) Incoming orders m: (567.6) Sales m: (540.0) EBIT m: 55.1 (59.6) EBIT margin %: 10.5 (11.0) Incoming orders m: (561.1) Sales m: (583.6) EBIT m: 70.3 (46.3) EBIT margin %: 12.1 (7.9) Incoming orders m: (133.7) Sales m: (106.3) EBIT m: 7.6 (6.1) EBIT margin %: 5.6 (5.7) Incoming orders m: Sales m: EBIT m: EBIT margin %: incl. PPA-costs of 16.5 m 18

19 AGENDA 1. Overview 2. Financials 3. Outlook and summary 19

20 3. OUTLOOK AND SUMMARY Car market to grow by around 5% India, China, South-East Asia and Brazil with expected automotive production growth > 7% in m units Americas Europe Asia (w/o China) China Others CAGR in % Source: own estimates, PwC Last Update: January

21 3. OUTLOOK Furniture industry: focus on China in USD bn Datenreihe 1 Furniture consumption CAGR: 5% Percentage breakdown of furniture industry worldwide (2013) Datenreihe 1 30% 4% 5% 10% 44% China India Poland Brazil USA Germany Italy Others 0 2% 2% 3% China most important global market Source: Center of Industrial Studies, Csil 21

22 3. OUTLOOK AND SUMMARY EBIT margin between % due to HOMAG Sales in m 1,922 2,400 2,407 2,575 3,400-3,500 Incoming orders in m 2,685 2,597 2,387 2,793 3,200-3,500 1,261 1, e e EBIT margin in % , % e 22

23 3. OUTLOOK AND SUMMARY 2014: Another record year in Dürr s history Market environment continues to be healthy (e.g. automotive & furniture industry) 2015: Strong expansion in business volume, margins weaker mainly due to HOMAG consolidation but EBIT increase on an absolute level Business model supports strong cash generation; free cash flow (adjusted for NWC changes) should stay at around 150 m during the next years Further acquisitions planned in the long term; 2015: focus on HOMAG integration 23

24 FINANCIAL CALENDAR 03/31/2015 Publication annual financial report /12/2015 Interim report for the first quarter of 2015: Investor conference Ligna fair, Hannover 05/15/2015 Annual general meeting, Bietigheim-Bissingen 07/30/2015 Interim financial report for the first half of /11/2015 Interim report for the first nine months of 2015 CONTACT: Dürr Aktiengesellschaft Günter Dielmann / Mathias Christen / Stefan Tobias Burkhardt Corporate Communications & Investor Relations Carl-Benz-Str Bietigheim-Bissingen Germany Phone / /

25 Appendix 25

26 SHAREHOLDER STRUCTURE Free float at 71.3% Shareholder structure (February 2015) % (thereof 0.7% Dürr BoM) 25.2% 3.5% 25.2% Heinz Dürr GmbH, Berlin 3.5% 71.3% Heinz und Heide Dürr Stiftung, Berlin Institutional and private investors 1 figures rounded 26

27 OVERVIEW: HOMAG CONSOLIDATION EFFECTS (IFRS) in m e 2016e PPA Thereof depreciation & amortisation (-5.6) (-12.3) (-8.7) Financial result impact Total EBT-effect Assumptions: Domination and profit & loss transfer agreement will be implemented in 2015/2016 Appraisal rights proceedings will be initiated but 100% of HOMAG earnings belong to Dürr; no HOMAG minorities any longer cash outflow 8 m p.a. 27

28 DÜRR AKTIENGESELLSCHAFT CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013 Ralf W. Dieter, CEO Ralph Heuwing, CFO Bietigheim-Bissingen, March 9, 2015

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