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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.
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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.
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Agenda
1. Overview
2. Divisions
3. Financials
4. Outlook
5. Summary
1. Overview: A challenging year ends on a positive note
Strong order momentum in Q4 - total liquidity at record level
◼ Order intake further increased in Q4 but remained 19% below 2019 level for full year; book-to-bill recovered to 1.09 in Q4; order backlog at year-end improved by > €100 m to €2.56 bn vs. end of Q3
◼ Sales revenues reached highest quarterly level in Q4; remained 15% below prior year
◼ Full year EBIT margin before extraordinary effects slightly above guidance at 3.0%; high service share and better than expected earnings at Woodworking Machinery and Systems
◼ Strong free cash flow of €111 m due to disciplined management of net working capital and capex as well as solid customer payments; total liquidity at record level of more than €1 bn
◼ Optimization and capacity adjustment measures consequently implemented
◼ Successful M&A transactions prepare ground for further growth
4
1. Overview: Operations impacted but cash flow strong
in € m
4,0773,283
Incoming orders
3,325
Sales revenues
EBIT before extraord. effects
-14 Net profit
20192020
MarginFree cash flow
◼ Sales revenues declined less then incoming orders due to solid order backlog from 2019
◼ EBIT margin before extraordinary effects at 3.0% slightly above expectations
◼ Strong free cash flow generation for the full year
Revised targets for 2020 reached or exceeded
1. Overview: Actuals within or above the target range
Actual 2019 | Targets* 2020 | Actual 2020 | |
Incoming orders in € m | 4,077 | 3,100 - 3,400 | 3,283 |
Sales revenue in € m | 3,922 | 3,200 - 3,400 | 3,325 |
EBIT margin in % | 5.0 | 0 - 0.5 | 0.3 |
EBIT margin before extraordinary effects in % | 6.7 | 2.5 - 2.8 | 3.0 |
ROCE in % | 16.9 | 0 - 1.5 | 1.1 |
Earnings after tax in € m | 129.8 | -40 - -10 | -13.9 |
Operating cash flow in € m | 171.9 | 70 - 120 | 215.0 |
Free cash flow in € m | 44.9 | -40 - +10 | 110.7 |
Net financial status in € m (12/31) | -99.3 | -230 - -180 | -49.0 |
Capital expenditure in € m1 | 102.6 | 75 - 85 | 76.4 |
* as updated in July 2020 1 excluding acquisitions
P&L-items broadly in line - cash flow better than expected
1. Overview: Order intake gains momentum
in € m
1.16
1.16
Book-to-billOrder intake
Q1
Q2
Q3
Q4
2019: €4,076 m (1.04)
Q1
Q2
Q3
Q4
2020: €3,283 m (0.99)Key aspects
◼ Growing project pipeline translates into order intake
◼ Large automotive projects won in EMEA in 2H 2020
◼ WMS order intake in Q4 above prior year
◼ Book-to-bill ratio increases to 1.09 in Q4
Order intake continues recovery after downturn in Q2
1. Overview: Broader order momentum building up
in € m
3,283
761
665
◼ Larger orders received in Europe
◼ Continued positive momentum in China
◼ Decline in Americas and Asia (w/o China) however from an exceptionally high comparison base in 2019
704
549
616
1,016
978
262
Total
China
Americas
Germany
20192020
Europe (w/o Germany)Asia (w/o China), Africa, Australia
Increasing number of projects in discussion
1. Overview: Strong growth of e-mobility order intake
Broad customer range: EV newcomers and large OEMs
1. Overview: Cost reduction measures on track
in € mCost reduction
2019
2020
2021
Charges
◼ Dürr Systems and Schenck Capacity adjustments in Germany:
− Ochtrup and Karlstein sites closed
− Goldkronach production closed
− Wolfsburg production relocated to Bietigheim-Bissingen;
− Reductions agreed with works councils at Darmstadt, Püttlingen and Bietigheim-Bissingen
Capacity adjustments in Western & Southern Europe on track
◼ HOMAG
− Hemmoor production closed
− New SAP-system in Poland went live
Total cost reduction of ~ € 60 m p.a. targeted from 2021
1. Overview: Setting stage for further profitable growth
Successful continuation of M&A strategy in 2020 / 2021
teamtechnik (75% stake)
Expansion in solid wood
One of the world's leading automation specialists
Specialists in systems for solid wood processing
◼ Reinforce EV-offering with e-drive-train testing
◼ Enter production systems for medical technology
◼ Increasing stake in Weinmann to 100%
◼ Acquisition of 80% stake in System TM
◼ Forward integration of value chain - growth potential due to trend towards sustainable construction
HOMAG China Golden Field
Growing software competence and reach
Sales channel, service and software development
◼ Complete value chain from development to sales in China
◼ Direct access to growing customer base
Several smaller acquisitions, including
◼ Acquisition of majority stake in Techno-Step
◼ Increasing stake in HOMAG eSolutions to 100%
◼ Acquisition of Cogiscan
(> 450 MES installations)
Extending know-how and unlocking new business opportunities
1. Overview: Increased focus on sustainability
Holistic sustainability framework across five fields of action
Governance:
◼ Sustainability Council chaired by Deputy CEO
◼ ESG-goals part of variable pay of Managing Board Products:
◼ Industry leader in resource efficient machinery and systems
◼
Enabler of transformation to a carbon neutral society (Machinery and systems for the production of EVs and Li-Ion batteries as well as solid wood construction elements)
Financing:
◼ 1st sustainability linked Schuldschein worldwide in 2019 Actions in 2021:
◼ Publication of 1st sustainability report according to GRI-principles
◼ Definition of Dürr Group Climate Strategy
Addressing all stakeholder groups
Divisions
2. Divisions: Paint and Final Assembly Systems
Positive EBIT and growing order momentum
2020 | 20191 | Δ | Q4 2020 | Q4 20191 | Δ | |
Incoming orders in € m | 1,142.3 | 1,515.0 | -24.6% | 345.3 | 548.5 | -37.1% |
Sales revenues in € m | 1,173.8 | 1,415.5 | -17.1% | 319.5 | 365.6 | -12.6% |
EBIT in € m | 6.4 | 78.7 | -91.8% | -18.2 | 28.2 | -164.7% |
EBIT margin in % | 0.5 | 5.6 | -5.0 ppts | -5.7 | 7.7 | -13.4 ppts |
EBIT before extra- ordinary effects in € m | 36.9 | 81.3 | -54.6% | 8.9 | 28.7 | -69.1% |
EBIT margin before extraordinary effects in % | 3.1 | 5.7 | -2.6 ppts | 2.8 | 7.9 | -5.1 ppts |
ROCE in % | 3.7 | 46.7 | -43.0 ppts | -42.0 | 85.1 | -127.1 ppts |
◼ Solid order intake in Q4 with several projects in Europe
◼ Limited sales decline driven by solid orders in 2019, especially in North America
◼ Limited impact on EBIT due to earlier efficiency improvement measures (Focus 2.0)
◼ € 27.1 m extraordinary effects in Q4 mainly due to restructuring charges
1 adjusted for Automotive Filling and Testing Systems (FY 2019: sales €172 m; EBIT €17 m), transferred to Paint and Final Assembly Systems as of 1/1/2020; ROCE not adjusted
Recovery of order intake on track
2. Divisions: Application Technology
Solid margin development in Q4 before extraordinary effects
2020 | 2019 | Δ | Q4 2020 | Q4 2019 | Δ | |
Incoming orders in € m | 470.7 | 640.8 | -26.5% | 157.9 | 184.6 | -14.5% |
Sales revenues in € m | 459.4 | 592.8 | -22.5% | 133.5 | 165.7 | -19.4% |
EBIT in € m | -5.8 | 57.1 | -110.1% | -11.6 | 13.1 | -189.0% |
EBIT margin in % | -1.3 | 9.6 | -10.9 ppts | -8.7 | 7.9 | -16.6 ppts |
EBIT before extra- ordinary effects in € m | 19.0 | 63.3 | -70.0% | 8.9 | 19.1 | -53.5% |
EBIT margin before extraordinary effects in % | 4.1 | 10.7 | -6.5 ppts | 6.6 | 11.5 | -4.9 ppts |
ROCE in % | -2.2 | 17.8 | -20.0 ppts | -17.6 | 16.3 | -33.9 ppts |
◼ Q4 order intake reaches highest quarterly level in 2020
◼ Strong service and spare part business in Q4
◼ EBIT-margin before extraordinary effects reaches upper end of target range
◼ € 20.5 m extraordinary effects in Q4, mainly due to restructuring charges
Recovery of service business drives sales revenues and margins in H2
2. Divisions: Clean Technology Systems
Resilient business: Sales and earnings on prior year's level
2020 | 2019 | Δ | Q4 2020 | Q4 2019 | Δ | |
Incoming orders in € m | 396.9 | 449.1 | -11.6% | 87.9 | 115.0 | -23.6% |
Sales revenues in € m | 386.2 | 395.3 | -2.3% | 108.4 | 123.4 | -12.1% |
EBIT in € m | 13.7 | 12.1 | 12.8% | 8.2 | 7.7 | 5.7% |
EBIT margin in % | 3.5 | 3.1 | 0.5 ppts | 7.5 | 6.3 | 1.3 ppts |
EBIT before extra- ordinary effects in € m | 20.6 | 23.3 | -11.6% | 8.3 | 11.3 | -26.5% |
EBIT margin before extraordinary effects in % | 5.3 | 5.9 | -0.6 ppts | 7.7 | 9.2 | -1.5 ppts |
ROCE in % | 10.3 | 7.7 | 2.6 ppts | 24.7 | 19.8 | 4.9 ppts |
◼ Temporarily slower order intake in H2 2020 after strong H1 due to project delays
◼ Sales comparable to 2019
◼ Solid EBIT margin in H2 2020
Solid business and margin development
2. Divisions: Measuring and Process Systems
Recovery of order intake - margin quality improving in H2
2020 | 20191 | Δ | Q4 2020 | Q4 20191 | Δ | |
Incoming orders in € m | 180.4 | 251.9 | -28.4% | 52.8 | 56.4 | -6.3% |
Sales revenues in € m | 193.5 | 238.6 | -18.9% | 54.3 | 70.4 | -23.0% |
EBIT in € m | -2.9 | 21.8 | -113.1% | 2.5 | 8.2 | -69.5% |
EBIT margin in % | -1.5 | 9.1 | -10.6 ppts | 4.6 | 11.7 | -7.1 ppts |
EBIT before extra- ordinary effects in € m | 0.2 | 23.4 | -99.2% | 1.4 | 9.1 | -85.0% |
EBIT margin before extraordinary effects in % | 0.1 | 9.8 | -9.7 ppts | 2.5 | 12.9 | -10.4 ppts |
ROCE in % | -1.7 | 12.3 | -14.0 ppts | 6.0 | 19.6 | -13.6 ppts |
◼ Order intake continues to grow in Q4 - positive momentum in industrial & aerospace business
◼ Cost reductions and service recovery in H2 lead to improved margins compared with H1
◼ Clear stabilization and improvement in margins across project lifetime
1 adjusted for Automotive Filling and Testing Systems (FY 2019: sales €172 m; EBIT €17 m), transferred to Paint and Final Assembly Systems as of 1/1/2020; ROCE not adjusted
Business in recovery mode - further margin improvement targeted
2. Divisions: Woodworking Machinery and Systems
Better than expected margin development in Q4
2020 | 2019 | Δ | Q4 2020 | Q4 2019 | Δ | |
Incoming orders in € m | 1,092.8 | 1,219.6 | -10.4% | 329.9 | 312.3 | 5.6% |
Sales revenues in € m | 1,111.9 | 1,279.1 | -13.1% | 278.6 | 322.3 | -13.6% |
EBIT in € m | 9.9 | 37.4 | -73.5% | 1.5 | -14.6 | 110.3% |
EBIT margin in % | 0.9 | 2.9 | -2.0 ppts | 0.5 | -4.5 | 5.1 ppts |
EBIT before extra- ordinary effects in € m | 27.0 | 82.7 | -67.4% | 6.2 | 24.2 | -74.3% |
EBIT margin before extraordinary effects in % | 2.4 | 6.5 | -4.0 ppts | 2.2 | 7.5 | -5.3 ppts |
ROCE in % | 2.5 | 9.1 | -6.6 ppts | 1.5 | -14.2 | 15.7 ppts |
◼ Q4 order intake exceeds prior year's level - signs of system business revival
◼ Sales and EBIT in Q4 impacted by lower order intake in H1 2020 but EBIT margin better than expected
◼ HOMAG optimization on track
Order intake gaining momentum
2. Service business with a solid finish in 2020
High share of sales revenue in Q4
% of group salesService sales in € m
Key aspects
Q1
Q2
Q3
Q4
2019: €1,119 m (28.5%)
Q1
Q2
Q3
Q4
2020: €943 m (28.4%)
◼ Service recovery supporting Q4 earnings especially at APT
◼ Service margin on last year´s level
Recovery of service revenues as customers increase production
Financials
3. Financials: Overall a solid set of figures
2020 | 2019 | Δ | Q4 2020 | Q4 2019 | Δ | |
Sales revenues in € m | 3,324.8 | 3,921.5 | -15.2% | 894.3 | 1,047.4 | -14.6% |
Gross profit on sales in € m | 604.2 | 838.2 | -27.9% | 144.5 | 212.2 | -31.9% |
Gross margin in % | 18.2 | 21.4 | -3.2 ppts | 16.2 | 20.3 | -4.1 ppts |
EBITDA in € m | 125.3 | 308.5 | -59.4% | 9.5 | 70.8 | -86.6% |
EBIT in € m | 11.1 | 195.9 | -94.3% | -20.5 | 41.8 | -149.1% |
EBIT margin in % | 0.3 | 5.0 | -4.7 ppts | -2.3 | 4.0 | -6.3 ppts |
EBIT before extraordinary effects in € m | 99.5 | 263.1 | -62.2% | 35.9 | 91.6 | -60.8% |
EBIT margin before extraordinary effects in % | 3.0 | 6.7 | -3.7 ppts | 4.0 | 8.7 | -4.7 ppts |
Net result in € m | -13.9 | 129.8 | -110.7% | -26.7 | 27.8 | -196.0% |
ROCE in % | 1.1 | 16.9 | -15.8 ppts | -8.3 | 14.4 | -22.7 ppts |
Free cash flow in € m | 110.7 | 44.9 | 146.7% | 5.4 | 203.0 | -97.3% |
Net financial status in € m | -49.0 | -99.3 | 50.6% | -49.0 | -99.3 | 50.6% |
Employees | 16,525 | 16,493 | 0.2% | 16,525 | 16,493 | 0.2% |
Positive EBIT despite significant extraordinary effects - strong free cash flow
3. Financials: Sales revenues recover slowly
in € m
Key aspects
Q1
Q2
Q3
Q4
2019: €3,922 m
Q1
Q2
Q3
2020: €3,325 m
◼ Q4 with highest sales level per quarter in 2020
◼ Emerging market share of business grows
Q4
Lower order intake in first half 2020 impacts recovery speed
3. Financials: Positive EBIT despite extraordinary effects
EBIT in € m
Q1
Q2
Q3
Q4
2019 reported: €196 m (5.0%) bef. e.e.*: €263 m (6.7%)
-2.1
Q1
Q2
-2.3
Q3
Q4
2020 reported: €11 m (0.3%) bef. e.e.*: €100 m (3.0%)
Key aspects
◼ Solid development in Q4 despite margin pressure
◼ R&D and SG&A cost savings partly compensate lower gross profit
◼ Increased restructuring charges
*before extraordinary effects
EBIT before extraordinary effects at 3.0% slightly ahead of expectations
3. Financials: Free cash flow improved y-o-y
in € m
Key aspects
◼ Disciplined management of NWC and capex
Q1
Q2
Q3
2019: €45 m
Q4
◼ Lower tax pre-payments due to declining profits
◼ Increased restructuring charges compared to 2019
Q1
Q2
Q3
2020: €111 m
Q4
Solid free cash flow generation due to disciplined NWC and Capex management
3. Financials: Disciplined NWC management
in € m
DWCNWC
61
Q1
Q2
Key aspects
◼ Customer payments continue to be solid
◼ Contract liabilities above prior year's level
◼ Decline in receivables and contract assets
◼ NWC well below prior year's level
Q3
Q4
Q1
Q2
Q3
Q4
in € m | 12/31/2020 | 12/31/2019 | |
Inventories and prepayments | 508.6 | 509.2 | |
+ | Total trade receivables | 510.2 | 586.1 |
+ | Total contract assets | 393.4 | 519.1 |
- | Trade payables (incl. liabilities from notes payable) | 377.5 | 479.0 |
- | Total contract liabilities | 652.1 | 632.7 |
= | Net working capital | 382.6 | 502.7 |
2019
2020
DWC | 41.4 | 46.1 |
DWC reaching lower end of target range of 40 to 50 days
3. Financials: Net financial status improved
in € m
Gearing
Net financial status
12%
24% 23%
6%
9%
Q1
Q2
Q3
Q4
Q1
Q2
Key aspects
◼ Net financial status improved due to solid free cash flow generation
◼ Net financial status includes €98.4 m leasing liabilities
◼ Low level of gearing and leverage maintained
in € m | 12/31/2020 | 12/31/2019 | |
Total liquidity | 1,019.0 | 822.0 | |
- | Gross debt | -1,068.0 | -921.2 |
= | Net financial status | -49.0 | -99.3 |
EBITDA | 125.3 | 308.5 | |
Net financial debt / EBITDA | 0.4 | 0.3 |
Q3
Q4
2019
2020
Carefully managing net debt levels during the pandemic
3. Financials: Comfortable liquidity headroom
Maturities well covered with cash and free credit lines
in € billion (pro forma*)
Maturity profile (pro forma*)
in € million
2.0
1.5
1.0
0.5
0.0
Cash credit facilitiesNew Schuldschein loan
Cash and cash equivalentsMoney markets
Without leasing liabilities or accrued interest
Schuldschein loansBond
Convertible
Schuldschein loansNew Schuldschein loanBond
Credit facilities unutilized: €500 m maturing in 2024
Other financial liabilities not included
* Figures as of 31 December 2020, but including new Schuldschein loan issued on 18 December 2020 (payout 01/21)
Maturities well covered with cash and free credit lines
Outlook
4. Outlook: Benefitting from global mega trends
Our solutions help our customers achieve efficient and sustainable production
FUNDAMENTAL TRENDS
Population growthGrowing middle classResource efficiencyEnvironmental protection
Dürr Group
▪ Supporting automotive transformation
− Paint shop supplier of choice for EV-start-ups
− Assembly, balancing and battery production
▪ Leading innovative solutions
− Maximize OEE by high availability, digital products/AI
− Leading automation competence
− Individualize production (batch-size 1)
▪ Sustainable production enabler
− Low emission + consumption solutions
− Global no. 1 in exhaust-air purification technology
▪ Strong & growing position in woodworking machinery
− Leader in equipment for furniture production
− Expanding into solid wood processing systems
Automation, digitalization and sustainability are key drivers for Dürr's business
4. Outlook: Recovery in car production expected in 2021
Long-term growth projection intact
1 Light vehicles production
OtherAsia (without China)ChinaEuropeAmericas
Source: LMC Automotive Last update: January 2021
However, high uncertainties due to Corona and chip shortage
4. Outlook: Revival of Woodworking machinery market
Sequential market recovery with 2019 levels to be reached in 2023
Market volume [in € billion]
Woodworking Machinery and Systems1
2015
2016
2017
2018
2019
2020e
2021e
2022e
2023e
2024e
1w/o Solid Wood Solutions
Source: Innomis, CSIL, regional market expectation, competitor information; e = expected
First signs of next investment cycle become visible
4. Outlook: Solid wood construction market growth
On the way to become a leading full solution provider
Timber ProcessingMass TimberHouse building
Source: Innomis; competitor reporting, Androschin&Partner, Holzkurier & own estimations
Timber Processing
Mass Timber
House Building
Annual consolidated sales ~ €45 m
System TM acquisition
Annual consolidated sales ~ €30 m
strategic partnership
Expanding coverage of value chain in a fast growing market
4. Outlook: Production systems for medical technology
Increasing automation in production of medical technology
4. Outlook: Guidance 2021
Actual 2020 | Targets 2021 | |
Incoming orders in € m | 3,283.2 | 3,600 - 3,900 |
Sales revenue in € m | 3,324.8 | 3,450 - 3,650 |
EBIT margin in % | 0.3 | 3.3 - 4.3 |
EBIT margin before extraordinary effects in % | 3.0 | 4.2 - 5.2 |
ROCE in % | 1.1 | 9 - 13 |
Earnings after tax in € m | -13.9 | 40 - 90 |
Free cash flow in € m | 110.7 | -50 -0 |
Net financial status in € m (12/31) | -49.0 | -225 - -175 |
Capital expenditure1 in % of sales revenue | 2.3 | 2.5 - 3.5 |
◼ Weak order intake in 2020 impacts sales revenue and EBIT margin recovery in 2021
◼ Temporarily lower free cash flow due to build-up of NWC as sales recover, restructuring payouts, higher capex and tax payments
1 excluding acquisitions
Solid order intake, recovery of top & bottom-line but lower free cash flow
4. Outlook: Breakdown of guidance 2021 by division
Order intake (in € m) | Sales (in € m) | EBIT margin (in %) | ||||
2020 | Targets 2021 | 2020 | Targets 2021 | 2020 before e.e.* | Targets 2021 before e.e.* | |
Paint and Final Assembly Systems | 1,142 | 1,250 - 1,400 | 1,174 | 1,170 - 1,270 | 3.1 | 3.2 - 4.2 |
Application Technology | 471 | 525 - 575 | 459 | 480 - 520 | 4.1 | 8.5 - 9.5 |
Clean Technology Systems | 397 | 410 - 450 | 386 | 410 - 450 | 5.3 | 5.5 - 6.5 |
Measuring and Process Systems | 180 | 190 - 210 | 194 | 200 - 220 | 0.1 | 4.8 - 5.8 |
Woodworking Machinery and Systems | 1,093 | 1,170 - 1,270 | 1,112 | 1,120 - 1,220 | 2.4 | 4.0 - 5.0 |
* before extraordinary effects
4. Outlook: Strategy and mid-term targets unchanged
2-3%
Annual average organic sales growth
≥ 8%
EBIT margin
≥ 25%
ROCE
Dürr is well on track to reach its mid-term targets
Summary
5. Summary 2020 and outlook 2021
1.
Order intake, sales revenue and EBIT within or slightly above target range
2. Strong cash flow and improved NWC - high level of liquidity at year-end 2020
3. Portfolio strengthened with several strategic acquisitions - potential for further growth
4. Optimization and capacity adjustment measures on track
5. 2021 starting point for profitable growth: Strong focus on improving margins and tight management of NWC and cash flow
2020 targets reached or exceeded - top and bottom-line growth in 2021
Appendix
P&L in detail
in € m | 2020 | 2019 | Δ | Q4 2020 | Q4 2019 | Δ |
Sales revenues | 3,324.8 | 3,921.5 | -15.2% | 894.3 | 1,047.4 | -14.6% |
Cost of sales | -2,720.6 | -3,083.3 | -11.8% | -749.8 | -835.2 | -10.2% |
Gross profit on sales | 604.2 | 838.2 | -27.9% | 144.5 | 212.2 | -31.9% |
Selling expenses | -304.2 | -337.6 | -9.9% | -85.0 | -88.3 | -3.7% |
General administrative expenses | -181.9 | -190.6 | -4.6% | -51.4 | -51.0 | 0.7% |
Research and development costs | -107.7 | -110.8 | -2.8% | -29.8 | -26.1 | 14.0% |
Other operating income | 55.8 | 22.7 | 145.6% | 14.3 | 5.3 | 170.6% |
Other operating expenses | -55.1 | -26.0 | 111.7% | -13.1 | -10.2 | 28.1% |
Earnings before investment income, interest and income taxes | 11.1 | 195.9 | -94.3% | -20.5 | 41.8 | -149.1% |
Investment income | 5.6 | 6.4 | -11.9% | 0.6 | 2.2 | -71.1% |
Interest and similar income | 4.4 | 5.8 | -23.9% | 0.9 | 1.8 | -49.4% |
Interest and similar expenses | -39.7 | -33.4 | 19.0% | -17.5 | -13.4 | 30.0% |
Earnings before income taxes | -18.5 | 174.7 | -110.6% | -36.4 | 32.3 | -212.7% |
Income taxes | 4.7 | -44.9 | -110.4% | 9.8 | -4.6 | -314.2% |
Profit/loss of the Dürr Group | -13.9 | 129.8 | -110.7% | -26.7 | 27.8 | -196.0% |
Attributable to: | ||||||
Non-controlling interests | 1.9 | 5.8 | -66.3% | 0.1 | 1.9 | -92.5% |
Shareholders of Dürr Aktiengesellschaft | -15.8 | 124.1 | -112.7% | -26.8 | 25.9 | -203.5% |
Number of shares issued in thousands | 69,202.1 | 69,202.1 | - | 69,202.1 | 69,202.1 | - |
Earnings per share in € (basic and diluted) | -0.23 | 1.79 | -112.8% | -0.39 | 0.37 | -205.4% |
2020 | 2019 | |
Non-current assets | 1,315.6 | 1,322.4 |
of which goodwill and intangibles | 661.3 | 644.0 |
of which property, plant and equipment | 488.4 | 525.4 |
of which investment and financial assets | 54.3 | 70.5 |
Current assets | 2,563.2 | 2,560.0 |
of which inventories and prepayments | 508.6 | 509.2 |
of which contract assets | 393.4 | 519.1 |
of which trade receivables | 483.8 | 570.3 |
of which sundry financial assets | 309.0 | 206.4 |
of which cash and cash equivalents | 769.2 | 662.0 |
Total assets Dürr Group | 3,878.8 | 3,882.3 |
Equity and Liabilities in € m | 2020 | 2019 |
Total equity | 908.1 | 1,043.4 |
of which non-controlling interests | 4.5 | 12.7 |
Non-current liabilities | 816.2 | 1,056.4 |
of which provisions | 79.5 | 81.3 |
of which bond and Schuldschein loans | 602.2 | 798.2 |
of which other financial liabilities | 71.7 | 86.8 |
of which deferred taxes | 37.3 | 81.2 |
Current liabilities | 2,154.4 | 1,782.6 |
of which other provisions | 192.3 | 148.1 |
of which contract liabilities | 648.9 | 630.6 |
of which trade payables | 377.2 | 478.8 |
of which bond and Schuldschein loans | 349.7 | 0.0 |
of which sundry financial liabilities | 362.3 | 319.9 |
of which other liabilities | 111.3 | 118.8 |
Total equity and liabilities Dürr Group | 3,878.8 | 3,882.3 |
Cash flow
in € m | 2020 | 2019 | 2018 |
EBT | -18.5 | 174.7 | 219.7 |
Depreciation and amortization of non-current assets | 114.2 | 112.6 | 93.4 |
Interest result | 35.3 | 27.6 | 20.9 |
Income taxes paid | -32.7 | -64.2 | -93.0 |
Δ Provisions | 40.6 | 18.8 | -29.9 |
Δ Net working capital | 113.5 | -64.8 | -51.6 |
Other | -37.3 | -32.7 | 2.7 |
Operating cash flow | 215.0 | 171.9 | 162.3 |
Interest paid (net) | -22.4 | -20.2 | -12.0 |
Repayment lease liabilities | -29.7 | -27.4 | 0.0 |
Capital expenditures | -52.1 | -79.4 | -71.9 |
Free cash flow | 110.7 | 44.9 | 78.4 |
Others (e.g. dividends, acquisitions, currency effects) | -60.4 | -69.8 | -222.4 |
Change net financial status | 50.3 | -24.9 | -144.0 |
Overview financial instruments
Volume outstanding | Maturity | Coupon (avg.) | |
Bond 2014 | €300m | April 2021 | 2.875% |
Schuldschein loan 2016 | €200m | 2021, 2023, 2026 | 1.6% |
Schuldschein loan 2019 | €200m | 2024, 2025, 2027, 2029 | 0.84% |
Schuldschein loan 2020 | €115m | 2025, 2027, 2030 | 0.9% |
Convertible bond 2020 | €150m | 2026 | 0.75% |
Schuldschein loan 2021 | €200m | 2024, 2025, 2027, 2028, 2031 | 2.0% |
Total | €1,165m | 1.69% |
Qualitative Free Cashflow Bridge 2020 - 2021
FCF impact 2020 | FCF impact 2021 | |
EBIT development | EBIT decline | EBIT recovery |
NWC development | NWC decline | NWC build-up with sales |
Capex | Savings | Increase |
Tax payments | Lower prepayments | Increasing payments |
Restructuring payouts | Low | High |
However:
◼ Very high liquidity level at year-end 2020
◼ Maturities in 2021 largely refinanced with Schuldschein loan and Convertible
◼ Low net debt and leverage (0.4x) leaves flexibility to temporarily increase net debt and
leverage to around 1x
Strong financial position to cover temporary burden on FCF
Q4 EBIT bridge
*before extraordinary effects
Q4 EBIT bridge
◼ Gross profit decline due to Corona
◼ R&D and SG&A cost savings partly compensate lower gross profit
◼ Increased extraordinary effects compared to prior year
20201 | 20192 | 2018 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |
Incoming orders in € m | 249.9 | 240.3 | 306.8 | 345.3 | 1,142.3 | 436.1 | 249.3 | 281.2 | 548.5 | 1,515.0 | 274.2 | 303.3 | 187.9 | 534.9 | 1,300.4 |
Sales revenues in € m | 297.2 | 277.4 | 279.7 | 319.5 | 1,173.8 | 348.9 | 334.7 | 366.3 | 365.6 | 1,415.5 | 270.2 | 297.1 | 311.2 | 357.1 | 1,235.7 |
Order backlog in € m | 1,344.0 | 1,234.2 | 1,248.6 | 1,272.6 | 1,418.1 | 1,312.7 | 1,238.1 | 1,412.8 | 1,217.9 | 1,232.3 | 1,033.9 | 1,216.4 | |||
EBIT in € m | 10.5 | 3.7 | 10.5 | -18.2 | 6.4 | 16.1 | 14.5 | 19.9 | 28.2 | 78.7 | 12.4 | 12.5 | 14.0 | 17.0 | 56.0 |
EBIT before extraordinary effects in € | 11.2 | 4.5 | 12.3 | 8.9 | 36.9 | 17.1 | 15.0 | 20.5 | 28.7 | 81.3 | 13.0 | 13.0 | 14.5 | 17.6 | 58.1 |
Employees | 4,465 | 4,428 | 4,423 | 4,383 | 4,277 | 4,304 | 4,370 | 4,412 | 3,435 | 3,405 | 3,447 | 3,472 | |||
Incoming orders in € m | |||||||||||||||
116.7 | 77.0 | 119.1 | 157.9 | 470.7 | 159.6 | 145.5 | 151.1 | 184.6 | 640.8 | 168.6 | 176.6 | 141.2 | 146.0 | 632.4 | |
Sales revenues in € m | 121.4 | 97.2 | 107.3 | 133.5 | 459.4 | 139.4 | 132.3 | 155.5 | 165.7 | 592.8 | 145.5 | 152.5 | 174.1 | 180.5 | 652.6 |
Order backlog in € m | 403.7 | 372.9 | 371.5 | 360.8 | 391.5 | 400.7 | 399.3 | 417.5 | 424.0 | 449.8 | 398.3 | 366.5 | |||
EBIT in € m | 5.7 | -6.7 | 6.9 | -11.6 | -5.8 | 14.6 | 13.2 | 16.3 | 13.1 | 57.1 | 15.2 | 15.5 | 17.4 | 19.9 | 68.0 |
EBIT before extraordinary effects in € | 7.9 | -6.0 | 8.2 | 8.9 | 19.0 | 14.7 | 13.2 | 16.3 | 19.1 | 63.3 | 15.2 | 15.6 | 17.4 | 19.9 | 68.2 |
Employees | 2,301 | 2,228 | 2,212 | 2,162 | 2,271 | 2,251 | 2,306 | 2,306 | 2,112 | 2,154 | 2,230 | 2,246 |
APT
PFS
Incoming orders in € m | 108.8 | 107.1 | 93.1 | 87.9 | 396.9 | 112.6 | 95.5 | 126.0 | 115.0 | 449.1 | 57.6 | 58.8 | 36.3 | 105.3 | 258.2 |
Sales revenues in € m | 82.3 | 95.8 | 99.6 | 108.4 | 386.2 | 88.3 | 92.1 | 91.6 | 123.4 | 395.3 | 30.3 | 34.7 | 54.9 | 106.8 | 226.7 |
Order backlog in € m | 269.6 | 273.9 | 263.8 | 240.4 | 217.8 | 217.1 | 255.1 | 243.7 | 125.7 | 152.2 | 130.8 | 191.3 | |||
EBIT in € m | -1.2 | 0.2 | 6.6 | 8.2 | 13.7 | -0.7 | 1.4 | 3.7 | 7.7 | 12.1 | -1.0 | -1.6 | -11.7 | -0.7 | -15.0 |
EBIT before extraordinary effects in € | 1.8 | 2.3 | 8.1 | 8.3 | 20.6 | 1.2 | 4.1 | 6.6 | 11.3 | 23.3 | -0.8 | -1.4 | 2.0 | 5.4 | 5.1 |
Employees | 1,392 | 1,375 | 1,336 | 1,348 | 1,443 | 1,427 | 1,425 | 1,418 | 601 | 600 | 612 | 1,472 |
CTS
Incoming orders in € m | 61.1 | 28.9 | 37.6 | 52.8 | 180.4 | 63.1 | 68.7 | 63.8 | 56.4 | 251.9 | 103.4 | 111.1 | 93.2 | 95.6 | 403.3 |
Sales revenues in € m | 52.1 | 40.4 | 46.7 | 54.3 | 193.5 | 54.1 | 53.9 | 60.2 | 70.4 | 238.6 | 99.4 | 114.2 | 112.6 | 130.4 | 456.5 |
Order backlog in € m | 132.9 | 117.5 | 105.1 | 101.9 | 120.5 | 134.1 | 138.3 | 122.7 | 260.2 | 258.3 | 236.0 | 201.5 | |||
EBIT in € m | -1.6 | -3.1 | -0.7 | 2.5 | -2.9 | 3.4 | 3.4 | 6.7 | 8.2 | 21.8 | 10.4 | 13.5 | 14.1 | 21.8 | 59.7 |
EBIT before extraordinary effects in € | -1.4 | -3.0 | 3.2 | 1.4 | 0.2 | 3.7 | 3.7 | 6.8 | 9.1 | 23.4 | 10.9 | 13.8 | 14.4 | 22.2 | 61.3 |
Employees | 1,524 | 1,476 | 1,450 | 1,407 | 1,543 | 1,547 | 1,550 | 1,515 | 2,317 | 2,303 | 2,325 | 2,279 |
MPS
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS)
20201 | 20192 | 2018 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |
Incoming orders in € m | 301.7 | 191.5 | 269.7 | 329.9 | 1,092.8 | 334.6 | 256.2 | 316.5 | 312.3 | 1,219.6 | 415.2 | 286.1 | 339.6 | 295.9 | 1,336.8 |
Sales revenues in € m | 289.6 | 261.9 | 281.9 | 278.6 | 1,111.9 | 319.2 | 317.5 | 320.1 | 322.3 | 1,279.1 | 294.6 | 311.1 | 331.6 | 361.0 | 1,298.3 |
Order backlog in € m | 553.9 | 480.3 | 460.8 | 581.0 | 622.0 | 557.6 | 559.6 | 546.1 | 676.4 | 657.6 | 666.3 | 601.6 | |||
EBIT in € m | 12.5 | -9.0 | 4.9 | 1.5 | 9.9 | 18.4 | 16.7 | 17.0 | -14.6 | 37.4 | 19.7 | 17.4 | 21.5 | 27.6 | 86.2 |
EBIT before extraordinary effects in € | 16.1 | -5.4 | 10.1 | 6.2 | 27.0 | 20.5 | 18.8 | 19.2 | 24.2 | 82.7 | 21.9 | 19.6 | 23.7 | 29.7 | 94.9 |
Employees | 6,613 | 6,498 | 6,482 | 6,942 | 6,633 | 6,592 | 6,615 | 6,569 | 6,484 | 6,567 | 6,605 | 6,593 | |||
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 | 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 | 0.0 | 0.0 | 0.0 | 0.0 |
Order backlog in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |||
EBIT in € m | -3.0 | -1.4 | -3.1 | -2.9 | -10.3 | -3.1 | -2.5 | -4.7 | -0.8 | -11.2 | -5.7 | -7.0 | -3.3 | -5.4 | -21.4 |
EBIT before extraordinary effects in € | -2.9 | -1.4 | -2.0 | 2.3 | -4.1 | -2.8 | -2.5 | -4.8 | -0.8 | -10.9 | -3.4 | -4.6 | -2.8 | -1.9 | -12.7 |
Employees | 267 | 278 | 278 | 283 | 248 | 263 | 268 | 273 | 204 | 207 | 242 | 250 |
CC / Cons.
WMS
Incoming orders in € m | 838.3 | 644.8 | 826.3 | 973.8 | 3,283.2 | 1,105.9 | 815.1 | 938.6 | 1,216.9 | 4,076.5 | 1,019.1 | 935.9 | 798.2 | 1,177.7 | 3,930.9 |
Sales revenues in € m | 842.6 | 772.6 | 815.3 | 894.3 | 3,324.8 | 949.9 | 930.5 | 993.7 | 1,047.4 | 3,921.5 | 840.1 | 909.5 | 984.5 | 1,135.8 | 3,869.8 |
Order backlog in € m | 2,704.1 | 2,478.8 | 2,449.8 | 2,556.7 | 2,769.8 | 2,622.2 | 2,590.3 | 2,742.8 | 2,704.3 | 2,750.3 | 2,465.4 | 2,577.2 | |||
EBIT in € m | 22.9 | -16.4 | 25.0 | -20.5 | 11.1 | 48.6 | 46.6 | 58.9 | 41.8 | 195.9 | 51.1 | 50.3 | 51.9 | 80.2 | 233.5 |
EBIT before extraordinary effects in € | 32.6 | -8.9 | 39.9 | 35.9 | 99.5 | 54.6 | 52.3 | 64.6 | 91.6 | 263.1 | 56.8 | 56.0 | 69.2 | 93.0 | 274.9 |
Employees | 16,562 | 16,283 | 16,181 | 16,525 | 16,415 | 16,384 | 16,534 | 16,493 | 15,153 | 15,236 | 15,461 | 16,312 |
Group
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS)
Overview: extraordinary effects
in € m
2020 | 2019 | 2018 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |
PFS | -0.7 | -0.7 | -1.9 | -27.1 | -30.5 | -1.0 | -0.5 | -0.6 | -0.5 | -2.6 | -0.5 | -0.5 | -0.5 | -0.5 | -2.2 |
APT | -2.2 | -0.8 | -1.3 | -20.5 | -24.8 | -0.1 | 0.0 | 0.0 | -6.0 | -6.2 | -0.1 | -0.1 | 0.0 | 0.0 | -0.2 |
CTS | -3.0 | -2.2 | -1.5 | -0.2 | -6.9 | -1.9 | -2.7 | -2.9 | -3.6 | -11.2 | -0.2 | -0.2 | -13.7 | -6.1 | -20.1 |
MPS | -0.1 | -0.1 | -4.0 | 1.2 | -3.0 | -0.4 | -0.3 | -0.1 | -0.8 | -1.6 | -0.5 | -0.3 | -0.4 | -0.4 | -1.5 |
WMS | -3.5 | -3.7 | -5.1 | -4.7 | -17.1 | -2.2 | -2.2 | -2.2 | -38.8 | -45.3 | -2.2 | -2.2 | -2.2 | -2.2 | -8.7 |
CC | 0.0 | 0.0 | -1.0 | -5.1 | -6.2 | -0.3 | 0.0 | 0.1 | 0.0 | -0.3 | -2.3 | -2.4 | -0.5 | -3.5 | -8.7 |
Total | -9.7 | -7.4 | -14.8 | -56.4 | -88.4 | -6.0 | -5.7 | -5.7 | -49.8 | -67.2 | -5.7 | -5.7 | -17.3 | -12.8 | -41.4 |
Shareholder structure
Free float at 71%1
3.5%
Heinz Dürr GmbH, BerlinHeinz und Heide Dürr Stiftung,
Berlin
Institutional and private investors, including
− Candriam Luxembourg: 3.8%
− Alecta Pensionsförsäkring: 3.2%
2
− Credit Suisse Fund Management: 3.0%
− Members of the Dürr Board of Management: 0.3%
− Members of the Dürr Supervisory Board: 0.2%
1 Free float calculated according to Deutsche Börse AG
2 According to the relevant laws
Financial calendar
March 2021
◼ 03/10/2021 Morgan Stanley Scandi Industrials Day
◼ 03/18/2021 Annual report 2020
◼ 03/18/2021 BofA Global Industrials Conference
May 2021
◼ 05/06/2021 Virtual annual general meeting HOMAG Group AG
◼ 05/07/2021 Virtual annual general meeting Dürr AG
◼ 05/11/2021 Interim statement for the first quarter
◼ 05/12/2021 UBS Pan European Small and Mid-Cap Conference
◼ 05/26/2021 Erste CEE Innovation Conference
June 2021
◼ 06/08/2021 UBS Global Industrials and Transportation Conference
◼ 06/10/2021 Quirin Champions 2021
August 2021
◼ 08/05/2021
September 2021
◼ 09/20/2021 Baader Investment Conference
◼ 09/21/2021 Berenberg & GS Tenth German Corporate Conference
November 2021
◼ 11/04/2021
Dürr Corporate Communications & Investor Relations contact
Interim financial report for the first halfInterim statement for the first nine months
Dürr Aktiengesellschaft Carl-Benz-Str. 34
74321 Bietigheim-Bissingen Germany
+49 7142 78-0corpcom@durr.comwww.durr-group.com
Preliminary figures fiscal year 2020
Ralf W. Dieter, CEO
Dr. Jochen Weyrauch, Deputy CEO Dietmar Heinrich, CFO
February 25, 2021 Bietigheim-Bissingen
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Disclaimer
Dürr AG published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 09:01:05 UTC.