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DÜRR AG

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Dürr : Conference Call Preliminary figures H1 2020

07/29/2020 | 11:10am EDT

Conference Call Preliminary figures H1 2020

Ralf W. Dieter, CEO

July 30, 2020

Bietigheim-Bissingen

Disclaimer

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. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr neither intends, nor assumes any 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.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary on the Dürr web page (https://www.durr-group.com/en/investor-relations/service-awards/glossary/).

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

2

Strong liquidity despite Corona impact on earnings

  • Covid-19impact on order intake and P&L largely as expected
  • Strong liquidity and cash generation driven by continued solid customer payments
  • Additional measures to adjust capacities and improve efficiency in the European automotive business (PFS, APT, MPS)
  • Resuming guidance with new targets as business stabilizes

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

3

3

Overview H1 2020

  • Order intake down 23% in H1, but strong order momentum from EV manufacturers in China
  • China: incoming orders appreciably above previous year, high utilization of our capacities since March 2020
  • Order backlog at € 2.5 bn, down € 264 m compared to year end 2019 but still at a high level
  • Sales decline of -14% mainly due to weak revenue recognition in Europe; strong sales realization in America and Asia
  • EBIT positive for H1 2020; EBIT before extraordinary effects declines by 78% in the light of lower sales and declining service business (utilization of factories)
  • Strong cash flow and positive free cash flow in H1 2020; NFS at € -121 m after dividend payment in Q2
  • Very solid funding situation: Total liquidity at record level (€ 904 m), total loan facilities at € 850 m
  • Additional measures for capacity adjustment and efficiency improvement in our automotive activities (PFS, APT, MPS) in Germany and rest of Europe (€35 - 45 m one-offs in H2 2020) boosting targeted cost reductions from 2021 to € 60 m
  • Resuming guidance with new targets for 2020

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

4

4

Strong cash despite Corona-driven operating declines

6 months 2020 vs. 6 months 2019

in € m

-22.8%

1,921.0

-14.1%

  • Decline in orders stabilized due to strong momentum in China
  • Huge swing in operating cash flow compared to H1 2019
  • Positive EBIT in H1 (reported + operating)

1,483.0

1,880.4

1,615.2

-77.8%

106.9

1.5%

5.7%

23.7

+193.9

106.0

-104.8%

63.6 -0.2%

3.4%

Incoming orders

Sales revenues

Operating EBIT

-3.0

Operating cash flow

Net profit

H1 2019

H1 2020

Margin

-112.9

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

5

Very strong order intake in China

in € m

-22.8%

1,921.0

1,483.0

  • Decline in Americas and Asia (w/o China) due to major orders in Q1 2019

-52.5%

+60.6%

620.9

-29.7%

-7.8%

-41.7%

500.1

433.4

351.8

269.9

294.7

278.1

256.4

251.9

146.8

Total

China

Americas

Germany

Europe (w/o Germany) Asia (w/o China),

Africa, Australia

H1 2019

H1 2020

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

6

Bottom in order intake should be reached in Q2

Project pipeline with positive momentum since June

EcoProFleet

Jan 2020

Feb 2020

Mar 2020

Apr 2020

May 2020

Jun 2020

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

7

H1 2020: Profitability under pressure

EBIT decline due to lower sales, weaker service business and higher extraordinaries

H1 2020

H1 2019

Q2 2020

Q2 2019

Gross profit on sales in € m

303.0

414.1

-26.8%

125.8

207.7

-39.4%

Gross margin in %

18.8

22.0

-3.2 ppts

16.3

22.3

-6.0 ppts

EBITDA in € m

63.4

150.4

-57.9%

11.6

74.7

-84.4%

EBIT in € m

6.6

95.2

-93.1%

-16.4

46.6

-135.1%

EBIT before

extraordinary effects in € m

23.7

106.9

-77.8%

-8.9

52.3

-117.0%

EBIT margin in %

0.4

5.1

-4.7 ppts

-2.1

5.0

-7.1 ppts

EBIT margin before extraordinary

effects in %

1.5

5.7

-4.2 ppts

-1.2

5.6

-6.8 ppts

Net income/loss in € m

-3.0

63.6

-104.8%

-16.3

30.6

-153.1%

  • Muted spare parts business with disproportionately high effect on profit
  • Various measures taken to cut costs, e.g. short-term work, selective capacity reduction - Overhead cost reduced by 8%
  • Streamlining measures in various divisions executed as planned. Extraordinary effects increased to € -17.1 m (H1 2019: € -11.7 m), including € -9.2 m purchase price allocation effects
  • Increase in allowances on receivables and contract assets (IFRS 9) driven by CDS-spreads impacts EBIT with about € - 5 m

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

8

H1 2020 net financial status (NFS) evolution

Strong cash generation of € 106 m in H1 2020 after cash outflow of € 113 m in H1 2019

in € m

in € m

H1 2020

H1 2019

Q2 2020

Q2 2019

Operating cash flow

106.0

-112.9

37.3

-69.9

Free Cash flow

44.3

-181.4

-1.5

-115.4

∆ Net financial status

-21.6

-243.9

-55.5

-174.4

86.0

+56.8

-99.3-4.2

-26.6

-12.0

-55.9

-9.5

NFS 12/2019

EBT

Depreciation

NWC

-56.2

-120.9

Capex

M&A

Dividend payment

Taxes

Others

NFS 6/2020

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

9

NWC

Net working capital declined due to delivery of orders and solid customer payments

in € m

06/30/2020

12/31/2019

06/30/2019

Inventories and prepayments

531.9

509.2

565.1

+

Total trade receivables

508.9

586.1

578.3

+

Total contract assets

432.6

519.1

504.3

-

Trade payables (incl. liabilities from notes payable)

438.4

479.0

510.1

-

Total contract liabilities

624.8

632.7

534.2

=

Net working capital

410.1

502.7

603.4

DWC

45.71

46.1

57.81

  • Strong improvement in NWC management compared with H1 2019
  • NWC build-up expected in H2 2020 due to recovering order intake

1 annualized included in total balance (total work in process less billings)

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

10

Work in process balance

Continued solid customer payments

in € m

06/30/2020

12/31/2019

06/30/2019

Assets

Total contract assets

432.6

519.1

504.3

Work in process from small series production

113.7

101.9

128.0

Liabilities

Total contract liabilities

624.8

632.7

534.2

Total balance (total work in process less

billings)

-78.5

-11.7

98.1

  • Work in process balance better than expected range for 2020 of between € -50 m and € 50 m

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

11

Factoring/Forfeiting

Forfeiting volume decreased by € 15 m

In € m

06/30/2020

12/31/2019

12/31/2018

Factoring

0.0

0.0

0.0

Forfeiting

7.3

22.0

24.9

Total

7.3

22.0

24.9

End of previous year

-14.7

-2.8

-3.1

Conservative approach to forfeiting

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

12

Total liquidity at all-time high

06/30/2020

12/31/2019

06/30/2019

Equity in € m

956.1

1,043.4

985.4

Equity ratio in %

25.1

26.9

28.1

Net financial status in € m

-120.9

-99.3

-318.3

Cash in € m

744.0

662.0

409.0

Gearing in %

11.2

8.7

24.4

ROCE1 in %

1.2

16.9

14.5

  • Equity declined primarily due to dividend payment and negative foreign exchange rate effects
  • Net financial status € 22 m lower than at year-end 2019 despite dividend payment of € 56 m in Q2
  • Cash increased by € 82 m compared to year-end 2019; total liquidity (cash incl. time deposits) reached € 904 m

1 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

13

Comfortable liquidity headroom

Maturities well covered with cash and free credit lines

In € billion

2.0

1.8

1.5

1.0

0.5

0.45

0.0

Available funds

Financial liabilities

< 12 months

Maturity profile

0.5

0.4

0.3

0.2

0.1

0.0

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Cash credit facilities

Bilateral loan

Bilateral loan

Schuldschein loans

Bond

Cash and cash equivalents

Schuldschein loans

Money markets

Bond

Credit facilities unutilized: 350 Mio.€ maturing in 2021 (extension option 1 year) and 500 Mio.€ maturing in 2024

Without leasing liabilities or accrued interest

Other financial liabilities not included

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

14

Paint and Final Assembly Systems

Strong China business mainly driven by EV manufacturers

H1

H1

Q2

Q2

2020

20191

2020

20191

Incoming orders in € m

490.2

685.3

-28.5%

240.3

249.3

-3.6%

Sales revenues in € m

574.6

683.6

-16.0%

277.4

334.7

-17.1%

EBIT in € m

14.2

30.6

-53.6%

3.7

14.5

-74.3%

EBIT before extra-

ordinary effects in € m

15.7

32.1

-51.2%

4.5

15.0

-70.4%

EBIT margin in %

2.5

4.5

-2.0 ppts

1.3

4.3

-3.0 ppts

EBIT margin before

extraordinary effects in %

2.7

4.7

-2.0 ppts

1.6

4.5

-2.9 ppts

ROCE2 in %

15.0

-

-20.0 ppts

7.8

-

-25.2 ppts

  • Q2 2020 incoming orders on Q2 2019 level
  • Positive EBIT in H1 and Q2 despite significant sales reduction
  • High execution quality thanks to FOCUS 2.0
  • Weak European business
  • Improving project pipeline
    1 adjusted for inclusion of Automotive Filling and Testing Systems (FY 2019: sales € 172 m; EBIT € 17 m), as of 1/1/2020 2 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

15

Application Technology

High service declines feeding through to bottom line

H1

H1

Q2

Q2

2020

2019

2020

2019

Incoming orders in € m

193.7

305.0

-36.5%

77.0

145.5

-47.1%

Sales revenues in € m

218.6

271.7

-19.5%

97.2

132.3

-26.5%

EBIT in € m

-1.1

27.8

-103.9%

-6.7

13.2

-151.3%

EBIT before extra-

ordinary effects in € m

1.9

27.9

-93.1%

-6.0

13.2

-145.4%

EBIT margin in %

-0.5

10.2

-10.7 ppts

-6.9

10.0

-16.9 ppts

EBIT margin before

extraordinary effects in %

0.9

10.3

-9.4 ppts

-6.2

10.0

-16.1 ppts

ROCE1 in %

-0.8

17.2

-18.0 ppts

-9.8

16.3

-26.1 ppts

  • Incoming orders: recovery expected to continue after weak March / April
  • Improving pipeline: more projects ahead in H2
  • Disproportionately strong service declines due to plant shutdowns
  • EBIT impacted by service declines and one-offs (€ 3.0 m), mainly for streamlining measures

1 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

16

Clean Technology Systems

Resilient business: Incoming orders increased despite Corona

H1

H1

Q2

Q2

2020

2019

2020

2019

Incoming orders in € m

215.9

208.0

3.8%

107.1

95.5

12.2%

Sales revenues in € m

178.1

180.3

-1.2%

95.8

92.1

4.1%

EBIT in € m

-1.1

0.7

-262.0%

0.2

1.4

-88.0%

EBIT before extra-

ordinary effects in € m

4.1

5.3

-21.5%

2.3

4.1

-42.6%

EBIT margin in %

-0.6

0.4

-1.0 ppts

0.2

1.5

-1.3 ppts

EBIT margin before

extraordinary effects in %

2.3

2.9

-0.6 ppts

2.4

4.4

-2.0 ppts

ROCE1 in %

-1.6

0.8

-2.4 ppts

0.5

3.3

-2.8 ppts

  • Strong demand from pharma, chemicals and battery manufacturing
  • Project pipeline well filled
  • Sales expected to accelerate in H2
  • Operating EBIT somewhat down due to Corona-related restraints in order execution
  • One-offsof € 5.2 million for streamlining and PPA

1 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

17

Measuring and Process Systems

Strong Corona impact in Q2

H1

H1

Q2

Q2

2020

20191

2020

20191

Incoming orders in € m

90.0

131.8

-31.7%

28.9

68.7

-57.9%

Sales revenues in € m

92.5

108.0

-14.3%

40.4

53.9

-25.1%

EBIT in € m

-4.6

6.8

-168.1%

-3.1

3.4

-189.1%

EBIT before extra-

ordinary effects in € m

-4.4

7.5

-159.1%

-3.0

3.7

-179.8%

EBIT margin in %

-5.0

6.3

-11.3 ppts

-7.6

6.4

-14.0 ppts

EBIT margin before

extraordinary effects in %

-4.8

6.9

-11.7 ppts

-7.3

6.9

-14.2 ppts

ROCE2 in %

-5.3

-

-9.9 ppts

-7.0

-

-11.7 ppts

  • Q2: weak demand by main customer groups (automotive, aviation, power plants)
  • Project pipeline in Asia improving better prospects for H2
  • EBIT burdened by low sales, weak service business and declines in high-margin standard machine business
  • Capacity adjustments initiated
    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

2 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

18

Woodworking Machinery and Systems

Corona impact on order intake smaller than in the automotive business

H1

H1

Q2

Q2

2020

2019

2020

2019

Incoming orders in € m

493.2

590.8

-16.5%

191.5

256.2

-25.3%

Sales revenues in € m

551.5

636.8

-13.4%

261.9

317.5

-17.5%

EBIT in € m

3.5

35.0

-90.1%

-9.0

16.7

-154.3%

EBIT before extra-

ordinary effects in € m

10.7

39.4

-72.8%

-5.4

18.8

-128.4%

EBIT margin in %

0.6

5.5

-4.9 ppts

-3.5

5.2

-8.7 ppts

EBIT margin before

extraordinary effects in %

1.9

6.2

-4.2 ppts

-2.0

5.9

-8.0 ppts

ROCE1 in %

1.5

14.0

-12.5 ppts

-8.0

13.3

-21.4 ppts

  • Sharp declines in systems business, single machine business more stable
  • Only moderate sales declines
  • Q2 EBIT impacted by Corona restraints (service, inventory increase)
  • Recovery of China business expected to continue, improved market position with HOMAG China Golden Field
  • HOMAG optimization on track, laying the foundations for strong EBIT improvements

(9 % margin target for 2023)

1 annualized

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

19

Service business

Service sales decline due to shutdowns and low utilization in automotive plants

Service mix 6 months 2020

19%

43 %

38%

Spare parts

Modifications

Other services (e.g. maintenance, assessments)

H1 2020

H1 2019

Sales revenues in € m

441.0

527.2

-16.3%

% of group sales

27.3

28.0

-0.7 ppts

  • Service business in Clean Technology Systems and Woodworking Machinery and Systems relatively strong
  • Strong decline of service business in Application Technology and Measuring and Process Systems
  • Service margin slightly down
  • Resumed automotive production should support service sales in H2

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

20

Additional efficiency improvement measures in Europe

Background:

  • Subdued demand development in automotive business in Europe after Corona expected as markets are saturated with only limited number of new automotive plants to come
  • Current capacities cannot be fully utilized by upgrade and service business

Measures:

  • Focus on divisions Paint and Final Assembly Systems, Application Technology and Measuring and Process Systems
  • Capacity reduction program in Germany and Western Europe (~600 employees)
  • Restructuring charges of € 35 - 45 million expected in H2 2020
  • Lowering of breakeven point by € 30 million targeted in 2021

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

21

Total cost reduction of ~ € 60 m p.a. targeted from 2021

Restructuring charges taken in Q4 2019 and in 2020

in € m

reduction

~60

Cost

7

Charges

-22

-37

-35 to -45

Total savings

Existing programs

Add. measures

-57 to -67

2019

2020

2021

  • Efficiency and production improvement measures initiated at HOMAG in Q4 2019 targeting € 20 million savings in 2021
  • Continuous improvement measures, e.g. already executed site closures at Karlstein (APT) and Goldkronach (CTS) yielding
    € 10 million savings in 2021
  • New measures in Europe targeting € 30 million lowering of breakeven point in 2021
  • 2020: Extraordinary expenses of € 75 - 85 million expected (incl. PPA)

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

22

Long-term growth in car production

But slow recovery in short-term: 2019 levels to be reached in 2023

In m units1

CAGR

110

+6.4%

103.1

100

-19.9%

3.6

88.9

90

2.1

23.0

80

22.1

71.2

70

1.8

60

16.7

30.9

50

24.3

40

21.8

30

20.9

23.9

20

16.0

10

19.5

14.9

21.7

0

2019

2020e

2027e

Other

Asia (without China)

China

Europe

Americas

1 Light vehicles production

Source: LMC Automotive

Last update: July 2020

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

23

Targets 2020

Guidance resumed as business recovers; new targets defined for 2020

Actual 2019

Target 2020 old

Target 2020 new

Incoming orders in € m

4,076.5

3,800 - 4,100

3,100 - 3,400

Sales revenue in € m

3,921.5

3,900 - 4,100

3,200 - 3,400

EBIT margin in %

5.0

5.2 - 5.7

0 - 0.5

EBIT margin before extraordinary effects in %

6.7

6.2 - 6.7

2.5 - 2.8

ROCE in %

16.9

17 - 22

0 - 1.5

Earnings after tax in € m

129.8

135

- 150

-40 - -10

Operating cash flow in € m

171.9

180

- 230

70 - 120

Free cash flow in € m

44.9

70

- 120

-40 - +10

Net financial status in € m (12/31)

-99.3

-80 - -30

-230 - -180

Capital expenditure in € m1

102.6

95

- 105

75 - 85

1 on property, plant and equipment and intangible assets (excluding acquisitions)

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

24

Appendix

Balance sheet highlights (1/2)

06/30/2020

12/31/2019

06/30/2019

Non-current assets

1,289.9

1,322.4

1,309.3

of which goodwill and intangibles

639.0

644.0

645.2

of which property, plant and equipment

502.5

525.4

521.7

of which investment and financial assets

73.0

70.5

70.1

Current assets

2,521.1

2,560.0

2,201.3

of which inventories and prepayments

531.9

509.2

565.1

of which contract assets

432.6

519.1

504.3

of which trade receivables

501.5

570.3

564.9

of which sundry financial assets

207.7

206.4

52.4

of which cash and cash equivalents

744.0

662.0

409.0

Total assets Dürr Group

3,811.1

3,882.3

3,510.6

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

26

Balance sheet highlights (2/2)

Equity and Liabilities in € m

06/30/2020

12/31/2019

06/30/2019

Total equity

956.1

1,043.4

985.4

of which non-controlling interests

9.2

12.7

14.2

Non-current liabilities

697.6

1,056.4

864.3

of which provisions

78.8

81.3

72.5

of which bond and Schuldschein loans

464.2

798.2

598.3

of which other financial liabilities

81.1

86.8

88.9

of which deferred taxes

59.3

81.2

91.1

Current liabilities

2,157.3

1,782.6

1,660.9

of which other provisions

145.2

148.1

118.3

of which contract liabilities

622.7

630.6

532.1

of which trade payables

437.4

478.8

509.4

of which bond and Schuldschein loans

349.4

0.0

0.0

of which sundry financial liabilities

410.2

357.9

334.7

of which other liabilities

138.6

118.8

135.9

Total equity and liabilities Dürr Group

3,811.1

3,882.3

3,510.6

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

27

P&L in detail

in € m

H1 2020

H1 2019

Q2 2020

Q2 2019

Sales revenues

1,615.2

1,880.4

-14.1%

772.6

930.5

-17.0%

Cost of sales

-1,312.2

-1,466.3

-10.5%

-646.8

-722.8

-10.5%

Gross profit on sales

303.0

414.1

-26.8%

125.8

207.7

-39.4%

Selling expenses

-154.3

-169.1

-8.7%

-75.4

-86.6

-12.9%

General administrative expenses

-86.9

-92.6

-6.1%

-40.2

-45.6

-12.0%

Research and development costs

-54.7

-58.3

-6.1%

-26.6

-29.2

-8.8%

Other operating income

22.7

12.0

88.9%

7.7

4.3

78.4%

Other operating expenses

-23.2

-11.0

110.8%

-7.7

-4.0

90.7%

Earnings before investment income, interest and income taxes

6.6

95.2

-93.1%

-16.4

46.6

-135.1%

Investment income

1.8

2.8

-35.4%

1.1

0.9

28.5%

Interest and similar income

2.6

3.2

-19.9%

0.8

1.6

-51.6%

Interest and similar expenses

-15.2

-12.7

19.6%

-8.3

-6.3

30.1%

Earnings before income taxes

-4.2

88.6

-104.7%

-22.7

42.7

-153.2%

Income taxes

1.1

-25.0

-104.5%

6.4

-12.1

-153.4%

Profit/loss of the Dürr Group

-3.0

63.6

-104.8%

-16.3

30.6

-153.1%

Attributable to:

Non-controlling interests

1.0

3.0

-65.8%

0.5

1.1

-54.9%

Shareholders of Dürr Aktiengesellschaft

-4.0

60.7

-106.7%

-16.8

29.5

-156.8%

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)

-0.1

0.9

-106.8%

-0.2

0.4

-155.8%

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

28

Cash flow

in € m

H1 2020

H1 2019

Q2 2020

Q2 2019

EBT

-4.2

88.6

-22.7

42.7

Depreciation and amortization of non-current assets

56.8

55.2

28.0

28.1

Interest result

12.6

9.5

7.5

4.8

Income taxes paid

-9.5

-32.6

-0.3

-22.9

Provisions

-1.1

-10.2

2.6

-5.7

Net working capital

86.0

-161.9

68.2

-74.6

Other

-34.7

-61.5

-45.9

-42.3

Operating cash flow

106.0

-112.9

37.3

-69.9

Interest paid (net)

-18.9

-18.3

-18.7

-18.6

Repayment lease liabilities

-16.1

-13.3

-8.8

-7.4

Capital expenditures

-26.6

-36.9

-11.3

-19.5

Free cash flow

44.3

-181.4

-1.5

-115.4

Others (e.g. currency effects)

-66.0

-62.5

-54.0

-59.0

Change net financial status

-21.6

-243.9

-55.5

-174.4

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

29

Overview: Financial figures by division (1/2)

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

490.2

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

574.6

348.9

334.7

366.3

365.6

1,415.5

270.2

297.1

311.2

357.1

1,235.7

PFS

Order backlog in € m

1,344.0

1,234.2

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

14.2

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

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

4,277

4,304

4,370

4,412

3,435

3,405

3,447

3,472

APT

Incoming orders in € m

116.7

77.0

Sales revenues in € m

121.4

97.2

Order backlog in € m

403.7

372.9

EBIT in € m

5.7

-6.7

EBIT before extraordinary effects in €

7.9

-6.0

Employees

2,301

2,228

193.7

159.6

145.5

151.1

184.6

640.8

168.6

176.6

141.2

146.0

632.4

218.6

139.4

132.3

155.5

165.7

592.8

145.5

152.5

174.1

180.5

652.6

391.5

400.7

399.3

417.5

424.0

449.8

398.3

366.5

-1.1

14.6

13.2

16.3

13.1

57.1

15.2

15.5

17.4

19.9

68.0

14.7

13.2

16.3

19.1

63.3

15.2

15.6

17.4

19.9

68.2

2,271

2,251

2,306

2,306

2,112

2,154

2,230

2,246

Incoming orders in € m

108.8

107.1

215.9

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

178.1

88.3

92.1

91.6

123.4

395.3

30.3

34.7

54.9

106.8

226.7

CTS

Order backlog in € m

269.6

273.9

217.8

217.1

255.1

243.7

125.7

152.2

130.8

191.3

EBIT in € m

-1.2

0.2

-1.1

-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

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

1,443

1,427

1,425

1,418

601

600

612

1,472

Incoming orders in € m

61.1

28.9

90.0

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

92.5

54.1

53.9

60.2

70.4

238.6

99.4

114.2

112.6

130.4

456.5

MPS

Order backlog in € m

132.9

117.5

120.5

134.1

138.3

122.7

260.2

258.3

236.0

201.5

EBIT in € m

-1.6

-3.1

-4.6

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

3.7

3.7

6.8

9.1

23.4

10.9

13.8

14.4

22.2

61.3

Employees

1,524

1,476

1,543

1,547

1,550

1,515

2,317

2,303

2,325

2,279

1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) 2 figures for PFS and MPS adjusted to enable a YOY comparison

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

30

Overview: Financial figures by division (2/2)

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

493.2

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

551.5

319.2

317.5

320.1

322.3

1,279.1

294.6

311.1

331.6

361.0

1,298.3

WMS

Order backlog in € m

553.9

480.3

622.0

557.6

559.6

546.1

676.4

657.6

666.3

601.6

EBIT in € m

12.5

-9.0

3.5

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

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

6,633

6,592

6,615

6,569

6,484

6,567

6,605

6,593

CC / Cons.

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

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

Order backlog in € m

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

-4.3

-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

-2.8

-2.5

-4.8

-0.8

-10.9

-3.4

-4.6

-2.8

-1.9

-12.7

Employees

267

278

248

263

268

273

204

207

242

250

Incoming orders in € m

838.3

644.8

1,483.0

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

1,615.2

949.9

930.5

993.7

1,047.4

3,921.5

840.1

909.5

984.5

1,135.8

3,869.8

Group

Order backlog in € m

2,704.1

2,478.8

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

6.6

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

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

16,415

16,384

16,534

16,493

15,153

15,236

15,461

16,312

1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) 2 figures for PFS and MPS adjusted to enable a YOY comparison

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

31

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

-1.0

-0.5

-0.6

-0.5

-2.6

-0.5

-0.5

-0.5

-0.5

-2.2

APT

-2.2

-0.8

-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

-1.9

-2.7

-2.9

-3.6

-11.2

-0.2

-0.2

-13.7

-6.1

-20.1

MPS

-0.1

-0.1

-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

-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

-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

-6.0

-5.7

-5.7

-49.8

-67.2

-5.7

-5.7

-17.3

-12.8

-41.4

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

32

Shareholder structure

Free float at 70.9%1

25.6%

3.5%

70.9%

Heinz Dürr GmbH

Heinz und Heide Dürr Stiftung

Institutional and private investors2

  • Thereof MainFirst: 4.7%
  • Thereof Candriam Luxembourg: 3.8%
  • Thereof Alecta Pensionsförsäkring: 3.2%
  • Thereof Credit Suisse Fund Management: 3.0%
  • Thereof members of the Dürr Board of Management: 0.3%
  • Thereof members of the Dürr Supervisory Board: 0.1%
  1. Free float calculated according to Deutsche Börse AG
  2. According to the relevant laws

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

33

Financial calendar

August

November

08/06/2020

Interim Financial Statement Q2/H1 2020

11/05/2020

Interim Statement Q3 2020

No analysts/investors call

Analysts/investors call

08/18/2020

Bankhaus Lampe Deutschlandkonferenz,

11/16/2020

Investors' Day, Poland (planned)

Baden-Baden

11/24/2020

DZ Equity Conference, Frankfurt

September

  • 09/09/2020 MainFirst Cross Sector Conference, London
  • 09/21/2020 Baader Investment Conference, Munich
  • 09/22/2020 Berenberg/GS German Corporate Conference, Munich

Dürr Corporate Communications & Investor Relations contact

Andreas Schaller

Mathias Christen

Stefan Tobias Burkhardt

a.schaller@durr.com

mathias.christen@durr.com

stefantobias.burkhardt@durr.com

+49 7142 78-1785

+49 7142 78-1381

+49 7142 78-3558

www.durr-group.com

© Dürr AG, Conference call - H1 2020, July 30, 2020

34

Dürr Aktiengesellschaft

Carl-Benz-Str. 34

74321 Bietigheim-Bissingen

Germany

+49 7142 78-0 corpcom@durr.com www.durr-group.com

Conference Call

Results January -

June 2020

Ralf W. Dieter, CEO

July 30, 2020

Bietigheim-Bissingen

Disclaimer

Dürr AG published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 15:10:02 UTC


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Short TermMid-TermLong Term
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Average target price 35,50 €
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Spread / Highest target 44,9%
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Spread / Lowest Target -26,1%
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