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    DUE   DE0005565204

DÜRR AG

(DUE)
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Dürr : Conference Call Presentation Preliminary Figures 2020

02/25/2021 | 04:18am EDT

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/).

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

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.


© Publicnow 2021
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Sales 2021 3 624 M 4 395 M 4 395 M
Net income 2021 86,1 M 104 M 104 M
Net Debt 2021 353 M 428 M 428 M
P/E ratio 2021 26,8x
Yield 2021 1,69%
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EV / Sales 2021 0,73x
EV / Sales 2022 0,66x
Nbr of Employees 16 984
Free-Float 70,4%
Chart DÜRR AG
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Technical analysis trends DÜRR AG
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Buy
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Number of Analysts 14
Average target price 35,50 €
Last Close Price 33,32 €
Spread / Highest target 47,1%
Spread / Average Target 6,54%
Spread / Lowest Target -25,0%
EPS Revisions
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Ralf Werner Dieter Chairman-Management Board
Dietmar Heinrich Chief Financial Officer & Member-Management Board
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