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    DUE   DE0005565204

DÜRR AG

(DUE)
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Dürr : Conference Call Presentation Q3 2020

11/05/2020 | 05:37am EDT

Results

January-

September 2020

Ralf W. Dieter, CEO

Dietmar Heinrich, CFO

November 05, 2020

Bietigheim-Bissingen

© StructurIam Mass Timber Corporation

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 - 9M 2020, November 05, 2020

2

Agenda

  1. Overview
  2. Divisions
  3. Financials
  4. Outlook
  5. Summary

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

3

1. Overview: Highlights

Strong operational improvement in Q3 - cash flow and liquidity on high levels

  • Order intake improved in Q3 with project pipeline filling again. Dürr could gain a large project from a premium automotive OEM in Germany; book-to-bill recovered to 1.01 in Q3; order backlog slightly down q-o-q at € 2.45 bn
  • Sales revenues recovered moderately in Q3 as industrial production picked up after the lockdown in Q2
  • EBIT improved significantly in Q3 compared with Q2 driven by sales revenue recovery, a stronger service business, cost reduction measures and solid project execution
  • Strong free cash flow in Q3 due to disciplined management of net working capital and capex as well as stable customer payments; total liquidity at record level of € 960 m
  • Strong funding situation further strengthened with issuance of a € 150 m convertible bond
  • Guidance from July for 2020 confirmed

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

4

4

1. Overview: KPI development 9M 2020 vs. 9M 2019

in € m

-19%

2,860

2,309

-15%

2,874

2,431

-63%

172

6.0%

2.6%

64

9M 2019 9M 2020 Margin

+406%

-87%

188

102

3.6%

0.5%

13

Incoming orders

Sales revenues

EBIT before

Net profit

Operating cash flow

extraord. effects

Positive momentum in order intake in Q3 reduces gap to prior year to below 20% for 9M 2020

-61

  • Improvement of EBIT-margin before extraordinary effects by 1.1% pts. compared with H1 2020
  • Huge swing in operating cash flow compared to 9M 2019

Beginning recovery after Covid-19 induced downturn in Q2

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

5

1. Overview: Order intake gains momentum

in € m

1.161.16

0.99

Book-to-bill

0.94

Order intake

0.87

0.83

1.01

1,217

1,106

939

838

826

815

645

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

Key aspects

  • Growing project pipeline translates into order intake
  • Strongest recovery: PFS, APT, WMS
  • Book-to-billratio recovers to > 1

Order intake starts to recover after downturn in Q2

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

6

1. Overview: Momentum starts to build outside China

in € m

-19%

2,860

2,309

-48%

+29%

915

453

586

479

  • Large order received from premium automotive OEM in Germany in Q3
  • Continued positive momentum in China
  • Decline in Americas and Asia (w/o China) due to major orders in Q1 2019

-27%

21%

-43%

723

431

521

531

338

192

Total

China

Americas

Germany

Europe (w/o

Asia (w/o China),

9M 2019

9M 2020

Germany)

Africa, Australia

Increasing number of projects are being discussed

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

7

1. Overview: Status of measures safeguarding our future

  • WMS: Agreement reached on closure of production at Hemmoor plant by end of 2020
  • MPS: Headcount reduction at main site Darmstadt agreed (70 employees)
  • PFS + APT: Capacity adjustments in Spain negotiated
  • Negotiations with employee representatives and unions in Germany to be finalized in Q4
  • Number of employees reduced by 312 since beginning of the year
  • Restructuring charges of € 10 m recorded in Q3 (€ 19 m in 9M)

Optimization and capacity adjustment measures on track

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

8

1. Overview: Major part of restructuring charges in Q4

in € m

Charges Cost reduction

2019

2020

2021

~60

Actual

To come

9M

Q4

5

5

-19

Total savings

Charges

-37

-38 - -48

-57 to -67

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

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

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

9

1. Overview: Expanding our value chain

Acquisition of System TM

Highlights:

  • Specialist in systems for solid wood processing
  • Founded 1977, located in Odder, Denmark
  • Sales of around € 30 m with 130 employees
  • Will be part of new business field "Construction Elements Solutions" in the solid wood construction segment at Homag - targeting 3 digit million € sales
  • Growing market with an increasing number of buildings, including larger ones, being constructed from wooden elements

Strengthening our position as system partner for sustainable construction using wood

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

10

Divisions

2. Divisions: Paint and Final Assembly Systems

Strong China business mainly driven by EV manufacturers

9M

9M

Q3

Q3

2020

20191

2020

20191

Incoming orders in € m

797.0

966.5

-17.5%

306.8

281.2

9.1%

Sales revenues in € m

854.2

1,050.0

-18.6%

279.7

366.3

-23.6%

EBIT in € m

24.7

50.5

-51.2%

10.5

19.9

-47.5%

EBIT margin in %

2.9

4.8

-1.9 ppts

3.7

5.4

-1.7 ppts

EBIT before extra-

ordinary effects in € m

28.0

52.6

-46.7%

12.3

20.5

-39.7%

EBIT margin before

extraordinary effects in %

3.3

5.0

-1.7 ppts

4.4

5.6

-1.2 ppts

ROCE2 in %

15.1

32.1

-17.0 ppts

19.2

38.0

-18.8 ppts

  • Strong increase in order intake - large paintshop project won in Germany
  • Limited impact of sales revenues decline on adjusted EBIT due to cost reduction measures and solid project execution
  • € 1.4 m restructuring charge included in Q3 - major part to come in Q4
  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

Strong recovery of order intake

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

12

2. Divisions: Application Technology

Beginning recovery after downturn in Q2

9M

9M

Q3

Q3

2020

2019

2020

2019

Incoming orders in € m

312.8

456.1

-31.4%

119.1

151.1

-21.2%

Sales revenues in € m

325.9

427.2

-23.7%

107.3

155.5

-31.0%

EBIT in € m

5.9

44.0

-86.7%

6.9

16.3

-57.4%

EBIT margin in %

1.8

10.3

-8.5 ppts

6.5

10.5

-4.0 ppts

EBIT before extra-

ordinary effects in € m

10.1

44.2

-77.1%

8.2

16.3

-49.7%

EBIT margin before

extraordinary effects in %

3.1

10.4

-7.2 ppts

7.6

10.5

-2.8 ppts

ROCE1 in %

3.1

18.8

-15.6 ppts

11.1

20.8

-9.7 ppts

  • Order intake in Q3 exceeding Q1 level - large order from Chinese EV manufacturer
  • Service and spare part business improved as automotive production has been resumed
  • EBIT-marginshows strong improvement in Q3
  • € 1.2 m restructuring charge included in Q3 - major part to come in Q4

1 annualized

Recovery of service business drives sales revenues and margins

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

13

2. Divisions: Clean Technology Systems

Resilient business: Sales and earnings growth despite Corona pandemic

9M

9M

Q3

Q3

2020

2019

2020

2019

Incoming orders in € m

309.0

334.1

-7.5%

93.1

126.0

-26.1%

Sales revenues in € m

277.7

271.9

2.1%

99.6

91.6

8.8%

EBIT in € m

5.5

4.4

25.6%

6.6

3.7

75.9%

EBIT margin in %

2.0

1.6

0.4 ppts

6.6

4.1

2.5 ppts

EBIT before extra-

ordinary effects in € m

12.2

11.9

2.5%

8.1

6.6

21.6%

EBIT margin before

extraordinary effects in %

4.4

4.4

0.0 ppts

8.1

7.3

0.9 ppts

ROCE1 in %

6.0

3.5

2.5 ppts

21.6

9.0

12.6 ppts

  • Sales revenues and EBIT growth driven by solid demand
  • Q3: Highest EBIT-margin since Megtec/Universal acquisition
  • Temporary slower order intake in Q3 after strong H1

1 annualized

Strong Q3 EBIT margin realization

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

14

2. Divisions: Measuring and Process Systems

Stabilization of business at low levels - self-help measures agreed

9M

9M

Q3

Q3

2020

20191

2020

20191

Incoming orders in € m

127.6

195.6

-34.8%

37.6

63.8

-41.0%

Sales revenues in € m

139.2

168.2

-17.2%

46.7

60.2

-22.4%

EBIT in € m

-5.4

13.5

-139.6%

-0.7

6.7

-110.9%

EBIT margin in %

-3.9

8.1

-11.9 ppts

-1.6

11.2

-12.8 ppts

EBIT before extra-

ordinary effects in € m

-1.2

14.3

-108.3%

3.2

6.8

-52.8%

EBIT margin before

extraordinary effects in %

-0.8

8.5

-9.3 ppts

6.9

11.4

-4.4 ppts

ROCE2 in %

-4.1

6.0

-10.2 ppts

-1.7

9.0

-10.7 ppts

  • Stabilization of order intake at low levels as business in Asia and China returns
  • Cost reductions and service recovery lead to improved margins compared with H1
  • Capacity adjustments agreed at Schenck Darmstadt (70 employees) - total restructuring

charges recorded in Q3 (€ 3.9 m)

  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

Slow demand recovery - margin improvement achieved

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

15

2. Divisions: Woodworking Machinery and Systems

Corona impact on order intake smaller than in the automotive business

9M

9M

Q3

Q3

2020

2019

2020

2019

Incoming orders in € m

762.9

907.3

-15.9%

269.7

316.5

-14.8%

Sales revenues in € m

833.4

956.8

-12.9%

281.9

320.1

-11.9%

EBIT in € m

8.4

52.0

-83.8%

4.9

17.0

-71.0%

EBIT margin in %

1.0

5.4

-4.4 ppts

1.7

5.3

-3.6 ppts

EBIT before extra-

ordinary effects in € m

20.8

58.5

-64.5%

10.1

19.2

-47.5%

EBIT margin before

extraordinary effects in %

2.5

6.1

-3.6 ppts

3.6

6.0

-2.4 ppts

ROCE1 in %

2.7

14.0

-11.2 ppts

4.8

13.7

-8.9 ppts

  • Q3 order intake increased 41% compared with Q2 - signs of system business revival
  • Sales revenues in Q3 benefitted from increasing service business and re-opening of customer's plant
  • Q4 sales revenues and EBIT expected to be impacted by weak Q2 orders
  • Homag optimization on track

1 annualized

Solid recovery in Q3 - Impact of low order intake of Q2 expected in Q4

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

16

2. Divisions: Service business

Service recovery progressing

% of group sales

Service sales in € m

28.7

28.9

29.0

29.3

27.3

25.1

273

287

304

254

247

194

Key aspects Q3

28.4 Service recovery supporting Q3 earnings especially at APT and MPS

  • Service margin on last year´s level

Service mix 9M 2020

+2% pts.

-1% pt.

Spare parts

232

19%

Modifications

Other services

43%

(e.g. maintenance, assessments)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

-1% pt.

38%

2019

2020

Moderate recovery of sales revenues as industry resumes production

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

17

Financials

3. Financials: Overview of Key Financial Indicators

9M 2020

9M 2019

Q3 2020

Q3 2019

Sales revenues in € m

2,430.5

2,874.1

-15.4%

815.3

993.7

-18.0%

Gross profit on sales in € m

459.7

626.0

-26.6%

156.7

211.9

-26.1%

Gross margin in %

18.9

21.8

-2.9 ppts

19.2

21.3

-2.1 ppts

EBITDA in € m

115.8

237.6

-51.3%

52.4

87.2

-39.9%

EBIT in € m

31.6

154.1

-79.5%

25.0

58.9

-57.5%

EBIT margin in %

1.3

5.4

-4.1 ppts

3.1

5.9

-2.9 ppts

EBIT before

extraordinary effects in € m

63.6

171.5

-62.9%

39.9

64.6

-38.3%

EBIT margin before

extraordinary effects in %

2.6

6.0

-3.4 ppts

4.9

6.5

-1.6 ppts

Net income/loss in € m

12.8

102.1

-87.5%

15.8

38.4

-58.8%

ROCE1 in %

4.1

15.3

-11.2 ppts

9.7

17.5

-7.9 ppts

Free Cash Flow in € m

105.3

-158.1

166.6%

61.0

23.4

160.9%

Net financial status in € m

-64.3

-301.5

78.7%

-64.3

-301.5

-78.7%

Employees

16,181

16,534

-2.1%

16,181

16,534

-2.1%

1 annualized

Strong earnings recovery q-o-q - solid free cash flow

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

19

3. Financials: Sales revenues improve q-o-q

in € m

-18%6%

Key aspects Q3

  • All divisions contribute to Q3 recovery in sales revenues
  • CTS even reports y-o-y increase
  • Emerging market share of business grows

Sales per region 9M 2020

950 931 994 1,047

843 773 815

+2% pts.

0% pts.

Germany

17%

21%

Europe (w/o Germany)

+3%

Americas

12%

22%

Asia (w/o China), Africa, Australia

pts.

China

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

-6% pts.

28%

+1% pts.

Moderate recovery of sales revenues as industry resumes production

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

20

3. Financials: Strong Q3 EBIT margin recovery

5.9

5.1

5.0

EBIT-Marge in %

EBIT in € m

4.0

Key aspects Q3

All divisions contribute to EBIT recovery in Q3

R&D and SG&A cost savings partly compensate lower

gross profit

2.7

59

3.1

Increased restructuring charges reflect measures taken

49

47

42

-38%

23

25

59

65

6

-51

27

-1

40

15

-16

25

-2.1

Q1

Q2

Q3

Q4

Q1

Q2

Q3

EBIT Q3

Extraord.

EBIT Q3

Gross

R&D +

Other

EBIT Q3

Extraord.

EBIT Q3

2019

effects

2019

Profit

SG&A

2020

effects

2020

2019

2020

reported

bef. e.e.*

bef. e.e.*

reported

*extraordinary effects

Strong EBIT recovery in Q3 driven by sales recovery and successful projects

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

21

3. Financials: Free cash flow improved q-o-q

in € m

203

23

46

61

-2

-66

-115

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

Key aspects Q3

  • Disciplined management of NWC and Capex
  • Lower Tax pre-payments due to declining profits
  • Increased provisions due to uncertain environment (Covid-19)

37

23

-2

61

26 9

-32

FCF Q3

EBT

NWC

Capex incl. Interest

Other*

FCF Q3

2019

Leasing

2020

* Includes change in provisions, tax payments, other

Solid free cash flow generation due to disciplined NWC and Capex management

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

22

3. Financials: Stable net working capital development

in € m

DWC

NWC

58

61

50

51

46

46

47

603

649

530

503

477

426

410

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

Key aspects Q3

  • Customer payments continue to be solid
  • Contract liabilities above prior year level
  • NWC well below prior year's level

in € m

09/30/2020

12/31/2019

09/30/2019

Inventories and prepayments

523.7

509.2

562.3

+

Total trade receivables

532.8

586.1

618.6

+

Total contract assets

388.8

519.1

560.7

Trade payables (incl. liabilities from

-

notes payable)

430.5

479.0

534.9

-

Total contract liabilities

589.2

632.7

558.0

=

Net working capital

425.6

502.7

648.8

DWC

47.3

46.1

60.9

DWC stabilized within target range of 40 to 50 days

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

23

3. Financials: Net financial status back on Q1 level

in € m

Gearing

Key aspects Q3

Net financial status

Net financial status improved due to solid free cash flow

12%

24%

23%

9%

6%

generation

Net financial status includes € 95.6 m leasing liabilities

11%

6%

Low level of gearing maintained

-99

-65

-64

-121

in € m

09/30/2020

12/31/2019

09/30/2019

-144

Total liquidity

959,9

822,1

623,7

-

Gross Debt

-1.024,2

-921,4

-925,2

-302

-310

=

Net financial status

-64.3

-99.3

-301.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

20192020

Carefully managing net debt levels during the pandemic

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

24

3. Financials: Comfortable liquidity headroom

in € billion*

2.0

1.8

1.5

1.0

0.5

0.45

0.0

Available funds

Financial liabilities

< 12 months

Cash credit facilities

Bilateral loan

Cash and cash equivalents

Schuldschein loans

Money markets

Bond

Without leasing liabilities or accrued interest

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

Bilateral loan

Bond

Schuldschein loans

Credit facilities unutilized: € 350 m maturing in 2021 (extension option 1 year) and € 500 m maturing in 2024. Other financial liabilities not included

  • Figures as of 30 September 2020, not taking into account the € 150 m convertible bond issued 1 October 2020 maturing in 2026

Maturities well covered with cash and free credit lines

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

25

3. Financials: Funding base further strengthened

Issuance of a € 150 m Convertible Bond*

Rationale:

  • Increasing financial flexibility in consideration of interesting M&A opportunities and upcoming maturities in 2021
  • Diversification of financing instruments in view of continued investments into profitable growth
  • Leveraging increased share price volatility to reach relatively low coupon

Convertible bond overview

Size: € 150 m

Maturity: January 2026

Coupon: 0.75 % p.a.

Conversion premium: 40%

Conversion price: € 34.22

Sustainability link by interest swap

*The convertible bonds have been placed with qualified institutional buyers (QIBs) only and the information above does not constitute an offer or a solicitation of an offer to purchase securities of the Company or any of its subsidiaries in the United States of America, Germany or any other jurisdiction.

Increasing flexibility to engage in attractive growth opportunities

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

26

Outlook

4. Outlook: Automotive market

Long-term growth in car production…

in m units1

CAGR

120

100

80

60

40

20

0

-16.6%

+4.9%

103.7

3.4

88.9

23.2

2.0

74.1

22.1

1.9

17.6

31.2

24.4

22.7

20.9

23.8

16.6

19.5

15.3

22.1

2019

2020e

2027e

Other

Asia (without China)

China

Europe

Americas

1 Light vehicles production

Source: LMC Automotive

Last update: October 2020

…but slow recovery in short-term: 2019 levels to be reached in 2022

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

28

4. Outlook: Woodworking machinery market

Sequential market recovery with 2019 levels to be reached in 2023

Market Volume [in € billion]

Woodworking Machinery and Systems1

-1%

-20%

4%

4.2

4.1

8%

4.1

4.0

3.9

3.8

3.4

3.5

3.3

3.6

2015

2016

2017

2018

2019

2020e

2021e

2022e

2023e

2024e

1w/o Construction Element Solutions

Source: Innomis, CSIL, regional market expectation, competitor information | e = expected

First signs of next investment cycle become visible

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

29

4. Outlook: Guidance from July for 2020 confirmed

Actual 2019

Targets* 2020

Incoming orders in € m

4,076.5

3,100 - 3,400

Sales revenue in € m

3,921.5

3,200 - 3,400

EBIT margin in %

5.0

0 - 0.5

EBIT margin before extraordinary effects in %

6.7

2.5 - 2.8

ROCE in %

16.9

0 - 1.5

Earnings after tax in € m

129.8

-40 - -10

Operating cash flow in € m

171.9

70 - 120

Free cash flow in € m

44.9

-40 - +10

Net financial status in € m (12/31)

-99.3

-230 - -180

Capital expenditure in € m1

102.6

75 - 85

* as updated in July 2020 1 on property, plant and equipment and intangible assets (excluding acquisitions)

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

30

4. Outlook: Breakdown of guidance 2020 by division

Order intake

Sales (in € m)

EBIT margin (in %)

(in € m)

Targets*

Targets*

2019

2020

2019

2020

2019

Targets* 2020

2019

Targets* 2020

reported

reported

before e.e.**

before e.e.**

Paint and Final Assembly

Systems

1,515

1,100 - 1,200

1,416

1,100 - 1,200

5.6

0.3 - 1.3

5.7

3.0 - 4.0

Application Technology

641

480 - 530

593

470 - 510

9.6

-1.7 - -0.7

10.7

3.1 - 4.1

Clean Technology

Systems

449

380 - 420

395

380 - 420

3.1

2.2 - 3.8

5.9

4.7 - 6.3

Measuring and Process

Systems

252

170 - 190

239

190 - 210

9.1

-2.5 - -1.5

9.8

-0.4 - +0.6

Woodworking Machinery

and Systems

1,220

950 - 1,050

1,279

1,050 - 1,150

2.9

-0.1 - +0.9

6.5

1.3 - 2.3

* as updated in July 2020 ** Extraordinary effects

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

31

Summary

  1. Summary
  1. Recovery of order intake, sales and EBIT in Q3
  2. Capacity adjustment and optimization measures on track
  3. Strong cash flow and stable NWC - high level of liquidity
  4. Portfolio strengthened with acquisition of System TM
  5. Guidance for 2020 confirmed

Strong operational performance in Q3 - 2020 guidance confirmed

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

33

Appendix

Balance sheet highlights (1/2)

09/30/2020

12/31/2019

09/30/2019

Non-current assets

1,269.6

1,322.4

1,318.4

of which goodwill and intangibles

631.4

644.0

650.2

of which property, plant and equipment

486.0

525.4

524.2

of which investment and financial assets

70.2

70.5

69.8

Current assets

2,525.6

2,560.0

2,509.2

of which inventories and prepayments

523.7

509.2

562.3

of which contract assets

388.8

519.1

560.7

of which trade receivables

520.0

570.3

607.4

of which sundry financial assets

273.1

206.4

158.8

of which cash and cash equivalents

730.0

662.0

513.8

Total assets Dürr Group

3,795.2

3,882.3

3,827.6

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

35

Balance sheet highlights (2/2)

Equity and Liabilities in € m

09/30/2020

12/31/2019

09/30/2019

Total equity

953.6

1,043.4

1,028.7

of which non-controlling interests

10.0

12.7

14.7

Non-current liabilities

691.9

1,056.4

1,072.2

of which provisions

82.3

81.3

74.3

of which bond and Schuldschein loans

464.2

798.2

798.0

of which other financial liabilities

78.9

86.8

89.5

of which deferred taxes

53.2

81.2

96.5

Current liabilities

2,149.8

1,782.6

1,726.6

of which other provisions

159.4

148.1

114.2

of which contract liabilities

587.1

630.6

555.9

of which trade payables

429.9

478.8

534.4

of which bond and Schuldschein loans

349.6

0.0

0.0

of which sundry financial liabilities

434.1

357.9

362.7

of which other liabilities

129.9

118.8

122.7

Total equity and liabilities Dürr Group

3,795.2

3,882.3

3,827.6

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

36

P&L in detail

in € m

9M 2020

9M 2019

Q3 2020

Q3 2019

Sales revenues

2,430.5

2,874.1

-15.4%

815.3

993.7

-18.0%

Cost of sales

-1,970.8

-2,248.1

-12.3%

-658.6

-781.8

-15.8%

Gross profit on sales

459.7

626.0

-26.6%

156.7

211.9

-26.1%

Selling expenses

-219.1

-249.3

-12.1%

-64.8

-80.2

-19.2%

General administrative expenses

-130.5

-139.6

-6.5%

-43.6

-47.0

-7.2%

Research and development costs

-77.9

-84.7

-8.0%

-23.2

-26.4

-12.1%

Other operating income

41.5

17.4

138.1%

18.8

5.4

247.4%

Other operating expenses

-42.0

-15.8

166.0%

-18.8

-4.8

293.0%

Earnings before investment income, interest and income taxes

31.6

154.1

-79.5%

25.0

58.9

-57.5%

Investment income

5.0

4.2

19.6%

3.2

1.3

137.1%

Interest and similar income

3.5

4.0

-12.6%

0.9

0.8

17.1%

Interest and similar expenses

-22.2

-19.9

11.6%

-7.1

-7.2

-2.5%

Earnings before income taxes

17.9

142.4

-87.4%

22.1

53.8

-59.0%

Income taxes

-5.1

-40.3

-87.4%

-6.2

-15.4

-59.4%

Profit/loss of the Dürr Group

12.8

102.1

-87.5%

15.8

38.4

-58.8%

Attributable to:

Non-controlling interests

1.8

3.9

-53.7%

0.8

1.0

-16.3%

Shareholders of Dürr Aktiengesellschaft

11.0

98.2

-88.8%

15.0

37.5

-59.9%

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)

0.2

1.4

-88.7%

0.2

0.5

-59.3%

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

37

Cash flow

in € m

9M 2020

9M 2019

Q3 2020

Q3 2019

EBT

17.9

142.4

22.1

53.8

Depreciation and amortization of non-current assets

84.1

83.5

27.3

28.3

Interest result

18.7

15.9

6.1

6.5

Income taxes paid

-11.3

-44.0

-1.8

-11.4

Provisions

15.8

-16.0

16.9

-5.9

Net working capital

67.6

-205.9

-18.3

-43.9

Other

-5.2

-37.3

29.5

24.2

Operating cash flow

187.7

-61.3

81.8

51.6

Interest paid (net)

-21.0

-18.8

-2.1

-0.4

Repayment lease liabilities

-22.6

-20.4

-6.5

-7.0

Capital expenditures

-38.9

-57.6

-12.3

-20.8

Free cash flow

105.3

-158.1

61.0

23.4

Others (e.g. currency effects)

-70.4

-68.9

-4.4

-6.5

Change net financial status

34.9

-227.0

56.6

16.9

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

38

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

306.8

797.0

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

854.2

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

1,248.6

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

24.7

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

28.0

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

4,277

4,304

4,370

4,412

3,435

3,405

3,447

3,472

APT

Incoming orders in € m

116.7

77.0

119.1

312.8

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

325.9

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

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

5.9

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

10.1

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

2,271

2,251

2,306

2,306

2,112

2,154

2,230

2,246

Incoming orders in € m

108.8

107.1

93.1

309.0

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

277.7

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

263.8

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

5.5

-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

12.2

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

1,443

1,427

1,425

1,418

601

600

612

1,472

Incoming orders in € m

61.1

28.9

37.6

127.6

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

139.2

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

105.1

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

-5.4

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

-1.2

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

1,543

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 - 9M 2020, November 05, 2020

39

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

269.7

762.9

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

833.4

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

460.8

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

8.4

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

20.8

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

6,633

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

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

Order backlog in € m

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

-7.4

-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

-6.4

-2.8

-2.5

-4.8

-0.8

-10.9

-3.4

-4.6

-2.8

-1.9

-12.7

Employees

267

278

278

248

263

268

273

204

207

242

250

Incoming orders in € m

838.3

644.8

826.3

2,309.4

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

2,430.5

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

2,449.8

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

25.0

31.6

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

39.9

63.6

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

16,415

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 - 9M 2020, November 05, 2020

40

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

-3.4

-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

-4.3

-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

-6.7

-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

-4.2

-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

-12.4

-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

-1.0

-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

-14.8

-32.0

-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 - 9M 2020, November 05, 2020

41

Shareholder structure

Free float at 71%1

25.5%

Heinz Dürr GmbH, Berlin

Heinz und Heide Dürr Stiftung,

Berlin

2

Institutional and private investors, including

Candriam Luxembourg: 3.8%

Alecta Pensionsförsäkring: 3.2%

Credit Suisse Fund Management: 3.0%

Members of the Dürr Board of Management: 0.3%

3.5%

Members of the Dürr Supervisory Board: 0.2%

71.0%1

1 Free float calculated according to Deutsche Börse AG

2 According to the relevant laws

www.durr-group.com

© Dürr AG, Conference call - 9M 2020, November 05, 2020

42

Financial calendar

November 2020

February 2021

11/16/2020

Capital Markets Day 2020

02/25/2021 Preliminary figures for fiscal 2020

  • 11/17/2020 German Equity Forum (virtual)

11/19/2020

LBBW German Company Day (virtual)

March 2021

11/24/2020

DZ Equity Conference, Frankfurt

03/18/2021

Annual report 2020

December 2020

12/01/2020

Quirin Conference, Geneva

May 2021

12/01/2020

GS Industrials Conference, London

05/06/2021

Annual general meeting HOMAG Group AG

12/02/2020

Berenberg European Conference, Pennyhill Park

05/07/2021

Annual general meeting Dürr AG

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 - 9M 2020, November 05, 2020

43

Dürr Aktiengesellschaft

Carl-Benz-Str. 34

74321 Bietigheim-Bissingen

Germany

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

Results

January-September 2020

Ralf W. Dieter, CEO

Dietmar Heinrich, CFO

November 5, 2020

Bietigheim-Bissingen

Disclaimer

Dürr AG published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 10:36:02 UTC


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06/10DGAP-DD  : Dürr Aktiengesellschaft english
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06/07DGAP-PVR  : Dürr Aktiengesellschaft: Release according to Article 40, Section 1 ..
DJ
05/27DÜRR  : NorldLB reaffirms its Neutral rating
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05/18DÜRR AKTIENGESELLSCHAFT : Release according to Article 40, Section 1 of the WpHG..
EQ
05/18DÜRR  : Gets a Neutral rating from Warburg Research
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05/17DÜRR  : Goldman Sachs remains Neutral
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05/17DGAP-DD  : Dürr Aktiengesellschaft english
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Financials
Sales 2021 3 624 M 4 335 M 4 335 M
Net income 2021 86,3 M 103 M 103 M
Net Debt 2021 354 M 424 M 424 M
P/E ratio 2021 26,6x
Yield 2021 1,70%
Capitalization 2 296 M 2 739 M 2 746 M
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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Dürr AG Technical Analysis Chart | MarketScreener
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Technical analysis trends DÜRR AG
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 33,18 €
Average target price 35,86 €
Spread / Average Target 8,07%
EPS Revisions
Managers and Directors
Ralf Werner Dieter Chairman-Management Board
Dietmar Heinrich Chief Financial Officer & Member-Management Board
Gerhard Federer Chairman-Supervisory Board
Martin Schwarz-Kocher Member-Supervisory Board
Anja Schuler Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
DÜRR AG-0.66%2 739
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STANLEY BLACK & DECKER, INC.13.46%32 053
SANDVIK AB7.40%32 019