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    DUE   DE0005565204

DÜRR AG

(DUE)
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Dürr : Interim Financial Statement Q3 2020

11/05/2020 | 05:27am EDT

INTERIM STATEMENT

JANUARY 1 TO SEPTEMBER 30, 2020

WWW.DURR-GROUP.COM



2

CONTENTS

  1. Key figures for the Dürr Group
  2. Overview 9M 2020
  3. Group management report
  1. Consolidated statement of income
  2. Consolidated statement of comprehensive income
  3. Consolidated statement of financial position

30 Consolidated statement of cash flows

  1. Consolidated statement of changes in equity
  2. Financial calendar

33 Contact

Cover photo:

Building with wood is both sustainable and economical. This is why more and more buildings around the world are being constructed from timber. This trend is opening up new potential for growth for us: Via its subsidiary Weinmann, the HOMAG Group is already one of the leading suppliers of technology for processing solid wood components. With the acquisition of Danish mechanical engineering specialist System TM in October, the HOMAG Group has additionally strengthened its competence as a system supplier in the solid wood sector.

Interim statement January 1 to September 30, 2020

Key figures for the Dürr Group

3

KEY FIGURES FOR THE DÜRR GROUP

9M 2020

9M 2019

Q3 2020

Q3 2019

Order intake

€ m

2,309.4

2,859.5

826.3

938.6

Orders on hand (September 30)

€ m

2,449.8

2,590.3

2,449.8

2,590.3

Sales

€ m

2,430.5

2,874.1

815.3

993.7

Gross profit

€ m

459.7

626.0

156.7

211.9

EBITDA

€ m

115.8

237.6

52.4

87.2

EBIT

€ m

31.6

154.1

25.0

58.9

EBIT before extraordinary effects1

€ m

63.6

171.5

39.9

64.6

Earnings after tax

€ m

12.8

102.1

15.8

38.4

Gross margin

%

18.9

21.8

19.2

21.3

EBIT margin

%

1.3

5.4

3.1

5.9

EBIT margin before extraordinary effects1

%

2.6

6.0

4.9

6.5

Cash flow from operating activities

€ m

187.7

-61.3

81.8

51.6

Free cash flow

€ m

105.3

-158.1

61.0

23.4

Capital expenditure

€ m

54.1

76.8

16.8

29.3

Total assets (September 30)

€ m

3,795.2

3,827.6

3,795.2

3,827.6

Equity (with non-controlling interests)

(September 30)

€ m

953.6

1,028.7

953.6

1,028.7

Equity ratio (September 30)

%

25.1

26.9

25.1

26.9

ROCE2

%

4.1

15.3

9.7

17.5

Net financial status (September 30)

€ m

-64.3

-301.5

-64.3

-301.5

Net working capital (September 30)

€ m

425.6

648.8

425.6

648.8

Employees (September 30)

16,181

16,534

16,181

16,534

Dürr share

ISIN: DE0005565204

High

32.90

42.26

28.50

31.16

Low

15.72

21.34

21.30

21.34

Close

26.26

23.81

26.26

23.81

Average daily trading volumes

Units

285,606

231,630

245,806

274,971

Number of shares

Thous.

69,202

69,202

69,202

69,202

Earnings per share

0.16

1.42

0.22

0.54

Minor variances may occur in the computation of sums and percentages in this statement due to rounding.

  1. Extraordinary effects in 9M 2020: € -32.0 million (including purchase price allocation effects of € -13.6 million), 9M 2019: € -17.4 million
  2. Annualized

Interim statement January 1 to September 30, 2020

Overview 9M 2020

4

OVERVIEW 9M 2020

CASH FLOW AND LIQUIDITY AT A HIGH LEVEL

SUBSTANTIAL OPERATING IMPROVEMENTS IN THE THIRD QUARTER

  • Nascent recovery in Q3 after corona-induced low in Q2
  • Order intake
    • 9M: down 19.2% vs. 9M 2019
    • Q3: up 28.2% vs. Q2 2020
  • Sales
    • 9M: down 15.4% vs. 9M 2019
    • Q3: up 5.5% vs. Q2 2020
  • Chinese business still strong, demand also picking up in other markets
  • Service business: Sequential recovery in Q3
  • Robust EBIT performance, good figures in Q3
    • 9M operating EBIT: € 63.6 million / 2.6% margin
    • Q3 operating EBIT: € 39.9 million / 4.9% margin
  • Extraordinary effects: € -32.0 million in 9M, greater extraordinary expenses expected in Q4 due to restructuring of automotive business in Europe
  • High cash flow, positive trend continued in Q3
    • Sharp reduction in NWC
    • Cash flow from operating activities: € 188 million in 9M, € 82 million in Q3
    • Free cash flow over € 100 million in 9M
  • High liquidity
    • Record total liquidity of € 960 million
    • Convertible bond of € 150 million successfully placed in September
  • Acquisitions and partnerships in growth areas
    • EV battery coating: Partnership with Techno Smart
    • Solid-woodhouse construction: System TM acquired
    • HOMAG China: Full takeover of HOMAG China Golden Field expected to be completed in Q4
  • Full-yearguidance confirmed
    • Order intake: € 3,100 to 3,400 million
    • Sales: € 3,200 to 3,400 million
    • EBIT margin before extraordinary effects: 2.5 to 2.8%
    • EBIT margin after extraordinary effects: 0.0 to 0.5%

Interim statement January 1 to September 30, 2020

Group management report

5

GROUP MANAGEMENT REPORT

OPERATING ENVIRONMENT

The corona crisis triggered a sharp economic slump worldwide. Following China's strong economic recovery in the second quarter, the economic situation also improved in Europe and America in the third quarter. The IMF now expects global economic output to contract by 4.4% in 2020, suggesting that the recession will be less severe than feared in June. Many countries as well as the European Union adopted extensive economic stimulus packages that will mitigate the economic fallout from the pandemic but will lead to enormous budgetary burdens and widening national debt.

Automotive sales have recently started to recover, with vehicles sales picking up again in China in particular. In the first half of the year, the automotive industry sustained a sharp corona-related decline in sales volumes; Western Europe was hit the hardest, with sales plummeting by 40%. The situation in the German mechanical engineering sector has also recently improved to some degree.

BUSINESS PERFORMANCE

EXPLANATORY NOTES ON THE FIGURES

--AUTOMOTIVE FINAL ASSEMBLY TECHNOLOGY INTEGRATED IN PAINT AND FINAL ASSEMBLY SYSTEMS

Effective January 1, 2020, we reorganized our business in automotive final assembly technology. Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems. In this way, we are well positioned to harness additional opportunities in final assembly technology and to exploit the potential for growth offered by the electromobility transformation in this business in particular. The transferred activities generated sales of € 171.8 million and EBIT of € 16.8 million in 2019. In the following tables for Paint and Final Assembly Systems and Measuring and Process Systems, we have retroactively adjusted the figures for the first nine months and the third quarter of 2019 to reflect this new structure in the interests of full comparability.

--ADJUSTMENT TO 2019 STATEMENT OF FINANCIAL POSITION (IFRS 16)

In the course of 2019, we had to make minor adjustments to the opening statement of financial position as of January 1, 2019. This was due to the results of a review of the term of a lease held by a foreign company in connection with the initial application of IFRS 16. This led to minor deviations over the original figures reported in the course of 2019. For example, net financial status as of September 30, 2019 was adjusted from € -293.5 million to € -301.5 million.

CORONA: OVERVIEW --IMPACT ON BUSINESS

From January to May 2020, the economic effects of the corona pandemic initially had a massive impact on our business in China and later on our global activities. Meanwhile, the Chinese economy has been recovering rapidly, with order intake rising by 29.4% in the first nine months. This allowed us to partially recoup the declines that arose in the other regions particularly in the second quar- ter. Since the lifting of the lockdown measures from spring, we have been observing a slow market recovery in several countries. Customers who were extremely cautious at the peak of the first corona

Interim statement January 1 to September 30, 2020

Group management report

6

wave are again pushing ahead with investment projects. This led to a sequential increase in order intake in the third quarter, although it has not yet returned to normal. Service business, which had plummeted in the second quarter due to lower production output and temporary plant closures by customers, also strengthened again in the third quarter. The extent to which the second corona wave will adversely affect the economic recovery remains to be seen.

--LOCATIONS

After we were forced to temporarily close some plants in China, the United States, Brazil and India during the lockdown phase in spring, all facilities are currently operating again. Whereas we are operating at full capacity in China, the low order intake in the second quarter in North America and Europe has particularly caused capacity shortfalls in some areas. Aside from minor restrictions, the supply chains have remained largely stable during the course of the corona crisis. To reduce the risk of infection, we are continuing to apply working-from-home models, albeit to a lesser extent than during the lockdown phases from March to May.

--COUNTERMEASURES

In the first nine months, sales dropped by 15.4% as a result of the corona crisis. In response to this, we took comprehensive cost-cutting measures. These included reductions in the number of external employees (down 40.7% compared with September 2019), the increased use of short-time work- ing, moderate adjustments to the core workforce and reductions in working hour accounts. Further savings were achieved from the waiver of increases in collectively agreed salaries in Germany as well as lower bonus and profit-sharing payments. Capital expenditure was scaled back by around 30% in the first nine months of 2020, while overhead costs were lowered by roughly 10%. This also included reduced travel expenses and sourcing of external services.

Despite the difficult underlying conditions, our total liquidity has increased significantly since the end of 2019, reaching a new record amount of € 959.9 million as of September 30, 2020. We are conserving our liquidity through strict cash management and have also shored up our cash position by raising additional external finance; information on this can be found in the section entitled "External finance and funding structure" on page 15. The risk report on page 21 provides information on our risk situation in the light of the corona crisis.

EFFICIENCY-BOOSTING MEASURES: COST BASE TO BE REDUCDED BY € 60 MILLION FROM 2021

Even beyond the corona crisis, we expect business with the automotive industry in Europe to remain muted. As the Western European market in particular is largely saturated, hardly any new automotive plants are being built. At the same time, modernization and service business is not sufficient to achieve full capacity utilization at our Western European plants.

This prompted us to start an efficiency program at the end of July. Among other things, it provides for the cutback of around 600 jobs at our European automotive locations and should result in annual savings of around € 30 million from 2021. This will entail extraordinary expenses of € 35 to 45 million, which will be placed on the books mainly in the fourth quarter of 2020. A smaller part of these extraordinary expenses was recognized in the third quarter. It was, among others, related to the Measuring and Process Systems division, where the cutback of around 70 positions at Schenck in Germany has already been negotiated and decided. The other job cuts will be made in the Paint and Final Assembly Systems and Application Technology divisions.

Interim statement January 1 to September 30, 2020

Group management report

7

We had already implemented further efficiency-boosting measures at the beginning of 2020. Among other things, the loss-making Karlstein plant (Application Technology) was closed and production in Goldkronach (Clean Technology Systems) discontinued, leading to extraordinary expenses of € 6.1 million in the first half of the year. These additional measures should yield savings of around € 10 million, which will likewise take effect from 2021.

We implemented extensive efficiency-boosting measures at HOMAG (Woodworking Machinery and Systems) in the fourth quarter of 2019, including the cutback of 350 positions in Germany in a process that will be completed in the fourth quarter of the current year. These efficiency-boosting measures will generate savings of around € 20 million from 2021.

Overall, the ongoing efficiency programs in the Group will reduce the cost base by around € 60 million from 2021, thereby significantly lowering the break-even threshold. Around € 10 million of the planned savings will take effect in the current year. Restructuring expenses of around € 19 million were recorded in the first nine months of 2020, of which around € 10 million were attributable to the third quarter.

ORDER INTAKE, SALES, ORDERS ON HAND

€ m

9M 2020

9M 2019

Q3 2020

Q3 2019

Order intake

2,309.4

2,859.5

826.3

938.6

Sales

2,430.5

2,874.1

815.3

993.7

Orders on hand (September 30)

2,449.8

2,590.3

2,449.8

2,590.3

ORDER INTAKE: NASCENT RECOVERY IN THE THIRD QUARTER

In the first nine months of 2020, order intake fell by 19.2% to € 2,309.4 million, as the corona crisis triggered capital spending restraint in many markets in the second quarter in particular. However, the third quarter saw the emergence of a recovery: At € 826.3 million, new orders were up 28.2% on the second quarter, almost returning to the level recorded in the first quarter (€ 838.3 million). The shortfall over the previous year shrank to 12.0% in the third quarter.

By far the strongest demand was registered in the Chinese market, which recovered swiftly from the consequences of the corona pandemic and, with order growth of 29.4%, proved to be a stabilizing factor in the first nine months. We were awarded several big-ticket orders in the e-mobility sector in China and recorded significant growth in environmental technology business. Customer activity intensified in other markets as well in the third quarter. In Europe, we have recently received a major order in the painting technology sector. We expect the positive trend in order intake to continue in the fourth quarter in the absence of any new total lockdowns. The gross margin on order intake in the first nine months was somewhat lower than in the same period in the previous year due to intensified competition.

The sequential improvement in order intake in the third quarter was underpinned by all divisions with the exception of Clean Technology Systems. Growth over the second quarter was substantially double-digit in each case and was the highest in Application Technology (up 54.8%) and Woodworking Machinery and Systems (up 40.8%). After the two previous strong quarters, order intake in the Clean Technology Systems division declined. That said, we do not anticipate any protracted market weakness in this segment. New orders were down year on year in all divisions in the period from January to September 2020. This was primarily due to the muted second quarter.

Interim statement January 1 to September 30, 2020

Group management report

8

The emerging markets accounted for 42.2% of order intake in the first nine months of 2020 (9M 2019: 43.3%). China was the largest single market, contributing 25.4% (9M 2019: 15.8%).

ORDER INTAKE (€ M), JANUARY - SEPTEMBER 2020

-19%

9M 2019

9M 2020

2,860

2,309

-48%

-27%

+29%

915

+21%

723

-43%

586

453

479

431

521

531

338

192

Total

China

Americas

Germany

Europe (w/o

Asia (w/o China),

Germany)

Africa, Australia

SEQUENTIAL IMPROVEMENT IN SALES IN THE THIRD QUARTER

In the first nine months of 2020, sales fell by 15.4% to € 2,430.5 million, dropping in the third quarter by 18.0% from a high baseline level to € 815.3 million. However, the third quarter saw a sequential increase of 5.5% again after sales had dropped to € 772.6 million in the second quarter due to the closure of many plants and construction sites by customers in response to the pandemic. All five divisions contributed to the sequential growth in the third quarter. At the same time, the previously weak service and spare-parts business in the automotive segment also picked up again appreciably.

Europe contributed 39.4% of sales in the first nine months. This includes the share of 17.4% attributable to Germany. The proportion accounted for by North, Central and South America widened slightly over the same period of the previous year, coming to 27.9%. The share attributable to China also climbed to 20.6%, with the other Asian countries, Africa and Australia accounting for 12.0%. The share contributed by emerging markets to sales stood at 39.2%.

Service business was valued at € 672.7 million in the first nine months, thus contracting by 17.4% over the same period in the previous year and, hence, more quickly than total sales. This reflected the fact that many customers had scaled back or closed their production in the second quarter in particular, thus requiring fewer spare parts and services at their plants. This changed with the post-lockdown resumption of production activities. Service business expanded substantially in the third quarter and, at € 231.7 million, approached closer to its normal level again. This particularly spurred earnings in the Application Technology and Measuring and Process Systems divisions. Service business contributed 27.7% to Group sales (9M 2019: 28.3%).

The book-to-bill ratio came to 0.95 in the first nine months, rising to 1.01 in the third quarter, how- ever. Orders on hand as of September 30, 2020 were valued at € 2,449.8 million, thus dropping only minimally by 1.2% compared to the middle of the year (€ 2,478.8 million). They were down 5.4% on the previous year (€ 2,590.3 million). At 10.7%, the reduction over the end of 2019 (€ 2,742.8 million) was higher, although it should be borne in mind that we derecognized orders worth € 83.4 million in

Interim statement January 1 to September 30, 2020

Group management report

9

the current year due to cancellations. This primarily entails the cancellation of a big-ticket contract by a new automotive OEM which opted to acquire an existing factory rather than building a new plant.

INCOME STATEMENT AND PROFITABILITY RATIOS

9M 2020

9M 2019

Q3 2020

Q3 2019

Sales

€ m

2,430.5

2,874.1

815.3

993.7

Gross profit

€ m

459.7

626.0

156.7

211.9

Overhead costs1

€ m

427.6

473.6

131.6

153.6

EBITDA

€ m

115.8

237.6

52.4

87.2

EBIT

€ m

31.6

154.1

25.0

58.9

EBIT before extraordinary effects2

€ m

63.6

171.5

39.9

64.6

Financial result

€ m

-13.7

-11.7

-3.0

-5.1

EBT

€ m

17.9

142.4

22.1

53.8

Income taxes

€ m

-5.1

-40.3

-6.2

-15.4

Earnings after tax

€ m

12.8

102.1

15.8

38.4

Earnings per share

0.16

1.42

0.22

0.54

Gross margin

%

18.9

21.8

19.2

21.3

EBITDA margin

%

4.8

8.3

6.4

8.8

EBIT margin

%

1.3

5.4

3.1

5.9

EBIT margin before extraordinary

effects2

%

2.6

6.0

4.9

6.5

EBT margin

%

0.7

5.0

2.7

5.4

Return on sales after taxes

%

0.5

3.6

1.9

3.9

Tax rate

%

28.5

28.3

28.3

28.6

  1. Sales and marketing, administration and R&D expenses
  2. Extraordinary effects in 9M 2020: € -32.0 million (including purchase price allocation effects of € -13.6 million), 9M 2019: € -17.4 million

IMPROVED GROSS MARGIN AFTER Q2 LOW

In the first nine months of 2020, we lowered the cost of sales by 12.3% but were unable to fully offset the 15.4% decline in sales. Against the backdrop of capacity shortfalls, the gross margin narrowed to 18.9%, down from 21.8% in the same period in the previous year. However, it improved again in the third quarter, widening to 19.2% after hitting a low of 16.3% in the second quarter. One key reason for this was the recovery in service business at steady margins compared with the previous year.

In the course of the year, we increasingly brought our overhead costs (including R&D expenses) into line with the substantially lower sales. Costs were cut by 9.7% in the first nine months and by 14.3% in the third quarter. We achieved the greatest savings with selling expenses (down 12.1% in the first nine months and down 19.2% in the third quarter). The 8.0% cut in R&D expenses in the first nine months is only temporary and did not affect strategically important innovations such as digitalization. Net other operating expense came to a small € 0.5 million and was largely influenced by currency-translation gains and losses.

THIRD QUARTER: HIGHEST EBIT IN THE YEAR TO DATE

Measured in the light of the macroeconomic dislocations, we consider our earnings performance to be relatively robust in the year to date. At € 31.6 million, EBIT was distinctly in positive territory in the first nine months, although it temporarily dipped into the negative zone in the second quarter

Interim statement January 1 to September 30, 2020

Group management report

10

due to the sharp decline in sales and the corresponding cost and capacity utilization pressure. A substantial recovery emerged in the third quarter: Cost-cutting effects, the emergence of a recovery in high-margin service business and solid order execution caused EBIT to reach a high for the year of € 25.0 million. This translates into an EBIT margin of 3.1% for the third quarter and of 1.3% for the first nine months.

EBIT for the first nine months includes a charge of just under € 2 million from allowances for receivables and contract assets recognized as a precautionary measure in accordance with IFRS 9. This figure had temporarily risen to around € 5 million in the second quarter. This was joined by extraordinary effects of € -32.0 million, including an amount of € -14.8 million recognized in the third quarter. The extraordinary expenses arising in the year to date primarily comprise purchase price allocation effects, the discontinuation of loss-making activities in Karlstein and Goldkronach, various capacity adjustments and transaction costs for acquisitions (see page 15). Most of the extraordinary expenses in connection with the reduction of around 600 jobs in European automotive business, which was announced in July, will be recognized in the fourth quarter. Minor extraordinary gains arose in connection with a legal dispute in the first nine months.

EBIT before extraordinary effects came to € 63.6 million in the first nine months, equivalent to an operating EBIT margin of 2.6%. In the third quarter, operating EBIT came to € 39.9 million, yielding an operating EBIT margin of 4.9%, which was thus well in excess of the full-year target corridor. This means that we are well on the way towards achieving our full-year forecast.

Financial result weakened to € -13.7 million (9M 2019: € -11.7 million). Although net investment income increased due to a higher proportionate result of HOMAG China Golden Field Ltd., which is accounted for using the equity method, this effect was counteracted by lower interest income in tandem with higher interest expense. The latter was chiefly due to the Schuldschein loan that had been issued in March 2020 as well as higher funding transaction costs.

As a result of the improved operating earnings performance in the third quarter, earnings after tax came to € 12.8 million in the first nine months, reversing the small loss of € 3.0 million that had been sustained in the first half of the year. The tax rate came to 28.5%, with earnings per share standing at € 0.16 in the first nine months and € 0.22 in the third quarter.

SIGNIFICANT EVENTS

Our business performance in the first nine months was heavily influenced by the economic fallout from the corona pandemic. It became evident as early as in March that we would fail to meet our full- year targets. For this reason, we withdrew our guidance for 2020 on March 30 and replaced it with a new forecast when we released our first-half figures, reflecting the stabilization of our business (see page 23).

EXCHANGE RATE EFFECTS

Assuming constant exchange rates, order intake and sales would have been 1.8% higher in the first nine months. Exchange rate changes had a greater impact on earnings: On a like-for-like basis, EBIT would have been 14.2% higher, coming to € 36.1 million instead of € 31.6 million.

Interim statement January 1 to September 30, 2020

Group management report

11

FINANCIAL POSITION

CASH FLOW: STRONG GROWTH

CASH FLOW1

€ m

9M 2020

9M 2019

Q3 2020

Q3 2019

Earnings before taxes

17.9

142.4

22.1

53.8

Depreciation and amortization

84.1

83.5

27.3

28.3

Interest result

18.7

15.9

6.1

6.5

Income tax payments

-11.3

-44.0

-1.8

-11.4

Change in provisions

15.8

-16.0

16.9

-5.9

Change in net working capital

67.6

-205.9

-18.3

-43.9

Other items

-5.2

-37.3

29.5

24.2

Cash flow from operating activities

187.7

-61.3

81.8

51.6

Interest payments (net)

-21.0

-18.8

-2.1

-0.4

Repayment of leasing liabilities

-22.6

-20.4

-6.5

-7.0

Capital expenditure

-38.9

-57.6

-12.3

-20.8

Free cash flow

105.3

-158.1

61.0

23.4

Other cash flows

-70.4

-68.9

-4.4

-6.5

Change in net financial status

34.9

-227.0

56.6

16.9

1 Currency translation effects have been eliminated from the cash flow statement. Accordingly, it does not fully reflect all changes in the line items shown in the statement of financial position.

Cash flow from operating activities rose to a high € 187.7 million in the first nine months of 2020 despite the low earnings before tax. This is equivalent to an improvement of € 249.0 million over the same period of the previous year. The third quarter made the greatest contribution with a cash flow from operating activities of € 81.8 million. The good cash flow reflects a substantial reduction in net working capital (NWC): Compared to September 30, 2019, NWC dropped by more than a third to

  • 425.6 million, declining by 15.3% since the end of 2019. Accordingly, days working capital came to 47.3 days, reaching the target corridor of 40 to 50 days despite the low sales. A key factor in the low NWC was the fact that we received adequate prepayments in project business, collected progress and final payments on schedule and were able to reduce receivables. At the same time, there was hardly any increase in inventories especially as inventories of finished goods have recently declined again on account of deliveries. A further positive effect on cash flow from operating activities came from the smaller volume of work commenced on new projects, which reduced working capital requirements.

Cash flow from investing activities improved by € 54.9 million to € -107.0 million in the first nine months of 2020. There were two main reasons for this: For one thing, we scaled back spending on property, plant and equipment and intangible assets by € 18.8 million due to the corona crisis. For another, investments of € 70.0 million in time deposits were down on the same period in the previous year (€ 109.4 million). In addition, the cash flow from investing activities includes the payment made for the acquisition of a majority stake in Techno-Step GmbH (page 15).

At € 2.7 million, the positive cash flow from financing activities reflects the proceeds from the issue of a sustainability Schuldschein loan in March (€ 115 million) and a loan raised in May (€ 100 million). Substantial outflows arose from the partial repayment of a Schuldschein loan issued in 2016 and the distribution of the dividend. The cash flow from financing activities also includes the payment made

Interim statement January 1 to September 30, 2020

Group management report

12

to acquire the remaining shares in Weinmann and an outflow of € 4.3 million in connection with the tender of additional shares in HOMAG Group AG.

CAPITAL EXPENDITURE1

€ m

9M 2020

9M 2019

Q3 2020

Q3 2019

Paint and Final Assembly Systems

12.9

19.32

3.2

7.62

Application Technology

6.3

8.8

2.3

2.9

Clean Technology Systems

1.7

2.5

0.8

1.4

Measuring and Process Systems

5.8

6.32

1.8

3.02

Woodworking Machinery and Systems

26.1

35.1

8.4

11.0

Corporate Center

1.4

4.8

0.4

3.4

Total

54.1

76.8

16.8

29.3

  1. Net of acquisitions
  2. Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.

Capital expenditure on property, plant and equipment as well as intangible assets was pared back by 29.6% to € 54.1 million in the first nine months of 2020. This figure also includes additions of right- of-use assets in connection with leases in accordance with IFRS 16.

NET FINANCIAL STATUS

€ m

September 30, 2020

-64.3

December 31, 2019

-99.3

September 30, 2019

-301.5

Driven by the high cash flow from operating activities and lower capital expenditure, free cash flow improved by € 263.4 million to € 105.3 million in the first nine months of 2020. Against this back- drop, net financial status reached a good figure of € -64.3 million as of September 30; adjusted for lease liabilities, it would have been distinctly in positive territory. Compared with the middle of the year, when it came under pressure from the dividend payment (€ 55.4 million), net financial status improved again by € 56.6 million as of September 30. Compared with the end of 2019 we recorded an improvement of € 34.9 million.

Interim statement January 1 to September 30, 2020

Group management report

13

STATEMENT OF FINANCIAL POSITION: HIGH LIQUIDITY

CURRENT AND NON-CURRENT ASSETS

€ m

September 30.

Percentage of

December 31,

September 30,

2020

total assets

2019

2019

Intangible assets

631.4

16.6

644.0

650.2

Property, plant and equipment

486.0

12.8

525.4

524.2

Other non-current assets

152.3

4.0

153.0

144.0

Non-current assets

1,269.6

33.5

1,322.4

1,318.4

Inventories

523.7

13.8

509.2

562.3

Contract assets

388.8

10.2

519.1

560.7

Trade receivables

520.0

13.7

570.3

607.4

Cash and cash equivalents

730.0

19.2

662.0

513.8

Other current assets

363.1

9.6

299.4

265.0

Current assets

2,525.6

66.5

2,560.0

2,509.2

Total assets

3,795.2

100.0

3,882.3

3,827.6

Total assets dropped by 2.2% over the end of 2019 to € 3,795.2 million. On the assets side, the decline in contract assets and receivables reflects the low funds tied up in operating business. This together with the loan of € 100 million raised in May and the Schuldschein loan of € 115 million contributed to the 10.3% increase in liquidity to € 730.0 million. In fact, cash and cash equivalents rose by 42.1% over September 30, 2019. Total liquidity including time deposits reached a high of € 959.9 million and is a key source of stability in the corona crisis.

We performed several impairment tests at the middle of the year in response to the corona crisis. Neither goodwill nor the tax positions exhibited any evidence of impairment, while the other assets were impaired to only a minor extent.

Interim statement January 1 to September 30, 2020

Group management report

14

CHANGES IN LIQUIDITY

€ m

900

187.7

-49.1

800

-70.6

730.0

700

662.0

600

500

400

300

200

100

0

Cash and cash

Operating cash

Investments

Others (incl.

Cash and cash

equivalents

flow

(incl.

dividend,

equivalents

Dec. 31, 2019

acquisitions)

interest payment,

Sep. 30, 2020

new loan)

EQUITY LOWER

EQUITY

€ m

September 30.

Percentage of

December 31,

September 30,

2020

total assets

2019

2019

Subscribed capital

177.2

4.7

177.2

177.2

Other equity

766.4

20.2

853.5

836.8

Equity attributable to shareholders

943.6

24.9

1,030.6

1,014.0

Non-controlling interests

10.0

0.3

12.7

14.7

Total equity

953.6

25.1

1,043.4

1,028.7

Equity contracted by 8.6% over the end of 2019 due to low earnings after tax accompanied by the payment of the dividend and currency-translation effects. The equity ratio temporarily dipped to 25.1%, down from 26.9% on December 31, 2019.

Interim statement January 1 to September 30, 2020

Group management report

15

CURRENT AND NON-CURRENT LIABILITIES

€ m

September 30.

Percentage of

December 31,

September 30,

2020

total assets

2019

2019

Financial liabilities (incl. bond and Schuldschein

loans)

1,024.2

27.0

923.1

925.1

Provisions (incl. pensions)

241.7

6.4

229.4

188.5

Contract liabilities

589.2

15.5

632.7

558.0

Trade payables

430.5

11.3

479.0

534.9

Income tax liabilities and deferred taxes

113.0

3.0

129.6

137.3

Other liabilities

443.0

11.7

445.2

455.0

Total

2,841.6

74.9

2,838.9

2,798.9

There has been virtually no change in current and non-current liabilities since the end of 2019. The loan raised in May (€ 100 million) caused financial liabilities to climb by 11.0%. On the other hand, contract liabilities and trade payables dropped.

EXTERNAL FINANCE AND FUNDING STRUCTURE

On September 24, we successfully placed a convertible bond for € 150 million, collecting the net proceeds (€ 148.5 million) at the beginning of October. In this way, we were able to refinance part of the financial liabilities of € 450 million maturing next year at an early stage and optimize the maturity profile of the funding structure. This enhances our long-term forward planning visibility and widens the scope for further acquisitions in high-growth business areas.

Our funding structure is composed of the following instruments:

  • Convertible bond of € 150 million with a sustainability component, coupon of 0.75%, term of around 5.3 years, initial conversion price of € 34.22 (40% premium)
  • Syndicated loan of € 750 million with a sustainability component, including € 500 million as a credit facility and € 250 million as a guarantee facility (expiring July 2024, renewable by two years)
  • Three Schuldschein loans of a combined total of € 515 million, partially with a sustainability com- ponent (different terms, the last one expiring in 2030)
  • Corporate bond of € 300 million (maturing in April 2021)
  • Syndicated loan of € 201.5 million (originally € 350 million) as bridge finance (expiring in May 2021, renewable by one year)
  • Loan of € 100 million (expiring in May 2021)
  • Lease liabilities of € 95.6 million (as of September 30, 2020)
  • Bilateral credit facilities of € 6.7 million (as of September 30, 2020)

ACQUISITIONS AND PARTNERSHIPS

APPLICATION TECHNOLOGY

Under the digital@DÜRR strategy program, Application Technology acquired the German software company Techno-Step GmbH in March 2020. With revenues of around € 3.5 million, Techno-Step specializes in process data analysis for painting robots. This acquisition allows us to network third-party systems and legacy robots digitally more effectively.

Interim statement January 1 to September 30, 2020

Group management report

16

CLEAN TECHNOLOGY SYSTEMS

Clean Technology Systems has been cooperating with Japanese mechanical engineering specialist Techno Smart since September 2020 to improve its access to the market for battery cell production technology. Techno Smart is an established producer of systems for coating the electrodes used in lithium-ion batteries. Clean Technology Systems also holds skills in this area. This partnership makes us one of the largest suppliers of coating lines for producers of battery cells for electric vehi- cles. Our customers receive all the technology from a single source - from the electrode coating system to the drier as well as solvent processing. Coating technology is a growth market as factories for automotive batteries are being built worldwide. In the medium term, we are aiming for sales in the high double-digit millions in this business.

WOODWORKING MACHINERY AND SYSTEMS

In October, the HOMAG Group acquired 80% of the shares in the Danish mechanical engineering company System TM, thus strengthening its position as a technology partner for sustainable construction with wood. System TM specializes in systems for solid wood processing and generates sales of around € 30 million. In this way, HOMAG is supplementing the product range of its subsidiary Weinmann, which is a leader in the solid wood sector. The solid wood segment is a growth market: solid wood offers future potential as a sustainable material for use in housing construction. HOMAG is pooling its solid wood activities in the new Construction Elements Solutions business segment. The sales generated in this segment are to reach a level in the low three-digit million euros in the medium term. The HOMAG Group had already increased its share in Weinmann from 76% to 100% in June 2020.

Announced in May 2020, the acquisition of the entire operating business of HOMAG China Golden Field Ltd. (HCGF) is expected to be closed at the beginning of December. The HOMAG Group currently holds 25% of the shares in the Chinese sales joint venture. With this acquisition, HOMAG will improve its sales presence and performance in the world's largest furniture market.

EMPLOYEES

In the year to date, we have trimmed our workforce by 312 employees or 1.9% in response to surplus capacities as well as the substantial decline in business in the wake of the corona pandemic.

EMPLOYEES BY DIVISION

September 30, 2020

December 31, 2019

September 30, 2019

Paint and Final Assembly Systems

4,423

4,4121

4,3701

Application Technology

2,212

2,306

2,306

Clean Technology Systems

1,336

1,418

1,425

Measuring and Process Systems

1,450

1,5151

1,5501

Woodworking Machinery and Systems

6,482

6,569

6,615

Corporate Center

278

273

268

Total

16,181

16,493

16,534

1 Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.

Interim statement January 1 to September 30, 2020

Group management report

17

EMPLOYEES BY REGION

September 30, 2020

December 31, 2019

September 30, 2019

Germany

8,093

8,181

8,273

Other European countries

2,567

2,617

2,596

North / Central America

1,921

2,028

2,019

South America

307

354

334

Asia, Africa, Australia

3,293

3,313

3,312

Total

16,181

16,493

16,534

SEGMENT REPORT

SALES BY DIVISION

€ m

9M 2020

9M 2019

Q3 2020

Q3 2019

Paint and Final Assembly Systems

854.2

1,050.01

279.7

366.31

Application Technology

325.9

427.2

107.3

155.5

Clean Technology Systems

277.7

271.9

99.6

91.6

Measuring and Process Systems

139.2

168.21

46.7

60.21

Woodworking Machinery and Systems

833.4

956.8

281.9

320.1

Corporate Center

0.0

0.0

0.0

0.0

Group

2,430.5

2,874.1

815.3

993.7

1 Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.

EBIT BY DIVISION

€ m

9M 2020

9M 2019

Q3 2020

Q3 2019

Paint and Final Assembly Systems

24.7

50.51

10.5

19.91

Application Technology

5.9

44.0

6.9

16.3

Clean Technology Systems

5.5

4.4

6.6

3.7

Measuring and Process Systems

-5.4

13.51

-0.7

6.71

Woodworking Machinery and Systems

8.4

52.0

4.9

17.0

Corporate Center / consolidation

-7.4

-10.4

-3.1

-4.7

Group

31.6

154.1

25.0

58.9

1 Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.

Interim statement January 1 to September 30, 2020

Group management report

18

PAINT AND FINAL ASSEMBLY SYSTEMS

9M 2020

9M 20191

Q3 2020

Q3 20191

Order intake

€ m

797.0

966.5

306.8

281.2

Sales

€ m

854.2

1,050.0

279.7

366.3

EBITDA

€ m

43.2

69.3

16.5

26.5

EBIT

€ m

24.7

50.5

10.5

19.9

EBIT before extraordinary effects

€ m

28.0

52.6

12.3

20.5

EBIT margin

%

2.9

4.8

3.7

5.4

EBIT margin before extraordinary effects

%

3.3

5.0

4.4

5.6

ROCE2

%

15.1

32.1

19.2

38.0

Employees (September 30)

4,423

4,370

4,423

4,370.0

  1. Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.
  2. Annualized

Paint and Final Assembly Systems achieved significant order growth in China in the first nine months, spurred in particular by business with electric-vehicle OEMs. In the other markets, the corona crisis placed a damper on demand, resulting in a 17.5% decline in order intake. However, a reversal emerged in the third quarter: At € 306.8 million, order intake was up on the previous two quarters as well as the same period in the previous year. Among other things, this was materially due to a big-ticket contract awarded for a painting system in Europe. Further major contract awards are in the pipeline in the final quarter of the year and will play an important role in ensuring capacity utilization next year.

Sales contracted by 18.6% in the first nine months, thus dropping somewhat more quickly than order intake. They came to just under € 280 million in the third quarter, thus remaining on a par with the previous quarter but falling 23.6% short of the strong year-ago quarter. Cost-cutting measures, solid order execution as well as positive effects of the FOCUS 2.0 optimization program helped the operating EBIT margin reach 4.4% in the third quarter despite the lower sales. The extraordinary expenses recognized in the first nine months (€ 3.4 million) primarily comprised purchase price allocation effects and preliminary measures to implement the capacity adjustments in Europe announced in July. However, most of the extraordinary expenses in connection with the capacity adjustments will not be recognized until the fourth quarter.

APPLICATION TECHNOLOGY

9M 2020

9M 2019

Q3 2020

Q3 2019

Order intake

€ m

312.8

456.1

119.1

151.1

Sales

€ m

325.9

427.2

107.3

155.5

EBITDA

€ m

15.7

54.0

10.1

19.6

EBIT

€ m

5.9

44.0

6.9

16.3

EBIT before extraordinary effects

€ m

10.1

44.2

8.2

16.3

EBIT margin

%

1.8

10.3

6.5

10.5

EBIT margin before extraordinary effects

%

3.1

10.4

7.6

10.5

ROCE1

%

3.1

18.8

11.1

20.8

Employees (September 30)

2,212

2,306

2,212

2,306

1 Annualized

Interim statement January 1 to September 30, 2020

Group management report

19

Application Technology also saw a starting recovery in order intake in the third quarter. At € 119.1 million, new orders were up on the weak second quarter (€ 77.0 million), also slightly exceeding the figure recorded in the first quarter. Order intake was down 31.4% in the first nine months and down 21.2% in the third quarter. Among other things, a Chinese e-vehicle OEM placed a large robot order; moreover, Application Technology is involved in the major European order that Paint and Final Assembly Systems received in September.

Sales dropped by 23.7% in the first nine months but were higher in the third quarter than in the second. One reason for this was the continuing recovery of service and spare-parts business, which had previously suffered from the low production figures in the automotive industry. The revival in service business, together with cost reductions and higher sales, meant that Application Technology achieved a significantly improved operating EBIT margin of 7.6% in the third quarter, following the loss sustained in the second quarter. Reported EBIT for the first nine months includes extraordinary effects of € -4.3 million, which mainly relate to the closure of the Karlstein plant in the first half of the year. Of the extraordinary expense related to the capacity adjustments in European automotive business, a small part was recognized in the third quarter, with the bulk to be placed on the books in the third quarter.

CLEAN TECHNOLOGY SYSTEMS

9M 2020

9M 2019

Q3 2020

Q3 2019

Order intake

€ m

309.0

334.1

93.1

126.0

Sales

€ m

277.7

271.9

99.6

91.6

EBITDA

€ m

13.8

14.1

9.2

7.0

EBIT

€ m

5.5

4.4

6.6

3.7

EBIT before extraordinary effects

€ m

12.2

11.9

8.1

6.6

EBIT margin

%

2.0

1.6

6.6

4.1

EBIT margin before extraordinary effects

%

4.4

4.4

8.1

7.3

ROCE1

%

6.0

3.5

21.6

9.0

Employees (September 30)

1,336

1,425

1,336

1,425

1 Annualisiert

Clean Technology Systems reported solid performance in the first nine months. Despite the macroeconomic turmoil, order intake was down only 7.5% on the previous year. The division benefited from the fact that investments in exhaust air purification technology cannot easily be postponed, as they are essential for compliance with emission regulations. In addition, demand for coating lines for battery production also increased. Order intake in the third quarter was lower than in the previous two quarters, but this does not indicate any fundamental softening of the market. In the fourth quarter, several projects are due to be awarded, especially in business with the chemical industry.

After a subdued start to the year, sales rose in the first nine months of the year, exceeding the same period in the previous year by 2.1%. EBIT also improved step by step; in the third quarter, the EBIT margin widened to 6.6 %, thus reaching the highest figure since the acquisition of Megtec/ Universal (October 2018). Before extraordinary expenses, Clean Technology Systems' EBIT margin of 8.1% was the highest in the Group, too. The extraordinary expenses of € 6.7 million in the first nine months primarily relate to purchase price allocation effects and the discontinuation of production in Goldkronach.

Interim statement January 1 to September 30, 2020

Group management report

20

MEASURING AND PROCESS SYSTEMS

9M 2020

9M 20191

Q3 2020

Q3 20191

Order intake

€ m

127.6

195.6

37.6

63.8

Sales

€ m

139.2

168.2

46.7

60.2

EBITDA

€ m

1.8

20.2

1.6

8.6

EBIT

€ m

-5.4

13.5

-0.7

6.7

EBIT before extraordinary effects

€ m

-1.2

14.3

3.2

6.8

EBIT margin

%

-3.9

8.1

-1.6

11.2

EBIT margin before extraordinary effects

%

-0.8

8.5

6.9

11.4

ROCE1

%

-4.1

6.0

-1.7

9.0

Employees (September 30)

1,450

1,550

1,450

1,550

  1. Testing technology, assembly products and automotive filling technology were transferred from Measuring and Process Systems to Paint and Final Assembly Systems effective January 1, 2020. The figures for 2019 have been adjusted accordingly and therefore differ from those originally reported.
  2. Annualized

Measuring and Process Systems sustained a 34.8% decline in order intake in the first nine months. Following the trough in the second quarter (€ 28.9 million), the third quarter saw an improvement at a muted level as business in China and other parts of Asia picked up to some degree. Demand in the automotive industry for standard balancing machines remained low. The industry is scaling back investments in production equipment for combustion engine components and this decline cannot yet be offset by new business in balancing technology for e-mobility drivetrains. There are opportunities in aircraft business in Russia and China, where new aircraft programs are generating increased demand for balancing equipment.

Sales in the first nine months fell short of the previous year by 17.2%. The third quarter brought an improvement over the second quarter (€ 40.4 million), easing the pressure on capacity utilization to some degree. This was joined by cost reductions and an incipient recovery in services, causing the operating EBIT margin to widen again to 6.9% after losses in the two previous quarters. Reported EBIT included extraordinary expenses in the third quarter for the capacity adjustment in automotive business announced at the end of July. This entails around 70 jobs at Schenck in Darmstadt.

WOODWORKING MACHINERY AND SYSTEMS

9M 2020

9M 2019

Q3 2020

Q3 2019

Order intake

€ m

762.9

907.3

269.7

316.5

Sales

€ m

833.4

956.8

281.9

320.1

EBITDA

€ m

46.6

88.0

17.3

29.4

EBIT

€ m

8.4

52.0

4.9

17.0

EBIT before extraordinary effects

€ m

20.8

58.5

10.1

19.2

EBIT margin

%

1.0

5.4

1.7

5.3

EBIT margin before extraordinary effects

%

2.5

6.1

3.6

6.0

ROCE1

%

2.7

14.0

4.8

13.7

Employees (September 30)

6,482

6,615

6,482

6,615

1 Annualized

Woodworking Machinery and Systems registered an increase in demand from the woodworking industry in the third quarter, with orders rising by 40.8% over the second quarter (€ 191.5 million). As a result, the shortfall in new orders contracted to 15.9% in the first nine months. Whereas stand-

Interim statement January 1 to September 30, 2020

Group management report

21

alone machine business and service proved to be relatively resilient during the corona crisis, there are now also signs of a recovery in systems business.

Sales fell by 12.9% in the first nine months and, hence, more moderately than in automotive business. Thereby, the division benefited from a high order backlog. However, we expect to see greater declines in sales and capacity utilization in the fourth quarter and early 2021 as the effects of the muted order intake in the second quarter will become visible before the higher orders of the last few weeks begin to feed through. EBIT improved sequentially in the third quarter but is likely to come under pressure in the fourth quarter from the expected decline in sales, after which the upward trend will resume.

Looking ahead over the next few years, the ongoing efficiency-boosting and optimization measures at Woodworking Machinery and Systems should lead to successive improvements in earnings. The capacity adjustments in Germany will yield savings of around € 20 million from 2021. We expect further impetus from the optimization process, which is progressing according to plan and is focused on the following main aspects: Harmonization of the IT infrastructure and processes, improvement of internal interfaces, implementation of the new production system and product standardization. On this basis, HOMAG is aiming for an EBIT margin of at least 9% from 2023.

CORPORATE CENTER

EBIT in the Corporate Center (primarily Dürr AG and Dürr IT Service GmbH) improved by € 3.0 million over the first nine months of 2019 to € -7.4 million. Among other things, this was due to lower consulting costs. The consolidation effects included in EBIT amounted to € -1.2 million.

RISKS AND OPPORTUNITIES

A detailed description of our opportunities and risks and the related management systems can be found on page 81 onwards in the Annual Report for 2019.

RISKS

Following the enormous negative impact of the corona pandemic in the first half of 2020, the economy has recently shown signs of recovery. Accordingly, the scale of the recession is now expected to be somewhat smaller. Despite the brighter outlook and our good financial position, the Dürr Group's overall risk exposure is higher than at the beginning of the year. Most recently, the risk of a further comprehensive lockdown has also risen with the emergence of the second corona wave. Neverthe- less, we still do not see any danger to the Group's going-concern status as a result of corona-related factors or other risks or their interaction.

OPPORTUNITIES

There has been a general deterioration in opportunities since the publication of the annual report in March of this year. Despite this, new opportunities are also arising, for example through the acquisition of System TM for the Woodworking Machinery and Systems division's solid wood business (page 16). The partnership with Techno Smart assures Clean Technology Systems of substantially improved market opportunities in battery cell production technology.

Interim statement January 1 to September 30, 2020

Group management report

22

PERSONNEL CHANGES

Pekka Paasivaara will be leaving Dürr AG's Board of Management by mutual agreement at the end of the day on December 31, 2020. Ralf W. Dieter will take over responsibility for the Woodworking Machinery and Systems division from him. Mr. Paasivaara informed Dürr AG's Supervisory Board on September 21 that he was not seeking a renewal of his contract, which expires at the end of 2021.

Dietmar Heinrich joined Dürr AG on August 1, 2020 as Chief Financial Officer. His predecessor Carlo Crosetto had left Dürr AG on February 29, 2020 at his own request. During this interim period, Chief Executive Officer Ralf W. Dieter temporarily also held the position of Chief Financial Officer. Mr. Heinrich has taken over responsibility for the Measuring and Process Systems division from Mr. Dieter.

Gerhard Federer became the new Chairman of Dürr AG's Supervisory Board on May 28, 2020, succeeding Karl-Heinz Streibich, who resigned from the Supervisory Board, as he was running for election to Software AG's Supervisory Board in June and was elected Chairman. If he had remained on Dürr AG's Supervisory Board, he would have held more than the maximum number of supervisory board mandates recommended by the German Corporate Governance Code. The shareholders elected Arndt Zinnhardt as a new member of the Supervisory Board. A former CFO of Software AG, he took over from Mr. Federer as Chairman of the Audit Committee.

OUTLOOK

ECONOMY

Following an economic upturn in the third quarter marked by catch-up effects, the IMF now expects global economic output for 2020 as a whole to contract by 4.4%, meaning that the recession should be less severe than feared in June. At the same time, the corona risks remain high; after months of decline, infection rates are now rising sharply again in Europe, reaching new records. The IMF forecasts global economic growth of 5.2% for 2021.

In view of the corona pandemic, the analysts at LMC Automotive have lowered their forecast for global light vehicle production several times in the course of the year. Recently, however, they have become somewhat more optimistic again and now expect 74.1 million units to be produced in 2020, equivalent to a decline of 17% over the previous year. Production of over 90 million vehicles was still being expected at the beginning of the year. After picking up in the next two years, production should return to 2019 levels in 2022. LMC Automotive projects an annual growth rate of 5% for the period from 2020 until 2027.

Interim statement January 1 to September 30, 2020

Group management report

23

PRODUCTION OF PASSENGER AND LIGHT COMMERCIAL VEHICLES

million units

2019

2020P

2027P

North America

16.2

13.0

18.0

Mercosur

3.3

2.2

4.0

Western Europe

13.4

10.5

14.5

Eastern Europe

7.5

6.1

9.3

Asia

46.5

40.3

54.4

Thereof China

24.4

22.7

31.2

Others

2.0

1.9

3.4

Total

89.0

74.1

103.7

Source: LMC Automotive 10/2020

P = projection

The VDMA is forecasting a decline of around 15% in sales of secondary woodworking machines for the current year but expects growth of around 4% in 2021.

SALES, ORDER INTAKE AND EBIT

Our outlook is based on the assumption that the corona pandemic will not impact the economy more heavily than recently in the coming weeks. Subject to this condition, we confirm our full-year forecast published with the half-year figures and assume that we will achieve our targets.

GROUP OUTLOOK

Forecast

Forecast

2019 act.

February 27, 20201

July 29, 2020

Order intake

€ m

4,076.5

3,800 to 4,100

3,100 to 3,400

Sales

€ m

3,921.5

3,900 to 4,100

3,200 to 3,400

EBIT margin

%

5.0

5.2 to 5.7

0 to 0.5

EBIT margin before extraordinary

effects

%

6.7

6.2 to 6.7

2.5 to 2.8

ROCE

%

16.9

17 to 22

0 to 1.5

Earnings after tax

€ m

129.8

135 to 150

-40 to -10

Cash flow from operating

activities

€ m

171.9

180 to 230

70 to 120

Free cash flow

€ m

44.9

70 to 120

-40 to 10

Net financial status

(December 31)

€ m

-99.3

-80 to -30

-230 to -180

Capital expenditure2

€ m

102.6

95 to 105

75 to 85

  1. Withdrawn on March 30, 2020
  2. Net of acquisitions

We expect order intake to reach the target corridor of € 3.1 to 3.4 billion defined for 2020 provided that the positive trend recently emerging in new orders continues in the fourth quarter. Strong order intake in the final quarter is also necessary to ensure utilization of our capacities in the coming year.

Sales are expected to reach € 3.2 to 3.4 billion in 2020. This assumes that four of the five divisions are able to increase their sales in the final quarter over the third quarter. At Woodworking Machinery and Systems, on the other hand, we expect the muted order intake in the second quarter to trigger a sequential decline in sales in the fourth quarter.

Interim statement January 1 to September 30, 2020

Group management report

24

The target defined for the operating EBIT margin in 2020 is 2.5 to 2.8% and, as things currently stand, should be easily achievable. We project extraordinary expenses of € 75 to 85 million for 2020 as a whole primarily as a result of efficiency-boosting and capacity-adjustment measures as well as purchase price allocation effects. The bulk of the extraordinary expenses - between € 43 million and

  • 53 million - will be recognized in the fourth quarter. This is due to the fact that most of the costs of the capacity reductions in European automotive business announced in July will arise at the end of the year. Even after extraordinary expenses, Group EBIT should be slightly positive for 2020 as a whole. Specifically, we anticipate an EBIT margin of 0 to 0.5%.

Further information on ongoing efficiency-boosting and capacity-adjustment measures can be found on page 6. We expect the resultant savings to reduce the cost base by around € 60 million from 2021, thus lowering the Group's breakeven threshold substantially. We assume that we will be able to issue a detailed forecast for 2021 on February 25, 2021, when we publish the provisional figures for 2020.

CASH FLOW AND NET FINANCIAL STATUS

Cash flow has been good in the year to date. Even so, we are retaining our cautious approach in view of the current volatile situation and continue to budget a cash flow of € 70 to 120 million from operating activities for the year as a whole. This implies that cash flow will be weaker in the fourth quarter than in the year to date, reflecting the fact that the ongoing recovery of our business will probably cause net working capital to increase by the end of the year. Against this backdrop, we have defined a target range of € -40 to +10 million for free cash flow.

Capital expenditure (net of acquisitions) should drop to € 75 to 85 million, although we anticipate a higher outflow for acquisitions than in the previous year. Among other things, this is due to the acquisition of System TM and the purchase of HOMAG China Golden Field (HCGF), which is expected to be completed in December. Net financial status should come to between € -230 million and € -180 million at the end of the year due to the increase in net working capital that we expect to see in the final quarter.

EMPLOYEES

Employee numbers in the current activities will probably decline again at the end of the year, dropping to less than 16,000 employees. However, the acquisition of HCGF and System TM in the fourth quarter will add around 600 employees to the Group headcount.

Interim statement January 1 to September 30, 2020

Group management report

25

OUTLOOK DIVISIONS

Order intake (€ m)

Sales (€ m)

EBIT margin (%)

Forecast

2019 act.

Forecast 2020

2019

Forecast

2019

Forecast

2019 act.

2020

before extra-

before extra-

act.

2020

act.

2020

reported

reported

ordinaries

ordinaries

Paint and Final

Assembly

1,100 to

1,100 to

Systems

1,515.0

1,200

1,415.5

1,200

5.6

0.3 to 1.3

5.7

3.0 to 4.0

Application

Technology

640.8

480 to 530

592.8

470 to 510

9.6

-1.7 to -0.7

10.7

3.1 to 4.1

Clean Technology

Systems

449.1

380 to 420

395.3

380 to 420

3.1

2.2 to 3.8

5.9

4.7 to 6.3

Measuring and

Process Systems

251.9

170 to 190

238.6

190 to 210

9.1

-2.5 to -1.5

9.8

-0.4 to +0.6

Woodworking

Machinery and

1,050 to

Systems

1,219.6

950 to 1,050

1,279.1

1,150

2.9

-0.1 to +0.9

6.5

1.3 to 2.3

MATERIAL EVENTS AFTER THE REPORTING DATE

In October, we received the proceeds from the € 150 million convertible bond issued in September. No further events occurred between the end of the period under review and the publication of this interim statement that are liable to exert a material impact on the Group's net assets, financial position and results of operations.

Bietigheim-Bissingen, November 5, 2020

Dürr Aktiengesellschaft

Ralf W. Dieter

CEO

Deputy CEO

Dietmar Heinrich

Pekka Paasivaara

CFO

Member of the Board of Management

Interim statement January 1 to September 30, 2020

Consolidated statement of income

26

CONSOLIDATED STATEMENT OF INCOME

OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2020

€ k

9M 2020

9M 2019

Q3 2020

Q3 2019

Sales revenues

2,430,491

2,874,121

815,275

993,731

Cost of sales

-1,970,805

-2,248,072

-658,594

-781,799

Gross profit on sales

459,686

626,049

156,681

211,932

Selling expenses

-219,133

-249,334

-64,811

-80,240

General administrative expenses

-130,490

-139,556

-43,614

-46,999

Research and development costs

-77,941

-84,684

-23,204

-26,402

Other operating income

41,489

17,428

18,772

5,403

Other operating expenses

-41,985

-15,784

-18,782

-4,779

Earnings before investment result, interest

and income taxes

31,626

154,119

25,042

58,915

Investment result

4,997

4,178

3,160

1,333

Interest and similar income

3,511

4,017

924

789

Interest and similar expenses

-22,233

-19,928

-7,064

-7,244

Earnings before income taxes

17,901

142,386

22,062

53,793

Income taxes

-5,098

-40,329

-6,234

-15,361

Result of the Dürr Group

12,803

102,057

15,828

38,432

Attributable to

Non-controlling interests

1,806

3,904

795

950

Shareholders of Dürr Aktiengesellschaft

10,997

98,153

15,033

37,482

Number of shares issued in thousands

69,202.08

69,202.08

69,202.08

69,202.08

Earnings per share in € (basic and diluted)

0.16

1.42

0.22

0.54

Interim statement January 1 to September 30, 2020

Consolidated statement of comprehensive income

27

CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2020

€ k

9M 2020

9M 2019

Q3 2020

Q3 2019

Result of the Dürr Group

12,803

102,057

15,828

38,432

Items of other comprehensive income that are

not reclassified to profit or loss

Remeasurement of defined benefit plans and

similar obligations

-

-3,875

-2,367

-2,126

Associated deferred taxes

-

1,560

649

793

Items of other comprehensive income that

may be reclassified subsequently to profit or

loss

Changes in fair value of financial instruments

used for hedging purposes recognized in

equity

-1,096

-1,786

1,539

-3,267

Associated deferred taxes

418

333

-460

719

Currency translation effects

-36,570

17,979

-18,026

12,268

Currency translation effects from entities

accounted for using the equity method

11

-325

-97

25

Other comprehensive income, net of tax

-37,237

13,886

-18,762

8,412

Total comprehensive income, net of tax

-24,434

115,943

-2,934

46,844

Attributable to

Non-controlling interests

1,449

3,961

740

952

Shareholders of Dürr Aktiengesellschaft

-25,883

111,982

-3,674

45,892

Interim statement January 1 to September 30, 2020

Consolidated statement of financial position

28

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, AS OF SEPTEMBER 30, 2020

€ k

September 30, 2020

December 31, 2019

September 30, 2019

ASSETS

Goodwill

446,460

449,160

449,762

Other intangible assets

184,900

194,840

200,424

Property, plant and equipment

485,950

525,395

524,240

Investment property

19,389

20,215

20,593

Investments in entities accounted for using the equity

method

38,122

37,663

39,054

Other financial assets

12,653

12,653

10,186

Trade receivables

12,792

15,816

11,221

Sundry financial assets

5,534

6,746

4,328

Deferred tax assets

61,758

57,887

56,236

Other assets

2,068

1,978

2,380

Non-current assets

1,269,626

1,322,353

1,318,424

Inventories and prepayments

523,690

509,206

562,313

Contract assets

388,807

519,075

560,730

Trade receivables

519,973

570,261

607,391

Sundry financial assets

273,058

206,401

158,798

Cash and cash equivalents

729,990

662,024

513,754

Income tax receivables

30,119

46,634

40,765

Other assets

57,478

46,379

65,402

Assets held for sale

2,445

-

-

Current assets

2,525,560

2,559,980

2,509,153

Total assets Dürr Group

3,795,186

3,882,333

3,827,577

Interim statement January 1 to September 30, 2020

Consolidated statement of financialposition

29

€ k

September 30, 2020

December 31, 2019

September 30, 2019

EQUITY AND LIABILITIES

Subscribed capital

177,157

177,157

177,157

Capital reserves

67,318

67,318

67,318

Revenue reserves

770,648

820,820

794,405

Other comprehensive income

-71,551

-34,654

-24,880

Total equity attributable to the shareholders of

Dürr Aktiengesellschaft

943,572

1,030,641

1,014,000

Non-controlling interests

9,979

12,745

14,694

Total equity

953,551

1,043,386

1,028,694

Provisions for post-employment benefit obligations

58,137

58,962

54,280

Other provisions

24,195

22,339

20,041

Contract liabilities

2,113

2,113

2,113

Trade payables

546

240

499

Bond and Schuldschein loans

464,223

798,242

798,027

Other financial liabilities

78,865

86,780

89,467

Sundry financial liabilities

10,470

6,290

6,615

Income tax liabilities

-

-

4,154

Deferred tax liabilities

53,205

81,151

96,465

Other liabilities

125

254

577

Non-current liabilities

691,879

1,056,371

1,072,238

Other provisions

159,390

148,058

114,207

Contract liabilities

587,059

630,570

555,872

Trade payables

429,932

478,771

534,421

Bond and Schuldschein loans

349,560

-

-

Other financial liabilities

131,569

38,045

37,648

Sundry financial liabilities

302,492

319,890

325,081

Income tax liabilities

59,809

48,467

36,707

Other liabilities

129,945

118,775

122,709

Current liabilities

2,149,756

1,782,576

1,726,645

Total equity and liabilities Dürr Group

3,795,186

3,882,333

3,827,577

Interim statement January 1 to September 30, 2020

Consolidated statement of cash flows

30

CONSOLIDATED STATEMENT OF CASH FLOWS

OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2020

€ k

9M 2020

9M 2019

Q3 2020

Q3 2019

Earnings before income taxes

17,901

142,386

22,062

53,793

Income taxes paid

-11,283

-43,978

-1,815

-11,365

Net interest

18,722

15,911

6,140

6,455

Profit from entities accounted for using

the equity method

-5,162

-4,194

-2,864

-1,176

Dividends from entities accounted for using

the equity method

5,987

2,585

4,121

2,585

Amortization, depreciation and impairment

of non-current assets

84,137

83,506

27,336

28,297

Net gain/loss on the disposal of non-current

assets

528

214

484

123

Non-cash allowance on cash and cash

equivalents

-221

-442

-799

33

Other non-cash income and expenses

1,211

-72

-1,038

-859

Changes in operating assets and liabilities

Inventories

-29,059

-19,844

587

7,293

Contract assets

115,113

-80,701

40,333

-55,838

Trade receivables

30,260

-4,958

-31,610

-33,176

Other receivables and assets

-3,498

349

5,994

3,657

Provisions

15,834

-16,037

16,906

-5,867

Contract liabilities

-15,552

-128,444

-24,608

17,151

Trade payables

-33,113

28,088

-3,042

20,632

Other liabilities (other than financing

activities)

4,629

-26,604

16,172

14,960

Other assets and liabilities

-8,690

-9,098

7,425

4,891

Cash flow from operating activities

187,744

-61,333

81,784

51,589

Purchase of intangible assets

-17,495

-20,500

-5,954

-6,667

Purchase of property, plant and equipment 1

-21,363

-37,135

-6,300

-14,111

Purchase of other financial assets

-1,000

-

-

-

Proceeds from the sale of non-current assets

2,669

2,381

644

-1,259

Acquisitions, net of cash acquired

-2,022

-

-

-

Investments in time deposits

-69,970

-109,370

-70,080

-109,914

Interest received

2,161

2,687

420

746

Cash flow from investing activities

-107,020

-161,937

-81,270

-131,205

1 The item "Purchase of property, plant and equipment" does not include cash outflows from additions to right-of-use assets from leases as there are no cash outflows at the acquisition date (exception: incidental acquisition cost and prepayments).

Interim statement January 1 to September 30, 2020

Consolidated statement of cash flows

31

€ k

9M 2020

9M 2019

Q3 2020

Q3 2019

Change in current bank liabilities and other

financing activities

98,687

-960

157

-6,178

Repayment of non-current financial liabilities

-100,139

-475

-15

-110

Schuldschein loan issue

114,795

199,565

-

199,565

Payments of lease liabilities

-22,644

-20,362

-6,499

-7,034

Cash paid and received for transactions

with non-controlling interests

-4,096

-8,750

525

-

Dividends paid to the shareholders of

Dürr Aktiengesellschaft

-55,362

-69,202

-

-

Dividends paid to non-controlling interests

-1,092

-5,102

-510

-4,519

Tendering of shares as part of the settlement

offer to the shareholders of HOMAG Group AG

-4,320

-682

-

-682

Interest paid

-23,117

-20,757

-2,489

-475

Cash flow from financing activities

2,712

73,275

-8,831

180,567

Effects of exchange rate changes

-15,716

8,281

-6,484

3,812

Change in cash and cash equivalents

67,720

-141,714

-14,801

104,763

Cash and cash equivalents

At the beginning of the period

663,044

656,695

745,565

410,218

At the end of the period

730,764

514,981

730,764

514,981

Less allowance according to IFRS 9

-774

-1,227

-774

-1,227

Cash and cash equivalents at the end of the

reporting period (consolidated statement of

financial position)

729,990

513,754

729,990

513,754

Interim statement January 1 to September 30, 2020

2020 30, September to 1 January statement Interim

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

OF DÜRR AKTIENGESELLSCHAFT, STUTTGART, FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2020

Other comprehensive income

Items that are

not reclassified

Items that may be reclassified subsequently to

to profit or loss

profit or loss

Total equity

Unrealized

Changes in the

attributable to

Remeasurement

gains/losses

consolidated

Other

the shareholders

Non-

Subscribed

Capital

Revenue

of defined

from cash

group/

Currency

comprehensive

of Dürr Aktien-

controlling

€ k

capital

reserves

reserves

benefit plans

flow hedges

reclassifications

translation

income

gesellschaft

interests

Total equity

December 31, 2018

177,157

67,318

771,468

-30,542

-2,776

608

-5,940

-38,650

977,293

14,858

992,151

Adjustments IFRS 16

-

-

-9,415

-

-

-

-43

-43

-9,458

-53

-9,511

January 1, 2019

177,157

67,318

762,053

-30,542

-2,776

608

-5,983

-38,693

967,835

14,805

982,640

Result of the period

-

-

98,153

-

-

-

-

-

98,153

3,904

102,057

Other comprehensive income

-

-

-

-2,315

-1,453

-

17,597

13,829

13,829

57

13,886

Total comprehensive income,

net of tax

-

-

98,153

-2,315

-1,453

-

17,597

13,829

111,982

3,961

115,943

Dividends

-

-

-69,202

-

-

-

-

-

-69,202

-5,102

-74,304

Options of non-controlling

interests

-

-

3,385

-

-

-

-

-

3,385

1,030

4,415

Other changes

-

-

16

-

-

-16

-

-16

-

-

-

September 30, 2019

177,157

67,318

794,405

-32,857

-4,229

592

11,614

-24,880

1,014,000

14,694

1,028,694

January 1, 2020

177,157

67,318

820,820

-38,023

-470

586

3,253

-34,654

1,030,641

12,745

1,043,386

Result of the period

-

-

10,997

-

-

-

-

-

10,997

1,806

12,803

Other comprehensive income

-

-

-

-

-678

-

-36,202

-36,880

-36,880

-357

-37,237

Total comprehensive income,

net of tax

-

-

10,997

-

-678

-

-36,202

-36,880

-25,883

1,449

-24,434

Dividends

-

-

-55,362

-

-

-

-

-

-55,362

-1,092

-56,454

Options of non-controlling

interests

-

-

-4,187

-

-

-

-

-

-4,187

-1,336

-5,523

Other changes

-

-

-1,620

-

-

-17

-

-17

-1,637

-1,787

-3,424

September 30, 2020

177,157

67,318

770,648

-38,023

-1,148

569

-32,949

-71,551

943,572

9,979

953,551

equity in changes of statement Consolidated

32

Financial calendar

33

FINANCIAL CALENDAR

November 16, 2020

Capital Markets Day 2020

November 17, 2020

German Equity Forum (virtual)

November 19, 2020

LBBW German Company Day (virtual)

November 24, 2020

DZ Equity Conference, Frankfurt

December 1, 2020

Quirin Conference, Geneva

December 1, 2020

GS Industrials Conference, London

December 2, 2020

Berenberg European Conference, Pennyhill Park

February 25, 2021

Preliminary figures for fiscal 2020: Press conference and conference call

CONTACT

Please contact us for further information:

Dürr AG

Andreas Schaller

Mathias Christen

Stefan Tobias Burkhardt

Corporate Communications & Investor Relations

Carl-Benz-Strasse 34

74321 Bietigheim-Bissingen

Germany

Phone: +49 7142 78-1785 /-1381 /-3558

Fax: +49 7142 78-1716

corpcom@durr.com

investor.relations@durr.com

www.durr-group.com

This interim statement is the English translation of the

German original. The German version shall prevail.

This publication has been prepared independently by Dürr AG/Dürr group. 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 disclosures of Dürr AG, in particular in the chapter "Risks" in the annual report of Dürr AG. 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 the Dürr group 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 AG 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). Net assets, financial position and results of operations of the Dürr group 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 AG can be found in our financial glossary on the web page (https://www.durr-group.com/en/investor-relations/service-awards/glossary/).

Interim statement January 1 to September 30, 2020

DÜRR AKTIENGESELLSCHAFT

Carl-Benz-Str. 34

74321 Bietigheim-Bissingen

Germany

Phone

+49

7142 78-0

Fax

+49

7142 78-2107

E-mail

corpcom@durr.com

OUR FIVE DIVISIONS:

  • PAINT AND FINAL ASSEMBLY SYSTEMS: paint shops as well as final assembly, testing and filling technology for the automotive industry
  • APPLICATION TECHNOLOGY: robot technologies for the automated application of paint, sealants and adhesives
  • CLEAN TECHNOLOGY SYSTEMS: air pollution control, noise abatement systems and coating systems for battery electrodes
  • MEASURING AND PROCESS SYSTEMS: balancing equipment and diagnostic technology
  • WOODWORKING MACHINERY AND SYSTEMS: machinery and equipment for the woodworking industry

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 10:26:08 UTC


© Publicnow 2020
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DÜRR AG-0.66%2 739
ATLAS COPCO AB24.25%71 775
FANUC CORPORATION4.26%45 748
PARKER-HANNIFIN CORPORATION9.71%38 102
STANLEY BLACK & DECKER, INC.13.46%32 053
SANDVIK AB7.40%32 019