Conference Call Preliminary figures H1 2020
Ralf W. Dieter, CEO
July 30, 2020
Bietigheim-Bissingen
Disclaimer
This publication has been prepared independently by Dürr AG/Dürr Group ("Dürr"). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in Dürr's disclosures, in particular in the chapter "Risks" in Dürr's annual report. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary on the Dürr web page (https://www.durr-group.com/en/investor-relations/service-awards/glossary/).
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 2 |
Strong liquidity despite Corona impact on earnings
- Covid-19impact on order intake and P&L largely as expected
- Strong liquidity and cash generation driven by continued solid customer payments
- Additional measures to adjust capacities and improve efficiency in the European automotive business (PFS, APT, MPS)
- Resuming guidance with new targets as business stabilizes
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Overview H1 2020
- Order intake down 23% in H1, but strong order momentum from EV manufacturers in China
- China: incoming orders appreciably above previous year, high utilization of our capacities since March 2020
- Order backlog at € 2.5 bn, down € 264 m compared to year end 2019 but still at a high level
- Sales decline of -14% mainly due to weak revenue recognition in Europe; strong sales realization in America and Asia
- EBIT positive for H1 2020; EBIT before extraordinary effects declines by 78% in the light of lower sales and declining service business (utilization of factories)
- Strong cash flow and positive free cash flow in H1 2020; NFS at € -121 m after dividend payment in Q2
- Very solid funding situation: Total liquidity at record level (€ 904 m), total loan facilities at € 850 m
- Additional measures for capacity adjustment and efficiency improvement in our automotive activities (PFS, APT, MPS) in Germany and rest of Europe (€35 - 45 m one-offs in H2 2020) boosting targeted cost reductions from 2021 to € 60 m
- Resuming guidance with new targets for 2020
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Strong cash despite Corona-driven operating declines
6 months 2020 vs. 6 months 2019
in € m |
-22.8% |
1,921.0 |
-14.1% |
- Decline in orders stabilized due to strong momentum in China
- Huge swing in operating cash flow compared to H1 2019
- Positive EBIT in H1 (reported + operating)
1,483.0 |
1,880.4 |
1,615.2 |
-77.8% |
106.9 |
1.5% |
5.7% |
23.7 |
+193.9
106.0
-104.8%
63.6 -0.2%
3.4%
Incoming orders
Sales revenues | Operating EBIT | -3.0 | |
Operating cash flow | |||
Net profit |
H1 2019 | H1 2020 | Margin | -112.9 | |
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Very strong order intake in China
in € m
-22.8%
1,921.0
1,483.0
- Decline in Americas and Asia (w/o China) due to major orders in Q1 2019
-52.5% | |||||
+60.6% | 620.9 | -29.7% | |||
-7.8% | -41.7% | ||||
500.1 | |||||
433.4 | |||||
351.8 | |||||
269.9 | 294.7 | 278.1 | 256.4 | 251.9 | |
146.8
Total | China | Americas | Germany | Europe (w/o Germany) Asia (w/o China), | |||
Africa, Australia | |||||||
H1 2019 | H1 2020 | ||||||
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Bottom in order intake should be reached in Q2
Project pipeline with positive momentum since June
EcoProFleet
Jan 2020 | Feb 2020 | Mar 2020 | Apr 2020 | May 2020 | Jun 2020 |
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H1 2020: Profitability under pressure
EBIT decline due to lower sales, weaker service business and higher extraordinaries
H1 2020 | H1 2019 | Q2 2020 | Q2 2019 | |||
Gross profit on sales in € m | 303.0 | 414.1 | -26.8% | 125.8 | 207.7 | -39.4% |
Gross margin in % | 18.8 | 22.0 | -3.2 ppts | 16.3 | 22.3 | -6.0 ppts |
EBITDA in € m | 63.4 | 150.4 | -57.9% | 11.6 | 74.7 | -84.4% |
EBIT in € m | 6.6 | 95.2 | -93.1% | -16.4 | 46.6 | -135.1% |
EBIT before | ||||||
extraordinary effects in € m | 23.7 | 106.9 | -77.8% | -8.9 | 52.3 | -117.0% |
EBIT margin in % | 0.4 | 5.1 | -4.7 ppts | -2.1 | 5.0 | -7.1 ppts |
EBIT margin before extraordinary | ||||||
effects in % | 1.5 | 5.7 | -4.2 ppts | -1.2 | 5.6 | -6.8 ppts |
Net income/loss in € m | -3.0 | 63.6 | -104.8% | -16.3 | 30.6 | -153.1% |
- Muted spare parts business with disproportionately high effect on profit
- Various measures taken to cut costs, e.g. short-term work, selective capacity reduction - Overhead cost reduced by 8%
- Streamlining measures in various divisions executed as planned. Extraordinary effects increased to € -17.1 m (H1 2019: € -11.7 m), including € -9.2 m purchase price allocation effects
- Increase in allowances on receivables and contract assets (IFRS 9) driven by CDS-spreads impacts EBIT with about € - 5 m
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H1 2020 net financial status (NFS) evolution
Strong cash generation of € 106 m in H1 2020 after cash outflow of € 113 m in H1 2019
in € m
in € m | H1 2020 | H1 2019 | Q2 2020 | Q2 2019 |
Operating cash flow | 106.0 | -112.9 | 37.3 | -69.9 |
Free Cash flow | 44.3 | -181.4 | -1.5 | -115.4 |
∆ Net financial status | -21.6 | -243.9 | -55.5 | -174.4 |
86.0 |
+56.8
-99.3-4.2
-26.6 |
-12.0 |
-55.9 |
-9.5 |
NFS 12/2019 | EBT | Depreciation | NWC |
-56.2 | -120.9 | ||||
Capex | M&A | Dividend payment | Taxes | Others | NFS 6/2020 |
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NWC
Net working capital declined due to delivery of orders and solid customer payments
in € m | 06/30/2020 | 12/31/2019 | 06/30/2019 | |
Inventories and prepayments | 531.9 | 509.2 | 565.1 | |
+ | Total trade receivables | 508.9 | 586.1 | 578.3 |
+ | Total contract assets | 432.6 | 519.1 | 504.3 |
- | Trade payables (incl. liabilities from notes payable) | 438.4 | 479.0 | 510.1 |
- | Total contract liabilities | 624.8 | 632.7 | 534.2 |
= | Net working capital | 410.1 | 502.7 | 603.4 |
DWC | 45.71 | 46.1 | 57.81 |
- Strong improvement in NWC management compared with H1 2019
- NWC build-up expected in H2 2020 due to recovering order intake
1 annualized included in total balance (total work in process less billings)
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Work in process balance
Continued solid customer payments
in € m | 06/30/2020 | 12/31/2019 | 06/30/2019 |
Assets | |||
Total contract assets | 432.6 | 519.1 | 504.3 |
Work in process from small series production | 113.7 | 101.9 | 128.0 |
Liabilities | |||
Total contract liabilities | 624.8 | 632.7 | 534.2 |
Total balance (total work in process less | |||
billings) | -78.5 | -11.7 | 98.1 |
- Work in process balance better than expected range for 2020 of between € -50 m and € 50 m
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Factoring/Forfeiting
Forfeiting volume decreased by € 15 m
In € m | 06/30/2020 | 12/31/2019 | 12/31/2018 | |
Factoring | 0.0 | 0.0 | 0.0 | |
Forfeiting | ||||
7.3 | 22.0 | 24.9 | ||
Total | ||||
7.3 | 22.0 | 24.9 | ||
End of previous year | ||||
-14.7 | -2.8 | -3.1 | ||
Conservative approach to forfeiting |
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Total liquidity at all-time high
06/30/2020 | 12/31/2019 | 06/30/2019 | |
Equity in € m | 956.1 | 1,043.4 | 985.4 |
Equity ratio in % | 25.1 | 26.9 | 28.1 |
Net financial status in € m | -120.9 | -99.3 | -318.3 |
Cash in € m | 744.0 | 662.0 | 409.0 |
Gearing in % | 11.2 | 8.7 | 24.4 |
ROCE1 in % | |||
1.2 | 16.9 | 14.5 |
- Equity declined primarily due to dividend payment and negative foreign exchange rate effects
- Net financial status € 22 m lower than at year-end 2019 despite dividend payment of € 56 m in Q2
- Cash increased by € 82 m compared to year-end 2019; total liquidity (cash incl. time deposits) reached € 904 m
1 annualized
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Comfortable liquidity headroom
Maturities well covered with cash and free credit lines
In € billion
2.0 | 1.8 |
1.5 | |
1.0 | |
0.5 | 0.45 |
0.0 |
Available funds | Financial liabilities |
< 12 months |
Maturity profile
0.5
0.4
0.3
0.2
0.1
0.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Cash credit facilities | Bilateral loan | Bilateral loan | Schuldschein loans | Bond | ||||||
Cash and cash equivalents | Schuldschein loans | |||||||||
Money markets | Bond | Credit facilities unutilized: 350 Mio.€ maturing in 2021 (extension option 1 year) and 500 Mio.€ maturing in 2024 | ||||||||
Without leasing liabilities or accrued interest | Other financial liabilities not included |
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Paint and Final Assembly Systems
Strong China business mainly driven by EV manufacturers
H1 | H1 | Q2 | Q2 | |||
2020 | 20191 | 2020 | 20191 | |||
Incoming orders in € m | 490.2 | 685.3 | -28.5% | 240.3 | 249.3 | -3.6% |
Sales revenues in € m | 574.6 | 683.6 | -16.0% | 277.4 | 334.7 | -17.1% |
EBIT in € m | 14.2 | 30.6 | -53.6% | 3.7 | 14.5 | -74.3% |
EBIT before extra- | ||||||
ordinary effects in € m | 15.7 | 32.1 | -51.2% | 4.5 | 15.0 | -70.4% |
EBIT margin in % | 2.5 | 4.5 | -2.0 ppts | 1.3 | 4.3 | -3.0 ppts |
EBIT margin before | ||||||
extraordinary effects in % | 2.7 | 4.7 | -2.0 ppts | 1.6 | 4.5 | -2.9 ppts |
ROCE2 in % | 15.0 | - | -20.0 ppts | 7.8 | - | -25.2 ppts |
- Q2 2020 incoming orders on Q2 2019 level
- Positive EBIT in H1 and Q2 despite significant sales reduction
- High execution quality thanks to FOCUS 2.0
- Weak European business
-
Improving project pipeline
1 adjusted for inclusion of Automotive Filling and Testing Systems (FY 2019: sales € 172 m; EBIT € 17 m), as of 1/1/2020 2 annualized
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Application Technology
High service declines feeding through to bottom line
H1 | H1 | Q2 | Q2 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 193.7 | 305.0 | -36.5% | 77.0 | 145.5 | -47.1% |
Sales revenues in € m | 218.6 | 271.7 | -19.5% | 97.2 | 132.3 | -26.5% |
EBIT in € m | -1.1 | 27.8 | -103.9% | -6.7 | 13.2 | -151.3% |
EBIT before extra- | ||||||
ordinary effects in € m | 1.9 | 27.9 | -93.1% | -6.0 | 13.2 | -145.4% |
EBIT margin in % | -0.5 | 10.2 | -10.7 ppts | -6.9 | 10.0 | -16.9 ppts |
EBIT margin before | ||||||
extraordinary effects in % | 0.9 | 10.3 | -9.4 ppts | -6.2 | 10.0 | -16.1 ppts |
ROCE1 in % | -0.8 | 17.2 | -18.0 ppts | -9.8 | 16.3 | -26.1 ppts |
- Incoming orders: recovery expected to continue after weak March / April
- Improving pipeline: more projects ahead in H2
- Disproportionately strong service declines due to plant shutdowns
- EBIT impacted by service declines and one-offs (€ 3.0 m), mainly for streamlining measures
1 annualized
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Clean Technology Systems
Resilient business: Incoming orders increased despite Corona
H1 | H1 | Q2 | Q2 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 215.9 | 208.0 | 3.8% | 107.1 | 95.5 | 12.2% |
Sales revenues in € m | 178.1 | 180.3 | -1.2% | 95.8 | 92.1 | 4.1% |
EBIT in € m | -1.1 | 0.7 | -262.0% | 0.2 | 1.4 | -88.0% |
EBIT before extra- | ||||||
ordinary effects in € m | 4.1 | 5.3 | -21.5% | 2.3 | 4.1 | -42.6% |
EBIT margin in % | -0.6 | 0.4 | -1.0 ppts | 0.2 | 1.5 | -1.3 ppts |
EBIT margin before | ||||||
extraordinary effects in % | 2.3 | 2.9 | -0.6 ppts | 2.4 | 4.4 | -2.0 ppts |
ROCE1 in % | -1.6 | 0.8 | -2.4 ppts | 0.5 | 3.3 | -2.8 ppts |
- Strong demand from pharma, chemicals and battery manufacturing
- Project pipeline well filled
- Sales expected to accelerate in H2
- Operating EBIT somewhat down due to Corona-related restraints in order execution
- One-offsof € 5.2 million for streamlining and PPA
1 annualized
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Measuring and Process Systems
Strong Corona impact in Q2
H1 | H1 | Q2 | Q2 | |||
2020 | 20191 | 2020 | 20191 | |||
Incoming orders in € m | 90.0 | 131.8 | -31.7% | 28.9 | 68.7 | -57.9% |
Sales revenues in € m | 92.5 | 108.0 | -14.3% | 40.4 | 53.9 | -25.1% |
EBIT in € m | -4.6 | 6.8 | -168.1% | -3.1 | 3.4 | -189.1% |
EBIT before extra- | ||||||
ordinary effects in € m | -4.4 | 7.5 | -159.1% | -3.0 | 3.7 | -179.8% |
EBIT margin in % | -5.0 | 6.3 | -11.3 ppts | -7.6 | 6.4 | -14.0 ppts |
EBIT margin before | ||||||
extraordinary effects in % | -4.8 | 6.9 | -11.7 ppts | -7.3 | 6.9 | -14.2 ppts |
ROCE2 in % | -5.3 | - | -9.9 ppts | -7.0 | - | -11.7 ppts |
- Q2: weak demand by main customer groups (automotive, aviation, power plants)
- Project pipeline in Asia improving better prospects for H2
- EBIT burdened by low sales, weak service business and declines in high-margin standard machine business
- Capacity adjustments initiated
1 adjusted for Automotive Filling and Testing Systems (FY 2019: sales € 172 m; EBIT € 17 m), transferred to Paint and Final Assembly Systems as of 1/1/2020
2 annualized
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Woodworking Machinery and Systems
Corona impact on order intake smaller than in the automotive business
H1 | H1 | Q2 | Q2 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 493.2 | 590.8 | -16.5% | 191.5 | 256.2 | -25.3% |
Sales revenues in € m | 551.5 | 636.8 | -13.4% | 261.9 | 317.5 | -17.5% |
EBIT in € m | 3.5 | 35.0 | -90.1% | -9.0 | 16.7 | -154.3% |
EBIT before extra- | ||||||
ordinary effects in € m | 10.7 | 39.4 | -72.8% | -5.4 | 18.8 | -128.4% |
EBIT margin in % | 0.6 | 5.5 | -4.9 ppts | -3.5 | 5.2 | -8.7 ppts |
EBIT margin before | ||||||
extraordinary effects in % | 1.9 | 6.2 | -4.2 ppts | -2.0 | 5.9 | -8.0 ppts |
ROCE1 in % | 1.5 | 14.0 | -12.5 ppts | -8.0 | 13.3 | -21.4 ppts |
- Sharp declines in systems business, single machine business more stable
- Only moderate sales declines
- Q2 EBIT impacted by Corona restraints (service, inventory increase)
- Recovery of China business expected to continue, improved market position with HOMAG China Golden Field
- HOMAG optimization on track, laying the foundations for strong EBIT improvements
(9 % margin target for 2023)
1 annualized
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Service business
Service sales decline due to shutdowns and low utilization in automotive plants
Service mix 6 months 2020
19%
43 %
38%
Spare parts
Modifications
Other services (e.g. maintenance, assessments)
H1 2020 | H1 2019 | ||
Sales revenues in € m | 441.0 | 527.2 | -16.3% |
% of group sales | 27.3 | 28.0 | -0.7 ppts |
- Service business in Clean Technology Systems and Woodworking Machinery and Systems relatively strong
- Strong decline of service business in Application Technology and Measuring and Process Systems
- Service margin slightly down
- Resumed automotive production should support service sales in H2
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Additional efficiency improvement measures in Europe
Background:
- Subdued demand development in automotive business in Europe after Corona expected as markets are saturated with only limited number of new automotive plants to come
- Current capacities cannot be fully utilized by upgrade and service business
Measures:
- Focus on divisions Paint and Final Assembly Systems, Application Technology and Measuring and Process Systems
- Capacity reduction program in Germany and Western Europe (~600 employees)
- Restructuring charges of € 35 - 45 million expected in H2 2020
- Lowering of breakeven point by € 30 million targeted in 2021
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Total cost reduction of ~ € 60 m p.a. targeted from 2021
Restructuring charges taken in Q4 2019 and in 2020
in € m
reduction | ~60 | ||||||||||
Cost | 7 | ||||||||||
Charges | |||||||||||
-22 | |||||||||||
-37 | -35 to -45 | Total savings | |||||||||
Existing programs | |||||||||||
Add. measures | |||||||||||
-57 to -67 | |||||||||||
2019 | 2020 | 2021 |
- Efficiency and production improvement measures initiated at HOMAG in Q4 2019 targeting € 20 million savings in 2021
-
Continuous improvement measures, e.g. already executed site closures at Karlstein (APT) and Goldkronach (CTS) yielding
€ 10 million savings in 2021 - New measures in Europe targeting € 30 million lowering of breakeven point in 2021
- 2020: Extraordinary expenses of € 75 - 85 million expected (incl. PPA)
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Long-term growth in car production
But slow recovery in short-term: 2019 levels to be reached in 2023
In m units1 | CAGR | |||||
110 | +6.4% | 103.1 | ||||
100 | -19.9% | 3.6 | ||||
88.9 | ||||||
90 | ||||||
2.1 | 23.0 | |||||
80 | 22.1 | 71.2 | ||||
70 | 1.8 | |||||
60 | 16.7 | 30.9 | ||||
50 | 24.3 | |||||
40 | 21.8 | |||||
30 | 20.9 | 23.9 | ||||
20 | 16.0 | |||||
10 | 19.5 | 14.9 | 21.7 | |||
0 | ||||||
2019 | 2020e | 2027e | ||||
Other | Asia (without China) | China | Europe | Americas | 1 Light vehicles production | |
Source: LMC Automotive | ||||||
Last update: July 2020 |
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Targets 2020
Guidance resumed as business recovers; new targets defined for 2020
Actual 2019 | Target 2020 old | Target 2020 new | ||
Incoming orders in € m | 4,076.5 | 3,800 - 4,100 | 3,100 - 3,400 | |
Sales revenue in € m | 3,921.5 | 3,900 - 4,100 | 3,200 - 3,400 | |
EBIT margin in % | 5.0 | 5.2 - 5.7 | 0 - 0.5 | |
EBIT margin before extraordinary effects in % | 6.7 | 6.2 - 6.7 | 2.5 - 2.8 | |
ROCE in % | 16.9 | 17 - 22 | 0 - 1.5 | |
Earnings after tax in € m | 129.8 | 135 | - 150 | -40 - -10 |
Operating cash flow in € m | 171.9 | 180 | - 230 | 70 - 120 |
Free cash flow in € m | 44.9 | 70 | - 120 | -40 - +10 |
Net financial status in € m (12/31) | -99.3 | -80 - -30 | -230 - -180 | |
Capital expenditure in € m1 | 102.6 | 95 | - 105 | 75 - 85 |
1 on property, plant and equipment and intangible assets (excluding acquisitions)
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Appendix
Balance sheet highlights (1/2)
06/30/2020 | 12/31/2019 | 06/30/2019 | |
Non-current assets | 1,289.9 | 1,322.4 | 1,309.3 |
of which goodwill and intangibles | 639.0 | 644.0 | 645.2 |
of which property, plant and equipment | 502.5 | 525.4 | 521.7 |
of which investment and financial assets | 73.0 | 70.5 | 70.1 |
Current assets | 2,521.1 | 2,560.0 | 2,201.3 |
of which inventories and prepayments | 531.9 | 509.2 | 565.1 |
of which contract assets | 432.6 | 519.1 | 504.3 |
of which trade receivables | 501.5 | 570.3 | 564.9 |
of which sundry financial assets | 207.7 | 206.4 | 52.4 |
of which cash and cash equivalents | 744.0 | 662.0 | 409.0 |
Total assets Dürr Group | 3,811.1 | 3,882.3 | 3,510.6 |
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Balance sheet highlights (2/2)
Equity and Liabilities in € m | 06/30/2020 | 12/31/2019 | 06/30/2019 |
Total equity | 956.1 | 1,043.4 | 985.4 |
of which non-controlling interests | 9.2 | 12.7 | 14.2 |
Non-current liabilities | 697.6 | 1,056.4 | 864.3 |
of which provisions | 78.8 | 81.3 | 72.5 |
of which bond and Schuldschein loans | 464.2 | 798.2 | 598.3 |
of which other financial liabilities | 81.1 | 86.8 | 88.9 |
of which deferred taxes | 59.3 | 81.2 | 91.1 |
Current liabilities | 2,157.3 | 1,782.6 | 1,660.9 |
of which other provisions | 145.2 | 148.1 | 118.3 |
of which contract liabilities | 622.7 | 630.6 | 532.1 |
of which trade payables | 437.4 | 478.8 | 509.4 |
of which bond and Schuldschein loans | 349.4 | 0.0 | 0.0 |
of which sundry financial liabilities | 410.2 | 357.9 | 334.7 |
of which other liabilities | 138.6 | 118.8 | 135.9 |
Total equity and liabilities Dürr Group | 3,811.1 | 3,882.3 | 3,510.6 |
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P&L in detail
in € m | H1 2020 | H1 2019 | Q2 2020 | Q2 2019 | ||
Sales revenues | 1,615.2 | 1,880.4 | -14.1% | 772.6 | 930.5 | -17.0% |
Cost of sales | -1,312.2 | -1,466.3 | -10.5% | -646.8 | -722.8 | -10.5% |
Gross profit on sales | 303.0 | 414.1 | -26.8% | 125.8 | 207.7 | -39.4% |
Selling expenses | -154.3 | -169.1 | -8.7% | -75.4 | -86.6 | -12.9% |
General administrative expenses | -86.9 | -92.6 | -6.1% | -40.2 | -45.6 | -12.0% |
Research and development costs | -54.7 | -58.3 | -6.1% | -26.6 | -29.2 | -8.8% |
Other operating income | 22.7 | 12.0 | 88.9% | 7.7 | 4.3 | 78.4% |
Other operating expenses | -23.2 | -11.0 | 110.8% | -7.7 | -4.0 | 90.7% |
Earnings before investment income, interest and income taxes | 6.6 | 95.2 | -93.1% | -16.4 | 46.6 | -135.1% |
Investment income | 1.8 | 2.8 | -35.4% | 1.1 | 0.9 | 28.5% |
Interest and similar income | 2.6 | 3.2 | -19.9% | 0.8 | 1.6 | -51.6% |
Interest and similar expenses | -15.2 | -12.7 | 19.6% | -8.3 | -6.3 | 30.1% |
Earnings before income taxes | -4.2 | 88.6 | -104.7% | -22.7 | 42.7 | -153.2% |
Income taxes | 1.1 | -25.0 | -104.5% | 6.4 | -12.1 | -153.4% |
Profit/loss of the Dürr Group | -3.0 | 63.6 | -104.8% | -16.3 | 30.6 | -153.1% |
Attributable to: | ||||||
Non-controlling interests | 1.0 | 3.0 | -65.8% | 0.5 | 1.1 | -54.9% |
Shareholders of Dürr Aktiengesellschaft | -4.0 | 60.7 | -106.7% | -16.8 | 29.5 | -156.8% |
Number of shares issued in thousands | 69,202.1 | 69,202.1 | - | 69,202.1 | 69,202.1 | - |
Earnings per share in € (basic and diluted) | -0.1 | 0.9 | -106.8% | -0.2 | 0.4 | -155.8% |
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 28 |
Cash flow
in € m | H1 2020 | H1 2019 | Q2 2020 | Q2 2019 |
EBT | -4.2 | 88.6 | -22.7 | 42.7 |
Depreciation and amortization of non-current assets | 56.8 | 55.2 | 28.0 | 28.1 |
Interest result | 12.6 | 9.5 | 7.5 | 4.8 |
Income taxes paid | -9.5 | -32.6 | -0.3 | -22.9 |
Provisions | -1.1 | -10.2 | 2.6 | -5.7 |
Net working capital | 86.0 | -161.9 | 68.2 | -74.6 |
Other | -34.7 | -61.5 | -45.9 | -42.3 |
Operating cash flow | 106.0 | -112.9 | 37.3 | -69.9 |
Interest paid (net) | -18.9 | -18.3 | -18.7 | -18.6 |
Repayment lease liabilities | -16.1 | -13.3 | -8.8 | -7.4 |
Capital expenditures | -26.6 | -36.9 | -11.3 | -19.5 |
Free cash flow | 44.3 | -181.4 | -1.5 | -115.4 |
Others (e.g. currency effects) | -66.0 | -62.5 | -54.0 | -59.0 |
Change net financial status | -21.6 | -243.9 | -55.5 | -174.4 |
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 29 |
Overview: Financial figures by division (1/2)
20201 | 20192 | 2018 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||
Incoming orders in € m | 249.9 | 240.3 | 490.2 | 436.1 | 249.3 | 281.2 | 548.5 | 1,515.0 | 274.2 | 303.3 | 187.9 | 534.9 | 1,300.4 | |||||
Sales revenues in € m | 297.2 | 277.4 | 574.6 | 348.9 | 334.7 | 366.3 | 365.6 | 1,415.5 | 270.2 | 297.1 | 311.2 | 357.1 | 1,235.7 | |||||
PFS | Order backlog in € m | 1,344.0 | 1,234.2 | 1,418.1 | 1,312.7 | 1,238.1 | 1,412.8 | 1,217.9 | 1,232.3 | 1,033.9 | 1,216.4 | |||||||
EBIT in € m | 10.5 | 3.7 | 14.2 | 16.1 | 14.5 | 19.9 | 28.2 | 78.7 | 12.4 | 12.5 | 14.0 | 17.0 | 56.0 | |||||
EBIT before extraordinary effects in € | 11.2 | 4.5 | 17.1 | 15.0 | 20.5 | 28.7 | 81.3 | 13.0 | 13.0 | 14.5 | 17.6 | 58.1 | ||||||
Employees | 4,465 | 4,428 | 4,277 | 4,304 | 4,370 | 4,412 | 3,435 | 3,405 | 3,447 | 3,472 |
APT
Incoming orders in € m | 116.7 | 77.0 |
Sales revenues in € m | 121.4 | 97.2 |
Order backlog in € m | 403.7 | 372.9 |
EBIT in € m | 5.7 | -6.7 |
EBIT before extraordinary effects in € | 7.9 | -6.0 |
Employees | 2,301 | 2,228 |
193.7 | 159.6 | 145.5 | 151.1 | 184.6 | 640.8 | 168.6 | 176.6 | 141.2 | 146.0 | 632.4 |
218.6 | 139.4 | 132.3 | 155.5 | 165.7 | 592.8 | 145.5 | 152.5 | 174.1 | 180.5 | 652.6 |
391.5 | 400.7 | 399.3 | 417.5 | 424.0 | 449.8 | 398.3 | 366.5 | |||
-1.1 | 14.6 | 13.2 | 16.3 | 13.1 | 57.1 | 15.2 | 15.5 | 17.4 | 19.9 | 68.0 |
14.7 | 13.2 | 16.3 | 19.1 | 63.3 | 15.2 | 15.6 | 17.4 | 19.9 | 68.2 | |
2,271 | 2,251 | 2,306 | 2,306 | 2,112 | 2,154 | 2,230 | 2,246 |
Incoming orders in € m | 108.8 | 107.1 | 215.9 | 112.6 | 95.5 | 126.0 | 115.0 | 449.1 | 57.6 | 58.8 | 36.3 | 105.3 | 258.2 | |
Sales revenues in € m | 82.3 | 95.8 | 178.1 | 88.3 | 92.1 | 91.6 | 123.4 | 395.3 | 30.3 | 34.7 | 54.9 | 106.8 | 226.7 | |
CTS | Order backlog in € m | 269.6 | 273.9 | 217.8 | 217.1 | 255.1 | 243.7 | 125.7 | 152.2 | 130.8 | 191.3 | |||
EBIT in € m | -1.2 | 0.2 | -1.1 | -0.7 | 1.4 | 3.7 | 7.7 | 12.1 | -1.0 | -1.6 | -11.7 | -0.7 | -15.0 | |
EBIT before extraordinary effects in € | 1.8 | 2.3 | 1.2 | 4.1 | 6.6 | 11.3 | 23.3 | -0.8 | -1.4 | 2.0 | 5.4 | 5.1 | ||
Employees | 1,392 | 1,375 | 1,443 | 1,427 | 1,425 | 1,418 | 601 | 600 | 612 | 1,472 | ||||
Incoming orders in € m | 61.1 | 28.9 | 90.0 | 63.1 | 68.7 | 63.8 | 56.4 | 251.9 | 103.4 | 111.1 | 93.2 | 95.6 | 403.3 | |
Sales revenues in € m | 52.1 | 40.4 | 92.5 | 54.1 | 53.9 | 60.2 | 70.4 | 238.6 | 99.4 | 114.2 | 112.6 | 130.4 | 456.5 | |
MPS | Order backlog in € m | 132.9 | 117.5 | 120.5 | 134.1 | 138.3 | 122.7 | 260.2 | 258.3 | 236.0 | 201.5 | |||
EBIT in € m | -1.6 | -3.1 | -4.6 | 3.4 | 3.4 | 6.7 | 8.2 | 21.8 | 10.4 | 13.5 | 14.1 | 21.8 | 59.7 | |
EBIT before extraordinary effects in € | -1.4 | -3.0 | 3.7 | 3.7 | 6.8 | 9.1 | 23.4 | 10.9 | 13.8 | 14.4 | 22.2 | 61.3 | ||
Employees | 1,524 | 1,476 | 1,543 | 1,547 | 1,550 | 1,515 | 2,317 | 2,303 | 2,325 | 2,279 |
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) 2 figures for PFS and MPS adjusted to enable a YOY comparison
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 30 |
Overview: Financial figures by division (2/2)
20201 | 20192 | 2018 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||
Incoming orders in € m | 301.7 | 191.5 | 493.2 | 334.6 | 256.2 | 316.5 | 312.3 | 1,219.6 | 415.2 | 286.1 | 339.6 | 295.9 | 1,336.8 | |||||
Sales revenues in € m | 289.6 | 261.9 | 551.5 | 319.2 | 317.5 | 320.1 | 322.3 | 1,279.1 | 294.6 | 311.1 | 331.6 | 361.0 | 1,298.3 | |||||
WMS | Order backlog in € m | 553.9 | 480.3 | 622.0 | 557.6 | 559.6 | 546.1 | 676.4 | 657.6 | 666.3 | 601.6 | |||||||
EBIT in € m | 12.5 | -9.0 | 3.5 | 18.4 | 16.7 | 17.0 | -14.6 | 37.4 | 19.7 | 17.4 | 21.5 | 27.6 | 86.2 | |||||
EBIT before extraordinary effects in € | 16.1 | -5.4 | 20.5 | 18.8 | 19.2 | 24.2 | 82.7 | 21.9 | 19.6 | 23.7 | 29.7 | 94.9 | ||||||
Employees | 6,613 | 6,498 | 6,633 | 6,592 | 6,615 | 6,569 | 6,484 | 6,567 | 6,605 | 6,593 |
CC / Cons.
Incoming orders in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Sales revenues in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Order backlog in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |||
EBIT in € m | -3.0 | -1.4 | -4.3 | -3.1 | -2.5 | -4.7 | -0.8 | -11.2 | -5.7 | -7.0 | -3.3 | -5.4 | -21.4 |
EBIT before extraordinary effects in € | -2.9 | -1.4 | -2.8 | -2.5 | -4.8 | -0.8 | -10.9 | -3.4 | -4.6 | -2.8 | -1.9 | -12.7 | |
Employees | 267 | 278 | 248 | 263 | 268 | 273 | 204 | 207 | 242 | 250 |
Incoming orders in € m | 838.3 | 644.8 | 1,483.0 | 1,105.9 | 815.1 | 938.6 | 1,216.9 | 4,076.5 | 1,019.1 | 935.9 | 798.2 | 1,177.7 | 3,930.9 | |
Sales revenues in € m | 842.6 | 772.6 | 1,615.2 | 949.9 | 930.5 | 993.7 | 1,047.4 | 3,921.5 | 840.1 | 909.5 | 984.5 | 1,135.8 | 3,869.8 | |
Group | Order backlog in € m | 2,704.1 | 2,478.8 | 2,769.8 | 2,622.2 | 2,590.3 | 2,742.8 | 2,704.3 | 2,750.3 | 2,465.4 | 2,577.2 | |||
EBIT in € m | 22.9 | -16.4 | 6.6 | 48.6 | 46.6 | 58.9 | 41.8 | 195.9 | 51.1 | 50.3 | 51.9 | 80.2 | 233.5 | |
EBIT before extraordinary effects in € | 32.6 | -8.9 | 54.6 | 52.3 | 64.6 | 91.6 | 263.1 | 56.8 | 56.0 | 69.2 | 93.0 | 274.9 | ||
Employees | 16,562 | 16,283 | 16,415 | 16,384 | 16,534 | 16,493 | 15,153 | 15,236 | 15,461 | 16,312 |
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) 2 figures for PFS and MPS adjusted to enable a YOY comparison
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 31 |
Overview: extraordinary effects
in € m
2020 | 2019 | 2018 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | |
PFS | -0.7 | -0.7 | -1.0 | -0.5 | -0.6 | -0.5 | -2.6 | -0.5 | -0.5 | -0.5 | -0.5 | -2.2 | |||
APT | -2.2 | -0.8 | -0.1 | 0.0 | 0.0 | -6.0 | -6.2 | -0.1 | -0.1 | 0.0 | 0.0 | -0.2 | |||
CTS | -3.0 | -2.2 | -1.9 | -2.7 | -2.9 | -3.6 | -11.2 | -0.2 | -0.2 | -13.7 | -6.1 | -20.1 | |||
MPS | -0.1 | -0.1 | -0.4 | -0.3 | -0.1 | -0.8 | -1.6 | -0.5 | -0.3 | -0.4 | -0.4 | -1.5 | |||
WMS | -3.5 | -3.7 | -2.2 | -2.2 | -2.2 | -38.8 | -45.3 | -2.2 | -2.2 | -2.2 | -2.2 | -8.7 | |||
CC | 0.0 | 0.0 | -0.3 | 0.0 | 0.1 | 0.0 | -0.3 | -2.3 | -2.4 | -0.5 | -3.5 | -8.7 | |||
Total | -9.7 | -7.4 | -6.0 | -5.7 | -5.7 | -49.8 | -67.2 | -5.7 | -5.7 | -17.3 | -12.8 | -41.4 | |||
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 32 |
Shareholder structure
Free float at 70.9%1
25.6%
3.5%
70.9%
Heinz Dürr GmbH
Heinz und Heide Dürr Stiftung
Institutional and private investors2
- Thereof MainFirst: 4.7%
- Thereof Candriam Luxembourg: 3.8%
- Thereof Alecta Pensionsförsäkring: 3.2%
- Thereof Credit Suisse Fund Management: 3.0%
- Thereof members of the Dürr Board of Management: 0.3%
- Thereof members of the Dürr Supervisory Board: 0.1%
- Free float calculated according to Deutsche Börse AG
- According to the relevant laws
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 33 |
Financial calendar
August | November | ||||
| 08/06/2020 | Interim Financial Statement Q2/H1 2020 | | 11/05/2020 | Interim Statement Q3 2020 |
No analysts/investors call | Analysts/investors call | ||||
| 08/18/2020 | Bankhaus Lampe Deutschlandkonferenz, | | 11/16/2020 | Investors' Day, Poland (planned) |
Baden-Baden | | 11/24/2020 | DZ Equity Conference, Frankfurt |
September
- 09/09/2020 MainFirst Cross Sector Conference, London
- 09/21/2020 Baader Investment Conference, Munich
- 09/22/2020 Berenberg/GS German Corporate Conference, Munich
Dürr Corporate Communications & Investor Relations contact
Andreas Schaller | Mathias Christen | Stefan Tobias Burkhardt | ||
a.schaller@durr.com | mathias.christen@durr.com | stefantobias.burkhardt@durr.com | ||
+49 7142 78-1785 | +49 7142 78-1381 | +49 7142 78-3558 | ||
www.durr-group.com | © Dürr AG, Conference call - H1 2020, July 30, 2020 | 34 |
Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
+49 7142 78-0 corpcom@durr.com www.durr-group.com
Conference Call
Results January -
June 2020
Ralf W. Dieter, CEO
July 30, 2020
Bietigheim-Bissingen
Attachments
- Original document
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Disclaimer
Dürr AG published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 15:10:02 UTC