Drägerwerk AG&Co.KGaA Capital Markets Presentation...market crash. Gulf War. Mexican peso crisis. Russian financial crisis. Stock-market crash. Iraq War. Financial crisis. Debt

© Drägerwerk AG & Co. KGaA, 2020

Drägerwerk AG&Co.KGaACapital Markets Presentation

March 2020, Lübeck


Disclaimer

2

Interim financial reports as well as preliminaries are not audited.

This presentation contains forward-looking statements regarding the future development of the Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to it to date, and have been made to the best of its knowledge and belief. No guarantee or liability for the occurrence of the future developments and results specified can be assumed in respect of such forward-looking statements. Rather, the future developments and results are dependent on a number of factors; they entail risks and uncertainties beyond our control and are based on assumptions which could prove to be incorrect. Notwithstanding any legal requirements to adjust forecasts, we assume no obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any securities. No money, securities or other consideration is being solicited by this presentation.

© Drägerwerk AG & Co. KGaA, 2020 3

Outlook

DrägerThe Company

Financials


protectDräger products

supportsave

lives,

and


Net sales developmentStrong growth independent of the global economy

5

Source: International Monetary Fund, World Economic Outlook Database

Net sales developmentDräger net sales in EUR million

Global gross domestic product

Stock-market crash

GulfWar

Mexican pesocrisis

Russianfinancial

crisis

Stock-marketcrash

IraqWar

Financialcrisis

Debtcrisis

2,500

2,000

1,500

1,000

500

0

3,000

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019


Dräger worldwideNet sales, sites and employees

6

55%

25%

20%

Africa, Asia, AustraliaEurope

Americas

Net Sales: EUR

~2.8 billionin 2019

70%

16%

14%

14,845employees

in 2019

Dräger-Sites21%

11%

10%

58%

Sales & Service Production, Quality,Logistics, Purchasing

R&D Administration

Production sites inEurope, America, Africa and Asia

Sales and Service organizations worldwide

Safety~35 %

Medical~65 %


MarketsOur Customers

7

Fire services Oil and gas industry

Mining Chemical industry

Hospital

Other markets


Medical division

8

Infinity Acute Care System

Clincal software solutions

Telemetry and IT-solutions

Medical supply units

Medical Gas supply systems

Medical lights and video solutions

Consumables and accessories

Classical-, Multivendor product service, Professional Service

Training

Anaesthesiology

Ventilation

Thermoregulation

Patient Monitoring & Clinical IT

Workplace Infrastructure

Hospital Consumables & Service

Intensive Care Operating Room Neonatal CareHospital wide

Solutions

Note: Market position based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

Anaesthesia workstations and vaporizers

#1 in Europe and #2 in the US market

Emergency & Transport-, Neonatal- and Intensive Care ventilators

Respiratory monitoring

#1 in Europe

Incubators and Warming Therapy

#2 worldwide and #1 in Europe


Safety division

9

Breathing Systems

Gas Detection Systems

Personal Protection Equipment

Impairment Check Equipment

Engineered Solutions

Service

Fixed and mobile gas detection systems


Alcohol- and drug screeningdevices

Interlock devices


Protection equipment for hazardous working environments

Body and Head protection, rescue and escape devices, Masks and Filters, etc.

Self-contained BreathingAppartus for fire fighters


Customer specific solutions

mobile and stationary firefighting training systems

Rescue chambers

Spareparts and consumables

Product Service

Rental, On-site shops and Shutdown Service

Marine-Offshore Service

Note: Market positions based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

Fire Service

Oil & Gas Chemical Mining Other Markets


Medical and safety technology providing long-term growth prospects

10

Hospital

Attractive growth prospects in sizeable markets …

… in developed markets…

… as well as in emerging markets

Oil&Gas Chemical Mining FireService

Average expected annual market growth for the global medical equipment market significantly exceeding growth in many other sectors

Strong growth prospects in both developed and emerging markets

Very diversified markets with numerous product and service offerings

Attractive growth prospects for target sectors (e.g. industry) and growing safety investments

Rapidly aging population and consequently increasing healthcare expenditure

Increasing demand for medical equipment to improve clinical workflows and efficiency

Increasingly stricter safety regulations

Rising environmental awareness

Improved outlook for target markets

Strong growth of GDP and population resulting in a demand for improved medical services

Political benefits from investments in health care sector

Increasingly higher safety standards

Increasing industrial hygiene awareness

Strong growth of key customer sectors


Strategy for profitable growth

11

Management of innovation rate through continuous improvements in quality and R&D processes

Expansion of market positions in attractive markets. Special focus on profitable growth in developing countries

Expansion of service and consumables business

Investments for future growth

1

2

3

4


Technology and innovation leadership to drive profitable growth

12

Strong R&D focus Innovation to enhance future growth (examples)

Approximately 1,300 employees in R&D around the globe.

EUR ~270 million spent for R&D activities in 2019.*

Certified test-center at Lübeck headquartersupports innovation- and approval process.

Qualitymanagement organization with >100 employees.

Very close collaboration with customers to develop new and improve existing products.

Technological competency and high quality standards result in leading market positions and high barriers to entry.

Babyleo ®

Incuwarmer: combination of a

classical incubator and warming bed functionalities.

Dräger X-am® 8000

Multigas detector for measurement of up to 7 gases simultaneously.

* no meaningful capitalization of R&D budget

Atlan®

New anesthesia family with network

connectivity supporting SDC and new user

interface


Exploit growth potentials in developing countries

13

Investments in profitable growth

in developing countries

2

Focus on the specific needs of customer in developing countries

Identify growth potential in strong growing markets like China, Brazil and India

Capitalize on the significant investments into the Sales & Service infrastructure and specific

market knowledge, especially in our Region AAA and in Central- and South-America

Enhance engagement with partners in developing countries to expand local presence with R&D,

manufacturing, sales and after sales business

Net sales

Developed Markets76 %

Newly industrialized countries

24 %

Focused product range

Fabius Plus XLVista 120Savina Color


Service- and consumables business a clear focus of our Sales activities

14

Further expansion of service and consumables

business3

Dräger Services Dräger Consumables

Functionalities with added value, e.g. optimizing workflow with RFID-based communication between consumables part and therapy machine

Dräger quality to improve hygienic standards

Dräger value add especially in development of consumables. Production usually via suppliers

Partly proprietary consumable products, e.g. Dräger-Tubes

Globally over 3,000 service technicians

Fast and reliable service (repairs and spare parts) is a critical factor for customers

Dräger Service technicians important for customer loyalty

Efficient service solutions via remote service

Broad offerings of product service

New services in the areas of Rental, Multi-Vendor and Marine-offshore

Capitalize on large installed base to expand after sales business

Focus on combined sale of equipment and after sales contracts

Expansion of disposable consumables business

http://www.draeger.de/DE/de/products/gas_detection/tubes_cms/draeger_tubes/cin_sampling_tubes.jsp?showBackButton=true


Investments will support future growth…

15

WE ARE INVESTING: WE ARE RESTRUCTURING:

Sales resources

&-capabilities

R&Droadmap

Strengthening Safety sales channels

FGDS System Centers

Key Account Management

Digital distribution channels

Global roll out of Future Technician Workplace

More R&D resources (focus on SW-development)

Partnership with external development partners

Accelerate EM product portfolio

New organizational set-up and business steering according to Medical and Safety:

Introduction of business units with full product and customer accountability.

Business units are combined within a Medical division and a Safety division, each managed by a dedicated board member.

Financial reporting according to the new divisional structure Medical and Safety. (as of FY 2020)

One dedicated board member responsible for the global sales organization.


Financials


Business developmentDräger Group 5y view

17

Note: restructuring charges included in FY EBIT: EUR 35 million in 2015, EUR 10 million in 2016Dräger Value Added (DVA) = EBIT less cost of capital of average invested capital

Net Sales% growth% growth (FX adjusted)

Gross margin

Functional Expenses% of Net Sales

EBITEBIT Margin

DVA -32.7

-1,116.8 -40.2%

66.6 2.4%

2019

€ million

2,780.8 7.2%5.9%

42.7%

70.7

-992.0 -38.6%

155.7 6.1%

2017

€ million

2,572.3 1.9%3.3%

44.8%

2015

€ million

2,608.9 7.2%2.9%

-1,098.4 -42.1%

-999.2 -39.6%

136.9 5.4%

66.7 2.6%

2016

€ million

2,523.8 -3.3%-1.5%

45.0%44.9%

49.8 -46.3

2018

€ million

2,595.0 0.9%3.9%

42.7%

-1,042.2 -40.2%

62.6 2.4%

-26.5


Key figuresDräger Group 5y view

18Note: Investments 2015 include EUR ~60m for M&A

Change

%

Cashflow (from operating activities) >+100

Investments 1.4

Cash and cash equivalents1 9.3

Net financial debt1 >+100

Net financial debt 1 /EBITDA 2

Capital employed 1 4.5 ROCE (EBIT 2 /Capital employed 1)

Net Working Capital1 -3.4

Equity ratio -3.0pp

1 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months

196.3

88.7 0.50

1,401.3 4.8%

662.7

41.9

2019

€ million

164.4

78.8

247.6

-29.2 -0.12

1,243.6 12.5%

557.2

45.4

2017

€ million

143.3

106.2

39.9

196.9

172.8

145.3 0.96

34.7 0.16

1,247.0 11.0%

563.2

43.4

€ million

195.3

99.9

221.5

2016

1,269.3 5.3%

582.3

40.9

2015

€ million

2018

€ million

4.1

77.8

179.6

43.3 0.29

1,341.3 4.7%

644.6

44.8


Outlook


Outlook

20

2019 guidance 2019 2020 guidance

Net sales+4.0 - +6.0 %

(net of currency effects)

+5.9 %(net of currency

effects)

+1.0 - +4.0 %(net of currency

effects)

EBIT margin 1.0 - 3.0 % 2.4 % 1.0 – 4.0 %


Guidance 2020

22

2019 2020e

Net sales5.9%

(net of currency effects)+1.0 - +4.0 %

(net of currency effects)

EBIT margin 2.4% 1.0 - 4.0 %1

Dräger Value Added EUR -32.7 millionin the range

EUR -70 to +20 million

Other forecast figures:

Gross margin 42.7 %on prior year's level

(+ / - 1pp)

R&D expenses EUR 263.7 million EUR 275 - 290 million

Interest result EUR -17.0 million on prior year's level

Days working capital (DWC)2 109.4 days stable

Investment volume3 EUR 78.8 million EUR 80 - 95 million

Net financial debt EUR 88.7 million improvement

1 Based on exchange rates at the start of fiscal year 20202The calculation method for this figure has been adjusted at the end of fiscal year 2019. The figure shown here for 2019 is based on the modified method.3Excluding acquisitions and the effects of capitalizing right-of-use assets pursuant to IFRS 16


Dräger management

23

At Dräger since 2015

Chairman of the Executive Board CEO

At Dräger since 1992At Dräger since 2008


Stefan Dräger

Vice Chairman of the Executive BoardCFO

Gert-HartwigLescow

Board member medical division

Rainer Klug Dr. Reiner Piske

Board member Sales and HR


Board member safety division

Anton Schrofner


Successors of Dr. Heinrich Dräger

Stefan Dräger GmbH

Dräger Foundation

Members of the Dräger family

Dr. Heinrich Dräger GmbH

Free float

Shareholder structure

24

ShareholdingCommon shares

67.2 %

28.8%

4.0%

10,160,000 common shares (28.8 % free float)7,600,000 preferred shares (100.0 % free float)

ShareholdingDr. Heinrich Dräger GmbH

58.7%

23.2%18.1%


IFRS 16 impact

25

in € million

Increase / Improvement as of December 31,2019

EBITDA 46.8

EBIT 4.4

Cash flow from operating activities 42.4

Net financial debt 107.8

Investments 42.5

Capital employed 100.9


Business development YTDDräger Group

26


Key figuresDräger Group

27

Cashflow (from operating activities)

Investments

Cash and cash equivalents1

Net financial debt1

Net financial debt 1 /EBITDA 2

Capital employed 1

ROCE (EBIT 2 /Capital employed 1)

Net Working Capital1

Equity ratio

1 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months

196.3

88.7 0.50

1,401.3 4.8%

662.7

41.9

2019

€ million

164.4

78.8

247.6

-29.2 -0.12

1,243.6 12.5%

557.2

45.4

2017

€ million

143.3

106.2

34.7 0.16

1,247.0 11.0%

563.2

43.4

€ million

195.3

99.9

221.5

2016 2018

€ million

4.1

77.8

179.6

43.3 0.29

1,341.3 4.7%

644.6

44.8


Business developmentRegions 5 year view

28

2015 2016 2017 2018 2019

SEGMENT EUROPE

Order En tr y 1 € m illion 1,391.0 1,382.5 1,447.8 1,450.2 1,528.9

Net Sales 1 € m illion 1,420.7 1,384.3 1,415.5 1,431.9 1,503.3

EBIT € m illion 59.4 84.5 108.1 82.0 68.5

EBIT margin % 4.2 6.1 7.6 5.7 4.6

SEGMENT AMERICA

Orde r En tr y 1 € m illion 496.8 515.0 509.2 526.0 553.1

Ne t Sales 1 € m illion 509.1 503.7 510.4 499.3 547.7

EBIT € m illion -18.6 10.3 4.0 -30.2 -14.2

EBIT margin % -3.7 2.0 0.8 -6.0 -2.6

SEGMENT AFRICA, ASIA, AUSTRALIA

Orde r En tr y 1 € m illion 644.5 641.2 657.6 710.2 714.2

Ne t Sales 1 € m illion 679.1 635.8 646.4 663.8 729.8

EBIT € m illion 25.8 42.1 43.7 10.8 12.4

EBIT margin % 3.8 6.6 6.8 1.6 1.7

1 year 2014 were adjusted pro-forma due to the change in segment reporting.


Business developmentRegions quarter

29


Business developmentRegions YTD

30

Europe Americas Africa, Asia, Australia Dräger Group

12M 2018 12M 2019 12M 2018 12M 2019 12M 2018 12M 2019 12M 2018 12M 2019

€ million € million € million € million € million € million € million € million

Order entry 1,450.2 1,528.9 526.0 553.1 710.2 714.2 2,686.5 2,796.1

Net Sales 1,431.9 1,503.3 499.3 547.7 663.8 729.8 2,595.0 2,780.8

EBITDA 123.6 133.3 -8.2 14.2 32.6 46.3 148.0 193.8

EBIT 82.0 68.5 -30.2 -14.2 10.8 12.4 62.6 66.6

EBIT-margin 5.7 4.6 -6.0 -2.6 1.6 1.7 2.4 2.4

Capital Employed1 592.0 642.0 337.5 327.2 411.7 432.2 1,341.3 1,401.3

ROCE1,2 13.9 10.7 -8.9 -4.3 2.6 2.9 4.7 4.8

DVA 41.4 23.1 -51.6 -37.5 -16.3 -18.4 -26.5 -32.7 1 Values at due date2 EBIT of the last twelve months


Business developmentMedical and Safety 5 year view

31

2015 2016 2017 2018 2019

Medical

Orde r En tr y € m illion 1,646.0 1,662.6 1,683.7 1,723.4 1,728.6

Net Sales € m illion 1,698.8 1,647.4 1,668.0 1,643.0 1,741.8

EBIT € m illion 46.2 85.3 92.9 6.9 13.1

EBIT margin % 2.7 5.2 5.6 0.4 0.8

Safe ty

Orde r En tr y € m illion 886.2 876.1 931.0 963.1 1,067.6

Net Sales € m illion 910.1 876.5 904.3 952.0 1,039.1

EBIT € m illion 20.5 51.6 62.8 55.8 53.5

EBIT margin % 2.2 5.9 6.9 5.9 5.1


Business developmentMedical 2019

32

Q4 2018 Q4 2019 12M 2018 12M 2019

€ million € million € million € million

Order entry 480.5 483.9 0.7 -0.3 1,723.4 1,728.6 0.3 -1.2

Europe 233.5 246.0 5.3 4.8 852.6 871.2 2.2 2.1

America 112.3 113.8 1.3 1.0 361.4 370.3 2.5 -1.0

Africa, Asia, Australia 134.7 124.1 -7.8 -10.2 509.3 487.0 -4.4 -6.8

Net Sales 562.8 572.9 1.8 0.8 1,643.0 1,741.8 6.0 4.6

Europe 261.7 281.1 7.4 7.0 833.5 868.9 4.2 4.3

America 130.9 119.3 -8.9 -8.8 343.6 370.9 7.9 4.6

Africa, Asia, Australia 170.2 172.5 1.4 -1.1 465.8 502.0 7.8 5.1

EBIT 63.0 45.8 -27.3 6.9 13.1 90.8

EBIT-margin (%) 11.2 8.0 0.4 0.8

Change

% (FX adj.)

Change

% %

Change

% (FX adj.)

Change


Business developmentSafety 2019

33

Q4 2018 Q4 2019 12M 2018 12M 2019

€ million € million € million € million

Order entry 274.7 296.1 7.8 7.4 963.1 1,067.6 10.9 10.0

Europe 168.1 186.2 10.7 10.6 597.5 657.7 10.1 10.3

America 50.6 50.7 0.2 0.3 164.6 182.8 11.0 7.0

Africa, Asia, Australia 56.0 59.3 5.8 3.9 200.9 227.2 13.1 11.6

Net Sales 303.2 309.1 2.0 2.0 952.0 1,039.1 9.1 8.4

Europe 186.2 194.8 4.6 4.6 598.4 634.5 6.0 6.3

America 50.7 47.2 -6.8 -4.6 155.6 176.9 13.6 10.1

Africa, Asia, Australia 66.3 67.1 1.2 -0.2 198.0 227.7 15.0 13.6

EBIT 40.6 23.7 -41.8 55.8 53.5 -4.1

EBIT-margin (%) 13.4 7.7 5.9 5.1

Change

% (FX adj.)

Change

%

Change Change

% % (FX adj.)


Functional expenses5 year view

34


Functional expensesYTD 2019

35

R&D% of Net Sales

Sales & Marketing% of Net Sales

Administration% of Net Sales

SG&A% of Net Sales

Functional Expenses total% of Net Sales

Headcount1

1 Values as of reporting date

-22.4%

-219.4 -7.9%

-841.3 -30.3%

-1,116.8 -40.2%

14,845

2019

€ million

-263.7 -9.5%

-621.9 -22.0%

-197.7 -7.7%

-764.0 -29.7%

-992.0 -38.6%

13,739

2017

€ million

-234.7 -9.1%

-566.3

13,263

-762.1 -30.2%

-39.6%-999.2

2016

€ million

-219.0 -8.7%

-554.7 -22.0%

-207.4 -8.2%

2018

€ million

-252.2 -9.7%

-592.6 -22.8%

-198.5 -7.6%

-791.1 -30.5%

-1,042.2 -40.2%

14,399


Cash flow statement5 year view

36

Change

%

Group net profit 33.3 81.7 98.5 34.9 33.8 -3.2

Change in inventories -5.4 17.4 -30.0 -76.9 -24.5 68.1

Change in receivables -44.6 31.3 -22.4 -41.0 0.4 >+100

Change in payables -22.8 -10.2 22.2 -2.3 3.9 >+100

Depreciation and amortization 84.2 85.8 84.2 85.3 127.1 49.1

Other operating cash flow items -4.8 -10.6 -9.3 4.2 23.7 >+100

Operating cash flow 39.9 195.3 143.3 4.1 164.4 >+100

Investing cash flow -167.0 -77.3 -65.5 -63.5 -62.1 2.3

Free cash flow -127.1 118.1 77.8 -59.4 102.4 >+100

Financing cash flow -1.3 -70.0 -41.9 -6.2 -87.9 >-100

Change in cash1 -128.4 48.1 35.9 -65.6 14.5 >+100

Cash and cash equivalents2 172.8 221.5 247.6 179.6 196.3 9.3

1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values as of reporting date

2019

€ million

2017

€ million

2016

€ million

2015

€ million

2018

€ million


Balance sheet

37

31 Dec 2018 31 Dec 2019 Change

€ million € million %

Intangible Assets 336.0 334.0 -0.6 Property, plant and equipment (incl. Right-of-use assets) 429.1 526.3 22.6 Other noncurrent assets 168.6 201.2 19.3 Noncurrent assets 933.7 1,061.4 13.7

Inventories 459.2 485.2 5.7 Trade receivables 703.9 710.7 1.0 Other current assets 133.9 117.3 -12.4

Cash and cash equivalents 179.6 196.3 9.3 Current assets 1,476.5 1,509.5 2.2

Total assets 2,410.2 2,570.9 6.7


Balance sheet

38

31 Dec 2018 31 Dec 2019 Change

€ million € million %

Equity 1,080.7 1,076.4 -0.4

Liabilities from participation certificates 24.8 26.0 4.6

Provisions for pensions and similar obligation 339.3 390.9 15.2 Noncurrent interest bearing loans 125.1 118.6 -5.2 Other noncurrent liabilities 117.0 212.5 81.6

Noncurrent liabilities 606.2 748.0 23.4

Current Provisions 201.3 215.1 6.9 Current loans and liabilities to banks 90.1 51.0 -43.4 Trade payables 201.4 205.1 1.8

Other current liabilities 230.5 275.4 19.4 Current liabilities 723.3 746.6 3.2

Total equity and liabilities 2,410.2 2,570.9 6.7


Earnings per share

39

+

=

PCs = participation certificates (Genussscheine)

2017 2018 2019Net profit (less the share of earnings attributable to non-controlling interests)

'000 € 98,530 34,355 33,350

Scenario: 100% pay-out ratio 100% 100% 100%

tax benefit from pay-out to PCs* '000 € 9,493 3,302 3,205

Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 108,023 37,657 36,555 100%

Earnings attributable to PCs** '000 € 34,420 11,973 11,621 32%

Earnings attributable to shares '000 € 73,603 25,685 24,934 68%

EPS (common share) € 4.12 1.42 1.38

EPS (preferred share) € 4.18 1.48 1.44

Scenario: actual/proposed pay-out ratio 11.6% 12.7% 13.0%

tax benefit from pay-out to PCs* '000 € 960 341 341

Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 99,490 34,696 33,691 100%

Earnings attributable to PCs** '000 € 3,482 1,236 1,236 4%

Earnings attributable to shares '000 € 96,008 33,460 32,455 96%

EPS (common share)*** € 5.38 1.86 1.80

EPS (preferred share)*** € 5.44 1.92 1.86* tax benefit arises from the tax deductible pay-out to the PCs; please refer to Annual Report 2019, note 19

** without minimum dividend (as interest, the mimimum dividend is already included in net earnings)

** the EPS is not calculated in accordance with IAS 33


Innovation share

40

Share on new products and upgrades medical1

1 Launched in the last 3 years; products are regarded as new, if they enable Dräger to either enter a new market segment or if products are regarded as completely new according to Dräger‘s customers and Dräger‘s sales force. Upgrades are those products, which serve existing Dräger markets, but their functionality is perceived as significantly enhanced by Dräger‘s customers and Dräger‘s sales force.

New productsUpgrades

Net sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

20%

7%

2015

27%

25%

2019

5%

30%

22%

2014

10%

32%

18%

2%

2016

20%

21%

3%

2017

24%

23%

5%

2018

28%


Financial calendar

41

March 5, 2020 - Final 2019 figuresConference call

April 30, 2020 - Report for the first three months 2020 Conference call

May 8, 2020 - Annual shareholders' meeting, Lübeck, Germany

August 13, 2020 - Report for the first six months 2020 Conference call

October 29, 2020 - Report for the first nine months 2020 Conference call

Dräger publishes preliminary results approximately 2 weeks before the dates of the quarterly reports. Preliminary results for the full year are published in January.


Contact

42

Melanie Kamann Thomas Fischler

Corporate Communications Investor Relations

Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaA

Moislinger Allee 53−55 Moislinger Allee 53−55

23558 Lübeck, Germany 23558 Lübeck, Germany

Tel +49 451 882-3998 Tel +49 451 882-2685

Fax +49 451 882-3944 Fax +49 451 882-3296

Mobile +49 170 8558152 Mobile +49 151 12245295

[email protected] [email protected]

www.draeger.com www.draeger.com

Documents

Drägerwerk AG&Co.KGaA Capital Markets Presentation...market crash. Gulf War. Mexican peso crisis. Russian financial crisis. Stock-market crash. Iraq War. Financial crisis. Debt