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Investor Relations Presentation
Corporate Communications &
Investor Relations, Dürr AG
Bietigheim-Bissingen
December 2020
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 2
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 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/).
df
Disclaimer
www.durr-group.com 3
1. The Dürr Group in a nutshell
2. Our five divisions
3. Our strategy
4. Digitalization – adding value through smart apps
5. Sustainability – efficiency and enabling transformation
6. Results 9M 2020
7. Outlook
© Dürr AG, CCI, Investor Relations Presentation, December 2020
Agenda
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 4
German quality engineering with family roots since 1896
The Dürr Group in a nutshell
Diversified equipment supplier with leading positions in global niche markets
€ 3.9 billion sales (2019)
Diversified equipment portfolio focussing on:
− Automotive production technology (mainly painting + assembly)
− Woodworking technology
− Environmental technology
Core competencies: Automation and digitalization
Strong market positions in Europa, Asia and the Americas
High level of localization, strong emerging markets business
Solid financial position and strong ROCE potential
What we stand for:
Leading in production efficiency
High reliability and competence
Top quality
Competitive advantages:
Comprehensive shopfloor know-how
Strong project execution
Innovative technology
+
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 5
Worldwide presence: 112 sites in 33 countries
17%
27%
25%
2%
29%
Sales by region
Σ 2019
€ 3,922 m
50%
16%
12%
2%
20%
Employees by region
Σ 2019
16,493
10,800 Europe
2,400 Americas
3,100 Asia
Production, supply chain and service close to the customers in our core markets
40 Australia
150 Africa
~16,500 Worldwide
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 6
Our five divisions: leading in niche markets
Exhaust-air purification
systems
Coating systems for
battery electrodes
Sound insulation
systems
Woodworking
technology
Balancing technology
Filling technology
Turnkey paint shops
Final assembly
equipment
Painting robots
Sealing technology
Glueing technology
Clean Technology
Systems
Woodworking Machinery
and Systems
Measuring and Process
Systems
Paint and Final
Assembly Systems
Application
Technology
Various industries Furniture industry
Solid wood
construction industry
Various industries Mainly automotive
industry
Mainly automotive
industry
Dürr is the #1 supplier in its markets
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 7
Divisional breakdown 2019
EBIT before extraordinary effects in € m Sales split by end-market
1,244
593
395
410
1,279
Diversified equipment portfolio and end-markets
1 Total including € -11 m for corporate center / consolidation
Leveraging automation and digitalization competence in different sectors
Sales in € m
65
63
23
40
83
53%
14%
33%
Σ 2019
3,921
Σ 2019
2631
Σ 2019
3,921
www.durr-group.com 8
Our solutions help our customers achieve efficient and sustainable production
Benefitting from global mega trends
FUNDAMENTAL TRENDS
Population growth Growing middle class Resource efficiency Environmental protection
© Dürr AG, CCI, Investor Relations Presentation, December 2020
Market specific trends Dürr Group
E-mobility Supporting automotive transformation
Paint shop supplier of choice for EV-start-ups
Assembly, balancing and battery production
Automation + digitalization Leading innovative solutions
Maximize OEE by high availability, digital products/AI
Leading automation competence
Individualize production (batch-size 1)
Tightening emission standards Sustainable production enabler
Low emission + consumption solutions
Global no. 1 in exhaust-air purification technology
Growing demand for wood as material Strong & growing position in woodworking machinery
Leader in equipment for furniture production
Expanding into solid wood processing systems
Automation, digitalization and sustainability are key drivers for Dürr’s business
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 9
Target benchmark position in international mechanical and plant engineering sector
Improve EBIT margin Achieve attractive ROCE
Our mid-term goals: raising margins and returns
2020F2011 mid-
term
20192015
5.5%
7.1%
5.0%
0% - 0.5%
2011
1,922
2015 2019 2020F
3,767 3,922 3,200 –
3,400
mid-
term
mid-
term
2011 2020F2015
16.9%
2019
30.4%
45.3%
0% - 1.5%
+2 to 3% p.a.
+ M&A
>= 25%
€m
WACC = 8.4%
(2019)
Sales growth: Organic + M&A
Continued growth at improved margins and returns
>= 8%
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 10
Strengthening our competitiveness and actively addressing growth opportunities
Strengthening our competitiveness
Capacity adjustments, lowering break-even point
Localization of production processes
Global supply chains
Standardization of product portfolio
Lean and digitalized internal processes
Lean organization and management structure
Actively managing our portfolio
Offering significant value add to customers through
innovation and digitalization
Our levers for margin and revenue growth
We improve margins by Top-line growth is achieved by
Growing market shares in Clean Technology Systems
and Woodworking and Machinery Systems, organically
and through bolt-on acquisitions
Leveraging emerging opportunities in battery
production and timber frame house construction
Constantly screening plant and mechanical
engineering industry for M&A opportunities to further
broaden portfolio
Growing the service business to 30% mid-term (from
28.5% in 2019)
Digitalization and growing software business
Clear and manageable action plan for profitable growth
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 11
Weathering the storm
Corona pandemic impact on operations
Global uncertainty,
especially in automotive
industry
9M orders -19%
Woodworking Machinery
and Systems and Clean
Technology Systems less
affected
Increased orders and
pipeline since June 2020
Muted automotive
recovery in Europe
Orders
Limited site closures in
Brazil, India and USA
Execution partly muted
due to travel restrictions
9M sales -15%
Weak Q2 order intake to
impact Q4 revenue and
EBIT at Woodworking
Machinery and Systems
Sales
Underutilization caused
negative EBIT in Q2
Strong cost cutting with
short-time work etc.
Restructuring due to
European automotive
overcapacities with up to
€ 35-45 m one-offs in
2020; annual savings of
about € 30 m from 2021
onwards
2020 expected with 2.5-
2.8% op. EBIT margin
Earnings
Very solid funding
situation
Total liquidity (cash +
time deposits) at record
level (€ 960 m)
Unused credit lines of
€ 850 m available in
addition
Financial
situation
Our five divisions
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 13
Enabling efficient painting and final assembly of cars and trucks
Paint and Final Assembly Systems (PFS)
Characteristics
Customers • Automotive OEMs and new EV start-ups
Products • Turn-key paint shops (75% of revenue)
• Final assembly technology (e.g. marriage)
Order types • Big ticket greenfield projects > €m 80
• Brownfield upgrades
Success factors
@ Dürr Group
• Leading technology & shopfloor competence
• Best in class order execution
• Strong consulting and services
• Existing localization of supply chain / production
Market potential • New EV-players, aging installed base
• Brownfield upgrade to more efficient technologies
Business type • Plant engineering and consulting
Strategy • Defend market share and improve margins
Attractiveness • Asset light -> high ROCE potential
Strong market share in a business with high ROCE potential
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 14
High-end robotics meets perfect application solutions
Application Technology (APT)
Characteristics
Customers • 90% of business with automotive OEMs and new
EV-startups
• General Industry (industrial painting)
Products • Robots for painting, sealing and glueing
Order types • Greenfield and brownfield projects (10-30m€)
• Upgrades and replacement
Success factors
@ Dürr Group
• Efficient application solutions (50% market share)
• High availability supported by digital & AI
• Innovation leader (e.g. overspray-free application)
Market potential • New EV-players, brownfield upgrades
• Robot replacement cycle has begun
• Strong service business
Business type • Mechanical engineering and component business
Strategy • Defend market share and improve margins
Attractiveness • Technology driven high margin business
• High market entry barriers
High margin potential due to leading technology and resource efficiency
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 15
For the world of tomorrow: clean air, less noise, more e-drives
Clean Technology Systems (CTS)
Characteristics
Customers • 80% general industry (mining, printing, chemistry,
pharmaceuticals, woodworking), 20% automotive
Products • Air pollution control and noise abatement systems
• Coating lines for battery electrodes
Order types • Projects, both greenfield and upgrades
Success factors
@ Dürr Group
• Market position push due to Megtec/Universal
• Simultaneous two-side electrode coating
• Strong position in battery coating systems
business thanks to Techno Smart cooperation
Market potential • Tightening emission regulations
• Ramp-up of battery production capacities
Business type • Plant engineering and component business
Strategy • Grow market share, realize synergies
Attractiveness • Asset light with growth and return potential
Supplying essential technologies to lower emissions and build batteries
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 16
World market leadership in balancing machinery niche
Measuring and Process Systems (MPS)
Characteristics
Customers • Automotive, aviation, turbines, general industry
Products • Balancing and diagnostic systems
• Filling technology, e.g. for household appliances
Order types • Single machine business
Success factors
@ Dürr Group
• Leading technology with 45% market share
• More than 100 years expertise in balancing
• Cutting-edge digital solution for production control
Market potential • Localization of aircraft production & maintenance
• Balancing of EV-engines
• Strong service potential
Business type • Mechanical engineering / instrument business
Strategy • Differentiate through software and digitalization
Attractiveness • High margin potential
High quality balancing from small rotors to large power plant turbines
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 17
World market leading equipment for efficient furniture production
Woodworking Machinery and Systems (WMS)
Characteristics
Customers • Furniture industry, construction supplies, timber
processing and timber home construction
Products • Full range from stand-alone machines through to
automated production lines & complete factories
Order types • Turnkey projects and single machine
Success factors
@ Dürr Group
• Strong footprint in China, USA and Europe
• Superior automation and digitalization know-how
Market potential • Individualization (batch-one production)
• Digitalization (from smart assistants to fully
automated production)
• Consolidation (demand for large systems)
Business type • Mechanical and plant engineering
Strategy • Realize margin potentials, grow market share,
build-up cross-laminated timber business
Attractiveness • Strong margin potential (9% EBIT in 2023)
Benefitting from global demand growth for furniture and housing
Group strategy
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 19
Dürr mid-term strategy for profitable growth
Global Presence
Innovation
Efficiency
Life Cycle Services
FOUR
STRATEGIC
FIELDS
Sustainability
M&A
Finance Organization
People Development
FOUR
ENABLERS
digital@DÜRR: Driving digitalization is at the core of our strategy
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 20
Key drivers for profitable growth and raising earnings
Focus on four strategic field
Global business with
local supply chain
Strong regional set-up
(North America, Asia,
Europe)
Expand Southeast Asia
GLOBAL
PRESENCE
Technology leader with
software as differentiator
Enter new business
fields supported by trends
Efficient & sustainable
products
INNOVATION
Drive synergies, esp.
scale, processes,
standardization/costs
Lean and agile
organization
Optimize global footprint
EFFICIENCY
Leverage vast installed
base
Strengthen brownfield
business
Optimize life cycle by
using asset data
intelligence
LIFE CYCLE
SERVICES
We are positioning ourselves to optimum effect in four strategic fields
www.durr-group.com
Modern Dürr Campus
© Dürr AG, CCI, Investor Relations Presentation, December 2020 21
Stay close to the customer and maintain a competitive value chain
Global presence is an important differentiator
We are continuously strengthening the localization of our business
Sell, engineer, plan & build
Complete local execution
Collaborate at one place
Global Sourcing
Local sales channel
e.g. acquisition of HOMAG China GF
45%
55%
Emergingmarkets
Establishedmarkets
Sales
2019
Schenck Shanghai
Become faster & more cost efficient
Example China
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 22
Increasing OEE and resource efficiency makes production more sustainable
Improving our customer’s business through innovation
#1 in innovation: Process knowhow paired with automation and digitalization competence
Reinventing paint shops
Break-up rigid production lines with fixed cycles
Introduce modular box and short-line concept
Increase OEE and throughput of the plant
Less space needed – save building invest
Flexible capacity expansion – ideal for start-ups
Example: Modular & scalable box concept
Maximizing uptime utilization
Exterior and interior paint application in one box
Maintenance cabins reduce downtime significantly
Additional technologies can be added (e.g. EcoPaintJet)
Example: EcoProBooth
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 23
Realize potentials of acquired businesses
Driving margins 1/2
Pulling all levers to reach 9% EBIT-margin at HOMAG in 2023
€ 20 m Bring it up: Measures after intensive process review
− Right size: Reduction of German overcapacity (350 employees)
− Digital boost: Order fulfillment overhaul incl. ERP-IT systems
− Execute: New production system (assembly/lead times -7% p.a.)
− Streamline: Reduce complex process landscape
− Standardize: Modular machine designs
− Leverage: Volume advantage in purchasing
Expand local value add in China; localized products for B-segments
HOMAG China Golden Field acquisition (local sales channel)
Leading position in digital products
Market share wins, strongly supported by improved cost position 9%EBIT-margin
in 2023
Example: WMS / HOMAG
cost savings from
2021 onwards
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 24
Efficiency and production improvement
measures initiated at HOMAG in Q4 2019
targeting € 20 m savings in 2021
Continuous improvement measures, e.g.
already executed site closures at
Karlstein (APT) and Goldkronach (CTS)
yielding € 10 m savings in 2021
Measures announced in July in Europe
targeting € 30 m lowering of breakeven
point in 2021
2020: Extraordinary expenses of
€ 75 - 85 m expected (incl. PPA)
Driving margins 2/2
-37
-19
-38 - -48
~6020202019 2021
Ch
arg
es
Co
st
redu
ction
Total savings
Charges
-57 to -67
in € m
Total cost reduction of ~ € 60 m p.a. targeted from 2021
Actual
9M
To come
Q45 5
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 25
Well structured approach to increase company value
Disciplined M&A process
Constantly looking for M&A opportunities on top of organic growth potential
Constantly exploring market for
opportunities:
− Dedicated small M&A-team runs
comprehensive selection process
− Evaluating market size and growth
potential, entry barriers, cyclicality
and competition
M&A types
− Cross-divisional: Technology and
skills (e.g. software know-how)
− Bolt-on: Expand know-how or size
− Complementary: Reinforce business
or establish new division
Mechanical and plant engineering (DNA)
Sales of over € 500 million
Niche market, leading market and
technological position
Not in need of restructuring but offering
potential for improved earnings and
synergetic effects
Criteria for new division
www.durr-group.com
Increase of investment to 100%
© Dürr AG, CCI, Investor Relations Presentation, December 2020 26
Dürr Group portfolio composition follows clear vision
Track record of successful M&A
Enabling growth while focusing on essentials
Build-up cross-laminated-timber
activities
Megtec/Universal acquisition 2018
Expand product and customer
portfolio in CTS
HOMAG acquisition 2014
Diversify business portfolio with new
division WMS
EcoClean desinvestment 2016
Disposal of cleaning and surface
processing systems
Techno Step acquisition 2020
Specialist for process data analysis
and diagnosis
iTAC Software AG 2015
Increase MES and IoT competence,
member of the Dürr Digital Factory
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 27
Focus on cost control and liquidity management
Disciplined financial management
Solid financial position to weather the Corona crisis and pursue strategic options
Solid financial position with low leverage ratios
Low pension liabilities
Ample financial flexibility to pursue M&A opportunities
History of operating at cash or low net debt levels
in € m1 2017 2018 2019
EBITDA 367.7 326.9 308.5
Leasing liabilities* 5.8 7.2 107.1
Pension liabilities 49.8 50.1 59.0
Net debt excl. leasing & pensions -182.1 -39.5 -7.8
Ratio to EBITDA -0.50 -0.12 -0.03
Net debt reported (incl. leasing*) -176.3 -32.3 99.3
Ratio to EBITDA -0.48 -0.1 0.32
Net debt incl. leasing* & pensions -126.5 17.8 159.3
Ratio to EBITDA -0.34 0.05 0.51
in € m1 2017 2018 2019
EBITDA 367.7 326.9 308.5
Change net working capital -178.5 -51.6 -64.8
Repayment leasing liabilities* -3.1 -1.1 -27.4
Interest payments -17.9 -12.0 -20.2
Tax payments -74.8 -93.0 -64.2
Others +8.4 -11.5 -7.6
Free cash flow before investments 101.9 150.3 124.3
Net investments (Capex & M&A) +15.6 -207.3 -85.1
Dividends -77.3 -80.8 -74.3
Strong cash flow potential
Low interest payments
Relatively low capex intensity
Potential through stabilization of net working capital
Sufficient liquidity and cash flow to finance growth and dividends
* Increase of leasing liabilities due to first time application of IFRS 16 in 2019
Digitalization –
adding value through
smart apps
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 29
Our digitalization strategy - digital@DÜRR
Digitalization creates value for our customers and for us
+ ++
Vision: Leader in digitalization in the Dürr Group´s business areas
Mission: Data-driven software products, solutions & business models
Objectives: New revenue streams + differentiation + disruption protection
Strategy:
Develop and expand software competencies
Develop customer oriented software solutions with new digital technologies
Introduce new business models to the customer
Exchange for synergies, learning effects and support within Dürr subgroups
Strengthen IoT networks (ADAMOS, tapio)
Drive internal digital transformation
Software
Competence
New Business
Models
Partner
Network
Internal
Transformation
Smart
Products
Smart
Processes
Smart
Factories
Smart
Services
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 30
Great reference and potential for cross and upselling of digital products
Building upon large MES installation base
Dürr incl. ITAC with > 500 MES
installations across different industries
> 250 automotive OEM and Tier-1/2
installations
~ 75% software installations without
hardware
Even automotive OEMs with competitor
hardware count on Dürr for MES solutions
> 40 automotive OEMs using Dürr
digital products
An MES (Manufacturing Execution System) allows to digitally track, control
and improve production processes based on real-time and historical
production data = Backbone of an Industry 4.0 factory.i
Leveraging today’s widespread use for tomorrow’s transformation
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 31
ADAMOS cooperation platform for digitalization
ADAMOS IIoT: Scalable technology to develop apps
− Focus on mechanical and plant engineering industry,
providing elementary infrastructure and basic
functionalities
ADAMOS STORE: The marketplace for the industry
− ADAMOS partners offer their digital portfolio
− Standardized sales processes and shop-in-shop options
shorten time-2-market and ensure scalability
ADAMOS HUB: Transparent management of data & apps
− All together: Data from different machines and apps
− Manufacturer-independent and simple management of
data and apps in one single system
ADAMOS shareholders and partners
Mechanical and plant engineering firms
Component manufacturers
Plus consulting partner, implementation partner,
connectivity partner, research partner
ADAMOS: Strategic alliance of mechanical engineering firms shaping digitalization
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 32
Leveraging installed base and grow smart digital applications
Growing business with life cycle services
Software services using AI with clear benefits to the customer
Combined teams of software and paint process
specialists – joint forces of both shopfloor and digital
know-how
Better quality: Software recognizes problems
earlier than staff
Higher plant availability: Problem cause detected
faster with support of artificial intelligence
(comparing actual production data with historical
patterns)
Innovative maintenance: Actual production data
analysis allows smart prediction of remaining lifetime
scheduled replacement; reduced downtime
Example: Smart DXQ software tools to boost efficiency
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 33
The digital platform for the full value chain
tapio – the open wood industry ecosystem
tapio allows fully digitalized production processes across the value chain
Mission: Drive digitalization of the wood industry
Offering:
− Common platform for machine, tool and material manufacturers
− Central app store open to everybody
Customer benefit: Enable fully digitalized production processes for
all machinery – HOMAG and competitor’s
HOMAG leverages its leading know-how in digitalization to
accelerate the digitalization of woodworking machinery
Who’s in: 41 business partners ensuring state of the art solutions
along the production process, e.g. HOMAG, Festo and Henkel
The tapio ecosystem
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 34
Optimization on demand with innovative HOMAG software
Smart apps as drivers for production efficiency
Faster & less waste: intelliDivide boosting sustainability and efficiency
Let’s you choose what you want to optimize:
Maximum throughput or minimum waste
Replaces manual calculation by a single click
Cloud-based high-performance app intelliDivide
− Rapid calculation of cutting plans – based on customer’s
equipment
− Options include e.g. priority for speed or waste
− Software as a service – no investments needed for customers
− Cutting plan data can be used in next production step with
productionAssist Cutting
Example: intelliDivide
Sustainability –
efficiency and enabling
transformation
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 36
Holistic sustainability framework across five fields of action
Dürr Group Corporate Sustainability
Engagement &
SocietyEmployees &
Qualification
Products &
Services
Management &
Governance
Value Creation &
Supply Chain
Global innovation and
technology leader supporting
our customers with sustainable
production solutions & services
Reduction of environmental
impact during our own value
creation while assuring a
transparent supply chain
Attractive, fair and responsible
employer with various career
opportunities and offers for
people development
Corporate strategy geared
towards profitable growth,
sustainable businesses and
responsible management
Socio-economic contribution
through social engagement,
partnerships and participation
in global initiatives
Addressing all stakeholder groups
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 37
Organizational set-up and responsibilities within the Dürr Group
Dürr Group Corporate Sustainability
Supervisory Board
Deputy CEO (Dr. Jochen Weyrauch)
Team Corporate Sustainability
Global Sites
informs advises and monitors
Human Resources
Environmental Committee Health & Safety ComplianceCommunication & Investors Rel.
Research & Development PurchasingFinance
Central Group Functions
Risk Management
Sales
Sustainability Council
sends cross-functional heads
reports to chairs
reports to instructs
informs and consults
decides and evaluates
informs and reports on activities
Well organized corporate governance structures
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 38
Continuous improvement and extension of our sustainable product portfolio
Dürr Group Corporate Sustainability
0%
20%
40%
60%
80%
100%
Classic WetSeparation
DryScrubber EcoProBooth
Energy consumption
-60%
-40%
Next generation
German federal funding program for measures to optimize
the energy efficiency of commercial plants and processes.
Potential for replacement of over 30 classic wet separation
plants in Germany through dry separation technology.
Example EcoDryScrubber: Significant energy and water savings
v
Dürr’s dry separation system for
paint overspray does not require
water or coagulation chemicals,
thus eliminating the need for
wastewater treatment
–50% Energy
–80% Water
EcoDryScrubber
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 39
Battery manufacturing technology as key enabler for global e-mobility growth
Dürr Group Corporate Sustainability
Dürr is a strong partner along
the entire value chain of battery
production as well as paint
technology for electric vehicles.
Electrode
Manufacturing
Module
Assembly
Battery Pack
Assembly
Battery
Integration
Consulting
Dürr Group supports transformation towards e-mobility
+
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 40
EV newcomers – new technologies require new equipment solutions
Enabling transformation to e-mobility
Higher Dürr equipment input with e-mobility than with ICE
Less complex powertrain: more automation in final
assembly
Larger model variety: flexibilization of production plants
EV car body geometry: more need for overspray-free
painting (EcoPaint Jet) and new oven technology
(EcoInCure)
Battery cooling: filling of refrigerants
Battery assembly: battery gluing, gap filling
Battery cell coating
Balancing and spin testing of e-drives
Dürr EV business benefiting from
ICE E-mobility
Painting neutral
Final assembly More business
Drive + battery manuf. - Add. business
Balancing Less business
Filling neutral
Testing neutral
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
Dürr equipment input: Comparison ICE vs. e-mobility
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 41
EV newcomers – Additional customers, EV still at the beginning
E-mobility is a growth driver
Dürr Group: approx. 30 new customers due to e-mobility
New car plants needed
Newcomers need experienced partners like Dürr
Pragmatic cooperation, less complex project execution
Opportunities ahead as EV large series production is still at
the beginning
ICE exposure reduced: sale of Dürr Ecoclean in 2017
Dürr Group e-mobility order intake after 9M 2020 almost on 2019 full year level (only pure EV customers)
E-mobility is an opportunity for Dürr
Source: P3
355
390
0 50 100 150 200 250 300 350 400
9M 2020
2019 full year
4%
13%
6%
2018
3%
3%
10%
2020
3%
15%
2025
4%
28%
HEV / FCEV
PHEV
BEV
Market development
%-share of global new vehicle registrations per year
in € m
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 42
HOMAG actively supporting the megatrend towards sustainable building
Dürr Group Corporate Sustainability
Forestry
Primary
Processing
Beam
Processing
Timber House
Production
Timber House
Construction
“Our buildings generate 40% of our
emissions. They need to become less
wasteful, less expensive and more
sustainable. And we know that the
construction sector can even be
turned from a carbon source into a
carbon sink, if organic building
materials like wood and smart
technologies like AI are applied.”
Dürr Group supports transformation to more sustainable construction
50%of all public buildings in France
to be constructed using wood from 2022.
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 43
Enabling transformation to sustainable constructionMegatrend sustainable construction opens up chances
Google, Amazon
Microsoft
1.1 millioncubic feet of CLT will be used
for the new Walmart
headquarter.
Up to 18 floorsHigh buildings constructed with
wood permitted in the US as of
2021
Source: Youtube video Cre LCT-System DE, Urbaner Holzbau, Schriftenreihe Forst BW, Bd. 86
Every 5 secwoods in Germany grow by
one single-family housing80t
CO2 are bound in
a wooden house – would be
emitted with traditional construction
Up to 90%CO2 reduction compared to
traditional construction methods
100-200ylifespan of buildings with
immense degree of
recycling potential
Wood plays an important role in reducing the carbon footprint of construction
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 44
Solid wood construction market growthOn the way to become a leading full solution provider
Machinery market development
235 314 295 325 365 386
395 308195
265365
435
485 545
455
578
600622
20212017 2019
1.167
2020 20252023
1.115
945
1.168
1.3301.443
3.3% CAGR
Timber Processing MassTimber House building
Process chain construction elements
House BuildingTimber Processing Mass Timber
Source: Innomis; competitor reporting, Androschin&Partner, Holzkurier &
own estimations
Solutions
System TM acquisition strategic partnershipAnnual consolidated
sales
~ € 30 m
Annual consolidated
sales
~ € 45 m
HOMAG Group to be the turn-key systems partner from the sawmill to
housebuilding
strategic
partnerships &
acquisitions
Expanding coverage of value chain in a fast growing market
Results 9M 2020
www.durr-group.com:
Positive momentum in order intake in Q3 reduces gap to prior year to below 20% for 9M 2020
Improvement of EBIT-margin before extraordinary effects by 1.1% pts. compared with H1 2020
Huge swing in operating cash flow compared to 9M 2019
© Dürr AG, CCI, Investor Relations Presentation, December 2020 46
KPI development 9M 2020 vs. 9M 2019
Incoming orders
2,860
2,309
-19%
2,874
Sales revenues
2,431
-15%
172
64
EBIT before
extraord. effects
-63%
102
13
-87%
-61
188
+406%
Operating cash flow
6.0%
2.6%
3.6%
0.5%
9M 20209M 2019 Margin
Beginning recovery after Covid-19 induced downturn in Q2
Net profit
in € m
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 47
Momentum starts to build outside China
453
915
431
723
338
586479 521 531
192
Total China Asia (w/o China),
Africa, Australia
Americas Germany Europe (w/o
Germany)
2,860
2,309
-19%
+29%
-48%
21%
-27%
-43%
Large order received from premium
automotive OEM in Germany in Q3
Continued positive momentum in China
Decline in Americas and Asia (w/o China) due
to major orders in Q1 2019
9M 2019 9M 2020
Order intake
Increasing number of projects are being discussed
in € m
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 48
Paint and Final Assembly Systems & Application Technology
9M / Q3 2020 reporting
Paint and Final Assembly Systems Application Technology
9M
2020 Δ1
Q3
2020 Δ1
9M
2020 Δ1
Q3
2020 Δ1
797.0 -17.5% 306.8 9.1% Order intake in € m 312.8 -31.4% 119.1 -21.2%
854.2 -18.6% 279.7 -23.6% Sales revenues in € m 325.9 -23.7% 107.3 -31.0%
24.7 -51.2% 10.5 -47.5% EBIT in € m 5.9 -86.7% 6.9 -57.4%
2.9
-1.9
ppts 3.7
-1.7
ppts EBIT margin in % 1.8
-8.5
ppts 6.5
-4.0
ppts
28.0 -46.7% 12.3 -39.7%
EBIT before extra-
ordinary effects in € m 10.1 -77.1% 8.2 -49.7%
3.3
-1.7
ppts 4.4
-1.2
ppts
EBIT margin before
extraordinary effects in % 3.1
-7.2
ppts 7.6
-2.8
ppts
15.1
-17.0
ppts 19.2
-18.8
ppts ROCE2 in % 3.1
-15.6
ppts 11.1
-9.7
ppts
Strong sequential increase in Q3 order intake
Cost reduction limits low sales impact on earnings
Solid project execution
Restructuring mainly in Q4 (Q3: €1.4m only)
9M / Q3
2020
Order intake in Q3 exceeding Q1 level – incl. EVs
Service improved with auto production figures
EBIT-margin shows strong improvement in Q3
Restructuring mainly in Q4 (Q3: €1.2m only)
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 1/1/20202 annualized
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 49
Clean Technology Systems & Measuring and Process Systems
9M / Q3 2020 reporting
Clean Technology Systems Measuring and Process Systems
9M
2020 Δ
Q3
2020 Δ
9M
2020 Δ1
Q3
2020 Δ1
309.0 -7.5% 93.1 -26.1% Order intake in € m 127.6 -34.8% 37.6 -41.0%
277.7 2.1% 99.6 8.8% Sales revenues in € m 139.2 -17.2% 46.7 -22.4%
5.5 25.6% 6.6 75.9% EBIT in € m -5.4 -139.6% -0.7 -110.9%
2.0
0.4
ppts 6.6
2.5
ppts EBIT margin in % -3.9
-11.9
ppts -1.6
-12.8
ppts
12.2 2.5% 8.1 21.6%
EBIT before extra-
ordinary effects in € m -1.2 -108.3% 3.2 -52.8%
4.4
0.0
ppts 8.1
0.9
ppts
EBIT margin before
extraordinary effects in % -0.8
-9.3
ppts 6.9
-4.4
ppts
6.0
2.5
ppts 21.6
12.6
ppts ROCE2 in % -4.1
-10.2
ppts -1.7
-10.7
ppts
Sales and EBIT growth driven by solid demand
Q3: margin high since Megtec/Universal acquisition
Slower order intake in Q3 after strong H1
9M / Q3
2020
Stabilization of order intake at low levels
Cost reductions and service recovery lead to
improved margins compared with H1
€ 3.9 m restructuring charges in Q3
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 1/1/20202 annualized
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 50
Woodworking Machinery and Systems & Dürr Group service business
9M / Q3 2020 reporting
Woodworking Machinery and Systems Service Business Dürr Group (included in divisions)
9M
2020 Δ
Q3
2020 Δ
9M
2020 Δ
762.9 -15.9% 269.7 -14.8% Order intake in € m
833.4 -12.9% 281.9 -11.9% Sales revenues in € m 672.7 -17.4%
8.4 -83.8% 4.9 -71.0% EBIT in € m
9M service
share:
27.7%
1.0
-4.4
ppts 1.7
-3.6
ppts EBIT margin in %
20.8 -64.5% 10.1 -47.5%
EBIT before extra-
ordinary effects in € m
2.5
-3.6
ppts 3.6
-2.4
ppts
EBIT margin before
extraordinary effects in %
2.7
-11.2
ppts 4.8
-8.9
ppts ROCE1 in %
Q3 orders up 41% vs. Q2 – signs of systems revival
Q3 sales benefitted from solid order backlog
Optimization on track
Q4 sales/EBIT likely impacted by weak Q2 orders
9M / Q3
2020
Service recovery supporting Q3 earning especially
at APT and MPS
Q3 service margin on last year’s level
1 annualized
43 %38%
19%
Spare parts
Modifications
Other Service
www.durr-group.comÄndern der Fußzeile: © Dürr AG, CCI, Investor Relations Presentation, December 2020 51
Stable net working capital development
DWC stabilized within target range of 40 to 50 days
530603
649
503 477410 426
50
5861
51
46 47
Q2 Q4Q3Q1
46
Q3Q1 Q2
DWC NWC
20202019
in € m
in € m 09/30/2020 12/31/2019 09/30/2019
Inventories and prepayments 523.7 509.2 562.3
+ Total trade receivables 532.8 586.1 618.6
+ Total contract assets 388.8 519.1 560.7
-
Trade payables (incl. liabilities from
notes payable) 430.5 479.0 534.9
- Total contract liabilities 589.2 632.7 558.0
= Net working capital 425.6 502.7 648.8
DWC 47.3 46.1 60.9
Key aspects Q3
Customer payments continue to be solid
Contract liabilities above prior year level
NWC well below prior year’s level
www.durr-group.comÄndern der Fußzeile: © Dürr AG, CCI, Investor Relations Presentation, December 2020 52
Net financial status back on Q1 level
Carefully managing net debt levels during the pandemic
20202019
in € m
in € m 09/30/2020 12/31/2019 09/30/2019
Total liquidity 959,9 822,1 623,7
- Gross Debt -1.024,2 -921,4 -925,2
= Net financial status -64.3 -99.3 -301.5
-99-65 -64
12%
-302
-144
-310
Q4Q1
24% 23%
Q2 Q3
9% 6%
Q1
11%
-121
Q2
6%
Q3
Gearing
Net financial status
Key aspects Q3
Net financial status improved due to solid free cash flow
generation
Net financial status includes € 95.6 m leasing liabilities
Low level of gearing maintained
www.durr-group.com:
in € billion*
© Dürr AG, CCI, Investor Relations Presentation, December 2020 53
Maturities well covered with cash and free credit lines
Comfortable liquidity headroom
0.0
1.5
0.5
1.0
2.01.8
Available funds Financial liabilities
< 12 months
0.45
Cash credit facilities
Money markets Bond
Cash and cash equivalents Schuldschein loans
Bilateral loan
0.0
0.1
0.4
0.2
0.3
0.5
20282020 2021 20262022 2023 2024 2025 2027 2029 2030
Bilateral loan
Schuldschein loans
Bond
Without leasing liabilities or accrued interest
Credit facilities unutilized: € 350 m maturing in 2021 (extension option 1 year) and € 500 m maturing in 2024.
Other financial liabilities not included
* Figures as of 30 September 2020, not taking into account the € 150 m convertible bond issued 1 October 2020 maturing in
2026
Maturity profile
Maturities well covered with cash and free credit lines
www.durr-group.comÄndern der Fußzeile: © Dürr AG, CCI, Investor Relations Presentation, December 2020 54
€ 150 m Convertible Bond issue *
Rationale:
Increasing financial flexibility in consideration of interesting
M&A opportunities and upcoming maturities in 2021
Diversification of financing instruments in view of
continued investments into profitable growth
Leveraging increased share price volatility to reach
relatively low coupon
Funding base further strengthened
Increasing flexibility to engage in attractive growth opportunities
Convertible bond overview
Size: € 150 m
Maturity: January 2026
Coupon: 0.75 % p.a.
Conversion premium: 40%
Conversion price: € 33.22
Sustainability link by interest swap
*The convertible bonds have been placed with qualified institutional buyers (QIBs) only and the information above does not
constitute an offer or a solicitation of an offer to purchase securities of the Company or any of its subsidiaries in the United
States of America, Germany or any other jurisdiction.
Outlook
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 56
But slow recovery in short-term: 2019 levels to be reached in 2023
Long-term growth in car production
in m units1
70
0
30
40
80
10
60
20
90
100
50
110
24.4
2019
22.7
22.1
2.0
31.2
1.9
17.6
2020e 2027e
15.3
3.4
88.9
74.1
23.2
19.5
20.9
16.6
22.1
23.8
103.7
-16.6%
CAGR
+4.9%
Other EuropeAsia (without China) China Americas1 Light vehicles production
Source: LMC Automotive
Last update: October 2020
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 57
Sequential market recovery with 2019 levels to be reached in 2023
Woodworking machinery market recovery
2015 2016 2017 2022e2020e2018 2021e
3.3
2019 2023e
3.5
4.0
2024e
3.4
3.94.2 4.1
3.63.8
4.1
-1%-20%
8%
4%
Market Volume [in € billion]
Woodworking Machinery and Systems1
1w/o Construction Element Solutions
Source: Innomis, CSIL, regional market expectation, competitor information | e = expected
First signs of next investment cycle become visible
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 58
Guidance resumed as business recovers; new targets defined for 2020
Targets 2020
1 on property, plant and equipment and intangible assets (excluding acquisitions)
Actual 2019 Targets* 2020
Incoming orders in € m 4,076.5 3,100 – 3,400
Sales revenue in € m 3,921.5 3,200 – 3,400
EBIT margin in % 5.0 0 – 0.5
EBIT margin before extraordinary effects in % 6.7 2.5 – 2.8
ROCE in % 16.9 0 – 1.5
Earnings after tax in € m 129.8 -40 – -10
Operating cash flow in € m 171.9 70 – 120
Free cash flow in € m 44.9 -40 – +10
Net financial status in € m (12/31) -99.3 -230 – -180
Capital expenditure in € m1 102.6 75 – 85
* as updated in July 2020
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 59
Order intake
(in € m)Sales (in € m) EBIT margin (in %)
2019 Targets* 2020 2019 Targets* 2020
2019
reported
Targets*
2020
reported
2019
before e.e.**
Targets*
2020
before e.e.**
Paint and Final Assembly
Systems 1,515 1,100 – 1,200 1,416 1,100 – 1,200 5.6 0.3 – 1.3 5.7 3.0 – 4.0
Application Technology 641 480 – 530 593 470 – 510 9.6 -1.7 – -0.7 10.7 3.1 – 4.1
Clean Technology
Systems 449 380 – 420 395 380 – 420 3.1 2.2 – 3.8 5.9 4.7 – 6.3
Measuring and Process
Systems 252 170 – 190 239 190 – 210 9.1 -2.5 – -1.5 9.8 -0.4 – +0.6
Woodworking Machinery
and Systems 1,220 950 – 1,050 1,279 1,050 – 1,150 2.9 -0.1 – +0.9 6.5 1.3 – 2.3
Targets 2020 breakdown by division
** Extraordinary effects* as updated in July 2020
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 60
Diversified equipment supplier with leading positions in global niche markets
Dürr Group: Key take-aways
Leading production efficiency for profitable growth
Balanced portfolio: Automotive, woodworking and
environmental technology
Industry leader in innovation and digitalization
Strong project execution and shopfloor know-how
Clear strategy for profitable growth supported by global
megatrends
Solid financial position and strong ROCE potential
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 61
Financial calendar
Andreas Schaller
+49 7142 78-1785
Mathias Christen
+49 7142 78-1381
Dürr Corporate Communications & Investor Relations contact
Stefan Tobias Burkhardt
+49 7142 78-3558
November 2020
11/09/2020 UBS European Conference (virtual)
11/10/2020 Baird - Global Industrial Conference (virtual)
11/16/2020 Capital Markets Day 2020 (virtual)
11/17/2020 German Equity Forum (virtual)
11/19/2020 LBBW German Company Day (virtual)
11/24/2020 DZ Equity Conference, Frankfurt (virtual)
December 2020
12/01/2020 Quirin Conference, Geneva
12/01/2020 GS Industrials Conference, London
12/02/2020 Berenberg European Conference, Pennyhill Park
January 2021
01/11/2021 Commerzbank German Investment Seminar
01/12/2021 BofA SMID Cap Conference
01/19/2021 German Corporate Conference Kepler UniCredit
February 2021
02/25/2021 Preliminary figures for fiscal 2020
March 2021
03/18/2021 Annual report 2020
May 2021
05/06/2021 Annual general meeting HOMAG Group AG
05/07/2021 Annual general meeting Dürr AG
www.durr-group.com:
Appendix
© Dürr AG, CCI, Investor Relations Presentation, December 2020 62
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 63
Digitalization: Vision, mission, objectives & strategy
Vision
Mission
Objectives
Strategy
Leader in
digitalization
Data-driven software
products, solutions &
business models
New revenue stream,
differentiation,
disruption protection
Soft-
ware
Compe-
tence
Intelligent
products
and
services
Internal
Trans-
formation
Partner
Network
Digital
market-
places
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 64
Increasing number of robots reaching their average lifetime
40%
42%
18%
Service type in % of revenues 2019
Modifications and upgrades
Spare parts and repairs
Maintenance, assessments, seminars
Service and replacement cycle
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Number of paint robots sold (cumulative figure)
Paint robot lifetime: ~ 15 years
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 65
Dürr is the market leader in its niche markets
Market share Dürr Group / competitors1
1 own estimates
Paint and Final Assembly
Systems
PaintDürr ~40%, Automotive Engineering Corporation (Scivic), Taikisha/Geico
Local competitors: AE, Giffin, Gallagher Kaiser, Trinity (Toyota), Georg Koch, Wenker, Sturm
Final
Assembly
Dürr ~20-25%, Rofa, Automotive Engineering Corporation (Scivic), Siemens, AFT, Axmann,
local competitor: Sturm
Testing Dürr ~35%, Burke Porter Group, Fori
Filling Dürr ~45%, Fives, SAT
Application Technology Dürr ~50%, ABB, Fanuc, Yaskawa, local competitor: Doolim
Clean Technology
SystemsDürr ~25%, Anguil, Atea, Krantz, CTP
Measuring and Process
SystemsDürr ~45%, CEMB, Kokusai
Woodworking Machinery
and SystemsDürr 31%, Biesse, scm group, Schelling/IMA, local competitors: Nanxing, KDT
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 66
Comprehensive view of top- and bottom-line, cash flow and return
The most important performance
indicators at Dürr
− Incoming orders
− Sales
− EBIT
− ROCE (EBIT/Capital employed).
− Cash flow from operating activities
− Free cash flow
− Economic Value Added (EVA)
Also non-financial performance
indicators pursued, e.g.
− Employee and customer
satisfaction
− Training/education
− Ecology/sustainability
− R&D/innovation
Value management
Key figures in €m FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Incoming orders 2,793.0 3,467.5 3,701.7 3,803.0 3,930.9 4,076.5
Sales revenues 2,574.9 3,767.1 3,573.5 3,713.2 3,869.8 3,921.5
EBIT 220.9 267.8 271.4 287.0 233.5 195.9
Operating
cash flow 291.3 173.0 227.4 119.8 162.3 171.9
Free cash flow 221.1 62.8 129.9 14.3 78.4 44.9
ROCE in % 38.7 45.3 41.1 38.6 24.0 16.9
EVA 121.6 146.2 142.5 142.7 76.0 39.5
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 67
in € m
2020 2019 2018
Q1 Q2 Q3 Q4 Ytd Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
PFS -0.7 -0.7 -1.9 -3.4 -1.0 -0.5 -0.6 -0.5 -2.6 -0.5 -0.5 -0.5 -0.5 -2.2
thereof
PPA -0.5 -0.5 -0.6 -1.6 -0.5 -0.5 -0.5 -0.5 -2.2 -0.5 -0.5 -0.5 -0.5 -2.2
APT -2.2 -0.8 -1.3 -4.3 -0.1 0.0 0.0 -6.0 -6.2 -0.1 -0.1 0.0 0.0 -0.2
thereof
PPA -0.0 -0.1 -0.1 -0.3 -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.0 -0.0 -0.2
CTS -3.0 -2.2 -1.5 -6.7 -1.9 -2.7 -2.9 -3.6 -11.2 -0.2 -0.2 -13.7 -6.1 -20.1
thereof
PPA -1.4 -1.6 -1.3 -4.3 -1.9 -1.9 -1.9 -1.8 -7.6 -0.2 -0.2 -0.2 -2.4 -2.8
MPS -0.1 -0.1 -4.0 -4.2 -0.4 -0.3 -0.1 -0.8 -1.6 -0.5 -0.3 -0.4 -0.4 -1.5
thereof
PPA -0.1 -0.1 -0.1 -0.3 -0.4 -0.3 -0.1 -0.1 -0.8 -0.5 -0.3 -0.4 -0.4 -1.5
WMS -3.5 -3.7 -5.1 -12.4 -2.2 -2.2 -2.2 -38.8 -45.3 -2.2 -2.2 -2.2 -2.2 -8.7
thereof
PPA -2.4 -2.4 -2.3 -7.1 -2.2 -2.2 -2.2 -2.2 -8.7 -2.2 -2.2 -2.2 -2.2 -8.7
CC 0.0 0.0 -1.0 -1.0 -0.3 0.0 0.1 0.0 -0.3 -2.3 -2.4 -0.5 -3.5 -8.7
Total -9.7 -7.4 -14.8 -32.0 -6.0 -5.7 -5.7 -49.8 -67.2 -5.7 -5.7 -17.3 -12.8 -41.4
thereof
PPA -4.5 -4.7 -4.4 -13.6 -5.1 -4.9 -4.8 -4.7 -19.5 -3.4 -3.3 -3.3 -5.5 -15.4
Overview: extraordinary effects
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 68
9M 2020 9M 2019 Δ Q3 2020 Q3 2019 Δ
Sales revenues in € m 2,430.5 2,874.1 -15.4% 815.3 993.7 -18.0%
Gross profit on sales in € m 459.7 626.0 -26.6% 156.7 211.9 -26.1%
Gross margin in % 18.9 21.8 -2.9 ppts 19.2 21.3 -2.1 ppts
EBITDA in € m 115.8 237.6 -51.3% 52.4 87.2 -39.9%
EBIT in € m 31.6 154.1 -79.5% 25.0 58.9 -57.5%
EBIT margin in % 1.3 5.4 -4.1 ppts 3.1 5.9 -2.9 ppts
EBIT before
extraordinary effects in € m 63.6 171.5 -62.9% 39.9 64.6 -38.3%
EBIT margin before
extraordinary effects in % 2.6 6.0 -3.4 ppts 4.9 6.5 -1.6 ppts
Net income/loss in € m 12.8 102.1 -87.5% 15.8 38.4 -58.8%
ROCE1 in % 4.1 15.3 -11.2 ppts 9.7 17.5 -7.9 ppts
Free Cash Flow in € m 105.3 -158.1 166.6% 61.0 23.4 160.9%
Net financial status in € m -64.3 -301.5 78.7% -64.3 -301.5 -78.7%
Employees 16,181 16,534 -2.1% 16,181 16,534 -2.1%
Overview of Key Financial Indicators
Strong earnings recovery q-o-q – solid free cash flow
1 annualized
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 69
in € m 2017 2018 2019 9M 2019 9M 2020
Incoming orders 3,803.0 3,930.9 4,076.5 2,859.5 2,309.4
Orders on hand 2,449.4 2,577.2 2,742.8 2,590.3 2,449.8
Sales revenues 3,713.2 3,869.8 3,921.5 2,874.1 2,430.5
Gross profit on sales 857.2 855.5 838.2 626.0 459.7
Gross margin in % 23.1 22.1 21.4 21.8 18.9
Selling expenses -308.9 -314.2 -337.6 -249.3 -219.1
General administrative expenses -176.2 -177.8 -190.6 -139.6 -130.5
Research and development costs -116.7 -121.0 -110.8 -84.7 -77.9
Net other operating income / expense +31.6 -9.1 -3.3 +1.6 -0.5
EBIT before extraordinary effects 283.7 274.9 263.1 171.5 63.6
EBIT reported 287.0 233.5 195.9 154.1 31.6
EBIT margin before extraordinary effects in % 7.6 7.1 6.7 6.0 2.6
EBIT margin reported in % 7.7 6.0 5.0 5.4 1.3
Net interest expense -19.8 -13.8 -21.2 -6.7 -10.8
EBT 267.3 219.7 174.7 142.4 17.9
Income taxes -67.6 -56.2 -44.9 -40.3 -5.1
Net income 199.6 163.5 129.8 102.1 12.8
Earnings per share in € (basic and diluted) 2.78 2.27 1.79 1.42 0.16
P&L overview
www.durr-group.com: © Dürr AG, CCI, Investor Relations Presentation, December 2020 70
Key aspects Q3
All divisions contribute to Q3 recovery in sales revenues
CTS even reports y-o-y increase
Emerging market share of business grows
Sales revenues improve q-o-q
Moderate recovery of sales revenues as industry resumes production
in € m
Sales per region 9M 2020
950 931994
843773 815
1,047
Q4 Q2Q1Q1 Q2 Q3 Q3
-18% 6%
20202019
17%
22%
28%
12%
21%Germany
Asia (w/o China), Africa, Australia
Europe (w/o Germany)
Americas
China
0% pts.+2% pts.
+3%
pts.
-6% pts.
+1% pts.
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 71
Energy consumption ratio clearly reduced
data in relation to sales;
2010 = 100 2010 2017 2018 20191
Energy consumption 100 60.7 55.5 61.2
Water consumption 100 92.0 85.3 84.5
Total waste 100 123.3 119.1 136.0
CO2 100 70.7 66.4 71.9
R&D expense 100 153.6 152.9 138.1
Strong decrease of energy and water
consumption as well as CO2 emissions in
relation to sales
Due to focus on assembly processes relatively
low consumption and emissions
Dürr headquarter is a show case for energy
efficiency
New energy efficient campus buildings in US &
China
Measures implemented in all regions to reduce
ecological footprint
Key figures sustainability
1 2019 figures include effects from acquisition of Megtec/Universal
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 72
Key data of the share
WKN / ISIN 556 520 / DE0005565204
Bloomberg / Reuters Due / dueg
Class of shares Common bearer shares
Index category e.g. MDAX (Performance), CDAX (Performance), FAZ Index
Trading centers / stock exchange
Stuttgart (regulated market)
Frankfurt (regulated market)
Several open markets
Capital stock € 177.2 m
Number of shares 69,202,080
Market capitalization as of 11/04/2020 € 1,795 m
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 73
Free float at 71%1
Shareholder structure
25.5%
3.5%
71.0%1
Heinz Dürr GmbH, Berlin
Heinz und Heide Dürr Stiftung,Berlin
Institutional and private investors, including
Candriam Luxembourg: 3.8%
Alecta Pensionsförsäkring: 3.2%
Credit Suisse Fund Management: 3.0%
Members of the Dürr Board of Management: 0.3%
Members of the Dürr Supervisory Board: 0.2%
2
1 Free float calculated according to Deutsche Börse AG 2 According to the relevant laws
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 74
Remarkable 2011-2014 outperformance
compared to DAX & MDAX
Dürr highly benefited from China boom
due to its strong emerging markets
presence
HOMAG takeover in 2014 was not well
received by investors, but then levered
the Dürr share.
Value driver: digitalization and HOMAG
boosted outperformance of Dürr share
until end of 2017
2018-2019: underperformance of
shares of the capital goods sector,
especially in the automotive sector due
to weaker economic perspectives
2020: Covid-19 impact but recovery with
new guidance & announced measures
Share price development
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Dürr indexed
DAX indexed
MDAX indexed
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 75
Target payout ratio between 30% and 40%
Dividend policy
Dividend policy: 30-40% payout ratio
0
20
40
60
0.50
0.00
1.00
1.50
0.80 €
2012 20142009
€
2011
%
20132010 2015 2016 2017 20192018
1.00 €
0.00 €
1.10 €
0.57 €0.73 € 0.83 €
0.08 €0.30 €
0.93 €1.05 €
Payout ratio Dividend paid
in € 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Earnings per
share -0.39 0.10 0.90 1.55 2.03 2.17 2.34 2.63 2.78 2.27 1.79
Dividend per
share 0.00 0.08 0.30 0.57 0.73 0.83 0.93 1.05 1.10 1.00 0.80
Total payout 0.0 m 5.2 m 20.8 m 38.9 m 50.2 m 57.1 m 64.0 m 72.7 m 76.1 m 69.2 m 55.5 m
Payout ratio - 32% 32% 35% 38% 38% 38% 39% 38% 42% 43%
www.durr-group.com © Dürr AG, CCI, Investor Relations Presentation, December 2020 76
As of 11/04/2020
59%
29%
12%
Buy Hold Sell
16 equity research analysts cover Dürr
ø target price: € 28.41
Target price range between 14 and 37 €
88% recommend to buy or hold the Dürr share
Analysts’ view
www.durr-group.com
Corporate Communications & Investor Relations,
Dürr AG
Bietigheim-Bissingen
December 2020
Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
Investor Relations Presentation
+49 7142 78-0