Slide 1: Results January - June 2023
Results January - June 2023 Dr. Jochen Weyrauch, CEO Dietmar Heinrich, CFO August 3, 2023 Bietigheim-Bissingen
Slide 2: Disclaimer
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 o
Slide 3: Agenda
Agenda 1. Overview 2. M&A 3. Sustainability 4. Divisions 5. Financials 6. Outlook 7. Summary www.durr-group.com © Dürr AG, Conference call – Q2 2023, August 3, 2023 3
Slide 4: Overview: Highlights Q2 2023
1. Overview: Highlights Q2 2023 Automotive demand remains high – strong earnings improvement in Q2 ◼ Order intake remains above € 1.1 bn in Q2. Demand for automotive and e-mobility production equipment continues to be strong. Order intake for Woodworking Machinery and Systems stabilized at lower lev
Slide 5: Overview: KPI development H1 2023 vs. H1 2022
1. Overview: KPI development H1 2023 vs. H1 2022 H1 2023 shows profitable growth -1% H1 2022 H1 2023 Margin in € m +23% 2,609 2,587 +9% 105 8 85 2,135 +38% 1,955 4.9% 4.3% 58 42 2.7% 2.2% -6 Incoming orders Sales revenues EBIT before Net profit Free cash flow extraord. effects ◼ Incoming orders rema
Slide 6: Overview: Solid order intake
1. Overview: Solid order intake Book-to-bill ratio in Q2 at 1.0 (H1: 1.21) despite strong sales growth in € m Key aspects -7.2% -23.4% ◼ Strong demand for automotive and 1.55 Book-to-bill e-mobility production equipment Order intake 1.17 ◼ Smaller follow-on orders for battery 1.15 1.44 production eq
Slide 7: Overview: Solid order momentum outside China
1. Overview: Solid order momentum outside China Demand shifting from China towards other regions in € m ◼ Americas stable on high level -1% ◼ China below very high levels of prior year 2,609 2,587 ◼ Large automotive order in Asia 0% +4% -32% 754 753 736 +71% -7% 706 582 398 347 323 376 220 Total Chi
Slide 8: M&A
DURR croup. M&A
Slide 9: M&A: Creating a global automation player
2. M&A: Creating a global automation player Acquisition of BBS Automation announced in June ▪ BBS Automation: € 300 m sales in 2023e ▪ Dürr´s automation business to more than double (~ € 500 m expected pro-forma sales for BBS, Teamtechnik and Hekuma) ▪ € 500 m target for automation business already
Slide 10: M&A: BBS with complementary footprint
2. M&A: BBS with complementary footprint Plant overview1: Kunshan Suzhou Chicago Tianjin Lawrenceville Xi´an Suzhou Sonthofen Caravaggio (Kahle) Kunshan Guadalajara Pune Freiberg (HQ) Krakow Penang Ludwigsburg Lipany Munich (HQ) Hallbergmoos Sonthofen (HEKUMA) Chicago Poggibonsi Caravaggio (Kahle) P
Slide 11: M&A: Automation market strongly growing
2. M&A: Automation market strongly growing Market potential (in €bn) Market drivers …by end-market …by geography ▪ Automation becomes even more important due to increasing labor shortage and near-/onshoring to developed nations 23.4 23.4 5.4 5.4 ▪ E-mobility: 16.4 16.4 − Massive tailwinds driven by
Slide 12: M&A: Key acquisition highlights
2. M&A: Key acquisition highlights “Moves the needle”: Strategic driver to transform the Dürr Group towards a capital goods player Dürr to become one of the leading global assembly and testing automation players Highly synergetic transaction with Teamtechnik and HEKUMA Creation of a leading global a
Slide 13: Sustainability
DURR croup. Sustainability
Slide 14: Dürr Group Sustainability: Climate Strategy
3. Dürr Group Sustainability Climate Strategy: global switch to green electricity at all locations in 2023 Scope 1 and 2 emissions (in tCO2e): Highlights 2022: 60,000 ▪ Investment in 6 PV systems in China, Germany and Spain: self-generated electricity of 2,669 MWh. 50,000 ▪ Complete switch to green
Slide 15: Dürr Group Sustainability: ESG rating improvement
3. Dürr Group Sustainability Strong ESG rating improvement: 17-point increase of EcoVadis rating in only three years Rating agency Current rating Previous rating Target 72 out of 100 points 66 out of 100 points Gold medal Silver medal Climate Change: „B“ Climate Change: „C“ Water Security: „B-“ Wate
Slide 16: Dürr Group Sustainability: reporting scope
3. Dürr Group Sustainability Sustainability reporting in 2022: another strong expansion of our reporting scope We are well positioned for the upcoming sustainability reporting in accordance with CSRD www.durr-group.com © Dürr AG, Conference call – Q2 2023, August 3, 2023 16
Slide 17: Divisions
DURR croup. Divisions
Slide 18: Divisions: Paint and Final Assembly Systems
4. Divisions: Paint and Final Assembly Systems Strong order intake – sales and EBIT margin accelerating H1 H1 Q2 Q2 2023 2022 Δ 2023 2022 Δ Incoming orders in € m 1,089.5 872.5 24.9% 448.5 411.9 8.9% Sales revenues in € m 665.5 589.9 12.8% 359.4 326.0 10.3% EBIT in € m 21.3 13.0 63.9% 14.9 -0.7 - EB
Slide 19: Divisions: Application Technology
4. Divisions: Application Technology High order intake – improving sales and EBIT margins H1 H1 Q2 Q2 2023 2022 Δ 2023 2022 Δ Incoming orders in € m 402.7 318.6 26.4% 175.5 150.9 16.3% Sales revenues in € m 297.8 264.2 12.7% 156.0 141.3 10.4% EBIT in € m 21.9 18.9 15.8% 12.1 9.3 30.6% EBIT margin in
Slide 20: Divisions: Clean Technology Systems
4. Divisions: Clean Technology Systems Strong demand and significant EBIT margin improvement H1 H1 Q2 Q2 2023 2022 Δ 2023 2022 Δ Incoming orders in € m 273.0 238.3 14.6% 114.6 126.1 -9.1% Sales revenues in € m 224.5 212.2 5.8% 123.7 116.5 6.3% EBIT in € m 8.3 0.9 > 100% 7.1 2.1 > 100% EBIT margin in
Slide 21: Divisions: Measuring and Process Systems
4. Divisions: Measuring and Process Systems High demand level – sales and EBIT margin show very strong recovery H1 H1 Q2 Q2 2023 2022 Δ 2023 2022 Δ Incoming orders in € m 171.3 177.4 -3.4% 72.5 76.2 -4.9% Sales revenues in € m 152.0 129.2 17.6% 78.5 62.4 25.7% EBIT in € m 10.8 4.0 > 100% 7.2 0.3 > 1
Slide 22: Divisions: Woodworking Machinery and Systems
4. Divisions: Woodworking Machinery and Systems Order intake stable on lower level – EBIT margin improved sequentially H1 H1 Q2 Q2 2023 2022 Δ 2023 2022 Δ Incoming orders in € m 671.4 1,030.8 -34.9% 318.8 457.0 -30.2% Sales revenues in € m 816.7 781.5 4.5% 412.9 414.7 -0.4% EBIT in € m 53.0 50.6 4.8
Slide 23: Service business
4. Service business Low sales share of service business – but good margin development % of group sales Service sales in € m Key aspects Q2 30.6 ◼ Service sales grow sequentially but share is impacted by 28.1 27.8 27.8 27.3 slow sales at Homag 26.9 ◼ Service margin further improved Service mix H1 202
Slide 24: Financials
DURR croup. Financials
Slide 25: Financials: Overview of key financial indicators
5. Financials: Overview of key financial indicators H1 2023 H1 2022 Δ Q2 2023 Q2 2022 Δ Sales revenues in € m 2,134.9 1,954.6 9.2% 1,120.2 1,048.9 6.8% Gross profit on sales in € m 495.8 435.3 13.9% 264.3 221.5 19.3% Gross margin in % 23.2 22.3 +1.0 ppts 23.6 21.1 +2.5 ppts EBITDA in € m 149.7 140.3
Slide 26: Financials: Revenue growth on track
5. Financials: Revenue growth on track Sales revenues in € m Key aspects Q2 +6.8% +10.4% ◼ More automotive projects enter advanced execution phase ◼ Americas gaining share as order intake starts to translate into revenues Sales per region H1 2023 (y-o-y pp.) 1,236 +-0 pp. 1,124 1,120 -2 pp. 1,049 1,
Slide 27: Financials: EBIT with strong growth in Q2
5. Financials: EBIT with strong growth in Q2 6.8 Key aspects Q2 ◼ Gross margin improves 250bps; prior year impacted by 5.6 5.6 China lockdown 4.9 ◼ Improved supply chain and better project margins 4.1 ◼ Overhead costs grow about in-line with sales 3.9 +23% 84 -36 63 63 EBIT margin -1 105 45 56 40 42
Slide 28: Financials: Free cash flow similar to last year
5. Financials: Free cash flow similar to last year Free cash flow in € m Key aspects Q2 ◼ Payout of bonus in Q2 ◼ Timing effect: Change in tax related liability ◼ Higher capex and taxes but lower interest payments 75 61 48 44 -6 -1 17 -50 -12 -67 8 6 -6 -6 -13 Q1 Q2 Q3 Q4 Q1 Q2 FCF H1 EBIT Depreciat
Slide 29: Financials: NWC stable despite 9% sales growth
5. Financials: NWC stable despite 9% sales growth in € m DWC Key aspects Q2 38 NWC ◼ Inventories decline sequentially – peak reached in Q1 36 37 36 35 ◼ Contract liabilities decline sequentially as project execution 34 accelerates ◼ DWC still below target range of 40 to 50 days in € m 06/30/2023 12/
Slide 30: Financials: Net debt on prior year's Q2 level
5. Financials: Net debt on prior year’s Q2 level in € m Gearing Key aspects Q2 Net financial status ◼ Net debt increased sequentially driven by free cash flow and dividend payments 1% 10% 5% 4% 0% 10% ◼ Net financial status includes € 94.7 m leasing liabilities -11 -4 in € m 06/30/2023 12/31/2022 06
Slide 31: Financials: Comfortable liquidity headroom
5. Financials: Comfortable liquidity headroom Status 30 June 2023 in € bn Maturity profile (financial instruments only) in € million 2.5 250 2.04 2.0 200 0.50 1.5 150 0.50 1.0 100 0.5 0.90 50 0.03 0.0 0.15 0 Available funds Financial liabilities 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 < 12
Slide 32: Outlook
DURR croup. Outlook
Slide 33: Outlook: BEVs drive automotive industry dynamics
6. Outlook: BEVs drive automotive industry dynamics Existing OEMs and new players invest into modern manufacturing facilities Worldwide production volume of BEVs In million vehicles 35.7 32.9 29.0 +32.1% 25.3 21.3 17.5 14.3 10.9 7.9 2.2 4.6 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Sour
Slide 34: Outlook: Guidance 2023
6. Outlook: Guidance 2023 Record order backlog to drive profitable growth in 2023 Actual 2022 Targets 2023 Incoming orders in € m 5,008 4,400 – 4,800 Sales revenues in € m 4,314 4,500 – 4,800 EBIT margin in % 4.8 5.6 – 6.6 EBIT margin before extraordinary effects in % 5.4 6.0 – 7.0 ROCE in % 17.3 19
Slide 35: Outlook: Breakdown of 2023 guidance by division
6. Outlook: Breakdown of 2023 guidance by division Order intake Sales revenues EBIT margin (in %) (in € m) (in € m) before e.e.* 2022 Targets 2023 2022 Targets 2023 2022 Targets 2023 Paint and Final Assembly Systems 1,787 1,600 – 1,750 1,436 1,650 – 1,750 4.0 4.7 – 5.7 Application Technology 654 560
Slide 36: Strategy and mid-term targets for profitable growth
6. Strategy and mid-term targets for profitable growth More than € 6 billion sales targeted in 2030 Glocal Technology digital@Dürr Efficiency Life Cycle 5% - 6% Leadership Services CAGR sales revenues ▪ Global business with ▪ Most efficient & ▪ Software as ▪ Drive synergies, esp. ▪ Leverage vast loc
Slide 37: Summary
DURR croup. Summary
Slide 38: Summary
7. Summary 1. Order intake and backlog are on high levels 2. Revenues show solid growth in Q2 and are well on track to reach the guidance 3. EBIT margin increased sequentially and year-on- year; further improvement expected in H2 4. Guidance for 2023 confirmed Progressing towards our 2023 targets ww
Slide 39: Appendix
Appendix
Slide 40: P&L in detail
P&L in detail in € m H1 2023 H1 2022 Δ Q2 2023 Q2 2022 Δ Sales revenues 2,134.9 1,954.6 9.2% 1,120.2 1,048.9 6.8% Cost of sales -1,639.1 -1,519.2 -7.9% -855.9 -827.4 3.5% Gross profit on sales 495.8 435.3 13.9% 264.3 221.5 19.3% Selling expenses -207.3 -190.6 -8.7% -109.9 -99.2 10.8% General adminis
Slide 41: Balance sheet highlights (1/2)
Balance sheet highlights (1/2) Assets 06/30/2023 12/31/2022 06/30/2022 Non-current assets 1,472.6 1,482.3 1,496.4 of which goodwill and intangibles 714.4 717.3 728.9 of which property, plant and equipment 596.6 588.5 582.5 of which investment and financial assets 43.9 45.0 52.7 Current assets 3,292.
Slide 42: Balance sheet highlights (2/2)
Balance sheet highlights (2/2) Equity and Liabilities in € m 06/30/2023 12/31/2022 06/30/2022 Total equity 1,126.6 1,124.2 1,052.7 of which non-controlling interests 5.2 5.5 5.2 Non-current liabilities 1,222.4 957.9 994.5 of which provisions 56.9 56.8 51.2 of which bond and Schuldschein loans 1,026.
Slide 43: Cash flow
Cash flow in € m H1 2023 H1 2022 Q2 2023 Q2 2022 EBT 86.2 65.5 53.9 26.9 Depreciation and amortization of non-current assets 58.0 63.6 29.8 32.6 Interest result 6.2 10.1 1.0 5.7 Income taxes paid -35.8 -30.0 -24.9 -15.2 Δ Provisions -12.6 -23.7 -8.0 -6.7 Δ Net working capital 12.1 13.5 3.7 -47.9 Oth
Slide 44: Overview: Financial figures by division (1/2)
Overview: Financial figures by division (1/2) 2023 2022 2021 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Incoming orders in € m 641.0 448.5 1,089.5 460.6 411.9 546.7 367.4 1,786.6 301.9 358.0 255.5 446.5 1,361.9 Sales revenues in € m 306.0 359.4 665.5 263.9 326.0 376.6 469.7 1,436.2 248.4
Slide 45: Overview: Financial figures by division (2/2)
Overview: Financial figures by division (2/2) 2023 2022 2021 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Incoming orders in € m 352.6 318.8 671.4 573.8 457.0 386.8 288.2 1,705.8 440.1 432.3 495.0 345.4 1,712.8 Sales revenues in € m 403.8 412.9 816.7 366.8 414.7 413.4 407.2 1,602.1 302.6 34
Slide 46: Overview: extraordinary effects
Overview: extraordinary effects in € m 2023 2022 2021 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total PFS -1.4 0.2 -1.2 4.7 -1.8 -2.1 -3.1 -2.3 -1.1 -5.1 -0.7 0.7 -6.2 thereof PPA -1.4 -1.4 -2.8 -0.2 -1.8 -2.1 -1.4 -5.5 -1.2 -1.2 -1.1 0.4 -3.0 APT -0.1 -0.4 -0.4 0.1 0.1 -0.1 -0.1 0.0 -0.2 0.1
Slide 47: Shareholder structure
Shareholder structure Free float at 70.3%1 Heinz Dürr GmbH, Berlin 26.2% Heinz und Heide Dürr Stiftung, Berlin 2 Institutional and private investors, including − SMALLCAP World Fund, Inc.: 3.13% − Candriam: 3.12% − Members of the Dürr Supervisory Board: 0.12% − Members of the Dürr AG Board of Manage
Slide 48: Financial calendar
Financial calendar https://www.durr-group.com/en/investor-relations/financial-calendar August 2023 November 2023 ◼ 08/03/2023 Interim financial report 2023 ◼ 11/09/2023 Interim statement for the first nine months of 2023 September 2023 ◼ 09/06/2023 BHF Corporate Conference, Frankfurt ◼ 09/07/2023 Mo
Slide 49: Results January-June 2023
Dürr Aktiengesellschaft Carl-Benz-Str. 34 74321 Bietigheim-Bissingen Germany +49 7142 78-0 Results corpcom@durr.com www.durr-group.com January-June 2023 Dr. Jochen Weyrauch, CEO Dietmar Heinrich, CFO August 3, 2023 Bietigheim-Bissingen