Durr Ag · XETR:DUE
Durr — Shareholder Meeting (June 2002)
29 slides from Durr's shareholder meeting presentation, Jun 12, 2002
Slide 1: Welcome to Our Annual Meeting
Welcome to Our Annual Meeting Stuttgart, June 12, 2002
Slide 2: Key figures for 2001
Key figures for 2001 (y/y in %) ! Sales: + 8 %; incoming orders: + 5 % ! Earnings (EBITDA): + 17 % to € 135.3 m ! Earnings before taxes: + 13 % ! Proposed dividend at last year‘s high level: € 1.10 ! Overall performance of stock above average: 6 % Hauptversammlung - 12.06.2002 2
Slide 3: Dynamic growth
Dynamic growth in € m per US GAAP • Internal growth CAGR + 10% • Total growth CAGR + 20% 2,201 2,042 Sales 1,224 960 1,014 838 752 605 Com- 25 26 32 40 43 53 98 104 panies 1994* 1995* 1996* 1997* 1998 1999 2000 2001 * per Ger. Com. Code Hauptversammlung - 12.06.2002 3
Slide 4: Strategic highlights
Strategic highlights RoDip is convincing Services business Final Assembly unit established successfully set up Growth market in France Ecoclean still on Strong trend in success track Painting robots making powder paint their way Hauptversammlung - 12.06.2002 4
Slide 5: Focus on competitive edge
Focus on competitive edge DÜRR AG INTX AG Paint Systems Automotion Services Ecoclean Measuring Systems Final Assembly Systems • Automotive • Planning • Production • Automotive • Balancing and services diagnosis systems • General industry • Conveyor systems • General industry • Measurement and • Oper
Slide 6: Notes on figures and consolidation in 2001
Notes on figures and consolidation in 2001 ! 2000/1999 earnings restated with retroactive effect ! Carl Schenck AG consolidated for full 12 months for the first time ! First inclusion of newly founded Dürr AIS GmbH as of beginning of the year ! Acquisition of remaining 50 % of the shares from Alstom
Slide 7: Total revenue by business units (in € m and %)
Total revenue by business units (in € m and %) Measuring Systems € 313.4 m 13.2 % Paint Systems Ecoclean € 1,094.5 m € 277.3 m 46.3 % 11.7 % Services € 134.0 m 5.7 % Total sales: € 2,364.8 m Automotion € 545.6 m 23,1 % Hauptversammlung - 12.06.2002 7
Slide 8: Employees
Employees (as of Dec. 31) Hauptversammlung - 12.06.2002 8
Slide 9: Global presence
Global presence (Dec. 31, 2001) North/Central America Germany 3,649 Europe 4,854 employees employees € 728.1 m 2,847 € 446.0 m sales employees sales € 708.8 m sales Asia/Africa/ Australia South America 552 employees 773 € 158.2 m employees sales € 159.9 m sales Employees: 12,675 - Consolidated sales
Slide 10: Income situation
Income situation (in € m) Dürr Group US GAAP 2000 2001 Net sales 2,042.3 100.0% 2,201.0 100.0% Gross margin 343.8 16.8% 434.0 19.7% - Selling and administrative costs, R&D -264.6 13.0% -345.3 15.7% - Goodwill amortization -15.0 0.7% -9.9 0.4% Operating result 64.2 3.1% 78.9 3.6% - Other income and e
Slide 11: Consolidated balance sheet for 2001
Consolidated balance sheet for 2001 (in € m) Assets 1.837,9 1.837,9 Liabilities/equity 1.501,5 1.501,5 1,133.40 1,155.30 Non-fixed assets 957.8 923.1 Liabilies Deferred taxes/deferred 58.4 53.9 income Deferred 26.7 Minority interests 32.5 taxes/prepaid 330.9 expenses 260.7 Accruals 646.1 Fixed 511.2
Slide 12: Acquisition financing through syndicated loan
Acquisition financing through syndicated loan ! Total amount: € 200 m / $ 100 m ! Term: 5 years ! Paid down: € 60 m / $ 15 m ! Lead arrangers: Deutsche Bank Landesbank Baden-Württemberg ! Participants: 22 international lending institutions Hauptversammlung - 12.06.2002 12
Slide 13: Paint Systems
Paint Systems Expansion of market and technology leadership ! RoDip dip-painting process sets new quality standards ! Large orders from the French and Chinese automotive industry ! Robot application is also making its way with powder paint 2001 2000 Total sales (€ m) 1,094.5 1,189.2 EBITDA (€ m) 61.
Slide 14: Final Assembly Systems
Final Assembly Systems Called Automotion until 2001 ! Complete system offering from a single source ! Opel‘s Leanfield assembly plant is among the world‘s most modern and productive ! Magna-Steyr orders final assembly line for the BMW X3 ! DSEngineering: High demand for planning services 2001 2000 T
Slide 15: Ecoclean
Ecoclean Success through innovation ! Goal: Maximum cleanness and “world“ machines ! Flexible universal systems increase productivity ! Combined cleaning and filtration technology ! High demand due to continuing dynamic growth in engine and transmission building 2001 2000 Total sales (€ m) 277.3 220
Slide 16: Services
Services New business areas developed ! Range of technical services widened ! Expansion to Northern and Eastern Europe ! Operator model finalized in England ! Know-how and distribution network interlinked with Dürr business units 2001 2000 Total sales (€ m) 134.0 122.5 EBITDA (€ m) 10.8 9.3 Hauptver
Slide 17: Measuring Systems
Measuring Systems Schenck competence in measuring technology ! Cross-sectoral technology ! Weak demand leads to negative result ! Restructuring improves competitiveness ! Schenck/Ricardo/Horiba joint venture 2001 2000 Total sales (€ m) 313.4 235.2 EBITDA (€ m) 11.0 27.8 Hauptversammlung - 12.06.2002
Slide 18: Key company figures (1)
Key company figures (1) (in € m) 2000 2001 135,3 115,3 47,3 41,8 24,7 17,8 Jahresüberschuss Konzern Ergebnis vor EE-Steuern, EBITDA Anteile Dritter Hauptversammlung - 12.06.2002 18
Slide 19: Key company figures (2)
Key company figures (2) 2000 2001 15,9 14,4 6,1 5,6 4,1 3,4 2,0 2,1 1,3 1,73 EBT EBIT EBITDA EK-Rendite Ergebnis je Aktie % of sales % of sales % of sales in % in € Hauptversammlung - 12.06.2002 19
Slide 20: Dürr stock far above average
Dürr stock far above average (Total performance = dividend yield + price performance) Hauptversammlung - 12.06.2002 20
Slide 21: Value-oriented corporate governance
Value-oriented corporate governance ! Great importance of corporate governance for Dürr ! Rapid implementation of extended regulations ! Very good DVFA scorecard result of 84 % ! Details on Dürr website: http://www.durr.com --> Investor Relations Hauptversammlung - 12.06.2002 21
Slide 22: DISOP - Dürr international stock option plan
DISOP - Dürr international stock option plan ! Piggyback principle (2.5 stock options per share bought) ! Issue of up to one million options possible in five years ! 72 executives participate in the company‘s success by means of the stock option program ! Participants hold just under 42,500 Dürr sha
Slide 23: Key figures for 1st quarter of 2002
Key figures for 1st quarter of 2002 In comparison with year earlier in € m Dürr Group Jan.-Mar. 01 Jan.-Mar. 02 Sales 354 395 Incoming orders 421 486 Orders on hand 1,137 1,258 Earnings before taxes 7.8 -14.8 EBITDA 27.0 2.6 Employees (Mar. 31) 12,134 12,410 Hauptversammlung - 12.06.2002 23
Slide 24: Dürr/Schenck restructuring measures
Dürr/Schenck restructuring measures DÜRR AG Carl Schenck AG Final Assembly Schenck Paint Systems Systems final assembly Pegasus DTS • Conveyor Ecoclean techniques • Planning RoTec • Final assembly Measuring Systems components • Final assembly systems Process Services Hauptversammlung - 12.06.2002 24
Slide 25: Further integration of Final Assembly Systems
Further integration of Final Assembly Systems DÜRR AG Carl Schenck AG Final Assembly Paint Systems Systems Pegasus DTS • Conveyor Ecoclean techniques • Planning RoTec • Final assembly Measuring Systems components • Final assembly systems Process Services Hauptversammlung - 12.06.2002 25
Slide 26: Reorganization of Measuring Systems
Reorganization of Measuring Systems Emphases at Schenck ! Focusing Schenck: Mechatronic systems and measurement technology applications; customers also outside the automotive industry ! Business development below plan especailly at Process ! Restructuring program for Darmstadt site being implemented
Slide 27: Measures to increase earnings
Measures to increase earnings ! Group-wide SPRINT program is taking hold ! Knowledge and dedication of our employees ! E-business, global sourcing, production standardization, module concepts ! Site streamlining, optimization of manufacturing structures Hauptversammlung - 12.06.2002 27
Slide 28: Trends in the automotive industry
Trends in the automotive industry Growing price Heightened environmental Globalization of selling competition requirements markets Automobile manufacturer trends " Increasing global consolidation " Greater use of modules and systems " Increased outsourcing " Higher quality standards and control Shor
Slide 29: Dürr strategy holds out great opportunities
Dürr strategy holds out great opportunities Hauptversammlung - 12.06.2002 29