Durr Ag · XETR:DUE
Durr — Shareholder Meeting (May 2003)
21 slides from Durr's shareholder meeting presentation, May 28, 2003
Slide 1: Welcome to the Annual shareholders' meeting
Welcome to the Annual shareholders' meeting Fiscal year 2002 Dü rr Group May 28, 2003
Slide 2: Agenda
u Economic development 2002 u Dü rr Group key data u Business model u Business units u Statement of income and balance sheets u Dü rr stock u u 1st quarter 2003 u Outlook CPI May 28, 2003 Page 2
Slide 3: Economic development in Europe in 2002 worse than expected
Economic development in Europe in 2002 worse than expected 10% 8.2% 8% 7.0% 6% 4% 2.7% 2.8% 2.4% 2.0% 2% 1.6% 1.2% 0.8% 0.2% 0% Germany Europe USA China World Forecast 2002 (as of April 2002) Actual growth 2002 CPI May 28, 2003 Page 3
Slide 4: Dürr Group key data
Dü rr Group key data 2002 2001 Figures in € million Incoming orders 2,346.7 2,063.2 Sales (consolidated) 2,082.1 2,196.2 Orders on hand 1,381.4 1,171.6 Capital expenditures 27.7 35.9 Earnings before taxes 22.6 39.8 EBITDA 89.1 127.8 Net debt (12/31) 123.1 289.8 Dividend (in €) 0.80* 1.10 Employees (
Slide 5: Business units in the Dürr Group
Business units in the Dü rr Group Final Assembly Measuring Paint Systems Services Ecoclean Systems Systems Painting systems Systems for Manufacturing Systems for Systems for for automobile final vehicle support services parts cleaning, engine, exhaust, manufacturers assembly, filling and operator co
Slide 6: Sales by business units and regions
Sales by business units and regions Business units Regions 17% 13% 25% 7% 48% Sales 2002 10% 2.1 € billion 30% 32% 18% Paint Systems Germany Final Assembly Systems Europe w/o Germany Services North/South America Ecoclean Asia/Africa/Australia Measuring Systems CPI May 28, 2003 Page 6
Slide 7: Dürr business model
Dü rr business model Operator models Manufacturing support services Dü rr systems for stages of value chain in the automotive industry power train press body paint R&D final assembly shop shop shop components (automotive suppliers) CPI May 28, 2003 Page 7
Slide 8: Paint Systems
Paint Systems u Record level of incoming orders through major orders from North America and China u Earnings affected by strong price competition, currency effects, and restructuring of Environmental Systems business unit u On track to the 1,000th painting robot 2002 2001 Figures in € million Total
Slide 9: Final Assembly Systems
Final Assembly Systems u New business unit: Strengthened market position u Dual strategy: Systems and product lines u Technology: Demand for fully-automated solutions 2002 2001 Figures in € million Total sales 404.7 425.2 Total incoming orders 476.2 351.3 EBITDA 15.6 15.4 Employees at year‘s end 1,6
Slide 10: Services
Services u Regional expansion in growth markets u Expand core business through high- quality and high-value services u Increased income through process optimization 2002 2001 Figures in € million Total sales 143.9 134.0 Total incoming orders 143.1 134.3 EBITDA 11.2 10.8 Employees at year‘s end 4,272
Slide 11: Ecoclean
Ecoclean u Weak market in USA u Major orders from Europe u Success using innovative mixed concepts 2002 2001 Figures in € million Total sales 221.9 277.3 Total incoming orders 236.7 243.2 EBITDA 15.0 22.2 Employees at year‘s end 1,079 1,084 CPI May 28, 2003 Page 11
Slide 12: Measuring Systems
Measuring Systems u Restructuring affects earnings u Cost reduction program u Testing systems: Worldwide STARS software platform introduced 2002 2001 Figures in € million Total sales 385.9 428.9 Total incoming orders 381.2 411.3 EBITDA 10.4 17.4 Employees at year‘s end 3,046 3,224 CPI May 28, 2003 P
Slide 13: Consolidated statements of income
Consolidated statements of income Dü rr Group under US-GAAP 2002 2001 in EUR m in % in EUR m in % Sales 2,082.1 100.0 2,196.2 100.0 Gross margin 381.2 18.3 427.2 19.5 Sales & administrative expenses, R&D -323.8 -15.5 -345.8 -15.7 Results of operations 57.4 2.8 81.4 3.7 Other operating income/expense
Slide 14: Consolidated balance sheets
Consolidated balance sheets (in € million) 2,000.0 Assets 1,835.7 1,790.3 Liabilities & 1,835.7 1,790.3 1,800.0 shareholders‘ equity 1,600.0 1,400.0 Non-fixed 1,130.8 1,109.2 Liabilities 1,166.0 1,200.0 1,160.6 assets 1,000.0 800.0 Deferred Deferred taxes/prepaid 58.8 70.0 taxes/income 45.3 600.0 56
Slide 15: Dürr stock
Dü rr stock u Dü rr in the Prime Standard u MDAX reduced to 50 stocks à Dü rr in the SDAX since March 24, 2003 u Numerous analyses: currently 14 different banks/analyst firms u German Corporate Governance Code: Scorecard 81 % u Dividend yield: 5 % CPI May 28, 2003 Page 15
Slide 16: Dividend development
Dividend development Dividend yield (at year‘s end) Dividend per share (in €) 5.0% 4.6% 4.6% 4.1% 3.0% 2.4% 2.3% 2.5% 2.4% 2.3% 1.7% 1.9% 1.10 1.10 1.5% 1.00 0.92 0.77 0.77 0,80* 0.56 0.56 0.56 0.61 0.61 0.51 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 * Dividend proposed to the
Slide 17: Earnings enhancement program
: Earnings enhancement program 6% Target: ROS* 5.0 % Thrusts 5% u Cutting costs 4% Procurement, sales and Closing the gap administration, engineering ... 3% u Reducing risk 1.8% Project management 2% Supply chain management 1.1% Product standardization 1% Personnel qualification 0% u Streamlining st
Slide 18: Key figures 1st quarter 2003
Key figures 1st quarter 2003 (in € million) Dü rr Group Jan - Mar 03 Jan - Mar 02 Incoming orders 1,124 486 Sales 405 395 Orders on hand 2,096 1,258 (in Mio. €) EBITDA 9.1 2.6 Earnings before taxes -5.4 -14.8 Employees (03/31) 12,878 12,410 Employees w/o services (03/31) 8,589 8,863 CPI May 28, 2003
Slide 19: In spite of improved economic forecasts, difficult business development
In spite of improved economic forecasts, difficult business development 10% 8.2% 8.0% u Growth market China: 8% Uncertainties through SARS 6% u Increasing competition and susceptible profit margins 4% u Strong euro makes growth 3.1% 2.8% 2.4% 2.4% more difficult 2% 0.8% 0.9% 0.2% 0.4% 0% Germany Eur
Slide 20: Address and dates
Adress and dates Financial calendar 2003 Public & Investor Relations § Annual shareholders‘meeting, Susanne E. Langer May 28, 2003, Stuttgart Otto-Dü rr-Strasse 8 § Dividend payment, May 30, 2003 D-70435 Stuttgart § Interim report on first half of 2003 and Tel: + 49 711 136 17 85 conference call, Fa
Slide 21: Disclaimer
Disclaimer "These documents include forward-looking statements about future developments. As is the case for any business activity conducted in a global environment, such forward-looking statements are always subject to uncertainty. Our information is based on the conviction and assumptions of the B