Results
January-
September 2020
Ralf W. Dieter, CEO
Dietmar Heinrich, CFO
November 05, 2020
Bietigheim-Bissingen
© StructurIam Mass Timber Corporation
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 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/).
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 2 |
Agenda
- Overview
- Divisions
- Financials
- Outlook
- Summary
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 3 |
1. Overview: Highlights
Strong operational improvement in Q3 - cash flow and liquidity on high levels
- Order intake improved in Q3 with project pipeline filling again. Dürr could gain a large project from a premium automotive OEM in Germany; book-to-bill recovered to 1.01 in Q3; order backlog slightly down q-o-q at € 2.45 bn
- Sales revenues recovered moderately in Q3 as industrial production picked up after the lockdown in Q2
- EBIT improved significantly in Q3 compared with Q2 driven by sales revenue recovery, a stronger service business, cost reduction measures and solid project execution
- Strong free cash flow in Q3 due to disciplined management of net working capital and capex as well as stable customer payments; total liquidity at record level of € 960 m
- Strong funding situation further strengthened with issuance of a € 150 m convertible bond
- Guidance from July for 2020 confirmed
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 4 | 4 |
1. Overview: KPI development 9M 2020 vs. 9M 2019
in € m | -19% |
2,860 | |
2,309 |
-15% |
2,874 |
2,431 |
-63% |
172 |
6.0% |
2.6% |
64 |
9M 2019 9M 2020 Margin
+406% | |
-87% | 188 |
102 | |
3.6% | |
0.5% | |
13 |
Incoming orders | Sales revenues | EBIT before | Net profit | Operating cash flow |
extraord. effects | ||||
Positive momentum in order intake in Q3 reduces gap to prior year to below 20% for 9M 2020 | -61 |
- 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
Beginning recovery after Covid-19 induced downturn in Q2
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1. Overview: Order intake gains momentum
in € m
1.161.16
0.99 | Book-to-bill | |||||||||||
0.94 | ||||||||||||
Order intake | ||||||||||||
0.87 | ||||||||||||
0.83 | 1.01 | |||||||||||
1,217 | ||||||||||||
1,106 | 939 | |||||||||||
838 | 826 | |||||||||||
815 | ||||||||||||
645 |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2019 | 2020 |
Key aspects
- Growing project pipeline translates into order intake
- Strongest recovery: PFS, APT, WMS
- Book-to-billratio recovers to > 1
Order intake starts to recover after downturn in Q2
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 6 |
1. Overview: Momentum starts to build outside China
in € m | -19% | |
2,860 |
2,309
-48%
+29%
915
453 | 586 | 479 |
- 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
-27% | ||
21% | -43% | |
723 | ||
431 | 521 | 531 |
338 | ||
192
Total | China | Americas | Germany | Europe (w/o | Asia (w/o China), | |||
9M 2019 | 9M 2020 | Germany) | Africa, Australia | |||||
Increasing number of projects are being discussed
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 7 |
1. Overview: Status of measures safeguarding our future
- WMS: Agreement reached on closure of production at Hemmoor plant by end of 2020
- MPS: Headcount reduction at main site Darmstadt agreed (70 employees)
- PFS + APT: Capacity adjustments in Spain negotiated
- Negotiations with employee representatives and unions in Germany to be finalized in Q4
- Number of employees reduced by 312 since beginning of the year
- Restructuring charges of € 10 m recorded in Q3 (€ 19 m in 9M)
Optimization and capacity adjustment measures on track
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 8 |
1. Overview: Major part of restructuring charges in Q4
in € m
Charges Cost reduction
2019 | 2020 | 2021 | ~60 |
Actual | To come | ||
9M | Q4 | ||
5 | 5 | ||
-19 | Total savings | ||||
Charges | |||||
-37 | |||||
-38 - -48 | |||||
-57 to -67 |
- 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)
Total cost reduction of ~ € 60 m p.a. targeted from 2021
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 9 |
1. Overview: Expanding our value chain
Acquisition of System TM
Highlights:
- Specialist in systems for solid wood processing
- Founded 1977, located in Odder, Denmark
- Sales of around € 30 m with 130 employees
- Will be part of new business field "Construction Elements Solutions" in the solid wood construction segment at Homag - targeting 3 digit million € sales
- Growing market with an increasing number of buildings, including larger ones, being constructed from wooden elements
Strengthening our position as system partner for sustainable construction using wood
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 10 |
Divisions
2. Divisions: Paint and Final Assembly Systems
Strong China business mainly driven by EV manufacturers
9M | 9M | Q3 | Q3 | |||
2020 | 20191 | 2020 | 20191 | |||
Incoming orders in € m | 797.0 | 966.5 | -17.5% | 306.8 | 281.2 | 9.1% |
Sales revenues in € m | 854.2 | 1,050.0 | -18.6% | 279.7 | 366.3 | -23.6% |
EBIT in € m | 24.7 | 50.5 | -51.2% | 10.5 | 19.9 | -47.5% |
EBIT margin in % | 2.9 | 4.8 | -1.9 ppts | 3.7 | 5.4 | -1.7 ppts |
EBIT before extra- | ||||||
ordinary effects in € m | 28.0 | 52.6 | -46.7% | 12.3 | 20.5 | -39.7% |
EBIT margin before | ||||||
extraordinary effects in % | 3.3 | 5.0 | -1.7 ppts | 4.4 | 5.6 | -1.2 ppts |
ROCE2 in % | ||||||
15.1 | 32.1 | -17.0 ppts | 19.2 | 38.0 | -18.8 ppts |
- Strong increase in order intake - large paintshop project won in Germany
- Limited impact of sales revenues decline on adjusted EBIT due to cost reduction measures and solid project execution
- € 1.4 m restructuring charge included in Q3 - major part to come in Q4
- adjusted for Automotive Filling and Testing Systems (FY 2019: sales € 172 m; EBIT € 17 m), transferred to Paint and Final Assembly Systems as of 1/1/2020
- annualized
Strong recovery of order intake
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 12 |
2. Divisions: Application Technology
Beginning recovery after downturn in Q2
9M | 9M | Q3 | Q3 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 312.8 | 456.1 | -31.4% | 119.1 | 151.1 | -21.2% |
Sales revenues in € m | 325.9 | 427.2 | -23.7% | 107.3 | 155.5 | -31.0% |
EBIT in € m | 5.9 | 44.0 | -86.7% | 6.9 | 16.3 | -57.4% |
EBIT margin in % | 1.8 | 10.3 | -8.5 ppts | 6.5 | 10.5 | -4.0 ppts |
EBIT before extra- | ||||||
ordinary effects in € m | 10.1 | 44.2 | -77.1% | 8.2 | 16.3 | -49.7% |
EBIT margin before | ||||||
extraordinary effects in % | 3.1 | 10.4 | -7.2 ppts | 7.6 | 10.5 | -2.8 ppts |
ROCE1 in % | ||||||
3.1 | 18.8 | -15.6 ppts | 11.1 | 20.8 | -9.7 ppts |
- Order intake in Q3 exceeding Q1 level - large order from Chinese EV manufacturer
- Service and spare part business improved as automotive production has been resumed
- EBIT-marginshows strong improvement in Q3
- € 1.2 m restructuring charge included in Q3 - major part to come in Q4
1 annualized
Recovery of service business drives sales revenues and margins
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 13 |
2. Divisions: Clean Technology Systems
Resilient business: Sales and earnings growth despite Corona pandemic
9M | 9M | Q3 | Q3 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 309.0 | 334.1 | -7.5% | 93.1 | 126.0 | -26.1% |
Sales revenues in € m | 277.7 | 271.9 | 2.1% | 99.6 | 91.6 | 8.8% |
EBIT in € m | 5.5 | 4.4 | 25.6% | 6.6 | 3.7 | 75.9% |
EBIT margin in % | 2.0 | 1.6 | 0.4 ppts | 6.6 | 4.1 | 2.5 ppts |
EBIT before extra- | ||||||
ordinary effects in € m | 12.2 | 11.9 | 2.5% | 8.1 | 6.6 | 21.6% |
EBIT margin before | ||||||
extraordinary effects in % | 4.4 | 4.4 | 0.0 ppts | 8.1 | 7.3 | 0.9 ppts |
ROCE1 in % | ||||||
6.0 | 3.5 | 2.5 ppts | 21.6 | 9.0 | 12.6 ppts |
- Sales revenues and EBIT growth driven by solid demand
- Q3: Highest EBIT-margin since Megtec/Universal acquisition
- Temporary slower order intake in Q3 after strong H1
1 annualized
Strong Q3 EBIT margin realization
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2. Divisions: Measuring and Process Systems
Stabilization of business at low levels - self-help measures agreed
9M | 9M | Q3 | Q3 | |||
2020 | 20191 | 2020 | 20191 | |||
Incoming orders in € m | 127.6 | 195.6 | -34.8% | 37.6 | 63.8 | -41.0% |
Sales revenues in € m | 139.2 | 168.2 | -17.2% | 46.7 | 60.2 | -22.4% |
EBIT in € m | -5.4 | 13.5 | -139.6% | -0.7 | 6.7 | -110.9% |
EBIT margin in % | -3.9 | 8.1 | -11.9 ppts | -1.6 | 11.2 | -12.8 ppts |
EBIT before extra- | ||||||
ordinary effects in € m | -1.2 | 14.3 | -108.3% | 3.2 | 6.8 | -52.8% |
EBIT margin before | ||||||
extraordinary effects in % | -0.8 | 8.5 | -9.3 ppts | 6.9 | 11.4 | -4.4 ppts |
ROCE2 in % | ||||||
-4.1 | 6.0 | -10.2 ppts | -1.7 | 9.0 | -10.7 ppts |
- Stabilization of order intake at low levels as business in Asia and China returns
- Cost reductions and service recovery lead to improved margins compared with H1
- Capacity adjustments agreed at Schenck Darmstadt (70 employees) - total restructuring
charges recorded in Q3 (€ 3.9 m)
- adjusted for Automotive Filling and Testing Systems (FY 2019: sales € 172 m; EBIT € 17 m), transferred to Paint and Final Assembly Systems as of 1/1/2020
- annualized
Slow demand recovery - margin improvement achieved
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 15 |
2. Divisions: Woodworking Machinery and Systems
Corona impact on order intake smaller than in the automotive business
9M | 9M | Q3 | Q3 | |||
2020 | 2019 | 2020 | 2019 | |||
Incoming orders in € m | 762.9 | 907.3 | -15.9% | 269.7 | 316.5 | -14.8% |
Sales revenues in € m | 833.4 | 956.8 | -12.9% | 281.9 | 320.1 | -11.9% |
EBIT in € m | 8.4 | 52.0 | -83.8% | 4.9 | 17.0 | -71.0% |
EBIT margin in % | 1.0 | 5.4 | -4.4 ppts | 1.7 | 5.3 | -3.6 ppts |
EBIT before extra- | ||||||
ordinary effects in € m | 20.8 | 58.5 | -64.5% | 10.1 | 19.2 | -47.5% |
EBIT margin before | ||||||
extraordinary effects in % | 2.5 | 6.1 | -3.6 ppts | 3.6 | 6.0 | -2.4 ppts |
ROCE1 in % | ||||||
2.7 | 14.0 | -11.2 ppts | 4.8 | 13.7 | -8.9 ppts |
- Q3 order intake increased 41% compared with Q2 - signs of system business revival
- Sales revenues in Q3 benefitted from increasing service business and re-opening of customer's plant
- Q4 sales revenues and EBIT expected to be impacted by weak Q2 orders
- Homag optimization on track
1 annualized
Solid recovery in Q3 - Impact of low order intake of Q2 expected in Q4
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2. Divisions: Service business
Service recovery progressing
% of group sales | Service sales in € m | |||
28.7 | 28.9 | 29.0 | 29.3 | |
27.3 |
25.1
273 | 287 | 304 | |
254 | |||
247 | |||
194
Key aspects Q3
28.4 Service recovery supporting Q3 earnings especially at APT and MPS
- Service margin on last year´s level
Service mix 9M 2020
+2% pts. | -1% pt. | Spare parts | ||
232 | 19% | |||
Modifications | ||||
Other services | |||
43% | |||
(e.g. maintenance, assessments) |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | -1% pt. | 38% |
2019 | 2020 | |||||||
Moderate recovery of sales revenues as industry resumes production
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Financials
3. Financials: Overview of Key Financial Indicators
9M 2020 | 9M 2019 | Q3 2020 | Q3 2019 | |||
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% |
1 annualized
Strong earnings recovery q-o-q - solid free cash flow
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3. Financials: Sales revenues improve q-o-q
in € m
-18%6%
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 per region 9M 2020
950 931 994 1,047
843 773 815
+2% pts. | 0% pts. | Germany | ||||||
17% | ||||||||
21% | Europe (w/o Germany) | |||||||
+3% | Americas | |||||||
12% | 22% | Asia (w/o China), Africa, Australia | ||||||
pts. | ||||||||
China
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2019 | 2020 |
-6% pts. | ||
28% | ||
+1% pts. |
Moderate recovery of sales revenues as industry resumes production
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3. Financials: Strong Q3 EBIT margin recovery
5.9 | |||||
5.1 | 5.0 | EBIT-Marge in % | |||
EBIT in € m | |||||
4.0 | |||||
Key aspects Q3
| All divisions contribute to EBIT recovery in Q3 |
R&D and SG&A cost savings partly compensate lower | |
gross profit |
2.7
59
3.1
Increased restructuring charges reflect measures taken |
49 | 47 | 42 | -38% | ||||||||||||
23 | 25 | 59 | 65 | ||||||||||||
6 | |||||||||||||||
-51 | 27 | -1 | 40 | ||||||||||||
15 | |||||||||||||||
-16 | 25 | ||||||||||||||
-2.1 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | EBIT Q3 | Extraord. | EBIT Q3 | Gross | R&D + | Other | EBIT Q3 | Extraord. | EBIT Q3 |
2019 | effects | 2019 | Profit | SG&A | 2020 | effects | 2020 | ||||||||
2019 | 2020 | reported | bef. e.e.* | bef. e.e.* | reported | ||||||||||
*extraordinary effects |
Strong EBIT recovery in Q3 driven by sales recovery and successful projects
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3. Financials: Free cash flow improved q-o-q
in € m
203
23 | 46 | 61 | |
-2 | |||
-66
-115
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2019 | 2020 |
Key aspects Q3
- Disciplined management of NWC and Capex
- Lower Tax pre-payments due to declining profits
- Increased provisions due to uncertain environment (Covid-19)
37
23 | -2 | 61 |
26 9
-32
FCF Q3 | EBT | NWC | Capex incl. Interest | Other* | FCF Q3 |
2019 | Leasing | 2020 |
* Includes change in provisions, tax payments, other
Solid free cash flow generation due to disciplined NWC and Capex management
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3. Financials: Stable net working capital development
in € m | DWC | NWC | |||||||
58 | 61 | ||||||||
50 | 51 | ||||||||
46 | |||||||||
46 | 47 | ||||||||
603 | 649 | ||||||||
530 | |||||||||
503 | 477 | ||||||||
426 | |||||||||
410 |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2019 | 2020 |
Key aspects Q3
- Customer payments continue to be solid
- Contract liabilities above prior year level
- NWC well below prior year's level
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 |
DWC stabilized within target range of 40 to 50 days
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3. Financials: Net financial status back on Q1 level
in € m | Gearing | Key aspects Q3 | ||||||||||||||||||
Net financial status | Net financial status improved due to solid free cash flow | |||||||||||||||||||
12% | 24% | 23% | 9% | 6% | generation | |||||||||||||||
Net financial status includes € 95.6 m leasing liabilities | ||||||||||||||||||||
11% | ||||||||||||||||||||
6% | Low level of gearing maintained | |||||||||||||||||||
-99 | -65 | -64 | ||||||||||||||||||
-121 | in € m | 09/30/2020 | 12/31/2019 | 09/30/2019 | ||||||||||||||||
-144 | ||||||||||||||||||||
Total liquidity | 959,9 | 822,1 | 623,7 | |||||||||||||||||
- | Gross Debt | -1.024,2 | -921,4 | -925,2 | ||||||||||||||||
-302 | ||||||||||||||||||||
-310 | ||||||||||||||||||||
= | Net financial status | -64.3 | -99.3 | -301.5 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
20192020
Carefully managing net debt levels during the pandemic
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3. Financials: Comfortable liquidity headroom
in € billion* | |
2.0 | 1.8 |
1.5 | |
1.0 | |
0.5 | 0.45 |
0.0 |
Available funds | Financial liabilities | ||
< 12 months | |||
Cash credit facilities | Bilateral loan | ||
Cash and cash equivalents | Schuldschein loans | ||
Money markets | Bond | ||
Without leasing liabilities or accrued interest
Maturity profile
0.5
0.4
0.3
0.2
0.1
0.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Bilateral loan | Bond | |
Schuldschein loans |
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
Maturities well covered with cash and free credit lines
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 25 |
3. Financials: Funding base further strengthened
Issuance of a € 150 m Convertible Bond*
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
Convertible bond overview
Size: € 150 m
Maturity: January 2026
Coupon: 0.75 % p.a.
Conversion premium: 40%
Conversion price: € 34.22
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.
Increasing flexibility to engage in attractive growth opportunities
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 26 |
Outlook
4. Outlook: Automotive market
Long-term growth in car production…
in m units1
CAGR
120
100
80
60
40
20
0
-16.6% | +4.9% | 103.7 | |||||||||||||||||||
3.4 | |||||||||||||||||||||
88.9 | |||||||||||||||||||||
23.2 | |||||||||||||||||||||
2.0 | |||||||||||||||||||||
74.1 | |||||||||||||||||||||
22.1 | |||||||||||||||||||||
1.9 | |||||||||||||||||||||
17.6 | 31.2 | ||||||||||||||||||||
24.4 | |||||||||||||||||||||
22.7 | |||||||||||||||||||||
20.9 | 23.8 | ||||||||||||||||||||
16.6 | |||||||||||||||||||||
19.5 | 15.3 | 22.1 | |||||||||||||||||||
2019 | 2020e | 2027e | |||||||||||||||||||
Other | Asia (without China) | China | Europe | Americas | 1 Light vehicles production | ||||||||||||||||
Source: LMC Automotive | |||||||||||||||||||||
Last update: October 2020
…but slow recovery in short-term: 2019 levels to be reached in 2022
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 28 |
4. Outlook: Woodworking machinery market
Sequential market recovery with 2019 levels to be reached in 2023
Market Volume [in € billion]
Woodworking Machinery and Systems1
-1% | -20% | 4% | |||||
4.2 | |||||||
4.1 | 8% | 4.1 | 4.0 | ||||
3.9 | 3.8 | ||||||
3.4 | 3.5 | 3.3 | 3.6 | ||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020e | 2021e | 2022e | 2023e | 2024e |
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, Conference call - 9M 2020, November 05, 2020 | 29 |
4. Outlook: Guidance from July for 2020 confirmed
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 1 on property, plant and equipment and intangible assets (excluding acquisitions)
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 30 |
4. Outlook: Breakdown of guidance 2020 by division
Order intake | Sales (in € m) | EBIT margin (in %) | ||||||
(in € m) | ||||||||
Targets* | Targets* | |||||||
2019 | 2020 | 2019 | 2020 | |||||
2019 | Targets* 2020 | 2019 | Targets* 2020 | reported | reported | before e.e.** | 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 |
* as updated in July 2020 ** Extraordinary effects
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 31 |
Summary
- Summary
- Recovery of order intake, sales and EBIT in Q3
- Capacity adjustment and optimization measures on track
- Strong cash flow and stable NWC - high level of liquidity
- Portfolio strengthened with acquisition of System TM
- Guidance for 2020 confirmed
Strong operational performance in Q3 - 2020 guidance confirmed
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 33 |
Appendix
Balance sheet highlights (1/2)
09/30/2020 | 12/31/2019 | 09/30/2019 | |
Non-current assets | 1,269.6 | 1,322.4 | 1,318.4 |
of which goodwill and intangibles | 631.4 | 644.0 | 650.2 |
of which property, plant and equipment | 486.0 | 525.4 | 524.2 |
of which investment and financial assets | 70.2 | 70.5 | 69.8 |
Current assets | 2,525.6 | 2,560.0 | 2,509.2 |
of which inventories and prepayments | 523.7 | 509.2 | 562.3 |
of which contract assets | 388.8 | 519.1 | 560.7 |
of which trade receivables | 520.0 | 570.3 | 607.4 |
of which sundry financial assets | 273.1 | 206.4 | 158.8 |
of which cash and cash equivalents | 730.0 | 662.0 | 513.8 |
Total assets Dürr Group | 3,795.2 | 3,882.3 | 3,827.6 |
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 35 |
Balance sheet highlights (2/2)
Equity and Liabilities in € m | 09/30/2020 | 12/31/2019 | 09/30/2019 |
Total equity | 953.6 | 1,043.4 | 1,028.7 |
of which non-controlling interests | 10.0 | 12.7 | 14.7 |
Non-current liabilities | 691.9 | 1,056.4 | 1,072.2 |
of which provisions | 82.3 | 81.3 | 74.3 |
of which bond and Schuldschein loans | 464.2 | 798.2 | 798.0 |
of which other financial liabilities | 78.9 | 86.8 | 89.5 |
of which deferred taxes | 53.2 | 81.2 | 96.5 |
Current liabilities | 2,149.8 | 1,782.6 | 1,726.6 |
of which other provisions | 159.4 | 148.1 | 114.2 |
of which contract liabilities | 587.1 | 630.6 | 555.9 |
of which trade payables | 429.9 | 478.8 | 534.4 |
of which bond and Schuldschein loans | 349.6 | 0.0 | 0.0 |
of which sundry financial liabilities | 434.1 | 357.9 | 362.7 |
of which other liabilities | 129.9 | 118.8 | 122.7 |
Total equity and liabilities Dürr Group | 3,795.2 | 3,882.3 | 3,827.6 |
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 36 |
P&L in detail
in € m | 9M 2020 | 9M 2019 | Q3 2020 | Q3 2019 | ||
Sales revenues | 2,430.5 | 2,874.1 | -15.4% | 815.3 | 993.7 | -18.0% |
Cost of sales | -1,970.8 | -2,248.1 | -12.3% | -658.6 | -781.8 | -15.8% |
Gross profit on sales | 459.7 | 626.0 | -26.6% | 156.7 | 211.9 | -26.1% |
Selling expenses | -219.1 | -249.3 | -12.1% | -64.8 | -80.2 | -19.2% |
General administrative expenses | -130.5 | -139.6 | -6.5% | -43.6 | -47.0 | -7.2% |
Research and development costs | -77.9 | -84.7 | -8.0% | -23.2 | -26.4 | -12.1% |
Other operating income | 41.5 | 17.4 | 138.1% | 18.8 | 5.4 | 247.4% |
Other operating expenses | -42.0 | -15.8 | 166.0% | -18.8 | -4.8 | 293.0% |
Earnings before investment income, interest and income taxes | 31.6 | 154.1 | -79.5% | 25.0 | 58.9 | -57.5% |
Investment income | 5.0 | 4.2 | 19.6% | 3.2 | 1.3 | 137.1% |
Interest and similar income | 3.5 | 4.0 | -12.6% | 0.9 | 0.8 | 17.1% |
Interest and similar expenses | -22.2 | -19.9 | 11.6% | -7.1 | -7.2 | -2.5% |
Earnings before income taxes | 17.9 | 142.4 | -87.4% | 22.1 | 53.8 | -59.0% |
Income taxes | -5.1 | -40.3 | -87.4% | -6.2 | -15.4 | -59.4% |
Profit/loss of the Dürr Group | 12.8 | 102.1 | -87.5% | 15.8 | 38.4 | -58.8% |
Attributable to: | ||||||
Non-controlling interests | 1.8 | 3.9 | -53.7% | 0.8 | 1.0 | -16.3% |
Shareholders of Dürr Aktiengesellschaft | 11.0 | 98.2 | -88.8% | 15.0 | 37.5 | -59.9% |
Number of shares issued in thousands | 69,202.1 | 69,202.1 | - | 69,202.1 | 69,202.1 | - |
Earnings per share in € (basic and diluted) | 0.2 | 1.4 | -88.7% | 0.2 | 0.5 | -59.3% |
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 37 |
Cash flow
in € m | 9M 2020 | 9M 2019 | Q3 2020 | Q3 2019 |
EBT | 17.9 | 142.4 | 22.1 | 53.8 |
Depreciation and amortization of non-current assets | 84.1 | 83.5 | 27.3 | 28.3 |
Interest result | 18.7 | 15.9 | 6.1 | 6.5 |
Income taxes paid | -11.3 | -44.0 | -1.8 | -11.4 |
Provisions | 15.8 | -16.0 | 16.9 | -5.9 |
Net working capital | 67.6 | -205.9 | -18.3 | -43.9 |
Other | -5.2 | -37.3 | 29.5 | 24.2 |
Operating cash flow | 187.7 | -61.3 | 81.8 | 51.6 |
Interest paid (net) | -21.0 | -18.8 | -2.1 | -0.4 |
Repayment lease liabilities | -22.6 | -20.4 | -6.5 | -7.0 |
Capital expenditures | -38.9 | -57.6 | -12.3 | -20.8 |
Free cash flow | 105.3 | -158.1 | 61.0 | 23.4 |
Others (e.g. currency effects) | -70.4 | -68.9 | -4.4 | -6.5 |
Change net financial status | 34.9 | -227.0 | 56.6 | 16.9 |
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 38 |
Overview: Financial figures by division (1/2)
20201 | 20192 | 2018 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||
Incoming orders in € m | 249.9 | 240.3 | 306.8 | 797.0 | 436.1 | 249.3 | 281.2 | 548.5 | 1,515.0 | 274.2 | 303.3 | 187.9 | 534.9 | 1,300.4 | ||||
Sales revenues in € m | 297.2 | 277.4 | 279.7 | 854.2 | 348.9 | 334.7 | 366.3 | 365.6 | 1,415.5 | 270.2 | 297.1 | 311.2 | 357.1 | 1,235.7 | ||||
PFS | Order backlog in € m | 1,344.0 | 1,234.2 | 1,248.6 | 1,418.1 | 1,312.7 | 1,238.1 | 1,412.8 | 1,217.9 | 1,232.3 | 1,033.9 | 1,216.4 | ||||||
EBIT in € m | 10.5 | 3.7 | 10.5 | 24.7 | 16.1 | 14.5 | 19.9 | 28.2 | 78.7 | 12.4 | 12.5 | 14.0 | 17.0 | 56.0 | ||||
EBIT before extraordinary effects in € | 11.2 | 4.5 | 12.3 | 28.0 | 17.1 | 15.0 | 20.5 | 28.7 | 81.3 | 13.0 | 13.0 | 14.5 | 17.6 | 58.1 | ||||
Employees | 4,465 | 4,428 | 4,423 | 4,277 | 4,304 | 4,370 | 4,412 | 3,435 | 3,405 | 3,447 | 3,472 |
APT
Incoming orders in € m | 116.7 | 77.0 | 119.1 | 312.8 | 159.6 | 145.5 | 151.1 | 184.6 | 640.8 | 168.6 | 176.6 | 141.2 | 146.0 | 632.4 |
Sales revenues in € m | 121.4 | 97.2 | 107.3 | 325.9 | 139.4 | 132.3 | 155.5 | 165.7 | 592.8 | 145.5 | 152.5 | 174.1 | 180.5 | 652.6 |
Order backlog in € m | 403.7 | 372.9 | 371.5 | 391.5 | 400.7 | 399.3 | 417.5 | 424.0 | 449.8 | 398.3 | 366.5 | |||
EBIT in € m | 5.7 | -6.7 | 6.9 | 5.9 | 14.6 | 13.2 | 16.3 | 13.1 | 57.1 | 15.2 | 15.5 | 17.4 | 19.9 | 68.0 |
EBIT before extraordinary effects in € | 7.9 | -6.0 | 8.2 | 10.1 | 14.7 | 13.2 | 16.3 | 19.1 | 63.3 | 15.2 | 15.6 | 17.4 | 19.9 | 68.2 |
Employees | 2,301 | 2,228 | 2,212 | 2,271 | 2,251 | 2,306 | 2,306 | 2,112 | 2,154 | 2,230 | 2,246 |
Incoming orders in € m | 108.8 | 107.1 | 93.1 | 309.0 | 112.6 | 95.5 | 126.0 | 115.0 | 449.1 | 57.6 | 58.8 | 36.3 | 105.3 | 258.2 | |
Sales revenues in € m | 82.3 | 95.8 | 99.6 | 277.7 | 88.3 | 92.1 | 91.6 | 123.4 | 395.3 | 30.3 | 34.7 | 54.9 | 106.8 | 226.7 | |
CTS | Order backlog in € m | 269.6 | 273.9 | 263.8 | 217.8 | 217.1 | 255.1 | 243.7 | 125.7 | 152.2 | 130.8 | 191.3 | |||
EBIT in € m | -1.2 | 0.2 | 6.6 | 5.5 | -0.7 | 1.4 | 3.7 | 7.7 | 12.1 | -1.0 | -1.6 | -11.7 | -0.7 | -15.0 | |
EBIT before extraordinary effects in € | 1.8 | 2.3 | 8.1 | 12.2 | 1.2 | 4.1 | 6.6 | 11.3 | 23.3 | -0.8 | -1.4 | 2.0 | 5.4 | 5.1 | |
Employees | 1,392 | 1,375 | 1,336 | 1,443 | 1,427 | 1,425 | 1,418 | 601 | 600 | 612 | 1,472 | ||||
Incoming orders in € m | 61.1 | 28.9 | 37.6 | 127.6 | 63.1 | 68.7 | 63.8 | 56.4 | 251.9 | 103.4 | 111.1 | 93.2 | 95.6 | 403.3 | |
Sales revenues in € m | 52.1 | 40.4 | 46.7 | 139.2 | 54.1 | 53.9 | 60.2 | 70.4 | 238.6 | 99.4 | 114.2 | 112.6 | 130.4 | 456.5 | |
MPS | Order backlog in € m | 132.9 | 117.5 | 105.1 | 120.5 | 134.1 | 138.3 | 122.7 | 260.2 | 258.3 | 236.0 | 201.5 | |||
EBIT in € m | -1.6 | -3.1 | -0.7 | -5.4 | 3.4 | 3.4 | 6.7 | 8.2 | 21.8 | 10.4 | 13.5 | 14.1 | 21.8 | 59.7 | |
EBIT before extraordinary effects in € | -1.4 | -3.0 | 3.2 | -1.2 | 3.7 | 3.7 | 6.8 | 9.1 | 23.4 | 10.9 | 13.8 | 14.4 | 22.2 | 61.3 | |
Employees | 1,524 | 1,476 | 1,450 | 1,543 | 1,547 | 1,550 | 1,515 | 2,317 | 2,303 | 2,325 | 2,279 |
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) 2 figures for PFS and MPS adjusted to enable a YOY comparison
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 39 |
Overview: Financial figures by division (2/2)
20201 | 20192 | 2018 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | ||||
Incoming orders in € m | 301.7 | 191.5 | 269.7 | 762.9 | 334.6 | 256.2 | 316.5 | 312.3 | 1,219.6 | 415.2 | 286.1 | 339.6 | 295.9 | 1,336.8 | ||||
Sales revenues in € m | 289.6 | 261.9 | 281.9 | 833.4 | 319.2 | 317.5 | 320.1 | 322.3 | 1,279.1 | 294.6 | 311.1 | 331.6 | 361.0 | 1,298.3 | ||||
WMS | Order backlog in € m | 553.9 | 480.3 | 460.8 | 622.0 | 557.6 | 559.6 | 546.1 | 676.4 | 657.6 | 666.3 | 601.6 | ||||||
EBIT in € m | 12.5 | -9.0 | 4.9 | 8.4 | 18.4 | 16.7 | 17.0 | -14.6 | 37.4 | 19.7 | 17.4 | 21.5 | 27.6 | 86.2 | ||||
EBIT before extraordinary effects in € | 16.1 | -5.4 | 10.1 | 20.8 | 20.5 | 18.8 | 19.2 | 24.2 | 82.7 | 21.9 | 19.6 | 23.7 | 29.7 | 94.9 | ||||
Employees | 6,613 | 6,498 | 6,482 | 6,633 | 6,592 | 6,615 | 6,569 | 6,484 | 6,567 | 6,605 | 6,593 |
CC / Cons.
Incoming orders in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Sales revenues in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Order backlog in € m | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | |||
EBIT in € m | -3.0 | -1.4 | -3.1 | -7.4 | -3.1 | -2.5 | -4.7 | -0.8 | -11.2 | -5.7 | -7.0 | -3.3 | -5.4 | -21.4 |
EBIT before extraordinary effects in € | -2.9 | -1.4 | -2.0 | -6.4 | -2.8 | -2.5 | -4.8 | -0.8 | -10.9 | -3.4 | -4.6 | -2.8 | -1.9 | -12.7 |
Employees | 267 | 278 | 278 | 248 | 263 | 268 | 273 | 204 | 207 | 242 | 250 |
Incoming orders in € m | 838.3 | 644.8 | 826.3 | 2,309.4 | 1,105.9 | 815.1 | 938.6 | 1,216.9 | 4,076.5 | 1,019.1 | 935.9 | 798.2 | 1,177.7 | 3,930.9 | |
Sales revenues in € m | 842.6 | 772.6 | 815.3 | 2,430.5 | 949.9 | 930.5 | 993.7 | 1,047.4 | 3,921.5 | 840.1 | 909.5 | 984.5 | 1,135.8 | 3,869.8 | |
Group | Order backlog in € m | 2,704.1 | 2,478.8 | 2,449.8 | 2,769.8 | 2,622.2 | 2,590.3 | 2,742.8 | 2,704.3 | 2,750.3 | 2,465.4 | 2,577.2 | |||
EBIT in € m | 22.9 | -16.4 | 25.0 | 31.6 | 48.6 | 46.6 | 58.9 | 41.8 | 195.9 | 51.1 | 50.3 | 51.9 | 80.2 | 233.5 | |
EBIT before extraordinary effects in € | 32.6 | -8.9 | 39.9 | 63.6 | 54.6 | 52.3 | 64.6 | 91.6 | 263.1 | 56.8 | 56.0 | 69.2 | 93.0 | 274.9 | |
Employees | 16,562 | 16,283 | 16,181 | 16,415 | 16,384 | 16,534 | 16,493 | 15,153 | 15,236 | 15,461 | 16,312 |
1 Since 01.01.2020 the Testing and Filling Automotive business has been part of the PFS division (before: MPS) | ||
2 figures for PFS and MPS adjusted to enable a YOY comparison | ||
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 40 |
Overview: extraordinary effects
in € m
2020 | 2019 | 2018 | |||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | 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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 41 |
Shareholder structure
Free float at 71%1
25.5% | Heinz Dürr GmbH, Berlin | ||
Heinz und Heide Dürr Stiftung, | |||
Berlin | |||
2 | |||
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% | ||
3.5% | − | Members of the Dürr Supervisory Board: 0.2% | |
71.0%1 | |||
1 Free float calculated according to Deutsche Börse AG | |||
2 According to the relevant laws | |||
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 42 |
Financial calendar
November 2020 | February 2021 | |
11/16/2020 | Capital Markets Day 2020 | 02/25/2021 Preliminary figures for fiscal 2020 |
- 11/17/2020 German Equity Forum (virtual)
| 11/19/2020 | LBBW German Company Day (virtual) | March 2021 | ||
| 11/24/2020 | DZ Equity Conference, Frankfurt | | 03/18/2021 | Annual report 2020 |
December 2020 | |||||
| 12/01/2020 | Quirin Conference, Geneva | May 2021 | ||
| 12/01/2020 | GS Industrials Conference, London | | 05/06/2021 | Annual general meeting HOMAG Group AG |
| 12/02/2020 | Berenberg European Conference, Pennyhill Park | | 05/07/2021 | Annual general meeting Dürr AG |
Dürr Corporate Communications & Investor Relations contact
Andreas Schaller | Mathias Christen | Stefan Tobias Burkhardt | ||
a.schaller@durr.com | mathias.christen@durr.com | stefantobias.burkhardt@durr.com | ||
+49 7142 78-1785 | +49 7142 78-1381 | +49 7142 78-3558 | ||
www.durr-group.com | © Dürr AG, Conference call - 9M 2020, November 05, 2020 | 43 |
Dürr Aktiengesellschaft
Carl-Benz-Str. 34
74321 Bietigheim-Bissingen
Germany
+49 7142 78-0 corpcom@durr.com www.durr-group.com
Results
January-September 2020
Ralf W. Dieter, CEO
Dietmar Heinrich, CFO
November 5, 2020
Bietigheim-Bissingen
Attachments
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Disclaimer
Dürr AG published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 10:36:02 UTC