Conference call Interim report January 1 to March 31, Lübeck, April 26, 2016

Transcription

1 Conference call Interim report January 1 to March 31, 2016 Lübeck, April 26, 2016

2 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any securities. No money, securities or other consideration is being solicited by this presentation. This presentation contains forward-looking statements regarding the future development of the Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to it to date, and have been made to the best of its knowledge and belief. No guarantee or liability for the occurrence of the future developments and results specified can be assumed in respect of such forward-looking statements. Rather, the future developments and results are dependent on a number of factors; they entail risks and uncertainties beyond our control and are based on assumptions which could prove to be incorrect. Notwithstanding any legal requirements to adjust forecasts, we assume no obligation to update the forward-looking statements contained in this presentation. Interim financial reports as well as preliminaries are not audited. 2

3 Business Highlights Q1 Net Sales % Currency adjusted +0,2% nominal Due to low order book at the end of Q4, weak start into the year. Functional expenses down year over year. More cost savings to be implemented in the coming quarters. No significant one-off during the quarter. EBIT Q1 15 Q % EBITmargin 1.1 >-100% -2.9% EBITmargin Q1 15 Q1 16 FX with negative impact on the EBIT margin (~3 pp). Implementation of new organization on track. Ramp-up of Zukunftsfabrik ongoing. New dividend policy: pay out of minimum dividend until earning development has significantly improved and stabilized. Full year guidance unchanged. 3

4 Order development in Q1 Order entry ( million) Group Medical Safety Net Sales Group America % +1.6% +13.3% -3.6% Africa, Asia, Australia % +6.6% +0.6% -2.0% Europe % -8.5% +3.5% +2.6% Group % -2.2% +4.6% +0.2% Growth rates are net of currency effects 4

5 Business development Q1 Group Q Q million million Change % Order Intake Net Sales % growth (currency adjusted) -0.3% 0.2% Gross Profit Gross margin 47.3% 42.0% Functional Expenses % of Net Sales -46.4% -44.9% EBIT >-100 EBIT Margin 0.2% -2.9% Interest Result Net Profit >-100 DVA > Currency adjusted quarter: order intake +0.2%, net sales +0.2% 5

6 Functional Expenses Q Q Change Change net of currency effects million million % % R&D % of Net Sales 10.4% 10.6% Sales & Marketing % of Net Sales -25.8% -25.3% Administration % of Net Sales -10.2% -9.5% SG&A % of Net Sales 37.9% 47.1% Functional Expenses total % of Net Sales -46.4% -44.9% 6

7 Key Figures Q Q million million Change % Cashflow from operating activities >100 Investments Cash and cash equivalents Net financial debt Net financial debt 1 /EBITDA Capital employed 1 1, , ROCE (EBIT 2 /Capital employed 1 ) 12.7% 4.0% Net Working Capital Headcount 1 13,698 13, Values at due date 2 EBITDA and accordingly EBIT of the last twelve months 7

8 Business development Q1 Segments Order entry Net sales Net sales EBIT EBITmargin in %* million in %* million % Europe America Africa, Asia, Australia Group Medical Safety * net of currency effects 8

9 Outlook Net Sales + 2.9% (net of currency effects) e 2017e 0.0% 3.0% (net of currency effects) Slight increase compared to prior year (net of currency effects) EBIT margin 2.6% 3.5% 5.5%* improvement* Gross profit margin 44.9% Below prior year Cash flow from operational activities 59.8% EBIT > 60% of EBIT Equity ratio 40.9% increase Assumptions for FY 2016 Guidance Cool down in Europe Risk of recession in additional countries No significant improvement in Emerging Markets and in markets that are connected to the commodity prices Slow start into 2016 due to low orders on hand at the beginning of year Negative FX effects of ~1 pp on net sales and ~0.5 pp on EBIT-margin Restructuring cost of EUR ~10 million * based on exchange rates at the start of the year

10 10 Questions & Answers

11 11 Appendix

12 Business development Segments Europe Americas Africa, Asia, Australia Dräger Group Q Q Q Q Q Q Q Q million million million million million million million million Order entry Net Sales EBITDA EBIT EBIT-margin Capital Employed , ,248.2 ROCE 1, DVA Values at due date 2 EBIT of the last twelve months 12

13 Business development Safety Q Q million million Order entry Europe America Africa, Asia, Australia Net Sales Europe America Africa, Asia, Australia EBIT > EBIT-margin Change % Change % (FX adj.)

14 Business development Medical Q Q Change Change million million % % (FX adj.) Order entry Europe America Africa, Asia, Australia Net Sales Europe America Africa, Asia, Australia EBIT > EBIT-margin

15 Cash-flow statement Q Q million million Change % Group net profit >-100 Change in inventories Change in accounts receivables Change in accounts payables Depreciation and amortization Other operating cash flow items Operating cash flow >100 Investing cash flow Free cash flow Financing cash flow >100 Change in cash >100 Cash and cash equivalents Change in cash and cash equivalents, i.e. without any effect of exchange rates 2 Values at due date

16 Financial calendar March 9, Accounts press conference, Lübeck - Analysts meeting, Frankfurt April 26, Report for the first three months 2016 Conference call, Lübeck April 27, Annual shareholders' meeting, Lübeck July 28, Report for the first six months 2016 Conference call, Lübeck November 3, Report for the first nine months 2016 Conference call, Lübeck 16

17 Contact Melanie Kamann Corporate Communications Thomas Fischler Investor Relations Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaA Moislinger Allee Moislinger Allee Lübeck, Germany Lübeck, Germany Tel Tel Fax Fax Mobile Mobile