2008 Annual Shareholders Meeting Dürr Aktiengesellschaft

Transcription

1 2008 Annual Shareholders Meeting Dürr Aktiengesellschaft Stuttgart, May 2, 2008

2 Report of the Board of Management Agenda Business development 2007 and Q Dürr-Campus Dürr 2010 strategy and mid-term goals Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

3 All performance targets reached in m in % Incoming orders 1, , Orders on hand (12/31) 1, Sales revenues 1, , EBIT Net income Cashflow from operating activities Earnings increased more than proportionally compared to sales Dividend proposal: 0.40 per share (agenda item 2) Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

4 Global presence Incoming orders 2007 Sales revenues % 17.9% 20.0% 18.6% 31.3% 35.9% 22.2% 39.2% Germany North and South America Europe excl. Germany Asia Several large orders in the US and Mexico: e.g. BMW Spartanburg High order intake from Eastern Europa and India Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

5 2007: Significant earnings increase Income statement in % in m Sales revenues 1, , Gross margin in % SG&A Other operating profit/loss EBIT EBT Income taxes Net income Earnings increase: Service business + turnaround in cleaning technology and in the US Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

6 Optimized group structure Since March 1, 2008 DÜRR AG DÜRR AG Paint and Assembly Systems Sales share ~ 70% Measuring and Process Systems Sales share ~ 30% Paint and Final Assembly Systems Application Technology Environmental and Energy Systems Aircraft and Technology Systems Balancing and Assembly Products Cleaning and Filtration Systems Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

7 2007: Significant earnings increase Income statement in % in m Sales revenues 1, , Gross margin in % SG&A Other operating profit/loss EBIT EBT Income taxes Net income Earnings increase: Service business + turnaround in cleaning technology and in the US Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

8 Cash surplus in 2007 Cash flow / free cash flow in m EBT Income taxes Interest result Amortization and depreciation Changes in assets and liabilities Operating cashflow Capital expenditures Interest payments (net) Free cash flow First positive free cash flow since 2003 Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

9 Company value increased Key figures 12/31/ /31/ /31/2005 in m Equity (with minority interests) Equity ratio in % Net financial debt Cash Net working capital ROCE in % Net financial debt strongly reduced Cash significantly increased Return on capital employed (15.0%) exceeds costs of capital (10.5%) Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

10 Dürr stock outperforms DAX + SDAX 01/01/ /04/2008 (indexed, in %) Jan- 07 Feb- 07 Mar- 07 Apr- 07 May- 07 Jun- 07 Jul- 07 Aug- 07 Sep- 07 Dürr (XETRA) DAX MDAX SDAX Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2, Oct- 07 Nov- 07 Dec- 07 Jan- 08 Feb- 08 Mar- 08 Apr- 08

11 Shareholder structure Heinz Dürr GmbH Heinz und Heide Dürr Stiftung GmbH 29.7% Aton GmbH 1.2% 5.0% 7.0% 04/ % 3.8% 40.5% Harris Associates L.P. Süd-Kapitalbeteiligungs- Gesellschaft mbh Dürr AG Board of Management Institutional and private investors Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

12 Paint and Final Assembly Systems High order intake from emerging markets Paint shop retrofit BMW Spartanburg Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

13 Application Technology Sales record: more than 600 painting robots New robot EcoRP L Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

14 Environmental and Energy Systems Strong demand for energy efficient systems Exhaust-air purification and heat recovery Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

15 Aircraft and Technology Systems Assembly + painting technology for the aircraft industry: Large order from China Assembly line for Airbus A320 Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

16 Balancing and Assembly Products Balancing systems: Increasing demand in Asia triggers growth Balancing equipment for turbines Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

17 Cleaning and Filtration Systems Turnaround stronger than expected New product generation EcoCTrans and EcoCFlex Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

18 Good start in 2008 Q in m Q Q in % Incoming orders Orders on hand (03/31) 1, , Sales revenues EBIT Net income/loss for the period Cash flow from operating activities Employees (03/31) 6,008 5, All key figures improved versus Q Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

19 Dürr Campus: Ideal conditions for innovation and productivity Extension of Dürr s Bietigheim-Bissingen site Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

20 Dürr 2010 strategy: Profitable growth Optimization of unit costs Growth initiatives Customer Innovation Dürr 2010 benefit Services Emerging markets New products Expansion of aircraft assembly business Individual acquisitions Process optimization Value creation Globalization of production and engineering Risk management Product standardization Design to cost Reduction of fixed costs Earnings at benchmark level ROCE > capital costs Long-term positive free cash flows Optimization of financing structure Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

21 Dürr 2010: Enhance customer benefit Cutting unit costs: RoDip dip painting process 36% less energy 18% less chemicals 8% less capex 16% less costs for pre-treatment and prime coating Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

22 Dürr 2010: Enhance customer benefit Mega trend low cost cars : LeanLine production technology Capex: -30% Standardized processes and plant layouts Local sourcing of components and equipment parts Scope of supply for Tata Nano: - Paint shop incl. robots, application technology, waste-air purification - Balancing machines for crankshafts Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

23 Dürr 2010: Enhance customer benefit Service: Great potential for modernization and optimization Age of paint shops* 80% 70% 60% 50% 40% 30% 20% 10% 0% North America South America Russia EU Asia 60% of all paint shops worldwide older than 20 years Ø Lifetime: - US/Europe: >30 years - Asia: up to 20 years Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2, More than 20 years 10 to 20 years Less than 10 years * own caculation

24 Dürr 2010: Enhance customer benefit Emerging markets: Expand global market positions Sales in emerging markets (2007): ~600 Mio. (41% of Group sales) Others Turkey 7.5% Czech Rep. 4.6% 12.9% India Increase sales share: Paint Systems: Russia, Turkey, Romania etc. Poland Russia Brasil 12.5% 5,1% 4.9% 9.1% 5.9% 10.3% Mexico 2.5% 29.8% Korea China Assembly products: Asia Environmental and Energy Systems: all emerging markets Cleaning and Filtration Systems: Asia Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

25 Dürr 2010: Growth initiatives Expand aircraft assembly and painting technology business New Aircraft and Technology Systems business unit Tapping growth potentials: Focusing distribution and engineering ressources Bundling of aircraft assembly and painting technology activities Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

26 Dürr 2010: Growth initiatives Increasing success with Japanese OEM s Sales in m % Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

27 Dürr 2010: Process optimization Eight point program for continuous improvement 1. Product standardization: reduce engineering hours 2. Design to cost: reduce product costs 3. Global production: increase value added in low cost countries 4. Global sourcing: strengthen procurement offices in emerging markets (low cost sourcing) 5. Global engineering: extend engineering centers in India, Poland 6. Workflow management: integrated processes from engineering through order execution to finance (global CAD-ERP platform) 7. Risk management: rigorous project selection, early-warning reporting and intervention 8. Overhead costs: keep cost increase below revenue growth Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

28 Dürr 2010: Continued value increase Targets for 2010 Sales revenues: 1.7 billion EBIT margin: about 6% ROCE: about 22% Equity ratio: 30 to 35% Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

29 Outlook: Profitable growth 2008: Further profitable growth - Strong demand from customers continues - Sales increase: up to 10% - Earnings target: 5% EBIT margin (2007: 3.8%) - Higher dividend aspired 2010: Dürr 2010 generates further improvements - About 6% EBIT margin - Sales increase (Ø 5% p.a.) exceeds production plus of the automotive industry (Ø 3,5% p.a.) Dürr Aktiengesellschaft, CCI, Annual Shareholders Meeting, May 2,

30 2008 Annual Shareholders Meeting Dürr Aktiengesellschaft Stuttgart, May 2, 2008