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Press Release

Dürr with a successful start to 2017

Business figures for the first quarter of 2017

Bietigheim-Bissingen, May 11, 2017 – Dürr posted a substantial increase in sales and earnings in the first quarter of 2017, accompanied by very high order intake. At € 1,056.1 million, new orders slightly exceeded the previous year’s peak figure (€ 1,048.5 million). Whereas consolidated sales climbed by 8.0% to € 891.4 million, EBIT grew by 49.4% to € 87.7 million, with EBIT margin widening from 7.1 to 9.8%. EBIT includes extraordinary income of € 22.7 million from the sale of cleaning technology specialist Dürr Ecoclean. Adjusted for extraordinary effects, operating EBIT rose by 20.4% to € 67.2 million, resulting in an operating EBIT margin of 7.5% (Q1 2016: 6.8%). Net profit increased by 62.0% to € 62.6 million.

  • 20% increase in operating EBIT on 8% higher sales
  • Order intake slightly up on the previous year’s very high level

The HOMAG Group, which was acquired in 2014, and Dürr´s environmental technology business (Clean Technology Systems division) both posted a roughly one-third increase in order intake. Orders in the Paint and Final Assembly Systems and Application Technology divisions declined after the high figures achieved in the previous year. New orders in China rose by 17%, while ordering in Europe was up 3%. Order intake in North America dropped by 23% over the strong first quarter of 2016.

The good earnings performance was underpinned by high capacity utilization and economies of scale in the Group’s machinery business, i.e. balancing, testing and filling technology, robots and HOMAG’s woodworking technology.

As part of its “digital@DÜRR” strategy, Dürr increased R&D spending by 19.2% to € 28.5 million. At the end of April, the company announced a partnership with Software AG in the area of digitization. Capital spending came to € 18.4 million in the first quarter of 2017, down 6.7% on the previous year, in which two new campus locations in China and the United States had been built.

The high net profit caused equity to rise by 6.8% over the end of 2016 to € 887.2 million. At the same time, the equity ratio widened from 24.8 to 26.1%. Net liquidity reached a very high level of € 245.3 million (Dec. 31, 2016: € 176.5 million). It was buoyed by the proceeds of € 107.7 million that flowed to Dürr on March 31, 2017 from the sale of Dürr Ecoclean. Dürr had already announced the planned sale of its cleaning technology business to the Chinese SBS Group in August 2016. After the first quarter of 2017, cash flow from operating activities came to € -4.1 million and was thus on a par with the previous year (€ -2.5 million). Dürr expects to see an improvement in cash flow in the second half of the year. CFO Carlo Crosetto: “Our balance sheet ratios are excellent. We were able to continue accumulating equity, while the inflow of cash from the Ecoclean transaction additionally widened our financial leeway.”

Following the sale of Dürr Ecoclean, the Group headcount shrank by 5.5% over the end of 2016 to 14,393 employees. 7,697 employees are based in Germany, equivalent to 53.5% of the Group workforce.
Dürr Ecoclean has been excluded from the Dürr Group’s figures since the end of the first quarter of 2017. Sales and order intake of around € 150 million will be lost in 2017 following the sale of Ecoclean. Even so, Dürr is aiming for figures of a similar amount as in the previous year for these two indicators. As things currently stand, Dürr expects sales of € 3.4 to 3.6 billion and order intake of € 3.3 to 3.7 billion in 2017. The target range for the EBIT margin is unchanged at 7.5 to 8.25%. EBIT includes extraordinary income of € 22.7 million from the sale of Ecoclean.

    Ralf W. Dieter, CEO of Dürr AG

    Dürr got off to a good start to the new year. HOMAG is performing very well within the Dürr Group and helped to make up for the more moderate order intake in automotive business. As the year progresses, capital spending in the automotive industry should pick up again. The trend towards electromobility will generate additional demand for production technology.

    € m Q1 2017 Q1 2016 Change (%)
    Order intake 1,056.1 1,048.5 0.7
    Orders on hand (March 31) 2,643.3 2,641.9 0.1
    Sales revenues 891.4 825.2 8.0
    Gross profit 217.2 195.1 11.3
    Research and development costs 28.5 23.9 19.2
    EBITDA (earnings before depreciation and amortization, financial result and taxes) 106.6 77.9 36.7
    EBIT (earnings before financial result and taxes) 87.7 58.7 49.4
    EBIT before extraordinary effects2 67.2 55.8 20.4
    Earnings after tax 62.6 38.6 62.0
    Earnings per share (€) 1.78 1.09 63.3
    EBIT margin (%) 9.8 7.1 2.7 ppts
    EBIT margin (%) before extraordinary effects2 7.5 6.8 0.8 ppts
    Cash flow from operating activities -4.1 -2.5 -
    Free cash flow -30.6 -22.1 -
    Capital spending (net of acquisitions) 18.4 19.7 -6.7
    Total assets (March 31) 3,405.4 2,918.1 16.7
    Equity (incl. non-controlling interests) (March 31) 887.2 740.7 19.8
    Equity ratio (March 31) (%) 26.1 25.4 0.7 ppts
    ROCE3 (return on capital employed, annualized) (%) 38.6 35.5 3.0 ppts
    Net financial status (March 31) 245.3 89.1 175.4
    Net working capital (March 31) 287.4 256.8 11.9
    Employees (March 31) 14,393 14,985 -4.0
    Paint and Final Assembly Systems
    € m Q1 2017 Q1 2016 Change (%)
    Order intake 268.3 335.9 -20.1
    Sales revenues 276.0 290.4 -5.0
    EBIT (earnings before financial result and taxes) 17.2 19.3 -11.2
    Employees (March 31) 3,367 3,404 -1.1
    Application Technology
    € m Q1 2017 Q1 2016 Change (%)
    Order intake 156.4 170.3 -8.2
    Sales revenues 133.1 119.2 11.7
    EBIT (earnings before financial result and taxes) 13.6 17.3 -21.1
    Employees (March 31) 1,953 1,886 3.6
    Measuring and Process Systems
    € m Q1 2017 Q1 2016 Change (%)
    Order intake 173.9 194.5 -10.6
    Sales revenues 147.8 123.2 20.0
    EBIT (earnings before financial result and taxes) 15.2 9.6 57.8
    Employees (March 31) 2,224 3,036 -26.7
    Clean Technology Systems
    € m Q1 2017 Q1 2016 Change (%)
    Order intake 56.6 42.3 33.6
    Sales revenues 38.3 32.8 16.6
    EBIT (earnings before financial result and taxes) 0.5 0.3 47.6
    Employees (March 31) 573 517 10.8
    Woodworking Machinery and Systems
    € m Q1 2017 Q1 2016 Change (%)
    Order intake 400.9 305.5 31.2
    Sales revenues 296.1 259.6 14.1
    EBIT (earnings before financial result and taxes) 21.0 14.3 46.7
    Employees (March 31) 6,083 5,946 2.3
    1 Minor variances may occur in the computation of sums and percentages in this release due to rounding effects.
    2 Extraordinary effects in Q1 2017: € 20.5 million (income from the sale of Dürr Ecoclean: € 22.7 million, purchase price allocation for HOMAG Group: € -2.2 million), Q2 2016: € 2.9 million
    3 Adjusted for Dürr Ecoclean

    The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitization/Industry 4.0. Products, systems and services offered by the Group enable highly efficient manufacturing processes in different industries. Dürr supplies sectors like the automotive industry, the mechanical engineering, chemical and pharmaceutical industries, and the woodworking industry. The company has 92 business locations in 31 countries. The Group generated sales of € 3.71 billion in 2017. Dürr has around 15,000 employees and operates in the market with five divisions:

    • Paint and Final Assembly Systems: paint shops and final assembly systems for the automotive industry
    • Application Technology: robot technologies for the automated application of paint, sealants and adhesives
    • Clean Technology Systems: exhaust-air purification systems and energy efficiency technology
    • Measuring and Process Systems: balancing equipment as well as assembly, testing and filling technology
    • Woodworking Machinery and Systems: machinery and equipment for the woodworking industry