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Press Release

Dürr with good earnings and an upbeat outlook

Bietigheim-Bissingen, February 25, 2014 - On the basis of its preliminary figures, Dürr improved its earnings again in 2013, achieving its order intake and sales targets. With sales up slightly (€ 2,406.9 million), earnings before interest and taxes (EBIT) climbed by 14.8% to € 203.0 million. At 8.4%, the EBIT margin exceeded the target range of 7.5 - 8.0%. Order intake came to € 2,387.1, thus matching sales, but fell 8.1% short of the previous year’s very high figure in line with expectations. With demand mute in Europe, orders from the automotive industry in North and South America increased. Once again, the emerging markets accounted for more than half of order intake (54%) and sales (55%). Dürr raised its capital spending by 58% to € 51.2 million. Ralf W. Dieter, CEO of Dürr AG: “Dürr has remained consistently on its growth trajectory. 2013 was dominated by heavy spending on our facilities so that we can support our customers all around the world even more effectively.”


  • Sales and order intake targets achieved
  • EBIT above € 200 million for the first time
  • Strong cash flow permitting investments in future growth

Under a comprehensive capital spending program, Dürr has built or extended 13 facilities. With additional production capacities, the Group has been able to increase the proportion of internally sourced content, thus enhancing reliability and quality. Since 2012, Dürr has opened two new plants in China, where it has more than 1,800 employees. Further facilities have gone into operation in Mexico, South Africa, Thailand and elsewhere. At its headquarters in Bietigheim-Bissingen, Dürr has invested in a further robot assembly hall and new buildings for its Clean Technology Systems division. In addition, several new testing centers around the world have been built and existing ones modernized. This has resulted in substantially greater capacity for customers for optimizing painting processes prior to major series launches and for testing new processes.

Research and development expense rose by 15.6%, hitting a new high of € 43.0 million. Ralf W. Dieter: “Our innovation strategy has a clear goal - to boost the efficiency of our customers’ production processes, for example through greater automation and flexibility and reduced consumption of energy and materials.”

Net finance expense contracted by € 10.8 million to € -18.4 million mainly as a result of the absence of a number of non-recurring items. With the tax rate standing at 23.7%, net profit rose from € 111.4 million to € 140.9 million. Currency-translation effects exerted a relatively small influence, causing losses of around 2% on order intake.

Reflecting the high net profit, equity rose by 18.4% to € 511.4 million as of the end of 2013, with the equity ratio widening from 23.9% to 25.7%. At € 458.5 million, Dürr has copious liquidity, with the net financial status rising to € 280.5 million. The return on capital employed (ROCE) came to 66%, while the cash flow from operating activities climbed to € 329.1 million. CFO Ralph Heuwing: “The return on capital and cash flow have reached excellent levels. However, it should also be borne in mind that we received extraordinarily high prepayments towards the end of the year and that this reporting-date effect will level off in the current year.”

In 2013, the Group workforce increased by 6.4% to 8,142, including 110 employees who joined the Group following the acquisition of environmental technology specialist LTB. Dürr has 3,749 (previous year: 3,412) employees in Germany, accounting for 46% of the Group headcount. The proportion of employees in the emerging markets widened from 33% to 34% (2,771 employees).

Dürr remains upbeat about its business outlook. According to forecasts, global automotive production is set to grow by an annual average of just under 5% through 2018. Against this backdrop, Dürr assumes that further additional production capacity will be established in the emerging markets. Rising modernization spending on existing automotive plants can be expected in North America and Western Europe. Assuming that macroeconomic conditions remain stable, the Group projects order intake of between € 2.3 and 2.5 billion and sales of between € 2.4 and 2.5 billion in 2014, accompanied by an EBIT margin of 8.0 to 8.5% once more. This will be underpinned by high capacity utilization and the good quality of the order backlog (December 31, 2013: € 2,150.1 million); at the same time, the proportion of service business in sales is to be widened.

All the above figures are preliminary and unaudited. They have not yet been approved by the Supervisory Board. The annual report for 2013 setting out the final figures and the dividend proposal will be published on March 18, 2014.

FIGURES1 for the Dürr Group (IFRS) Full year
in € million 2013 2012 ∆ in %
Incoming orders 2,387.1 2,596.8 -8.1
Orders on hand (December 31) 2,150.1 2,316.8 -7.2
Sales 2,406.9 2,399.8 0.3
Gross profit 487.3 437.8 11.3
Research and development costs 43.0 37.2 15.6
EBIT (earnings before financial result and taxes) 203.0 176.9 14.8
Net profit 140.9 111.4 26.5
Cash flow from operating activities 329.1 117.6 179.8
Free cash flow 261.9 65.9 297.4
Capital expenditure 51.2 32.5 57.5
Total assets (December 31) 1,991.8 1,807.7 10.2
Equity (including non-controlling interests) (December 31) 511.4 432.1 18.4
Net financial status (December 31) 280.5 96.7 190.1
Net working capital (December 31) -33.1 98.6 -
ROCE (return on capital employed) 66.2% 43.9% 22.3 pp
Employees (December 31) 8,142 7,652 6.4
Earnings per share (€) 4.05 3.10 30.6
FIGURES1 for the Dürr Group (IFRS) Q4
in € million Q4 2013 Q4 2012 ∆ in %
Incoming orders 589.6 642.5 -8.2
Sales 660.8 642.3 2.9
EBIT (earnings before financial result and taxes) 68.9 58.0 18.8
Net profit 53.3 40.1 32.9
Cash flow from operating activities 283.7 136.0 108.6
Free cash flow 266.6 125.1 113.1
Division Paint and Assembly Systems2
in € million 2013 2012 ∆ in %
Incoming orders 1,124.7 1,326.1 -15.2
Sales 1,176.9 1,125.2 4.6
EBIT 98.3 75.2 30.7
Employees (December 31) 3,075 2,856 7.7
Division Application Technology²
in € million 2013 2012 ∆ in %
Incoming orders 567.6 556.6 2.0
Sales 540.0 531.2 1.7
EBIT 59.6 53.4 11.6
Employees (December 31) 1,546 1,379 12.1
Division Measuring and Process Systems2
in € million 2013 2012 ∆ in %
Incoming orders 561.1 600.6 -6.6
Sales 583.6 647.9 -9.9
EBIT 46.3 57.6 -19.6
Employees (December 31) 2,967 3,017 -1.7
Division Clean Technology Systems2
in € million 2013 2012 ∆ in %
Incoming orders 133.7 113.5 17.8
Sales 106.3 95.5 11.3
EBIT 6.1 4.0 52.5
Employees (December 31)3 426 278 53.2
1Minor variances may occur in the computation of sums and percentages due to rounding.
2As of 2013, the earnings of Dürr GmbH & Co. Campus KG are no longer reported within the Corporate Center but are allocated to the divisions. The figures for the previous year have been duly adjusted.
3The headcount rose by 110 as a result of the first-time consolidation of Luft- und Thermotechnik Bayreuth GmbH.

Dürr is a mechanical and plant engineering group that holds leading positions in the world market in its areas of operation. It generates a good 80% of its sales in business with the automotive industry. It also supplies the aircraft, machinery, chemical, and pharmaceutical industries with innovative production and environmental technology. The Dürr Group operates in the market with four divisions: Paint and Assembly Systems plans and builds paintshops and final assembly systems for the automobile and aircraft industries. Application Technology provides automated paint application, sealing, and glueing with its robot technologies. Machinery and systems from the Measuring and Process Systems division are used for balancing and cleaning and in engine and transmission manufacturing as well as in final vehicle assembly, among other areas. The fourth division, Clean Technology Systems, specializes in processes to improve energy efficiency and exhaust air purification. Dürr has 50 business locations in 24 countries worldwide and approximately 8,200 employees. The Group achieved sales of € 2.4 billion in 2013.