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Factsheet of the Dürr Group

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitalization/Industry 4.0. Its products, systems and services enable highly efficient and resource-saving manufacturing processes in different industries. The Dürr Group supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical, medical technology and woodworking industries. It generated sales of € 3.54 billion in 2021. The company has almost 18,100 employees and 120 business locations in 33 countries. The Dürr Group operates in the market with the brands Dürr, Schenck and HOMAG and with five divisions.

Mid-term strategy

The current mid-term strategy was adopted in late 2019. It provides the roadmap for profitable growth and for our evolution as a mechanical and plant engineering group that seizes opportunities in different market niches and customer segments. Our strategy is linked to four medium-term performance targets:

  • Sales growth: In 2019, we committed ourselves to increasing sales organically by 2% to 3% p.a. in the following years and generating further sales growth through acquisitions on the level recorded in 2019. We are currently reviewing this target in two respects:
    1. In 2020, the coronavirus crisis resulted in a sharp decline in sales (–15.2%). Due to the low baseline, sales growth in 2021 (+6.4%) significantly exceeded the target rate defined in the strategy. We likewise anticipate substantially stronger growth in 2022.
    2. In some business areas, market volumes and sales potential have increased significantly since 2019, due in part to acquisitions. This particularly applies to sustainable production technologies, battery coating technology and the solid wood sector (production technology for timber construction elements) as well as the recently added medical technology business. The additional growth opportunities in these areas have not yet been factored into the definition of our strategic sales target as they were either not sufficiently concrete or we were not yet active in the relevant business areas.
    In the current revision of our sales growth target, we are examining how the additional growth potential can be realistically taken into account. On this basis, we are expecting to announce a new target for multi-year organic sales growth in the second half of 2022.
     
  • High profitability: We expect the EBIT margin to reach the target of at least 8% in 2023, or 2024 at the latest. A longer-term profitability target is currently being calculated.
     
  • Attractive return on capital: We are aiming for an ROCE of at least 25%, underpinned by high EBIT contributions from mechanical engineering and low capital employed in plant engineering.
     
  • Increased share of service business: With its higher margins, service business is to consistently contribute at least 30% to Group sales.

In order to achieve our goals and expand our leading position in the world market, we continue to push ahead with digitalization (digital@DÜRR) as the central element of our strategy. In addition, we have identified four more strategic fields: global presence, innovation, efficiency and life cycle services. We have also defined four enablers, i.e. supporting functions that are particularly important for the successful implementation of our strategy: sustainability, mergers & acquisitions, finance management and people development.

Consensus Estimates 2022/2023/2024

(as of September 6, 2022)

  2024e 2023e 2022e 2021
Sales € m 4,473 4,286 4,081 3,537
EBIT (reported) € m 333 291 224 176
Net profit € m 206 170 134 85

The Dürr share

Shareholder Structure Dürr AG (figures rounded)

Structure of the latest recommendations of analysts

Good reasons to be invested in Dürr

World Market Leader:

The Dürr Group is world market leader in about 95% of its product portfolio. Market entry barriers are high. Market shares range between 20 and 50%.

Service Potential:

The service business has above-average margins and makes a particularly significant contribution to customer loyalty. We are aiming to achieve a service share in Group sales of consistently at least 30%. To that end, we align our → service activities with the entire lifecycle of our machines and systems, benefitting from an increasing number of installed machines and systems.

Market Positioning:

Very good geographic positioning: About 40% to 50% of the business volume comes from emerging markets. Round 30% of the employees operate in these markets.

Growth:

We have set ourselves the goal of increasing our sales organically by 2%–3% per year from the 2019 level and to generate further growth via → acquisitions. We will be reviewing and, if necessary, revising this goal in the course of 2022. In addition to the delayed baseline effects arising from the coronavirus pandemic, market volumes and sales potential have increased significantly in some business segments since 2019, partly as a result of acquisitions. This particularly applies to the solid wood segment, medical engineering business, which was acquired in 2021, and battery-coating business.
We plan to present the results of this review at a capital market day in autumn 2022. Looking forward, acquisitions will continue to help us to drive forward our expansion.

Technology Leader:

With our technologies, we enable efficient production processes with a minimized environmental impact.

Industry 4.0 / digital@DÜRR:

The Dürr Group, as a mechanical and plant engineering firm, wants to retain its position at the market vanguard in the digital era. We are driving forward the digitalization of our products, services and processes under → digital@DÜRR.

High Profitability:

The EBIT margin is expected to rise gradually to at least 8%. We consider this level to be appropriate due to the increased share of mechanical engineering in our portfolio.

Value Creation:

We are aiming for a ROCE of at least 25%, based on high EBIT contributions in mechanical engineering and low capital employed in plant construction.

Sustainability:

Our economic activities are consistent with ecological and social concerns as well as responsible corporate governance. Our Climate Strategy 2030 is working toward the achievement of the global 1.5-degree target and has been validated by the Science Based Target initiative (SBTi). With our products, we enable resource-saving manufacturing processes.

→ Sustainability in the Dürr Group

Down to Earth:

In 2021, the Dürr Group celebrated its → 125th anniversary. The company has developed from a workshop into a global corporation. At the same time, we have preserved the spirit of a typical “Mittelstand” company: Our employees have a sense of reliability and quality, they react quickly to changes and take decisive action. Just as customers would expect from a ”Mittelstand” company. The hierarchies are flat, the paths short — and everyone pitches in. Even today, the founding Dürr family still holds more than 25% of the company.

Incoming orders 2021: € 4,291 m

Sales revenues 2021: € 3,537 m

Key figures

FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013
Incoming orders € m 4,291.0 3,283.2 4,076.5 3,930.9 3,803.0 3,701.7 3,467.5 2,793.0 2,387.1
Orders on hand
(December 31)
€ m 3,361.0 2,556.7 2,742.8 2,577.2 2,449.4 2,568.4 2,465.7 2,725.3 2,150.1
Sales € m 3,536.7 3,324.8 3,921.5 3,869.8 3,713.2 3,573.5 3,767.1 2,574.9 2,406.9
EBITDA € m 299.4 125.3 308.5 326.9 367.7 360.3 348.2 262.9 230.4
EBIT € m 175.7 11.1 195.9 233.5 287.0 271.4 267.8 220.9 203.0
Financial result € m -43.1 -29.7 -21.2 -13.8 -19.8 -13.3 -23.3 -16.2 -18.4
Interest cost € m 51.0 39.7 33.4 27.5 27.7 26.5 33.5 26.4 22.8
Net income / loss of the Dürr Group € m 84.9 -13.9 129.8 163.5 199.6 187.8 166.6 150.3 140.9
Total asset
(December 31)
€ m 4,153.6 3,878.8 3,882.3 3,614.4 3,511.6 3,348.5 2,986.7 2,976.1 1,991.8
Equity (incl. minority interests)
(December 31)
€ m 1,005.6 908.1 1,043.4 992.2 900.5 831.0 714.4 725.8 511.4
Equity ratio
(December 31)
% 24.2 23.4 26.9 27.4 25.6 24.8 23.9 24.4 25.7
FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013
Net financial position
(December 31)
€ m -99.5 -49.0 -99.3 32.3 176.3 176.5 129.4 167.8 280.5
Net working capital
(December 31)
€ m 427.9 382.6 502.7 441.4 373.7 194.4 236.8 87.6 -33.1
Gearing (Net financial debt/Net financial debt + Equity) (December 31) % 9.0 5.1 8.7 -3.4 -24.3 -27.0 -22.1 -30.1 -121.5
Net financial debt/EBITDA 0.3 0.4 0.3 - - - - - -
EBT/Interest expense
(interest coverage ratio)
4.1 0.5 7.3 11.5 13.4 13.7 10.7 12.6 10.7
Cash ratio
(December 31)
% 27.9 35.7 37.1 35.7 36.2 50.0 26.4 32.6 42.4
ROCE (EBIT/Capital employed) % 15.5 1.1 16.9 24.0 38.6 41.1 45.3 38.7 76.2
EVA € m 38.8 -66.0 39.4 76.0 142.7 142.5 146.2 121.6 124.3
Employees
(December 31)
17,802 16,525 16,493 16,312 14,974 15,235 14,850 14,151 8,142
Excerpt of non-financial key figures FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013
Energy consumption1 MWh per € m sales revenues 36.1 37.4 33.6 30.7 33.6 36.7 34.1 28.4 31.2
Greenhouse gas emissions (Scope 1+2)1 t CO2 equivalent per € m sales revenues 13.7 14.8 14.5 15.8 16.9 17.6 16.5 13.0 13.8
Water consumption m3 per € m sales revenues 49.6 50.2 51.5 52.0 56.1 51.4 50.9 50.8 51.7
1 2020 und 2019 figures adjusted due to recalculation based on Greenhouse Gas Protocol in 2021