Conference call Interim report January 1 to June 30, … call Interim report January 1 to June 30,...
Transcript of Conference call Interim report January 1 to June 30, … call Interim report January 1 to June 30,...
Conference callInterim reportJanuary 1 to June 30, 2015
Lübeck, July 30, 2015
Disclaimer
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.
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.
Interim financial reports as well as preliminaries are not audited.
2
15,0 21.7
Q2‘14 Q2‘15
34,022,7
H1'14 H1'15
Business developmentGroup
Net Sales
EBIT
559,9
634,0
Q2‘14 Q2‘15
1.073,2
1.179,5
H1'14 H1'15
+6.8%Currency adjusted
+3.4%Currency adjusted
+44% -33%
� Order entry Q2 +10.3% (cc +4.4%)H1 +11.6% (cc +5.2%)
� Book to bill 1.06 (py 1.04)
� Gross profit margin Q2 44.6% (py 44.8%)H1 45.8% (py 45.7%)
� H1 Functional Expenses yoy+12.4% (cc +6.3%)
� H1 Other financial resultEUR -3.3m
� Tax rate 32.5%
� H1 net profit EUR 7.7m
2.7%EBIT-margin
3.4%EBIT-margin
3.2%EBIT-margin
1.9%EBIT-margin
3
6M Net sales
in € millionChange
in %
Net of currency
effects in %
Europe +9.6 +8.6Americas +11.4 - 3.3
Asia-Pacific +6.7 - 6.2
MEAO* +15.2 +4.9
Total +9.9 +3.4
* Middle East, Africa & Others
Functional Expenses
4
6M 2014 6M 2015Change FX adj.
€ million € million %
R&D -103.6 -114.8 10.8 4.6 % of Net Sales -9.7% -9.7%
Sales & Marketing -262.7 -293.1 11.6 4.2 % of Net Sales -24.5% -24.8%
Administration -90.0 -107.3 19.2 14.9 % of Net Sales -8.4% -9.1%
SG&A -352.8 -400.4 13.5 6.9 % of Net Sales -32.9% -33.9%
Functional Expenses total -457.9 -514.9 12.4 6.3 % of Net Sales -42.7% -43.7%
Change
%
Business developmentMedical division: order entry in Q2 2015 and H1 2015
205.5 411.6
85.0 165.1
69.5 143.1
52.0 94.7
Q2 2015 H1 2015
411.9 814.5
% nom % cc
+11.3% +5.3%
+83.9% +72.1%
+17.7% +2.6%
+8.5% -3.3%
+0.5% +0.1%
% nom % cc
+13.2% +6.5%
+42.7% +32.0%
+14.9% +0.2%
+15.6% +2.2%
+6.7% +5.6%
Middle East, Africa & Others
Asia/Pacific
Americas
Europe
5
5,9 11,2
Q2‘14 Q2‘15
9,515,0
H1'14 H1'15
Business developmentMedical division
Net Sales
EBIT
354,3405,8
Q2‘14 Q2‘15
684,4
760,2
H1'14 H1'15
+7.4%Currency adjusted
+3.9%Currency adjusted
+90% +58%
� Order entry Q2 +11,3% (cc +5.3%)H1 +13,2% (cc +6.5%)
� Book to bill 1.07 (py 1.05)
� Q2 with good demand for anesthesia, ventilation and monitoring.
� Gross profit margin (yoy)Q2 -0.3%H1 +1.6%
� H1 Functional Expenses yoy+12.8% (cc +6.2%)
1.7%EBIT-margin
2.8%EBIT-margin
1.4%EBIT-margin
2.0%EBIT-margin
6
* Middle East, Africa & Others
6M Net sales
in € millionChange
in %
Net of currency
effects in %
Europe +11.2 +10.3Americas +11.6 - 2.9
Asia-Pacific +7.1 - 6.4
MEAO* +16.9 +5.8
Total +11.1 +3.9
Business developmentSafety division: order entry in Q2 2015 and H1 2015
131.9 266.9
37.8 74.0
37.3 67.8
15.2 26.1
Q2 2015 H1 2015
222.1 434.9% nom % cc
+8.5% +2.8%+12.1% +3.4%+20.4% +7.2%
+13.7% -1.4%
+3.9% +2.7%
% nom % cc
+8.7% +3.1%
+10.6% +2.6%+13.8% +1.2%
+11.2% -3.9%
+6.7% +5.4%
Middle East, Africa & Others
Asia/Pacific
Americas
Europe
7
9,110,5
Q2‘14 Q2‘15
24,5
7,8
H1'14 H1'15
Business developmentSafety division
Net Sales
EBIT
205,6228,2
Q2‘14 Q2‘15
388,8
419,4
H1'14 H1'15
+5.8%Currency adjusted
+2.4%Currency adjusted
+15% -68%
� Order entry Q2 +8,5% (cc +2.8%)H1 +8,7% (cc +3.1%)
� Book to bill 1.04 (py 1.03)
� Q2 with good demand for fire fighting and government applications.
� Gross profit margin (yoy) Q2 +0.2%H1 -2.6%
� H1 Functional Expenses yoy+11.8% (cc +6.6%)
4.4%EBIT-margin
4.6%EBIT-margin
6.3%EBIT-margin
1.9%EBIT-margin
8
6M Net sales
in € millionChange
in %
Net of currency
effects in %
Europe +7.3 +6.1Americas +11.0 - 4.1
Asia-Pacific +5.8 - 5.6
MEAO* +10.2 +2.4
Total +7.9 +2.4
* Middle East, Africa & Others
9
Key Figures
6M 2014 6M 2015
€ million € million
Cashflow from operating activities 26.5 -66.5 -350.9
Investments 46.9 121.7 159.5
Cash and cash equivalents1 178.1 132.1 -25.8
Net financial debt1 135.7 189.9 39.9
Net financial debt 1 /EBITDA 2 0.6 0.8
Capital employed 1 1,081.9 1,310.0 21.1
ROCE (EBIT 2 /Capital employed 1) 14.4% 12.8%
Net Working Capital1 538.4 652.9 21.3
DVA 63.5 62.0 -2.4
Headcount1 13,575 13,851 2.0
1 Values at due date2 EBITDA and accordingly EBIT of the last twelve months
Change
%
Outlook
2014 2015e Mid term 2019e
Net Sales + 4.0%(net of currency effects)
2.0% – 5.0%(net of currency effects)
3.0% – 6.0%(net of currency effects)
EBIT margin 7.3% 5.0% – 7.0%* >10 %*
Gross margin 46.7% below prior year
Operating cash flow
105.0% of EBIT
> 50.0% of EBIT
Equity ratio 40.1% > 40.0%
* Based on exchange rates at the start of the year 2015
11
Questions & Answers
12
Appendix
13
Business developmentDräger Group
Q2 2014 Q2 2015 6M 2014 6M 2015
€ million € million € million € million
Order Intake 574.8 634.0 10.3 1 1,119.4 1,249.3 11.6 1
Net Sales 559.9 634.0 13.2 1 1,073.2 1,179.5 9.9 1
% growth 2.3% 13.2% -3.5% 9.9%% growth (currency adjusted) 1.5% 6.8% 0.4% 3.4%
Gross Profit 250.6 283.0 12.9 490.6 540.8 10.2 Gross margin 44.8% 44.6% 45.7% 45.8%
Functional Expenses -237.1 -261.6 -10.4 -457.9 -514.9 -12.4 % of Net Sales -42.3% -41.3% -42.7% -43.6%
EBITDA 33.0 42.0 27.5 69.1 62.7 -9.2 EBITDA Margin 5.9% 6.6% 6.4% 5.3%
EBIT 15.0 21.7 44.2 34.0 22.7 -33.2 EBIT Margin 2.7% 3.4% 3.2% 1.9%
Interest Result -5.4 -5.7 -5.5 -11.6 -11.3 -2.6
Tax rate 33.8% 32.5%
Net Profit 6.3 10.9 71.6 14.9 7.7 -47.0
DVA 63.5 62.0 -2.4
1 Currency adjusted 6 M: order intake +5.2%, net sales +3.4%
Currency adjusted quarter: order intake +4.4%, net sales +6.8%
Change
%
Change
%
Business developmentMedical and Safety division
14
Medical Division Q2 2014 Q2 2015 6M 2014 6M 2015
€ million € million € million € million
Order Intake 370.2 411.9 11.3 1 719.4 814.5 13.2 1
Net Sales 354.3 405.8 14.5 1 684.4 760.2 11.1 1
EBIT 5.9 11.2 88.7 9.5 15.0 57.0
EBIT Margin 1.7% 2.8% 1.4% 2.0%
DVA 33.3 49.3 48.3
1 Currency adjusted 6M: order intake +6.5%, net sales +3.9%.
Currency adjusted quarter: order intake +5.3%, net sales +7.4%
Safety Division Q2 2014 Q2 2015 6M 2014 6M 2015
€ million € million € million € million
Order Intake 204.7 222.1 8.5 1 400.0 434.9 8.7 1
Net Sales 205.6 228.2 11.0 1 388.8 419.4 7.9 1
EBIT 9.1 10.5 15.2 24.5 7.8 -68.3
EBIT Margin 4.4% 4.6% 6.3% 1.9%
DVA 41.0 29.1 -29.0
1 Currency adjusted 6M: order intake +3.1%, net sales +2.4%.
Currency adjusted quarter: order intake +2.8%, net sales +5.8%
Change
Change
%
%%
Change
Change
%
Functional Expenses
15
Q2 2014 Q2 2015 6M 2014 6M 2015
€ million € million € million € million
R&D -53.3 -58.5 9.8 -103.6 -114.8 10.8 % of Net Sales -9.5% -9.2% -9.7% -9.7%
SG&A -181.5 -203.8 12.3 -352.8 -400.4 13.5 % of Net Sales -32.4% -32.1% -32.9% -33.9%
Functional Expenses total -237.1 -261.6 10.3 -457.9 -514.9 12.4 % of Net Sales -42.3% -41.3% -42.7% -43.7%
Change Change
%%
16
Cash-flow statement
6M 2014 6M 2015€ million € million
Group net profit 14.9 7.7 -47.9
Change in inventories -33.1 -60.9 -83.9
Change in accounts receivables 102.2 45.7 -55.3
Change in accounts payables -34.6 -35.6 -3.0
Depreciation and amortization 35.0 40.0 14.4
Other operating cash flow items -57.9 -63.3 -9.4
Operating cash flow 26.5 -66.5 -350.9
Investing cash flow -41.2 -111.4 -170.4
Free cash flow -14.7 -177.9 -1,107.7
Financing cash flow -39.3 3.8 109.7
Change in cash 1 -54.0 -174.1 -222.4
Cash and cash equivalents 2 178.1 132.1 -25.8
1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values at due date
Change%
March 11, 2015 - Accounts press conference, Lübeck- Analysts meeting, Frankfurt
April 29, 2015 - Report for the first three months 2015 - Conference call, Lübeck
April 30, 2015 - Annual shareholders' meeting, Lübeck
July 30, 2015 - Report for the first six months 2015 - Conference call, Lübeck
November 5, 2015 - Report for the first nine months 2015 - Conference call, Lübeck
Financial calendar
17
18
Melanie Kamann Thomas FischlerCorporate Communications Investor Relations
Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaAMoislinger Allee 53−55 Moislinger Allee 53−5523558 Lübeck, Germany 23558 Lübeck, Germany
Tel +49 451 882-3998 Tel +49 451 882-2685 Fax +49 451 882-3944 Fax +49 451 882-3296
Mobile +49 170 8558152 Mobile +49 151 12245295
[email protected] [email protected] www.draeger.com
Contact