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Annual Report 2020

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Annual Report 2020 SUSTAINABLE TRANSFORMATION ANNUAL REPORT 2020 ANNUAL REPORT 2020 KEY FIGURES¹ 2020 / 2019 2020 2019 2018 Change in % Incoming orders € million 3,283.2 4,076.5 3,930.9 –19.5 Orders on hand (Dec. 31) € million 2,556.7 2,742.8 2,577.2 –6.8 Sales revenues € million 3,324.8 3,921.5 3,869.8 –15.2 of which abroad % 83.1 82.9 84.3 0.2 pp Gross profit € million 604.2 838.2 855.5 –27.9 EBITDA € million 125.3 308.5 326.9 –59.4 EBIT € million 11.1 195.9 233.5 –94.3 EBIT before extraordinary effects 2 € million 99.5 263.1 274.9 –62.2 EBT € million –18.5 174.7 219.7 – Net loss/profit € million –13.9 129.8 163.5 – Earnings per share € –0.23 1.79 2.27 – Dividend per share € 0.30 3 0.80 1.00 –62.5 Cash flow from operating activities € million 215.0 171.9 162.3 25.0 Cash flow from investing activities € million –119.2 –231.8 –30.1 – Cash flow from financing activities € million 27.4 60.8 –134.0 –54.9 Free cash flow € million 110.7 44.9 78.4 146.7 Equity (with non-controlling interests) (Dec. 31) € million 908.1 1,043.4 992.2 –13.0 Net financial status (Dec. 31) € million –49.0 –99.3 32.3 – Net working capital (Dec. 31) € million 382.6 502.7 441.4 –23.9 Employees (Dec. 31) 16,525 16,493 16,312 0.2 of which abroad % 52.0 50.4 50.0 1.6 pp Gearing (Dec. 31) % 5.1 8.7 –3.4 –3.6 pp Equity ratio (Dec. 31) % 23.4 26.9 27.4 –3.5 pp Gross margin % 18.2 21.4 22.1 –3.2 pp EBITDA margin % 3.8 7.9 8.4 –4.1 pp EBIT margin % 0.3 5.0 6.0 –4.7 pp EBIT margin before extraordinary effects 2 % 3.0 6.7 7.1 –3.7 pp Net financial debt / EBITDA 0.4 0.3 – – ROCE % 1.1 16.9 24.0 –15.8 pp EVA € million –66.0 39.4 76.0 – 1 Please note the information on page 68 concerning the figures. 2 Extraordinary effects: €–88.4 million (2020), €–67.2 million (2019), €–41.4 million (2018) 3 Dividend proposal for the annual general meeting Minor variances may occur in the computation of sums and percentages in this report due to rounding. THE DÜRR GROUP The Dürr Group is one of the world´s leading mechanical and plant engineering firms. Business with automotive manufacturers and their suppliers accounts for around 50 % of our sales. Other customer seg- ments include the chemical, pharmaceutical, medical technology and woodworking industries. Our technology boasts automation and a high degree of digitalization, and it helps customers make their production more efficient while conserving resources. Our five divisions PAINT AND APPLICATION CLEAN MEASURING AND WOODWORKING FINAL ASSEMBLY TECHNOLOGY TECHNOLOGY PROCESS SYSTEMS MACHINERY AND SYSTEMS SYSTEMS SYSTEMS Ȗ Paint shops Ȗ Paint application technology Ȗ Air pollution control Ȗ Balancing equipment Ȗ Machinery and equipment Ȗ Final assembly systems Ȗ Gluing technology Ȗ Noise abatement systems Ȗ Diagnostic technology for the woodworking industry Ȗ Testing and filling technology Ȗ Sealing technology Ȗ Coating systems for battery Ȗ Industrial filling technology for the automotive industry electrodes Ȗ Assembly and test systems for medical devices €1,173.8 M €459.4 M €386.2 M €193.5 M €1,111.9 M SALES SALES SALES SALES SALES €36.9 M €19.0 M €20.6 M €0.2 M €27.0 M OPERATING EBIT OPERATING EBIT OPERATING EBIT OPERATING EBIT OPERATING EBIT 4,383 2,162 1,348 1,407 6,942 EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES CONTENTS 2 TO OUR SHAREHOLDERS 2 Chairmanʼs letter 6 Board of Management 8 Report of the Supervisory Board 16 Capital market 22 COMBINED MANAGEMENT REPORT 23 Fundamentals 41 Sustainability 52 Corporate governance 67 Business report 95 Events subsequent to the reporting date 96 Report on risks, opportunities and expected future development 112 Dürr AG (German Commercial Code) 116 CONSOLIDATED FINANCIAL STATEMENTS 117 Consolidated statement of income 117 Consolidated statement of comprehensive income 118 Consolidated statement of financial position 120 Consolidated statement of cash flows 122 Consolidated statement of changes in equity 124 Notes to the consolidated financial statements 214 Independent auditorʼs report 223 OTHER 223 Independent auditorʼs limited assurance report 225 Responsibility statement by management 226 Glossary 228 Ten-year summary 230 Contact Contents Since resources are finite and public awareness has shifted, corporate goals that are purely growth-oriented are attracting critical scrutiny. Companies therefore face the task of harmonizing GROWTH AND SUSTAINABILITY. Sustainability is a key component of the Dürr Group´s strategy. We support our customers in reducing the eco- logical footprint of their plants and in manufacturing sustainable products. Plus, we want to live up to our own responsibility for the environment, society, employees and stakeholders. Find out how we are tackling both tasks inside the accompanying ECO magazine. SUSTAINABLE The ECO magazine can be found here TRANSFORMATION TO OUR SHAREHOLDERS Chairman’s letter CHAIRMAN’S LETTER Ralf W. Dieter 2 ANNUAL REPORT 2020 TO OUR SHAREHOLDERS Chairman’s letter DEAR READERS, The year 2020 was very challenging for many companies. Amid digital and ecological structural changes, they were hit by the coronavirus pandemic. In some cases, the consequences threatened the companies’ existence. Not so at the Dürr Group: For us, the pandemic was not an existential crisis, but merely an interruption of our continuous development. We will overcome this interruption as early as 2021 and enter a new phase of profitable growth. We are keeping our eyes firmly on our medium-term target of achieving an EBIT margin of at least 8 % – we will not compromise on this. But let us start by taking a look back at 2020. The year showed that we act reliably even when faced with challenging external conditions. In July we were one of the first mechanical and plant engineer- ing firms to issue a new annual forecast. We achieved or exceeded those revised targets on all counts. Despite a major drop in sales and high extraordinary expenses, we attained positive EBIT. Of even greater value to us was our free cash flow more than doubling and our total liquidity increasing to an all-time high of slightly over €1 billion. We achieved both not least due to our prudent net working capital management. Coupled with successful financing measures, this has so far enabled us to navigate the coronavirus crisis on a solid footing. After the pandemic’s heavy impact on business in the first half WE WANT of the year, the second half saw a recovery. Order intake was considerably higher than sales, with margins once again on the up. In particular, demand at HOMAG in the second half of the TO SEE year was favorable. In the automotive sector, we profited from our broad portfolio for the production of electric cars throughout PROFITABLE 2020. Despite the coronavirus pandemic, our e-mobility- related order intake rose by 67 % to €650 million – equivalent to 40 % of GROWTH AGAIN our automotive business. FROM 2021 As outlined at the beginning, we want to see profitable growth again from this year onward. One important basis for increasing sales is the recovery of our markets. Automotive production ONWARD. should grow by up to 17 % in 2021, provided the semiconductor shortage does not have too great an impact. This growth in volume will also boost our spare parts and service business. In addition, many automakers have improved their efficiency through cost-cutting measures and created new scope for investment. The prospects are right for HOMAG, too, since the furniture industry is at the beginning of a new invest- ment cycle, due to high demand. In environmental technology, rising standards in air pollution control are sparking further growth. ANNUAL REPORT 2020 3 TO OUR SHAREHOLDERS Chairman’s letter In terms of earnings, we are benefiting from a tailwind as we emerge from the coronavirus crisis. We are planning substantial growth as early as 2021, even though the decline in orders in 2020 will initially have a dampening effect on the development of sales and earnings. For 2022 and 2023 we expect further margin increases – mainly owing to the optimization measures implemented in 2019 and 2020. From 2021, we expect annual savings of up to €60 million resulting from capacity adjust- ments, especially in Europe. At HOMAG, there is additional potential due to current process optimi- zations: For a few months now, I have been at the helm of this impressive company, and I can assure you that HOMAG is definitely able to steadily increase its earnings and achieve its EBIT margin target of 9 % in 2023. We have also done our homework in automotive plant engineering, where we will see the positive effect of the efficiency gains from theFOCUS 2.0 optimization program, which was implemented prior to the pandemic. We are also optimistic about our longer-term business prospects because we are well positioned to benefit from two major trends: firstly, sustainability and, secondly, digitalization and automation. The trend toward sustainability is an opportunity for us. It accelerates the shift toward electro- mobility and thus the demand for solutions for electric vehicle production. At HOMAG, sustainable building is generating new business opportunities: More and more building owners are opting for timber houses, and HOMAG is providing the production technology for this. In addition, our expertise as an enabler for sustainable production processes is gaining ever more importance.
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