0% found this document useful (0 votes)
50 views39 pages

Capital Market Presentation 03 2019 NKn9QBGSf

Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
50 views39 pages

Capital Market Presentation 03 2019 NKn9QBGSf

Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 39

Drägerwerk AG & Co.

KGaA
Capital Markets Presentation
March, 2019
Disclaimer

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.

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.

Interim financial reports as well as preliminaries are not audited.

2
Dräger
The Company

Financials

Outlook

3
Dräger products

protect, lives
support and

save .
4
Net sales development
Strong growth independent of the global economy

Dräger net sales in EUR million


Net sales development
Global gross domestic product

3,000 Debt
crisis

2,500 Financial
crisis
Stock- Iraq
2,000 market War
Russian crash
financial
1,500 Mexican crisis
peso
Stock- Gulf crisis
1,000 market War
crash

500

0
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Source: International Monetary Fund, World Economic Outlook Database

5
Dräger worldwide
Net sales, sites and employees

Safety
~35 % 20%

Net Sales:
EUR
~2.6 billion 55%
25% in 2018

Medical
~65 %
10%

14%
11%

16% 14,233*
employees
in 2018
70%
21% 58%
Dräger-Sites
Production sites in
Europe, America, Africa and Asia Europe
Sales & Service Production, Quality,
Sales and Service Logistics, Purchasing Africa, Asia, Australia
organizations worldwide R&D Administration Americas
* as of September 30th
6
Markets
Our customers

Hospital Fire services Oil and gas industry

Mining Chemical industry Other markets

7
Hospital wide
Intensive Care Operating Room Neonatal Care
Solutions
Anaesthesiology
 Anaesthesia Patient Monitoring &
Clinical IT
workstations and
vaporizers  
 #1 in Europe and  Infinity Acute Care System
#2 in the US market  Clincal software solutions
 Telemetry and IT-solutions
Ventilation
   
 Emergency & Transport-, Workplace Infrastructure
Neonatal- and Intensive
Care ventilators    Medical supply units
 Respiratory monitoring  Medical Gas supply
 #1 in Europe systems

Thermoregulation      Medical lights and video


solutions

 Incubators and
Warming Therapy Hospital Consumables & Service
 #2 worldwide and
#1 in Europe
  Consumables and
accessories
 Classical-, Multivendor
product service,
    Professional Service
 Training
Note: Market position based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

8
Fire Service Oil & Gas Chemical Mining Other Markets

Breathing Systems
 Self-contained Impairment Check Equipment
Breathing Appartus for
fire fighters
      Alcohol- and drug
 #2 worldwide and screening devices
#1 in Europe  Interlock devices

Gas Detection Systems


  #1 worldwide and
#1 in Europe

 Fixed and mobile gas Engineered Solutions


detection systems
 #1 worldwide and
      Customer specific
solutions
#1 in Europe  mobile and stationary
firefighting training
Personal Protection Equipment      systems
 Rescue chambers
 Protection equipment for
hazardous working
Service
environments
 Body and Head protection,
      Spareparts and
consumables
rescue and escape devices,
 Product Service
Masks and Filters, etc.
 Rental, On-site shops
     and Shutdown Service
 Marine-Offshore Service
Note: Market positions based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

9
Medical and safety technology providing long-term growth
prospects in developed and emerging markets

Hospital Oil&Gas Chemical Mining FireService

 Average expected annual market growth for  Very diversified markets with numerous
Attractive the global medical equipment market product and service offerings
growth significantly exceeding growth in many other
prospects sectors  Attractive growth prospects for target sectors
in sizeable (e.g. industry) and growing safety
 Strong growth prospects in both developed investments
markets … and emerging markets

 Rapidly aging population and consequently  Increasingly stricter safety regulations


… in increasing healthcare expenditure
developed  Rising environmental awareness
markets…  Increasing demand for medical equipment to  Improved outlook for target markets
improve clinical workflows and efficiency

 Strong growth of GDP and population


resulting in a demand for improved medical  Increasingly higher safety standards
… as well services
as in  Increasing industrial hygiene awareness
emerging  Political benefits from investments in health  Strong growth of key customer sectors
markets care sector

10
Strategy for profitable growth

Management of innovation rate


1
through continuous improvements in quality and R&D processes

Expansion of market positions in attractive markets.


2
Special focus on profitable growth in developing countries

3 Expansion of service and consumables business

4 Investments for future growth

11
1 Technology and innovation leadership to drive profitable
growth

Strong R&D focus Innovation to enhance future growth (examples)

 Approximately 1,300 employees in R&D


around the globe.

 EUR 252 million spent for R&D activities in


2018 (9.7 % of net sales).

 Certified test-center at Lübeck headquarter


supports innovation- and approval process.

 Qualitymanagement organization with >100


employees.

 Very close collaboration with customers to Babyleo ® Dräger X-am® Oxylog® VE300
develop new and improve existing products. 8000 Lightweight,
Incuwarmer:
combination of a Multigas detector ergonomic designed
 Technological competency and high quality emergency ventilator
classical incubator for measurement of
standards result in leading market positions up to 7 gases for ambulance, ER
and warming bed
and high barriers to entry. simultaneously. and clinical patient
functionalities.
transport.

Note: no meaningful capitalization of R&D budget

12
2 Exploit growth potentials in developing countries

 Focus on the specific needs of customer in developing countries


Investments  Identify growth potential in strong growing markets like China, Brazil and India
in profitable  Capitalize on the significant investments into the Sales & Service infrastructure and
2 growth in specific market knowledge, especially in our Regions Asia / Pacific, Central- and
developing South-America
countries  Enhance engagement with partners in developing countries to expand local
presence with R&D, manufacturing, sales and after sales business

Net sales

Newly Focused product range


industrialized
countries
23 %

Developed Savina Color Vista 120 Fabius Plus XL


Markets
77 %

13
3 Service- and consumables business a clear focus of our
Sales activities

Further
expansion of  Capitalize on large installed base to expand after sales business
3 service and  Focus on combined sale of equipment and after sales contracts
consumables
business  Expansion of disposable consumables business

Dräger Services Dräger Consumables


 Globally over 3,000 service technicians
 Fast and reliable service (repairs and spare parts) is a  Functionalities with added value, e.g. optimizing workflow
critical factor for customers with RFID-based communication between consumables
part and therapy machine
 Dräger Service technicians important for customer loyalty
 Dräger quality to improve hygienic standards
 Efficient service solutions via remote service
 Dräger value add especially in development of
 Broad offerings of product service
consumables. Production usually via suppliers
 New services in the areas of Rental, Multi-Vendor and
 Partly proprietary consumable products, e.g. Dräger-Tubes
Marine-offshore

14
4 Investments 2018/2019 will support future growth…

WE ARE INVESTING: WE ARE RESTRUCTURING:

 Strengthening Safety sales


channels  New organizational set-up and business steering
Sales according to Medical and Safety:
 FGDS System Centers
resources
 Key Account Management  Introduction of business units with full product
&
and customer accountability.
-capabilities  Digital distribution channels
 Global roll out of Future  Business units are combined within a Medical
Technician Workplace division and a Safety division, each managed
by a dedicated board member.
 More R&D resources (focus  Financial reporting according to the new
on SW-development) divisional structure Medical and Safety.
R&D  Partnership with external (as of FY 2020)

roadmap development partners


 One dedicated board member responsible for the
 Accelerate EM product global sales organization.
portfolio

…and will lift EBIT margin again from 2020

15
Financials

16
Business development
Dräger Group 5y view

2014 2015 2016 2017 2018 Change


€ million € million € million € million € million %
Net Sales 2,434.7 2,608.9 2,523.8 2,572.3 2,595.0 0.9
% growth 2.5% 7.2% -3.3% 1.9% 0.9%
% growth (FX adjusted) 4.0% 2.9% -1.5% 3.3% 3.9%
Gross margin 46.7% 44.9% 45.0% 44.8% 42.7% -2.1pp
Functional Expenses -967.8 -1,098.4 -999.2 -992.0 -1,042.2 -5.1
% of Net Sales -39.7% -42.1% -39.6% -38.6% -40.2% +1.6pp

EBIT 178.6 66.7 136.9 155.7 62.6 -59.8


EBIT Margin 7.3% 2.6% 5.4% 6.1% 2.4% -3.7pp

DVA 81.6 -46.3 49.8 70.7 -26.5 >-100

Note: restructuring charges included in FY EBIT: EUR 35 million in 2015, EUR 10 million in 2016
Dräger Value Added (DVA) = EBIT less cost of capital of average invested capital

17
Key figures
Dräger Group 5y view

2014 2015 2016 2017 2018 Change


€ million € million € million € million € million %
Cashflow (from operating activities) 188.0 39.9 195.3 143.3 4.1 -97.1
Investments 124.7 196.9 99.9 106.2 77.8 -26.7
Cash and cash equivalents1 296.9 172.8 221.5 247.6 179.6 -27.5

Net financial debt1 10.7 145.3 34.7 -29.2 43.3 >100


Net financial debt 1 /EBITDA 2 0.04 0.96 0.16 -0.12 0.29

Capital employed 1 1,107.2 1,269.3 1,247.0 1,243.6 1,344.7 8.1


ROCE (EBIT 2 /Capital employed 1 ) 16.1% 5.3% 11.0% 12.5% 4.7%

Net Working Capital1 539.4 582.3 563.2 557.2 666.5 19.6


Equity ratio 40.1 40.9 43.4 45.4 44.8 -0.6pp

1
Values as of reporting date
2
EBITDA and accordingly EBIT of the last twelve months

Note: Investments 2015 include EUR ~60m for M&A

18
Outlook

19
Outlook FY 2019

2018 guidance1 2018 2019e


Net Sales 2.0 % – 5.0 % 3.9 % 1.0 % – 4.0 %
(net of currency effects)

EBIT margin 2.0 % – 3.5 % 2.4 % 1.0 % – 3.0 %2

Gross profit margin 42.5 – 44.0 % 42.7 % +/- 1 pp

Dräger Value Added EUR -40m to 0m EUR -26.5m EUR -60 to -10m

Assumptions for FY 2019 Guidance


 Increasing economic uncertainties will slightly slow down demand.
 Improving net sales development in North America will partly be off-set by softer demand in Central- / South America.
Growth in the Europe Region expected to be slightly softer. Continuously strong top-line development in AAA Region.
 Positive growth in both product areas, with a stronger top-line growth for safety offerings.
 Higher functional expenses due to investments to support future growth. Increase of R&D budget to EUR 260 – 275 million.
 No meaningful FX impact on nominal net sales growth and EBIT-margin2

1 last published guidance


2 based on exchange rates at the start of the year 2019 and without restructuring charges

20
Guiding philosophy
What we stand for

21
22
Dräger management

Stefan Dräger Gert-Hartwig Lescow Rainer Klug Dr. Reiner Piske Anton Schrofner

Chairman of the Executive Vice Chairman of the Executive Board member Executive Board member Executive Board member
Board Executive Board for Purchasing, Production for Human Resources for Innovation and Quality
(Chief Executive Officer) Executive Board member and Logistics
for Finance and IT

At Dräger since 1992 At Dräger since 2008 At Dräger since 2015 At Dräger since 2015 At Dräger since 2010

Fifth generation of the Responsible for the Responsible for the Responsible for the Africa,
Dräger family to lead the Americas region Europe region Asia and Australia regions
company

23
Shareholder structure

10,160,000 common shares (28.8 % free float)


7,600,000 preferred shares (100.0 % free float)

Shareholding Shareholding
Common shares Dr. Heinrich Dräger GmbH

4.0%
18.1%
58.7%
28.8%

23.2%
67.2 %

Dr. Heinrich Dräger GmbH Stefan Dräger GmbH


Free float Dräger Foundation
Members of the Dräger family Successors of Dr. Heinrich Dräger

24
Guidance 2018 / 2019

2018 2019e
3.9% +1.0 - +4.0 %
Net sales
(net of currency effects) (net of currency effects)
EBIT margin 2.4% 1.0 - 3.0 %1

Dräger Value Added EUR -26.5 million in the range EUR -60 to -10 million

Other forecast figures:


Gross margin 42.7 % on prior year's level (+ / - 1pp)

Research and development costs EUR 252.2 million EUR 260 - 275 million

Interest result EUR -11.0 million on prior year's level

Days working capital (DWC)3 117.4 days stable

Investment volume EUR 77.8 million2 EUR 85 - 100 million2

Net financial debt EUR -29.2 million improvement

1
Based on exchange rates at the start of the year 2019 and excluding restructuring charges
2
excluding company acquisitions
3
The calculation method will be adjusted during 2019

25
Business Development
Segments 5y view
2014 2015 2016 2017 2018
SEGMENT EUROPE
1
Order Entry € million 1,357.0 1,391.0 1,382.5 1,447.8 1,450.2
1 1,362.2 1,420.7 1,384.3 1,415.5 1,431.9
Net Sales € million
EBIT € million 128.5 59.4 84.5 108.1 82.0
EBIT margin % 9.4 4.2 6.1 7.6 5.7

SEGMENT AMERICA
1
Order Entry € million 461.5 496.8 515.0 509.2 526.0
1 471.2 509.1 503.7 510.4 499.3
Net Sales € million
EBIT € million -0.4 -18.6 10.3 4.0 -30.2
EBIT margin % -0.1 -3.7 2.0 0.8 -6.0

SEGMENT AFRICA, ASIA, AUSTRALIA


1
Order Entry € million 597.0 644.5 641.2 657.6 710.2
1 601.3 679.1 635.8 646.4 663.8
Net Sales € million
EBIT € million 50.5 25.8 42.1 43.7 10.8
EBIT margin % 8.4 3.8 6.6 6.8 1.6
1
year 2014 were adjusted pro-forma due to the change in segment reporting.

26
For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website
Business development Q4
Segments

Europe Americas Africa, Asia, Australia Dräger Group


Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018
€ million € million € million € million € million € million € million € million
Order entry 397.9 401.6 129.8 162.9 158.8 190.7 686.4 755.3
Net Sales 454.7 447.9 165.6 181.6 214.9 236.5 835.3 865.9
EBITDA 76.3 67.5 19.1 21.5 38.8 37.0 134.1 126.0
EBIT 65.8 56.6 13.4 15.8 33.1 31.2 112.3 103.7
EBIT-margin 14.5 12.6 8.1 8.7 15.4 13.2 13.4 12.0
Capital Employed1 575.9 593.8 294.4 338.2 373.3 412.7 1,243.6 1,344.7
ROCE1,2 18.8 13.8 1.3 -8.9 11.7 2.6 12.5 4.7
DVA 68.8 41.4 -16.6 -51.6 18.5 -16.3 70.7 -26.5
1
Values at due date
2
EBIT of the last twelve months

27
Business development 12M
Segments

Europe Americas Africa, Asia, Australia Dräger Group


12M 2017 12M 2018 12M 2017 12M 2018 12M 2017 12M 2018 12M 2017 12M 2018
€ million € million € million € million € million € million € million € million
Order entry 1,447.8 1,450.2 509.2 526.0 657.6 710.2 2,614.7 2,686.5
Net Sales 1,415.5 1,431.9 510.4 499.3 646.4 663.8 2,572.3 2,595.0
EBITDA 148.6 123.6 25.6 -8.2 65.8 32.6 240.0 148.0
EBIT 108.1 82.0 4.0 -30.2 43.7 10.8 155.7 62.6
EBIT-margin 7.6 5.7 0.8 -6.0 6.8 1.6 6.1 2.4
Capital Employed1 575.9 593.8 294.4 338.2 373.3 412.7 1,243.6 1,344.7
ROCE1,2 18.8 13.8 1.3 -8.9 11.7 2.6 12.5 4.7
DVA 68.8 41.4 -16.6 -51.6 18.5 -16.3 70.7 -26.5
1
Values at due date
2
EBIT of the last twelve months

28
Business Development
medical and safety products 5y view

2014 2015 2016 2017 2018


Medical
Order Entry € million 1,569.8 1,646.0 1,662.6 1,683.7 1,723.4
Net Sales € million 1,577.2 1,698.8 1,647.4 1,668.0 1,643.0
EBIT € million 107.6 46.2 85.3 92.9 6.9
EBIT margin % 6.8 2.7 5.2 5.6 0.4

Safety
Order Entry € million 845.7 886.2 876.1 931.0 963.1
Net Sales € million 857.5 910.1 876.5 904.3 952.0
EBIT € million 71.0 20.5 51.6 62.8 55.8
EBIT margin % 8.3 2.2 5.9 6.9 5.9

For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website

29
Business development
Medical

Q4 2017 Q4 2018 Change Change 12M 2017 12M 2018 Change Change
€ million € million % % (FX adj.) € million € million % % (FX adj.)
Order entry 430.3 480.5 11.7 13.9 1,683.7 1,723.4 2.4 5.7
Europe 234.4 233.5 -0.4 2.3 859.1 852.6 -0.8 1.1
America 91.5 112.3 22.8 25.2 356.9 361.4 1.3 8.0
Africa, Asia, Australia 104.5 134.7 29.0 30.1 467.7 509.3 8.9 12.4
Net Sales 561.7 562.8 0.2 2.4 1,668.0 1,643.0 -1.5 1.5
Europe 278.7 261.7 -6.1 -4.2 842.9 833.5 -1.1 0.4
America 125.2 130.9 4.5 8.4 358.6 343.6 -4.2 2.3
Africa, Asia, Australia 157.8 170.2 7.8 9.4 466.5 465.8 -0.1 3.0
EBIT 88.2 63.0 -28.5 92.9 6.9 -92.6
EBIT-margin (%) 15.7 11.2 5.6 0.4
Business development
Safety

Q4 2017 Q4 2018 Change Change 12M 2017 12M 2018 Change Change
€ million € million % % (FX adj.) € million € million % % (FX adj.)
Order entry 256.1 274.7 7.3 8.6 931.0 963.1 3.4 6.5
Europe 163.5 168.1 2.8 3.7 588.7 597.5 1.5 3.2
America 38.3 50.6 32.1 35.1 152.3 164.6 8.1 15.4
Africa, Asia, Australia 54.3 56.0 3.1 4.7 190.0 200.9 5.8 9.6
Net Sales 273.6 303.2 10.8 12.6 904.3 952.0 5.3 8.3
Europe 176.1 186.2 5.7 6.8 572.6 598.4 4.5 6.2
America 40.4 50.7 25.4 30.0 151.8 155.6 2.5 9.5
Africa, Asia, Australia 57.1 66.3 16.2 18.2 180.0 198.0 10.0 14.0
EBIT 24.1 40.6 68.8 62.8 55.8 -11.2
EBIT-margin (%) 8.8 13.4 6.9 5.9
Functional expenses
5y view

2014 2015 2016 2017 2018 Change

€ million € million € million € million € million %

R&D -212.0 -231.1 -219.0 -234.7 -252.2 7.5


% of Net Sales -8.7% -8.9% -8.7% -9.1% -9.7%

SG&A -749.2 -861.2 -762.1 -764.0 -791.1 3.5


% of Net Sales -30.8% -33.0% -30.2% -29.7% -30.5%

Other operating income -6.6 -6.1 -18.1 6.7 1.0

Functional Expenses total -967.8 -1,098.4 -999.2 -992.0 -1,042.2 5.1


% of Net Sales -39.7% -42.1% -39.6% -38.6% -40.2%

Headcount1 13,737 13,936 13,263 13,739 14,399 4.8


1
Values as of reporting date

32
Cash-flow statement

2014 2015 2016 2017 2018 Change


€ million € million € million € million € million %
Group net profit 104.7 33.3 81.7 98.5 34.9 -64.6
Change in inventories -1.2 -5.4 17.4 -30.0 -76.9 >-100
Change in receivables 1.6 -44.6 31.3 -22.4 -41.0 -83.3
Change in payables 25.2 -22.8 -10.2 22.2 -2.3 >-100
Depreciation and amortizatio 77.0 84.2 85.8 84.2 85.3 1.3
Other operating cash flow ite -19.3 -4.8 -10.6 -9.3 4.2 >100
Operating cash flow 188.0 39.9 195.3 143.3 4.1 -97.1
Investing cash flow -102.6 -167.0 -77.3 -65.5 -63.5 3.1
Free cash flow 85.4 -127.1 118.1 77.8 -59.4 >-100
Financing cash flow -26.3 -1.3 -70.0 -41.9 -6.2 85.3
Change in cash1 59.0 -128.4 48.1 35.9 -65.6 >-100

Cash and cash equivalents 296.9 172.8 221.5 247.6 179.6 -27.5
1
Change in cash and cash equivalents, i.e. without any effect of exchange rates
2
Values as of reporting date

33
Consolidated balance sheet

31 Dec 2017 31 Dec 2018 Change


€ million € million %
Intangible Assets 342.5 336.0 -1.9
Property, plant and equipment 432.3 429.1 -0.7
Other noncurrent assets 154.0 168.6 9.4
Noncurrent assets 928.8 933.7 0.5

Inventories 387.7 459.2 18.4


Trade receivables 669.2 703.9 5.2
Other current assets 121.1 133.9 10.6
Cash and cash equivalents 247.6 179.6 -27.5
Current assets 1,425.5 1,476.5 3.6

Total assets 2,354.4 2,410.2 2.4

34
Consolidated balance sheet

31 Dec 2017 31 Dec 2018 Change


€ million € million %
Equity 1,068.3 1,080.7 1.2
Liabilities from participation certificates 23.8 24.8 4.5
Provisions for pensions and similar obl 313.0 339.3 8.4
Noncurrent interest bearing loans 137.8 125.1 -9.2
Other noncurrent liabilities 114.0 117.0 2.6
Noncurrent liabilities 588.6 606.2 3.0
Current Provisions 195.1 201.3 3.2
Current loans and liabilities to banks 71.5 90.1 26.0
Trade payables 202.9 201.4 -0.7
Other current liabilities 228.0 230.5 1.1
Current liabilities 697.4 723.3 3.7
Total equity and liabilities 2,354.4 2,410.2 2.4
35
Earnings per share

2016 2017 2018


Net profit '000 € 81,391 98,530 34,355
(less the share of earnings attributable to non-controlling interests)
+
Scenario: 100% pay-out ratio 100% 100% 100%
=
tax benefit from pay-out to PCs* '000 € 7,888 9,493 3,302
Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 89,279 108,023 37,657 100%

Earnings attributable to PCs** '000 € 28,425 34,420 11,973 32%


Earnings attributable to shares '000 € 60,855 73,603 25,685 68%
EPS (common share) € 3.40 4.12 1.42
EPS (preferred share) € 3.46 4.18 1.48

Scenario: actual/proposed pay-out ratio 5.3% 11.6% 12.7%


tax benefit from pay-out to PCs* '000 € 341 960 341
Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 81,732 99,490 34,696 100%

Earnings attributable to PCs** '000 € 1,236 3,482 1,236 4%


Earnings attributable to shares '000 € 80,496 96,008 33,460 96%
EPS (common share)*** € 4.51 5.38 1.86
EPS (preferred share)*** € 4.57 5.44 1.92
* tax benefit arises from the tax deductible pay-out to the PCs; please refer to Annual Report 2017, note 19
** without minimum dividend (as interest, the minimum dividend is already included in net earnings)
** the EPS is not calculated in accordance with IAS 33 PCs = participation certificates (Genussscheine)

36
Innovation rate

Share on new products and upgrades medical1


Net sales
45%
Upgrades
New products
40%

35% 34%
32% 31%
30% 27%
26%
25%
28% 22% 20%
20%
25%
20%
15% 22%
10% 18%

5% 10%
6% 7% 6%
2% 4%
0%
2013 2014 2015 2016 2017 2018

1 Launched in the last 3 years; products are regarded as new, if they enable Dräger to either enter a new market segment or if products are regarded as completely new according to Dräger‘s
customers and Dräger‘s sales force. Upgrades are those products, which serve existing Dräger markets, but their functionality is perceived as significantly enhanced by Dräger‘s customers and
Dräger‘s sales force.

37
Financial calendar 2019

March 7, 2019 - Final 2018 figures


Conference call

April 25, 2019 - Report for the first three months 2019
Conference call

May 10, 2019 - Annual shareholders' meeting, Lübeck, Germany

August 8, 2019 - Report for the first six months 2019


Conference call

October 30, 2019 - Report for the first nine months 2019
Conference call

38
Contact

Melanie Kamann Thomas Fischler


Corporate Communications Investor Relations

Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaA


Moislinger Allee 53−55 Moislinger Allee 53−55
23558 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 www.draeger.com

39

You might also like