Capital Market Presentation 03 2019 NKn9QBGSf
Capital Market Presentation 03 2019 NKn9QBGSf
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.
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Dräger
The Company
Financials
Outlook
3
Dräger products
protect, lives
support and
save .
4
Net sales development
Strong growth independent of the global economy
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
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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
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Markets
Our customers
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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
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.
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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
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Medical and safety technology providing long-term growth
prospects in developed and emerging markets
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
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Strategy for profitable growth
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1 Technology and innovation leadership to drive profitable
growth
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.
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2 Exploit growth potentials in developing countries
Net sales
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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
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4 Investments 2018/2019 will support future growth…
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Financials
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Business development
Dräger Group 5y view
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
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Key figures
Dräger Group 5y view
1
Values as of reporting date
2
EBITDA and accordingly EBIT of the last twelve months
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Outlook
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Outlook FY 2019
Dräger Value Added EUR -40m to 0m EUR -26.5m EUR -60 to -10m
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Guiding philosophy
What we stand for
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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
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Shareholder structure
Shareholding Shareholding
Common shares Dr. Heinrich Dräger GmbH
4.0%
18.1%
58.7%
28.8%
23.2%
67.2 %
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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
Research and development costs EUR 252.2 million EUR 260 - 275 million
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
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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
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For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website
Business development Q4
Segments
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Business development 12M
Segments
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Business Development
medical and safety products 5y view
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
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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
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Cash-flow statement
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
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Consolidated balance sheet
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Consolidated balance sheet
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Innovation rate
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.
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Financial calendar 2019
April 25, 2019 - Report for the first three months 2019
Conference call
October 30, 2019 - Report for the first nine months 2019
Conference call
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Contact
[email protected] [email protected]
www.draeger.com www.draeger.com
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