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Conference callInterim reportJanuary 1 to March 31, 2015
Lübeck, April 29, 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.
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Business developmentDräger Group
Q1 2014 Q1 2015
€ million € million
Order Intake 544.6 615.3 13.0 1
Net Sales 513.2 545.5 6.3 1
% growth -3.4% 6.3%% growth (currency adjusted) 1.0% -0.3%
Gross Profit 240.0 257.8 7.4 Gross margin 46.8% 47.3%
Functional Expenses -220.9 -253.2 -14.7 % of Net Sales -43.0% -46.4%
EBIT 19.0 1.1 -94.4 EBIT Margin 3.7% 0.2%
Interest Result -6.2 -5.6 9.7
Tax rate 33.5% 30.5%
Net Profit 8.5 -3.1 -136.8
DVA 90.3 60.2 -33.3
1 Currency adjusted 3 M: order intake +6,1%, net sales -0,3%
Change
%
1. Complete allocation of net sales and expenses to customer segments medical / safety
� Allocation on the basis of customer/product (not as previously on the basis of legal entities*)
� Segment reporting is based on third-party net sales only. No more reporting of internal intercompany sales between segments.
� Segment „Drägerwerk AG & Co. KG & Other Companies“ as well as the need for consolidation no longer applies.
2. Optimized expense allocation to functions in regions
� Administration expenses in sales companies are no longer charged as a lump sum to marketing and selling expenses. These costs will now be reported in the regions as administrative expenses.
� Decline in net sales in safety (relevant portion of intercompany sales).
� Additional cost allocation reduces reported segment profitability.
� No changes on Group level.
� Increase in reported administrative expenses. Decline in marketing and selling expenses
� Total Group functional expenses unchanged.
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Changes in the reporting of the segments from Q1
* Legal entities will be merged with the implementation of „One Dräger“
Changes in the reporting of the segments from Q1
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Safety: Elimination of intercompany sales, e.g. soda lime and sensors. FY effect approx. EUR 35m
Only minor effects on net sales of medical division (only minor intercompany sales)
Segment „Drägerwerk… / Other Companies“ and group consolidation no longer apply.
Capital employed in Segments is calculated on trade receivables, inventories and prepayments received. No long term assets.
Functional Expenses that are not allocated to products are distributed to the segments according to net sales allocation key.
Business development Medical division: order entry in Q1 2015
206.1
80.1
73.6
42.6
Q1 2015
402.5
% nom % cc
+15.2% +7.7%
+12.1% +2.0%
+12.4% -1.9%
+24.2% +9.0%
+13.7% +11.9%
Middle East, Africa & Others
Asia/Pasific
Americas
Europe
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Business developmentMedical division
Net Sales
EBIT
330.0354.3
Q1‘14 Q1‘15
+0.3%Currency adjusted+7,4%
nominal
+4.8%
� Good order development in Europe and Americas(especially Central / South America). Slight increase in demand from Middle East, Africa & Others. Decline in Asia-Pacific.
� Good demand for Anesthesia and Hospital Consumables.
� Book to Bill 1.14
� Gross profit margin increases+3.9% mainly due to FX. Slight positive product mix. (FX ~ +2.5 pp)
� Functional expenses +8.6%cc
� EBIT margin stable(FX ~ +2 pp)
1.1%EBIT-margin
7
3.63.8
Q1‘14 Q1‘15
1.1%EBIT-margin
Business developmentSafety division: order entry in Q1 2015
135.1
36.3
30.5
11.0
Q1 2015
212.8
% nom % cc
+9.0% +3.4%
+8.6% +1.6%+6.8% -5.4%
+8.7% -6.4%
+9.6% +8.2%
Middle East, Africa & Others
Asia/Pasific
Americas
Europe
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Business developmentSafety division
Net Sales
EBIT
183.2191.2
Q1‘14 Q1‘15
-1.3%Currency adjusted+4,4%
nominal
>-100%
� Good order development in Europe. Slight increase in demand from Middle East, Africa & Others. Decline in Asia-Pacific and Americas.
� Strong order growth from Government Applications (i.e. impairment checks).
� Book to Bill 1.11
� Gross margin declined by -5.7 pp. High comparable margin in Q1/14. Product-mix negative. FX headwinds. (FX ~ -1 pp)
� Functional expenses +7.5%cc
� EBIT negative. (FX ~ -1 pp)
8.4%EBIT-margin -1.4%
EBIT-margin
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15,4
-2,7Q1'14 Q1'15
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Key Figures
Q1 2014 Q1 2015
€ million € million
Cashflow from operating activities 25.1 -62.6 -349.2
Investments 20.1 91.3 353.4
Cash and cash equivalents1 208.9 141.9 -32.0
Net financial debt1 93.2 150.4 61.4
Net financial debt 1 /EBITDA 2 0.37 0.63
Capital employed 1 1,045.4 1,269.7 21.5
ROCE (EBIT 2 /Capital employed 1) 17.2% 12.7%
Net Working Capital1 514.9 618.1 20.0
Equity ratio 40.6 39.0
DVA 90.3 60.2 -33.3
Headcount1 13,426 13,698 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% 6.0% – 8.0%* >10 %*
Gross margin 46.7% On par with prior year
Operating cash flow
105.0% of EBIT
> 70.0% of EBIT
Equity ratio 40.1% > 40.0%
* Based on exchange rates at the start of the year
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Questions & Answers
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Appendix
Business developmentMedical and Safety division
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Medical Division Q1 2014 Q1 2015
€ million € million
Order Intake 349.3 402.5 15.2 1
Net Sales 330.0 354.3 7.4 1
EBIT 3.6 3.8 4.8
EBIT Margin 1.1% 1.1%
DVA 47.6 37.4 -21.4
1 Currency adjusted 3 M: order intake +7,7%, net sales +0,3%
Safety Division Q1 2014 Q1 2015
€ million € million
Order Intake 195.3 212.8 9.0 1
Net Sales 183.2 191.2 4.4 1
EBIT 15.4 -2.7 -117.7
EBIT Margin 8.4% -1.4%
DVA 50.9 37.1 -27.1
1 Currency adjusted 3M: order intake +3.4%, net sales -1.3%.
Change
%
%
Change
Functional Expenses
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Q1 2014 Q1 2015
€ million € million
R&D -50.3 -56.3 12.0 % of Net Sales -9.8% -10.3%
SG&A -171.2 -197.1 15.1 % of Net Sales -33.4% -36.1%
Functional Expenses total -220.9 -253.2 14.7 % of Net Sales -43.0% -46.4%
Change
%
2,234.1
1,452.6
Consolidated balance sheet
€ million
Change31 Dec 201431 Dec 2013Assets
7.81,347.8Current assets
4.4
2.6
7.1
27.9
388.5
657.4
109.9
296.9
372.3
640.8
102.6
232.1
Inventories
Trade receivables
Other current assets
Cash and cash equivalents
9.0781.5717.2Non-current assets
4.0
12.6
11.2
294.2
349.9
137.3
283.0
310.8
123.4
Intangible assets
Property, plant and equipment
Other non-current assets
%€ million
8.22,065.0Total assets
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2,234.1
20.9
297.0
168.6
100.9
Consolidated balance sheet
€ million
Change31 Dec 201431 Dec 2013Equity and liabilities
10.7750.1677.4Current liabilities
1.5
58.6
16.8
-2.6
189.3
127.7
201.3
231.8
186.4
80.5
172.4
238.1
2.8587.4571.6Non-current liabilities
4.3
36.8
-33.2
22.8
20.0
217.2
252.3
82.2
Liabilities from participation certificates
Provisions for pensions and similar obligations
Non-current interest-bearing loans
Other non-current liabilities
9.9896.6816.0Equity
%€ million
8.22,065.0Total equity and liabilities
Current provisions
Current loans and liabilities to banks
Trade payables
Other current liabilities
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Cash-flow statement
18
Q1 2014 Q1 2015€ million € million
Group net profit 8.5 -3.1 -136.8
Change in inventories -32.5 -56.2 -73.0
Change in accounts receivables 85.6 65.2 -23.9
Change in accounts payables -28.9 -34.6 -19.7
Depreciation and amortization 17.1 19.6 15.0
Other operating cash flow items -24.8 -53.5 -116.0
Operating cash flow 25.1 -62.6 -349.1
Investing cash flow -17.3 -79.2 -357.5
Free cash flow 7.8 -141.8 -1,918.9
Financing cash flow -30.0 -25.4 15.5
Change in cash1 -22.3 -167.2 -651.3
Cash and cash equivalents2 208.9 141.9 -32.0
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
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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
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