Kapitalmarkt Pr sentation engl Facelifts

Document Sample
Kapitalmarkt Pr sentation engl Facelifts Powered By Docstoc
					Drägerwerk AG & Co. KGaA

July 2010

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

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

Interim financial reports as well as preliminaries are not audited.

         1. Overview and highlights
         2. Financial overview
         3. Appendix

3 | 43
         Overview and highlights

4 | 43
         Our products must be absolutely
         reliable at all times.
         People trust us with their most
         precious possession – their lives.

5 | 43
         Dräger’s guiding philosophy: “Technology for Life”

         For more than 120 years Dräger’s products protect, support and save lives – primarily in clinical
         settings, oil-, gas- and chemical industries, or fire and emergency services …

         Providing highly           Supplying hospitals with      Protecting firefighters in   Detecting combustible
         advanced respiratory       state-of-the-art              dangerous situations         or toxic gases in oil-,
         support for patients and   equipment and services        with personal safety         gas- and chemical
         comprehensive vital sign   in life-critical acute care   equipment.                   industries and helping
         monitoring.                situations.                                                to create a safer

         … and these are just a few of the areas where Dräger products can be found in life-critical situations.

6 | 43
         Dräger at a glance in financial year 2009

             Net sales              EUR 1,911 million                EBITDA            EUR 146 million (7.6 % margin)

             Employees              11,071                           EBIT              EUR 80 million (4.2 % margin)

         Net sales by division1                                       Net sales by region

                                                                            Asia/Pacific                   Germany
                                                                               13 %                         21 %
         Safety division
             35 %

                                                                             18 %
                                                  Medical division                                        Rest of Europe
                                                      65 %                                                    41 %

         1   Before consolidation

7 | 43
         Strong growth track record resulting from
         continuous innovation and market penetration

         Dräger net sales development

                                                                                                                                       War on
                                                                                                                             Stock     Iraq II
                                                                                                                 Crisis in
                                                                                                Crisis in        Russia
                                                          Stock                  War on         Mexico
                                                          market                 Iraq I
              2nd Oil
                                                                                        GDP World, nominal USD

         Source: International Monetary Fund, World Economic Outlook Database, April 2010.

8 | 43
         Product and service overview – medical division

         The diversified target markets, in which Dräger either holds a leading market position or targets such
         position in the mid-term, offer attractive growth and margin profiles.

                                                                                   Medical division
     Anesthesiology                                                                                 Monitoring, Systems & IT
                                                            #1 in Europe                                                                                    #3 worldwide for monitoring
                                                            #2 in the US market                                                                             Infinity Acute Care System
                                                            for anesthesia devices                                                                          IT network solutions
                                                            and vaporizers                                                                                  Telemetry and IT solutions

     Respiratory Care                                                                               Infrastructure Projects
                                                            #1 in Europe                                                                                    Integrated workplace solutions
                                                            #3 in the US market                                                                             Project business
                                                            for ventilators                                                                                 Gas management,
                                                                                                                                                            architectural systems
                                                                                                                                                            Medical lights
     Neonatal Care & Thermoregulation                                                               Lifecycle Solutions
                                                            #2 worldwide                                                                                    Training and service
                                                            #1 in Europe                                                                                    Consumables and
                                                            for incubators and                                                                              accessories
                                                            phototherapy                                                                                    Multivendor services

    Note: Market position based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales, for monitoring depending on market definition.

9 | 43
           Product and service overview – safety division

           The market leading technologies to save, support and protect peoples’ lifes, assets and the
           environment offer strong growth and margin prospects for Dräger in its attractive niche markets.

                                                                                     Safety division
      Gas Detection Systems                                                                         Occupational Safety Equipment
                                                            #1 position worldwide                                                                    Breathing protection and
                                                            and in Europe                                                                            air purifying respiratory
                                                            #3 in the US market                                                                      protection

      Alcohol Detection                                                                             Protecting Equipment
                                                            #1 worldwide                                                                             Protection equipment for
                                                                                                                                                     hazardous working

          Firefighter Breathing Apparatus                                                           Engineered Solutions
                                                            #2 worldwide in                                                                          Project business
                                                            integrated breathing                                                                     Engineered systems solutions
                                                            protection for fire                                                                      Management of selected
                                                            departments                                                                              customers’ safety processes

     Note: Market positions based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

10 | 43

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

                       2   Leading market positions in attractive sub- and niche markets

                       3   Technology and innovation leadership

                       4   Strong brand and long-term customer relationships

                       5   Resilient business model

                           Successful implementation of “turnaround program” providing significant
                           margin upside potential

11 | 43
1         Medical and safety technology providing long-term growth
          prospects in developed and emerging markets

                                                         Medical division                                         Safety division
                                     Global market for medical equipment expected to show        Very diversified markets with numerous product and
                                     7.3 %¹ average growth p.a. until 2014, significantly        service offerings
          Attractive                 exceeding growth in many other sectors
                                                                                                 Attractive growth prospects on the back of positive
                                     Strong growth prospects in both developed and               outlook for target sectors (e.g. oil and gas, mining,
                                     emerging markets                                            chemicals) and growing safety investments
          in sizeable
          markets …                  Relevant market volume around EUR 7 billion²                Relevant market volume around EUR 5 billion² with
                                                                                                 ~50 %² accounting for personal protection, 38 %² for gas
                                                                                                 detection, and 12 %² for engineered solutions

                                     Rapidly aging population and consequently increasing        Increasingly stricter safety regulations
                                     healthcare expenditure
          … in Europe                Increasing demand for medical equipment to improve          Rising environmental awareness
          and the US                 clinical workflows and efficiency                           Improved outlook for target markets
          …                          Old equipment with limited functionality; requires
                                     significant investments into new equipment

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

          1   Espicom Business Intelligence, The World Medical Markets Fact Book, June 2009.
          2   Dräger Group estimates.

12 | 43
2         Leading market positions in attractive sub- and
          niche markets

                                                 Anesthe-      #1 in Europe
                                                  siology      #2 in the US market
           Selected market leading positions

                                                Respiratory    #1 in Europe
                                                   Care        #3 in the US market

                                                 Neonatal      #2 worldwide
                                                               #1 in Europe

                                               Gas Detection   #1 worldwide and in Europe
                                                 Systems       #3 in the US market

                                                               #1 worldwide

                                                Breathing      #2 worldwide in integrated breathing protection for fire departments

                             Combine products to engineered systems and full lifecycle management solutions, including service, accessories
                             and consumables as well as continuous training organized and managed by the Dräger Academy.

          Note: Market positions based on Dräger’s market knowledge and its own assessment of market position; positions ranked according to net sales.

13 | 43
3         Technology and innovation leadership

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

          Approximately 1,000 employees in R&D around
          the globe
          EUR 149 million spent for R&D activities in 2009
          (approx. 7.8 % of net sales)
          Tradition for innovation and quality leadership
          Very close collaboration with customers to develop
          new and improve existing products
          R&D focus on integration of various products and
          services, e.g. Infinity M300
          Strong focus on optimization of R&D activities in
          the context of the turnaround program
          R&D strives to leverage advantage of using same         Babylog VN500              X-zone 5000              EIT device
          technology for different market segments and
          products (e.g. in gas sensors)                       Conventional and non-        Mobile detection     Allows to literally look
                                                               invasive ventilation for   system that emits an      into lungs during
          Technological competency and high quality              premature babies            alarm signal of     ventilation; based on
          standards result in leading market positions and                                  around 100dB as       Electric Impedance
          high barriers to entry                                                           soon as hazardous      Tomography (EIT)
                                                                                             gas is detected

14 | 43
4         Strong brand and long-term customer relationships

                   Well established “Dräger” brand                          In-depth customer understanding

           More than 120 years presence in many target               Strong focus on being very close to the customer
           markets                                                   In many cases, customers have been with
           Globally high brand recognition due to high               Dräger for decades
           innovation rate and internationality                      Customer intimacy secured by global marketing,
           Well known for product quality and reliability,           sales and service network with more than 5,500
           e.g. for anesthesiology and respiratory care in           employees
           medical division and gas detection systems in             Allows for targeted product and service offerings
           safety division                                           for individual markets (e.g. specific solutions for
           In the US, “Draegerman” is the generic term for           emerging markets)
           mine rescue staff and “Dräger-Tubes®” is                  Large installed base allows to gather broad market
           synonym for portable gas detectors                        feedback

                              “Draegerman”                                         “Dräger-Tubes®”
          The generic term for mine rescue staff in North America   The synonym for hazardous gas spot check in USA

15 | 43
5          Resilient business model

               Diversified market                                                                                                              Diversified customer
                                                                       Diversified business mechanics
                   segments                                                                                                                          portfolio

              Hospitals of all sizes                                                                                                           Paramedics
              Day clinics                                                                                                                      Anesthesiologists
              Maternity clinics                                                    Device selling                                              Respiratory therapists
              Rescue services                                                        business                                                  Neonatologists
              Fire departments                                                                                                                 Nurses
              Mining rescue                                                                                                                    Firefighters
              Oil, gas and chemical                                                                                                            Miners
              industry                                                                                                                         Security engineers
              Law enforcement
                                                                                                                                               Navy SEALS
                                                         management                                        Project and solution
                                                      (training, service,                                       business
                                                         spare parts,                                       (engineering, IT)
             Significant and stable                     consumables)                                                                         Diversified geographical
              after sales business                                                                                                                   exposure

          Net Sales medical division 2009                                                                                                  Net Sales group by region 2009
                                                                               Operating business,
                                                                                                                                                        Other 7 %   Germany
                                                                                shutdown safety                                                Asia/
                                                                                                                                                                     21 %
          Services                                                                 and rental                                                 Pacific
                                                                                                                                              13 %
           33 %                                                                  management

                                            Resilience of business model also driven by
                                               Comparatively lower cyclical exposure as different business mechanics have different time   Americas
                                               constants to react on changing environment                                                   18 %
                                                                                                                                                                        Rest of
                                               Comparatively high barriers to entry through technological competence, long-term customer
                                               relationships and in-depth understanding of customer needs, large installed base, product                                Europe
                                               reliability and regulatory constraints, strong brand                                                                      41 %

16 | 43
6         Successful implementation of turnaround program
          providing further margin upside

          With the turnaround program (initiated in Q2 2009), Dräger has initiated an ambitious cost saving
          and efficiency program, which has already delivered significant results.

          Cost saving effects (EUR million)1                                                                                          Key initiatives

          120                                                                           Reduction               Renegotiations of supplier contracts
                                                         100                            of material             Reduction of number of suppliers
          100                                                                              costs                Significant reduction in travel and telecommunication costs
                         64                                                                                      Enhanced efficiency in administrative functions
                                                                                      Reduction of               Closure of production plant in the Netherlands
              60                                                                       personnel                 (completed in Q2 2010)
                                                                                         costs                   Accommodation of capacity to market development (US)

              20                                                                        Efficiency               Implementation of production efficiency programs
                                                                                        enhance-                 Improved R&D processes and project management
               0                                                                          ments                  Reorganization of global sales and service force
                      2009A            2010E           2011E                                                     Consolidation of US facilities

               In 2009, EUR 64 million cost savings                                    Improved                 Already positive effects on cash flow in 2009 due to reduced net
               realized before EUR 19 million                                           liquidity               working capital
               implementation costs                                                   management                New tools and processes for working capital management
               Significantly above original 2009 target
               of approximately EUR 50 million before
               implementation costs of EUR 25 million                                  400 individual measures initially identified and dedicated project team set-up.

          1   Cost savings effects p.a. before implementation costs (against net sales, cost structure and exchange rates in 2008).

17 | 43
          Strategy for sustained profitable growth
          in highly attractive markets

          Building on a clearly defined strategy and enjoying the benefits of being a capital-markets-oriented
          family business, Dräger targets a 10 % Group EBIT margin in the mid-term.

                                                                                                     Growth Margin

            1               Expansion of leading market positions in attractive markets

            2                    Profitable expansion in emerging growth markets

            3                            Innovation process improvement

            4                  Further expansion of service and accessory business

            5         Continued profitability improvements through the turnaround program

            6             Manage diversity and capture synergies between the divisions

                           Continuity as capital-markets-oriented family business                        success

18 | 43
          Well-defined strategy to exploit strong growth potential
          and to grow the bottom line (1)
              Expansion of                   Continued focus on target markets with above-average growth potential (e.g. US)
             leading market
      1        positions in
                                             Build on market leading positions in key target markets
           attractive markets                Expand market shares through capitalizing on Dräger’s competitive strengths

                                             Particular growth potential seen in strongly growing markets in China, Brazil and India
                                             Capitalize on significant investments into China and Brazil done in previous years, including
                                             expansion of sales and service network and a build-up of specific market knowledge
             expansion in
      2     emerging growth                  Enhance engagement with partners in India to expand locally with R&D, manufacturing,
                markets                      sales and after sales business
                                             Enhance focus on the specific needs and product requirements of emerging markets;
                                             “walking the pyramid” strategy

                                                                                                                                        Focus US

                                                                                                                                        Growth focus

                                                                                                    China +19.21

                                                                                   India +5.91

           Production plants                              Brazil +20.21
           Sales and service organizations                                                                                      1CAGR   2007 to 2009 in %

19 | 43
          Well defined strategy to exploit strong growth
          potential and to grow the bottom line (2)

                                                     Continued development of new innovative products and introduction of product upgrades
            Innovation process
      3        improvement
                                                     Increasing net sales share of new products
                                                     Continued strong investments in R&D at a level of 2009 (EUR 149 million)

    Share on new products and facelifts medical division1

             New Products

          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. Facelifts 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.

20 | 43
          Well-defined strategy to exploit strong growth potential
          and to grow the bottom line (3)

                Further expansion                      Capitalize on large installed base to expand after sales business
      4           of service and                       Continued expansion of service and spare parts offering
               accessory business                      Focus on combined sale of equipment and after sales contracts

                 Continued profit-                     Turnaround program projected to yield significant additional cost savings going forward
                       ability                          – Measures clearly defined and implementation either completed or in progress
      5            improvements
                                                        – Covers cost savings and efficiency enhancements across all functional areas
                 through the turn-
                  around program                       EUR 100 million total run-rate cost savings to be achieved by 20111

                                                       Leverage “One Dräger” and benefit from Siemens buy-out through synergies between the divisions
                Manage diversity                       Efficiency benefits in administration and purchasing of about EUR 10 million from 2011 onwards
                   and capture                         Implement functional management structure also for sales and marketing
      6        synergies between                         – Manage the diversity of customer groups to improve the effectiveness for facilitating growth
                  the divisions                          – Save costs and improve efficiency to facilitate profitability
                                                       Benefit from running medical business independently of Siemens’ strategic interests

                                                       Strategy driven by long-term visions and sustainable decisions
       Continuity as capital-
      markets- oriented family
                                                       Positioning Dräger as a reliable partner for all stakeholder groups
             business                                  Capital markets orientation with clear commitment to corporate governance, transparency and
                                                       comprehensive investor communication

          1   Against net sales, cost structure and exchange rates in 2008.

21 | 43
          Financial overview

22 | 43
          Income statement – Dräger Group

          (EUR million)                                          2007                          2008                           2009                       Q1 2009          Q1 2010
          Net sales                                           1,819.5                       1,924.5                         1,911.1                               425.2     465.9

          % growth                                                    NA                        5.8 %                         -0.7 %                               NA       9.6 %

          COGS                                                  -953.4                     -1,038.2                        -1,079.4                          -232.2        -237.8

          Gross profit                                           866.1                          886.3                          831.7                          193.0         228.0

          R&D                                                   -121.9                         -142.0                         -149.4                              -37.2     -33.9²
          SG&A                                                  -614.5                         -623.8                         -596.6                         -151.0        -154.6
          Other1                                                    -5.3                         -14.8                            -5.7                              1.6      -2.8

          EBIT                                                   124.3                          105.8                            80.1                               6.5      36.8

          % margin                                               6.8 %                          5.5 %                          4.2 %                          1.5 %         7.9 %

          Net profit                                               64.7                           49.4                            32.5                             -0.1      18.7

          EBITDA                                                 180.4                          166.3                          146.0                              21.0       50.0

          % margin                                               9.9 %                          8.6 %                          7.6 %                          4.9 %        10.7 %
          1   Including financial result as reported which includes charges from valuation of Siemens’ cash-settled options but excludes net interest expenses.
          2   Decrease mainly driven by currency effects and discontinuation of an R&D project.

23 | 43
           Strong Q1 2010 results

                        Medical division (EUR million)                                            Safety division (EUR million)
          EBIT                                                                     EBIT
          margin               1.0 %                      13.2 %                   margin              6.4 %                         7.6 %

             400                                                                     400
             300       268.3                                                         300
                                                                                               163.0                         167.0
             200                                                                     200

             100                                                                     100
                                       2.7                                                                     10.5                          12.7
               0                                                                       0
                            Q1 2009                        Q1 2010                                  Q1 2009                       Q1 2010
                             Net sales                     EBIT                                      Net sales                    EBIT

              Strong Q1 2010 result, despite usual seasonality effects                Sales growth (2.5 % vs. Q1 2009) due to higher orders from
              Positive impact from extraordinary strong order intake in               industrial customers while orders from the public sector
              Q4 2009                                                                 decreased slightly
              Strong sales growth driven by strong increase in orders on              Increased EBIT margin (7.6 % vs. 6.4 % in Q1 2009) primarily
              hand (+31.1 % vs. Q1 2009), in particular from the US and               related to favourable changes in product mix to higher margin
              Brazil                                                                  products and currency effects
              Very good EBIT margin (13.2 % vs. 1.0 % in Q1 2009) based
              on better product mix, positive currency effects and in particular
              through further savings from the successful turnaround program

24 | 43
          Financial performance of medical division

             Net sales, EBIT and EBIT margin (EUR million)                                             Comments

                  6.7 %                   6.1 %              6.1 %          2009 vs. 2008
                                                                              Slight sales increase in difficult economic environment due to
          1,275                                                               positive developments in infrastructure projects and lifecycle
                                                           1,261.5            solutions segments
          1,250                                                               Negative currency effects were offset by higher than originally
                  1,209.4                                                     expected turnaround program savings resulting in a flat
          1,200                                                               EBIT margin (6.1 %)

                                                                            2008 vs. 2007
           300                                                                2.8 % rise in net sales particularly driven by higher volumes in
                                                                              South America, Russia and Southeast Europe
           250                                                                Decrease in EBIT margin to 6.1 % mainly due to product
                                                                              launches, product mix effects and currency effects

                            81.1                    75.5             76.7


                      2007                    2008                2009
                              Net sales                    EBIT

25 | 43
          Financial performance of safety division

                Net sales, EBIT and EBIT margin (EUR million)                                                                   Comments

                        10.9 %                      8.6 %                     4.5 %                  2009 vs. 2008
                                                                                                       Positive effects from higher public sector orders more than
                                                                                                       offset by decrease of orders from individual customers
                                                  706.8                                                Significant margin decrease to 4.5 % mainly related to write-offs
              700                                                                                      on deep-sea diving systems (EUR 30.0 million)
                                                                             676.9                     Without the write-offs, EBIT would have remained largely flat
              650                                                                                      despite a lower level of sales

              300                                                                                    2008 vs. 2007
                                                                                                       Strong sales growth driven by favourable business
              250                                                                                      development in Rest of Europe and Asia/Pacific
                                                                                                       EBIT margin decrease to 8.6 % due to currency effects and
              200                                                                                      shifts in product mix


                                    69.4                      61.0

                              2007                       2008                      2009

                                           Net sales                     EBIT
          1   Including one-off losses from deep-sea diving systems amounting to EUR 30.0 million.

26 | 43
          Cash flow statement – Dräger Group

          (EUR million)                             2007    2008    2009    Q1 2009   Q1 2010
          Group net profit                          64.7     49.4    32.5     -0.1     18.7
           Change in inventories                    -26.6   -25.9    33.1    -34.4     -46.4
           Change in accounts receivable            23.4      0.0    40.5    71.7      39.6
           Change in accounts payable                 4.8    21.0     2.6    -30.6      4.7
          Change in net working capital               1.6    -4.9    76.2     6.7       -2.1
          Depreciation and amortization             56.1     60.5    65.8    14.5      13.2
          Other operating cash flow items           42.6     -0.3    19.0    -15.2      -3.4
          Cash inflow from operating activities    165.0    104.7   193.5     5.9      26.2
          Net capital expenditures                 -125.0   -73.8   -41.0     -9.9      -6.5
          Other investing cash flow                  -0.5    -2.4    -1.4     -1.1      -0.2
          Cash outflow from investing activities   -125.5   -76.2   -42.4    -11.1      -6.7
          Free cash flow                            39.5     28.5   151.1     -5.1     19.5

27 | 43
          Outlook for 2010 and mid-term perspective

                                                                     2009                                        2010                                           Mid-term

                                                                                                        Growth in middle                               Growing faster than
                       Net sales                          EUR 1,911 million
                                                                                                          single-digits                                 relevant markets

                    EBIT margin                                     4.2 %                            7 – 8 % target margin¹                             10 % target margin¹

                                                                                                                                                       Positive EBIT effect
                    Turnaround                            Positive EBIT                                Positive EBIT effect
                                                                                                                                                        of EUR 100 million
                     program                        effect of EUR 64 million²                           of EUR 80 million²
                                                                                                                                                       from 2011 onwards²

          1   Assumes that the relevant markets develop steadily and that Dräger successfully executes its turnaround program. Before charges from re-valuation of Siemens cash-settled option.
          2   Against net sales and cost structure as well as exchange rates in 2008. Excluding implementation costs of EUR 19 million and EUR 10 million in 2009 and 2010 respectively.

28 | 43

                               Attractive markets each providing long-term growth prospects
                               Wide range of sub-markets and niche markets addressed by Dräger
             Our markets       All segments are related to life; quality and reliability are of greatest importance
                               Highly regulated products and high entry barriers for new entrants
                               Relationship-driven business less driven from one-off transactions

                               Leading market positions in attractive sub- and niche markets
                               Technology and innovation leadership
            Our strengths      Strong brand and long-term customer relationships
                               Resilient business model
                               Successful implementation of “turnaround program”

                               10 % EBIT margin target
                               Growth through expansion of market leading positions on a geographical scale, expansion
                               in emerging markets, new products, higher share of after sales, systems and solution
             Our strategy
                               business, manage diversity to improve effectiveness
                               Margin upside through continued turnaround program, innovation process improvements,
                               benefits from synergies between the division

                               “Technology for Life”: Dräger products protect, support and save lives
          Company principles
                               Continuity as capital-markets-oriented family business

29 | 43

          1. Management
          2. Finance calendar
          3. Contact

31 | 43

Executive Board of Drägerwerk Verwaltungs AG

Stefan Dräger            Gert-Hartwig Lescow   Dr. Herbert Fehrecke   Dr. Dieter Pruss
CEO                      CFO                   COO+CTO                Marketing and Sales,
                                                                      Safety division
          Finance calendar

          February 18, 2010   - Preliminaries 2009

          March 17, 2010      - Accounts press conference, Hamburg
                              - Analysts‘ meeting, Frankfurt

          May 5, 2010         - Report for the first three months 2010
                              - Conference call, Lübeck

          May 7, 2010         - Annual shareholders' meeting, Lübeck

          August 5, 2010      - Report for the first six months 2010
                              - Conference call, Lübeck

          November 4, 2010    - Report for the first nine months 2010
                              - Conference call, Lübeck

33 | 43

          Burkard Dillig               Vanina Herbst
          Spokesman                    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    +49 451 882-2185      Tel    +49 451 882-2685
          Fax    +49 451 882-3944      Fax    +49 451 882-3296
                                       Mobile +49 160 93980273


34 | 43

Shared By:
Description: Kapitalmarkt Pr sentation engl Facelifts