Embed Size (px)
Citation preview
Worldwide. On Site.
Drägerwerk AG & Co. KGaACapital Markets Presentation
November, 2017
Interim financial reports as well as preliminaries are not audited.
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.
2
Outlook
DrägerThe Company
Financials
3
protectDräger products
supportsave
lives,
and
.
4
Net sales developmentStrong growth independent of the global economy
Source: International Monetary Fund, World Economic Outlook Database
Net sales developmentDräger net sales in EUR million
Global gross domestic product
2,500
2,000
1,500
1,000
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
Stock-market crash
Stock-market crash
Stock-market crash
GulfWarGulfWarGulfWar
Mexican pesocrisis
Mexican pesocrisis
Mexican pesocrisis
Russianfinancial
crisis
Russianfinancial
crisis
Russianfinancial
crisis
Stock-marketcrash
Stock-marketcrash
Stock-marketcrash
IraqWarIraqWarIraqWar
Financialcrisis
Financialcrisis
Financialcrisis
5
6
55%25%
20%
Africa, Asia, AustraliaEurope
Americas
Net Sales: EUR
2.5 billionin 2016
70%
16%
14%
13,263employees
in 2016
Dräger-Sites25%
11%
10%
55%
Sales & Service Production, Quality,Logistics, Purchasing
R&D Administration
Production sites inEurope, America, Africa und AsiaSales and Service organizations worldwide
Safety~35 %
Medical~65 %
Dräger worldwideNet sales, sites and employees
MarketsOur customers
Fire services Oil and gas industry
Mining Chemical industry
Hospital
7
Other markets
8
Infinity Acute Care System Clincal software solutions Telemetry and IT-solutions
Medical supply units Medical Gas supply
systems Medical lights and video
solutions
Consumables and accessories
Classical-, Multivendor product service, Professional Service
Training
Anaesthesiology
Ventilation
Thermoregulation
Patient Monitoring & Clinical IT
Workplace Infrastructure
Hospital Consumables & Service
Intensive Care Operating Room Neonatal Care Hospital wideSolutions
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.
Anaesthesia workstations and vaporizers
#1 in Europe and #2 in the US market
Emergency & Transport-, Neonatal Care and Intensive Care ventilators
Respiratory monitoring #1 in Europe
Incubators and Warming Therapy
#2 worldwide and #1 in Europe
9
Breathing Systems
Gas Detection Systems
Personal Protection Equipment
Impairment Check Equipment
Engineered Solutions
Service
Fixed and mobile gas detection systems
#1 worldwide and #1 in Europe
Alcohol- and drugscreening devices
Interlock devices #1 worldwide and
#1 in Europe
Protection equipment for hazardous working environments
Body and Head protection, rescue and escape devices, Masks and Filters, etc.
Self-containedBreathing Appartus forfire fighters
#2 worldwide and #1 in Europe
Customer specific solutions
mobile and stationary firefighting training systems
Rescue chambers
Spareparts and consumables
Product Service 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.
Fire Service
Oil & Gas Chemical Mining Other Markets
10
Medical and safety technology providing long-term growth prospects in developed and emerging markets
Hospital
Attractive growth prospects in sizeable markets …
… in Europe and the US …
… as well as in emerging markets
Oil&Gas Chemical Mining FireService
Average expected annual market growth for the global medical equipment market significantly exceeding growth in many other sectors
Strong growth prospects in both developed and emerging markets
Very diversified markets with numerous product and service offerings
Attractive growth prospects for target sectors (e.g. industry) and growing safety investments
Rapidly aging population and consequently increasing healthcare expenditure
Increasing demand for medical equipment to improve clinical workflows and efficiency
Increasingly stricter safety regulations Rising environmental awareness Improved outlook for target markets
Strong growth of GDP and population resulting in a demand for improved medical services
Political benefits from investments in health care sector
Increasingly higher safety standards Increasing industrial hygiene awareness Strong growth of key customer sectors
11
Management of innovation rate through continuous improvements in quality and R&D processes
Expansion of market positions in attractive markets. Special focus on profitable growth in developing countries
Expansion of service and consumables business
FIT FOR GROWTH efficiency program
1
2
3
4
Strategy for profitable growth
12
1
Strong R&D focus Innovation to enhance future growth (examples)
Approximately 1,300 employees in R&D around the globe.
EUR 219 million spent for R&D activities in 2016 (8.7 % of net sales).
Certified test-center at Lübeck headquartersupports innovation- and approval process.
Qualitymanagement organization with >100 employees.
Very close collaboration with customers to develop new and improve existing products.
Technological competency and high quality standards result in leading market positions and high barriers to entry.
Technology and innovation leadership to drive profitable growth
Mview®
Integration of hand-held devices in thepatient monitoring
landscape ofhospitals.
Babyleo ®
Incuwarmer: combination of a
classical incubatorand warming bed
functionalities.
Regard® 7000
core controlling unitfor fixed gas
detection systems.
13
Investments in profitable
growth in developing countries
2
Focus on the specific needs of customer in developing countries Identify growth potential in strong growing markets like China, Brazil and India Capitalize on the significant investments into the Sales & Service infrastructure and
specific market knowledge, especially in our Regions Asia / Pacific, Central- and South-America
Enhance engagement with partners in developing countries to expand local presence with R&D, manufacturing, sales and after sales business
2
Net sales 2016
Developed Markets
77 %
Newly industrialized
countries23 %
Focused product range
Exploit growth potentials in developing countries
Fabius Plus XLVista 120Savina Color
14
Further expansion of service and
consumables business
3
Service- and consumables business a clear focus of our Sales activities
3
Dräger Services Dräger Consumables
Functionalities with added value, e.g. optimizing workflow with RFID-based communication between consumables part and therapy machine
Dräger quality to improve hygienic standards Dräger value add especially in development of
consumables. Production usually via suppliers Partly proprietary consumable products, e.g. Dräger-Tubes
Globally over 3,000 service technicians Fast and reliable service (repairs and spare parts) is a
critical factor for customers Dräger Service technicians important for customer loyalty Efficient service solutions via remote service Broad offerings of product service New services in the areas of Rental, Multi-Vendor and
Marine-offshore
Capitalize on large installed base to expand after sales business Focus on combined sale of equipment and after sales contracts Expansion of disposable consumables business
Das Bild kann zurzeit nicht angezeigt werden.
FIT FOR GROWTH Overview Initiatives
New governance model in Q1/16 implemented. 250 cost containment measures: ~70% of the measures implemented in 2016.
Remaining ~30% will be implemented in 2017. cost reduction net of FX and restructuring charges: -6.1% in 2016. Reduction of SGA ratio* to ~30% in 2017.
Improve SG&A expense ratio
SHAPE Optimize global Sales, Marketing & Administration set-up
Bring customer value faster to the market
Fit!
Improve workflow and delivery times
and reduce production cost
Global footprint
New Innovation organization implemented. Numerous changes in the innovation process (e.g. strengthen system and
platform based development, AGILE development, Dräger “Garage”, etc. ). Improve “Time to market” by 50% until 2019.
Optimize innovation set-up
New „Zukunftsfabrik“ in Lübeck (go-live in Q2/2016).
Transfer of production with high labor content to Czech Republic (completed).
Closure of Pittsburgh site (completed).
Optimize production set-up
4
15
* at comparable FX rates Jan. 2016 and before possible on-off expenses for restructuring or similar
Financials
16
Business developmentDräger Group
17
Note: restructuring charges included in FY EBIT: EUR 35 million in 2015, EUR 10 million in 2016; EUR 10 million (planned) in 2017
2013 9M 2016 9M 2017
€ million € million
Net Sales 1,704.3 1,737.0 % growth (FX adjusted) -2.6% 2.4%
Gross margin 43.9% 44.7%
Functional Expenses -720.5 -730.3 % of Net Sales -42.3% -42.0%
EBIT 28.1 43.5 EBIT Margin 1.6% 2.5%
DVA 6.7 67.0
2015
€ million
2,608.9 2.9%
€ million
200.8 8.5%
113.9
-942.2 -39.7%
2,374.2 3.1%
48.3%
178.6
-39.7%
81.6
-967.8
7.3%
-46.3
-1,098.4 -42.1%
66.7 2.6%
49.8
2014
€ million
2,434.7
2016
€ million
2,523.8 -1.5%
45.0%
4.0%
46.7% 44.9%
-999.2 -39.6%
136.9 5.4%
Key figuresDräger Group
18
9M 2016 9M 2017
€ million € million
Cashflow (from operating activities) 90.9 78.5 Investments 71.1 63.7
Cash and cash equivalents1 173.9 200.4
Net financial debt1 121.0 16.1 Net financial debt 1/EBITDA 2 0.68 0.07
Capital employed 1 1,238.7 1,213.7 ROCE (EBIT 2/Capital employed 1) 7.6% 12.6%
Net Working Capital1 553.1 537.7
Headcount1 13,2921 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months
1,107.2 16.1%
13,936
39.9
196.9
172.8
145.3 0.96
110.6
232.1
0.04
13,334
110.0 0.4
1,052.9 19.1%
524.3
2013
€ million
68.3
€ million
188.0
124.7
296.9
10.7
539.4
2015
€ million
13,737
2014
€ million
195.3
99.9
221.5
13,263
2016
1,269.3 5.3%
582.3
34.7 0.16
1,247.0 11.0%
563.2
Outlook
19
Outlook
2016 2017e
Net Sales(net of currency effects)
- 1.5 % 0.0 % – 3.0 %
EBIT margin 5.4 % 5.0 % – 7.0 %*
Gross profit margin 45.0 % 44.0 – 46.0 %
Dräger Value Added EUR 49.8m EUR 40m – 90m
* based on exchange rates at the start of the year 2017
20
Guiding philosophyWhat we stand for
21
Das Bild kann zurzeit nicht angezeigt werden.
22
Dräger management
Fifth generation of the Dräger family to lead the company
Chairman of the Executive Board (Chief Executive Officer)
At Dräger since 1992
Stefan Dräger
Vice Chairman of the Executive BoardExecutive Board member for Finance and IT
At Dräger since 2008
Gert-Hartwig Lescow
Executive Board member for Purchasing, Production and Logistics
At Dräger since 2015
Rainer Klug Dr. Reiner Piske
Executive Board member for Human Resources
At Dräger since 2015
Executive Board member for Innovation and Quality
At Dräger since 2010
Anton Schrofner
Responsible for the Americas region
Responsible for the Europe region
Responsible for the Africa, Asia and Australia regions
23
24
Shareholder structure
ShareholdingCommon shares
67.2 %
28.8%
4.0%
Dr. Heinrich Dräger GmbHFree floatMembers of the Dräger family
10,160,000 common shares (28.8 % free float)7,600,000 preferred shares (100.0 % free float)
ShareholdingDr. Heinrich Dräger GmbH
Stefan Dräger GmbHDräger FoundationSuccessors of Dr. Heinrich Dräger
58.7%
23.2%
18.1%
Guidance 2017
25
2016 Forecast 2017
Net sales -1.5%(net of currency effects)
0.0 - 3.0%(net of currency effects)
EBIT margin 5.4% 5.0 - 7.0%1
Dräger Value Added EUR 49.8 million EUR 40 - 90 million
Other forecast figures:Gross margin 45.0% 44.0 - 46.0 %
Research and development costs EUR 219 million EUR 230 - 245 million
Interest result EUR -15.5 million EUR -13 to -17 million
Days wokring capital (DWC) 121.7 days Slight improvement
Investment volume EUR 99.9 million EUR 90 - 105 million
Net financial debt EUR 34.7 million Improvement
1 Based on exchange rates at the start of the year2 excluding company acquisitions
Business Development Segments
26
2012 2013 2014 2015 2016SEGMENT EUROPEOrder Entry 1 € million 1,396.8 1,322.4 1,357.0 1,391.0 1,382.5Net Sales 1 € million 1,367.8 1,333.5 1,362.2 1,420.7 1,384.3EBIT € million 142.4 131.2 128.5 59.4 84.5EBIT margin % 10.4 9.8 9.4 4.2 6.1
SEGMENT AMERICAOrder Entry 1 € million 453.2 465.2 461.5 496.8 515.0Net Sales 1 € million 455.8 458.7 471.2 509.1 503.7EBIT € million 16.3 8.5 -0.4 -18.6 10.3EBIT margin % 3.6 1.8 -0.1 -3.7 2.0
SEGMENT AFRICA, ASIA, AUSTRALIAOrder Entry 1 € million 555.5 597.0 597.0 644.5 641.2Net Sales 1 € million 549.8 581.9 601.3 679.1 635.8EBIT € million 71.5 61.2 50.5 25.8 42.1EBIT margin % 13.0 10.5 8.4 3.8 6.6
1 years 2012–2014 were adjusted pro-forma due to the change in segment reporting.
For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website
Business developmentSegments
27
Europe Americas Africa, Asia, Australia Dräger GroupQ3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017
€ million € million € million € million € million € million € million € million
Order entry 336.7 343.2 134.7 120.4 156.6 162.7 628.0 626.3
Net Sales 325.0 342.4 119.7 117.1 148.2 161.5 592.9 621.0
EBITDA 25.8 33.3 5.9 -0.1 11.5 12.6 43.2 45.7
EBIT 15.5 23.0 0.3 -5.5 6.8 6.9 22.5 24.4
EBIT-margin 4.8 6.7 0.2 -4.7 4.6 4.3 3.8 3.9
Capital Employed1 572.5 565.6 298.5 284.2 367.7 364.0 1,238.7 1,213.7
ROCE1,2 10.7 17.9 -1.5 3.4 10.3 11.5 7.6 12.6
DVA 20.8 61.8 -24.9 -11.2 10.8 16.4 6.7 67.0 1 Values at due date2 EBIT of the last twelve months
Business developmentSegments
28
Europe Americas Africa, Asia, Australia Dräger Group9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017
€ million € million € million € million € million € million € million € million
Order entry 1,009.9 1,050.0 371.2 379.5 468.0 498.9 1,849.1 1,928.3
Net Sales 949.2 960.7 335.9 344.7 419.3 431.5 1,704.3 1,737.0
EBITDA 56.2 72.3 7.6 6.6 25.9 27.0 89.7 105.8
EBIT 25.7 42.3 -8.7 -9.4 11.0 10.6 28.1 43.5
EBIT-margin 2.7 4.4 -2.6 -2.7 2.6 2.5 1.6 2.5
Capital Employed1 572.5 565.6 298.5 284.2 367.7 364.0 1,238.7 1,213.7
ROCE1,2 10.7 17.9 -1.5 3.4 10.3 11.5 7.6 12.6
DVA 20.8 61.8 -24.9 -11.2 10.8 16.4 6.7 67.0 1 Values at due date2 EBIT of the last twelve months
Business Development medical and safety products
29
For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website
2012 2013 2014 2015 2016
MedicalOrder Entry € million 1,558.9 1,559.3 1,569.8 1,646.0 1,662.6Net Sales € million 1,558.4 1,545.2 1,577.2 1,698.8 1,647.4
EBIT € million 151.0 126.1 107.6 46.2 85.3EBIT margin % 9.7 8.2 6.8 2.7 5.2
SafetyOrder Entry € million 846.5 825.3 845.7 886.2 876.1Net Sales € million 815.1 829.0 857.5 910.1 876.5EBIT € million 79.2 74.7 71.0 20.5 51.6EBIT margin % 9.7 9.0 8.3 2.2 5.9
Business developmentMedical products
30
Q3 2016 Q3 2017 9M 2016 9M 2017€ million € million € million € million
Order entry 417.4 412.4 -1.2 1.4 1,218.1 1,253.4 2.9 3.3
Europe 206.1 210.0 1.9 2.2 614.5 624.7 1.7 2.0
America 96.3 84.0 -12.7 -8.2 256.2 265.5 3.6 3.5
Africa, Asia, Australia 115.0 118.4 3.0 7.8 347.4 363.2 4.6 5.6
Net Sales 389.8 399.9 2.6 4.8 1,093.9 1,106.3 1.1 1.6
Europe 199.9 202.4 1.2 1.7 558.5 564.2 1.0 1.5
America 81.4 83.2 2.2 6.2 230.0 233.4 1.5 1.4
Africa, Asia, Australia 108.6 114.3 5.3 9.7 305.4 308.6 1.0 1.9
EBIT 16.8 9.1 -45.5 7.7 4.7 -38.6
EBIT-margin 4.3 2.3 0.7 0.4
Change% (FX adj.)
Change% %
Change% (FX adj.)
Change
Business developmentSafety products
31
Q3 2016 Q3 2017 9M 2016 9M 2017
€ million € million € million € million
Order entry 210.6 213.9 1.5 3.5 631.0 674.9 7.0 7.6
Europe 130.6 133.2 2.0 3.0 395.4 425.3 7.5 9.0
America 38.4 36.3 -5.2 -1.3 115.0 114.0 -0.9 -1.4
Africa, Asia, Australia 41.7 44.3 6.2 9.8 120.5 135.6 12.5 11.9
Net Sales 203.1 221.1 8.9 11.3 610.4 630.7 3.3 4.0
Europe 125.1 140.0 11.9 13.6 390.7 396.5 1.5 2.8
America 38.4 33.9 -11.6 -7.7 105.8 111.3 5.2 4.8
Africa, Asia, Australia 39.6 47.2 19.2 22.4 113.9 122.9 7.9 7.3
EBIT 5.7 15.2 > +100 20.4 38.8 90.2
EBIT-margin 2.8 6.9 3.3 6.1
Change
% (FX adj.)
Change
%
Change Change
% % (FX adj.)
Functional expenses
32
9M 2016 9M 2017 Changenet of FX and restructuring
€ million € million %
R&D -163.4 -171.7 5.5 % of Net Sales -9.6% -9.9%
SG&A -554.5 -556.1 2.3 % of Net Sales -32.5% -32.0%
Other operating income -2.7 -2.5
Functional Expenses total -720.5 -730.3 3.0 % of Net Sales -42.3% -42.0%
Headcount1 13,292 13,6421 Values as of reporting date
13,334 13,737 13,936 13,263
-861.2 -33.0%
-1,098.4 -42.1%
-762.1 -30.2%
-39.7% -39.6%
-2.2 -6.6 -6.1 -18.1
-999.2
-231.1 -8.9%
2015
€ million€ million
-201.5 -8.5%
-738.4 -31.1%
-942.2
2013
-212.0
-30.8%
-967.8 -39.7%
€ million
2014
-8.7%
-749.2
2016
€ million
-219.0 -8.7%
Cash-flow statement
33
9M 2016 9M 2017€ million € million
Group net profit 119.9 104.7 33.3 81.7 12.5 24.5
Change in inventories -36.5 -1.2 -5.4 17.4 -59.1 -84.4
Change in receivables -69.5 1.6 -44.6 31.3 133.2 109.2
Change in payables 6.4 25.2 -22.8 -10.2 -31.0 -10.9
Depreciation and amortization 69.0 77.0 84.2 85.8 61.6 62.4
Other operating cash flow items -31.1 -19.3 -4.8 -10.6 -26.4 -22.3
Operating cash flow 68.3 188.0 39.9 195.3 90.9 78.5
Investing cash flow -86.5 -102.6 -167.0 -77.3 -59.6 -48.8
Free cash flow -18.2 85.4 -127.1 118.1 31.3 29.7
Financing cash flow -70.8 -26.3 -1.3 -70.0 -28.2 -43.0
Change in cash1 -88.9 59.0 -128.4 48.1 3.1 -13.3
Cash and cash equivalents2 232.1 296.9 172.8 221.5 173.9 200.4 1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values as of reporting date
2013 2014 2016€ million
2015€ million € million € million
Consolidated balance sheet
34
31 Dec 2015 31 Dec 2016 Change€ million € million %
Intangible Assets 351.8 347.6 -1.2 Property, plant and equipment 406.4 420.9 3.6 Other noncurrent assets 149.0 150.1 0.7 Noncurrent assets 907.2 918.6 1.3
Inventories 402.0 386.8 -3.8 Trade receivables 711.3 681.7 -4.2 Other current assets 114.8 103.8 -9.6 Cash and cash equivalents 172.8 221.5 28.2 Current assets 1,400.9 1,393.8 -0.5
Total assets 2,311.4 2,312.3 0.0
Consolidated balance sheet
35
31.12.2015 31.12.2016 Change€ million € million %
Equity 945.9 1,003.5 6.1
Liabilities from participation certificates 21.8 22.7 4.2 Provisions for pensions and similar oblig 288.1 318.3 10.5 Noncurrent interest bearing loans 138.1 188.6 36.6 Other noncurrent liabilities 97.8 108.6 11.0 Noncurrent liabilities 545.9 638.2 16.9
Current Provisions 233.0 211.2 -9.3 Current loans and liabilities to banks 169.7 57.0 -66.4 Trade payables 186.4 179.8 -3.6 Other current liabilities 230.5 222.6 -3.5 Current liabilities 819.6 670.6 -18.2
Total equity and liabilities 2,311.4 2,312.3 0.0
36
Innovation rate
Share on new products and upgrades medical1
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.
New productsUpgrades
Net sales
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
20%
23%
7%
20152012
10%
27%
33%
28%
2013
6%
34%
22%
2014
10%
32%
18%
2%2016
20%
22%
2%2017 H1
24%
Earnings per share
37
* excluding minimum dividend, after taxes** the EPS is not in accordance with IAS 33
2012 2013 2014 2015 2016Net profit in '000 € 135,680 119,895 104,666 33,288 81,736Earnings attrib. to non-controlling interests in '000 € 3,319 563 105 287 345
Szenario: 100% distribution:pay-out ratio 100% 100% 100% 100% 100%Earnings attrib. to participation certificates* in '000 € 35,523 31,917 27,686 8,530 20,537Earnings attrib. to shareholders in '000 € 96,838 87,415 77,085 25,044 60,855
Earnings per common share € 5.84 5.24 4.52 1.40 3.40Earnings per preferred share € 5.90 5.30 4.58 1.46 3.46
Szenario: actual/proposed distributionpay-out ratio 15.1% 15.1% 30.1% 10.9% 4.5%Earnings attrib. to participation certificates* in '000 € 5,325 4,780 8,174 909 895Earnings attrib. to shareholders in '000 € 127,036 114,553 96,598 32,665 80,496
Earnings per common share** € 7.67 6.88 5.67 1.83 4.51Earnings per preferred share** € 7.73 6.94 5.73 1.89 4.57
March 8, 2018 - Annual accounts press conference- Analysts’ meeting
April 26, 2018 - Report for the first three months 2018 Conference call
May 4, 2018 - Annual shareholders' meeting, Lübeck, Germany
July 26, 2018 - Report for the first six months 2018 Conference call
October 30, 2018 - Report for the first nine months 2018 Conference call
Financial calendar 2018
38
39
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 +49 451 882-3296Mobile +49 170 8558152 Mobile +49 151 12245295
[email protected] [email protected] www.draeger.com
Contact
