Dürr AG — Interim / Quarterly Report 2016

Nov 10, 2016

Interim State m ent

January 1 to Septe m ber 30, 2016

www.durr.COM

Contents

3	Key figures
4	Highlights
5	Management report
19	Consolidated statement of income
20	Consolidated statement of comprehensive income
21	Consolidated statement of financial position
22	Consolidated statement of cash flows
23	Consolidated statement of changes in equity
24	Financial calendar
24	Contact

Cover photo:

Dürr's new EcoRP E043i is the first painting robot to feature seven rotational axes. This opens up new possibilities and cost-cutting potential. Our third robot generation is controlled by the new EcoRCMP 2 Smart controller.

Key figures for the Dürr Group (IFRS)

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	2,929.8	2,694.6	940.5	899.1
Order backlog (September 30)	€ m	2,722.5	2,682.6	2,722.5	2,682.6
Sales revenues	€ m	2,608.4	2,761.7	901.5	988.2
Gross profit	€ m	616.2	593.0	208.2	213.0
EBITDA	€ m	240.7	248.6	83.4	101.8
EBIT	€ m	181.5	189.8	62.5	81.8
EBIT before extraordinary effects1	€ m	196.7	210.1	78.4	83.9
Earnings after tax	€ m	120.6	110.9	42.8	57.4
Earnings per share	€	3.40	3.10	1.19	1.61
Gross margin	%	23.6	21.5	23.1	21.6
EBIT margin	%	7.0	6.9	6.9	8.3
EBIT margin before extraordinary effects1	%	7.5	7.6	8.7	8.5
Cash flow from operating activities	€ m	54.0	- 2.8	138.5	- 13.7
Cash flow from investing activities	€ m	- 154.9	- 29.4	- 15.6	- 18.7
Cash flow from financing activities	€ m	192.3	- 155.4	- 15.5	- 7.2
Free cash flow	€ m	- 17.4	- 74.7	121.1	- 38.5
Capital expenditure	€ m	56.1	61.8	17.5	25.6
Total assets (September 30)	€ m	3,204.4	2,915.7	3,204.4	2,915.7
Equity (with non-controlling interests)
(September 30)	€ m	749.5	646.7	749.5	646.7
Equity ratio (September 30)	%	23.4	22.2	23.4	22.2
ROCE 2	%	33.0	40.8	34.1	52.7
Net financial status (September 30)	€ m	21.1	34.6	21.1	34.6
Net working capital (September 30)	€ m	267.7	293.2	267.7	293.2
Employees (September 30)		15,167	14,710	15,167	14,710

Dürr share

ISIN: DE0005565204
High³	€	79.50	109.80	79.50	90.30
Low³	€	49.52	58.22	49.52	58.22
Close3	€	74.72	62.79	74.72	62.79
Average daily trading volumes	Units	186,903	163,561	120,289	208,544
Number of shares (weighted average)	Thous.	34,601	34,601	34,601	34,601
Earnings per share	€	3.40	3.10	1.19	1.61

Minor variances may occur in the computation of sums and percentages in this statement due to rounding.

1 Composition of 9M 2016 extraordinary effects (net € -15.2 million):

• Cost of purchase price allocation for the HOMAG Group, trailing costs for the termination of the HOMAG Group's employee participation program, closure of two sites, sale of industrial cleaning technology (Dürr Ecoclean)

• Income from the sale of real estate

2 Annualized 3 Xetra

Highlights 9M/Q3 2016

• Increase in order intake:
• 9M 2016: up 9%
• Q3 2016: up 5%
• Orders on hand: € 2.7 billion, up 10% on the end of 2015
• Sales down on the previous year as expected:
• 9M 2016: down 6% (of which 2.4 percentage points due to currency-translation effects)
• Q3 2016: down 9%
• EBIT margin before extraordinary effects stable despite lower sales and negative currency-translation effects:
• 9M 2016: 7.5% (previous year: 7.6%)
• Q3 2016: 8.7% (previous year: 8.5%)
• EBIT before extraordinary effects:
• 9M 2016: down 6% to € 197 million
• Q3 2016: down 7% to € 78 million
• Cash flow significantly improved in Q3 and also up on 9M 2015
• Full-year outlook for 2016 confirmed:
• Order intake: € 3.5 to 3.7 billion
• Sales: € 3.4 to 3.6 billion
• EBIT margin before extraordinary effects: 7.0 to 7.5%

Management report

Business performance*

Underlying conditions/industry

There has been no material change in the underlying macroeconomic conditions in the year to date. Automotive sales have also been steady, remaining stable at a high level in North America, while showing surprisingly strong growth in China. Mechanical engineering as a whole drifted sideways. By contrast, order intake of the wood-processing machinery industry is expected to rise by a good 5% in Germany in 2016.

Order intake up on original forecast and strong previous year

In the first nine months of 2016, order intake climbed by 8.7% to € 2,929.8 million. Without negative currency-translation effects, growth would have been 2.2 percentage points higher. Orders exceeded the previous year in all three quarters, coming to € 940.5 million in the third quarter.

The growth in new orders in the first nine months was underpinned by all five divisions. Consequently, we were able to widen our market share in all areas of activity. At 20%, the greatest order growth was achieved by Measuring and Process Systems. Paint and Final Assembly Systems recorded growth of 4%, Application Technology of 15%, Clean Technology Systems of 6% and Woodworking Machinery and Systems (HOMAG Group) of 5%.

Order intake from the emerging markets (Asia excluding Japan, South and Central America, Africa, Eastern Europe) dropped by 8.1% over the first nine months of 2015 to € 1,266.1 million, accounting for 43.2% of total new orders within the Group.

The 40% decline in China was conspicuous. After the wave of expansion in 2012 to 2014 and the muted car sales figures in summer 2015, the Chinese automotive industry temporarily scaled back its capital expenditure. Order receipts in China had repeatedly fluctuated in earlier years as well. Given the good automotive sales in the current year and the correspondingly high capacity utilization of many plants, a greater number of investment projects are likely to be awarded in China again from mid-2017. This could also include orders from producers of electric vehicles as electromobility is growing swiftly in importance in China.

New orders in North America rose sharply by 55.2%, reaching a very high value of € 930.4 million. Among other things, this was due to a large contract placed by a US automotive OEM for the construction of a final assembly plant. Order intake in Europe (excluding Germany) and Asia/Africa/Australia (excluding China) was also very gratifying with growth of 19% and 21%, respectively. The fact that order receipts rose despite regional fluctuations once again confirms the importance of our broad regional footprint for the Group's stability.

* This interim statement has been prepared in accordance with the International Financial Reporting Standards (IFRS).

Order intake (€ m) January-September 2016

€ m	9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	2,929.8	2,694.6	940.5	899.1
Sales revenues	2,608.4	2,761.7	901.5	988.2
Order backlog (September 30)	2,722.5	2,682.6	2,722.5	2,682.6

Rising orders on hand

As expected, sales contracted by 5.6% to € 2,608.4 million in the first nine months of 2016 and by 8.8% in the third quarter. They had been extraordinarily high in the previous year as Paint and Final Assembly Systems was able to execute projects that had been delayed by customers in 2014. In addition, sales revenues in the current year received a damper (2.4 percentage points) from negative currency-translation effects.

Service business remained consistently strong, with revenues rising by 9.9% to € 716.8 million in the first nine months of 2016, equivalent to 27.5% of Group revenues.

Regionally, sales revenues were spread evenly. Germany accounted for 15%, the rest of Europe for 28%, North and South America for 24% and Asia/Africa/Australia for 33%. At 49%, the share contributed by the emerging markets was largely steady.

The book-to-bill ratio came to a favorable 1.1. Orders on hand rose by € 256.8 million over the end of 2015 to € 2,722.5 million.

Q3: increase in operating EBIT margin to 8.7%

Gross profit rose by 3.9% to € 616.2 million in the first nine months of 2016. The growth in more lucrative service business more than made up for the adverse effects caused by the decline in Group sales. The gross margin widened to 23.6% in the first nine months, up from 21.5% in the same period of the previous year, also remaining at a high level (23.1%) in the third quarter.

Functional costs, which also include research and development expenses, climbed by 7.0% to € 437.6 million in the first nine months of 2016. This was partly due to the preparation of Dürr's biannual "Open House" held in October in Bietigheim-Bissingen. Other operating income net of other operating expense came to € 2.9 million (9M 2015: € 5.6 million).

Reflecting the decline in sales and negative currency-translation effects, EBIT dropped to € 181.5 million in the first nine months of 2016 (9M 2015: € 189.8 million). This included extraordinary expenses of € 20.1 million (9M 2015: € 20.3 million), of which € 15.9 million were recognized in the third quarter (Q3 2015: € 2.1 million). In the year to date, extraordinary expenses have arisen for the following reasons:

• Closure of two small production sites in Austria and Germany (Paint and Final Assembly Systems and Woodworking Machinery and Systems)
• Trailing costs arising from the termination of the HOMAG Group's employee capital participation program
• Transaction costs in connection with the sale of industrial cleaning technology business (Dürr Ecoclean Group, see "Significant events" for more information)
• Purchase price allocation effects in connection with the acquisition of HOMAG

The extraordinary expense included in EBIT was accompanied by extraordinary income of € 4.9 million from the sale of a real estate asset in the United States in the first quarter of 2016. On balance, extraordinary effects were therefore valued at € -15.2 million (9M 2015: € -20.3 million).

In operating terms, i.e. before extraordinary effects, the EBIT margin widened from 8.5% to 8.7% in the third quarter of 2016. This was due to the fact that operating EBIT came to € 78.4 million, thus falling only 6.6% short of the previous year's figure despite the 8.8% decline in sales in the third quarter. With operating EBIT coming to € 196.7 million in the first nine months of 2016, the operating EBIT margin amounted to 7.5% after 7.6% in the previous year.

After extraordinary effects, the EBIT margin widened slightly to 7.0% in the first nine months of 2016 (9M 2015: 6.9%) but narrowed from 8.3% to 6.9% in the third quarter as most of the extraordinary expense arose in this period.

Given depreciation and amortization of € 59.2 million, EBITDA dropped by 3.2% to € 240.7 million in the first nine months of 2016. Net finance expense improved by € 7.7 million to € 11.1 million. The main reason for this was the substantial reduction in extraordinary expenses in connection with the domination and profit transfer agreement with HOMAG Group AG.

9% increase in earnings after tax

As expected, the tax rate and tax expense returned to normal levels in the first nine months of 2016 (29.2% and € 49.8 million, respectively; 9M 2015: 35.2% and € 60.1 million, respectively). This was due to the absence of the non-recurring effects which had arisen in the same period of the previous year as a consequence of the domination and profit transfer agreement with HOMAG Group AG. Accordingly, earnings after tax rose by 8.8% to € 120.6 million.

		9M 2016	9M 2015	Q3 2016	Q3 2015
Sales revenues	€ m	2,608.4	2,761.7	901.5	988.2
Gross profit	€ m	616.2	593.0	208.2	213.0
Selling and administrative expenses	€ m	360.9	339.2	116.6	108.7
R&D expenses	€ m	76.7	69.6	28.1	23.4
EBITDA	€ m	240.7	248.6	83.4	101.8
EBIT	€ m	181.5	189.8	62.5	81.8
EBIT before extraordinary effects1	€ m	196.7	210.1	78.4	83.9
Net finance expense	€ m	- 11.1	- 18.8	- 3.9	- 1.6
EBT	€ m	170.5	171.0	58.6	80.2
Income taxes	€ m	- 49.8	- 60.1	- 15.8	- 22.8
Earnings after tax	€ m	120.6	110.9	42.8	57.4
Earnings per share	€	3.40	3.10	1.19	1.61
Gross margin	%	23.6	21.5	23.1	21.6
EBITDA margin	%	9.2	9.0	9.3	10.3
EBIT margin	%	7.0	6.9	6.9	8.3
EBIT margin before extraordinary effects1	%	7.5	7.6	8.7	8.5
EBT margin	%	6.5	6.2	6.5	8.1
Return on sales after taxes	%	4.6	4.0	4.7	5.8
Interest coverage	%	13.4	9.0	12.8	30.9
Tax rate	%	29.2	35.2	26.9	28.5

INCOME STATEMENT AND PROFITABILIT Y RATIOS

Composition of 9M 2016 extraordinary effects (net € -15.2 million):

• Cost of purchase price allocation for the HOMAG Group, termination of the HOMAG Group's employee capital participation program,

closure of two sites, sale of industrial cleaning technology (Dürr Ecoclean)

• Income from the sale of real estate

Significant events

On August 8, 2016 we signed a contract for the sale of 85% of the shares in the Dürr Ecoclean Group to Chinese engineering and machinery company Shenyang Blue Silver Group (SBS Group). With annual sales of around € 200 million and an EBIT margin of roughly 6%, the Dürr Ecoclean Group, which is part of the Measuring and Process Systems division, is the global market leader in cleaning and surface-treatment systems for industrial parts. The main rationale for the decision was the fact that Dürr Ecoclean has better prospects for consolidating the competitive environment and for further growth outside the Dürr Group. The SBS Group will probably acquire the shares at the end of 2016; preparations for closing the contract are currently ongoing. The calculation of the proceeds from the sale is based on the Dürr Ecoclean Group's enterprise value of around € 120 million. After transaction costs, we expect a book gain in the low double-digit millions (euros), meaning that reported EBIT would rise by this amount. Dürr will be initially retaining 15% of Ecoclean's capital but may sell it at a later date. Dürr Ecoclean's results will be included in the income statement in full until the end of 2016. Ecoclean's assets have been reclassified as held-for-sale in the balance sheet.

Financial position

Cash flow1

€ m	9M 2016	9M 2015	Q3 2016	Q3 2015
Earnings before taxes	170.5	171.0	58.6	80.2
Depreciation and amortization	59.2	58.8	20.9	20.0
Net interest expense	13.7	21.4	5.0	2.7
Income tax payments	- 51.5	- 49.4	- 13.0	- 9.9
Change in provisions	- 16.8	17.0	- 4.5	- 3.9
Change in net working capital	- 97.6	- 201.8	38.6	- 115.2
Other items	- 23.5	- 19.8	33.0	12.4
Cash flow from operating activities	54.0	- 2.8	138.5	- 13.7
Interest payments (net)	- 15.4	- 10.3	0.0	0.8
Capital expenditure	- 55.9	- 61.6	- 17.5	- 25.6
Free cash flow	- 17.4	- 74.7	121.1	- 38.5
Other cash flows (incl. dividend)	- 90.9	- 58.5	- 9.7	- 15.6
Change in net financial status	- 108.3	- 133.2	+111.4	- 54.1

Currency translation effects have been eliminated from the cash flow statement. Accordingly, the cash flow statement does not fully reflect all changes in balance sheet positions as shown in the statement of financial position.

Strong cash flow improvement in Q3

Cash flow from operating activities improved sharply in the third quarter again after dipping into negative territory in the first half of the year. Accordingly, there was a positive cash flow from operating activities of € 54.0 million in the first nine months (9M 2015: € -2.8 million). The cash outflow in the first half of the year arose from changes in provisions and payments made for the HOMAG Group's employee capital participation program, which had been terminated in 2015. On top of this, net working capital (NWC) rose as expected by € 136.2 million in the first half. This was primarily due to the fact that the above-average volume of prepayments received in the previous years returned to normal, while prepayments were increasingly used for order execution. The expected turnaround started after the middle of the year, with NWC dropping by € 38.6 million again. We assume that cash flow will continue to grow in the fourth quarter as no further accumulation of NWC is planned.

Cash flow from investing activities came to € -154.9 million in the first nine months of 2016 (9M 2015: € -29.4 million). One decisive factor in this connection was the fact that we invested proceeds from the bonded loan issued in April 2016 (nominal € 300 million) in term deposits. In addition, proceeds were generated from the sale of assets together with outflows for capital expenditure on property, plant and equipment and intangible assets.

Capital expenditure on property, plant, and equipment and intangible assets shrank to € 56.1 million in the first nine months of 2016 (9M 2015: € 61.8 million), including an amount of € 13.9 million for intangible assets. € 1.2 million was spent on minor equity acquisitions and other financial assets.

€ m	9M 2016	9M 2015	Q3 2016	Q3 2015
Paint and Final Assembly Systems	15.8	15.9	4.3	8.0
Application Technology	12.6	14.0	4.5	5.5
Measuring and Process Systems	5.5	4.8	1.3	1.5
Clean Technology Systems	4.5	5.2	1.9	2.8
Woodworking Machinery and Systems	15.7	19.9	4.9	6.7
Corporate Center	2.0	2.0	0.7	1.1
Total	56.1	61.8	17.5	25.6

1 on property, plant and equipment and on intangible assets (excluding acquisitions)

The cash flow from financing activities of € 192.3 million (9M 2015: € -155.4 million) particularly reflects proceeds from the issue of the bonded loan. On the other hand, cash outflows were caused by the dividend distribution and interest payments.

At € 121.1 million, the free cash flow was in distinctly positive territory in the third quarter. A slightly negative figure of € -17.4 million arose in first nine months, compared with € -74.7 million in the same period of the previous year.

The dividend distribution and the negative free cash flow in the first nine months of the year caused the net financial status to drop from € 129.4 million at the end of 2015 to € 21.1 million as of September 30, 2016. However, there was a substantial improvement of € 111.3 million compared with June 30, 2016. We expect further growth in the fourth quarter.

Increase in total assets due to issue of bonded loan

€ m	September 30, 2016	Percentage of total assets	December 31, 2015	September 30, 2015
Intangible assets	612.5	19.1	648.9	607.3
Property, plant and equipment	388.9	12.1	394.7	377.8
Other non-current assets	127.5	4.0	138.4	139.0
Non-current assets	1,128.9	35.2	1,182.0	1,124.1
Inventories	403.0	12.6	386.7	436.8
Trade receivables	786.7	24.6	895.8	912.2
Cash and cash equivalents	522.4	16.3	435.6	340.6
Other current assets	363.5	11.3	86.4	102.0
Current assets	2,075.6	64.8	1,804.6	1,791.6
Total assets	3,204.4	100.0	2,986.7	2,915.7

CURRENT AND NON-CURRENT ASSETS

With virtually no consolidation changes, total assets increased by € 217.8 million over the end of 2015. This was primarily due to the issue of the bonded loan of a nominal € 300 million. On the assets side, it caused an increase in other current assets, which, among other things, include term deposits. Cash and cash equivalents rose by € 86.8 million over the end of 2015 to € 522.4 million. Net working capital adjusted for exchange-rate changes climbed by € 97.6 million to € 267.7 million. The sale of a majority interest in Dürr Ecoclean resulted in reclassifications in the balance sheet. Assets of the Dürr Ecoclean Group valued at € 139.8 million were reclassified as held-for-sale and are now reported within other current assets.

Net financial status
€ m
September 30, 2016	21.1
December 31, 2015	129.4
September 30, 2015	34.6

Increase of more than € 100 million in equity over September 30, 2015

EQUIT Y

€ m	September 30, 2016	Percentage of total assets	December 31, 2015	September 30, 2015
Subscribed capital	88.6	2.8	88.6	88.6
Other equity	640.8	20.0	608.5	541.8
Equity attributable to shareholders	729.4	22.8	697.1	630.4
Non-controlling interests	20.1	0.6	17.3	16.3
Total equity	749.5	23.4	714.4	646.7

Equity rose by 16% compared with September 30, 2015 to € 749.5 million. In the current year, it has been boosted by the high earnings after tax, while adverse effects have arisen from the dividend distribution, currency translation and the revaluation of pension provisions as a result of the low interest rates. The equity ratio widened to 23.4% (September 30, 2015: 22.2%). We expect a further improvement by the end of the year and, looking further down the road, have defined a target of up to 30%.

€ m	September 30, 2016	Percentage of total assets	December 31, 2015	September 30, 2015
Financial liabilities (incl. bond)	656.5	20.5	350.9	350.6
Provisions (incl. pensions)	169.0	5.3	185.7	181.6
Trade payables	922.0	28.8	1,046,1	1,056,4
Of which prepayments received	578.2	18.0	647.0	621.0
Income tax liabilities	37.5	1.2	41.7	35.9
Other liabilities (incl. deferred taxes, deferred
income)	670.0	20.9	647.8	644.5
Total	2,455.0	76.6	2,272.2	2,269.0

CURRENT AND NON-CURRENT LIABILITIES

Financial liabilities rose by € 305.6 million over December 31, 2015 to € 656.5 million. This was primarily due to the bonded loan issue. On the other hand, there was a reduction in trade payables primarily as a result of the decline of € 68.8 million in prepayments received.

Debt capital and funding structure

As of September 30, 2016, our funding structure was composed of the following elements:

• Syndicated loan held by Dürr AG for € 465 million
• Corporate bond issued by Dürr AG for € 300 million
• Bonded loan issued by Dürr AG for € 300 million
• Real estate loan for the purchase of the Dürr Campus in Bietigheim-Bissingen (2011) with a carrying amount of € 36.1 million as of September 30, 2016
• Bilateral credit facilities and liabilities from finance leases of a minor volume

Employees

EMPLOYEES BY DIVISION

	September 30, 2016	December 31, 2015	September 30, 2015
Paint and Final Assembly Systems	3,381	3,374	3,274
Application Technology	1,942	1,858	1,849
Measuring and Process Systems	3,030	2,992	2,987
Clean Technology Systems	547	499	491
Woodworking Machinery and Systems	6,072	5,906	5,899
Corporate Center	195	221	210
Total	15,167	14,850	14,710

Slight increase in headcount

EMPLOYEES BY REGION

The Group workforce grew to 15,167, up 2.1% on the end of 2015. Compared with September 30 this is an increase of 3.1%. The increase in the emerging markets, where the Group currently has 4,541 employees, was somewhat stronger (up 3.8%). In Germany (8,182 employees), the headcount grew by 2.9%.

September 30, 2016 December 31, 2015 September 30, 2015 Germany 8,182 8,026 7,948 Other European countries 2,269 2,165 2,149 North / Central America 1,326 1,256 1,253 South America 327 382 393 Asia, Africa, Australia 3,063 3,021 2,967 Total 15,167 14,850 14,710

Segment report

SALES BY DIVISION

€ m	9M 2016	9M 2015	Q3 2016	Q3 2015
Paint and Final Assembly Systems	844.8	1,003,4	277.5	365.5
Application Technology	410.0	443.1	147.1	164.1
Measuring and Process Systems	429.9	440.6	155.1	156.7
Clean Technology Systems	119.6	110.1	44.3	42.1
Woodworking Machinery and Systems	804.1	763.9	277.5	259.8
Corporate Center / consolidation	0.0	0.6	0.0	0.1
Group	2,608.4	2,761.7	901.5	988.2

EBIT BY DIVISION

€ m	9M 2016	9M 2015	Q3 2016	Q3 2015
Paint and Final Assembly Systems	52.9	75.8	14.9	27.8
Application Technology	46.3	45.7	14.1	16.8
Measuring and Process Systems	46.4	47.2	19.1	20.6
Clean Technology Systems	5.1	1.7	2.7	1.5
Woodworking Machinery and Systems	43.0	24.8	15.5	15.7
Corporate Center / consolidation	- 12.1	- 5.4	- 3.9	- 0.7
Group	181.5	189.8	62.5	81.8

PAINT AND FINAL ASSEMBLY SYSTEMS

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	937.9	902.9	261.8	314.8
Sales revenues	€ m	844.8	1,003.4	277.5	365.5
EBITDA	€ m	63.6	81.9	19.0	29.9
EBIT	€ m	52.9	75.8	14.9	27.8
EBIT margin	%	6.3	7.6	5.4	7.6
ROCE1	%	>100	>100	>100	>100
Employees (September 30)		3,381	3,274	3,381	3,274

annualized

Order intake in the Paint and Final Assembly Systems division rose by 3.9% in the first nine months of 2016. The new orders of € 937.9 million were underpinned to a large extent by North American business. Among other things, we received a major contract for the construction of a final assembly plant in the United States. Major projects also arose in Europe, while Chinese business remained muted. We had expected sales to be lower as the previous year's figure had included revenues which had originally been budgeted for 2014 but did not arise until 2015 due to customer-induced project delays. The decline of € 22.9 million in EBIT in the first nine months of 2016 was due to the lower sales as well as extraordinary expenses of € 4.9 million in connection with the closure of a smaller plant in Austria. The EBIT margin before extraordinary expenses came to 6.8%, thus remaining within the full-year target corridor of 6.75 to 7.25%.

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	462.6	401.3	154.0	132.6
Sales revenues	€ m	410.0	443.1	147.1	164.1
EBITDA	€ m	52.9	51.7	16.6	18.9
EBIT	€ m	46.3	45.7	14.1	16.8
EBIT margin	%	11.3	10.3	9.6	10.3
ROCE1	%	31.6	32.0	28.9	35.4
Employees (September 30)		1,942	1,849	1,942	1,849

APPLICATION TECHNOLOGY

1 annualized

Order intake in the Application Technology division increased by 15.3% in the first nine months of 2016. As with Paint and Final Assembly Systems, this performance was primarily underpinned by large projects in Europe and North America. With sales declining by 7.5%, the book-to-bill ratio climbed to 1.1. EBIT increased by 1.2% to € 46.3 million, of which € 4.9 million arose from the sale of a real estate asset in the United States in the first quarter. The EBIT margin came to 11.3%, standing at 10.1% in operating terms, i.e. net of the non-recurring income from the sale of the real estate asset. Despite the lower sales, it came very close to the previous year's level and was in the middle of the full-year target corridor of 9.5 to 10.5%.

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	536.2	447.4	173.2	138.8
Sales revenues	€ m	429.9	440.6	155.1	156.7
EBITDA	€ m	53.6	54.1	21.8	22.9
EBIT	€ m	46.4	47.2	19.1	20.6
EBIT margin	%	10.8	10.7	12.3	13.2
ROCE1	%	20.5	21.8	25.3	28.6
Employees (September 30)		3,030	2,987	3,030	2,987

MEASURING AND PROCESS SYSTEMS

annualized

The Measuring and Process Systems division posted strong order intake growth of 19.9% in the first nine months, with the book-to-bill ratio climbing to a good 1.2 given the small 2.4% decline in sales. Both segments within the division - Balancing and Assembly Products and the held-for-sale Cleaning and Surface Processing unit - contributed to the growth in new orders. Both EBIT and the EBIT margin remained at the previous year's level. We expect strong sales and earnings in the fourth quarter.

Information on the sale of industrial cleaning technology business (Dürr Ecoclean Group) can be found in the "Significant events" section of this report.

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	135.5	127.7	45.4	55.5
Sales revenues	€ m	119.6	110.1	44.3	42.1
EBITDA	€ m	7.0	3.4	3.5	2.1
EBIT	€ m	5.1	1.7	2.7	1.5
EBIT margin	%	4.2	1.5	6.1	3.5
ROCE1	%	12.9	5.3	20.5	14.2
Employees (September 30)		547	491	547	491

CLEAN TECHNOLOGY SYSTEMS

1 annualized

With growth of 6.1% in new orders and 8.6% in sales, Clean Technology Systems continued on its expansion trajectory in the first nine months of 2016. At € 5.1 million, EBIT was substantially improved over the previous year's weak figure (€ 1.7 million). More than half of the EBIT was generated in the third quarter, with the EBIT margin widening to 6.1% in this period. Whereas earnings were solid in the larger exhaust-air purification business, they fell short of expectations in the younger and considerably smaller energy efficiency technology unit.

		9M 2016	9M 2015	Q3 2016	Q3 2015
Order intake	€ m	857.5	814.7	306.1	257.2
Sales revenues	€ m	804.1	763.9	277.5	259.8
EBITDA	€ m	72.9	60.8	25.3	28.0
EBIT	€ m	43.0	24.8	15.5	15.7
EBIT margin	%	5.4	3.2	5.6	6.1
ROCE1	%	13.5	7.6	14.6	14.5
Employees (September 30)		6,072	5,899	6,072	5,899
1 annualized

Woodworking Machinery and Systems

The Woodworking Machinery and Systems division (HOMAG Group) achieved a new record order intake of € 857.5 million (up 5.3%) in the first nine months of 2016. While sales revenues likewise increased by 5.3%, EBIT improved by € 18.2 million to € 43.0 million (up 73.4%) due to the decline in extraordinary expenses as well as operating improvements. Whereas € 20.3 million had arisen in the same period of the previous year for purchase price allocation and the termination of the HOMAG employee capital participation program, EBIT contained extraordinary expense of € 12.4 million in the first nine months of the current year. This was made up of purchase price allocation effects, the closure of a small plant in Germany and trailing costs arising from the termination of the employee capital participation program. The operating EBIT margin (before extraordinary expenses) widened to 6.9% in the first three quarters of 2016 (9M 2015: 5.9%), after extraordinary expenses the EBIT margin stood at 5.4% (9M 2015: 3.2%). Operating EBIT rose by € 10.2 million to € 55.3 million. In the third quarter of 2016, the operating EBIT margin came to an extraordinarily high 8.4% (Q3 2015: 6.9%). However, it will return to normal in the fourth quarter.

Corporate Center

The Corporate Center (Dürr AG, Dürr IT Service GmbH, Dürr Technologies GmbH) posted EBIT of € -12.1 million in the first nine months of 2016 (9M 2015: € -5.4 million). This included higher personnel expenses, transaction costs of € 2.9 million in connection with the sale of the Dürr Ecoclean Group and consolidation effects of € -0.6 million.

Opportunities and risks

Risks

A detailed description of the customary risks of our business and the risk management system installed by Dürr can be found in the 2015 annual report (from page 81), which was published in March 2016. There are currently no discernible risks which either individually or in conjunction with other risks are liable to pose any threat to the Group's going-concern status. We consider our overall risk situation to be readily manageable. There have been no material changes in it since the publication of the annual report.

We do not expect the "Brexit" vote in the United Kingdom to have any direct material consequences for our business as only just under 4% of our sales are invoiced in pound sterling. However, an indirect risk may arise if "Brexit" exerts strain on the European economy.

Opportunities

A detailed description of the opportunities arising from our business and the opportunities management system at Dürr can be found in the 2015 annual report (starting on page 90).

E-mobility as a secular trend is currently growing appreciably in momentum. Many established automotive OEMs plan to commence volume production of electric vehicles and therefore require additional production capacities such as paint shops and final assembly lines. In addition, new companies that plan to build electrical vehicles or have already commenced production are emerging in China and the United States in particular. This may potentially cause our customer base to widen.

Personnel changes

Ralph Heuwing, CFO of Dürr AG, informed the Supervisory Board on June 30, 2016 that he will not be renewing his contract. He will continue to perform his current contract until it expires in May 2017. After ten years on Dürr AG's Board of Management, Mr. Heuwing wishes to pursue new business challenges. The Supervisory Board has initiated the search for a successor.

Outlook

Operating environment

According to current estimates, the global economy will grow by 3.0% in 2016, with a slight acceleration to 3.4% expected for 2017. This assumes that the economies of Russia and Brazil gradually start to recover and that GDP in China continues to expand at 6 to 7%. In the USA, moderate growth of 1.7% is projected for 2017.

Looking further down the road, most industry experts consider the sales outlook for the automotive industry to be upbeat, although some voices are now urging caution. In its current October production outlook, PricewaterhouseCoopers (PwC) continues to project global production of 91.5 million light vehicles in 2016 and forecasts a compound average growth rate of 4.0% in the period from 2016 to 2020. Experts assume that demand for woodworking machinery will grow at a stable rate of just under 3% p.a. over the next few years.

Produc	tion of pass eng er and	ligh	t comm ercial	vehicl es
--------	-------------------------------	------	------------------	--------------

million units	2016F	2020F	CAGR 2016 - 2020F
North America	17.7	19.4	2.1%
Mercosur	2.8	3.8	4.2%
Western Europe	15.2	16.5	2.6%
Eastern Europe	6.7	7.8	2.6%
Asia	46.9	56.8	5.1%
Of which China	25.5	31.7	6.1%
Others	2.2	3.0	7.4%
Total	91.5	107.3	4.0%

Source: PWC Autofacts 10/2016

F = Forecast

SALES, INCOMING ORDERS AND EARNINGS

We assess our business performance as positive in the first nine months and reaffirm our forecasts for 2016. Order receipts were higher than expected, a temporary slight drop is likely in the fourth quarter. We project full-year order intake of € 3,500 to 3,700 million in 2016, while sales should come to € 3,400 to 3,600 million. We are confident of achieving our earnings targets for 2016 securely. We are continuing to target an EBIT margin before extraordinary effects of between 7.0 and 7.5% and expect to reach the top end of this range. Assuming that the extraordinary income from the sale of Dürr Ecoclean already arises in the fourth quarter, an EBIT margin of between 7.5% and 8.0% including all extraordinary effects appears to be realistic.

Net finance expense is expected to improve substantially in 2016. At this stage, a tax rate of around 30% is expected. Earnings after tax should therefore rise. In accordance with our long-term dividend policy, the distribution for 2016 should be between 30 and 40% of consolidated net profit. The following table summarizes our targets.

		Actual 2015	Original forecast for 2016	Current forecast for 2016
Order intake	€ m	3,467.5	3,300 - 3,600	3,500 - 3,700
Orders on hand (December 31)	€ m	2,465.7	2,200 - 2,600	2,400 - 2,700
Sales revenues	€ m	3,767.1	3,400 - 3,600	3,400 - 3,600
EBIT margin	%	7.1	7.0 - 7.5	7.0 - 7.5
ROCE	%	45.3	30 - 40	30 - 40
Net finance expense	€ m	- 23.3	improved	improved
Tax rate	%	31.9	approx. 30	approx. 30
Earnings after tax	€ m	166.6	slightly higher	slightly higher
Cash flow from operating
activities	€ m	173.0	higher	lower
Free cash flow	€ m	62.8	higher	lower
Net financial status
(December 31)	€ m	129.4	130 - 230	50 - 100
Liquidity (December 31)	€ m	435.6	440 - 540	640 - 700
Capital expenditure1	€ m	102.3	90 - 100	90 - 100

GROUP OUTLOOK

on property, plant and equipment and on intangible assets (excluding acquisitions)

Divisions

There are no changes to the outlook for the divisions. Adjusted for the extraordinary expense in connection with the closure of the plant in Austria, Paint and Final Assembly Systems should achieve its EBIT margin target for 2016 (6.75 to 7.25%). At this stage, the margin target defined for Measuring and Process Systems (10 to 11%) appears to be conservative. The division will possibly achieve an EBIT margin of over 11%. All the other divisions should have no trouble reaching their targets for 2016.

Ou tlook for Divisi	ons
		Sales (€ million)		Order intake (€ million)		EBIT margin (%)		ROCE (%)
	2015	2016 target	2015	2016 target		2015 2016 target	2015	2016 target
Paint and Final
Assembly Systems	1,364.6	1,100 - 1,200	1,125.5	950 - 1,150	7.3	6.75 - 7.25	> 1001	> 1001
Application
Technology	599.7	530 - 600	538.3	530 - 600	10.1	9.5 - 10.5	32.3	25 - 30
Measuring and
Process Systems	603.7	550 - 600	578.2	525 - 575	11.6	10 - 11	24.6	20 - 25
Clean Technology
Systems	159.2	180 - 200	166.3	180 - 200	3.6	3.5 - 4.5	11.7	15 - 20
Woodworking
Machinery and
Systems	1,039.3	1,000 - 1,100	1,058.4	1,000 - 1,100	3.5	5.0 - 6.0	8.9	10 - 15

negative capital employed

Treasury stock and capital changes

Dürr AG does not hold any treasury stock. There were no changes in our capital stock of € 88.6 million, which is divided into 34.6 million shares, in the reporting period.

Events after the reporting period

No exceptional or reportable events occurred between the end of the reporting period and the date on which this interim statement was published.

Bietigheim-Bissingen, November 10, 2016

Dürr Aktiengesellschaft

The Board of Management

Ralf W. Dieter Ralph Heuwing CEO CFO

Consolidated statement of income

of Dürr Aktiengesellschaft, Stut tgart, for the period from January 1 to September 30, 2016

€ k	9M 2016	9M 2015	Q3 2016	Q3 2015
Sales revenues	2,608,415	2,761,739	901,514	988,196
Cost of sales	- 1,992,195	- 2,168,762	- 693,311	- 775,213
Gross profit on sales	616,220	592,977	208,203	212,983
Selling expenses	- 226,435	- 203,109	- 74,656	- 63,245
General administrative expenses	- 134,438	- 136,077	- 41,966	- 45,460
Research and development costs	- 76,748	- 69,645	- 28,103	- 23,436
Other operating income	43,957	53,884	2,744	15,138
Other operating expenses	- 41,015	- 48,237	- 3,697	- 14,177
Earnings before investment income,
interest and income taxes	181,541	189,793	62,525	81,803
Profit from entities accounted for using
the equity method	2,410	2,188	1,144	1,093
Other investment income	226	417	- 105	-
Interest and similar income	4,420	6,341	1,407	2,525
Interest and similar expenses	- 18,114	- 27,701	- 6,380	- 5,207
Earnings before income taxes	170,483	171,038	58,591	80,214
Income taxes	- 49,836	- 60,134	- 15,776	- 22,826
Profit of the Dürr Group	120,647	110,904	42,815	57,388
Attributable to:
Non-controlling interests	3,037	3,626	1,511	1,609
Shareholders of Dürr Aktiengesellschaft	117,610	107,278	41,304	55,779
Number of shares issued in thousands	34,601.04	34,601.04	34,601.04	34,601.04
Earnings per share in €
(basic and diluted)	3.40	3.10	1.19	1.61

Consolidated statement of comprehensive income

of Dürr Aktieng esellschaf t, Stut tga	rt, for the period from Janua		ry 1 to September 30, 2016
€ k	9M 2016	9M 2015	Q3 2016	Q3 2015
Profit of the Dürr Group	120,647	110,904	42,815	57,388
Items of other comprehensive income that are not reclassified to profit or loss
Remeasurement of defined benefit plans
and similar obligations	- 11,016	2,941	- 1,757	3,031
Associated deferred taxes	3,924	- 778	626	- 839
Items of other comprehensive income that may be reclassified subsequently to profit or loss
Changes in fair value of financial instruments used for
hedging purposes recognized in equity	1,449	- 7,408	- 1,553	- 294
Changes in fair value of financial assets available for sale	3,900	-	3,900	-
Currency translation reserve of foreign subsidiaries	- 12,166	16,523	- 1,590	- 16,014
Currency translation reserve of foreign entities
accounted for using the equity method	2,615	1,425	274	81
Associated deferred taxes	- 1,168	1,973	- 708	- 25
Other comprehensive income, net of tax	- 12,462	14,676	- 808	- 14,060
Total comprehensive income, net of tax	108,185	125,580	42,007	43,328
Attributable to:
Non-controlling interests	2,858	3,167	1,528	1,377
Shareholders of Dürr Aktiengesellschaft	105,327	122,413	40,479	41,951

Consolidated statement of financial position

of Dürr Aktiengesellschaft, Stut tgart, as of September 30, 2016

€ k	September 30, 2016	December 31, 2015	September 30, 2015
Ass ets
Goodwill	395,014	415,162	401,117
Other intangible assets	217,520	233,744	206,188
Property, plant and equipment	388,923	394,716	377,843
Investment property	20,691	21,261	21,029
Investments in entities accounted for using the equity method	32,757	28,222	27,460
Other financial assets	35,589	41,407	41,829
Trade receivables	372	560	681
Income tax receivables	334	573	692
Sundry financial assets	4,770	7,910	6,789
Other assets	480	555	1,810
Deferred taxes	30,069	35,535	36,172
Prepaid expenses	2,353	2,391	2,442
Non-current assets	1,128,872	1,182,036	1,124,052
Inventories and prepayments	403,007	386,740	436,820
Trade receivables	786,652	895,752	912,189
Income tax receivables	24,128	20,981	6,991
Sundry financial assets	149,221	24,600	29,626
Other assets	39,977	29,144	54,102
Cash and cash equivalents	522,413	435,633	340,582
Prepaid expenses	10,398	5,461	10,073
Assets held for sale	139,772	6,315	1,245
Current assets	2,075,568	1,804,626	1,791,628
Total assets Dürr Group	3,204,440	2,986,662	2,915,680
Equity and liabilities
Subscribed capital	88,579	88,579	88,579
Capital reserves	155,896	155,896	155,896
Revenue reserves	518,286	473,662	413,887
Other comprehensive income	- 33,353	- 21,054	- 27,939
Total equity attributable to the shareholders of Dürr Aktiengesellschaft	729,408	697,083	630,423
Non-controlling interests	20,074	17,335	16,302
Total equity	749,482	714,418	646,725
Provisions for post-employment benefit obligations	57,803	49,677	51,610
Other provisions	15,970	16,035	16,437
Trade payables	4,210	4,437	4,351
Bond and bonded loan	596,442	296,910	296,751
Other financial liabilities	55,679	47,210	46,814
Sundry financial liabilities	2,177	37,776	38,077
Income tax liabilities	8,804	8,821	8,443
Other liabilities	3,878	5,988	3,199
Deferred taxes	110,465	118,133	130,189
Deferred income	40	44	62
Non-current liabilities	855,468	585,031	595,933
Other provisions	95,218	119,949	113,505
Trade payables	917,775	1,041,626	1,052,020
Financial liabilities	4,387	6,782	7,073
Sundry financial liabilities	283,845	266,491	263,464
Income tax liabilities	28,648	32,907	27,440
Other liabilities	207,840	217,655	208,338
Deferred income	2,691	1,803	1,182
Liabilities held for sale	59,086	-	-
Current liabilities	1,599,490	1,687,213	1,673,022
Total equity and liabilities Dürr Group	3,204,440	2,986,662	2,915,680

Consolidated statement of cash flows

of Dürr Aktiengesellschaft, Stut tgart, for the period from January 1 to September 30, 2016

€ k	9M 2016	9M 2015	Q3 2016	Q3 2015
Earnings before income taxes	170,483	171,038	58,591	80,214
Income taxes paid	- 51,456	- 49,447	- 13,024	- 9,851
Net interest	13,694	21,360	4,973	2,682
Profit from entities accounted for
using the equity method	- 2,410	- 2,188	- 1,144	- 1,093
Dividends from entities accounted for using
the equity method	490	-	490	-
Amortization and depreciation of non-current assets	59,150	58,788	20,902	20,041
Net gain/loss on the disposal of non-current assets	- 807	40	- 360	- 80
Other non-cash income and expenses	- 3,284	2	2,442	6
Changes in operating assets and liabilities
Inventories	- 49,138	- 65,458	- 14,436	- 8,863
Trade receivables	15,784	- 51,206	17,776	- 42,080
Other receivables and assets	- 11,144	- 17,854	- 1,139	- 4,260
Provisions	- 16,792	16,955	- 4,512	- 3,880
Trade payables	- 64,238	- 85,116	35,284	- 64,274
Other liabilities (other than bank)	- 1,407	5,928	30,043	15,649
Other assets and liabilities	- 4,965	- 5,600	2,626	2,126
Cash flow from operating activities	53,960	- 2,758	138,512	- 13,663
Purchase of intangible assets	- 13,861	- 16,524	- 3,157	- 5,760
Purchase of property, plant and equipment	- 42,053	- 45,133	- 14,367	- 19,859
Purchase of other financial assets	- 19	- 5	- 16	- 1
Proceeds from the sale of non-current assets	12,990	2,080	6,127	393
Acquisitions, net of cash acquired	- 1,203	127	- 1,203	527
Investments in time deposits	- 122,072	25,098	- 663	3,908
Proceeds from the sale of assets and liabilities
classified as held for sale	8,063	- 455	- 3,442	-
Interest received	3,280	5,385	1,087	2,080
Cash flow from investing activities	- 154,875	- 29,427	- 15,634	- 18,712
Change in current bank liabilities and other financing
activities	- 8,962	4,504	- 8,497	- 4,796
Repayment of non-current financial liabilities	- 7,712	- 73,842	- 1,623	- 564
Bonded loan issue	299,079	-	-	-
Payments of finance lease liabilities	- 1,289	- 2,914	- 379	- 509
Cash paid for transactions with non-controlling
interests	- 4,000	- 8,234	- 4,000	-
Dividends paid to the shareholders of
Dürr Aktiengesellschaft	- 64,012	- 57,092	-	-
Dividends paid to non-controlling interests	- 2,117	- 2,169	-	-
Interest paid	- 18,727	- 15,683	- 1,041	- 1,309
Cash flow from financing activities	192,260	- 155,430	- 15,540	- 7,178
Effects of exchange rate changes	- 4,860	6,240	551	- 11,510
Change in cash and cash equivalents related to
changes in the consolidated group	295	-	-	-
Change in cash and cash equivalents	86,780	- 181,375	107,889	- 51,063
Cash and cash equivalents
At the beginning of the period	435,633	521,957	414,524	391,645
At the end of the period	522,413	340,582	522,413	340,582

Consolidated statement of changes in equity

Consolidated statement of changes in equity

of Dürr Aktiengesellschaft, Stut tgart, for the period from January 1 to September 30, 2016

							Other comprehensive income
				Items that are not reclassified			to profit or loss Items that may be reclassified subsequently to profit or loss
€ k	Subscribed capital	Capital reserve	Revenue reserves	ment of defined benefit plans Remeasure	Unrealized gains/losses from cash flow hedges	assets available Unrealized gains/losses from financial for sale	Changes related lidated group/ reclassifications to the conso	Currency translation	hensive income Other compre	Total equity attributable to ders of Dürr the sharehol Aktiengesell schaft	controlling Non interests	Total equity
January 1, 2015	88,579	155,896	414,567	- 37,778	- 4,676	52	694	- 1,991	- 43,699	615,343	110,425	725,768
Profit for the period	-	-	107,278	-	-	-	-	-	-	107,278	3,626	110,904
Other comprehensive income	-	-	-	2,163	- 5,435	-	-	19,044	15,772	15,772	- 1,096	14,676
Total comprehensive income, net of tax	-	-	107,278	2,163	- 5,435	-	-	19,044	15,772	123,050	2,530	125,580
Dividends	-	-	- 57,092	-	-	-	-	-	-	- 57,092	- 2,169	- 59,261
Options of non-controlling interests	-	-	- 9,361	-	-	-	-	-	-	- 9,361	- 1,228	- 10,589
Other changes	-	-	- 41,501	-	-	-	- 16	-	- 16	- 41,517	- 93,256	- 134,773
September 30, 2015	88,579	155,896	413,891	- 35,615	- 10,111	52	678	17,053	- 27,943	630,423	16,302	646,725
January 1, 2016	88,579	155,896	473,662	- 35,433	- 6,231	47	673	19,890	- 21,054	697,083	17,335	714,418
Profit for the period	-	-	117,610	-	-	-	-	-	-	117,610	3,037	120,647
Other comprehensive income	-	-	-	- 7,092	1,400	2,781	-	- 9,372	- 12,283	- 12,283	- 179	- 12,462
Total comprehensive income,
net of tax	-	-	117,610	- 7,092	1,400	2,781	-	- 9,372	- 12,283	105,327	2,858	108,185
Dividends	-	-	- 64,012	-	-	-	-	-	-	- 64,012	- 2,117	- 66,129
Options of non-controlling interests	-	-	- 3,846	-	-	-	-	-	-	- 3,846	854	- 2,992
Other changes	-	-	- 5,128	-	-	-	- 16	-	- 16	- 5,144	1,144	- 4,000
September 30, 2016	88,579	155,896	518,286	- 42,525	- 4,831	2,828	657	10,518	- 33,353	729,408	20,074	749,482

Financial calendar

December 7, 2016	Eighth Annual Goldman Sachs European Industrials Conference, London
December 8, 2016	Berenberg European Corporate Conference, Pennyhill, Surrey
January 6, 2017 O	ddo Forum, Lyon
January 9, 2017	Commerzbank German Investment Seminar 2017, New York
January 16, 2017	UniCredit/Kepler Cheuvreux German Corporate Conference, Frankfurt
February 23, 2017	Preliminary figures for fiscal 2016: Press conference, Stuttgart; conference call
March 17, 2017	Publication annual report 2016 (no conference call)
May 5, 2017	Annual general meeting, Bietigheim-Bissingen
May 11, 2017	Interim statement for the first quarter of 2017
August 3, 2017	Interim financial report for the first half of 2017
November 8, 2017	Interim statement for the first nine months of 2017

Contact

Please contact us Dürr AG for further information: Günter Dielmann

Corporate Communications & Investor Relations Carl-Benz-Straße 34 74321 Bietigheim-Bissingen Germany

Phone +49 7142 78-1785 Fax +49 7142 78-1716 corpcom@durr.com investor.relations@durr.com

www.durr.com

This interim statement is the English translation of the German original. The German version shall prevail.

This interim statement includes forward-looking statements about future developments. As is the case for any business activity conducted in a global environment, such forward-looking statements are always subject to uncertainty. Our information is based on the conviction and assumptions of the Board of Management of Dürr AG, as developed from the information currently available. However, the following factors may affect the success of our strategic and operating measures: geopolitical risks, changes in general economic conditions (especially a prolonged recession), exchange rate fluctuations and changes in interest rates, new products launched by competitors, and a lack of customer acceptance for new Dürr products or services, including growing competitive pressure. Should any of these factors or other imponderable circumstances arise, or should the assumptions underlying the forward-looking statements prove incorrect, actual results may differ from those projected. Dürr AG undertakes no obligation to provide continuous updates of forward-looking statements and information. Such statements and information are based upon the circumstances as of the date of their publication.