Dürr AG — Interim / Quarterly Report 2017

Nov 14, 2017

Interim State m ent

January 1 to Septe m ber 30, 2017

www.durr.COM

Contents

3	Key figures
4	Highlights
5	Group management report
20	Consolidated statement of income
21	Consolidated statement of comprehensive income
22	Consolidated statement of financial position
24	Consolidated statement of cash flows
26	Consolidated statement of changes in equity
27	Financial calendar
27	Contact

Cover:

LOXEO and tapio are the Dürr Group's digital market places. HOMAG customers can find digital ser vices and apps for networked wood processing at tapio. Our range of digital ser vices for Dürr and Schenk customers is available at LOXEO. Both market places are based on the ADAMOS IIoT platform that we have developed in conjunction with Software AG, DMG Mori, Carl Zeiss and ASM for the mechanical engineering industry.

Key figures for the Dürr Group (IFRS)

		9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	€ m	2,894.0	2,829.41	815.2	840.11
Order backlog (September 30)	€ m	2,605.3	2,622.11	2,605.3	2,622.11
Sales revenues	€ m	2,677.0	2,608.4	925.7	901.5
Gross profit	€ m	635.3	616.2	214.3	208.2
EBITDA	€ m	273.7	240.7	88.9	83.4
EBIT	€ m	214.1	181.5	69.8	62.5
EBIT before extraordinary effects2	€ m	202.3	196.7	73.0	77.2
Earnings after tax	€ m	149.7	120.6	50.0	42.8
Gross margin	%	23.7	23.6	23.1	23.1
EBIT margin	%	8.0	7.0	7.5	6.9
EBIT margin before extraordinary effects2	%	7.6	7.5	7.9	8.6
Cash flow from operating activities	€ m	- 22.2	54.0	18.6	138.5
Cash flow from investing activities	€ m	15.4	- 154.9	7.8	- 15.6
Cash flow from financing activities	€ m	- 153.5	192.3	- 41.7	- 15.5
Free cash flow	€ m	- 82.9	- 17.4	2.8	121.1
Capital expenditure	€ m	49.3	56.1	15.7	17.5
Total assets (September 30)	€ m	3,358.9	3,204.4	3,358.9	3,204.4
Equity (with non-controlling interests) (September 30)	€ m	869.1	749.5	869.1	749.5
Equity ratio (September 30)	%	25.9	23.4	25.9	23.4
ROCE 3	%	35.8	33.0	36.0	34.1
Net financial status (September 30)	€ m	86.6	21.1	86.6	21.1
Net working capital (September 30)	€ m	407.6	267.7	407.6	267.7
Employees (September 30)		14,876	15,167	14,876	15,167
Dürr share

€	113.50	79.50	113.50	79.50
€	74.00	49.52	97.08	49.52
€	113.15	74.72	113.15	74.72
	140,712	186,903	117,883	120,289
	34,601	34,601	34,601	34,601
€	4.20	3.40	1.37	1.19
	Units Thous.

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

1 In the interim statement on the period from January 1 to September 30, 2016, order intake of € 940.5 million and orders on hand of € 2,722.5 million had been reported for the third quarter of 2016. Both figures were subsequently modified as a large order received in the third quarter of 2016 from Ford in Mexico was canceled in the fourth quarter of 2016.

2 Extraordinary effects in 9M 2017: € 11.8 million (income from the sale of Dürr Ecoclean: € 22.9 million, purchase price allocation for HOMAG Group: € -6.5 million, business discontinuation costs for Dürr thermea GmbH: € -4.6 million), extraordinary effects in 9M 2016: € -15.2 million

3 Annualized

Highlights 9M/Q3 2017

• Further increase in order intake1 in 9M 2017:
• 9M 2017: up 2%, adjusted for Ecoclean (sold): up 7%
• Q3 2017: down 3%, adjusted for Ecoclean (sold): up 4%
• Orders on hand1 : € 2.6 billion, slight increase over the end of 2016 (up 1%)
• Sales up despite sale of Ecoclean:
• 9M 2017: up 3%, adjusted for Ecoclean (sold): up 6%
• Q3 2017: up 3%, adjusted for Ecoclean (sold): up 9%
• EBIT margin (before extraordinary effects): improvement in 9M, decline in Q3 due to paintshop business:
• 9M 2017: 7.6% (9M 2016: 7.5%)
• Q3 2017: 7.9% (Q3 2016: 8.6%)
• Free cash flow positive in Q3, strong accumulation of NWC due to postponed prepayments
• Outlook for order intake in 2017 raised:
• Order intake: € 3.6 to 3.8 billion (previously € 3.3 to 3.7 billion)
• Sales: € 3.5 to 3.6 billion (previously € 3.4 to 3.6 billion)
• EBIT margin (after extraordinary effects): 7.5 to 8.25% (unchanged)

In the interim statement on the period from January 1 to September 30, 2016, order intake of € 940.5 million and orders on hand of € 2,722.5 million had been reported for the third quarter of 2016. Both figures were subsequently modified as a large order received in the third quarter of 2016 from Ford in Mexico was canceled in the fourth quarter of 2016.

Group management report

Business performance1

Underlying conditions/industry

The economy has remained solid in the year to date in 2017. Global automotive sales are heading for an appreciable full-year increase. After reaching a record level in 2016, North America registered a slight sales decline in the first three quarters of 2017. However, sales of light vehicles continued to rise in China and Europe. What is more, there were signs of a substantial market recovery in Russia, Japan and Brazil, with India also growing sharply. Order receipts in general mechanical engineering climbed substantially after drifting sideways in the previous years. In particular, wood-processing machinery remained on its upward trajectory.

Order intake up on the previous year despite sale of Ecoclean

Order intake in the first nine months of 2017 rose by 2.3% to € 2,894.0 million. Adjusted for the effects of the sale of the Dürr Ecoclean Group at the end of the first quarter of 2017 (see page 15), this growth was as high as 7.4%. Order receipts were valued at € 815.2 million in the third quarter, equivalent to a small 3.0% decline over the previous year. Adjusted for the Ecoclean effect, orders were up 3.5% in the third quarter. At the end of 2016, we adjusted the order intake of € 940.5 million originally reported for the third quarter of 2016 to € 840.1 million due to the cancellation of a large order received from Ford in Mexico.

The greatest growth in new orders in the first nine months was reported by Woodworking Machinery and Systems, which achieved an increase of 25.8%, followed by Application Technology with an increase of 4.0%. Order intake in Paint and Final Assembly Systems and Clean Technology Systems fell short of the previous year by 3.8% and 8.6% respectively. Both divisions expect to receive a large volume of new orders in the final quarter of the year. In the Measuring and Process Systems division, order intake declined by 24.3%, this being solely due to the sale of the Dürr Ecoclean Group (industrial cleaning technology) with effect from March 31, 2017.

Order intake in the emerging markets (Asia excluding Japan, South and Central America, Africa, Eastern Europe) climbed by 21% in the first nine months of 2017 to € 1,529.7 million, contributing 53% to total order receipts. This was also underpinned by the renewed strength of the Chinese market, where order intake rose by 27% to € 556.4 million. Higher orders were also recorded in Brazil, Russia, Morocco and other countries. In North America, order intake normalized, dropping by 38% to € 578.1 million over the very high figure achieved in the first nine months of 2016.

Exchange-rate changes had a slightly negative effect of less than 1 percentage point on order intake, sales and EBIT in the first nine months of 2017.

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

Order intake (€ m) January to September 2017

Adjusted for the Ford Mexico contract which was canceled in the fourth quarter of 2016

€ m	9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	2,894.0	2,829.41	815.2	840.11
Sales revenues	2,677.0	2,608.4	925.7	901.5
Order backlog (September 30)	2,605.3	2,622.11	2,605.3	2,622.11

Adjusted for the Ford Mexico contract which was canceled in the fourth quarter of 2016

Growth in sales

Sales rose by 2.6% to € 2,677.0 million in the first nine months of 2017. Adjusted for the effects of the disposal of the Dürr Ecoclean Group, growth came to 6.2%. In the third quarter, sales rose by 2.7% or, adjusted for Dürr Ecoclean, by 8.6%.

The greatest sales growth in the first nine months of 2017 was reported by Woodworking Machinery and Systems (12.1%), followed by Clean Technology Systems (9.8%) and Application Technology (8.7%). The decline at Measuring and Process Systems was due solely to the disposal of Dürr Ecoclean; like-for-like sales in this division were also up a substantial 12.2%. Paint and Final Assembly Systems reported slightly lower sales as the work commenced on several new projects caused a temporary drop in revenue recognition.

Service revenues dropped by 3.0% to € 695.5 million in the first nine months of 2017, accounting for 26.0% of consolidated revenues (9M 2016: 27.5%). Adjusted for the disposal of the Dürr Ecoclean Group, service revenues expanded by 1.3%.

Consolidated sales were spread evenly over the various regions in the first nine months of 2017. 14% arose in Germany, 30% in other European countries, 26% in North and South America and 30% in Asia, Africa and Australia.

At 1.1, the book-to-bill ratio reached a good level. Orders on hand rose by € 36.9 million compared with the end of 2016 to € 2,605.3 million. They were down € 16.8 million over September 30, 2016. The disposal of Ecoclean caused order books to contract by € 136 million

17.9% increase in EBIT in the first nine months of 2017

The increase in sales and high capacity utilization generated economies of scale in the mechanical engineering divisions in particular. Against this backdrop, gross profit rose by 3.1% in the first nine months of 2017 to € 635.3 million and, hence, slightly more quickly than sales. The gross margin widened from 23.6% to 23.7% due to the economies of scale and greater efficiency among other things. It came to 23.1% in the third quarter as in the previous year, reflecting the heightened price pressure in paintshop engineering.

As part of our digital@DÜRR digitization strategy, we increased our R&D expenses by 10.8% to € 85.1 million in the first nine months of 2017. Other overheads dropped by 0.2% despite the higher sales. Other operating income net of other operating expenses came to € 24.0 million (9M 2016: € 2.9 million). This was chiefly due to the extraordinary income of € 22.9 million from the disposal of the Dürr Ecoclean Group (industrial cleaning technology). Functional costs include costs of € 4.6 million for the discontinuation of the business of Dürr thermea GmbH, which specializes in large heat pumps. Of this, € 3.4 million arose in the second quarter and € 1.1 million in the third quarter. Dürr thermea formed part of the Energy Efficiency Technology segment within the Clean Technology Systems division and persistently operated at a loss.

The high gross profit and the extraordinary income from the disposal of Ecoclean caused EBIT to rise by 17.9% in the first nine months of 2017 to € 214.1 million (9M 2016: € 181.5 million). It should be borne in mind that Dürr Ecoclean did not make any contributions to earnings in the second and third quarter. In the third quarter, EBIT rose by 11.7% to € 69.8 million. It contained extraordinary effects of € -3.1 million compared with € -14.7 million in the third quarter of the previous year. The EBIT margin widened substantially from 7.0% to 8.0% in the first nine months and from 6.9% to 7.5% in the third quarter.

Operating EBIT climbed by 2.8% to € 202.3 million in the first nine months of 2017. This figure has been adjusted for the extraordinary income from the sale of Ecoclean (€ 22.9 million) as well as the extraordinary expenses in connection with Dürr thermea (€ 4.6 million) and the purchase price allocation for HOMAG (€ 6.5 million). The operating EBIT margin widened from 7.5% to 7.6%. Before depreciation and amortization of € 59.6 million, EBITDA was up 13.7%, rising to € 273.7 million.

Net finance expense came to € 13.6 million in the first nine months of 2017 (9M 2016: € 11.1 million). This includes the interest expense on the bonded loan issued in March 2016, which was only partially included in the previous year's figure. The tax rate dropped to 25.3% (9M 2016: 29.2%) as only a small amount of tax was payable on the extraordinary income from the disposal of Ecoclean. Consequently, earnings after tax climbed by 24.1% to € 149.7 million, translating into earnings per share of € 4.20 (9M 2016: € 3.40).

		9M 2017	9M 2016	Q3 2017	Q3 2016
Sales revenues	€ m	2,677.0	2,608.4	925.7	901.5
Gross profit	€ m	635.3	616.2	214.3	208.2
Selling and administrative expenses	€ m	360.2	360.9	116.3	116.6
R&D expenses	€ m	85.1	76.7	29.0	28.1
EBITDA	€ m	273.7	240.7	88.9	83.4
EBIT	€ m	214.1	181.5	69.8	62.5
EBIT before extraordinary effects1	€ m	202.3	196.7	73.0	77.2
Net finance expense	€ m	- 13.6	- 11.1	- 3.8	- 3.9
EBT	€ m	200.5	170.5	66.0	58.6
Income taxes	€ m	- 50.8	- 49.8	- 16.0	- 15.8
Earnings after tax	€ m	149.7	120.6	50.0	42.8
Earnings per share	€	4.20	3.40	1.37	1.19
Gross margin	%	23.7	23.6	23.1	23.1
EBITDA margin	%	10.2	9.2	9.6	9.3
EBIT margin	%	8.0	7.0	7.5	6.9
EBIT margin before extraordinary effects1	%	7.6	7.5	7.9	8.6
EBT margin	%	7.5	6.5	7.1	6.5
Return on sales after taxes	%	5.6	4.6	5.4	4.7
Interest coverage	%	14.2	13.4	13.9	12.8
Tax rate	%	25.3	29.2	24.3	26.9

INCOME STATEMENT AND PROFITABILITY RATIOS

¹ Extraordinary effects in 9M 2017: € 11.8 million (income from the sale of Dürr Ecoclean: € 22.9 million, purchase price allocation for HOMAG Group: € -6.5 million, business discontinuation costs for Dürr thermea GmbH: € -4.6 million), extraordinary effects in 9M 2016: € -15.2 million

Significant events

Effective March 31, 2017, we received an inflow of cash of € 107.7 million and extraordinary income of € 22.9 million from the sale of the Dürr Ecoclean Group. Other than this, there were no individual events in the first nine months materially impacting the Group's results of operations, financial condition and net assets. The appreciable competitive pressure in the Paint and Final Assembly Systems division is being offset by demand in excess of expectations in the Woodworking Machinery and Systems division.

Financial position

Cash flow1

€ m	9M 2017	9M 2016	Q3 2017	Q3 2016
Earnings before taxes	200.5	170.5	66.0	58.6
Depreciation and amortization	59.6	59.2	19.1	20.9
Interest result	15.2	13.7	5.1	5.0
Income tax payments	- 45.4	- 51.5	- 18.5	- 13.0
Change in provisions	28.3	- 16.8	1.3	- 4.5
Change in net working capital	- 210.2	- 97.6	- 78.6	38.6
Other items	- 70.3	- 23.5	24.1	33.0
Cash flow from operating activities	- 22.2	54.0	18.6	138.5
Interest payments (net)	- 11.8	- 15.4	- 0.1	0.0
Capital expenditure	- 48.9	- 55.9	- 15.7	- 17.5
Free cash flow	- 82.9	- 17.4	2.8	121.1
Other cash flows (incl. dividend)	- 7.1	- 90.9	- 12.4	- 9.7
Change in net financial status	- 90.0	- 108.3	- 9.6	+111.4

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

Cash flow in Q3 positive

At € -22.2 million, cash flow from operating activities in the first nine months of 2017 fell short of the previous year (€ 54.0 million). This was due to lower prepayments reported on the assets side after the above-average volume achieved at the end of 2016. Consequently, net working capital continued to rise in the third quarter. At the moment, our customers in the automotive industry are tending to delay prepayments. For this reason, cash flow from operating activities in 2017 will probably not reach the level recorded in the previous year (€ 227 million) contrary to original expectations, although it did return to positive territory again in the third quarter. The postponement of prepayments does not have any effect on profitability.

At € 15.4 million, cash flow from investing activities was positive in the first nine months of 2017 (9M 2016: € -154.9 million). This was mainly due to the inflow of the proceeds from the disposal of Ecoclean (€ 107.7 million), although part of this amount was immediately invested in fixed-term deposits.

Capital expenditure on property, plant, and equipment and intangible assets was lowered to € 49.3 million in the first nine months of 2017 (9M 2016: € 56.1 million), including an amount of € 17.2 million for intangible assets. A sum of € 13.3 million was spent on acquiring equity investments (including additions to existing interests in consolidated companies) (9M 2016: € 1.5 million). There was no cash outflow for the share of 15% that we received in SBS Ecoclean GmbH, the successor company of Dürr Ecoclean.

CAPITAL EXPENDITURE1

€ m	9M 2017	9M 2016	Q3 2017	Q3 2016
Paint and Final Assembly Systems	12.3	15.8	2.0	4.3
Application Technology	8.9	12.6	2.6	4.5
Clean Technology Systems	2.9	4.5	0.6	1.9
Measuring and Process Systems	3.8	5.5	0.9	1.3
Woodworking Machinery and Systems	18.3	15.7	8.9	4.9
Corporate Center	3.0	2.0	0.7	0.7
Total	49.3	56.1	15.7	17.5

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

Cash flow from financing activities came to € -153.5 million (9M 2016: € 192.3 million) and was primarily influenced by the dividend distribution as well as interest payments on the corporate bond and the bonded loan. In addition, a long-term real estate loan for the Dürr Campus in Bietigheim-Bissingen was repaid on September 30, 2017. In the previous year, the issue of the bonded loan had generated a cash inflow of € 300 million.

Free cash flow came to € -82.9 million in the first nine months of 2017 (9M 2016: € -17.4 million) due to the negative cash flow from operating activities; at € 2.8 million, it was slightly positive in the third quarter. Net financial status stood at € 86.6 million effective September 30, 2017, benefiting from the cash inflow from the disposal of Ecoclean, while the dividend outflow of € 77.3 million exerted the opposite effect. We expect net financial status and the free cash flow to exceed the third quarter in the final quarter of the year.

Total assets virtually unchanged over the end of 2016

€ m	September 30, 2017	Percentage of total assets	December 31, 2016	September 30, 2016
Intangible assets	596.4	17.8	611.1	612.5
Property, plant and equipment	384.9	11.5	394.6	388.9
Other non-current assets	124.2	3.7	119.6	127.5
Non-current assets	1,105.6	32.9	1,125.3	1,128.9
Inventories	477.6	14.2	381.1	403.0
Trade receivables	953.8	28.4	779.4	786.7
Cash and cash equivalents	551.4	16.4	724.2	522.4
Other current assets	270.6	8.1	338.6	363.5
Current assets	2,253.4	67.1	2,223.2	2,075.6
Total assets	3,358.9	100.0	3,348.5	3,204.4

CURRENT AND NON-CURRENT ASSETS

Total assets increased by 0.3% compared with the end of 2016 to € 3,358.9 million. The deconsolidation of Ecoclean caused total assets to decline by around € 40 million. This includes the purchase price payment as well as the 15% share in the successor company SBS Ecoclean GmbH. Trade receivables and inventories rose by a total of 23% or € 270.9 million. On the liabilities side, trade payables climbed by € 51.1 million. Accordingly, net working capital (NWC) adjusted for exchange-rate changes increased by € 210.2 million to € 407.6 million. The decline of € 172.8 million in cash and cash equivalents is primarily due to the increase in NWC. At € 1,105.6 million, non-current assets remained largely unchanged.

Net financial status
€ m
September 30, 2017	86.6
December 31, 2016	176.5
September 30, 2016	21.1

Increase of more than € 100 million in equity over September 30, 2016

EQUITY

€ m	September 30, 2017	Percentage of total assets	December 31, 2016	September 30, 2016
Subscribed capital	88.6	2.6	88.6	88.6
Other equity	768.6	22.9	720.9	640.8
Equity attributable to shareholders	857.2	25.5	809.5	729.4
Non-controlling interests	11.9	0.4	21.4	20.1
Total equity	869.1	25.9	831.0	749.5

Equity stood at € 869.1 million as of September 30, 2017, up 16.0% on the previous year. It rose by 4.6% compared with the end of 2016 as the positive effects from the high earnings after tax were accompanied by the dividend payment and currency-translation losses. The equity ratio widened from 23.4% at the end of the third quarter of 2016 to 25.9%.

€ m	September 30, 2017	Percentage of total assets	December 31, 2016	September 30, 2016
Financial liabilities (incl. bond, bonded loan)	613.5	18.3	654.5	656.5
Provisions (incl. pensions)	187.7	5.6	165.1	169.0
Trade payables	1,033.6	30.8	982.5	922.0
Of which prepayments received	652.0	19.4	648.1	578.2
Income tax liabilities	40.5	1.2	40.3	37.5
Other liabilities (incl. deferred taxes, deferred
income)	614.6	18.3	675.2	670.0
Total	2,489.9	74.1	2,517.6	2,455.0

CURRENT AND NON-CURRENT LIABILITIES

Financial liabilities dropped by € 41.0 million compared with December 31, 2016 to € 613.5 million primarily as a result of the repayment of a real estate loan of € 34.7 million. Trade payables remained the largest item on the liabilities side. The prepayments included in this item remained more or less stable compared with the end of 2016. However, prepayments reported on the assets side dropped substantially, resulting in the sharp increase in inventories and trade receivables. The main reason for the decline in other liabilities was the derecognition of held-for-sale liabilities attributable to Dürr Ecoclean.

Debt capital and funding structure

As of September 30, 2017, our funding structure was composed of the following elements:

• Corporate bond of € 300 million
• Bonded loan of € 300 million
• Syndicated loan of € 465 million
• Bilateral credit facilities and liabilities from finance leases of a minor volume

As mentioned above, we repaid a loan of € 34.7 million for the Dürr Campus in Bietigheim-Bissingen ahead of schedule on September 30, 2017. No early repayment penalty was payable as the fixed interest period had expired.

Employees

EMPLOYEES BY DIVISION

	September 30, 2017	December 31, 2016	September 30, 2016
Paint and Final Assembly Systems	3,463	3,384	3,381
Application Technology	2,024	1,956	1,942
Clean Technology Systems	596	569	547
Measuring and Process Systems	2,280	3,010	3,030
Woodworking Machinery and Systems	6,316	6,126	6,072
Corporate Center	197	190	195
Total	14,876	15,235	15,167

Slight decline in employee numbers due to disposal of Ecoclean

Dürr had 14,876 employees as of September 30, 2017. The decline of 1.9% compared with the same date in the previous year is attributable to the disposal of the Dürr Ecoclean Group, which has 839 employees. The headcount in the emerging markets increased to 4,687 employees (September 30, 2016: 4,541). Employee numbers in Germany dropped by 4.0% to 7,853 due to the disposal of Ecoclean.

EMPLOYEES BY REGION
	September 30, 2017	December 31, 2016	September 30, 2016
Germany	7,853	8,205	8,182
Other European countries	2,318	2,306	2,269
North / Central America	1,346	1,329	1,326
South America	316	323	327
Asia, Africa, Australia	3,043	3,072	3,063
Total	14,876	15,235	15,167

Segment report

SALES BY DIVISION

€ m	9M 2017	9M 2016	Q3 2017	Q3 2016
Paint and Final Assembly Systems	815.5	844.8	284.3	277.5
Application Technology	446.4	410.0	160.3	147.1
Clean Technology Systems	131.4	119.6	45.3	44.3
Measuring and Process Systems	382.2	429.9	131.1	155.1
Woodworking Machinery and Systems	901.5	804.1	304.7	277.5
Corporate Center / consolidation	0.1	0.0	0.0	0.0
Group	2,677.0	2,608.4	925.7	901.5

EBIT BY DIVISION

€ m	9M 2017	9M 2016	Q3 2017	Q3 2016
Paint and Final Assembly Systems	46.6	52.9	16.2	14.9
Application Technology	46.4	46.3	17.2	14.1
Clean Technology Systems	1.9	5.1	0.3	2.7
Measuring and Process Systems	48.4	46.4	19.3	19.1
Woodworking Machinery and Systems	64.6	43.0	22.1	15.5
Corporate Center / consolidation	6.1	- 12.1	- 5.3	- 3.9
Group	214.1	181.5	69.8	62.5

PAINT AND FINAL ASSEMBLY SYSTEMS

		9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	€ m	826.5	859.21	180.9	183.11
Sales revenues	€ m	815.5	844.8	284.3	277.5
EBITDA	€ m	56.6	63.6	19.5	19.0
EBIT	€ m	46.6	52.9	16.2	14.9
EBIT margin	%	5.7	6.3	5.7	5.4
ROCE2	%	89.4	>100	93.2	>100
Employees (September 30)		3,463	3,381	3,463	3,381

1 Adjusted for the Ford Mexico contract which was canceled in the fourth quarter of 2016 2 Annualized

Order intake in the Paint and Assembly Systems division was down a slight 3.8% on the previous year's high level in the first nine months of 2017. Whereas demand in North America returned to normal as expected, it picked up in Europe (particularly Eastern Europe) and other regions. Our customers have plenty of projects in the pipeline with upcoming contract awards, suggesting that order intake will be strong in the fourth quarter. Sales in the Paint and Final Assembly Systems division contracted by 3.5% for billing reasons. As a result of this as well as the heightened pressure on prices, the EBIT margin narrowed from 6.3% to 5.7% in the first nine months of 2017. However, over the year as a whole, it should reach the lower end of the target range of 6.0 to 6.5%.

Q3 2016
133.31
147.1
16.6
14.1
9.6
28.9
1,942

1 Adjusted for the Ford Mexico contract which was canceled in the fourth quarter of 2016 2 Annualized

Order intake in the Application Technology division rose by 4.0% in the period from January to September 2017, with further growth also achieved in service business. Established in 2014, the Industrial Products segment again made only a small contribution as planned, although order intake is growing. Although Application Technology´s sales were up 8.9%, the book-to-bill ratio exceeded 1. At € 46.4 million, EBIT was slightly up on the previous year despite the extraordinary income of € 4.9 million that had arisen from the sale of real estate in the United States in the first quarter of 2016. In the first nine months of 2017, the operating EBIT margin climbed by 0.3 percentage point to 10.4%.

		9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	€ m	123.0	134.51	27.8	44.51
Sales revenues	€ m	131.4	119.6	45.3	44.3
EBITDA	€ m	4.0	7.0	1.0	3.5
EBIT	€ m	1.9	5.1	0.3	2.7
EBIT margin	%	1.5	4.2	0.7	6.1
ROCE2	%	4.3	12.9	2.2	20.5
Employees (September 30)		596	547	596	547

CLEAN TECHNOLOGY SYSTEMS

1 Adjusted for the Ford Mexico contract which was canceled in the fourth quarter of 2016

2 Annualized

Clean Technology Systems recorded lower order intake in the third quarter of 2017. The figure for the period from January to September was down 8.6%. However, we expect an improvement in the fourth quarter due to the many projects in the pipeline. Sales increased by 9.8% in the first nine months. The unsatisfactory earnings situation is primarily due to continued losses in energy efficiency technology business. The main reason for this is the persistently low energy prices, which are placing a damper on demand for some of our energy efficiency technologies. We responded to this in the second quarter by discontinuing Dürr thermea GmbH's business in large heat pumps. Dürr thermea had sustained a considerable loss in 2016 on sales of € 2.6 million. The business discontinuation costs have amounted to € 4.6 million so far and were assigned in full to the Corporate Center. Further measures for earnings improvement in energy efficiency technology business are being considered.

		9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	€ m	405.8	536.2	126.4	173.2
Sales revenues	€ m	382.2	429.9	131.1	155.1
EBITDA	€ m	54.0	53.6	21.2	21.8
EBIT	€ m	48.4	46.4	19.3	19.1
EBIT margin	%	12.7	10.8	14.7	12.3
ROCE1	%	25.0	20.5	32.3	25.3
Employees (September 30)		2,280	3,030	2,280	3,030

MEASURING AND PROCESS SYSTEMS

1 Annualized

Effective March 31, 2017, we sold the Dürr Ecoclean Group (industrial cleaning technology), which had formed part of the Measuring and Process Systems division, to Shenyang Blue Silver Industry Automation Equipment Co., Ltd. With around 850 employees, the Dürr Ecoclean Group had generated sales of just under € 200 million and EBIT of around € 14 million in 2016. Proceeds from the disposal of 85% of Dürr Ecoclean´s business came to € 107.7 million. In addition, we own a 15% share in the new holding company SBS Ecoclean GmbH. The largely tax-free book gain of € 22.9 million was assigned to the Corporate Center (Dürr AG).

The Dürr Ecoclean Group was included in the figures for the Measuring and Process Systems division in the first quarter of 2017, but not in the second or third quarter. For this reason, the figures in the table for this division are not fully comparable with those for the previous year. The 24.3% decline in order receipts was due solely to the disposal of Ecoclean, while the remaining activities (balancing, filling and testing technology) held steady at the previous year's level. EBIT and sales of the remaining activities grew at rates in the low double digits. Without the Dürr Ecoclean Group with its relatively weak profitability, the Measuring and Process Systems division posted an EBIT margin of 14.7%.

		9M 2017	9M 2016	Q3 2017	Q3 2016
Order intake	€ m	1,078.9	857.5	345.4	306.1
Sales revenues	€ m	901.5	804.1	304.7	277.5
EBITDA	€ m	92.8	72.9	31.7	25.3
EBIT	€ m	64.6	43.0	22.1	15.5
EBIT margin	%	7.2	5.4	7.2	5.6
ROCE1	%	22.7	13.5	23.3	14.6
Employees (September 30)		6,316	6,072	6,316	6,072

Woodworking Machinery and Systems

1 Annualized

The Woodworking Machinery and Systems division (HOMAG Group) registered a sharp increase of 25.8% in new orders in the first nine months of 2017. The strong demand was spread over all main regions, with business proving to be particularly strong in China. An important growth driver was the strong demand in the furniture industry for highly automated integrated production lines with batch size 1 capabilities. Although sales rose by 12.1%, the book-to-bill ratio reached a high 1.2. EBIT rose by 50.2% and thus more quickly than sales. The operating EBIT margin increased to 7.9% (9M 2016: 6.9%); the EBIT margin came to 7.2% (9M 2016: 5.4%).

Corporate Center

The Corporate Center (Dürr AG, Dürr IT Service GmbH, Dürr Technologies GmbH) reported EBIT of € 6.1 million in the first nine months of 2017 (9M 2016: € -12.1 million). The main determinants were the income of € 22.9 million from the disposal of the Ecoclean activities and the business discontinuation costs of € 4.6 million for Dürr thermea. At € 2.1 million, consolidation effects were slightly in positive territory (9M 2016: € -0.6 million).

Opportunities and risks

The customary opportunities and risks arising from our activities are described in detail from page 78 of our annual report for 2016. A description of our opportunity and risk management systems can also be found there.

Risks

We are currently aware of no risks which either individually or in conjunction with other risks are liable to pose any threat to the Group's going-concern status. There has been no material change in our overall risk situation since the publication of the annual report on March 17, 2017.

The risks arising from underlying political conditions have lessened since the beginning of the year. In the Eurozone there has been an improvement in the political climate and economic conditions. The US administration evidently has no plans to adopt protectionist trading policies in the short term. Given the decline in automotive sales in the United States, our order intake in North America will be substantially down on the previous year's extraordinarily high level. Even so, we expect solid new orders especially as modernization business is offering good opportunities.

Opportunities

The digitization of production processes and services is giving us the opportunity of setting ourselves apart from our peers. With the IIoT platform ADAMOS and the LOXEO and tapio digital market places based on it, we have a good infrastructure for marketing digital services. The ADAMOS joint venture was established at the beginning of September by Dürr, DMG Mori, Carl Zeiss, ASM and Software AG. Further partners and users in the mechanical engineering sector are currently being sought. In addition to the IIoT platform, which is primarily being contributed by Software AG, ADAMOS also includes the ADAMOS App Factory. This alliance of software and mechanical engineering companies is developing new apps on an ongoing basis for observing, evaluating and optimizing production processes. The companies participating in ADAMOS are offering their customers apps via their own digital market places. The LOXEO market place is targeted at Dürr and Schenk customers, while HOMAG uses tapio to address companies in the wood-processing industry.

Outlook

Operating environment

The global economy is expected to grow by 3.6% in 2017 and, hence, more quickly than in the previous year (3.1%). A slight acceleration to 3.7% is possible in 2018. GDP growth in China has stabilized at a good 6.5%, while Europe and the United States are exhibiting steady growth at a lower level. After the severe crisis afflicting Russia, Brazil and other emerging markets, these countries have returned to a growth trajectory.

The automotive industry is seen as having good opportunities for sales looking further down the road. In its current October production outlook, PricewaterhouseCoopers (PwC) continues to project a 2% increase in global production of light vehicles to 94 million in 2017. Stronger growth will be impeded by the slight decline in automotive production in the United States after the record year in 2016. Moreover, production output in China will grow at a more muted rate than in the previous year due to the reduction in tax incentives for car purchases. PwC forecasts a compound average growth rate of 3.4% in global production in the period from 2017 to 2021.

million units	2017F	2021F	CAGR 2017 - 2021F
North America	17.2	19.1	1.6%
Mercosur	3.0	3.6	5.2%
Western Europe	15.3	16.7	2.2%
Eastern Europe	7.0	7.9	3.7%
Asia	49.1	58.5	4.1%
Of which China	27.1	33.4	4.7%
Others	2.4	3.4	8.1%
Total	94.0	109.2	3.4%

Production of passenger and light commercial vehicles

Source: PWC Autofacts 10/2017

F = Forecast

The outlook for growth in the furniture sector and general industry has not changed over the last few months. Experts continue to forecast growth of 2.7% in global furniture production in 2017.

Sales, order intake and earnings

We generally consider our business performance in the first nine months of 2017 to be favorable. On October 18, 2017, we raised our guidance for full-year order intake to € 3.6 to 3.8 billion (previously € 3.3 to 3.7 billion). Order intake in the fourth quarter should be higher than in the third quarter. The target range for sales in 2017 has been narrowed to € 3.5 to 3.6 billion (previously € 3.4 to 3.6 billion). We are confident of achieving our earnings targets for 2017 securely. We are continuing to target an EBIT margin after extraordinary effects of between 7.5% and 8.25%. As things currently stand, we expect to reach the middle of this corridor. If we implement additional earnings improvement measures in energy efficiency technology (Clean Technology Systems division), this could burden EBIT as a result.

Net finance expense will probably increase slightly in 2017. From today´s perspective, the tax rate will dip below 27%. Earnings after tax should therefore rise. In accordance with our long-term dividend policy, the distribution for 2017 should be between 30 and 40% of consolidated net profit. The following table summarizes our targets.

		Actual 2016	Original forecast for 2017	Current forecast for 2017
Order intake	€ m	3,701.7	3,300 - 3,700	3,600 - 3,800
Orders on hand (December 31)	€ m	2,568.4	2,400 - 2,900	2,550 - 2,750
Sales revenues	€ m	3,573.5	3,400 - 3,600	3,500 - 3,600
EBIT margin	%	7.6	7.5 - 8.251	7.5 - 8.251
ROCE	%	41.1	30 - 40	30 - 40
Net finance expense	€ m	- 13.3	slightly weaker	slightly weaker
			roughly unchanged over the
Tax rate	%	27.2	previous year	slightly lower
Earnings after tax	€ m	187.8	slightly higher1	slightly higher1
Cash flow from operating			roughly unchanged over the
activities	€ m	227.4	previous year	140 - 190
			roughly unchanged over the
Free cash flow	€ m	129.9	previous year	50 - 100
Net financial status
(December 31)	€ m	176.5	300 - 3801	230 - 2801
Liquidity (December 31)	€ m	724.2	850 - 9251	735 - 7851
Capital expenditure2	€ m	81.9	75 - 85	85 - 95

Including the effects from the disposal of Ecoclean

² On property, plant and equipment and on intangible assets (excluding acquisitions)

Divisions

We have raised our guidance for sales and order intake in the Paint and Final Assembly Systems and Woodworking Machinery and Systems divisions. The EBIT margin target for Paint and Final Assembly Systems for 2017 (6.0 to 6.5%) is unchanged, although the lower edge of the range is more likely to be reached. We have raised the EBIT margin target for Woodworking Machinery and Systems for 2017 to 6.5 to 7.5%. As things currently stand, the other divisions should reach the targets for 2017 defined at the beginning of the year. However, Clean Technology Systems could fall short of the target corridor for the EBIT margin.

		Sales (€ million)	Order intake (€ million)		EBIT margin (%)			ROCE (%)
	2016	2017 target	2016	2017 target		2016 2017 target	2016	2017 target
Paint and Final
Assembly Systems	1,140.0	1,100 - 1,200	1,094.5	1,100 - 1,200	6.8	6.0 - 6.5	>1001	>1001
Application
Technology	560.6	560 - 610	582.7	560 - 610	13.6	9.5 - 11.0	40.0	27 - 32
Clean Technology
Systems	167.0	175 - 195	176.6	180 - 200	3.7	4.0 - 4.5	13.6	15 - 20
Measuring and
Process Systems	623.8	450 - 5252	682.5	400 - 5002	12.8	11.5 - 14.0	24.9	20 - 25
Woodworking
Machinery and Systems	1,082.0	1,150 - 1,250	1,165.3	1,250 - 1,350	4.1	6.5 - 7.5	11.3	13 - 18

Outlook for Divisions

Negative capital employed

Around € 150 million less business volume due to the sale of Dürr Ecoclean

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

At its meeting of October 3, 2017, the Supervisory Board of Dürr AG elected Karl-Heinz Streibich as its new Chairman with effect from January 1, 2018. Mr. Streibich is CEO of Software AG and has been a member of Dürr AG's Supervisory Board since 2011. He takes over from Klaus Eberhardt, who will be stepping down from the position of Chairman and also leaving Dürr AG's Supervisory Board at the end of the year. Dr. Rolf Breidenbach was proposed as a new member of the Supervisory Board and is due to be appointed by court effective January 1, 2018. Dr. Breidenbach has been CEO of HELLA KGaA Hueck & Co. since 2004, prior to which he was a partner at consulting company McKinsey.

No other exceptional or reportable events occurred between the end of the reporting period and the publication of this report.

Bietigheim-Bissingen, November 8, 2017

Dürr Aktiengesellschaft

The Board of Management

CEO CFO

Dr. Jochen Weyrauch Member of the Board of Management

Ralf W. Dieter Carlo Crosetto

Consolidated statement of income

of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to September 30, 2017

€ k	9M 2017	9M 2016	Q3 2017	Q3 2016
Sales revenues	2,677,001	2,608,415	925,735	901,514
Cost of sales	- 2,041,715	- 1,992,195	- 711,448	- 693,311
Gross profit on sales	635,286	616,220	214,287	208,203
Selling expenses	- 227,909	- 226,435	- 73,108	- 74,656
General administrative expenses	- 132,271	- 134,438	- 43,241	- 41,966
Research and development costs	- 85,075	- 76,748	- 29,025	- 28,103
Other operating income	58,135	43,957	12,079	2,744
Other operating expenses	- 34,086	- 41,015	- 11,144	- 3,697
Earnings before investment result,
interest and income taxes	214,080	181,541	69,848	62,525
Investment result	1,625	2,636	1,281	1,039
Interest and similar income	4,041	4,420	1,477	1,407
Interest and similar expenses	- 19,250	- 18,114	- 6,607	- 6,380
Earnings before income taxes	200,496	170,483	65,999	58,591
Income taxes	- 50,797	- 49,836	- 16,045	- 15,776
Profit of the Dürr Group	149,699	120,647	49,954	42,815
Attributable to:
Non-controlling interests	4,304	3,037	2,507	1,511
Shareholders of Dürr Aktiengesellschaft	145,395	117,610	47,447	41,304
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)	4.20	3.40	1.37	1.19

Consolidated statement of comprehensive income

of Dürr Akti eng esellschaft , Stuttga rt, for th	e period from Janua		ry 1 to September 30, 2017
€ k	9M 2017	9M 2016	Q3 2017	Q3 2016
Profit of the Dürr Group	149,699	120,647	49,954	42,815
Items of other comprehensive income that are not reclassified to profit or loss
Remeasurement of defined benefit plans
and similar obligations	3,781	- 11,016	- 1,056	- 1,757
Associated deferred taxes	- 1,423	3,924	761	626
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	12,309	1,449	- 992	- 1,553
Associated deferred taxes	- 3,796	- 49	260	411
Changes in fair value of financial assets available for sale	-	3,900	-	3,900
Associated deferred taxes	-	- 1,119	-	- 1,119
Reclassifications from currency translation reserve through profit or loss	- 2,951	-	-	-
Currency translation effects of foreign subsidiaries	- 30,273	- 12,166	- 5,608	- 1,590
Currency translation effects of foreign entities accounted for using the equity method	- 2,348	2,615	- 2,263	274
Other comprehensive income, net of tax	- 24,701	- 12,462	- 8,898	- 808
Total comprehensive income, net of tax	124,998	108,185	41,056	42,007
Attributable to:
Non-controlling interests Shareholders of Dürr Aktiengesellschaft	4,008 120,990	2,858 105,327	2,456 38,600	1,528 40,479

Consolidated statement of financial position

of Dürr Aktiengesellschaft, Stuttgart, as of September 30, 2017

€ k	September 30, 2017	December 31, 2016	September 30, 2016
Ass ets
Goodwill	397,367	401,600	395,014
Other intangible assets	199,077	209,533	217,520
Property, plant and equipment	384,898	394,577	388,923
Investment property	20,287	20,664	20,691
Investments in entities accounted for using the equity method	32,161	32,726	32,757
Other financial assets	25,946	11,901	35,589
Trade receivables	10,410	16,878	372
Income tax receivables	90	90	334
Sundry financial assets	3,647	4,162	4,770
Other assets	445	527	480
Deferred taxes	28,650	29,891	30,069
Prepaid expenses	2,572	2,746	2,353
Non-current assets	1,105,550	1,125,295	1,128,872
Inventories and prepayments	477,590	381,056	403,007
Trade receivables	953,770	779,420	786,652
Income tax receivables	23,069	22,234	24,128
Sundry financial assets	178,123	117,264	149,221
Other assets	57,469	26,972	39,977
Cash and cash equivalents	551,377	724,179	522,413
Prepaid expenses	11,071	4,883	10,398
Assets held for sale	911	167,220	139,772
Current assets	2,253,380	2,223,228	2,075,568
Total assets Dürr Group	3,358,930	3,348,523	3,204,440

€ k	September 30, 2017	December 31, 2016	September 30, 2016
Equity and liabilities
Subscribed capital	88,579	88,579	88,579
Capital reserves	155,896	155,896	155,896
Revenue reserves	656,336	588,705	518,286
Other comprehensive income	- 43,615	- 23,649	- 33,353
Total equity attributable to the shareholders of Dürr Aktiengesellschaft	857,196	809,531	729,408
Non-controlling interests	11,880	21,429	20,074
Total equity	869,076	830,960	749,482
Provisions for post-employment benefit obligations	49,337	51,817	57,803
Other provisions	17,287	17,564	15,970
Trade payables	4,138	4,136	4,210
Bond and bonded loan	597,092	596,630	596,442
Other financial liabilities	13,023	52,564	55,679
Sundry financial liabilities	11,525	6,944	2,177
Income tax liabilities	6,711	6,711	8,804
Other liabilities	9,580	4,603	3,878
Deferred taxes	112,035	102,316	110,465
Deferred income	83	38	40
Non-current liabilities	820,811	843,323	855,468
Other provisions	121,105	95,686	95,218
Trade payables	1,029,428	978,338	917,775
Financial liabilities	3,374	5,339	4,387
Sundry financial liabilities	271,153	283,215	283,845
Income tax liabilities	33,794	33,573	28,648
Other liabilities	206,313	216,253	207,840
Deferred income	3,544	1,928	2,691
Liabilities held for sale	332	59,908	59,086
Current liabilities	1,669,043	1,674,240	1,599,490
Total equity and liabilities Dürr Group	3,358,930	3,348,523	3,204,440

Consolidated statement of cash flows

of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to September 30, 2017

€ k	9M 2017	9M 2016	Q3 2017	Q3 2016
Earnings before income taxes	200,496	170,483	65,999	58,591
Income taxes paid	- 45,433	- 51,456	- 18,465	- 13,024
Net interest	15,209	13,694	5,130	4,973
Profit from entities accounted for using the equity method	- 2,837	- 2,410	- 1,217	- 1,144
Dividends from entities accounted for using the equity method	1,054	490	-	490
Amortization and depreciation of non-current assets	59,632	59,150	19,096	20,902
Net gain on the disposal of non-current assets	- 611	- 807	- 28	- 360
Other non-cash income and expenses	- 22,741	- 3,284	- 259	2,442
Changes in operating assets and liabilities
Inventories	- 113,794	- 49,138	- 29,010	- 14,436
Trade receivables	- 194,891	15,784	- 124,712	17,776
Other receivables and assets	- 45,753	- 11,144	- 5,056	- 1,139
Provisions	28,345	- 16,792	1,291	- 4,512
Trade payables	98,313	- 64,238	75,115	35,284
Other liabilities (other than bank)	5,561	- 1,407	27,188	30,043
Other assets and liabilities	- 4,764	- 4,965	3,525	2,626
Cash flow from operating activities	- 22,214	53,960	18,597	138,512
Purchase of intangible assets	- 17,165	- 13,861	- 5,868	- 3,157
Purchase of property, plant and equipment	- 31,765	- 42,053	- 9,849	- 14,367
Purchase of other financial assets	- 104	- 19	- 101	- 16
Proceeds from the sale of non-current assets	9,492	12,990	1,050	6,127
Acquisitions, net of cash acquired	- 4,842	- 1,203	- 3,889	- 1,203
Investments in time deposits	- 50,352	- 122,072	25,918	- 663
Proceeds from the sale of assets and liabilities classified as held for sale	106,653	8,063	- 337	- 3,442
Interest received	3,466	3,280	925	1,087
Cash flow from investing activities	15,383	- 154,875	7,849	- 15,634

€ k	9M 2017	9M 2016	Q3 2017	Q3 2016
Change in current bank liabilities and
other financing activities	- 9,095	- 8,962	- 1,790	- 8,497
Repayment of non-current financial liabilities	- 40,673	- 7,712	- 37,781	- 1,623
Bonded loan issue	-	299,079	-	-
Payments of finance lease liabilities	- 2,903	- 1,289	- 232	- 379
Cash paid for transactions with non-controlling
interests	- 8,355	- 4,000	- 860	- 4,000
Dividends paid to the shareholders of
Dürr Aktiengesellschaft	- 72,662	- 64,012	-	-
Dividends paid to non-controlling interests	- 4,629	- 2,117	-	-
Interest paid	- 15,220	- 18,727	- 1,052	- 1,041
Cash flow from financing activities	- 153,537	192,260	- 41,715	- 15,540
Effects of exchange rate changes	- 12,434	- 4,860	- 4,928	551
Change in cash and cash equivalents related to
changes in the consolidated group	-	295	-	295
Change in cash and cash equivalents	- 172,802	86,780	- 20,197	108,184
Cash and cash equivalents
At the beginning of the period	724,179	435,633	571,574	414,229
At the end of the period	551,377	522,413	551,377	522,413

Consolidated statement of changes in equity

Consolidated statement of changes in equity

of Dürr Aktiengesellschaft, Stuttgart, for the period from January 1 to September 30, 2017

							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, 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 year	-	-	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
January 1, 2017	88,579	155,896	588,705	- 40,698	- 8,055	-	652	24,452	- 23,649	809,531	21,429	830,960
Profit for the year	-	-	145,395	-	-	-	-	-	-	145,395	4,304	149,699
Other comprehensive income	-	-	-	2,358	8,513	-	-	- 35,276	- 24,405	- 24,405	- 296	- 24,701
Total comprehensive income, net of tax	-	-	145,395	2,358	8,513	-	-	- 35,276	- 24,405	120,990	4,008	124,998
Dividends	-	-	- 72,662	-	-	-	-	-	-	- 72,662	- 4,629	- 77,291
Options of non-controlling interests	-	-	8,233	-	-	-	-	-	-	8,233	- 493	7,740
Other changes	-	-	- 13,335	4,419	-	-	- 16	36	4,439	- 8,896	- 8,435	- 17,331
September 30, 2017	88,579	155,896	656,336	- 33,921	458	-	636	- 10,788	- 43,615	857,196	11,880	869,076

Financial calendar

November 14, 2017	UBS European Conference, London
November 27, 2017	Annual Goldman Sachs European Industrials Conference, London
November 27, 2017	German Equity Forum, Frankfurt
December 6, 2017	Berenberg European Corporate Conference, Pennyhill Park, Surrey
February 28, 2018	Preliminary figures for fiscal 2017: Press conference, Stuttgart, conference call
March 22, 2018	Publication annual report 2017 (no conference call)
May 9, 2018	Annual general meeting, Bietigheim-Bissingen
May 16, 2018	Interim statement for the first quarter of 2018
August 9, 2018	Interim financial report for the first half of 2018
November 8, 2018	Interim statement for the first nine months of 2018

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 financial report is the English translation of the German original. The German version shall prevail.

This publication has been prepared independently by Dürr AG/Dürr Group ("Dürr"). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in Dürr's disclosures, in particular in the chapter "Risks" in Dürr's annual report. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as "expect," "want," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary on the Dürr Web page (http://www.durr.com/investor/service-faqs-glossar-contact/glossary/financial-glossary/).