Knorr-bremse Ag · XETR:KBX
Knorr-bremse — H1 2019 Earnings Presentation
78 slides from Knorr-bremse's earnings presentation, Sep 12, 2019
Slide 1: Capital Market Lunch
Capital Market Lunch RALPH HEUWING I CFO DR. PETER LAIER I HEAD OF CVS DR. JÜRGEN WILDER I HEAD OF RVS SEPTEMBER 12, 2019 Knorr-Bremse Group
Slide 2: Knorr-Bremse Capital Market Lunch – Agenda
Knorr-Bremse Capital Market Lunch – Agenda 1. Introduction Ralph Heuwing 2. Financial results H1/19 Ralph Heuwing 3. Deep Dive CVS Dr. Peter Laier 4. Deep Dive RVS Dr. Jürgen Wilder Knorr-Bremse Group 2
Slide 3: Financial Results H1/19
Capital Market Lunch Financial Results H1/19 RALPH HEUWING I CFO SEPTEMBER 12, 2019 Knorr-Bremse Group
Slide 4: Financial highlights H1/19 – once again, we delivered on our IPO promise
Financial highlights H1/19 – once again, we delivered on our IPO promise Order intake Operating € 3.58bn EBITDA margin1 € 1.88bn 19.0% +1.8% yoy +7.6% yoy PY: 18.0% Revenue € 3.60bn Operating EBITDA1 € 685m +8.4% yoy PY: € 590m EPS Order book € 2.13 € 4.54bn +21.1% yoy € 1.73bn +3.9% yoy +9.5% yoy K
Slide 5: Resilient outperformance thanks to high-quality business model
Resilient outperformance thanks to high-quality business model Number one supplier for braking systems and a leading supplier of other safety 1 Global #1 critical rail and commercial vehicle systems protected by high barriers to entry 2 Synergistic business Technology and scale benefits between rail
Slide 6: Continued strong growth, clearly outperforming underlying markets and peers
Continued strong growth, clearly outperforming underlying markets and peers Revenue €m By type By region +8.4% 75 3,602 3,602 225 SA M&A net disposals 3,322 +5.7% 55 3,322 -20 52 Asia/ • Hitachi € +21m 1,013 Pacific +8.1% • Snyder € +4m 937 +6.8% • BP/Sydac € -45m Org. growth NA 681 +23.5% 841 +2.4%
Slide 7: Healthy order book and continued good visibility
Healthy order book and continued good visibility Order intake Order book €m By type €m 1.06 0.99 7.9 7.8 3.9% +1.8% 4,372 4,542 65 3,581 34 3,517 M&A net disposals -35 • Hitachi € +21m +1.0% • Snyder € +4m • BP/Sydac € -60m Org. growth H1/18 Organic M&A net FX H1/19 30.06.18 30.06.19 disposals…
Slide 8: Strong EBITDA margin development in H1/19, particularly in Q2/19
Strong EBITDA margin development in H1/19, particularly in Q2/19 EBITDA €m Margin 19.0% 18.6% 17.5% 18.0% Q2/19 with strongest quarterly operating EBITDA (€ 352m) since 2017 Conversion from growth ▪ Operating EBITDA margin increased by 210bps € +69.9m 685 to 19.1% in Q2/19, despite lower AM share (d
Slide 9: Strong EBIT margin development in H1/19, particularly in Q2/19
Strong EBIT margin development in H1/19, particularly in Q2/19 EBIT €m Margin 15.3% 15.6% 14.8% 14.2% Operating EBIT strongly increased from € 244m (Q2/18) to € 285m (Q2/19) ▪ Growth solely driven by organic growth 560 ▪ Operating EBIT margin advanced 100bps to 15.5% in Q2/19 IFRS16 533 D&A increase
Slide 10: Strong improvements in operating and free cash flow in H1/19
Strong improvements in operating and free cash flow in H1/19 FCF & OCF CapEx1 NWC op. ROCE2 (annualized) €m FCF OCF €m % of sales €m Scope of days % 55.0 57.1 3.7% +24.6% 3.2% 35.4% 35.5% 1,142 +18.6% 1,015 311 249 134 178 106 150 H1/18 H1/19 H1/18 H1/19 30.6.18 30.6.19 H1/18 H1/19 Strong increase i
Slide 11: RVS: Strong order book and high visibility
RVS: Strong order book and high visibility Order intake Order book €m By type 10.5 10.7 Organic order intake up 3.8% in H1/19 1.08 1.03 +7.9% ▪ Project rollover from Q2/19 to Q3/19 (temporary 3,261 fluctuation) +1.9% 3,021 72 ▪ Freight & Locomotive, Mass transit and AM with 20 1,925 strong growth in
Slide 12: RVS: Strong revenue growth with particularly strong margin expansion
… RVS: Strong revenue growth with particularly strong margin expansion Revenue EBITDA €m By type Continued strong organic revenue growth of € +61m (+6.7%) more than compensated divestments (€ -25m) in Q2/19 rep. 22.2% op. 22.2% ▪ EU: Good development of regional/commuter, HS, freight rep. 18.5% and
Slide 13: CVS: Order growth positive with help from FX and M&A
CVS: Order growth positive with help from FX and M&A Order intake Order book €m By type 1.03 0.96 Organic order intake Q2/19 slightly down by -1.9% y-o-y 5.2 4.8 ▪ North America continued to support organic order +1.8% intake in Q2/19, due to increase of content per vehicle -5.2% (ADB, EBS, Steering
Slide 14: CVS: Strong revenue growth at stable operating margin
… CVS: Strong revenue growth at stable operating margin Revenue EBITDA €m By type Revenue growth drivers ▪ Growing content per vehicle clearly outperforming TPR rep. 16.5% rep. 15.3% op. 16.5% ▪ Global TPR on comparable level vs. H1/18 (-1%) op.1 16.3% +9.5% ▪ EU: Moderate OE growth vs. decreasing A
Slide 15: Guidance confirmed for 2019
Guidance confirmed for 2019 Market developments and KB response Revenue op. EBITDA margin 1 €m Confirmed Confirmed Market developments ▪ Political uncertainties, but supportive interest rate outlook 6,875 - 7,075 19.0% 18.5 – 19.5% ▪ CVS: slowing order momentum ▪ RVS: continued strong demand KB
Slide 16: Deep Dive CVS
Capital Market Lunch Deep Dive CVS DR. PETER LAIER I HEAD OF CVS SEPTEMBER 12, 2019 Knorr-Bremse Group
Slide 17: CVS with high-quality business model – Outperformance and resilience
CVS with high-quality business model – Outperformance and resilience 1 Market leadership Global market leader with increasing market share 2 Technology leadership Technology leader with innovation power shaping major industry trends Safety-critical highly technological products 3 High barriers to en
Slide 18: Knorr-Bremse Capital Market Lunch – Deep Dive CVS
Knorr-Bremse Capital Market Lunch – Deep Dive CVS 1. CVS Revenue Development and Market Development 2. Drivers for Revenue Growth 3. Technology Leadership 4. Operational Excellence 5. Conclusion Knorr-Bremse Group 18
Slide 19: CVS strongly outperformed – revenue CAGR +8% vs. TPR CAGR +3.5%
CVS strongly outperformed – revenue CAGR +8% vs. TPR CAGR +3.5% Revenue €m By region 1) By channel CAGR 2010 - 2018 CAGR 2010 - 2018 +8% +8% 3,160 3,160 2% SA Asia/ -6% 16% AM Pacific 27% Growth surpassing Disproportional +15% 34% NA TPR CAGR mainly 1,701 1,716 growth in OEM due driven by content +4
Slide 20: Truck cycle 2020 – leading indicators guide to weaker TPR in NA and Europe
Truck cycle 2020 – leading indicators guide to weaker TPR in NA and Europe Industrial Truck tonnage / Freight Net orders heavy GDP growth production rate transportation volume duty trucks North America Europe Asia / Pacific Knorr-Bremse Group Source: Internal market research 20
Slide 21: Forecasts indicate TPR slowdown in 2020 from high levels
Forecasts indicate TPR slowdown in 2020 from high levels North America Europe Asia / Pacific 1,950 Truck 575 1,350 Production 525 450 Rate 350 1) 2012 – 2018 in ‘000 units 2012 2015 2018 2012 2015 2018 2012 2015 2018 Share of CVS 34% 48% 16% Revenue 2018 Best Best Best Estimated Scenario +6.0% -15.0
Slide 22: North America 2016: proof point of CVS' resilient business model
North America 2016: proof point of CVS‘ resilient business model Development 2015 – 2016 Reasons for resilience ▪ Strong BENDIX brand, market leading position and long-standing customer relationships TPR NA CVS NA CVS NA ▪ Product portfolio met market demands exactly at right time, e.g. ADAS 1) reve
Slide 23: Knorr-Bremse Capital Market Lunch – Deep Dive CVS
Knorr-Bremse Capital Market Lunch – Deep Dive CVS 1. CVS Revenue Development and Market Development 2. Drivers for Revenue Growth 3. Technology Leadership 4. Operational Excellence 5. Conclusion Knorr-Bremse Group 23
Slide 24: Revenue of CVS mainly supported by three growth drivers
Revenue of CVS mainly supported by three growth drivers Organic growth Non-organic growth TPR Content per Vehicle Market Share M&A Number of trucks produced Number of products and Relative performance and Long track record by OEMs value sold per truck share of wallet of successful M&A Short term Ong
Slide 25: Continued content growth expected in all regions
Continued content growth expected in all regions World Europe North America Asia / Pacific 1) % CAGR Content per Vehicle 2010 - 2016 / 2016 - 2022 8% 4% 3,225 Significant market 4% 3,000 segments. High grade with higher CPV growth 4% 9% 2,425 8% 2,025 3% 2) 2,000 1,875 6% 1,575 1,475 2) 1,225 1,025
Slide 26: New regulations and emission standards will support CVS' growth strongly in future
New regulations and emission standards will support CVS’ growth strongly in future Traffic Safety – Vision Zero Accident ADB EBS ESC, FCW, dangerous goods dangerous goods LDWS, AEBS vehicles veh.>12t Traffic safety solutions Assisted Framework for LDWS Steering Automated Driving Functions Functions
Slide 27: Case study 1: Content per vehicle increase through legislation
Case study 1: Content per vehicle increase through legislation The penetration of driver assistance systems is increasing globally Goals and advantages ▪ Advanced safety features are able to reduce the number of accidents ▪ Reduction of Total cost of ownerships (TCO) ▪ Increased vehicle up-time AEBS
Slide 28: Case study 2: Content per vehicle increase through superior functionality
Case study 2: Content per vehicle increase through superior functionality Shift from manual to automated manual transmissions (AMT) AMT actuator for DongFeng (China) Goals and advantages AMT vs. MT (manual transmission): ▪ Reduced fuel consumption and increased comfort TRS AMT actuator for ▪ Miss-us
Slide 29: Case study 3: Content per vehicle increase through superior functionality
Case study 3: Content per vehicle increase through superior functionality Shift from Foundation Drum Brake (FDB) to Air Disk Brake (ADB) Goals and advantages ▪ ADB is a higher performing and reliable technology with improved brake control ▪ ADB shows a better serviceability in comparison to FDB Driv
Slide 30: Case study 4: Content per vehicle increase through superior functionality
Case study 4: Content per vehicle increase through superior functionality Shift from manual to torque overlay steering Goals and advantages ▪ Torque Overlay Steering (TOS) technology enables new ADAS functions such as lane keeping assistant ▪ TOS and brake control are the relevant actuators for vehi
Slide 31: Case study 5: Content per vehicle increase through market share increase
Case study 5: Content per vehicle increase through market share increase CVS with sustained growth in a volatile China market 1) CVS China Revenue Development Key messages CAGR 2012 – 2018 2) TPR China [% change] +6.5% Revenue [mRMB] ▪ Significant market share gain since 2012 through building up +31
Slide 32: Case study 6: Content per vehicle increase through market share increase
Case study 6: Content per vehicle increase through market share increase Overall outperformance of TPR in North America 1) CVS NA Revenue Development Key messages CAGR 2012 – 2018 TPR NA [% change] 2) +4.0% ▪ Strong BENDIX brand, market leading position and long- Revenue [mUSD] standing customer rel
Slide 33: Knorr-Bremse Capital Market Lunch – Deep Dive CVS
Knorr-Bremse Capital Market Lunch – Deep Dive CVS 1. CVS Revenue Development and Market Development 2. Drivers for Revenue Growth 3. Technology Leadership 4. Operational Excellence 5. Conclusion Knorr-Bremse Group 33
Slide 34: CVS's innovation agenda based on four major industry trends
CVS‘s innovation agenda based on four major industry trends URBANISATION AUTOMATED DRIVING ECO-EFFICIENCY DIGITISATION SAFETY AS KEY PART OF CVS DNA Emission Automated Traffic Safety Reduction + Driving Connectivity E-Mobility Advanced safety systems Complete systems for Solutions for efficient Modu
Slide 35: CVS continues R&D invest to maintain technical leadership
CVS continues R&D invest to maintain technical leadership CVS R&D cost development TOP R&D priorities R&D / revenue ratio ▪ Innovation in core business fields R&D invest [mEUR] ▪ Constant focus on VA/VE (Value Analysis/ Value Engineering = systematic method to improve a product’s 5.4% 5.6% 5.3% 5.3%
Slide 36: Megatrend: Automated Driving
Megatrend: Automated Driving From braking systems manufacturer to automated systems supplier 1920s 1980s 2000s today 2020+ Driver Assistance Driver Assistance Stability Automated Deceleration Longitudinal Lateral Control Functions Control Control actuator: actuators: braking steering and braking tog
Slide 37: Megatrend: Automated Driving – CVS supplies the entire system concept
Megatrend: Automated Driving CVS supplies the entire system concept for automated driving System Steps Action Provider Redundancy 4 concept 5 PERCEPTION Perception Complete environment perception of truck & trailer Safety relevant System supplier - 1 + functions backed up by one interface for redund
Slide 38: Knorr-Bremse Capital Market Lunch – Deep Dive CVS
Knorr-Bremse Capital Market Lunch – Deep Dive CVS 1. CVS Revenue Development and Market Development 2. Drivers for Revenue Growth 3. Technology Leadership 4. Operational Excellence 5. Conclusion Knorr-Bremse Group 38
Slide 39: CVS bottomline is backed by operational excellence
CVS bottomline is backed by operational excellence Permanent programs Special programs Continued cost focus KB 2020 Margin stability Market down-swing ▪ Continuous site improvement ▪ Program set up in each region in ▪ Different measures designed for program order to ensure expected each region profi
Slide 40: Example cost saving measures: production of valves relocated from Europe to India
Example cost saving measures: The production of valves was relocated from Europe to India resulting in savings NPV development since project start 1) Production line for export in Pune €m ▪ Production of valves for European market was moved from +160% locations in Italy and Hungary to India 10.9 ▪ R
Slide 41: Knorr-Bremse Capital Market Lunch – Deep Dive CVS
Knorr-Bremse Capital Market Lunch – Deep Dive CVS 1. CVS Revenue Development and Market Development 2. Drivers for Revenue Growth 3. Technology Leadership 4. Operational Excellence 5. Conclusion Knorr-Bremse Group 41
Slide 42: CVS confirms mid-term guidance of 4 to 5% revenue growth over the cycle
CVS confirms mid-term1 guidance of 4 to 5% revenue growth over the cycle CVS is well prepared for the future and well positioned in the market Increase of content per vehicle in all markets mitigating TPR volatility Market share increases in growth markets Fostering of technological leadership throu
Slide 43: Deep Dive RVS
Capital Market Lunch Deep Dive RVS DR. JÜRGEN WILDER I HEAD OF RVS SEPTEMBER 12, 2019 Knorr-Bremse Group
Slide 44: RVS with high-quality business model – Outperformance and resilience
RVS with high-quality business model – Outperformance and resilience 1 Market leadership Global market leader, scale advantage Strong technology innovator shaping industry standards, return on R&D spend 2 Technology leadership outperforming peers Safety-critical products with significant homologatio
Slide 45: Knorr-Bremse Capital Market Lunch – Deep Dive RVS
Knorr-Bremse Capital Market Lunch – Deep Dive RVS 1. Market Opportunities 2. Aftermarket Growth (RailServices) 3. Innovation 4. Summary Knorr-Bremse Group 45
Slide 46: RVS sees continued growth with increasing profitability
RVS sees continued growth with increasing profitability Car builders confirm a positive market trend and report a strong order backlog RVS revenue & EBITDA margin [€m, IFRS] At € 40.0bn on June Transportation’s backlog of EBITDA margin 30th, 2019, the current USD 33.6bn […] positive Revenue CAGR Rev
Slide 47: Underlying global rail market with steady and robust growth
Underlying global rail market with steady and robust growth Development of markets Market volume Brakes, Doors, HVAC, incl. labour [€bn, CAGR in %] AM OE World +2.4% 9.7 8.8 North & South America 8.0 8.4 +2.5% Asia Pacific 1.7 +1.8% 1.5 1.5 1.5 3.9 4.1 3.5 3.7 ’17 ’18 ’19 ’24 ’17 ’18 ’19 ’24 Europe
Slide 48: Rail market will get additional tailwind from latest climate discussions
Rail market will get additional tailwind from latest climate discussions Megatrends with impact on the Rail industry CO2 emissions in passenger transport kg CO22) Urbanisation [per person / 1,000km] ECO-EFFICIENCY 400 Automated Driving 200 Digitization 0 Safety Airplane Car Bus Train Trans
Slide 49: RVS is #1 in almost all strong growth markets
RVS is #1 in almost all strong growth markets OE market development Market volume Brakes, Doors, HVAC [€m, CAGR in %] 2) CAGR ‘18-’24 #1 China1) Selected biggest growth markets North America & Mexico MT ~6% #2 France ~11% 0.0% #1 8.6% Italy ~13% ~1,300 ~1,300 ~1,620 #1 Russia & CIS (High Grade) ~6%
Slide 50: Example China: RVS growth is fueled by profitable aftermarket business
Example China: RVS growth is fueled by profitable aftermarket business Market development RVS’ revenue China [€m1), CAGR in %] High government spending Revenue 5-year-plan with investment level at RMB 3,500bn ~4-5% (~ € 448bn as of 2017) 799 Fastest growing Rail network globally 613 175,000km to
Slide 51: Example India: Significant growth opportunity over next several years
Example India: Significant growth opportunity over next several years Market growth drivers Electrification 35,000km railway lines targeted, production of E-Locos from 250 to 600 p.a. HIGH SPEED & FREIGHT CORRIDORS Passenger coach production growth Ludhiana Ambala ~5,000 – 6,000 LHB (Linke Hofma
Slide 52: Example India: RVS with excellent market position based on local presence
Example India: RVS with excellent market position based on local presence already since the 1990’s RVS’ revenues and headcount [€m1), CAGR in %] Revenue FTE ~25% ~14% 126 918 Knorr-Bremse India, Palwal 373 28 Local production 2010 2017 2019e 2010 2017 2019e Brake control systems Bogie equipment
Slide 53: Knorr-Bremse Capital Market Lunch – Deep Dive RVS
Knorr-Bremse Capital Market Lunch – Deep Dive RVS 1. Market Opportunities 2. Aftermarket Growth (RailServices) 3. Innovation 4. Summary Knorr-Bremse Group 53
Slide 54: Aftermarket business is a local business – well served by RVS' set-up
Aftermarket business is a local business – well served by RVS’ set-up Americas Europe Asia Short lead time in repair business & local regulations can only be catered by local presence. Total 5 21 14 40 Major service centers1) & Major service 2 9 10 21 locations at customers’ premises 250 1,100 700 2
Slide 55: Aftermarket (RailServices) strategy targeting significant growth
Aftermarket (RailServices) strategy targeting significant growth: ~45% of RVS’ revenue by 2024, coming from ~40% in 2018 Servicing New service models & the installed base Modernization digital solutions Efficient spare part solutions Modernization of Knorr-Bremse as Digitization Service of K
Slide 56: Aftermarket (RailServices) business expected to grow beyond € 2bn by 2024
Aftermarket (RailServices) business expected to grow beyond € 2bn by 2024 Characteristics aftermarket Development aftermarket Long customer relationships & loyalty of >30 years Higher focus on lifecycle costs and availability commitments (contractually binding) Through tear & wear very attract
Slide 57: Knorr-Bremse Capital Market Lunch – Deep Dive RVS
Knorr-Bremse Capital Market Lunch – Deep Dive RVS 1. Market Opportunities 2. Aftermarket Growth (RailServices) 3. Innovation 4. Summary Knorr-Bremse Group 57
Slide 58: RVS' R&D agenda is focused on customers' needs – staying ahead of competition
RVS’ R&D agenda is focused on customers’ needs – staying ahead of competition Technology and market trends Data Driven Connected Business Systems Lifecycle costs & Airless Eco friendly Train Deep Dive Knorr-Bremse solutions for specific customer needs 7 R&D fields Automatic Frictionless Optimized
Slide 59: IFE doors increase passengers' comfort and provide shorter dwell times
Smart Products IFE doors increase passengers’ comfort and provide shorter dwell times in stations Key Facts Significant noise reduction is reached by the IFE patented lifting kinematics for sliding door systems Successful market launch: 2 megacities decided in favor of this solution: Beijing - M
Slide 60: The enormous brake distances in Rail require outstanding braking performance
The enormous brake distances in Rail require outstanding braking performance Different braking distances at 80km/h Car 31m 1.500kg Changing weather and Truck with trailer 40m environmental conditions 40.000kg significantly impact LRV brake distances 85m 60.000kg MU regional & commuter 220m 240.000kg
Slide 61: New smart products keep us ahead of the competition
Smart Products New smart products keep us ahead of the competition Unique Selling Proposition Standardized solution across train types reduces complexity at operators & car builders New brake control system EP2002 3.0 Reduced life cycle costs & increased reliability Lighter and requiring a sma
Slide 62: Urbanization demands increased Rail transport capacity
ATO Urbanization demands increased Rail transport capacity, which can be most economically satisfied by improved use of existing infrastructure Urbanization Increasing need for transport capacity Optimized use of existing Rail infrastructure – Reduced train headway Automatic Train Operation RVS inno
Slide 63: Reproducible Brake Distance is a key technology for automatic train operation
ATO Reproducible Brake Distance is a key technology for automatic train operation (ATO) and higher utilization of infrastructure Situation Solution: Reproducible brake distance Unpredictable stopping accuracy in ATO Deceleration Control compensates brake system variations Reduced operational s
Slide 64: Environment Observation (EO) is a key enabler of ATO
ATO Environment Observation (EO) is not only a key enabler of ATO, it also opens up numerous additional growth opportunities RailVision technology / application Automatic environment recognition Additional customer value proposition using EO Detects objects in a distance of 2km under all weather c
Slide 65: Knorr-Bremse Capital Market Lunch – Deep Dive RVS
Knorr-Bremse Capital Market Lunch – Deep Dive RVS 1. Market Opportunities 2. Aftermarket Growth (RailServices) 3. Innovation 4. Summary Knorr-Bremse Group 65
Slide 66: RVS confirms positive market outlook and mid-term guidance of 5 to 6% revenue growth
RVS confirms positive market outlook and mid-term guidance of 5 to 6% revenue growth Steadily growing market with record backlog for RVS customers RVS #1 market position in key growth markets Dense service network & new service models will lead to > € 2bn aftermarket business by 2024 Key inn
Slide 67: BACKUP
BACKUP Knorr-Bremse Group
Slide 68: Financial calendar
… Financial calendar Upcoming events Event Date Location UBS 20.09.19 Munich Quo vadis Berenberg & Goldman Sachs 23. & 25.09.19 Munich 8th German Corp. Conf. Baader Investment Conf. 24.09.19 Munich Knorr-Bremse Group 68
Slide 69: Investor relations contact
… Investor relations contact Andreas Spitzauer Phone: +49 89 3547 182310 Mobile: +49 175 5281320 Email: Andreas.Spitzauer@knorr-bremse.com Justinian Späth Phone: +49 89 3547 181085 Mobile: +49 160 6149309 Email: Justinian.Spaeth@knorr-bremse.com Knorr-Bremse Group 69
Slide 70: Revenue Group, RVS & CVS (H1/19)
Revenue Group, RVS & CVS (H1/19) Group – Revenue RVS – Revenue CVS – Revenue €m €m €m +8.4% +7.6% +9.5% Organic Organic Organic 3,602 Growth 1,876 Growth 1,727 Growth 3,322 225 -20 75 1,744 147 -41 26 1,577 21 49 +6.8% +8.4% 80 +5.1% - 45 BP/Sydac - 45 BP/Sydac + 21 Hitachi + 4 Snyder + 4 Snyder +21
Slide 71: Revenue Group, RVS & CVS (Q2/19)
Revenue Group, RVS & CVS (Q2/19) Group – Revenue RVS – Revenue CVS – Revenue €m €m €m +8.1% +5.9% +10.6% Organic Organic Organic 1,846 Growth 965 Growth 881 Growth 1,708 -1 43 911 61 -22 15 +6.7% 796 21 28 96 +5.6% 36 +4.5% - 25 BP/Sydac - 25 BP/Sydac + 21 Hitachi + 3 Snyder + 3 Snyder +21 Hitachi Q
Slide 72: Order Intake Group, RVS & CVS (H1/19)
Order Intake Group, RVS & CVS (H1/19) Group – Order intake RVS – Order intake CVS – Order intake €m €m €m +1.8% +1.9% +1.8% Organic Organic Organic Growth Growth Growth 3,517 3,581 1,925 1,629 1,659 34 -35 65 +1.0% 1,889 45 72 -56 20 +3.8% -36 21 -2.2% - 60 BP/Sydac - 60 BP/Sydac + 21 Hitachi + 4 Sn
Slide 73: Order Intake Group, RVS & CVS (Q2/19)
Order Intake Group, RVS & CVS (Q2/19) Group – Order intake RVS – Order intake CVS – Order intake €m €m €m -1.8% +3.3% Organic Growth -5.9% Organic Growth Organic Growth 1,719 1,688 946 774 799 -31 -24 24 -1.8% -16 -45 890 -1.7% -15 21 19 -1.9% 5 - 48 BP/Sydac - 48 BP/Sydac + 21 Hitachi + 3 Snyder +
Slide 74: EBITDA Group (Q2/19)
EBITDA Group (Q2/19) EBITDA Q2/19 €m Margin 19.1% 18.2% 16.8% 17.0% Conversion from growth € +53.9m 352 335 BP/Sydac IFRS 16 Wülfrath € -0.3m € +11.2m € -16.4m 287 287 rep. op. op. rep. Q2/18 Q2/18 Q2/19 Q2/19 Knorr-Bremse Group 74
Slide 75: EBIT Group (Q2/19)
EBIT Group (Q2/19) EBIT Q2/19 €m Margin 15.5% 14.2% 14.5% 14.0% Conversion 285 from growth € +40.6m IFRS 16 BP/Sydac € +1.4m 259 € +0.6m 243 244 Wülfrath € -26.8m rep. op. op. rep. Q2/18 Q2/18 Q2/19 Q2/19 Knorr-Bremse Group 75
Slide 76: Revenue and EBITDA RVS (Q2/19)
… Revenue and EBITDA RVS (Q2/19) Revenue EBITDA €m rep. 22.5% +5.9% op. 22.5% Organic rep. 18.2% Growth op.1 18.6% 965 911 61 -22 15 +6.7% IFRS 16 € +5.8m - 25 BP/Sydac +31.4% + 3 Snyder 218 165 Q2/18 Organic M&A net FX Q2/19 Q2/18 Q2/19 Disposals Knorr-Bremse Group EBITDA margin 1) 2018 operating E
Slide 77: Revenue and EBITDA CVS (Q2/19)
… Revenue and EBITDA CVS (Q2/19) Revenue EBITDA €m +10.6% rep. 16.0% rep. 14.0% Organic op. 16.0% op.1 15.9% 881 Growth 796 21 28 36 +4.5% +9.8% IFRS 16 + 21 Hitachi € +6.1m 140 127 Wülfrath € -16.4m Q2/18 Organic M&A FX Q2/19 Q2/18 Q2/19 Knorr-Bremse Group EBITDA margin 1) 2019 operating EBITDA exc
Slide 78: Disclaimer
Disclaimer IMPORTANT NOTICE This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, an