Rheinmetall Ag · XETR:RHM
Rheinmetall — Q1 2017 Earnings Presentation
68 slides from Rheinmetall's earnings presentation, May 2017
Slide 1: Corporate Presentation Q1 2017
Corporate Presentation Q1 2017 Rheinmetall AG, May 2017
Slide 2: Highlights Rheinmetall Group Q1 2017
Highlights Rheinmetall Group Q1 2017 Successful start into 2017 for both segments Sales increased by 14% to €1.349 bn EBIT moved up by 61% to €50 m Margin gained 1.1pp to 3.7% Strong balance sheet with equity ratio at 29.3% EPS grew by 75% from €0.32 to €0.56 Announcements of strategically important
Slide 3: Sales and results improved year over year
Sales and results improved year over year Sales EBITDA Operational earnings in EUR million in EUR million in EUR million Operational margin in % 14% +24% +61% 1,349 107 50 86 31 1,180 3.7 2.6 Q1 Q1 Q1 Q1 Q1 Q1 2016 2017 2016 2017 2016 2017 © Rheinmetall AG / Corporate Presentation Q1 2017 3
Slide 4: Cash flow and earnings per share confirm positive trend
Cash flow and earnings per share confirm positive trend Operating Free Cash Flow Earnings per share Headcount in EUR million in EUR million in capacities +2% +24% +75% 20,759 21,229 0.56 -199 0.32 -263 Q1 Q1 Q1 Q1 Q1 Q1 2016 2017 2016 2017 2016 2017 © Rheinmetall AG / Corporate Presentation Q1 2017
Slide 5: Addressing the basic needs and megatrends in Defence and Automotive
Addressing the basic needs and megatrends in Defence and Automotive Sales: EUR 5.6 billion Employees: 20,800 Sales: EUR 2.9 billion Sales: EUR 2.7 billion Employees: 10,081 Employees: 10,820 Basic need Accumulating international conflict areas Megatrend Increasing world population, global trade, hig
Slide 6: Divisional structure of Rheinmetall Automotive
Divisional structure of Rheinmetall Automotive Key figures: Sales: € 2.7 bn EBIT: €223 m Headcount 10,820 Sales by Division Sales by Region Sales by Customer EBIT by Division Rest of the World Europe Ford other Aftermarket Hardparts 11% (excl. Germany) 13% VW Aftermarket Hardparts Asia 12% 13% other
Slide 7: Highlights Rheinmetall Automotive Q1 2017
Highlights Rheinmetall Automotive Q1 2017 Favorable market development and base effect lead to strong sales growth Sales rose by 13% to €737 m Strong Q1 sales in line with front end loaded FY expectation for global LV production EBIT grew by ~20% to €62 m Margin increased by 0.4pp to 8.4% China acti
Slide 8: Automotive with positive leverage on the back of strong sales
Automotive with positive leverage on the back of strong sales in EUR million Q1 2016 Q1 2017 Δ % Sales 654 737 12.7% Operating earnings Operating margin in % 52 8.0 62 8.4 19.2% 0.4 pp Q1 Operating Free Cash Flow - 139 - 118 15.1% Operating FCF / Sales in % - 21.3 - 16.0 5.3pp Quarterly sales and ma
Slide 9: Very strong quarter for all three divisions
Very strong quarter for all three divisions Sales Automotive Operational earnings Automotive Reasons for earnings development in EUR million in EUR million +13% +19% Mechatronics 737 62 Sales increased mostly in products 654 for emission reductions 52 425 Hardparts +15% 370 +26% 43 Solid start to th
Slide 10: Markets for light vehicle and non-light vehicle products outpaced
Markets for light vehicle and non-light vehicle products outpaced Global LV production Sales Automotive LV/Non-LV in million units in EUR million 4% 13% 24.0 737 23.0 654 5.9 5.5 +10% 232 Non-LV business 210 4.5 Without China: 4.5 +5% 5.8 6.0 +14% 444 505 LV business 0.9 1.0 6.4 6.6 China: +3% Q1 20
Slide 11: Growth especially in regions outside Europe
Growth especially in regions outside Europe Regional sales development Automotive Regional sales growth Q1 2017 in EUR million in % +13% 737 27 RoW 654 Row 18 88 Asia 80 121 Asia North America 102 149 Germany 133 North America 68% Germany 69% Europe 352 321 (excl. Germany) RHM Europe (excl. Germany)
Slide 12: Mechatronics products gaining momentum in China
Mechatronics products gaining momentum in China China LV production Sales in million EBIT in million / in % in million units +8% +24% 1,847 144 1,710 116 3% Hardparts JVs with modest 1,537 1,601 CNY 120 growth 6.4 6.6 104 Strong growth of WFOEs, 174 246 12 24 especially in Mechatronics 6.8% 7.5% Lim
Slide 13: Automotive with broad and global customer portfolio
Automotive with broad and global customer portfolio Sales by customers 2016 Sales by region 2016 in % in EUR million Rest of the World Ford Asia 3% Germany 13% 13% 20% others VW 38% 11% €2,656m* NAFTA 17% €2,656m* 11% Renault / Nissan 2% 6% 3% PSA 5% GM 47% 3% DAF 4% 5% Fiat Volvo Europe Daimler BMW
Slide 14: Market drivers
Market drivers Realization of growth in changing market conditions Alternative drive technologies: Global light vehicle production: Hybrid Rising number of vehicles Electric vehicles Digitalization: Traditional drive technologies: Autonomous driving Optimization of combustion engines Integrated data
Slide 15: Stable development even with quick introduction of electric engines
Stable development even with quick introduction of electric engines Combustion engine market share development in % of total LV production Total LV 91,4m 110,3m production 3% 1% Between 94-107m 15% Electric combustion engines vehicles Light vehicles: combustion & 99% 97% 85% hybrid 2025 2016 Scenari
Slide 16: Global LV production forecasted to grow
Global LV production forecasted to grow CAGR Light Vehicle-Production 2016-2020 in % / in million units Europa Germany NAFTA Asia* +1.3% +1.2% -0.6% +4.5% Japan +2.2% China Global -0.5% 101 93 +2.7% NAFTA 19 18 Europe 16 17 6 6 Germany Asia 50 55 * without China und Japan ROW ** without Deutschland
Slide 17: Three mainstreams for future mobility
Three mainstreams for future mobility Efficiency Electrification New Technologies © Rheinmetall AG / Corporate Presentation Q1 2017 17
Slide 18: Global CO2-Emissions regulation gets tougher
Global CO2-Emissions regulation gets tougher CO2 Emission in g/km India 113 122 117 Europe 95 97 *Note that Japan has already exceeded its 2020 statutory target, as of 2013 Source: ICCT © Rheinmetall AG / Corporate Presentation Q1 2017 18
Slide 19: Rheinmetall Automotive's Road to 95
Rheinmetall Automotive’s Road to 95 130 g 95 g CO2/km CO2/km 2015 2020 Description vehicle model (Basis) 1.4L 4-cylinder gasoline engine with DI-injection and single- -2g CO2/km stage turbocharging (115kW) -2 g CO2/km -7 g CO2/km Light-weight structural El. low-press. -3 g CO2/km parts Var. valve tr
Slide 20: Trend of hybridization opens potential for more Rheinmetall products
Trend of hybridization opens potential for more Rheinmetall products Enlarging the traditional product portfolio for combustion engines… + … by products for hybrid and electric engines Actuators Solenoid valves Structural Engine Battery housings Electric throttle components bearings (2018) bodies E-
Slide 21: Full electric vehicles – complexity creates potential
Full electric vehicles – complexity creates potential pumpe Solenoid valve Kühlmittel- Leistungs- Elektro- Kondensator Ventil AC-Kompressor elektronik heizung Elektrischer Ventil pumpe Kühlmittel- Electric coolant pump Thermal management tauscher Wärme- Solenoid valve module (under development) Elec
Slide 22: Automotive strategy survey
Automotive strategy survey Hardparts Mechatronics Aftermarket 1. Focused investment 1. International growth 1. Growth in dedicated strategy markets 2. Strengthen thermal 2. Optimization of global management competence 2. Enlarge product portfolio footprint and own production 3. Load pipeline for emi
Slide 23: Automotive network in China - Mechatronics
Automotive network in China - Mechatronics Multi-channel approach of Mechatronics in China: Joint venture for the production of modules for cooled exhaust-gas recirculation New: Pierburg Yinlun Emission Technology (51%) • Headquarter: Shanghai region • Customers: Chinese market Pierburg China Ltd. (
Slide 24: LV Diesel exposure manageable, powertrain independence is the strategic target
LV Diesel exposure manageable, powertrain independence is the strategic target Combined global engine production forecast* Automotive sales distribution by engine type** 100 30 Core Diesel LV Non Diesel units 80 25 20 Others 60 LV Diesel share in % 7% 15 17% 40 Fuel 10 25% independent 20 LV Diesel u
Slide 25: Summary: Automotive is well prepared
Summary: Automotive is well prepared Markets and Customers: • We expect a stable market with moderate growth rates in the medium term • China will be the growth driver, Europe and NAFTA might weaken • Brazil seems to have left the worse behind Performance and Products: • Mechatronics will be the gro
Slide 26: Divisional structure of Rheinmetall Defence
Divisional structure of Rheinmetall Defence Key figures: Sales: € 2.9 bn EBIT: €147 m Headcount 10,002 Sales by Division Sales by Region Order backlog by Division EBIT by Division ROW others Weapon and Germany Weapon and Vehicle Ammunition North 16% -10% Vehicle 26% 26% Ammunition Systems 34% Americ
Slide 27: Highlights Rheinmetall Defence Q1 2017
Highlights Rheinmetall Defence Q1 2017 Solid quarter marked by strategic milestones Lance turret Sales increased by 16% to €612 m EBIT rose by €7 m to -€10 m EBIT margin gained 1.6pp to -1.6% Despite low order intake in Q1, full year book-to-bill ratio expected to be at least around 1.0 Announcement
Slide 28: Defence: Top line growth converted into result improvements
Defence: Top line growth converted into result improvements in EUR million Q1 2016 Q1 2017 Δ % Order intake 948 391 -58.7% Sales Operating result 526 -17 612 -10 16.4% 41.2% Q1 Operating margin in % -3.2 -1.6 1.6 pp Operating Free Cash Flow -104 -72 30.8% Operating FCF / Sales in % -19.8 -11.8 8.0 p
Slide 29: Earnings improvement in two divisions, Electronic Solutions stable
Earnings improvement in two divisions, Electronic Solutions stable Sales Defence Operational earnings Defence Reasons for earnings development in EUR million in EUR million +16% +7 0 Weapon and Ammunition 612 1 +5 Favorable product mix 526 -4 191 -5 +7% +7 Electronic Solutions 178 Impact from lower
Slide 30: High backlog declines on soft order intake in Q1
High backlog declines on soft order intake in Q1 Order intake by division Order backlog profile in EUR million in EUR billion 6.9 6.4 -59% 2.5 948 243 Two major orders in Q1 2016: 2.0 1.9 ES: Air Defence Skyguard: €390 m VS: Leopard 2 upgrade (Poland): €126 m 515 391 207 215 116 Weapon and Ammunitio
Slide 31: Benefitting from growing and changing markets
Benefitting from growing and changing markets Change of international Rising defence/ responsibilities security budgets Global security Increasing conflicts environment changing combined with new threats Impact: Systematic expansion to security markets: Long-lasting market growth Innovations and sys
Slide 32: Defence is at the beginning of long lasting market growth
GLOBAL +1,3% Defence is at the beginning of long lasting market growth Defence budgets development 2016 – 2020 in % p.a. Europe North America +1.2% + MENA Asia/Pacific +3.0% +4.0% Latin America Global +2.7% +1.3% Global military expenditures in bn USD 2016: 1,563 2020: 1,649 Source: IHS Janes March2
Slide 33: Further increase of German defence budget expected
Further increase of German defence budget expected Enhanced future profile of German Bundeswehr German defence budget 2016-2021 in EUR billion* 62 23% 2% “Anchor army” for smaller neighbors 37 39 40 41 42 34 1.2% Leading role in the “enhanced Forward Presence” in Lithuania 2% NATO target on Framewor
Slide 34: High domestic order potential
High domestic order potential Fox in Expansion and service of simulation center desert Modernization program Fox camouflage Additional Leopard 2 Partnering agreement ammunition restocking New military trucks Additional Gladius soldier systems Equipment upgrade and increased order volume for Puma Mob
Slide 35: Down selection in major international vehicle systems offers potential
Down selection in major international vehicle systems offers potential Boxer with Australia Lance turret − Land 400 program: Boxer with Lance turret − Land 121 -5b: Logistic Vehicles follow-up contract United Kingdom − Challenger 2 Life extension and upgrade − MIV-Boxer 1,700 vehicles Middle East cu
Slide 36: Securing growth by acquisition of further large-scale orders
Securing growth by acquisition of further large-scale orders UK: Challenger life extension Scandinavia: Military trucks UK: MIV Boxer Lithuania: Boxer Canada: Modernization Leopard Netherlands: Boxer Poland: Modernization program Germany: Military trucks Romania: Wheeled vehicles Algeria: Fox Singap
Slide 37: Recent developments in establishing hubs and JVs
Recent developments in establishing hubs and JVs Germany: JV with Russia / Rohde & Schwarz Scandinavia Kazakhstan Canada UK Poland: New company Romania: New Joint Venture Netherlands USA: New Joint Venture Turkey: New Joint Venture North Africa Israel Mexico: New company India GCC Saudi Arabia Brazi
Slide 38: Weapon and Ammunition will be growing by various strategic partnerships
Weapon and Ammunition will be growing by various strategic partnerships United Kingdom United States, Defense Munitions International (DMI) Partnering agreements with Defence Equipment and 50:50-JV with General Dynamics Ordnance and Support (DE&S) and with BAE Systems Tactical Systems Netherlands Ne
Slide 39: Expanding local footprint by individual industrial partnerships
Expanding local footprint by individual industrial partnerships POLAND TURKEY — Cooperation with the Polish defence industry — Rheinmetall Turk as a local entity is a partner of joint ventures for a major Leopard modernization program with Turkish defence companies for vehicle systems and — Foundati
Slide 40: Three major partnering agreements mark next step for potential growth
Three major partnering agreements mark next step for potential growth Bid for the planned rifle Potential areas of cooperation: Future digital communication procurement of the Bundeswehr Air defence (Patriot-replacement) and battle management system Plan: Technology partnership Weapon & Munition of
Slide 41: Defence strategy survey
Defence strategy survey Vehicle Systems Weapon and Ammunition Electronic Solutions 1. Leveraging the present status as the 1. Maintaining the globally leading 1. Widening the Air Defence product leading European system house for market position by organic growth portfolio by forming an exclusive tra
Slide 42: Outlook 2017
Outlook 2017 Sales and earnings targets confirmed AU TO M OT I V E DEFENCE M a c ro v i ew Global LV production expected Further demand increase in key markets to grow by ~2%* expected Chinese LV production only with moderate Germany and other allies have increased growth of 2.5% investment budgets
Slide 43: Appendix
Appendix © Rheinmetall AG / Corporate Presentation Q1 2017 43
Slide 44: Financial reminder for 2017
Financial reminder for 2017 Automotive Defence Capex ~5.5 - 6.5% ~3 - 4% D&A ~4.5 - 5.5% ~3 - 3.5% R&D ~4 - 6% ~2 - 3% Holding cost (underlying) ~EUR20 million - EUR25 million Expected corporate tax rate ~30% Financing EUR500 million bond (5.25% coupon) will mature in September EIB loan EUR250 milli
Slide 45: Group 2012 – 2016: Key figures
Group 2012 – 2016: Key figures in EUR million 2012 2013 2014 2015 2016 Balance sheet Total assets 4,899 4,866 5,271 5,730 6,124 Shareholder‘s equity 1,465 1,339 1,197 1,562 1,781 Equity ratio (in %) 29.9 27.5 22.7 27.3 29.0 Pension liabilities 919 891 1,121 1,128 1,186 Net financial debt 98 147 330
Slide 46: Segments 2012 – 2016 Key figures
Segments 2012 – 2016 Key figures AUTOMOTIVE DEFENCE 2012 2013 2014 2015 2016 in EUR million 2012 2013 2014 2015 2016 2,378 2,270 2,466 2,621 2,670 Order intake 2,933 3,339 2,812 2,693 3,050 418 392 416 445 459 Order backlog (Dec. 31) 4,987 6,050 6,516 6,422 6,656 2,369 2,262 2,448 2,592 2,656 Sales
Slide 47: Cash Flow Statement Group
Cash Flow Statement Group Q1 Q2 Q3 Q4 Q1 Δ Q1 in EUR million 2016 2016 2016 2016 2017 2016/2017 Group Net Income 12 41 46 116 28 16 Amortization / depreciation 55 54 52 67 57 2 Change in pension accruals - 16 2 - - - 34 - 18 Cash Flow 51 97 98 183 51 - Changes in working capital and other items - 26
Slide 48: Quarterly development Group
Quarterly development Group Sales Operational earnings in EUR million in EUR million 1,698 171 1,419 1,305 1,349 1,180 1,034 115 724 612 662 72 79 526 19 30 50 31 52 60 51 60 62 654 695 664 737 643 -7 -2 -4 -10 -17 -2 -4 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Slide 49: Quarterly development Automotive
Quarterly development Automotive Sales by division Operational earnings by division in EUR million in EUR million 737 62 60 695 60 654 664 643 51 52 425 35 43 387 35 370 355 380 36 34 22 243 249 16 17 231 225 222 11 13 8 8 8 7 83 81 85 83 5 1 74 0 -21 -23 -20 -4 -5 -5 -18 -18 Q1 2016 Q2 2016 Q3 2016
Slide 50: Key figures Automotive by division (Q1 2016/2017)
Key figures Automotive by division (Q1 2016/2017) Mechatronics Hardparts Aftermarket +13% +15% +8% +11% Sales 654 737 370 425 231 249 75 83 +19% +26% Opera- +31% +40% tional 52 62 34 43 13 17 5 7 earnings +1.6pp +0.4pp +0.9pp +1.2pp Opera- tional 8.4% margin 8.0% 8.4% 9.2% 10.1% 6.8% 6.8% 5.6% Figur
Slide 51: Quarterly cash flow statement Automotive
Quarterly cash flow statement Automotive Q1 Q2 Q3 Q4 Q1 Δ Q1 in EUR million 2016 2016 2016 2016 2017 2016/2017 Net income 38 42 36 49 46 +8 Amortization / depreciation 33 31 29 40 32 -1 Change in pension accruals - - - 1 - 1 - +/-0 Cash Flow 71 73 64 88 78 +7 Changes in working capital and other ite
Slide 52: Quarterly development Defence
Quarterly development Defence Sales by division Operational earnings by division in EUR million in EUR million 115 1,034 63 391 25 724 662 30 612 19 528 315 227 244 191 178 25 172 138 25 30 150 179 4 0 483 4 287 361 350 -5 -1 1 -3 -3 1 -4 263 -6 -4 -7 -63 -57 -98 -84 -67 -6 -2 -10 Q1 2016 Q2 2016 Q3
Slide 53: Key figures Defence by division (Q1 2016/2017)
Key figures Defence by division (Q1 2016/2017) Weapon a. Munition Electronic Solutions Vehicle Systems +16% +7% +34% -8% Sales 526 612 191 350 178 261 150 138 +65% +5 +7 0 Opera- 0 1 tional -17 -10 -5 -4 -4 -6 earnings +2.8pp +1.6pp +2.6pp 0.0% Opera- -0.2pp +0.3% tional -1.6% -2.8% -3.2% -2.7% -2.9
Slide 54: Quarterly cash flow statement Defence
Quarterly cash flow statement Defence Q1 Q2 Q3 Q4 Q1 Δ Q1 in EUR million 2016 2016 2016 2016 2017 2016/2017 Net income - 20 3 13 78 - 16 +4 Amortization / depreciation 22 22 22 26 24 +2 Change in pension accruals 1 2 1 - 3 - 3 -4 Cash Flow 3 27 36 105 5 +2 Changes in working capital and other items
Slide 55: Income statement Group
Income statement Group In EUR million Income Statement Q1 '16 Q1 '17 Δ Q1 '16 Q1 '17 Δ Total operating performance 1,256 1,416 160 Net operating income (EBIT) 31 50 19 Net interest income - 3 3 Interest expenses - 14 - 15 -1 Other operating income 26 27 1 Earnings before tax (EBT) 17 38 21 Cost of m
Slide 56: Cash flow statement Group
Cash flow statement Group In EUR million Cash Flow Statement Q1 '16 Q1 '17 Δ Q1 '16 Q1 '17 Δ Net Income 12 28 16 Capital payment to/ capital contribution by non-controlling interests0 4 4 Amortization, depreciation and impairment 55 57 2 Increase in shares in consolidated subsidiaries 0 0 0 Dotation
Slide 57: Balance Sheet Group
Balance Sheet Group In EUR million Balance Sheet 31.12.'16 31.3.'17 Δ 31.12.'16 31.3.'17 Δ Non-current assets 2,762 2,756 - 6 Equity 1,781 1,814 33 Intangible assets 819 811 - 8 Share capital 112 112 - Property, plant and equipment 1,378 1,371 - 7 Additional paid-in capital 532 532 - Investment prop
Slide 58: Moderate headcount increase to accompany growth
Moderate headcount increase to accompany growth Headcount per segment Headcount regional in capacities at year end in capacities at year end 1.5% 20,676 20,993 20,166 RoW Mexico 7% 4% 10,934 10,820 15% 10,830 Brazil 5% Americas 5% Asia 48% Germany Europe 9,184 9,581 10,002 73% 152 161 171 2014 2015
Slide 59: Equity and pension liabilities: Financial solidity materially improved
Equity and pension liabilities Financial solidity materially improved Drivers Equity and Equity ratio EUR m % 1,500 40% 28% 29% 29.3% 27% 30% 1,000 23% Delivery on our targets 20% 500 Capitalizing on our restructuring efforts 10% 0 0% Achievement of a solid equity ratio 2013 2014 2015 2016 Q1 2017 P
Slide 60: Net-financial debt considerably improved on positive cash development
Net-financial debt considerably improved on positive cash development Net-financial debt in EUR million at quarter end Debt composition and maturity profile of instruments Net Gearing in % at year end in EUR million 28% 5% -1% Other & 798 Leasing -19 17 Promissory 121 notes 156 Bank loan 81 2017 201
Slide 61: Automotive in China
Automotive in China 50/50 joint ventures Wholly Foreign-Owned Enterprises JV subsidiary with HASCO (SAIC group) (100% Rheinmetall Automotive) Castings (ATAG) Pistons (KSSP) Castings (KPSNC) Pumps (PHP) Aftermarket Pierburg Large-bore pistons Pumps (PMP Ch.) 2014 1997 2001 2012 2008 2009 2013 2012 En
Slide 62: First orders for public security and e-mobility
First orders for public security and e-mobility Public Security Electromobility Survivor vehicles Pump technology for for German police forces electric vehicles Drone detection systems Aluminum battery boxes for Swiss prisons for German premium OEM Innovative body armor Electric engine housing for G
Slide 63: Investments in New Technologies initiated
Investments in „New Technologies” initiated Cyber Security 3D Techcenter PanoView Development of two products Metal 3D print services Merging modern sensor finished technology with virtual reality to First applications: Compressor Marketing phase started in 2017 create a real-time 360° view wheel fo
Slide 64: Electrification and downsizing require more sophisticated products
Electrification and downsizing require more sophisticated products Coolant pump Exhaust gas recirculation Valve, cooler, bypass and Mechanical >6x Electrical Valve >3x bypass actuator Oil pump Piston Mechanical >3x Variable Aluminum >3x Steel © Rheinmetall AG / Corporate Presentation Q1 2017 64
Slide 65: News about consolidation in Europe
News about consolidation in Europe Governmental shareholding restricts room for cross-border consolidation Big common armament programs as Nammo Patria catalyst for further consolidation are not Saab at European mid-term horizon Cobham BAE Systems Chemring Rheinmetall CH PL TUR RO Rheinmetall’s appr
Slide 66: Next events and IR contacts
Next events and IR contacts Events 2017 IR Contacts Annual Stockholders’ Meeting Berlin 9 May Franz-Bernd Reich Head of IR RS Switzerland Zurich, Lugano 10-11 May Tel: +49-211 473-4718 Warburg Highlights Hamburg 19 May Email: franz-bernd.reich@rheinmetall.com RS Paris Paris 23 May Dirk Winkels Deuts
Slide 67: Disclaimer
Disclaimer This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to Rheinmetall’s financial condition, results of operations and businesses and certain of Rheinmetall’s plans and objectives. These forward-lo
Slide 68: © Rheinmetall AG / Corporate Presentation Q1 2017
© Rheinmetall AG / Corporate Presentation Q1 2017 68