Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (November 2017)
74 slides from Rheinmetall's investor presentation, November 2017
Slide 1: Corporate Presentation
Corporate Presentation Rheinmetall AG, November 2017
Slide 2: Rheinmetall Group: Serving the need for mobility and security
Rheinmetall Group Rheinmetall Group: Serving the need for mobility and security Sales €5,602m Organic growth Key EBIT €353m Strategy Performance Internationality expansion Operating FCF €161m roadmap Indicators EPS Headcount €4.69 20,993 (FTE) 2016 Leading by innovations Targeted acquisitions €2,656
Slide 3: Rheinmetall Group: Products and divisions
Rheinmetall Group Rheinmetall Group: Products and divisions Automotive Defence Focus: Engine efficiency, Risk balanced structure based on Established long term supplier of NOx- and CO2 - reduction >125 years of enterprise history ground force equipment Mechatronics: Provider of cleaning Clear manage
Slide 4: Rheinmetall Group: Business Model
Rheinmetall Group Rheinmetall Group: Business Model Rising individual mobility Market Increased number of conflicts and threats Regulatory push for cleaner cars drivers Higher defence spending Tier 1 supplier of OEMs Leading provider of innovative products Expansion in global markets based on high-
Slide 5: More than 100 production sites and offices on all continents
Rheinmetall Group Rheinmetall Group: More than 100 production sites and offices on all continents Germany UK Defence Russia USA Netherlands Norway Singapore Sites Canada Switzerland Sweden South Saudi Arabia Malaysia Mexico Austria Poland Africa UAE Australia Italy USA Mexico Japan China Germany Ind
Slide 6: ESG with high importance for Rheinmetall
Rheinmetall Group ESG with high importance for Rheinmetall Environment Social Governance • Reduction of the ecological footprint • Clear statement against cluster munition • Transparency towards customer, • Decrease of energy needed investors and other stakeholder • Selective use of raw materials •
Slide 7: Rheinmetall Group Q3 2017
Rheinmetall Group Corporate Presentation: Rheinmetall Group Q3 2017 © Rheinmetall AG / Corporate Presentation Q3 2017 7
Slide 8: Highlights Rheinmetall Group Q3 2017
Rheinmetall Group Highlights Rheinmetall Group Q3 2017 Solid quarter with strong result contribution from Defence Sales increased by 4.7% to €1.366 bn or 5.4% currency adjusted Operating result improved by 23% to €97 m Group margin gained 100bp advancing from 6.1% to 7.1% Automotive optimized global
Slide 9: Operational margin improvement continues in Q3
Rheinmetall Group Operational margin improvement continues in Q3 Sales Operational result in EUR million in EUR million Operational margin in % 5% 1,366 23% 97 1,305 79 7.1 6.1 Q3 Q3 Q3 Q3 2016 2017 2016 2017 © Rheinmetall AG / Corporate Presentation Q3 2017 9
Slide 10: Cash flow affected by working capital buildup in Defence
Rheinmetall Group Cash flow affected by working capital buildup in Defence Operating Free Cash Flow Earnings per share Headcount in EUR million in EUR in capacities -86% 3% 36 1.18 20,982 21,552 0.97 0.35 0.83 5 Q3 Q3 Q3 Q3 30.09.2016 30.09.2017 2016 2017 2016 2017 © Rheinmetall AG / Corporate Prese
Slide 11: Solid financial status further improved
Rheinmetall Group Solid financial status further improved Net debt Equity ratio in EUR million in % of total assets -46% +5pp 445 31% 26% 242 30.09.2016 30.09.2017 30.09.2016 30.09.2017 © Rheinmetall AG / Corporate Presentation Q3 2017 11
Slide 12: Highlights Rheinmetall Automotive Q3 2017
Rheinmetall Group Highlights Rheinmetall Automotive Q3 2017 Market outperformed, margin improved Sales rose by 6% to €684 m, FX adjusted 7.3% Operating result grew by 12% to €57 m Operating margin increased by 40bp to 8.3% Quarterly free cash flow improved by €34m to €81 m Restructuring impact on re
Slide 13: Operational leverage in Mechatronics and Hardparts drive the quarter
Rheinmetall Group Operational leverage in Mechatronics and Hardparts drive the quarter Sales Automotive Operating result Automotive Reasons for result development in EUR million in EUR million 6% 684 12% Mechatronics 643 57 Strong demand for fuel 51 optimization as main driver; emission reduction on
Slide 14: Markets in better shape than anticipated, outperformance intact
Rheinmetall Group Markets in better shape than anticipated, outperformance intact Regional sales development Automotive Regional sales growth Q3 2017 in EUR million in % (IHS October 2017) 6% 684 Global 6.4 643 2.2 27 4 Row 3 21 South America 95 84 RoW 21 Asia -10 105 113 North America Asia 13 (incl
Slide 15: Chinese entities stronger than the market
Rheinmetall Group Chinese entities stronger than the market China LV production Sales in million Operating result in million / in % in million units +7% +8% 1,845 146 Strong growth and operating 1,717 134 -0.4% earnings 1,514 1,610 CNY 119 6.3 6.3 116 JVs: Hardparts sales up; 0 204 -2 236 18 27 oper
Slide 16: Hardparts streamlined its global footprint
Rheinmetall Group Hardparts streamlined its global footprint Closure of pistons plant in Thionville (Lorraine/France) Financial impact Strategic step to improve the One time cost of around €22 m, cost basis of Hardparts thereof: Concentration of European €17 m for severance payments LV pistons produ
Slide 17: Highlights Rheinmetall Defence Q3 2017
Rheinmetall Group Highlights Rheinmetall Defence Q3 2017 Strong momentum in earnings and order intake Order intake rose by €296 m to €870 m Sales gained 3% to €682 m Operating result increased by 53% from €30 m to €46 m Operating margin went up from 4.5% to 6.7% Boxer „UK edition“ for DSEI fair 2017
Slide 18: Rheinmetall Defence: Margin and order intake trend positively
Rheinmetall Group Rheinmetall Defence Margin and order intake trend positively towards FY guidance Quarterly sales and margins development Comments on quarterly performance Strong increase of German orders (i.e. vehicles and ammunition) 1,034 661 731 682 Moderate sales growth of 3% as anticipated 11
Slide 19: Operational strength in Vehicle Systems as well as Weapon and Ammunition
Rheinmetall Group Operational strength in Vehicle Systems as well as Weapon and Ammunition Sales Defence Operating results Defence Reasons for result development in EUR million in EUR million +3% +53% Weapon and Ammunition 662 682 46 Good sales development leads to higher earnings 227 248 +9% 30 28
Slide 20: German contracts essential for high order intake in Q3
Rheinmetall Group German contracts essential for high order intake in Q3 Order intake by division Order backlog profile in EUR million in EUR billion 6.9 +52% 6.7 2.5 870 284 1.8 574 1.5 173 Major German 197 orders with total 185 value > €460 m 0.9 included 434 288 -72 -45 30.09. 30.09. 2017e 2018e
Slide 21: Rheinmetall will modernize German logistical fleet
Rheinmetall Group Rheinmetall will modernize German logistical fleet 2017 2018 2021 First lot Second lot Bundeswehr Truck Order 558 trucks ~1.600 trucks Framework agreement signed Framework agreement HX2 family replaces the existing fleet of military trucks Net value: €760 m for ~2.200 vehicles Firs
Slide 22: Outlook: Guidance affirmed for 2017
Rheinmetall Group Q2 2017 Outlook Guidance affirmed for 2017 AU TO M OT I V E DEFENCE M a c ro v i ew Global LV production growth ~2%* Further demand increase in key markets Chinese LV production growth ~1% Germany and other allies have stepped up investment budgets R h e i n m eta l l Automotive ex
Slide 23: Rheinmetall Automotive
Rheinmetall Automotive Corporate Presentation: Rheinmetall Automotive © Rheinmetall AG / Corporate Presentation Q3 2017 23
Slide 24: Automotive with leading technology and market positions
Rheinmetall Automotive Automotive with leading technology and market positions Key Figures Structure Sales by region Sales by division Sales: €2.7 bn RoW Aftermarket Hardparts ASIA 3% EBIT: €223 m 13% 11% Pistons Large-bore Pistons Europe 33% Hardparts EBIT margin: 8.4% 17% 47% w/o Bearings Castings
Slide 25: Growing and changing markets
Rheinmetall Automotive Growing and changing markets Traditional drive technologies: Alternative drive technologies: Optimization of combustion engines Hybrid Electric vehicles Global light vehicle production: Digitalization: Rising number of vehicles Autonomous driving Integrated data Market growth
Slide 26: Rising global light vehicle production
Rheinmetall Automotive Rising global light vehicle production Light vehicle production 2016-2020 CAGR 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 *
Slide 27: Governments will continue to demand reduction of CO2 emissions
Rheinmetall Automotive Governments will continue to demand reduction of CO2 emissions 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 Q3 2017 27
Slide 28: Electric drive will not replace combustion engines until 2025
Rheinmetall Automotive Electric drive will not replace combustion engines until 2025 Market share development in % of total LV production 2016 Assumptions 2025 Total LV production 91m +2%* 110m in units 1% Electric vehicles 20% 25% 99% 80% -0.3%* 75% -1%* Light vehicles: combustion & hybrid *ICE CAG
Slide 29: Rheinmetall Automotive is well-prepared for the challenges of tomorrow
Rheinmetall Automotive Rheinmetall Automotive is well-prepared for the challenges of tomorrow Importance of internal combustion engines: Basis for the majority of vehicles For cars built with hybrid system technologies For commercial and off-road vehicles (for the long-term) Alternative drive system
Slide 30: Strategic goals of Rheinmetall Automotive
Rheinmetall Automotive Strategic goals of Rheinmetall Automotive Strategic goals Increasing content per car Optimizing global footstep More products at higher value as Further internationalization of our emission reduction, hybridization and Mechatronics business electrification will require innovat
Slide 31: Solutions for combustion engines to reduce NOx- and CO2- emissions
Rheinmetall Automotive Solutions for combustion engines to reduce NOx- and CO2- emissions 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 str
Slide 32: LV Diesel exposure limited; powertrain independence is the strategic target
Rheinmetall Automotive LV Diesel exposure limited; powertrain independence is the strategic target Combined global engine production forecast* Automotive sales distribution by engine type** 100 30 LV Non Diesel units 25 Core Diesel 80 20 Others 60 LV Diesel share in % 7% 15 17% 40 Fuel 10 25% indepe
Slide 33: Broad product range for alternative drive systems
Rheinmetall Automotive Broad product range for alternative drive systems Enlarging the traditional product portfolio for combustion engines … + … by products for hybrid and electric engines Solenoid valves Actuators Structural components Electric throttle bodies Engine bearings Battery boxes (as fro
Slide 34: E-mobility competence underlined by contracts and new solutions
Rheinmetall Automotive E-mobility competence underlined by contracts and by initiatives for new solutions Contract volume for electric vehicles (EV)* New products for the International Motor Show (IAA) in Frankfurt, September 2017: Product Volume Contract duration (Ø) E-traction motor Battery EV €~3
Slide 35: Complexity of e-engines creates potential for further applications
Rheinmetall Automotive Complexity of e-engines creates potential for further applications Efficient distribution of heating and cooling requires innovative pump technology Drive Unit Circuit Thermal management circuit – heating, ventilation, interior temperature control © Rheinmetall AG / Corporate
Slide 36: Automotive network in China - Mechatronics
Rheinmetall Automotive 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 marke
Slide 37: Summary: Automotive is well prepared
Rheinmetall Automotive 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: • Mecha
Slide 38: Rheinmetall Defence
Rheinmetall Defence Corporate presentation: Rheinmetall Defence © Rheinmetall AG / Corporate Presentation Q3 2017 38
Slide 39: Defence is a leading supplier with an increasing international presence
Rheinmetall Defence Defence is a leading supplier with an increasing international presence Key Figures Structure Sales by region Sales by division Sales: €2.9 bn Weapon and Ammunition RoW Vehicle Germany Systems Weapon and Weapon and Protection Ammunition EBIT: €147 m 16% Ammunition Systems NAFTA 2
Slide 40: Growing and changing markets
Rheinmetall Defence Growing and changing markets Change of international Rising defence/ responsibilities security budgets Increasing number of conflicts Global security combined with new threats environment changing Market growth © Rheinmetall AG / Corporate Presentation Q3 2017 40
Slide 41: Deterioration of global security triggers higher defence spending
Rheinmetall Defence Deterioration of global security triggers higher defence spending UN Peacekeeping Mission <2% Growth in defence 2-5% equipment spending * >5% Open conflict High tension * Regional average based on IHS Janes IS Terror May 2017 © Rheinmetall AG / Corporate Presentation Q3 2017 41
Slide 42: EU member states en route to comply with NATO 2% target
Rheinmetall Defence EU member states en route to comply with NATO 2% target Europe: Defence budget development in % 2017e* NATO equipment expenditure in % of total expenditure * 30% 60.00% NATO Goal Germany NATO Europe NATO North America 50.00% 40.00% 30.00% 20% 20.00% 10.00% 0.00% -10.00% 10% Denma
Slide 43: Defence is at the beginning of long lasting market growth
Rheinmetall Defence 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 Sour
Slide 44: Germany is one of 22 NATO states increasing defence budgets
Rheinmetall Defence Germany is one of 22 NATO states increasing defence budgets Enhanced future profile of German Bundeswehr German defence budget 2016-2021 in EUR billion* “Anchor army” for smaller neighbors Leading role in the “enhanced Forward 62 23% 2% Presence” in Lithuania 40 41 42 34 37 39 Fr
Slide 45: Strategic goals of Rheinmetall Defence
Rheinmetall Defence Strategic goals of Rheinmetall Defence Strategic goals Benefiting from home markets Enlarging internationalization Business opportunities by increasing Form partnerships with local suppliers to budgets in Germany and neighboring provide local content countries Entering new market
Slide 46: Down-selection in major programs
Rheinmetall Defence Down-selection in major programs Germany: Scandinavia: Canada: Military trucks Military trucks Modernization: Leopard Netherlands: Poland: Lithuania: Boxer Modernization program Boxer UK: Romania: Challenger life extension; Wheeled vehicles MIV Boxer Singapore: Indonesia: Militar
Slide 47: Strategic partnerships create business potential for Weapon and Ammunition
Rheinmetall Defence Strategic partnerships create business potential for Weapon and Ammunition 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
Slide 48: Various opportunities in Australia
Rheinmetall Defence Various opportunities in Australia AUSTRALIA Australian Defence Programs Investments and possible CAPEX Land 121 5b (Australian trucks) Equity investment in Supashock Customer is finalizing vehicle specifications Acquisition of 49% equity stake in Supashock New offer under prepar
Slide 49: Rheinmetall integrates components to systems
Rheinmetall Defence Rheinmetall integrates components to systems Battle MoTaKo Management Network Network- capability Air Combined Systems Defence System house Armored Infantryman Digitization HX Lynx Gladius Systems / Platforms Integration Key Components Lance Ammunition Weapon Laser opto-sensoric
Slide 50: Three major partnering agreements mark next step for potential growth
Rheinmetall Defence 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 W
Slide 51: Appendix Rheinmetall Group
Appendix Rheinmetall Group Corporate Presentation: Appendix © Rheinmetall AG / Corporate Presentation Q3 2017 51
Slide 52: Selected key data: outlook 2017
Appendix Rheinmetall Group Selected key data: outlook 2017 Rheinmetall Group Automotive Defence Holding cost ~€20 – 25 m Capex* ~5.5 - 6.5% ~3 - 4% Tax rate ~30% D & A* ~4.5 - 5.5% ~3 - 3.5% R & D* ~4 - 6% ~2 - 3% Financing: Bond €500 m (5.25% coupon) redeemed in September 2017 EIB loan €250 m (0.96
Slide 53: Group 2012 – 2016: Key figures
Appendix Rheinmetall Group 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
Slide 54: Segments 2012 – 2016 Key figures
Appendix Rheinmetall Group 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 2,2
Slide 55: Income statement Group
Rheinmetall Group Income statement Group In EUR million Income Statement Q3 '16 Q3 '17 Δ Q3 '16 Q3 '17 Δ Total operating performance 1,385 1,407 22 Net operating income (EBIT) 79 75 -4 Net interest income 1 3 2 Interest expenses - 15 - 13 2 Other operating income 26 19 -7 Earnings before tax (EBT) 6
Slide 56: Cash flow statement Group
Rheinmetall Group Cash flow statement Group In EUR million Cash Flow Statement 9m 2016 9m 2017 Δ 9m 2016 9m 2017 Δ Net Income 99 122 23 Capital payment to/ capital contribution by non-controlling interests-8 -10 -2 Amortization, depreciation and impairment 161 171 10 Increase in shares in consolidat
Slide 57: Balance Sheet Group
Rheinmetall Group Balance Sheet Group In EUR million Balance Sheet 31.12.'16 30.09.'17 Δ 31.12.'16 30.09.'17 Δ Non-current assets 2,762 2,715 -47 Equity 1,781 1,811 30 Intangible assets 819 798 -21 Share capital 112 112 0 Property, plant and equipment 1,378 1,340 -38 Additional paid-in capital 532 5
Slide 58: Quarterly development Group
Rheinmetall Group Quarterly development Group Sales Operational results in EUR million in EUR million 1,698 171 1,459 1,349 1,366 1,305 1,034 115 612 731 95 97 682 662 79 45 46 30 50 664 737 728 684 643 60 62 57 51 56 -2 -4 -10 -6 -6 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 -2 Q3 2016 Q4 2016 Q1 2017
Slide 59: Cash Flow Statement Group
Rheinmetall Group Cash Flow Statement Group Q3 9m Q4 Q1 Q2 Q3 9m Δ Q3 Δ 9m in EUR million 2016 2016 2016 2017 2017 2017 2017 2016/2017 2016/2017 Group Net Income 46 99 116 28 51 43 122 -3 23 Amortization / depreciation 52 161 67 57 55 59 171 7 10 Change in pension accruals - -14 - -34 -3 1 -36 1 -22
Slide 60: Equity and pension liabilities
Appendix Rheinmetall Group Equity and pension liabilities Financial solidity materially improved Drivers Equity and Equity ratio EUR m % 1,500 40% 29% 31% 28% 27% 29% 30% 1,000 23% Confidence increased by delivery on our targets 20% 500 Capitalizing on our restructuring efforts 10% 0 0% Achievement
Slide 61: Net-financial debt considerably improved on positive cash development
Appendix Rheinmetall Group Net-financial debt considerably improved on positive cash development Net-financial debt Debt composition and maturity profile of instruments in EUR million at quarter end in EUR million 652 -19 20 Other & Leasing 2017 2018 2019 2020 2021 2022 2023ff 139 29 Bank loan 35 81
Slide 62: Moderate headcount increase to accompany growth
Appendix Rheinmetall Group Moderate headcount increase to accompany growth Headcount per segment Headcount per region 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 10,0
Slide 63: First orders for public security and e-mobility
Appendix Rheinmetall Group 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 El
Slide 64: Quarterly development Automotive
Rheinmetall Group Quarterly development Automotive Sales by division Operational results by division in EUR million in EUR million 737 728 67 684 664 62 643 60 57 51 425 407 380 382 47 355 35 43 40 35 249 251 232 22 225 222 16 11 17 13 82 85 83 93 95 9 8 7 9 9 -19 -23 -20 -23 -25 -4 -5 -5 -5 -5 Q3 2
Slide 65: Cash flow statement Automotive
Rheinmetall Group Cash flow statement Automotive Q3 9m Q4 Q1 Q2 Q3 9m Δ Q3 Δ 9m in EUR million 2016 2016 2016 2017 2017 2017 2017 '16/'17 '16/'17 Net income 36 116 49 46 50 25 121 -11 5 Amortization / depreciation 29 93 40 32 32 37 101 8 8 Change in pension accruals -1 -1 -1 - - - - 1 1 Cash Flow 64
Slide 66: Automotive in China
Appendix Rheinmetall Automotive 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
Slide 67: Electrification and downsizing require more sophisticated products
Appendix Rheinmetall Automotive 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 / Corpor
Slide 68: Quarterly development Defence
Rheinmetall Group Quarterly development Defence Sales by division Operational earnings by division in EUR million in EUR million 115 1,034 63 391 46 662 731 682 613 25 227 305 248 30 244 191 28 24 172 138 165 141 25 12 483 30 6 361 351 337 370 5 14 13 4 0 1 -98 -84 -67 -52 -101 -4 -3 -4 -1 -1 -1 -7
Slide 69: Cash flow statement Defence
Rheinmetall Group Cash flow statement Defence Q3 9m Q4 Q1 Q2 Q3 9m Δ Q3 Δ 9m in EUR million 2016 2016 2016 2017 2017 2017 2017 '16/'17 '16/'17 Net income 13 -4 78 -16 8 32 24 19 28 Amortization / depreciation 22 66 26 24 22 21 67 -1 1 Change in pension accruals 1 4 1 -3 -6 2 -7 1 -11 Cash Flow 36 66
Slide 70: Defence industry in Europe
Appendix Rheinmetall Defence Defence industry 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
Slide 71: Management Structure
Rheinmetall Automotive Management Structure © Rheinmetall AG / Corporate Presentation Q3 2017 71
Slide 72: Next events and IR contacts
Rheinmetall Group Next events and IR contacts Events 2017 IR Contacts Q3 Earnings call 7 Nov Franz-Bernd Reich Capital Markets Day 2017 Bremen 21 – 22 Nov Head of IR Berenberg Conference Pennyhill 4 – 5 Dec Tel: +49-211 473-4718 Email: franz-bernd.reich@rheinmetall.com Dirk Winkels Senior Investor R
Slide 73: Disclaimer
Rheinmetall Group 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
Slide 74: © Rheinmetall AG / Corporate Presentation Q3 2017
© Rheinmetall AG / Corporate Presentation Q3 2017 74