Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (January 2020)
73 slides from Rheinmetall's investor presentation, January 2020
Slide 1: Rheinmetall Group Corporate Presentation
Rheinmetall Group Corporate Presentation January 2020
Slide 2: Rheinmetall Group Structure
Rheinmetall Group RHEINMETALL GROUP STRUCTURE. Group performance indicator Strategy roadmap Grow sales ~8% op. Organic International around 8% margin RHEINMETALL growth expansion Targeted 2-4% Cash on sales 30-35% payout ratio GROUP Leading by innovations Targeted acquisitions AUTOMOTIVE Our heart b
Slide 3: 2019: Defence performance to overcompensate Automotive
Rheinmetall Group Rheinmetall Group 2019: Defence performance to overcompensate Automotive Overall weak end markets, continuation of Positive macro environment for Defence will reduced momentum expected continue in the coming years + Strong performance in China + Strong order intake + Competitive pr
Slide 4: Q3 2019 Group commercial highlights
Rheinmetall Group Q3 2019 Group commercial highlights Weak Automotive compensated by Defence performance Order backlog Sales Operating result EPS oFCF €9.2bn €1.5bn €99 m €1.33 -€127 m -1% +2%* +1% -26% -10% Order backlog on high level Organic sales at constant exchange rates grew +2.5%* (report
Slide 5: Operational improvement of sales and operating result
Rheinmetall Group Q3 2019 Group commercial highlights Operational improvement of sales and operating result Sales Operating result in €m Earnings per share in €m Operating margin in % in € +5.0% +1.0% 1,481 1 -2 99 -26.1% 23 1,80 98 2 13 0% 1,411 34 +2.2 % +1.3% -2.5% 1,33 1,33 +2.5 % +0.9% +1
Slide 6: Operating Free Cash Flow improved operationally
Rheinmetall Group Q3 2019 Group commercial highlights Operating Free Cash Flow improved operationally Operating free cash flow bridge in €m 41 EAT operationally improved -116 CTA funding of €15 m included in 4 Pensions -127 Strong support from working capital -19 3 optimization in Automotive
Slide 7: Financial KPI impacted by M&A transactions and pension topic
Rheinmetall Group Q3 2019 Group commercial highlights Financial KPI impacted by M&A transactions and pension topic Net financial debt Net gearing in €m Net debt in % of total equity +31.8pp 33.2 1,4 -31 -660 31.12.2018 30.09.2019 31.12.2018 30.09.2019 Equity bridge in €m and equity margin in %
Slide 8: FY Guidance: Group margin guidance held stable
Rheinmetall Group FY 19 Guidance Group margin guidance held stable Sales Operating margin 2018 2019e 2018 2019e Growth y/y in % at Growth y/y in % at in % in % constant FX constant FX GROUP 6.1 Slightly above 1 8.0 Around 8 AUTOMOTIVE 4.2 Around -7 8.9 Around 6.5 DEFENCE 7.9 Around 9 7.9 Slightly ab
Slide 9: FY mid-term guidance next three years
Rheinmetall Group FY mid-term guidance next three years Sales growth and earnings improvement targeted Mid-term Mid-term Sales growth Operating margin Short-term setback to 5-7% AUTOMOTIVE Flat to slow growth (incl. micro mobility -€12m in 2020); mid-term recovery to around 8% DEFENCE 6-8% 9-10% Ope
Slide 10: Automotive
Automotive © Rheinmetall AG / Corporate Presentation Q3 2019 10
Slide 11: Q3 2019 Highlights: Automotive
Rheinmetall Automotive Q3 2019 Highlights: Automotive Non-LV business and absence of equipment sales burdened the quarter Quarterly sales and margin development Comments on quarterly performance In €m and % Sales decline of -6.9% (FX-adjusted -8.5%) 708 731 714 727 659 LV sales were down 3.4%, i
Slide 12: Negative business development in all divisions and end markets
Rheinmetall Automotive Q3 2019 Highlights: Automotive Negative business development in all divisions and end markets Sales Automotive Operating result Automotive in €m in €m Mechatronics Margin -6.9% Margin Q3 2018 Q3 2019 •Slow LV endmarkets -28.3% 708 8.5% 6.5% •R&D for e-mobility 60 659 387 -
Slide 13: Q3 2019 China Total Management View
Rheinmetall Automotive Q3 2019 China Total Management View Strong sales growth against the market trend Sales in €m +21.0% 299 247 7 12 33 +13.4% +2.8% 4.9% 265 214 Strong operation sales growth of 21% due to successful 33 34 ramp ups, supported by M&A versus a contracting Q3 2018 operational FX
Slide 14: All end markets under pressure
Rheinmetall Automotive Q3 2019 Highlights: Automotive All end markets under pressure Sales split LV / Non-LV Sales split Non-LV in €m / in % in €m / in % Delta absolute in % -6.9% Diesel -7 -4.3% -3.4% 708 Gasoline -7 -2.8% 659 -25 -46.5% -4.0% other LV** 161 154 247 237 LV Business -39 -8.4% LV
Slide 15: Malware attack: basic system environment reestablished
Rheinmetall Automotive Q3 2019 Highlights: Automotive Malware attack: Basic system environment reestablished, clean up continues Malware attacked legal entities in the Automotive domain in the US, Mexico and Brazil No infection of Defence systems detected Production could be generally maintain
Slide 16: IHS revised 2019 LV volumes repeatedly and provides weak outlook
Rheinmetall Automotive IHS revised 2019 LV volumes repeatedly and provides weak outlook IHS 2019 forecast IHS Mid-term outlook with growth on low level IHS swings almost 8% within last 12 months ? +2.3% CAGR +2.0% -6.7% 102 100 Oct Nov Dec Jan Feb Mrc Apr May Jun Jul Aug Sep Oct -5.8% 97 2018 20
Slide 17: Automotive impacted by special effects beyond market deterioration
Rheinmetall Automotive Automotive impacted by special effects beyond market deterioration Sales bridge Operating result in €m in €m and % 731 69 9.4% Q3 ’19 level ~5% Q4 2018 Market GM Strike Negative Q4 2019 Q4 2018 Market GM Ramp Malware Q4 2019 decline Ramp effect effect © Rheinmetall AG / Co
Slide 18: 2019 reports biggest market decline post the financial crisis
Rheinmetall Automotive 2019 reports biggest market decline post the financial crisis Avg. cycle margin ~7.5% Operating margins -2.5% 7.0% 8.4% 8.9% ~6.5% 5-7% ~8% 2009 2013 2016 2018 2019 2020/21 2024/25 Market Financial crisis market decline -12.2% Growth in CAGR 6.4% -1.0% -5.8% 2.3% Market trend
Slide 19: Self help measures to be continued throughout 2020
Rheinmetall Automotive Self help measures to be continued throughout 2020 General cost reduction programs Process optimization to reduce scrap rate Efficiency CAPEX reduction optimization Prioritization and optimization of R&D projects Selective R&D Micro Mobility R&D affects P&L 2020 with
Slide 20: Defence
Automotive Defence © Rheinmetall AG / Corporate Presentation Q3 2019 20
Slide 21: Q3 2019 Highlights: Defence
Rheinmetall Defence Q3 2019 Highlights: Defence Defence delivered as promised Quarterly sales and margin development Comments on quarterly performance In €m and % 1.255 Order intake of € 1.136m solid, including new VJTF orders 823 Sales growth of 17.1% (FX adjusted 13.4%) driven by ES and VS 703
Slide 22: Double digit growth of operating result
Rheinmetall Defence Q3 2019 Highlights: Defence Double digit growth of operating result Sales Defence Operating result Defence in €m in €m Weapon and Ammunition +17.1% Margin Q3 2018 +45.5% Margin •Sales held back by missing Q3 2019 823 6.3% 64 7.8% export approvals 703 10 5.3% 196 +0.0% 44 196
Slide 23: Robust order intake comparing to extraordinary PY quarter
Rheinmetall Defence Q3 2019 Highlights: Defence Robust order intake comparing to extraordinary PY quarter Order intake by division Order backlog profile in €m in €bn Weapon and Ammunition change in % Electronic Solutions Vehicle Systems 3,044 185 Consolidation 8.8 8.7 -63% 241 ~1.2 ~2.3 ~5.2 Inc
Slide 24: New record year ahead for Defence
Rheinmetall Defence New record year ahead for Defence Defence sales and operating margin Sales in €m and % Margin +9% sales 15 4.000 growth Growth across all three divisions 3.221 3.000 Margin improvement continues 10 Project pipeline is filled and diversified ~9.5% 2.000 7.9% 5 1.000 Prepar
Slide 25: Automotive – Focus on innovation
Automotive – Focus on innovation 25
Slide 26: 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* Hardparts RoW Sales: €2.9bn Asia 1% Aftermarket Hardparts 17% 12% Pistons Large-bore Pistons 33% Op. result: €262m 45% USMCA 16% Europe Op. margin: 8.9% Bearings C
Slide 27: Light vehicle production by region
Rheinmetall Automotive Europe Asia ex. -1% China -1% USMCA 18.6 17.5 18.0 27.3 26.7 25.9 0% China 17.0 16.3 16.7 0% 26.6 24.4 26.5 World 2018 2019 2022e 2018 2019 2022e 0% 2018 2019 2022e 94.2 93.1 88.8 2018 2019 2022e OTHERS +3% 4.7 5.2 4.5 2018 2019 2022e 2018 2019 2022e Source: IHS December 2019
Slide 28: Market trends: the growth drivers remain strong
Market trends The growth drivers remain strong NT E 3+ Efficiency (CO2 Reduction) Emission (Reduction) Electrification Outside powertrain The innovation pipeline is packed! © Rheinmetall AG / Corporate Presentation Q3 2019 28
Slide 29: Mechatronics and Hardparts product portfolio
Rheinmetall Automotive VACUUM PUMPS EXHAUST CONTROL FUEL TANK ISOLATION THERMAL MANAGEMENT HRB eCATHODE VALVE MECHATRONICS VALVE VALVE GEN. 3 ELECTRICAL COOLANT GASOLINE EGR HIGH-VOLTAGE E-MOTOR COOLING EGR MODULE SC AIR SYSTEM eWastegate PUMP COOLANT PUMP eCC Actuator TURBO ACTUATOR VTG EVAP ELEC.
Slide 30: How to fill the gap post ICE outphasing
Rheinmetall Group AUTOMOTIVE HOW TO FILL THE GAP POST ICE OUTPHASING © Rheinmetall AG / Corporate Presentation Q3 2019 30
Slide 31: New Markets Telecommunication
Rheinmetall Automotive New Markets Telecommunication Diversification into new growth areas 5G-Data safety: Major production contract for manufacturing aluminum housings for 5G network Rheinmetall JV with HASCO in China is the leading supplier of die-casting capacities in China High technological
Slide 32: E-Mobility: Rheinmetall products for NEV
Rheinmetall Automotive E-Mobility Rheinmetall products for NEV BOOKED BUSINESS ADDITIONAL POTENTIAL E-Tron E-Golf German premium OEMs German premium E-Tron E-Golf OEM (Fuel Cell) Recent market contact suggest potential of around 1.000.000 e-engine housings p.a. starting 2020 BATTERY E-ENGINE BOXES H
Slide 33: Electrification at Rheinmetall Automotive
ELECTRIFICATION at Rheinmetall Automotive Life time order value of €1bn booked* * Rheinmetall Automotive and Joint Ventures, incl. BEV and Hybrid © Rheinmetall AG / Corporate Presentation Q3 2019 33
Slide 34: Innovative products for a variety of applications
Rheinmetall Automotive Innovative products for a variety of applications High El. Vapor El. Climate El. Cooling High Voltage Multi Purpose Compact Door Voltage Pump Compressor Pumps Recirculation Valve Actuator Contactor Blower Estimated >€0.6bn €700m > €2.5bn >€1.5bn >
Slide 35: Start of Production Development
CAGR 2018-30: +10% 9,0 Start of 8,5 8,0 Production 7,4 6,9 6,4 5,9 5,4 4,9 4,4 3,8 3,3 2,9 Development cost of € ~30m until 2022 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 © Rheinmetall AG / Corporate Presentation Q3 2019 35
Slide 36: Micro Mobility
Rheinmetall Automotive Micro Mobility From internal innovations project to market entry High growth market USP Rheinmetall European market with Smooth phasing of engine 10% CAGR between 2018 support and 2030 Excellent freewheeling High market Low weight and compact concentration with Bosch
Slide 37: Drivers for growth
Rheinmetall Automotive Drivers for growth Rising global fleet and regulatory restrictions are supporting our growth Light vehicle production grows Emission thresholds decrease Stricter emission testing million vehicles per year ICE +1% HEV WLTP 130 CO2 NOx 106 113 Mainly EU! 95 94 in g/km in m
Slide 38: Efficiency: CO2 reduction with Automotive products
Rheinmetall Automotive Efficiency CO2 - reduction with Automotive products – gasoline engine vehicle 130 g 95 g CO2/km CO2/km 2015 2020 -2 g CO2/km -2 g CO2/km Reference model -7 g CO2/km Lightweight design parts Electr. 1.4L 4-cylinder -3 g CO2/km Variable valve train EGR system TC DI gasoline engi
Slide 39: Truck product portfolio
Rheinmetall Automotive TRUCK product portfolio Main coolant Permaglide bearings for truck compressors and truck hydraulics pumps Aluminum pistons Auxiliary coolant pumps Steel pistons Electrical oil pumps Piston rings Cooperation with Riken Bushings for injection pumps Main-bearings Connecting rod b
Slide 40: Diversification: increasing portfolio for non-LV applications
Rheinmetall Automotive Diversification Increasing portfolio for non-LV applications Trucks Large bore pistons Bearings & Aftermarket continuous casting Diverse portfolio for E.g. ship and locomotive truck applications pistons Sanitary application Global supply of spare parts © Rheinmetall AG / Corpo
Slide 41: Sales development by division and legal structure
Rheinmetall Automotive Sales development by Division in €m CAGR +10% Mechatronics Hardparts Aftermarket 2016 2017 2018 2019e Sales development by legal structure in €m WFOE Joint Venture 100% share 2016 2017 2018 2019e © Rheinmetall AG / Corporate Presentation Q3 2019 41
Slide 42: China
Rheinmetall Automotive CHINA Motorservice China EA211 pistons Heat sinks and shield covers EA888 pistons Build up of Logistic Centre 2018 2019 2020 2021 Diverse Divert-air Electrical Electrical Heavy-duty Heavy-duty Variable Variable oil valve vapor pump vacuum Back pressure Exhaust gas oil pump fro
Slide 43: Automotive in China
Rheinmetall Automotive Automotive in China 50/50 joint ventures Wholly Foreign-Owned Enterprises JV subsidiary with HASCO (SAIC group) (100% Rheinmetall Automotive) Castings (KSHA) Pistons (KSSP) Castings (KPSNC) Pumps (PHP) Aftermarket Pierburg Large-bore pistons Pumps (PMP Ch.) 2014 1997 2001 2012
Slide 44: China highlights
Rheinmetall Automotive HIGHLIGHTS CHINA Partner of local big players SAIC and HASCO Biggest casting capacities in China – technology leader Regulation (China 6) – provides substantial growth potential for mechatronics division Strong demand for NEV products China Story on track: product pipeline sup
Slide 45: Defence – at the beginning of a super cycle
Defence – at the beginning of a “super cycle” 45
Slide 46: Top products per division
Rheinmetall Defence TOP PRODUCTS PER DIVISION. WEAPON AND ELECTRONIC VEHICLE AMMUNITION SOLUTIONS SYSTEMS HX-FAMILY MID & LARGE CALIBER AMMO MISSION EQUIPMENT LOGISTIC VEHICLES MID & LARGE CALIBER WEAPONS AIR DEFENCE & RADAR SYSTEMS TACTICAL VEHICLES Simulation & Training Medium wheeled Medium track
Slide 47: Defence is a leading supplier with 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: €3.2bn Weapon and Ammunition RoW Germany Weapon and 8% Weapon and Protection Aus/NZ 15% Ammunition Ammunition Systems 34% 31% Op. result: €254m
Slide 48: Increase of global defence budgets and project pipeline
Rheinmetall Defence MGCS International Eastern USA Indirect fire Europe MENA system Europe (UK) Lynx South-East MIV Boxer Asia Challenger Germany Australia Algeria Simulation VJTF Trucks Ammunition Puma Boxer … Boxer Lynx Leopard Ammunition Trucks … Load Handling System Ammunition … Increase of glob
Slide 49: Defence tender overview
Rheinmetall Defence Defence tender overview Promising super cycle pipeline UK: Sweden Lithuania: Boxer MIV Boxer Trucks Poland: Leopard II Challenger Hungaria: Leopard, Howitzer, France: IFV (wheeled/tracked) MGCS Germany: Czech Rep: IFV (tracked) Trucks Slovakia: IFV IDZ Bulgaria: IFV
Slide 50: German defence budget
Rheinmetall Defence German defence budget Investive expenses and Rheinmetall-share - budgets become sizeable in €m Drivers for budget increase: More personnel, return to ~200.000 soldiers 8.263 More equipment (100% equipment level) 6.011 6.063 More finance, investive share increased 5.327 5.41
Slide 51: German mid-term potential: key land systems provider
Rheinmetall Defence German mid-term potential Be the key land systems provider in our home market TRUCKS LEOPARD UPGRADES PUMA/BOXER/FUCHS Three Major Truck Programs Development and production of a digitized Additional batches (unprotected and protected trucks, load turret with ~130mm gun for
Slide 52: German mid-term potential: ammunition restocking
Rheinmetall Defence German mid-term potential Large ammunition sales potential from expected restocking Rheinmetall share on German ammunition purchases* Development of ammunition spending in €m* 1.200 Rheinmetall Products e.g.: ~35% 40mm Medium caliber ~35% Large caliber 560 Artillery Mortar ~35% F
Slide 53: Rheinmetall enters Bundeswehr contractor based operations services
Rheinmetall Defence German portfolio enhancement Rheinmetall enters Bundeswehr contractor based operations services (G-CAP*) Military in theatre camps Build, operate and rebuild camps for in-theatre operations Tender start in Q2 2020, award expected in Q1 2021 Long term contracts >10 years P
Slide 54: NATO commitment key driver for German demand
Rheinmetall Defence German defence NATO commitment key driver for German demand Lead role in Very High Readiness Joint Task Force ( VJTF) Bundeswehr ‘19 ‘23 ‘27 ‘31 ’32+ 2016 White paper VJTF´19 VJTF´23 1x Division 3x Division 3x Division 04/2018 (1 Brigade) (3x Brigade) (8x Brigade) (10x Brigade) C
Slide 55: Additional business opportunities over the life cycle
Rheinmetall Defence Additional business opportunities on the base of current success in vehicle and soldier system sales Rheinmetall creates additional business opportunities over the entire life cycle on every level - consisting of: Spare parts Service & Maintenance Training & Simulation Te
Slide 56: German Defence: drivers behind budget increase
Rheinmetall Defence German Defence Drivers behind budget increase “Turnarounds” in Germany Framework nation concept triggers standardization of Personnel: equipment Mid-term return to 200,000 soldiers Material: 100% equipment level and additional division Finance: Increase of defence budget 54
Slide 57: Successful establishment of a new home market: Australia
Rheinmetall Defence Home market Australia Successful establishment of a new home market Military Trucks JV Rheinmetall NIOA Munition Simulation Land 121 35 / 5B (2013/2018) 51% Rheinmetall (2017) Simulation / Training for M1A1 EUR 2bn Land 17: 155mm Munition: EUR 350m Fighting Vehicles Tec
Slide 58: International order potential: UK home market
Rheinmetall Defence International order potential UK home market: Current and future orders Mechanized Infantry Vehicle (Boxer) Challenger Life Extension Program Background Background Mechanized Infantry Vehicle (MIV), several different Challenger life extension program with focus on switch from
Slide 59: European Defence consolidation landscape
Rheinmetall Defence European Defence Consolidation landscape Governmental shareholding restricts room for cross-border consolidation Big common armament programs could be catalysts for further consolidation 49.9% Kongsberg Nammo 50% Rheinmetall’s approach: Patria Saab JV partnerships with comp
Slide 60: Innovations
Rheinmetall Defence Innovations Demand-driven product development and targeted cooperations New logistical platforms New tactical platforms New business models Groundbreaking sub-systems Innovative weapon and ammunition New cooperations with Sikorsky, Raytheon Digitized command and reconnaissance ©
Slide 61: Group Appendix
GROUP APPENDIX © Rheinmetall AG / Corporate Presentation Q3 2019 61
Slide 62: Group 2014–2018: Key figures (as reported)
Appendix: Rheinmetall Group Group 2014 – 2018: Key figures (as reported) in €m 2014 2015 2016 2017 2018 Balance sheet Total assets 5,271 5,730 6,150 6,101 6,759 Shareholder‘s equity 1,197 1,562 1,781 1,870 2,172 Equity ratio (in %) 22.7 27.3 29.0 30.7 32.1 Pension liabilities 1121 1,128 1,186 1,080
Slide 63: Segments 2014–2018 Key figures
Appendix: Rheinmetall Group Segments 2014 – 2018 Key figures AUTOMOTIVE DEFENCE 2014 2015 2016 2017 2018 in €m 2014 2015 2016 2017 2018 2,466 2,621 2,670 2,922 2,889 Order intake 2,812 2,693 3,050 2,963 5,565 416 445 459 520 478 Order backlog (Dec. 31) 6,516 6,422 6,656 6,416 8,577 2,448 2,592 2,656
Slide 64: New Products
Rheinmetall Group Rheinmetall technologies as an answer to current threats and challenges AUTOMATION ONE NEXT SENSORS NEW RHEINMETALL DIGITIZATION E-MOBILITY PRODUCTS ARTIFICIAL INTELLIGENCE © Rheinmetall AG / Corporate Presentation Q3 2019 64
Slide 65: Capital allocation policy geared towards growth
Rheinmetall Group Our capital allocation policy is geared towards further growth Funding of growth (organic and M&A) 9.4% Dividend to shareholders (Payout ratio 30-35%) Q3 ‘19 level Improvement of pension funding via CTA (target 50-60%) level © Rheinmetall AG / Corporate Presentation Q3 2019 65
Slide 66: Select key data: outlook 2019
Appendix: Rheinmetall Group Select key data: outlook 2019 Rheinmetall Group Automotive Defence In % (Previous Year) Holding cost ~€25-30m (€24m) Capex 5.5-6% (5.5%) 3.5-4.5%(3.1%) (w/o IFRS 16) ~5.5% (5.3% 3-3.5% (4.8% Comparable level Tax rate D&A reported, reported, (27%) scheduled 5.2%) scheduled
Slide 67: Debt: seasonal increase of net debt
Appendix: Rheinmetall Group Debt Typical seasonal increase of net debt amplified by M&A payout Net financial debt Debt composition and maturity profile in €m at quarter-end in €m Ʃ 1,055 Commercial 162 Papers Other & 183 Leasing -31 Bank loans 2019 2020 2021 2022 2023 2024 2025ff. 161 -171 300 P
Slide 68: More than 100 production sites and offices on all continents
Appendix: 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 India France
Slide 69: Continuing ROCE improvement
Appendix: Rheinmetall Group Continuing ROCE improvement ROCE in % Pre-tax WACC 25% (2018): 20% 17.1% 20.2% 19.0% 18.8% 18.7% 15% 16.7% 10.5% Group 12.3% .13,4% 15.9% 10.6% 10% 11.8% 10.7% 9.8% 4.7% 5% 3.9% 6.1% 0.3% 0% -4.6% -5% 2013 2014 2015 2016 2017 2018 Group Defence Automotive © Rheinmetall
Slide 70: Board remuneration based on three building blocks
Appendix: Rheinmetall Group Board remuneration based on three building blocks Annual target salary (100%) Fixum (60%) Performance-related variable remuneration (40%) Twelve equal portions of monthly Short term incentive Long-term incentive payments Fringe benefits: • KPI: EBT, ROCE (each 50%)
Slide 71: ESG: high importance for Rheinmetall
Appendix: Rheinmetall Group ESG High importance for Rheinmetall Environment Social Governance • Reduction of the ecological footprint • Clear statement against cluster munition • Transparency towards customer, • Decrease of energy needed • Promoting education and training investors and other s
Slide 72: Next events and IR contacts
Next events and IR contacts Next Events IR Contacts Dirk Winkels Head of IR Commerzbank GIS, New York 13-15 January 2020 Tel: +49-211 473-4749 Email: dirk.winkels@rheinmetall.com Baader Helvea, Toronto 16 January 2020 René Weinberg Unicredit Kepler Cheuvreux GCC, Frankfurt 20-21 January 2020 Sen
Slide 73: 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