Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (September 2015)
71 slides from Rheinmetall's investor presentation, September 2015
Slide 1: Rheinmetall AG Corporate Presentation September 2015
R H E I N M E TA L L A G T H E T EC H N O LO GY G RO U P FO R S EC U R I T Y A N D M O B I L I T Y Corporate Presentation | September 2015 © RHEINMETALL AG 2015
Slide 2: The Technology Group for Security and Mobility
Rheinmetall Group The Technology Group for Security and Mobility Addressing the basic needs and megatrends in Defence and Automotive Sales: EUR 4.7 billion Employees: 20,200 Sales: EUR 2.2 billion Sales: EUR 2.4 billion Employees: 9,200 Employees: 10,800 Basic need Conflicts motivated by ethnical an
Slide 3: Key figures H1 2015
Rheinmetall Group Key figures H1 2015 in EUR million H1 2014 H1 2015 ∆ H1 2015 / H1 2014 Sales 2,131 2,394 + 263 + 12% Operational earnings 32 79 + 47 + 147% Special items: one-offs, restructuring costs -2 0 +2 EBIT (reported) 30 79 + 49 + 163% EBIT margin in % 1.4 3.3 + 1.9pp EBT -9 48 + 57 Group n
Slide 4: Key figures Q2 2015 per segment
Rheinmetall Group Key figures Q2 2015 per segment Improved profitability in Automotive, break-even in Defence Automotive Q2 2014 Q2 2015 ∆ Q2 2015 / Q2 2014 in EUR million Sales 619 676 + 57 + 9% EBIT (reported) 47 59 + 12 + 26% EBIT margin in % 7.6 8.7 + 1.1pp Defence Q2 2014 Q2 2015 ∆ Q2 2015 / Q2
Slide 5: Cash flow statement
Rheinmetall Group Cash flow statement in EUR million Q2 Q3 Q4 Q1 Q2 ∆ Q2 2014 2014 2014 2015 2015 2015/2014 Group net income 7 - 14 41 5 29 + 22 Amortization / depreciation 52 49 59 49 50 -2 Change in pension accruals 0 1 -2 0 1 +1 Cash flow 59 36 98 54 80 + 21 Changes in working capital and - 92 67
Slide 6: Quarterly development
Rheinmetall Group Quarterly development Sales in EUR million Operational earnings in EUR million +121 +25 1,473 121 1,221 1,173 1,100 1,084 75 856 57 509 545 22 1 481 489 32 7 55 59 47 46 45 1 -3 619 617 664 676 -10 595 -5 -32 -28 -5 -7 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q2 2014 Q3 2014 Q4 2014
Slide 7: Balance sheet
Rheinmetall Group Balance sheet in EUR million 31.12. 31.12. 30.06. ∆ 30.06.15/ 2013 2014 2015 31.12.14 Assets 4,866 5,271 5,282 + 11 Non-current assets 2,345 2,504 2,577 + 73 Current assets 2,521 2,767 2,705 - 62 Equity & Liabilities 4,866 5,271 5,282 + 11 Equity 1,339 1,197 1,294 + 97 Pension liab
Slide 8: Pension obligations
Rheinmetall Group Pension obligations Internal funding in Germany, external funding in Switzerland Pension obligations by country in EUR million Plan assets and Defined Benefit Obligation (DBO) by country in EUR million Plan assets DBO 1,121 1,108 54 54 891 176 200 163 Net 45 Other 109 54 73 3.25 Ne
Slide 9: Pension obligations: actuarial losses
Rheinmetall Group Pension obligations Actuarial losses are main factor for increase of pensions Elements of change in pension liabilities in EUR million 52 Correlated with the discount rate for 1,121 35 future pension obligations, which is based on high-quality corporate bonds 266 891 26 25 2013 Ser
Slide 10: Earnings power and debt
Rheinmetall Group Earnings power and debt Improving Net Financial Debt / EBITDA - Ratio expected Net financial debt (at year-end) in EUR million EBITDA in EUR million Net gearing* in % 330 315 299 147 28% 11% 2013 2014 Target 2015 2013 2014 Target 2015 * Net debt in % of equity © RH E I N M ETAL L A
Slide 11: Capex and R&D at a high level
Rheinmetall Group Capex and R&D at a high level More than EUR 400 million invested in the future R&D in EUR million Capex in EUR million Depreciation & amortization in EUR million in % of 5.0% 4.6% 5.4% 5.7% 4.4% 4.2% total sales +14% 269 -2% 24 Subsidies for 237 tooling costs +2% 219 214 14 32 9 Ca
Slide 12: Capex and R&D at a high level
Rheinmetall Group Capex and R&D at a high level More than EUR 400 million last year invested in the future R&D in EUR million Capex in EUR million 5.2% 4.8% 4.9% 5.0% 4.6% 4.7% 4.6% 5.1% 4.4% 5.5% Ratio (in % of total sales) +20% -2% 230 238 245 208 212 219 214 206 205 83 189 76 74 65 90 88 82 62 10
Slide 13: Cost efficiency program
Rheinmetall Group Cost efficiency program Restructuring measures in final phase Costs Costs Total reduction Savings* Savings* Full annual 2013 2014 of employees 2014 2015 savings* until 2016 from 2016 Combat Systems (esp. Tracked Vehicles) 15 4 240 Electronic Solutions (esp. Air Defence Zurich) 14 5
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Slide 15: The divisional structure of Automotive
Rheinmetall Automotive The divisional structure of Automotive Focused on the attractive segment of powertrain technology RHEINMETALL AUTOMOTIVE EUR 2.4 billion Hardparts Mechatronics Aftermarket EUR 0.9 billion EUR 1.3 billion EUR 0.3 billion Pistons Emission Systems International Large-bore pistons
Slide 16: Key figures H1 2015 Automotive
Rheinmetall Automotive Key figures H1 2015 in EUR million H1 2014 H1 2015 ∆ H1 2015 / H1 2014 Order intake 1,215 1,320 + 105 + 8% Order backlog (June 30) 374 397 + 23 + 6% Sales 1,236 1,340 + 104 + 8% Operational earnings 93 114 + 21 + 23% Special items: one-offs, restructuring costs 0 0 ±0 ± 0% EBI
Slide 17: Mechatronics remains on growth track
Rheinmetall Automotive Mechatronics remains on growth track Sound increase of revenues in North America and Asia Sales by division in EUR million Sales by region in EUR million Market growth* 1,236 1,340 +8% +1% 1,340 1,236 -8% 59 Rest of the World -9% 64 157 Asia (w/o China JVs) +2% 109 +44% 54% 56
Slide 18: Substantial sales growth in Mechatronics
Rheinmetall Automotive Substantial sales growth in Mechatronics Improved earnings by higher sales and strong JV contributions Sales Automotive in EUR million Operational earnings Automotive in EUR million +104 +21 1,340 1,236 114 Reasons for earnings development Mechatronics 93 — Higher sales +13% 7
Slide 19: FY 2014 Key figures Automotive by division
Rheinmetall Automotive FY 2014 Key figures Automotive by division Continuing operations Mechatronics Hardparts Aftermarket +186 +151 +45 2,448 +1 Sales 1,322 2,262 1,171 889 934 268 269 2013 2014 2013 2014 2013 2014 2013 2014 +26 +19 +23 Opera- 184 -2 tional 158 77 96 72 49 28 26 earnings 2013 2014
Slide 20: H1 2015 Key figures Automotive by division
Rheinmetall Automotive H1 2015 Key figures Automotive by division Mechatronics Hardparts Aftermarket +104 +86 +17 Sales +8 1,236 1,340 751 665 473 490 135 143 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 +21 +15 Opera- +6 +1 tional 93 114 65 50 33 39 13 14 earnings H1 2014 H1 2015
Slide 21: Automotive market
Rheinmetall Automotive Automotive market Globally growing with moderate increase in Europe and the U.S. Development of LV production 2015e-2019e in % p.a. UK Russia +0.9% +11.9% France Germany +4.0% +0.4% USA Japan +1.2% Spain China -0.8% +1.7% +5.1% Mexico India +8.1% +9.6% Brazil +4.9% Global +3.3
Slide 22: Situation analysis: benefiting from important trends
Rheinmetall Automotive Situation analysis Benefiting from important trends Higher performance Reduction of Reduction of from downsized emissions fuel consumption engines KSPG has the right product portfolio for a substantial growth © RH E I N M ETAL L A G 2 0 1 5 | C ORP ORA TE P RE S ENTATI ON | S
Slide 23: Megatrend Protection of the environment
Rheinmetall Automotive Megatrend “Protection of the environment” Sales share of green technology products will increase to 60% Sales share 2014 Expected sales share 2016 Products for Products for emission control and emission control and fuel consumption fuel consumption 60% 40% 55% 45% Other produc
Slide 24: CO2-reduction and fuel savings with KSPG products
Rheinmetall Automotive Potential for Rheinmetall Automotive CO2-reduction and fuel savings with KSPG products and innovations 5-6% less fuel 3 g/km CO2 4% fuel savings Low-pressure EGR reduction Optimized bearings Steel pistons for diesel engines 2% less fuel 1.5-3% fuel savings Optimized piston sys
Slide 25: Strategic position of products
Rheinmetall Automotive Strategic position of products Product groups by strategic importance in numbers and in % of sales 2013 65% 31% 1% 3% Potential Enter Growth Cash Exit 9 15 13 5 28 © RH E I N M ETAL L A G 2 0 1 5 | C ORP ORA TE P RE S ENTATI ON | S E P TEM BER 2 0 1 5 25
Slide 26: Nomination letters indicate good coverage of planned revenues
Rheinmetall Automotive Nomination letters indicate good coverage of planned revenues Sales covered by booked business ― In general: in EUR million resp. in % of planned sales Nomination letters represent frame contracts (“booked business”) for the >90% >75% >75% lifetime of an engine platform Releva
Slide 27: Higher content per car by higher-value products
Rheinmetall Automotive Potential for Rheinmetall Automotive Higher content per car by higher-value products How to read: Mechanical Electrical Electrical coolant coolant 4-9x coolant pump pump generates pump 4x to 9x sales of a mechanical pump. Mechanical Variable oil pump 2-7x oil pump EGR valve EG
Slide 28: Automotive benefits from balanced customer base
Rheinmetall Automotive Automotive benefits from balanced customer base Sales growth outperforms especially the European and Asian markets Sales by customer in % Sales by region in EUR million Sales growth in % +8% Non-LV business: 33% Market 2,448 growth* Trucks/Others 2,262 VW/Porsche/Audi 493 Ship
Slide 29: Strong growth in non-LV business
Rheinmetall Automotive Strong growth in non-LV business Sales of truck business almost doubled within 5 years Sales Automotive and non-LV in EUR million Sales non-LV and truck business in EUR million 2,448 2,369 +39% 2,313 2,262 802 714 735 705 1,982 578 735 802 +75% 705 714 578 226 275 157 204 200
Slide 30: China: Economic growth coming to normalized level
Rheinmetall Automotive China: Economic growth coming to normalized level Again strong performance of Chinese entities NEWS — Signs of economic slowdown and lower Auto market growth — Automotive’s direct exposure to China is relatively low: H1 2015: 3% of consolidated sales and 11% of earnings — Tren
Slide 31: Growth market China
Rheinmetall Automotive Growth market China The success story continues 50/50 joint ventures with HASCO Wholly Foreign-Owned Enterprises JV subsidiary Castings (ATAG) Pistons (KSSP) Castings (KPSNC) Pumps (PHP) Aftermarket Pierburg Large-bore pistons Pumps (PMP Ch.) 2014 1997 2001 2013 2008 2009 2013
Slide 32: Automotive Key investment highlights
Rheinmetall Automotive Automotive Key investment highlights – Rising global demand for light vehicles M a r ke t s – High need for efficient engines and lower emissions – Focus: fuel-reduction by Mechatronics and CO2-reduction by Hardparts Products – More complex products leading to higher prices pe
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Slide 34: The divisional structure of Defence
Rheinmetall Defence The divisional structure of Defence Broad range of technologically leading products RHEINMETALL DEFENCE EUR 2.2 billion Combat Systems Electronic Solutions Wheeled Vehicles EUR 1.0 billion EUR 0.7 billion EUR 0.7 billion Combat Platforms Air Defence & Naval Systems Logistic Vehic
Slide 35: Key figures H1 2015 Defence
Rheinmetall Defence Key figures H1 2015 in EUR million H1 2014 H1 2015 ∆ H1 2015 / H1 2014 Order intake 1,074 1,235 + 161 + 15% Order backlog (June 30) 6,174 6,728 + 554 + 9% Sales 895 1,054 + 159 + 18% Operational earnings - 52 - 27 + 25 - 48% Special items: one-offs, restructuring costs -2 0 +2 EB
Slide 36: Rising intake of non-European contracts
Rheinmetall Defence Rising intake of non-European contracts Increase of order book particularly in Wheeled Vehicles Order intake by region in EUR million Order backlog by division in EUR million +161 +9% 1,235 6,728 6,174 1,074 21% Rest of the World RoW 20% 52% Combat Systems 54% Asia/ 37% Asia/MENA
Slide 37: Order backlog shows effective internationalization
Rheinmetall Defence Order backlog shows effective internationalization High order book coverage of mid-term future sales Order backlog by region in EUR million Order backlog / sales distribution over time in EUR million +9% +554 6,728 6,728 ~ 3,600 6,174 8% Rest of the World RoW 7% 6,174 Asia/ 55% A
Slide 38: Weapon and ammunition business
Rheinmetall Defence Weapon and ammunition business Sales expectations for FY2015 raised due to favorable order situation Sales weapon and ammunition business (as of June 30, 2015) in EUR million ~580 Previously expected 682 675 665 643 ~620 580 ~40 Order intake gap 531 542 (as of June 30, 2015) Orde
Slide 39: Higher sales by large-scale projects, especially in Combat Systems
Rheinmetall Defence Higher sales by large-scale projects, especially in Combat Systems Earnings improved, but still loss reported Sales Defence in EUR million Operational earnings Defence in EUR million +159 Reasons for earnings development 1,054 +25 Combat Systems 895 — Higher sales in Tracked Vehi
Slide 40: FY 2014 Key figures Defence by division
Rheinmetall Defence FY 2014 Key figures Defence by division Combat Systems Electronic Solutions Wheeled Vehicles +85 -50 -5 +128 2,240 Sales 1,027 977 2,155 710 705 667 539 2013 2014 2013 2014 2013 2014 2013 2014 -69 -47 -28 Opera- +4 60 47 29 tional 0 1 -9 -13 -9 earnings 2013 2014 2013 2014 2013 2
Slide 41: H1 2015 Key figures Defence by division
Rheinmetall Defence H1 2015 Key figures Defence by division Combat Systems Electronic Solutions Wheeled Vehicles +159 +155 -12 +31 Sales 895 1,054 362 517 326 314 244 275 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 +25 +20 +5 +1 Opera- -27 -11 -4 1 -15 -14 tional -31 -52 earnings
Slide 42: Defence market
Rheinmetall Defence Defence market Globally increasing, particularly in the MENA/Asia region Development of defence budgets 2015e-2019e in % p.a. Russia/CIS -1.6% NAFTA Europe -1.4% +0.6% MENA +2.0% Asia/Pacific +4.7% Latin America +1.3% Global +1.2% Source: IHS Jane’s (July 2015) © RH E I N M ETAL
Slide 43: Defence policy: current conflicts
Rheinmetall Defence Defence policy Current conflicts changing the security environment Russia/Ukraine crisis – Armed military conflict on the Eastern border of NATO – National and alliance defence moving back into focus Islamic State – Asymmetric conflict on the South-Eastern NATO border – Increasin
Slide 44: Defence policy NATO
Rheinmetall Defence Defence policy NATO Rising budgets in several NATO countries expected, among them Germany Defence budgets 2015e in % of GDP ― NATO summit in Wales 2014 decided return to higher defence budgets: 3.6% target level of 2% of GDP within 10 years ― Target to fulfil operational NATO req
Slide 45: Defence policy Germany: budget to rise
Rheinmetall Defence Defence policy Germany German defence budget is going to rise over the next years Scheduled development of German defence budget in EUR billion New procurement projects of German forces +2.04 35.01 ― Gladius soldier system: Adaption development 34.76 34.88 and acquisition of furt
Slide 46: 4 of 5 national key technologies covered by Rheinmetall
Rheinmetall Defence Defence policy Germany 4 of 5 “national key technologies” covered by Rheinmetall’s product range Network Protected and Sensor centric armored Protectio n Subma ri nes technolo gy operations vehicles – Soldier systems – Optical und – Wheeled: Boxer, – Softkill – Not covered by (Gl
Slide 47: German Government maintains case-by-case decision rule
Rheinmetall Defence Defence policy German Government maintains case-by-case decision rule — Continuing principle: Decisions are made case by case (NATO and NATO-equivalent countries on a routine basis) — Neither certain countries nor certain products generally ruled out (except for embargo countries
Slide 48: Future markets and hub development
Rheinmetall Defence Future markets and hub development Realizing growth potential by more value creation in international hubs Scandinavia Russia UK Canada Netherlands Switzerland USA Italy Algeria Israel India Saudi Arabia UAE Indonesia Brazil Australia South Africa Hub with substantial growth pote
Slide 49: Future JVs and strategic alliances
Rheinmetall Defence Future JVs and strategic alliances Strengthening the competitive position of Defence in the vehicle business — Cooperation agreement with Polska Grupa Zbrojeniowa (PGZ) and its subsidiary Obrum — Target: Establishing a cross-border European defence cooperation and strengthening c
Slide 50: Order potential beyond the backlog
Rheinmetall Defence Order potential beyond the backlog Examples of selected projects with significant potential volume Frame contract for Medium-Range Radar Tender “Land 400”, Military Trucks, Systems and Integrated Australia Norway and Sweden Soldier Systems, Canada – Tender volume of approx. – Fir
Slide 51: Defence Key investment highlights
Rheinmetall Defence Defence Key investment highlights – Defence markets are beginning to change M a r ke t s – Rising number of conflicts and threats underline need to invest in defence technology and lead to rising budgets – Wide variety of products for ground forces: weapons, ammunition, vehicles,
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Slide 53: Market environment
Rheinmetall Group Market environment LV production continues to grow, Defence globally stable A U TO M O T I V E DEFENCE Global Europe NAFTA China Global Europe USA MENA/Asia (excl. Russia) (incl. China) +1.7% +0.9% +2.9% +6.7% +0.2% +0.7% -5.2% +5.4% ― Global LV production expected to grow ― German
Slide 54: Outlook FY 2015
Rheinmetall Group Outlook FY 2015 Top line targets specified to the upper end of the range Outlook 2015 Sales in EUR billion Operational margin in % 2014 2015e 2014 2015e Original Updated Group 4.7 4.8 - 5.0 ~ 5.0 3.4 approx. 5 Defence 2.2 2.3 - 2.4 ~ 2.4 - 0.4 3 Automotive 2.4 2.5 - 2.6 ~ 2.6 7.5 8
Slide 55: Mid-term guidance
Rheinmetall Group Mid-term guidance Mid-term targets Defence ― Operational margin at 7% Automotive ― Operational margin at 8% Preconditions ― Globally stable macroeconomic environment ― Reliable political frame conditions regarding fiscal and export policy © RH E I N M ETAL L A G 2 0 1 5 | C ORP ORA
Slide 56: Forecast 2016e and 2017e
Rheinmetall Group Forecast 2016e and 2017e Return to long-term profitability path Sales Group in EUR billion Segmental operational margin in % of segmental sales 5.0 4.7 4.7 4.5 4.4 4.0 4.0 3.9 3.6 3.5 3.4 8% ≥8% ≥8% 6-7% 4-5% 3% 0% -5% 2005 2006 2007 2008 2009 2010 2011 2012 2013* 2014 2015e 2016e
Slide 57: Key short-term and medium-term strategies
Rheinmetall Group Key short-term and medium-term strategies Strategic financial guidelines — Growing organically in both segments, based on existing orders and nomination letters — Restoring the profitability of the Defence segment in the short term, further improvement of profitability in Automotiv
Slide 58: Appendix: Rheinmetall Group
Appendix: Rheinmetall Group © RH E I N M ETAL L A G 2 0 1 5 | C ORP ORA TE P RE S ENTATI ON | S E P TEM BER 2 0 1 5 58
Slide 59: Key figures: Group
Appendix: Rheinmetall Group Key figures: Group in EUR million 2010 2011 2012 2013 2014 Balance sheet Total assets 4,460 4,832 4,899 4,866 5,271 Shareholder‘s equity 1,355 1,546 1,465 1,339 1,197 Equity ratio (in %) 30.4 32.0 29.9 27.5 22.7 Pension liabilities 677 729 919 891 1,121 Net financial debt
Slide 60: Key figures: Segments
Appendix: Rheinmetall Group Key figures: Segments AUTOMOTIVE DEFENCE 2010 2011 2012 2013 2014 in EUR million 2010 2011 2012 2013 2014 1,996 2,357 2,378 2,270 2,466 Order intake 1,977 1,831 2,933 3,339 2,812 365 409 418 392 416 Order backlog (Dec. 31) 4,772 4,541 4,987 6,050 6,516 1,982 2,313 2,369 2
Slide 61: Quarterly development (Automotive)
Appendix: Rheinmetall Automotive Quarterly development Sales Automotive in EUR million Operational earnings Automotive in EUR million +57 +12 664 676 59 55 619 617 595 45 47 46 375 376 31 34 333 317 340 22 25 24 21 20 19 235 232 242 248 17 18 229 6 6 7 7 7 68 67 67 69 74 -1 -1 -2 -5 -3 -17 -21 -19 -
Slide 62: Cash flow statement (Automotive)
Appendix: Rheinmetall Automotive Cash flow statement in EUR million Q2 Q3 Q4 Q1 Q2 ∆ Q2 2014 2014 2014 2015 2015 2015/2014 Net income 33 37 29 40 43 + 10 Amortization / depreciation 31 27 36 28 28 -3 Change in pension accruals 1 0 -1 0 0 -1 Cash flow 65 64 64 68 71 +6 Changes in working capital and
Slide 63: Expected development of future drive systems
Appendix: Rheinmetall Automotive Expected development of future drive systems Car sales in million units 240 Phase 1: Phase 2: Gasoline-Hybrid 220 until 2020 after 2020 Gasoline-Plugin-Hybrid 200 Pure combustion Hybrid and E-Drive Diesel-Hybrid 180 Diesel-Plugin-Hybrid 160 140 120 E-Drive 100 80 60
Slide 64: Permanently tightening and globally converging emission legislation
Appendix: Rheinmetall Automotive Permanently tightening and globally converging emission legislation Region 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 China Diesel China II China III China IV China Gas. China II China III China IV Further convergence India Bharat
Slide 65: Global alliance with Riken
Appendix: Rheinmetall Automotive Global alliance with Riken Strengthening the competitive position in the pistons business — Global strategic alliance for sales, engineering and the development of piston modules – Tokyo stock-listed — Target: Strengthening competitiveness and – Sales 2014: ~ EUR 700
Slide 66: Cost efficiency
Appendix: Rheinmetall Automotive Cost efficiency Structural improvement by best-cost concept Headcount in full-time equivalents Split of headcount by high cost- and low-cost countries in % of total headcount ~11,300 10,875 10,830 − Brazil Low-cost − Czech Republic 30% 40% countries 37% − Mexico − In
Slide 67: Quarterly development (Defence)
Appendix: Rheinmetall Defence Quarterly development Sales Defence in EUR million Operational earnings Defence in EUR million +64 +11 856 75 52 13 419 1 545 10 4 489 509 3 481 -1 1 0 -3 -6 278 -5 0 196 239 -15 220 -1 -21 239 -10 -2 140 152 159 155 -8 -8 245 -3 178 -28 130 137 138 -4 -21 -25 -47 -26 -
Slide 68: Cash flow statement (Defence)
Appendix: Rheinmetall Defence Cash flow statement in EUR million Q2 Q3 Q4 Q1 Q2 ∆ Q2 2014 2014 2014 2015 2015 2015/2014 Net income - 14 - 39 20 - 30 -8 +6 Amortization / depreciation 21 21 23 21 21 ±0 Change in pension accruals -1 2 -2 1 2 +3 Cash flow 6 - 16 41 -8 15 +9 Changes in working capital a
Slide 69: Consolidation of the defence industry
Appendix: Rheinmetall Defence Consolidation of the defence industry Land systems industry in Europe Sales 2014 in EUR million 2,951* 2,240 „Kant“ (KMW and Nexter together) 1,048 876 747 700 500 389 250 150 75 BAE Rheinmetall Nexter Patria** KMW General Iveco DV Oto Melara Renault TD Mercedes- Scania
Slide 70: Turning order backlog into sales
Appendix: Rheinmetall Defence Turning order backlog into sales Sales development for top six projects by order volume Puma series contract (EUR 1.0 billion*) Military trucks Australia (EUR 1.1 billion*) Combat Systems 300 300 Wheeled 200 200 Vehicles 100 100 0 0 2014 2015 2016 2017 2018 2019 2020ff.
Slide 71: 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