Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (August 2017)
74 slides from Rheinmetall's investor presentation, August 2017
Slide 1: Corporate Presentation
Corporate Presentation Rheinmetall AG, August 2017
Slide 2: Rheinmetall at a glance
Rheinmetall Group Corporate Presentation: Rheinmetall at a glance © Rheinmetall AG / Corporate Presentation August 2017 2
Slide 3: 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 4: 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 5: 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 6: 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 7: Rheinmetall Group Q2 2017
Rheinmetall Group Corporate Presentation: Rheinmetall Group Q2 2017 © Rheinmetall AG / Corporate Presentation August 2017 7
Slide 8: Highlights Rheinmetall Group Q2 2017
Rheinmetall Group Q2 2017 Highlights Rheinmetall Group Q2 2017 Guidance raised upon another good quarter and positive outlook Sales increased by 3% to €1.459 bn or 2% currency adjusted Operating result moved up on margin improvement by 17% to €84 m Positive cash flow development continues Outlook ra
Slide 9: Earnings benefit from good leverage
Rheinmetall Group Q2 2017 Earnings benefit from good leverage Sales EBITDA Operational result in EUR million in EUR million in EUR million Operational margin in % 8% 2,808 15% 30% 2,599 3% 244 134 1,459 212 1,419 17% 103 9% 84 137 72 126 5.8 5.1 Q2 Q2 H1 H1 Q2 Q2 H1 H1 Q2 Q2 H1 H1 2016 2017 2016 201
Slide 10: Q2 with continued cash flow improvement
Rheinmetall Group Q2 2017 Q2 with continued cash flow improvement Operating Free Cash Flow Earnings per share Headcount in EUR million in EUR million in capacities +125% 25% 2% 19 1.57 20,954 21,371 +47% 1.26 7% 1.01 0.94 -180 -75 -338 Q2 Q2 H1 H1 Q2 Q2 H1 H1 30. June 30. June 2016 2017 2016 2017 20
Slide 11: Working capital reduction main driver for free cash flow
Rheinmetall Group Q2 2017 Working capital reduction main driver for free cash flow Operating free cash flow development Main Drivers in EUR million y-o-y comparison +125% 19 16 10 Earnings after tax increased by €10 m 94 Working capital reduction of €94 m mainly on Defence prepayments 1 5 Others inc
Slide 12: Highlights Rheinmetall Automotive Q2 2017
Rheinmetall Group Q2 2017 Highlights Rheinmetall Automotive Q2 2017 Solid outperformance of a flat market Sales rose by 5% to €728 m, FX adjusted 4% Operating result grew by 12% to €67 m Operating margin increased by 0.6pp to 9.2% Free cash flow improved in Q2 by €18 m to €69 m Exhaust gas recircula
Slide 13: Rheinmetall Automotive: Highly profitable sales growth with good cash generation
Rheinmetall Group Q2 2017 Rheinmetall Automotive Highly profitable sales growth with good cash generation in EUR million Q2 2016 Q2 2017 Δ % H1 2016 H1 2017 Δ % Sales 695 728 4.7% 1,349 1,465 8.6% Operating result 60 67 11.7% 112 129 15.2% Operating margin in % 8.6 9.2 0.6pp 8.3 8.8 0.5pp Operating
Slide 14: Mechatronics driven by positive mix development
Rheinmetall Group Q2 2017 Mechatronics driven by positive mix development Sales Automotive Operating result Automotive Reasons for result development in EUR million in EUR million 9% 12% 15% Mechatronics 1,465 67 129 Increasing demand and favorable 1,349 product mix 60 112 832 Hardparts 5% 757 +5% +
Slide 15: Another quarter with clear market outperformance in all regions
Rheinmetall Group Q2 2017 Another quarter with clear market outperformance in all regions Regional sales development Automotive Regional sales growth Q2 2017 in EUR million in % (IHS July 2017) 5% 728 RoW 63 695 6 -5 RoW 4 25 18 Asia 23 South America 76 93 (incl. China) 1 Asia China 30 116 125 -1 No
Slide 16: Successful quarter in a stagnant Chinese market
Rheinmetall Group Q2 2017 Successful quarter in a stagnant Chinese market China LV production Sales in million Operating result in million / in % in million units +10% +13% 1,816 130 Solid operating leverage; 1,646 115 -1% margin increasing by 0.2pp 1,480 1,594 CNY 121 6.1 6.0 105 JVs: Hardparts out
Slide 17: Highlights Rheinmetall Defence Q2 2017
Rheinmetall Group Q2 2017 Highlights Rheinmetall Defence Q2 2017 Further margin improvement and high order intake Lance turret Order intake in excess of 1€ bn Flat sales development as expected Operating result rose by €5 m to €24 m Operating margin gained 0.7pp to 3.3% HX 77 Military truck with Aus
Slide 18: Rheinmetall Defence: Strong order intake on track to achieve FY guidance
Rheinmetall Group Q2 2017 Rheinmetall Defence Strong order intake on track to achieve FY guidance in EUR million Q2 2016 Q2 2017 Δ % H1 2016 H1 2017 Δ % Order intake 803 1,031 28.4% 1,751 1,422 -18.8% Sales 724 731 1.0% 1,250 1,343 7.4% Operating result 19 24 26.3% 2 14 600.0% Operating margin in %
Slide 19: Q2 marked by operational strength in Vehicle Systems
Rheinmetall Group Q2 2017 Q2 marked by operational strength in Vehicle Systems Sales Defence Operating results Defence Reasons for result development in EUR million in EUR million +7% +26% +600% Weapon and Ammunition 1,343 19 24 14 1,250 Weaker sales and temporary shift to lower margin product mix 2
Slide 20: Excellent order entry development mainly driven by Electronic Solutions
Rheinmetall Group Q2 2017 Excellent order entry development mainly driven by Electronic Solutions Order intake by division Order backlog profile in EUR million in EUR billion 6.9 6.7 +28% 2.2 1,031 208 1.7 803 1.4 1.4 544 633 Weapon and Ammunition Electronic Solutions 181 Vehicle Systems 229 107 Con
Slide 21: Outlook 2017: Guidance raised on improved Automotive outlook
Rheinmetall Group Q2 2017 Outlook 2017 Guidance raised on improved Automotive outlook 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 increased investment budgets R h e i n
Slide 22: Rheinmetall Automotive
Rheinmetall Automotive Corporate Presentation: Rheinmetall Automotive © Rheinmetall AG / Corporate Presentation August 2017 22
Slide 23: Automotive with leading technology and market positions
Rheinmetall Automotive Automotive with leading technology and market positions Key figures: Sales: € 2.7 bn EBIT: €223 m Headcount: 10,820 Sales by division Sales by region Sales by customer EBIT by division RoW Other Aftermarket Hardparts Other Ford ASIA 3% Aftermarket -2% Hardparts 11% 13% 13% VW
Slide 24: 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 25: 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 26: 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 August 2017 26
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: E-mobility competence underlined by contracts and by initiatives for 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 34: 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 35: 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 36: 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 37: Rheinmetall Defence
Rheinmetall Defence Corporate presentation: Rheinmetall Defence © Rheinmetall AG / Corporate Presentation August 2017 37
Slide 38: Defence is a leading supplier with an increasing international presence
Rheinmetall Defence Defence is a leading supplier with an increasing international presence 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 Vehicle Weapon and RoW Other Weapon and Germany Weapon and Systems Ammu
Slide 39: 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 August 2017 39
Slide 40: 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 August 2017
Slide 41: EU member states en route to comply with NATO 2% target
Rheinmetall Defence EU member states en route to comply with NATO 2% target EU states defence budget development NATO equipment in % of defence expenditure ** in % 2015/16 Latvia 44.1 Lithuania 35.5 Poland 19.9 Italy 13.2 30 Slovenia 11.7 Estonia 7.2 North America Portugal 6.9 NATO Target Bulgaria 6
Slide 42: 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 43: 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 44: 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 45: German order entry well on track to achieve target
Rheinmetall Defence German order entry well on track to achieve target Order intake Germany by Quarter Projects Volume Total Various projects €146m Q1 €145m Gladius €310m H1 Various projects €221m Q2 €531m H1 €677m Total order volume from Germany: Trucks €220m Puma package €100m €1.5 billion Tank am
Slide 46: Down-selection in major programs
Rheinmetall Defence Down-selection in major programs Canada: Germany: Scandinavia: Modernization: Leopard Military trucks Military trucks 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 Land 121 5b (Australian trucks) Equity investment in Supashock Customer is finalizing vehicle specifications Acquisition of 49% equity stake in Supashock New offer under preparation Target: Integration of Australian technology in Tende
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
Appendix Rheinmetall Group Corporate Presentation: Appendix © Rheinmetall AG / Corporate Presentation August 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 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: EUR500 million bond (5.25% coupon) will mature in September EIB loan EUR250
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
Appendix Rheinmetall Group Income statement Group In EUR million Income Statement Q2 '16 Q2 '17 Δ Q2 '16 Q2 '17 Δ Total operating performance 1,461 1,493 32 Net operating income (EBIT) 72 81 9 Net interest income 1 0 -1 Interest expenses -15 -13 2 Other operating income 33 36 3 Earnings before tax (
Slide 56: Cash flow statement Group
Appendix Rheinmetall Group Cash flow statement Group In EUR million Cash Flow Statement Q2 '16 Q2 '17 Δ Q2 '16 Q2 '17 Δ Net Income 41 51 10 Capital payment to/ capital contribution by non-controlling interests0 0 0 Amortization, depreciation and impairment 54 55 1 Increase in shares in consolidated
Slide 57: Balance Sheet Group
Appendix Rheinmetall Group Balance Sheet Group In EUR million Balance Sheet 31.12.'16 30.06.'17 Δ 31.12.'16 30.06.'17 Δ Non-current assets 2,762 2,727 -35 Equity 1,781 1,781 0 Intangible assets 819 804 -15 Share capital 112 112 0 Property, plant and equipment 1,378 1,351 -27 Additional paid-in capit
Slide 58: Quarterly development Group
Appendix Rheinmetall Group Quarterly development Group Sales Operational results in EUR million in EUR million 1,698 171 1,419 1,459 1,305 1,349 1,034 115 724 612 731 662 84 72 79 24 19 30 50 695 664 737 728 67 643 60 60 62 51 -7 -2 -4 -10 -7 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 -2 Q2 2016 Q3 201
Slide 59: Cash Flow Statement Group
Appendix Rheinmetall Group Cash Flow Statement Group Q2 H1 Q3 Q4 Q1 Q2 H1 Δ Q2 Δ H1 in EUR million 2016 2016 2016 2016 2017 2017 2017 2016/2017 2016/2017 Group Net Income 41 53 46 116 28 51 79 10 26 Amortization, depreciation & impairments 54 109 52 67 57 55 112 1 3 Change in pension accruals 2 -14
Slide 60: Equity and pension liabilities: Financial solidity materially improved
Appendix Rheinmetall Group Equity and pension liabilities Financial solidity materially improved Drivers Equity and Equity ratio EUR m % 1,500 40% 28% 29% 29% 28% 27% 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 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% 941 -19 17 Other & Leasing 45 Commercial paper
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: Investments in New Technologies initiated
Appendix Rheinmetall Group 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 r
Slide 65: Quarterly development Automotive
Appendix Rheinmetall Automotive Quarterly development Automotive Sales by division Operational results by division in EUR million in EUR million 737 728 67 695 62 664 60 643 60 51 425 407 387 47 355 380 35 43 35 36 243 249 251 225 222 22 16 17 16 11 82 81 85 83 93 8 8 8 7 9 -17 -18 -23 -20 -23 1 -4
Slide 66: Cash flow statement Automotive
Appendix Rheinmetall Automotive Cash flow statement Automotive Q2 H1 Q3 Q4 Q1 Q2 H1 Δ Q2 Δ H1 in EUR million 2016 2016 2016 2016 2017 2017 2017 '16/'17 '16/'17 Net income 42 80 36 49 46 50 96 8 16 Amortization, depreciation & impairments 31 64 29 40 32 32 64 1 - Change in pension accruals - - -1 -1
Slide 67: 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 68: 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 69: Quarterly development Defence
Appendix Rheinmetall Defence Quarterly development Defence Sales by division Operational earnings by division in EUR million in EUR million 115 1,034 63 391 724 662 731 612 25 315 227 305 30 244 191 19 24 172 138 179 141 25 12 483 25 30 361 350 337 287 14 4 4 0 1 -1 1 -57 -98 -84 -67 -52 -3 -3 -4 -1
Slide 70: Cash flow statement Defence
Appendix Rheinmetall Defence Cash flow statement Defence Q2 H1 Q3 Q4 Q1 Q2 H1 Δ Q2 Δ H1 in EUR million 2016 2016 2016 2016 2017 2017 2017 '16/'17 '16/'17 Net income 3 -17 13 78 -16 8 -8 5 9 Amortization, depreciation & impairments 22 44 22 26 24 22 46 - 2 Change in pension accruals 2 3 1 1 -3 -6 -9
Slide 71: 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 72: Next events and IR contacts
Rheinmetall Group Next events and IR contacts Events 2017 IR Contacts Commerzbank Conference Frankfurt 29 Aug Franz-Bernd Reich Head of IR UBS Conference New York 13 – 14 Sept Tel: +49-211 473-4718 Berenberg and GS Conference Munich 19 – 20 Sept Email: franz-bernd.reich@rheinmetall.com Q3 Earnings c
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 August 2017
© Rheinmetall AG / Corporate Presentation August 2017 74