Traton Se · XETR:8TRA
Traton — Q1 2021 Earnings Presentation
51 slides from Traton's earnings presentation, May 10, 2021
Slide 1: 3M 2021 Interim Statement
Munich – May 10, 2021 3M 2021 INTERIM STATEMENT MATTHIAS GRÜNDLER, CEO CHRISTIAN SCHULZ, CFO ISIN: DE000TRAT0N7 WKN: TRAT0N Bloomberg Ticker: 8TRA GY/8TRA SS http://ir.traton.com
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared for information purposes only. It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP
Slide 3: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 3
Slide 4: First Quarter 2021: Summary & Highlights
01. Q1 2021 02. OUTLOOK 03. BACK UP FIRST QUARTER 2021: SUMMARY & HIGHLIGHTS • Business recovery continued, despite a still challenging environment • Incoming orders for trucks (> 6t) in all regions substantially up to 70,262 Q1 units; highest level ever in a quarter for TRATON GROUP 2021 • Unit sal
Slide 5: First Quarter 2021: Key Figures for TRATON Group
01. Q1 2021 02. OUTLOOK 03. BACK UP FIRST QUARTER 2021: KEY FIGURES FOR TRATON GROUP Incoming orders Unit sales Sales revenues Operating result Adj. operating result Net cash flow (units) (units) (€ mn) (€ mn) (€ mn) Industrial Business (€ mn) RoS Adj. RoS (%) (%) 51% 15% €+355 mn 81,742 6,544 5,679
Slide 6: Business Recovery Continued
01. Q1 2021 02. OUTLOOK 03. BACK UP BUSINESS RECOVERY CONTINUED INCOMING ORDERS & UNIT SALES (k units) INCOMING ORDERS & UNIT SALES (YoY change, %) 90 60 80 40 70 60 20 50 0 40 30 -20 20 -40 10 0 -60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 18 18 18 18 19 19 19 1
Slide 7: Sales Revenue and Adjusted Operating Result Above Pre-COVID-19 Level
01. Q1 2021 02. OUTLOOK 03. BACK UP SALES REVENUE AND ADJUSTED OPERATING RESULT ABOVE PRE-COVID-19 LEVEL SALES REVENUE (€ bn) ADJUSTED OPERATING RESULT (€ mn) Adjusted return on sales (%) 6.5 490 516 6.4 5.7 7.6 7.9 161 2.8 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 19 Q2 19 Q3 19 Q4 1
Slide 8: Operating Result More Than Tripled
01. Q1 2021 02. OUTLOOK 03. BACK UP OPERATING RESULT MORE THAN TRIPLED SALES REVENUE (€ mn) ADJUSTED OPERATING RESULT (€ mn) Growth rate (%) Growth rate (€ mn) Adjusted return on sales (%) 12.0% 2.7% 7.0% 24.6% 7.9% 466 (92) 205 (99) 6,544 2,645 (5)% +22% 33 (48) 51 0 516 +17% 71 409 3,420 +21 +25 +
Slide 9: All Brands Contributed in First Quarter 2021
01. Q1 2021 02. OUTLOOK 03. BACK UP ALL BRANDS CONTRIBUTED IN FIRST QUARTER 2021 SALES REVENUE IB (€ mn) ADJUSTED OPERATING RESULT IB (€ mn) Growth rate (%) Growth rate (€ mn) Adjusted return on sales (%) 12.0% 2.7% 7.0% 7.2% 466 6,438 2,645 (92) +22% 33 71 465 +17% (48) 409 +21 3,420 +16% +149 +330
Slide 10: Broad Based Recovery in Truck Demand
01. Q1 2021 02. OUTLOOK 03. BACK UP BROAD BASED RECOVERY IN TRUCK DEMAND Q1 2021 Q1 2020 +/- Q1 2021 Q1 2020 +/- Q1 2021 Q1 2020 +/- Trucks and buses (units) Incoming orders 36,944 20,671 79% 32,070 24,098 33% 12,750 9,517 34% of which trucks11 35,937 18,058 99% 31,402 22,436 40% 11,432 8,206 39% of
Slide 11: Net Cash Flow with Strong Start to the Year
01. Q1 2021 02. OUTLOOK 03. BACK UP NET CASH FLOW WITH STRONG START TO THE YEAR ADJUSTED NET CASH FLOW INDUSTRIAL BUSINESS (€ mn) 824 389 397 324 182 199 (167) (179) (376) Q1 19 1 Q2 19 Q3 19 1 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 1 Reported net cash flow in Q1 2019: €1,602 mn / in Q3 2019: €539 mn.
Slide 12: Financial Services Business Recovered Strongly
01. Q1 2021 02. OUTLOOK 03. BACK UP FINANCIAL SERVICES BUSINESS RECOVERED STRONGLY NET PORTFOLIO1 (€ bn) PENETRATION RATE2 (%) OPERATING RESULT (€ mn) Growth YoY (%) Growth YoY (pp) Return on sales (%) +3% -2% -5% -4% +4% -0.9 -0.1 -0.2 -1.5 +1.3 12.0% 9.5% 18.7% 12.2% 24.6% pp pp pp pp pp +4% +1.3
Slide 13: TRATON Secured Financing at Attractive Rates
01. Q1 2021 02. OUTLOOK 03. BACK UP TRATON SECURED FINANCING AT ATTRACTIVE RATES Instrument Signing/Settlement date Volume Inter- Volkswagen loan1 November 07, 2020 €3,300 mn company Total €3,300 mn Schuldschein (SSD)2 March 03, 2021 €700 mn External Inaugural Bond March 24, 2021 €3,000 mn funding T
Slide 14: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 14
Slide 15: Unchanged Positive Truck Market Outlook, but Risks Remain
01. Q1 2021 02. OUTLOOK 03. BACK UP UNCHANGED POSITIVE TRUCK MARKET OUTLOOK, BUT RISKS REMAIN TRUCK MARKET EXPECTATIONS (˃ 6t, k units) 376 Market 400 341 expectations2 EU27+31 300 300 2021e 200 273 +10% – 100 +25% 0 2009 2011 2013 2015 2017 2019 2021e Market 300 expectations2 AMERICA 2021e SOUTH 20
Slide 16: TRATON Outlook 2021 Raised – Recovery After Strong Decline
01. Q1 2021 02. OUTLOOK 03. BACK UP TRATON OUTLOOK 2021 RAISED – RECOVERY AFTER STRONG DECLINE FY 2021 Outlook FY 2021 Outlook FY 2019 FY 2020 March 101 April 191 242.2 k 190.2 k Sharp Sharp Unit sales +4% -21% increase increase €26.9 bn €22.6 bn Substantial Substantial Group sales revenue +4% -16%
Slide 17: TRATON with a Robust Start in 2021
01. Q1 2021 02. OUTLOOK 03. BACK UP TRATON WITH A ROBUST START IN 2021 GLOBAL ECONOMY clearly recovering, but still challenging year due to BUSINESS CLIMATE uncertainties and severe impacts from COVID-19 pandemic truck markets in core regions recovering, but not yet reaching pre-pandemic level PLANN
Slide 18: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 18
Slide 19: Group – Segment Highlights Q1 2021
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – SEGMENT HIGHLIGHTS Q1 2021 Industrial Business (IB) Financial Services (FS) Q1 2021 YoY Q1 2021 YoY 1 Incoming orders (units) 81,742 +51% Net portfolio (€ bn) 9.7 +4% Unit sales (units) 60,315 +31% Penetration rate (%) 41 +1.3 pp Book-to-bill (units) 1.36
Slide 20: Group – Sales Revenue
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – SALES REVENUE SALES REVENUE (€ mn) Growth YoY (%) +15% 15% 6,839 6,544 5,679 5,667 4,394 6,544 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 21 H1 21 9M 21 FY 21 May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 20
Slide 21: Group – Adjusted Operating Result and Adjusted Return on Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – ADJUSTED OPERATING RESULT AND ADJUSTED RETURN ON SALES ADJUSTED OPERATING RESULT (€ mn) Adjusted return on sales (%) Growth YoY (€ mn) €+355 mn €+355 mn 516 211 7.91 161 144 2.8 3.7 2.1 -8.7 516 7.91 -382 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1
Slide 22: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 22
Slide 23: Industrial Business – Incoming Orders
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – INCOMING ORDERS INCOMING ORDERS (units) Book-to-bill1 (ratio in units) Growth YoY (%) 1.18 1.05 1.17 1.12 1.36 +51% +51% 81,742 70,318 2,993 58,502 3,311 54,161 3,198 Buses 5,558 33,270 78,749 81,742 1 2,544 55,304 67,007 Buses 2,993 Trucks 4
Slide 24: Industrial Business – Unit Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – UNIT SALES UNIT SALES (units) Growth YoY (%) +31% +31% 62,520 60,315 4,334 3,093 49,922 45,990 4,591 Buses 4,030 31,748 3,219 58,186 57,222 1 Trucks 41,960 45,331 60,315 28,529 Buses 3,093 1 Trucks 57,222 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q
Slide 25: Industrial Business – Unit Sales Growth in Core Markets
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – UNIT SALES GROWTH IN CORE MARKETS Truck unit sales in core markets1; 2021 (units) Growth Q1 2021 (YoY) Market growth (YoY)3 Q1 24,169 2 H1 +16% +15% 9M FY Q1 6,587 H1 +8% +10% 9M FY Q1 16,956 H1 +56% ~+25% 9M FY Q1 14,489 H1 +50% +28% 9M FY 1
Slide 26: Industrial Business – Sales Revenue and Adjusted Return on Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – SALES REVENUE AND ADJUSTED RETURN ON SALES SALES REVENUE (€ mn) Adjusted return on sales (%) Growth YoY (%) +16% +16% 6,736 6,438 5,564 5,565 4,290 7.21 2.4 3.1 1.8 6,438 -9.3 7.21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 21 H1 21 9
Slide 27: Industrial Business – Leverage Ratios
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – LEVERAGE RATIOS GEARING RATIO1 (in %) NET DEBT/ADJUSTED EBITDA2 (x) Equity ratio: solidly at 34% Net Liquidity Net Liquidity 11% 0.5 0.2 3% 0% 0.0 -1% -0.1 -3% -0.2 (Net Debt) (Net Debt) -6% -0.5 FY Q1 H1 9M FY Q1 FY Q1 H1 9M FY Q1 19 20 20 2
Slide 28: Industrial Business – Net Liquidity
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – NET LIQUIDITY NET LIQUIDITY/NET FINANCIAL DEBT BRIDGE (€ mn) 171 (312) 397 (3) Net Liquidity (117) 93 538 27 Net liquidity Gross Change in Investing Additions Change of the Other Net liquidity (Net Debt) FY 20 cash flow working capital activi
Slide 29: Scania Vehicles & Services – Key Figures per Quarter
01. Q1 2021 02. OUTLOOK 03. BACK UP SCANIA VEHICLES & SERVICES – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) +79% +47 bp +27% 36.9 1.50 1.60 32.7 1.34 24.4 23.0 25.9 1.14 1.11 20.7 18.2 17.3 13.6 12.3 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21
Slide 30: MAN Truck & Bus – Key Figures per Quarter
01. Q1 2021 02. OUTLOOK 03. BACK UP MAN TRUCK & BUS – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) +33% +5 bp +29% 32.1 28.1 1.33 1.37 24.1 25.2 21.9 23.4 1.04 0.99 21.6 18.2 0.89 14.1 13.5 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q 21 Q1 20
Slide 31: Volkswagen Caminhões e Ônibus – Key Figures per Quarter
01. Q1 2021 02. OUTLOOK 03. BACK UP VOLKSWAGEN CAMINHÕES E ÔNIBUS – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) -5 bp 1.23 +34% +42% 0.97 0.94 1.02 0.91 12.5 12.8 14.0 9.5 11.1 9.9 10.9 10.2 5.7 6.0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q
Slide 32: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 32
Slide 33: Financial Services – Sales Revenue and Return on Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP FINANCIAL SERVICES – SALES REVENUE AND RETURN ON SALES SALES REVENUE (€ mn) Return on sales (%) Growth YoY (%) -5% -5% 216 208 197 200 205 24.6 18.7 12.2 205 12.0 9.5 24.6 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 21 H1 21 9M 21 FY 21 • Operating result i
Slide 34: Agenda
AGENDA 01. Q1 2021 02. Outlook 03. Back up a. TRATON GROUP Highlights b. Segment Industrial Business c. Segment Financial Services d. Appendix May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 34
Slide 35: Group – Incoming Orders and Unit Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – INCOMING ORDERS AND UNIT SALES INCOMING ORDERS (units) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Industrial Business 67,359 60,184 52,925 63,246 243,714 64,357 56,134 49,
Slide 36: Group – Sales Revenue
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – SALES REVENUE SALES REVENUES (€ mn) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Group 6,051 6,558 6,014 7,303 25,927 6,413 7,128 6,286 7,075 26,901 5,679 4,394 5,667 6,839
Slide 37: Group – Operating Result and Return on Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – OPERATING RESULT AND RETURN ON SALES OPERATING RESULT (€ mn) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Group 386 477 245 405 1,513 490 585 407 401 1,884 161 (382) 162 139
Slide 38: Group – Adjusted Operating Result and Adjusted Return on Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – ADJUSTED OPERATING RESULT AND ADJUSTED RETURN ON SALES ADJUSTED OPERATING RESULT (€ mn) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Group 386 477 360 427 1,650 490 573 407
Slide 39: Group – Adjustments
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – ADJUSTMENTS ADJUSTMENTS (€ mn) FY 2016 FY 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 OPERATING RESULT 727 1,512 386 477 245 405 1,513 490 585 407 401 1,884 161 (382)
Slide 40: Group – Balance Sheet Assets
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – BALANCE SHEET ASSETS BALANCE SHEET - ASSETS (€ mn) 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Total assets 46,384 43,283 44,026 44,799 45,183 42,148 42,798 41,211 42,767 45,379 Noncurrent assets 2
Slide 41: Group – Balance Sheet Equity & Liabilities
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – BALANCE SHEET EQUITY & LIABILITIES BALANCE SHEET - EQUITY & LIABILITIES (€ mn) 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Total equity and liabilities 46,384 43,279 44,026 44,799 45,183 42,148 42,
Slide 42: Group – Condensed Income Statement
01. Q1 2021 02. OUTLOOK 03. BACK UP GROUP – CONDENSED INCOME STATEMENT INCOME STATEMENT (€ mn) FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Sales revenue 25,927 6,413 7,128 6,286 7,075 26,901 5,679 4,394 5,667 6,839 22,580 6,544 Cost of sales (20,94
Slide 43: Industrial Business – Regional Truck Unit Sales
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – REGIONAL TRUCK UNIT SALES1 EU27+32 (units) Germany (units) South America (units) Brazil (units) +16% 28,380 24,169 +56% 20,783 +50% 19,722 16,956 +8% 12,859 14,489 12,834 11,345 8,818 10,865 9,649 9,337 10,481 6,117 6,390 6,587 7,214 6,271 3,
Slide 44: Industrial Business – Net Cash Flow
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – NET CASH FLOW NET CASH FLOW (€ mn), INDUSTRIAL BUSINESS Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Reported 44 (294) (148) 620 221 1,602 182 539 389 2,711 (1
Slide 45: Industrial Business – Net Liquidity
01. Q1 2021 02. OUTLOOK 03. BACK UP INDUSTRIAL BUSINESS – NET LIQUIDITY NET LIQUIDITY (€ mn), INDUSTRIAL BUSINESS 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Cash and cash equivalents 1,853 1,551 2,488 2,124 1,641 1,638 Marketable securities, investment deposits, and loans to affil
Slide 46: TRATON Share
01. Q1 2021 02. OUTLOOK 03. BACK UP TRATON SHARE SHARE DATA ISIN (International Securities Identification Number) DE000TRAT0N7 WKN (German Security Identification number) TRAT0N Common code 196390065 Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) Stock exchange & Nasdaq Stockholm (börsen) Re
Slide 47: Bonds Outstanding
01. Q1 2021 02. OUTLOOK 03. BACK UP BONDS OUTSTANDING MATURITIES OF 4, 8 AND 12 YEARS Issuer TRATON Finance Luxembourg S.A. Guarantor TRATON SE (Ticker: 8TRA, Country: DE) Guarantor Ratings Baa1 negative outlook (Moody’s) / BBB stable outlook (S&P) Issue Ratings Baa1 (Moody’s) / BBB (S&P) Sustainabi
Slide 48: TRATON Group Debt Maturity Profile
01. Q1 2021 02. OUTLOOK 03. BACK UP TRATON GROUP DEBT MATURITY PROFILE AS OF MARCH 31, 2021 Maturity profile (€ bn)1 Q1 2021 developments Debt overview (€ bn) • €1 bn Volkswagen intercompany loan repaid per TRATON financial debt 12.6 March 11, 2021 2 4.0 thereof IB 4.1 3.5 • €700 mn Schuldschein iss
Slide 49: Contacts Investor Relations
01. Q1 2021 02. OUTLOOK 03. BACK UP CONTACTS INVESTOR RELATIONS Rolf Woller Michael Lankes Head of Treasury & Investor Relations Annual General Meeting, Events +49 89 360 98 335 +49 89 360 98 328 rolf.woller@traton.com michael.lankes@traton.com Margit Hartmann Philipp Lotz Annual General Meeting, Ev
Slide 50: Financial Calendar (Expected Dates)
01. Q1 2021 02. OUTLOOK 03. BACK UP FINANCIAL CALENDAR (EXPECTED DATES1) Event/Publication of March 22, 2021 Annual Media Conference for fiscal year 2020 May 10, 2021 3M 2021 Interim Statement June 30, 2021 Annual General Meeting July 30, 2021 2021 Half-Year Financial Report October 29, 2021 9M 2021
Slide 51: www.traton.com
WWW.TRATON.COM May 10, 2021 / Investor Relations / 3M 2021 Interim Statement 51