Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (December 2019)
69 slides from Rheinmetall's investor presentation, December 2019
Slide 1: Rheinmetall Group Corporate Presentation December 2019
Rheinmetall Group Corporate Presentation December 2019
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: 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%* (reported 5
Slide 4: 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% +1.6% 6.
Slide 5: 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 -25 -16
Slide 6: 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 % 2,172
Slide 7: Automotive
Automotive © Rheinmetall AG / Corporate Presentation Q3 2019 7
Slide 8: 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%, in li
Slide 9: 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 -7.5%
Slide 10: 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 M&A
Slide 11: 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: LV
Slide 12: Malware attack: 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 maintained, ex
Slide 13: IHS revised 2019 LV volumes 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 2019 9
Slide 14: 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 / Corpor
Slide 15: 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 16: Early installation of self help in 2018 successful
Rheinmetall Automotive Early installation of self help in 2018 successful Self help measures to protect the margin General cost reduction programs Efficiency Eliminate quality issues improvements Prioritization of R&D projects Selective R&D Reduction of external R&D But: Pedelec R&D affects P&L 2020
Slide 17: Defence
Automotive Defence © Rheinmetall AG / Corporate Presentation Q3 2019 17
Slide 18: Q3 2019 Highlights: Defence delivered as promised
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 14,
Slide 19: 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 5.1%
Slide 20: 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 Incl. A
Slide 21: 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 Prepare for so
Slide 22: Promising super cycle pipeline
Rheinmetall Defence 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 (wheeled) USA: Romania: IFV (wheeled)
Slide 23: Profitable growth lasts into the next decade
Rheinmetall Defence Profitable growth lasts into the next decade Operating margins in % 11.7% 6.7% -0.4% 5.0% 7.9% ~9.5% >9% 9-10% Avg. cycle margin ~5.4% Market 2021/22 2010 2020 Super cycle intact 2019 Favorable book to bill ratio 2012 2018 Increase of global Steady top line growth Annexation 2016
Slide 24: Group margin guidance held stable
Rheinmetall Group 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 above 9.5 Operati
Slide 25: Sales growth and earnings improvement targeted
Rheinmetall Group 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. Pedelec -€12-15m in 2020); mid-term recovery to around 8% DEFENCE 6-8% 9-10% Operational growth at constant FX © Rheinmeta
Slide 26: Automotive – Focus on innovation
Automotive – Focus on innovation 26
Slide 27: 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 28: Regional light vehicle production outlook
Rheinmetall Automotive Europe Asia ex. -1% China 0% USMCA 18,6 17,9 18,2 27,3 27,0 25,8 0% China 17,0 16,3 16,7 0% 26,6 27,0 World 2018 2019e 2022e 24,3 2018 2019e 2022e 0% 2018 2019e 2022e 94,2 94,2 88,8 2018 2019e 2022e OTHERS +3% 4,7 5,3 4,6 2018 2019e 2022e 2018 2019e 2022e Source: IHS November
Slide 29: The growth drivers of Mechatronics remain strong
Market trends The growth drivers of Mechatronics remain strong NT E 3+ Efficiency (CO2 Reduction) Emission (Reduction) Electrification Outside powertrain The innovation pipeline for all three trends is packed! © Rheinmetall AG / Corporate Presentation Q3 2019 29
Slide 30: Mechatronics and Hardparts product overview
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 31: 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 31
Slide 32: Favorable increase of book to bill ratio
Rheinmetall Automotive Favorable increase of book to bill ratio due to rising order intake 4.000 1.5x 1.5x 1.5x 1.7x 2.0x Book to bill ratio 3.000 Sales Order intake 2.000 1.000 >50% of order intake for new business 0 2015 2016 2017 2018 9m 2019 © Rheinmetall AG / Corporate Presentation Q3 2019 32
Slide 33: 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 >4m vehicles Market until 2026
Slide 34: 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 34
Slide 35: From internal innovations project to market entry
From internal innovations project to market entry One Rheinmetall Design make Production award for Pedelec over setup 2016 2017 2018 2019 2020 2021 2022 First market Presentation at Start of presentation at Eurobike production Eurobike Customer acquisition Total -€12-15m Development in 2020 cost ~€3
Slide 36: 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 mg/km -
Slide 37: CO2 reduction with Automotive products – gasoline engine vehicle
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 38: 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 39: 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 40: 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 40
Slide 41: 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 42: 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 43: 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 44: Defence – at the beginning of a super cycle
Defence – at the beginning of a “super cycle” 44
Slide 45: 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 46: 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 47: Joint venture – Strengthening the position in UK
Home Market UK Joint venture – Strengthening the position in UK EXPANSION OF PRODUCT PORTFOLIO Current BAE UK business Armoured engineering vehicles and bridge-laying tanks AS 90 self-propelled artillery system Force protection components + Future Boxer Mechanized Infantry Vehicle (MIV) 500 vehicles
Slide 48: Successful establishment of a new home market
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 Technology Ma
Slide 49: German defence budget investive expenses and Rheinmetall share
Rheinmetall Defence German defence budget investive expenses and Rheinmetall-share in €m 8.263 6.011 6.063 5.327 5.419 5.025 Rheinmetall avg. 20%-25% share Rheinmetall avg. 10%-15% share 2014 2015 2016 2017 2018 2019 2020* 2021* 2022* © Rheinmetall AG / Corporate Presentation Q3 2019 49
Slide 50: German Defence: NATO commitment key driver
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 51: 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 220,000 soldiers Material: 100% equipment level and additional division Finance: Increase of defence budget 54% from
Slide 52: Additional structural demand of German army under discussion
Rheinmetall Defence German Defence Additional structural demand of German army under discussion Vehicles – mid-to-long term potential Fox (400 vehicles) Boxer (300-400 vehicles) Trucks (> 10.000 vehicles) Puma (~250 vehicles) Equipment and ammunition – multi billion programs NNBS (Short range air de
Slide 53: European defence: current or expected tenders tactical vehicles
Rheinmetall Defence EUROPEAN DEFENCE. CURRENT OR EXPECTED TENDERS TACTICAL VEHICLES. Drivers for European vehicle programmes UK MIV & Challenger upgrade Lt − Return to territorial and alliance defence − Standardization of NATO equipment Pl − Modernization and upgrades Cz Sk H Estimate for European t
Slide 54: 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 companies
Slide 55: Defence International: creation of new hubs in 2018
Rheinmetall Defence Defence International Creation of new hubs in 2018 CANADA SKANDINAVIA EASTERN EUROPE New GREAT BRITAIN POLAND NETHERLANDS USA New MIDDLE EAST NORTH AFRICA ASIA SOUTH AFRICA AUSTRALIA © Rheinmetall AG / Corporate Presentation Q3 2019 55
Slide 56: Innovations: demand-driven product development
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 57: Group Appendix
GROUP APPENDIX © Rheinmetall AG / Corporate Presentation Q3 2019 57
Slide 58: Group 2014–2018: Key figures
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 59: 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 60: 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 60
Slide 61: Capital allocation policy geared towards further 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 61
Slide 62: 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 63: Typical seasonal increase of net debt amplified by M&A payout
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 Promi
Slide 64: 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 65: 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 AG
Slide 66: 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%) • KPI:
Slide 67: 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 stakeho
Slide 68: Next events and IR contacts
Next events and IR contacts Next Events IR Contacts Berenberg Conference, Pennyhill 3 December 2019 Dirk Winkels Goldman Sachs Conference, London 4 December 2019 Head of IR Tel: +49-211 473-4749 Oddo BHF Conference, Lyon 9 January 2020 Email: dirk.winkels@rheinmetall.com Commerzbank GIS, New York 13
Slide 69: 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