Rheinmetall Ag · XETR:RHM
Rheinmetall — Investor Presentation (January 2019)
81 slides from Rheinmetall's investor presentation, January 2019
Slide 1: Rheinmetall Group Corporate Presentation January 2019
Rheinmetall Group Corporate Presentation January 2019
Slide 2: 2018: best year in the company's history expected
Rheinmetall Group Rheinmetall Group 2018: best year in the company’s history expected Order entry Sales Operating result in €bn ~8 in €bn in €m ~ +36 % 5.9 ~ +5 % 5.9 ~ 6.2 400 > 7% 6.8% 2017 2018e 2017 2018e 2017 2018e Strong vehicle orders Growth around 5% Group margin clearly above 7% Germany wit
Slide 3: Leading and shaping change – Focus on technology
Leading and shaping change – Focus on technology 3
Slide 4: Markets have acknowledged operational development
Rheinmetall Group Rheinmetall Group Markets have acknowledged operational development ∆ 2013- Op. margin: Sales: Share price: to date > 9pp +40% >100% 6.3 5.5 6.8 >7 3.4 5,602 5,896 4,688 5,183 4,500 Share price RHM Op. margin -2.6 Sales 2013 2014 2015 2016 2017 2018c 2019c 2020c 2021p Restructuring
Slide 5: Rheinmetall Technology Cluster
Rheinmetall Group Rheinmetall Technology Cluster Top five technology cluster identified Automation Digitalization Next Sensors E-Mobility Artificial Intelligence Advanced assistant New, digitalized vehicle New LIDAR* / Hybrid drive AI supported technologies systems for driving, architectures Radar s
Slide 6: Automotive – Focus on innovation
Automotive – Focus on innovation 6
Slide 7: Meet the current challenges of the business
Rheinmetall Automotive Automotive Meet the current challenges of the business 1 China 3 Legislation 2 Diesel 4 E-Mobility © Rheinmetall AG / Corporate Presentation January 2019 7
Slide 8: Market trends
Rheinmetall Automotive Market trends The growth drivers of Rheinmetall Automotive Efficiency Emission Electrification (CO2 Reduction) (Reduction) © Rheinmetall AG / Corporate Presentation January 2019 8
Slide 9: Innovations
Rheinmetall Automotive Innovations The innovation pipeline for all three trends is packed Efficiency Emission Electrification (CO2 Reduction) (Reduction) 2021 2018 © Rheinmetall AG / Corporate Presentation January 2019 9
Slide 10: Robust and flexible business model of Automotive
Rheinmetall Automotive Robust and flexible business model of Automotive Resilient growth in a changing environment Q1 14 out of the last 19 quarters exceeded the guidance floor of 8% operating margin Q3 2014 2018 8% guidance floor Market outperformance Resilient profitability Targeting the right mar
Slide 11: Various instruments available to limit impact of negative markets
Rheinmetall Automotive Robust and flexible business model of Automotive Various instruments available to limit impact of negative markets Sales scenarios Impact on operating earnings Possible measures Short-term Reduction of leased work force Flexibility of working hours Prioritization of projects (
Slide 12: Diversification
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 13: Summary Automotive
Rheinmetall Automotive Summary Automotive 1 On track to close 2018 on record levels 2 Markets are challenging, but outperformance realistic 3 Innovative portfolio accommodates growth trends 4 Margin resilience confirmed © Rheinmetall AG / Corporate Presentation January 2019 13
Slide 14: Defence – at the beginning of a super cycle
Defence – at the beginning of a “super cycle” 14
Slide 15: Defence market
Rheinmetall Defence Defence market International defence markets at the beginning of a “super cycle” 1990 2035 “Peace dividend” Upscaling of forces and modernization Downscaling of forces and Inflection Return to treaty and armament point territorial defence Out of 2014 area NATO 2% target missions
Slide 16: Drivers Defence
Rheinmetall Defence Drivers Defence Well positioned to participate in “home markets” growth German German Budget increase NATO commitment European Australian Vehicle Land Programs Programs © Rheinmetall AG / Corporate Presentation January 2019 16
Slide 17: Strategic German mid-term projects
Rheinmetall Defence Strategic German mid-term projects Timeline for German 100% equipment level ‘23 2023 ‘27 2027 ‘31 2031+ (1 brigade) (3 brigades) (8 brigades) WLS / UTF UTF SaZgMa 70 t UTF / GTF WLS Puma-VJTF Fuchs LLP PiMachine Puma S1 Puma 2. batch Boxer 3.batch WLS / UTF Weapon station MGCS st
Slide 18: Defence International
Rheinmetall Defence Defence International Foundation of two new hubs in 2018 Existing hubs Scandinavia Eastern Europe Canada Great Britain Poland Netherlands New New Turkey Participating Acquiring a share in the UAE in growth largest defence market ASIA USA NORTH AFRICA MIDDLE EAST Rheinmetall Inter
Slide 19: Sales development
Rheinmetall Defence Sales development Strong sales growth supported by existing backlog Defence sales plan 2018-2021 *Cagr: ~10% Top 10 booked projects Land 400 Boxer Land 121 5b Puma VJTF Trucks Bundeswehr Gladius Fox Kits Air Defence Systems 3x Ammunition 2017 2018e 2019p 2020p 2021p contracts © R
Slide 20: 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 21: Transaction focus
Rheinmetall Defence M&A Future Main Battle Tank system MGCS will be a milestone for the industry Germany with industrial and military lead for Main Ground Combat System (MGCS) Technical focus illustrative Development Prototyping Start of production Project kick-of as working group 2018 2019 2020 202
Slide 22: Strengthening the position in the United Kingdom
Rheinmetall Defence Strengthening the position in the United Kingdom Formation of JV Rheinmetall BAE Systems Land Systems (RBS-L) JV with BAE Systems… …creates opportunities Rheinmetall acquires 55%-stake Shaping Rheinmetall´s profile as global in UK based combat vehicle supplier of military vehicle
Slide 23: Defence: Innovative products unfold their business potential
Rheinmetall Defence Defence: Innovative products unfold their business potential On track for profitable growth > 7.0% 6-7% guidance corridor 5.7% 5.0% 3.5% -0.4% 2014 2015 2016 2017 2018e Guidance Strong sales growth Substantial margin increase Beginning of a super cycle: visible in order pattern P
Slide 24: Summary Defence
Rheinmetall Defence Summary Defence 1 On track to close 2018 on record levels 2 Start of “super cycle” provides for long-lasting profitable growth 3 Continued internationalization taps into additional regional potentials 4 Sharpening profile of ES division as a system provider creates opportunities
Slide 25: Key take aways Rheinmetall Group
Rheinmetall Group Key take aways Rheinmetall Group FY 2018 Both segments will end the year on new record levels Future sales growth largely driven by Defence “super cycle” Group margin will further improve Focus on technology €€ €€ Dividend in the range of 30-35% of net income © Rheinmetall AG / Cor
Slide 26: Group
GROUP © Rheinmetall AG / Corporate Presentation January 2019 26
Slide 27: Rheinmetall: Meeting demand for mobility and security
Rheinmetall Group Rheinmetall Meeting demand for mobility and security Sales €5,896m Key Op. result €400m Strategy Organic growth Performance Order backlog €6,936m roadmap International expansion Indicators Operating FCF EPS €276m €5.24 2017 Leading by innovations Targeted acquisitions DPS €1.70 AUT
Slide 28: More than 100 production sites and offices on all continents
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 Spain Aut
Slide 29: Changing into an integrated technology group
Rheinmetall Group Changing into an integrated technology group Technology borders between Automotive and Defence will begin to fade Sales in % of total sales Automotive: 53% Automotive: ~47% Automotive Combustion engines Combustion engines Combustion engines Pumps Pumps Hybrid engines EGR EGR E-engi
Slide 30: ESG with high importance for Rheinmetall
Rheinmetall Group ESG with 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 stakeholder
Slide 31: Board remuneration based on three building blocks
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: Average a
Slide 32: Automotive
Rheinmetall Automotive AUTOMOTIVE © Rheinmetall AG / Corporate Presentation January 2019 32
Slide 33: 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 Sales: €2.9bn RoW Hardparts Asia 4% Aftermarket Op. result: €247m 15% 12%-3% Pistons Large-bore Pistons 32% Hardparts 45% Europe Op. margin: 8.7% NAFTA 16% w/o Beari
Slide 34: 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 WLTP CO2 NOx Mainly EU! 151 in g/km in mg/km +2% 124 -24% -56% 112 102 7
Slide 35: Overview Rheinmetall Automotive
Rheinmetall Automotive Overview Rheinmetall Automotive Legislation is driving the business Gain bigger share in NEV market 1 International market offer great Growth strategy outperforming 2 growth potentials Chinese market development E-Mob and Diesel impacts Build up strong local engineering / Pres
Slide 36: 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 37: E-mobility competence underlined by contracts and initiatives
Rheinmetall Automotive E-mobility competence underlined by contracts and by initiatives for new solutions Contract volume for electric vehicles (EV)* E-Taxi London Pump technology for pure electric taxis € ~800 m Battery cell boxes Lifetime order value Aluminum battery boxes for German € ~250m BEV,
Slide 38: LV Diesel exposure limited; powertrain neutrality is the strategic target
Rheinmetall Automotive LV Diesel exposure limited; powertrain neutrality is the strategic target Combined global engine production forecast* Automotive sales distribution by engine type** 100 30 LV Non Diesel units 80 25 Core Diesel 20 60 LV Diesel share in % Others 15 7% 40 18% 10 Fuel 20 LV Diesel
Slide 39: 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 40: 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 41: Truck: Our current product portfolio
Rheinmetall Automotive Truck Our current product portfolio Coolant Variable valve Main coolant valves control pumps Aluminum pistons Auxiliary coolant pumps Steel pistons Electrical oil pumps Piston rings Cooperation with Cylinder Riken bore coating Bearings for seat Main-bearings adjustments and do
Slide 42: Innovation Roadmap Truck & Offroad
Rheinmetall Automotive Innovation Roadmap Truck & Offroad Products stable in Products for Products for production (EU-VI) MY 2021 updates EU-VII regulation 2018 2019 2020 2021 2022 2023 Lead-free Bearings for Truck Brakes HD BPV Hot BPV HP-P-EGR TM HD BPV Steel TM HD BPV BPV SS body Gen I tbd. Gen-I
Slide 43: Well prepared to maintain profitability in a changing environment
Rheinmetall Automotive Robust and flexible business model of Automotive Well prepared to maintain profitability in a changing environment Markets Challenges Strengths Light vehicles Macro picture/Business cycles Balanced product portfolio Private customers, global light Global LV production Broad sp
Slide 44: Defence
DEFENCE © Rheinmetall AG / Corporate Presentation January 2019 44
Slide 45: Defence is a leading supplier with an 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: €3.0bn Weapon and Ammunition Vehicle Systems RoW Weapon and Protection Germany Op. result: €174m 26% -8% Weapon and Ammunition Systems 29% 32% Am
Slide 46: Defence at the beginning of long-lasting market growth
Rheinmetall Defence Defence at the beginning of long-lasting market growth Rising awareness of military threats Changes in macro Investment Islamist Crimea Geopolitical environment… backlog Terror Annexation tensions Growing project portfolios and rising budgets Germany announced Franco-German NATO
Slide 47: Germany: Drivers behind budget increase
Rheinmetall Defence Germany 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 24% from 2016 t
Slide 48: German defence policy
Rheinmetall Defence German defence policy 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
Slide 49: Strong German project pipeline lining up
Rheinmetall Defence German Defence Strong German project pipeline lining up – upcoming tenders until 2021 Major mid-term potentials NNBS ~€4bn TLVS <€1bn STH ~€1bn D-LBO ~€2bn INCLUDED IN RHM PLAN MaKaBo PiPz3 Logistic vehicle div. Puma upgrades 2018 2019 2020 2021 © Rheinmetall AG / Corporate Prese
Slide 50: Defence industry in Europe
Rheinmetall Defence Defence industry in Europe Governmental shareholding restricts room for cross-border consolidation 49.9% Kongsberg Big common armament programs could be 50% Nammo Patria catalysts for further consolidation Saab Cobham BAE Systems Chemring Rheinmetall PL RO HUN CZ Rheinmetall’s ap
Slide 51: European Defence
Rheinmetall Defence European Defence Rheinmetall is a key beneficiary of large European vehicle programmes Current or expected tenders tactical vehicles Drivers for European vehicle programs − Return to territorial and treaty defence UK MIV Challenger upgrade Lt − Standardization of NATO equipment −
Slide 52: Mission Australia
Rheinmetall Defence Mission Australia Establishing a new “home market” down under Australia timing and order size of Land programs Trucks 1st & 2nd order 2016-2024 €2.0bn & €0.4bn Boxer CRV 2019-2026 €2.1bn Ammunition 2018/19 €65m* Lynx tender 2024-2031 €4-5bn Integrated tbd Training System Technica
Slide 53: Important strategic partnerships
Rheinmetall Defence Important strategic partnerships Joint bid for MoTaKo /MoTIV Focus on cooperation regarding Complete solution consisting of the CH-53K project the successor system for the helicopters as well as further services in Scope German tactical air defence maintenance, repair, training a
Slide 54: Defence: Innovative products unfold their business potential
Rheinmetall Defence Defence: Innovative products unfold their business potential Staying on the path of growth and rising profitability Markets Challenges Strengths Germany Managing “super cycle” Product management Expanding size of German army Turning high order intake into Roll-out phases of large
Slide 55: Group Q3 2018
GROUP Q3 2018 © Rheinmetall AG / Corporate Presentation January 2019 55
Slide 56: Q3 2018 Group Commercial Highlights
Rheinmetall Group Q3 2018 Q3 2018 Group Commercial Highlights Stable performance in a challenging quarter Order backlog Sales Operating result EPS €9.3bn +29% €1.4bn +5% CER* €98m +1% €1.80 +117% Order backlog on new record level boosted by Australian contracts Sales climbed 5.0% at constant exchang
Slide 57: Top line growth and accelerated EPS development
Rheinmetall Group Q3 2018 Top line growth and accelerated EPS development Sales Operating result in €m Earnings per share in €m Operating margin in % in € adjusted EPS 1.80 +5.0% +2.0% 97 98 reported EPS 117% 2 -24 -1 1,411 1.33 69 -1.0% 1.18 -1.7% 1,366 0.83 7.1% 6.9% +3.3% +1.0% Q3 Operational FX
Slide 58: Cash flow still negative but improving quarter by quarter
Rheinmetall Group Q3 2018 Cash flow still negative but improving quarter by quarter Cash flow development 2018 Operating free cash flow bridge in €m in €m 9 0 42 5 167 -116 -140 5 -287 -116 Q1 Q2 Q3 Q3 2017 EAT D/A Delta Delta WC Invest Q3 2018 Pensions and others © Rheinmetall AG / Corporate Presen
Slide 59: Further improvement of equity ratio despite net debt increase
Rheinmetall Group Q3 2018 Further improvement of equity ratio despite net debt increase Net debt Equity ratio in €m in % of total assets IFRS 16 effect Restated for Restated for leasing IFRS 15/16 leasing liabilities liabilities and 32.6% 230 effect €158 m cost to obtain contract 72 31.6% unadjusted
Slide 60: FY Guidance
Rheinmetall Group Q3 2018 FY Guidance Higher profitability in light of more realistic sales expectations Sales Operating margin 2017 2018e 2017 2018e Growth y/y in % Reported growth y/y in % in % in % 5.2 ~5 6.8 clearly above 7.0 Group (previously: ~8) (previously: ~7.0) 7.7 2-3 8.7 slightly above 8
Slide 61: Estimates: Selected key data
Rheinmetall Group Q3 2018 Estimates Selected key data Rheinmetall Group In % of Automotive Defence sales 2017 2018 2017 2017 Holding cost €23m ~€30m Capex €154m ~5.5 - 6.0% €89m ~3.5 - 4.5% Tax rate 27% <30% D&A €140m ~5.5% €96m ~3 - 3.5% Interest result €39m Previous year´s level R&D €151m ~5 - 5.5
Slide 62: Automotive Q3 2018
Rheinmetall Automotive AUTOMOTIVE Q3 2018 © Rheinmetall AG / Corporate Presentation January 2019 62
Slide 63: Q3 2018 Summary: Automotive
Rheinmetall Automotive Q3 2018 Q3 2018 Summary: Automotive Automotive resilient in a contracting market Quarterly sales and margin development Comments on quarterly performance Sales climbed to €708 million with a strong FX-adjusted growth 684 712 751 740 708 of 5.2% (rep 3.5%), largely driven by no
Slide 64: Robust sales and margin improvement
Rheinmetall Automotive Q3 2018 Robust sales and margin improvement Sales Automotive Operating result Automotive in €m in €m growth in % / (FX adjusted) Margin Mechatronics Diesel business decline +3.5% +5.3% compensated, especially in (+5.2%) Commercial Diesel Systems and 684 708 57 60 8.5% some SOP
Slide 65: Europe affected by Diesel and WLTP uncertainties
Rheinmetall Automotive Q3 2018 Europe affected by Diesel and WLTP uncertainties Regional sales development Automotive in €m 3.5% 708 684 0.9% 5.5% 0.9% 10.1% Effect 9.7% 9.8% 3.9% Diesel sales declined, 3.4% 16.5% especially in Germany and Europe RoW 16.7% China WLTP induced production cuts in Europ
Slide 66: China: Strong sales performance helped by product starts
Rheinmetall Automotive Q3 2018 China Strong sales performance helped by product starts in a negative market Sales in €m +6.4% -1.7% 236 15 247 4 Sales increased by 6.4% to €247m (4.7% reported) 206 214 +4.7% vs. a negative LV-market growth of -4.2% 30 33 Result development held back by ramp-ups Q3 2
Slide 67: Q4 2018 outlook: Automotive
Rheinmetall Automotive Q3 2018 Q4 2018 outlook: Automotive Market uncertainties responsible for growth adjustment Sales cumulated in €m New H2 supported by product starts 2,861 guidance Ramp-ups in Germany and China 2.3% (e.g. electrical pumps) 2017 2018 but: 2,149 2,199 multiple issues unsettle the
Slide 68: Defence Q3 2018
DEFENCE Q3 2018 © Rheinmetall AG / Corporate Presentation January 2019 68
Slide 69: Q3 2018 Summary: Defence
Rheinmetall Defence Q3 2018 Q3 2018 Summary: Defence Slower start to H2 because of additional burdens Quarterly sales and margin development Comments on quarterly performance Record order intake of €3bn, driven by AUS vehicle orders 1,011 682 754 703 Sales grew to €703m with an operational improveme
Slide 70: Strong performance of Vehicle Systems and Electronic Solutions
Rheinmetall Defence Q3 2018 Strong performance of Vehicle Systems and Electronic Solutions Sales Defence Operating result Defence Weapon and Ammunition in €m in €m Negative operational leverage growth in % / (operational) Margin Explosion in South Africa +3.1% Missing export permits (+4.8%) 46 -4.3%
Slide 71: Record order intake in Vehicle Systems driven by Australian orders
Rheinmetall Defence Q3 2018 Record order intake in Vehicle Systems driven by Australian orders Order intake by division Order backlog profile in €m in €bn change in % Weapon and Ammunition +30.5% Electronic Solutions 3,044 Vehicle Systems 185 8.8 241 ~1.1 ~2.5 ~5.2 +250% Consolidation 6.7 2,808 870
Slide 72: Vehicle Systems propelled backlog to €8.8bn
Rheinmetall Defence Q3 2018 Vehicle Systems propelled backlog to €8.8bn Order backlog by Division Order backlog by Region in % in % RoW Weapon & Germany Ammunition 11% Vehicle 22% Systems 22% MENA 22% €8.8bn €8.8bn 13% Europe 58% (excl. GER) 20% 32% Electronic Solutions Australia All 9/2018 excl. co
Slide 73: Q4 2018 outlook: Defence
Rheinmetall Defence Q3 2018 Q4 2018 outlook: Defence FY guidance too ambitious on the back of recent risk development Sales cumulated in €m New guidance Progressive closure of sales gap in the course of the year 3,036 2017 but: 2018 -3% pending export approvals 2,025 1,966 FY sales impact of South A
Slide 74: Q4 2018 outlook: Defence – high confidence for catch-up in Q4
Rheinmetall Defence Q3 2018 Q4 2018 outlook: Defence …but high confidence for catch-up in Q4 Sales Defence Operating margin Defence Weapon and Ammunition in €m in % on sales ~€70-80m higher sales level than PY Q4 2017 Q4 2018 Better operating leverage due to a higher share of pure ammunition busines
Slide 75: Group Appendix
GROUP APPENDIX © Rheinmetall AG / Corporate Presentation January 2019 75
Slide 76: Segments 2012 – 2017: Key figures
Appendix: Rheinmetall Group Segments 2012 – 2017: Key figures AUTOMOTIVE DEFENCE 2013 2014 2015 2016 2017 in EUR million 2013 2014 2015 2016 2017 2,270 2,466 2,621 2,670 2,922 Order intake 3,339 2,812 2,693 3,050 2,963 392 416 445 459 520 Order backlog (Dec. 31) 6,050 6,516 6,422 6,656 6,416 2,262 2
Slide 77: Continuing ROCE improvement
Appendix: Rheinmetall Group Continuing ROCE improvement ROCE in % Pre-tax WACC 20% (2017): 19.0% 18.8% 18.7% 15% 16.7% 13.4% 12.3% 10.6% 10.5% Group 11.8% 10% 10.7% 9.8% 4.7% 5% 3.9% 6.1% 0.3% 0% -4.6% -5% 2013 2014 2015 2016 2017 Group Defence Automotive © Rheinmetall AG / Corporate Presentation Ja
Slide 78: Glossary
Appendix: Rheinmetall Group Glossary bn billions m million bp basis points NNBS Short range air defence CAGR compounded average growth rate NWC Net working capital CER Constant Exchange Rates OEM Original Equipment Manufacturer CTA Contractual trust agreement Operating FCF Operating free cash flow D
Slide 79: Next events and IR contacts
Next events and IR contacts Events 2019 IR Contacts GIS Commerzbank Conference New York 15-16 January Franz-Bernd Reich Head of IR GCC Kepler Cheuvreux Conference Frankfurt 21-22 January Tel: +49-211 473-4777 Lampe Conference London 31 January Email: franz-bernd.reich@rheinmetall.com Provisional fig
Slide 80: 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
Slide 81: © Rheinmetall AG / Corporate Presentation January 2019
© Rheinmetall AG / Corporate Presentation January 2019 81