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Rheinmetall Group Corporate Presentation March 2019
Rheinmetall Group
Rheinmetall
Group structure
Group performance indicator Strategy roadmap
~€6bn sales
~8% op. RHEINMETALL Organic International
margin growth expansion
~2-4% Cash 30-35%
GROUP 2018 Leading by Targeted
on sales payout ratio innovations acquisitions
AUTOMOTIVE DEFENCE
Our heart beats for your engine Force protection is our mission
Op. margin €2,930m 48% Sales 52% €3,221m Op. margin
8.9% €265m 53% Oper. Result 47% €247m 7.9%
*€478m Order backlog €8,577m
11,710 51% Headcount** 49% 10,948
* Short-term; **Headcount at capacities;
© Rheinmetall AG / Corporate Presentation March 2019 2Rheinmetall Group
FY 2018 Highlights: Group
2018 finished with new record levels
Order intake Sales Operating Result EPS Dividend*
+36% +24%
€8.5bn +44
vs PY
%
€6.1bn +4%
vs PY €492m +23
vs PY
%
€7.10 vs PY €2.10 vs PY
Order intake jumped 44% to a record €8.5bn
Solid sales development to €6.1bn on the back of a challenging environment
Operating result increased by €92m to €492m driven by both segments
EPS grew by 36% to €7.10 (including one-off effects)
Dividend proposal* increased by 24% to €2.10
*Subject to AGM approval
© Rheinmetall AG / Corporate Presentation March 2019 3Rheinmetall Group
FY 2018 Highlights: Group
Strong FX-adjusted sales growth of 6.1%
Sales
in €m
4.3%
239 6,148
5,896 120
-107
Strong vehicle deliveries Defence:
Improved ES sales, AUD 3,221
3,036 CHF
especially in Q4
Suspended export licenses
South Africa incident Automotive:
Strong non-LV sales BRL
Ramp-up of new products USD
2,861 2,930
Stagnating global markets
Burdening Diesel discussion Total:
and WLTP introduction -1.8%
2017 Automotive Defence FX effect & others 2018
© Rheinmetall AG / Corporate Presentation March 2019 4Rheinmetall Group
FY 2018 Highlights: Group
Strong profitability gains, Defence closing in on Automotive
Operating result
in €m
+23.0%
33 518
492
-7
82 -5
400 Property
15 sales 247
254
Optimized international High utilization and
174 footprint increased value added
Early reaction to market Phase-out of legacy contract
developments by Optimized cost structure
improved processes and
ramp-ups
Additional R&D Impairment R&D project
265
249 initiatives for new
262
mobility products
6
-23 -24
Operating Result Automotive Defence FX effect & Operating Result Restructuring Miscellaneous EBIT
2017 Consolidation line 2018 2018
© Rheinmetall AG / Corporate Presentation March 2019 5Rheinmetall Group
Rheinmetall Group
Sturdier equity ratio and return to investment grade in 2018
Key financials
in €m
FY 2017* FY 2018 ∆
Equity ratio improved to 32.1% Total assets 6,330 6,759 429
Equity 1,860 2,172 312
Equity ratio 29.4% 32.1% 270bp
Upgrade to investment grade in April 2018
Net debt -56 31 n.a.
Investment grade Ba1(positive) Baa3(stable)
Net-debt remains on low level
Debt ratio1 -4.3% 0.5% 160bp
Net gearing² -12.3% 1.4% 460bp
Solid credit KPIs
Leverage ratio³ -0.1x 0.04x 0.14x
1 Net financial debt / (Total assets-liquid financial assets)
2 Net financial debt / Shareholder‘s equity *FY 2017 adjusted for IFRS 9/15/16 and
3 Net financial debt / EBITDA re-evaluation effects
© Rheinmetall AG / Corporate Presentation March 2019 6Rheinmetall Group
Rheinmetall Group
Strong value generation
In €m FY 2017 FY 2018 ∆
EBITDA included €41m exceptional D&A
EBITDA 626 836 33,5%
EBIT benefited from €27m special effects
EBIT 385 518 34,5%
Interest result -39 -33 -15,4% Interest result improved also due to divestment of
EBT 346 485 40,2% US pension plan
Net income 252 354 40,5% Underlying effective tax rate unchanged at 27%
Minorities 28 49 75,0% Minorities grew on RMMV performance
In €m
31/12/17* 31/12/18 ∆
Net debt swung to lower level
Equity 1.860 2.172 16,8% Pension provisions lower due to CTA contribution
Net debt (+) / Net cash (-) -56 31 n.a. and higher discount rate
Pension provisions 1.080 972 -10,0%
ROCE improved significantly by 331bp to 17.1%
Average capital employed** 2.792 3.030 8,5% (Group pre-tax WACC: 10.7% )
ROCE (in %) 13,8% 17,1% 331 bp
*FY 2017 adjusted for IFRS 16 effects
**average capital employed is the mean of 2017/2018 year-end figures
© Rheinmetall AG / Corporate Presentation March 2019 7Rheinmetall Group
Rheinmetall Group
Q4 catch-up effect strongly underpinned by working capital
Operating free cash flow per quarter Operating Free Cash Flow components
in €m changes y/y in €m
508
77 -62
102
-421
-287 276
-140
-7 -35
-116 OFCF Net D&A Changes Changes Capex OFCF
Q1 Q2 Q3 Q4 31/12/2017 Income Pensions Working 31/12/2018
Drivers & others Capital
Drivers
Trend reversal of negative quarterly Higher receivables after strong Q4 sales rally
operating free cash flow in Q4 Increase in safety stock for bottleneck intermediates
Q4 fell short due to a late milestone Export ban for trucks
payment received in January 2019 Milestone payment delayed to early January
© Rheinmetall AG / Corporate Presentation March 2019 8Rheinmetall Group
Rheinmetall Group
Net-debt remained on a satisfactory level
Net financial debt / net cash Debt composition and maturity profile
in €m at quarter-end in €m
230 ∑ 855
Net IFRS16
cash adjusted Other &
181
Leasing
56 2019 2020 2021 2022 2023 2024 2025ff.
124 Bank loans
31 28 25
219 53
Net 300 Promissory 72
notes
financial 122
debt
429 EIB loan*
250 250
514
31/12/17 01/01/18 31/03/18 30/06/18 30/09/18 31/12/18 31/12/2018
*€250m EIB loan (0.962% coupon) maturing in August 2023
© Rheinmetall AG / Corporate Presentation March 2019 9Rheinmetall Automotive
Outlook Automotive: 2019
The risk map for Automotive has gained complexity
Indirect exposure
Hard Brexit? Brexit
Car tariffs US/EU Lower disposable
unsolved Trade & Tariffs China income
Incentive schemes?
Raw materials hedged Share of new LV
Raw material
Increased safety stock to Diesel registrations in Europe
& components
safeguard availability of went down from 44%
critical components (2017) to 36% (2018)
Expected to be a
WLTP burden at least in
Q1/Q2 2019
© Rheinmetall AG / Corporate Presentation March 2019 10Rheinmetall Automotive
Outlook Automotive: 2019
Automotive anticipates a contracting market
LV-production scenarios
3
IHS 2018 forecast IHS reported declining growth figures
IHS 2019 forecast throughout 2018 continuing into 2019
2
Rheinmetall Automotive anticipates a more
1 negative market development than IHS
based on:
0 • Projection of negative IHS 2018 trend
Rheinmetall Automotive market expectation for 2019: • Regional sales exposure
-1 – 0 % • Structure of customer portfolio
-1
-2
Jan Mar Jun Sep Dec Jan Feb
Source: IHS monthly update
© Rheinmetall AG / Corporate Presentation March 2019 11Rheinmetall Automotive
Outlook Automotive: 2019 and mid-term
Various instruments available to limit impact of negative markets
Sales scenarios Impact on operating result Possible measures
Short-term
Reduction of leased work force
Flexibility of working hours
Prioritization of projects (internal)
General cost saving programs (e.g.
travel, marketing)
Sales Stagnation (0%) ~8% No new hires (replacement or
additional)
Structural
Adjustment of capacities (e.g. line or
plant closure)
*above market growth
© Rheinmetall AG / Corporate Presentation March 2019 12Rheinmetall Defence
Outlook Defence: 2019
Strong German commitment to 1.5% with increased demand starting in 2019
German defence expenditure Pent-up demand of €25m proposals
in €bn number of proposals
+54%
Expected commitment With relevance 14 2 ~ 20
authorizations for Rheinmetall
60
48
60
33
43 43 44 44
39
14
2018 2019 2020 2021 2022 2023 2024* 2025 2017 2018 2019
*1.5% of GDP according to NATO Strategic Level
Budget Financial plan Report quoted by Der Spiegel Feb 5, 2019
Source: German MoD
© Rheinmetall AG / Corporate Presentation March 2019 13Rheinmetall Defence
Outlook Defence: 2019
Solid pipeline of projects in our home markets
Key projects and potentials
VJTF-related orders (€1 – 1.5bn) Czech Republic: Lynx
European vehicle (H2 2019; €1 – 1.5bn)
Participation in budget increase Germany
programs Hungary: Boxer/Lynx ( €~2bn)
Hungary: Leopard & tank
howitzer sub contract
(€~0.3 – 0.4bn)
Challenger life extension,
Land 400 Phase 3
expected H1 2019 (€0.8 – 1.2bn) UK Australia
(2022; €4 – 5bn)
UK Boxer expected end
of 2019 (€~2bn]
© Rheinmetall AG / Corporate Presentation March 2019 14Rheinmetall Defence
Outlook Defence: Mid-term
Further big-ticket orders in sight
Order intake, sales
in €bn
5.6
Targeted range of
Average order intake 2013 – 2017: 3.0 €4 – 6bn order intake
3.3 3.2
3.1 2.9 3.0 3.0
2.8 2.7 2.6
2.2 2.2
2013 2014 2015 2016 2017 2018 2019e 2020e 2021e
Order intake Sales
© Rheinmetall AG / Corporate Presentation March 2019 15Rheinmetall Group
FY 2018 Highlights: Innovation
Focused R&D and capex within guided parameters
R&D Capex
in €m and in % of sales in €m and in % of sales
157 161
154
139
101
4.9% 5.4% 5.4% 5.5%
89
73 75
2.4% 2.3% 2.9% 3.1%
Automotive
Defence
2017 2018 2017 2018
© Rheinmetall AG / Corporate Presentation March 2019 16Rheinmetall Group
No hard Brexit;
no escalation of trade
FY 2019 Guidance wars
High sales growth and earnings improvement targeted
Sales Operating margin
2018 2019e 2018 2019e Mid-term
Growth y/y in % at Growth y/y in % at in % in % in %
constant FX constant FX
Minus
Group 6.1 4–6 8.0 around 8 €25 – 35m
(consolidation line)
Automotive 4.2 0–1 8.9 around 8 around 8
Defence 7.9 9 – 11 7.9 8.0 – 8.5 8–9
Operational growth at constant FX
© Rheinmetall AG / Corporate Presentation March 2019 17Rheinmetall Group
Select key data: outlook 2019
Rheinmetall Group In %(PY) Automotive Defence
Holding cost ~€25-30m (PY: €24m) Capex 5.5-6% (5.5%) 3.5-4.5%(3.1%)
(w/o IFRS 16)
3-3.5% (4.8%
~5.5% (5.3%
Comparable level reported,
Tax rate D&A reported,
(PY: 27%) scheduled D&A
scheduled 5.2%)
3.7%)
Interest result ~€40m (PY:-€33m) R&D 5-6% (5.4%) 2-2.5% (2.3)
© Rheinmetall AG / Corporate Presentation March 2019 18Leading and shaping change –
Focus on technology
19Rheinmetall Group
Rheinmetall Group
Markets have acknowledged operational development
Schlusskurs
2013-to date
Share price RHM
Margin
Sales Margin:
8.0
5.5
6.3
6.8 +10.6pp
3.4
Sales:
4,500 4,688 5,183 5,602 5,896 6,148
~40%
-2.6
2013 2014 2015 2016 2017 2018 2019c 2020c 2021p
Share price:
Restructuring Phase One Rheinmetall Phase I One Rheinmetall Phase II >167%
10 initiatives addressing Focus on technologies
culture and cooperation
© Rheinmetall AG / Corporate Presentation March 2019 20Rheinmetall 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 sensors E-drive - to handle complex
sensing, protection Virtual prototyping and Resistant to jamming / situations
and weaponing Micro mobility
digital twins spoofing - for decision support
System / health Next generation - for information
monitoring, predictive IR sensors superiority
maintenance, logistics
*LIDAR=light detection and ranging
© Rheinmetall AG / Corporate Presentation March 2019 21Rheinmetall Automotive
Automotive
Meet the current challenges of the business
1 China 3 Legislation
2 Diesel 4 E-Mobility
© Rheinmetall AG / Corporate Presentation March 2019 22Rheinmetall Automotive
Market trends
The growth drivers of Rheinmetall Automotive
Efficiency Emission Electrification
(CO2 Reduction) (Reduction)
© Rheinmetall AG / Corporate Presentation March 2019 23Rheinmetall Automotive
Innovations
The innovation pipeline for all three trends is packed
Efficiency Emission Electrification
(CO2 Reduction) (Reduction)
2021
2018
© Rheinmetall AG / Corporate Presentation March 2019 24Rheinmetall Automotive
Robust and flexible business model of Automotive
Resilient growth in a changing environment
2014 15 out of the last 20 quarters exceeded the guidance floor of 8% operating margin 2018
Q1 Q4
8% guidance floor
Market outperformance Resilient profitability
Targeting the right market trends (emission Raw material inflation handled with price
reduction, efficiency improvement, e-mobility) escalation clauses (80%) and hedges (~20%)
Highly innovative product portfolio (~5.5% R&D to Fixed cost reduction due to transfer of production
sales ratio) capacity in lower cost countries since 2014
One third non-LV markets with strong mid-term Global flexibilization of labor cost
growth
© Rheinmetall AG / Corporate Presentation March 2019 25Rheinmetall 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 / Corporate Presentation March 2019 26Rheinmetall 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 March 2019 27
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
Annexation of the
Crimean peninsula
© Rheinmetall AG / Corporate Presentation March 2019 28Rheinmetall 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 March 2019 29
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 studies Fox GBF IdZ NNbS TLVS / Patriot NG BPz 3 Leopard 2Ax MaKaBo Puma 90 Fz
STH ZukSysIndirF MGCS
GÜZ qFlgAbw LLM Helmet System
Digitization
Kick off Test units BMS VJTF´23 D-LbO
WLS / UTF
From framework agreements… WLS / UTF WLS / UTF …to partnering agreements
RV 155mm RV 120mm RV 30mm RV 40mm Ammo Logistic
© Rheinmetall AG / Corporate Presentation March 2019 30Rheinmetall 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
International
SOUTH AFRICA AUSTRALIA
© Rheinmetall AG / Corporate Presentation March 2019 31Rheinmetall 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
© Rheinmetall AG / Corporate Presentation March 2019 32Rheinmetall 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
© Rheinmetall AG / Corporate Presentation March 2019 33Rheinmetall 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 2025 2030 2035
Defining level of integration
Transaction focus
Political support for European consolidation
Shareholders open for discussions
All options on the table
Rheinmetall aims for a leading role in the MGCS project
© Rheinmetall AG / Corporate Presentation March 2019 34Rheinmetall 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 Phasing out of legacy contracts
of home markets Good operating leverage
Backlog of €8bn boosted by major order wins Earlier than expected cost efficiencies
Growth of 10% (cagr) until 2021 expected Accretive profitability profile of order backlog
© Rheinmetall AG / Corporate Presentation March 2019 35Rheinmetall 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 5 Mid-term guidance update in 2019 after acquisition of further orders © Rheinmetall AG / Corporate Presentation March 2019 36
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 / Corporate Presentation March 2019 37Automotive – Focus on innovation
38Rheinmetall Automotive
Automotive with leading technology and market positions
Key Figures Structure Sales by region Sales by division*
Sales: €2.9bn RoW
Hardparts Asia
1%
17% Aftermarket 12%
Op. result: €262m
Pistons Large-bore Pistons 33% Hardparts
45% Europe
Op. margin: 8.9% NAFTA 16% w/o
Bearings Castings Germany
R&D: €157m 21% 55%
Germany Mechatronics
Capex: €161m Mechatronics
Automotive Sales by customer Operating result
Headcount: 11.710 Pump Technology
Emission Systems
by division*
Commercial Diesel >10% Ford, VW, Other
Solenoid Valves Other
Systems
22% Aftermarket 13% 26% Hardparts
Actuators 41%
23%
Aftermarket 2-5% DAF, 14% 64%
Volvo, PSA, BMW, 5-10% Renault/Nissan,
All figures refer to FY 2018
Cummins, CAT/Perkins GM, FCA, Daimler Mechatronics *unconsolidated
© Rheinmetall AG / Corporate Presentation March 2019 39Rheinmetall 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 76 125 180
95
95
Stricter testing
85
90 sets the
89 80 benchmark
92
76 RDE even higher!
39
13 23
3
2017 2020 2025 2030 2040 2015 2020 EU5 EU6
95g =
4.1l Gasoline or
ICE HEV 3.6l Diesel
IHS and company estimates
Our goal is to outperform global market growth by 100 to 200 bp
© Rheinmetall AG / Corporate Presentation March 2019 40Rheinmetall 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 /
Preserve technological leadership R&D capabilities
(thermo-mgmt., HV/EV competences) Environmental challenges
Mechatronics China
New products pipeline fully loaded
Manage- for-cash strategy for Optimize In-house production
Hardparts engine component segment Focus on high tech products and Aftermarket
Re-investment and growth by expand product portfolio
diversification & transformation Increase sales through new sales
Optimize global footprint channels and customers
3 Implement BU (Matrix) 4
organization and optimize
processes / project management
© Rheinmetall AG / Corporate Presentation March 2019 41Rheinmetall 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 from 2018)
E-engine housing
(as from 2018)
Pistons
Electrical coolant pumps
EGR valves
Electrical vacuum
pumps
Engine blocks Electrical coolant
valve
Mechanical coolant Electrical oil pumps
pumps Oil pumps
Heat Pump Range Extender
(Predevelopment) (Predevelopment)
Hardparts products, non-shaded: Mechatronics
© Rheinmetall AG / Corporate Presentation March 2019 42Rheinmetall 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, € ~550 m Hybrid premium OEM
Electric engine housing
Electric engine housing for German
premium OEM to serve the Chinese market
* Rheinmetall Automotive and Joint Ventures
© Rheinmetall AG / Corporate Presentation March 2019 43Rheinmetall 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
10 23% Fuel
18%
20 LV Diesel units 5 independent
products
0 0
2000 2005 2010 2015 2020 2025
14%
Gasoline 35% 3%
Truck
Further regulatory pressure expected
Large-Bore
Next regulation deadline approaching in 2020
Pistons
Real driving emission(RDE) testing will create further Benefitting from OEM’s effort to reduce emissions and
pressure to reduce emissions by hardware installation to avoid penalties
First city ban for diesel engines announced in Germany * IHS: Combined Engine Production Forecast April 2017
** Rheinmetall Automotive sales FY 2018
© Rheinmetall AG / Corporate Presentation March 2019 44Rheinmetall 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 engine (115kW) -3 g CO2/km
Electr. control
Approx. 138 g CO2/km in NEDC -1 g CO2/km valve and variable
Tribology system
coolant pump
Variable oil pump
Rheinmetall Automotive products
© Rheinmetall AG / Corporate Presentation March 2019 45Rheinmetall 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 2008 2009 2013 2012
Engine blocks and Pistons Engine blocks, cylinder Electrical and Spare parts EGR modules and electric Large-bore pistons Electrical and
structural body parts heads and structural mechanical pumps throttle bodies mechanical pumps
body parts
Germany/
Europe China China China
+7%
+4% EBIT China in €m
Sales China in €m 79
1,003 71 76
934 972 WFOEs
871
WFOEs 53 53
681
528 37
401 30 JVs (100%)
306 22
JVs (100%)
2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018
KSHA: KS Huayu Alutech GmbH, Neckarsulm KPSNC: Kolbenschmidt Pierburg Shanghai Nonferrous Components Co., Ltd., Shanghai PMP: Pierburg Mikuni Pump Technology (Shanghai) Corp., Shanghai
KSSP: Kolbenschmidt Shanghai Piston Co., Ltd., Shanghai PHP: Pierburg Huayu Pump Technology Co., Ltd., Shanghai
© Rheinmetall AG / Corporate Presentation March 2019 46Rheinmetall 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 doors
Connecting rod bearings
Permaglide bearings for
truck compressors and
truck hydraulics EGR cooler modules
and mixer modules
Dual poppet valves
Exhaust gas flaps
Hydraulic valves EGR reed valves
Electrical Pressure High
Bushings for bypass regulating performance
injection pumps valves valves actuators
© Rheinmetall AG / Corporate Presentation March 2019 47Rheinmetall Automotive
FY 2018 Highlights: Automotive
Concluding a challenging year with resilient profitability
2018 Difficult market environment particularly in H2
Sales growth of €69m to €2,930m
(4.2% FX-adjusted) in a contracting market
Operating margin of 8.9% on record level
Operating FCF of €26m supported
by sequentially improved Q4 performance
Inauguration of new production sites
for e-mobility and innovative casting products
© Rheinmetall AG / Corporate Presentation March 2019 48Rheinmetall Automotive
Q4 2018 Highlights: Automotive
Q4 with market outperformance and record margin
Quarterly sales and margin development Comments on quarterly performance
751
Sales growth of 2.7% (FX-adjusted 4.2%) with strong outperformance
712 740 708 731
Operating result increased to €69m, raising margin to 9.4%
9.2 9.4
8.8 8.6 8.5 OFCF sequentially improved, but significantly below PY quarter due
to inventory build-up of safety stock for scarce components
Cash-to-sales ratio in Q4 recovered, but FY below guided range
Q4 Q1 Q2 Q3 Q4
In €m Q4 2017 Q4 2018 ∆ FY 2017 FY 2018 ∆
Sales 712 731 2,7% 2.861 2.930 2,4%
Operating result 63 69 9,5% 249 262 5,2%
Operating margin in % 8,8% 9,4% 59 bp 8,7% 8,9% 24 bp
Operating Free Cash Flow 74 42 -43,2% 106 26 -75,5%
Operating FCF / Sales 10,4% 5,7% -465 bp 3,7% 0,9% -282 bp
© Rheinmetall AG / Corporate Presentation March 2019 49Rheinmetall Automotive
Q4 2018 Highlights: Automotive
Automotive still strong in a weakening market
Mechatronics
Sales Automotive Operating result Automotive Positive leverage, especially in the pump
in €m in €m business
Margin Margin Ramp-up cost for new products and
+2.7% Q4 2017 9.5% Q4 2018 capacity expansion
712 731
8.8% 69 9.4%
Transfer of e-mobility R&D expenses
63
from central to Mechatronics
407 +5.9%
Hardparts
431
11.3% 46 -6.5% 43 10.0% Improved ramp-up in casting business
led to higher contribution of at equity
entities
236 -0.8% 234 5.9% 15 6.4% Aftermarket
14 +7.1%
Slow sales in Middle East but
9.2% 10 11.6% profitable business in Brazil, USA and
87 -1.1% 86 8 +25.0%
-18 -20 1 Russia
-5
Q4 17 Q4 18 Q4 17 Q4 18 Process improvements in production
© Rheinmetall AG / Corporate Presentation March 2019 50Rheinmetall Automotive
FY 2018 Highlights: Automotive
Non-LV business overcompensated lagging LV sales
Global LV production Sales Automotive LV / Non-LV
in million units in €m
+2.4%
-1.1% 2,930
2,861
95.2 94.1
+11.8%
18.9 18.6 Non-LV business 977 1,092
17.1 17.0 Without China:
stagnant
26.9 27.3
-2.4%
4.5 4.7
LV business 1,884 1,838
27.7 26.6 China: -4.0%
2017 2018 2017 2018
Europe Asia without China China
USMCA Rest of the World Source: IHS Automotive, February 2018
© Rheinmetall AG / Corporate Presentation March 2019 51Rheinmetall Automotive
FY 2018 Highlights: Automotive
FX-adjusted sales growth of 4.2% in a regionally very mixed market
Regional Automotive sales development Regional Automotive sales growth FY 2018
in €m in % (IHS February 2019)
+2.4%
2,861 2,930 Automotive vs LV-production:
0.7% 0.8% -9.6
outperformance
5.6% 7.2% Germany 5.1 underperformance
9.0% 9.6% 1.4 LV production
3.5% 3.3% Europe (excl. DE) -2.0
Automotive sales
16.3% 16.0% -0.7
USMCA 0.2
RoW 4.0
China Brazil -4.1
Asia (excl. CN) -4.0
China 32.0
South America 45.4% 43.2% 1.6
USMCA Asia (excl. CN) 9.3
64.9% 63.2%
Europe (excl. DE) 3.1
Others 28.7
Germany
19.5% 20.0%
-1.1 2.4
World
2017 2018 4.2*
*Automotive sales
FX-adjusted
© Rheinmetall AG / Corporate Presentation March 2019 52Rheinmetall Automotive
FY 2018 Highlights: Automotive
China in 2018 reported a positive development
Sales
in €m
+3.2%
55 1,003
972
-24 872 Operational sales growth of 5.7% in a
contracting market of -4.0%
845
127 131 Margin slightly improved from 7.8% to
7.9%
2017 operational FX 2018
Burdening start-up costs for piston plant
EBIT and development costs related to new
in €m +3.6% project acquisitions
76 5 79 Positive trend for clean and e-mobility
-2
65 69 JV
11 10 WFOE
Including 100% figures of 50/50 JV, consolidated at equity
2017 operational FX 2018
© Rheinmetall AG / Corporate Presentation March 2019 53Rheinmetall Automotive
FY 2018 Highlights: Automotive
Diesel saw further decline in 2018, but overcompensated by Non-LV growth
EU registrations by fuel type Sales by fuel type
in % of total registrations in €m
2.4%
2,861 2,930
100% 75
other 1.5% 1.4% 1.4% 1.5% 73 24 42
1.9% 2.7% 1.5% 2.0%
Hybrids
3.2% 2.8%
Electric 3.8% 37% 40%
4.5%
Vehicles 35.9%
34.1%
Diesel
41.2% 44.0%
27% 24%
57.2% 56.7%
52.3%
Gasoline
36% Non-LV 36%
50.3% LV-Diesel
LV-Gasoline
Q4 2017 Q4 2018 2017 2018 2017 LV Diesel LV Gasoline Truck Non-LV 2018
Source: ACEA.be Diesel
© Rheinmetall AG / Corporate Presentation March 2019 54Defence – at the beginning of a “super cycle”
55Rheinmetall 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 Vehicle Systems
Weapon and Protection Germany
Op. result: €254m Aus/NZ 8%
Ammunition Systems 15% Weapon and
34% 31% Ammunition
Op. margin: 7.9% Propulsion USMCA 4% 45%
Systems
20%
R&D: €75m 19%
Asia / 24% Electronic
Electronic Solutions Middle East Europe Solutions
Capex: €101m
Air Defence & Mission
Headcount: 10,948 Radar Systems Equipment Order backlog by division Operating result by division*
Simulation and Technical Other
Training Publications Vehicle Weapon and
Systems Ammunition
23%
34%
Vehicle Systems Vehicle 39%
Systems 44% Weapon and
54%
Ammunition
Logistic Vehicles Tactical Vehicles 23%
Electronic 17%
All figures refer to FY 2017 Solutions Electronic
Solutions *unconsolidated
© Rheinmetall AG / Corporate Presentation March 2019 56Rheinmetall 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 returns to Australian „One
to spend €130 bn defence initiative territorial defence Defence“ program
…trigger over the next decade EU Defence Initiative strategy Singapore and
comprehensive Defence budget EU Funds 2% spending target Indonesia accelerating
defence programs increases 3% cagr Pesco defence spending
East European armies
2016-2022 setting up various
UK tank programs vehicle programs
© Rheinmetall AG / Corporate Presentation March 2019 57Rheinmetall 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 to 2021
Enhanced future profile Army 4.0: Rheinmetall integrates components to
Anchor army for smaller neighbor armies systems
Leading role in „enhanced Forward Presence“ in
Lithuania
Framework nation in „Very High Readiness Joint Task
Force as of 2019
Currently 14 international mandates
© Rheinmetall AG / Corporate Presentation March 2019 58Rheinmetall 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 air defence) TLVS (Tactical air defence) D-LBO (> €5 bn net) (MoTaKo) Ammunition (~€2 bn net)
© Rheinmetall AG / Corporate Presentation March 2019 59Rheinmetall Defence
German Defence
Strong German project pipeline lining up – upcoming tenders until 2021
Major mid-term
potentials
NNBS ~€4bn TLVSRheinmetall 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 approach:
KMW/Nexter
Thales RUAG
JV partnerships with companies in different
Oto Melara nations instead of “putting all eggs in one basket”
Aselsan
Sufficient organic growth potential, but
suitable M&A transactions are possible
>25% state-ownedRheinmetall 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
− Modernization and upgrades
Pl
Cz
Sk
Estimate for European tactical vehicles demand
H
(number of vehicles)
Slo
Ru Germany Rest of Europe
Tracked ~250 >600
Bg Wheeled 700-800* >900** (includes
Lithuania, Slovenia and
UK)
* Fox and Boxer
** only Boxer
© Rheinmetall AG / Corporate Presentation March 2019 62Rheinmetall 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
Technical publication tbd
*initial assessment, option for 5 year contract
© Rheinmetall AG / Corporate Presentation March 2019 63FY 2018 Key Events: Defence
2018 marked the beginning of the “super cycle”
Impressive order intake of €5.6bn
Sales growth of €185m to €3,221m (7.9% FX-adjusted)
Operating margin increased to 7.9%
Q4 OFCF of €479m raised FY to -€29m OFCF
Tragic incident at South Africa plant
© Rheinmetall AG / Corporate Presentation March 2019 64Rheinmetall Defence
Q4 2018 Highlights: Defence
Record fourth quarter in relevant KPIs
Quarterly sales and margin development Comments on quarterly performance
1,255 High order intake of €1bn drove FY to €5.6bn
1,011
754 14.3 Strong year-end sales rally of plus 24%
703
11.3 509 5.8 6.3 High utilization and favorable product mix boosted margin
-2.6 Q4 18 abs. OFCF exceeded Q4 17 by 21%, full year however negative
Q4 Q1 Q2 Q3 Q4
In €m Q4 2017 Q4 2018 ∆ FY 2017 FY 2018 ∆
Order intake 671 1.094 63,1% 2.963 5.565 87,8%
Sales 1.011 1.255 24,1% 3.036 3.221 6,1%
Operating result 114 179 57,0% 174 254 46,0%
Operating margin in % 11,3% 14,3% 299 bp 5,7% 7,9% 215 bp
EBIT 115 181 57,4% 172 247 43,6%
Operating Free Cash Flow 395 479 21,3% 238 -29 n.a.
Operating FCF / Sales 39,1% 38,2% -91 bp 7,8% -0,9% -874 bp
© Rheinmetall AG / Corporate Presentation March 2019 65Rheinmetall Defence
Q4 2018 Highlights: Defence
Strong finish by all divisions as expected
Sales Defence Operating result Defence
in €m in €m Weapon and Ammunition
Margin Margin Strong demand and larger share of
Q4 2017 Q4 2018
24.1% 57.0% high profit ammunition business
1,255 11.3% 179 14.3%
1,011
472
Electronic Solutions
+9.5%
Strong sales with high leverage and
114 +39.0% 107 22.7%
431 benefits of improved cost structure
+40.1% 346
247 17.9% 77
Vehicle Systems
+84.2% 35 10.1% Continuously improved product mix
+18.4%
423
501
7.7% 19 (phasing out of Dutch Boxer)
5.9% 25
+76.0% 44 8.8% High utilization in BUs Tactical and
-90 -64 -7 -7 Logistical Vehicles
Q4 17 Q4 18 Q4 17 Q4 18
Weapon & Ammunition Electronic Solutions Vehicle Systems Consolidation
© Rheinmetall AG / Corporate Presentation March 2019 66Rheinmetall Defence
FY 2018: Defence
Huge Australian orders boost order intake and backlog
Order intake by region Sales by region Order backlog by region
in % in % in %
+88%
5,565
8% +6% +34%
2%
3,221 8,577
15% 3,036 6%
8%
4% 1%
14%
5% 20% 6,416 25%
2,963 2% 4%
21%
+63% 4% 4% 15% 28%
52%
15%
1,094 6% 13% 33%
19% 11%
19%
18% 16%
670
13%
10%
52% 35% 39%
29%
13% 21%
Q4 2017 Q4 2018 2017 2018 2017 2018 2017 2018
Germany Australia / NZ North America
Europe (w/o Germany) Asia/Middle East Rest of the World
© Rheinmetall AG / Corporate Presentation March 2019 67Rheinmetall Defence
FY 2018: Defence
2018 laid the foundation for further growth
Order backlog by division Order backlog profile
in €m in €m per 31/12/2018
+34%
8,577
~2,900 ~1,800 ~3,900
2,122
6,416
2,117
1,692
1,914
5,030 Weapon and Ammunition
3,021 Electronic Solutions
Vehicle Systems
-211 Consolidation
-692
2019E 2020E 2021E ff.
2017 2018
© Rheinmetall AG / Corporate Presentation March 2019 68GROUP
APPENDIX
© Rheinmetall AG / Corporate Presentation March 2019 69Appendix: 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
Automotive Brazil
Italy Czech Republic
Sites Malta Turkey
Romania UK
© Rheinmetall AG / Corporate Presentation March 2019 70Appendix: 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
• Selective use of raw materials
• Support of gender diversity • Non-compliant business behavior is
• „Road to 95“ and E-mobility • Women in management unacceptable
• Our products increase fuel efficiency
• Workforce • Zero tolerance of corruption and fraud
• New e-bike, e-motor and battery pack
• Integration of refugees via • Central Compliance Management System
• Support of conservation apprenticeships • Employee awareness initiative
• Transformation of the former production • Support of employee families
site in Düsseldorf
© Rheinmetall AG / Corporate Presentation March 2019 71Appendix: 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 adjusted EBT
• Pension insurance (or comparable) • Reference: Budget of the last three years
• Company car • Range: 0 - 200% (EBT capped at €300m)
• Escalators: 0% -Appendix: Rheinmetall Group
Group 2014 – 2018: Key figures (as
in €m 2014
reported)
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 1.080 972
Net financial debt 330 81 -19 -230 31
Net gearing (in %) 27,6 5,2 -1,1 -12,3 1,4
Income statement Sales 4.688 5.183 5.602 5.896 6.148
Operating result 160 287 353 400 492
Operating margin (in %) 3,4 5,5 6,3 6,8 8,0
EBITDA 299 490 581 626 836
EBIT 102 287 353 385 518
EBIT margin (in %) 2,2 5,5 6,3 6,5 8,4
EBT 22 221 299 346 485
Net income 21 160 215 252 354
Earnings per share (in EUR) 0,47 3,88 4,69 5,24 7,10
Dividend per share (in EUR) 0,3 1,1 1,45 1,70 2,10
ROCE (in %) 3,9 10,1 12,3 13,8 17,1
Cash flow statement Free cash flow from operations -182 29 161 276 -35
Headcount Employees (Dec 31) according to capacity 20.166 20.676 20.993 21.610 22.899
© Rheinmetall AG / Corporate Presentation March 2019 73Appendix: 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 6415,8 8.577
2.448 2.592 2.656 2.861 2.930 Sales 2.240 2.591 2.946 3.036 3.221
184 216 223 248,8 262 Operating result -9 90 147 174 254
7,5 8,3 8,4 8,7 8,9 Operating margin (in %) -0,4 3,5 5,0 5,7 7,9
295 332 356 366,8 420 EBITDA 17 175 239 268 403
184 216 223 227 265 EBIT -67 90 147 172 247
7,5 8,3 8,4 7,9 9,0 EBIT margin (in %) -3 3,5 5,0 5,7 7,7
158 167 149 154 161 Capex 76 96 95 89 101
34 96 105 106 26 OFCF -132 -38 103 238 -29
10.830 10.934 10.820 11.166 11.710 Employees (Dec 31) according to capacity 9.184 9.581 10.002 10.251 10.251
1.322 1.450 1.527 1.621 1.664 Mechatronics Sales Weapon & 977 881 1.112 1.175 1.056
96 119 142 176 171 EBIT Ammunition -4 74 108 117 121
7,3 8,1 9,3 10,9 10,3 EBIT margin -0,4 8,4 9,7 10,0 11,5
934 952 921 968 989 Hardparts Sales Electronic 705 759 745 691 839
72 73 62 60 65 EBIT Solutions -53 26 25 20 47
7,7 7,7 6,7 6,2 6,6 EBIT margin -7,5 3,4 3,4 2,9 5,6
269 285 305 359 367 Aftermarket Sales Vehicle 667 1.195 1.392 1.480 1.568
26 27 27 33 36 EBIT Systems -9 3 29 53,2 108
9,7 9,5 8,9 9,2 9,8 EBIT margin -1,4 0,3 2,1 3,6 6,9
© Rheinmetall AG / Corporate Presentation March 2019 74Appendix: Rheinmetall Group
Quarterly development Group
Sales Operational results
in €m in €m
1,984 240
1,722
1,493
1,411 169
1,260 1,255
179
1,011
754
703
509 114 107
98
44
47 60
712 751 740 708 731
63 65 68 69
44
-1 -1 0 -2 -8 -5 -6 -8
-13 -5
Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018
Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018
Defence Automotive Consolidation/Others
© Rheinmetall AG / Corporate Presentation March 2019 75Appendix: Rheinmetall Group
Free Cash Flow summary Group
Q4 FY Q1 Q2 Q3 Q4 FY Δ Q4 Δ FY
in €m
2017 2017 2018 2018 2018 2018 2018 '17/'18 '17/'18
Group Net Income 130 252 27 65 85 178 355 48 103
Amortization / depreciation 70 241 64 91 68 95 318 25 77
Change in pension accruals -8 -44 -42 1 1 -8 -48 - -4
Cash Flow 192 449 49 157 154 265 625 73 176
Changes in working capital and other items 343 22 -258 -197 -200 257 -398 -86 -420
Changes in other items 31 75 -31 -47 -3 98 17 67 -58
Net cash used in operating activities 566 546 -240 -87 -49 620 244 54 -302
Cash outflow for additions to tangible
-115 -270 -47 -53 -67 -112 -279 3 -9
and intangible assets
Free Cash Flow from Operations 451 276 -287 -140 -116 508 -35 57 -311
© Rheinmetall AG / Corporate Presentation March 2019 76Appendix: Rheinmetall Group
Headcount details
Headcount per segment Headcount per region
in capacities at year end in capacities
6.0%
22,899
21,610 Asia Australia
Africa 6% 1%
6%
11,710 Americas
11,166
15%
North America 10%
49% Germany
Europe
10,251 10,948
Automotive 72%
Defence
Group
193 241
2017 2018
© Rheinmetall AG / Corporate Presentation March 2019 77Appendix: Rheinmetall Group
Continuing ROCE improvement
ROCE
in %
Pre-tax WACC
25% (2017):
20%
17,1% 20,2%
19.0% 18.8% 18,7%
15% 16.7% 10.5% Group
13,4% 15,9%
12.3%
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 / Corporate Presentation March 2019 78Appendix: Rheinmetall Group
Next events and IR contacts
Next Events IR Contacts
Franz-Bernd Reich
Roadshow London 26/27 March Head of IR
Tel: +49-211 473-4777
Roadshow Dublin 28 March Email: franz-bernd.reich@rheinmetall.com
Roadshow Frankfurt 2 April Dirk Winkels
Lampe Conference Baden-Baden 5 April Senior Investor Relations Manager
Tel: +49-211 473-4749
Email: dirk.winkels@rheinmetall.com
Q1 2019 Earnings call 9 May
Rosalinde Schulte
Annual General Meeting Berlin 28 May Investor Relations Assistant
Tel: +49-211 473-4718
Email: rosalinde.schulte@rheinmetall.com
Quick link to documents
Corporate Presentation Interim Reports Annual Reports
© Rheinmetall AG / Corporate Presentation March 2019 79Disclaimer 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-looking statements reflect the current views of Rheinmetall’s management with respect to future events. In particular, such forward-looking statements include the financial guidance contained in the outlook for 2018. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “will”, “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. In particular, such factors may have a material adverse effect on the costs and revenue development of Rheinmetall. Further, the economic downturn in Rheinmetall’s markets, and changes in interest and currency exchange rates, may also have an impact on Rheinmetall’s business development and the availability of financing on favorable conditions. The factors that could affect Rheinmetall’s future financial results are discussed more fully in Rheinmetall’s most recent annual and quarterly reports which can be found on its website at www.rheinmetall.com. All written or oral forward-looking statements attributable to Rheinmetall or any group company of Rheinmetall or any persons acting on their behalf contained in or made in connection with this presentation are expressly qualified in their entirety by factors of the kind referred to above. No assurances can be given that the forward-looking statements in this presentation will be realized. Except as otherwise stated herein and as may be required to comply with applicable law and regulations, Rheinmetall does not intend to update these forward-looking statements and does not undertake any obligation o do so. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Rheinmetall AG or any of its direct or indirect subsidiaries. © Rheinmetall AG / Corporate Presentation March 2019 80
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