2015

Transcrição

2015

R H E I N M E TA L L A G
TECHNOLOGIES
FOR SECURITY AND MOBILITY
Conference Call Fiscal Year 2015
Düsseldorf | 17 March 2016
© RHEINMETALL AG 2016
Rheinmetall Group
New headquarter: „Rheinmetall Wings“
Düsseldorf
© RHEINMETALL AG 2016 | FY 2015 REPORT | 17 March 2016
2
Rheinmetall Group
Review 2015
Strong sales and earnings growth
 Rheinmetall Group: targets achieved,
Sales for the first time above EUR 5 billion
 Automotive: Record sales and earnings
 Defence: Turnaround accomplished, order
flow underpins strong market position
 Restructuring phase 2013 - 2015
successfully completed
 Capital increase strengthening the balance
sheet
 Dividend bouncing up to EUR 1,10
(proposal)
3
Rheinmetall Group
Fiscal year 2015 in detail
Strong incremental sales, moderate increase of headcount
Sales in EUR million
Order backlog in EUR million
Headcount in full-time equivalents
+3%
-1%
20,166
6,932
6,867
2014
2015
20,676
+11%
4,688
2014
5,183
2015
2014
2015
4
Rheinmetall Group
Earnings boosted by turnaround in Defence
EBITDA in EUR million
490
Operational earnings / EBIT in EUR million
Operational margin / EBIT margin in %
287
EBT in EUR million
287
299
221
160
102
3.4%
2.2%
5.5%
5.5%
22
2014
2015
2014
2015
2014
2015
5
Rheinmetall Group
Increased dividend proposal of EUR 1.10
Net income in EUR million
Earnings per share in EUR
Dividend per share in EUR
Payout ratio in %
160
3.88
1.10*
0.47
21
0.30
28%
64%
2014
2015
2014
2015
2014
2015
* Proposal to the Annual General Meeting
6
Rheinmetall Group
Net financial debt lowered by capital increase and improved earnings
Equity in EUR million
Equity ratio in % of total assets
Net financial debt in EUR million
Net debt/EBITDA-ratio
1,562
1,197
330
1,1
27%
23%
81
0,2
2014
2015
2014
2015
2014
2015
7
Rheinmetall Group
Positive free cash flow by improved earnings and working capital
2014 in EUR million
2015 in EUR million
206
-310
160
205
-284
-27
21
Net
income
-182
Depr./
Capex
∆Pensions (Cash-out)
29
Working Free cash
capital/ flow from
others operations
-124
Net
income
Depr./
Capex
∆Pensions (Cash-out)
Working Free cash
capital/ flow from
others operations
8
Rheinmetall Automotive
9
Review 2015
A strong year for Automotive
 Dynamic sales growth by 6%,
clearly above market growth of 1%
 EBIT margin of 8.3% representing
an all-time high
 Main contribution to sales growth
by Mechatronics division (+10%)
 China: Solid sales growth, despite a less
dynamic development of LV-production
10
Top- and bottom line growth
Strong sales and earnings contribution from Mechatronics
Sales Automotive in EUR million
2,448
1,322
Operational earnings Automotive in EUR million
216
2,592
REASONS FOR EARNINGS DEVELOPMENT
184
1,450
96
118
Mechatronics
- Strong profitable growth
Hardparts
- Sales and earnings on previous
year´s level
934
952
72
73
269
-77
285
-95
26
-10
27
-2
2014
2015
2014
2015
Mechatronics
Hardparts
Aftermarket
Aftermarket
- Solid top-line growth
- High margin level maintained
Consolidation
11
Organic growth
Main strategic drivers
AUTOMOTIVE
O R G A N I C
Market growth
Light Vehicles (LV)
Globally rising production
and
Expanding
Non-LV business
of Rheinmetall Automotive
G R O W T H
More content
Increasing number of
Rheinmetall products per
car due to tightening
environmental standards
and
Trend of Electrification
Higher value of products
Innovative solutions with
higher price level, driven by
rising demand for
components which offer
improved energy-efficiency
and/or lower fuel
consumption
esp. Hybridization
12
Growth driver “Market growth”
Ongoing increase of global demand for light vehicles
Forecast global light vehicle (LV) production in million units
112
120
110
100
90
80
70
60
50
40
30
20
10
0
2
89
2
0,3
68
2015
Electric
Hybrid
69
− Combustion engines losing
market shares, but defend
dominant position
21
18
2010
21
− Light vehicles remain on
growth path
2014-2015: 1%
2015-2025 (CAGR): 3%
2025e
2020e
Gasoline
− Market share of
combustion engines:
- 2015: 97%
- 2025: 80%
Diesel
Source: IHS Automotive (February 2016)
13
China: Continuing growth, but with lower rates
LV production in million units
CAGR +4%
30.0
22.6
23.6
24.9
1.500
26.8
1.000
20.0
10.0
Headcount: 2.081
0
2014
2015 2016e
2018e
2x CAGR Market
Locations: 11 plants
500
0
681
628
53
2014
871
JVs
785
WFOEs
86
2015 2016e
2018e
− Expected recovery of the Chinese car market: Growth expectation 5.6% in 2016 after 4.3% in 2015
− Growth rate expected to normalize but remains above global average growth
− Double-digit sales increase of 100%-subsidiaries (WFOE) expected
JV: 100% figures shown of Joint Ventures, Rheinmetall Automotive owns 50% of JV; consolidated at-equity
WFOE: Wholly Foreign-Owned Enterprise, 100% subsidiaries, fully consolidated
14
India: Well prepared to take advantage of increasing demand for mobility
LV production in million units
CAGR >25%
CAGR +10%
100
6.0
4.0
5.1
3.6
3.8
4.1
Headcount: 509
2.0
50
30
39
Locations: 3 plants
0
2014 2015 2016e
2018e
20% stake in Shriram
Pistons
0
2014
2015 2016e
−
Expected market growth 2016 of 9% with a meaningful share of Diesel engines (~35%)
−
Automotive subsidiaries leaving start-up phase and moving into growth phase
2018e
15
Growth driver “Non-LV business”
Truck engine production heading towards a growth phase
Forecast truck engine production in million units
Rheinmetall Automotive sales of non-LV and truck
business in EUR million
5.0
4.0
CAGR 2010-2015 +7%
4.0
CAGR 2010-2015 -2%
3.0
0.2
3.0
0.1
705
714
735
802
827
578
3.8
2.0
2.9
1.0
CAGR 2010-2015 +7%
157
204
200
226
275
292
2010
2011
2012
2013
2014
2015
0.0
2010
2015
Gasoline
2020
Diesel
2025
Truck business sales
Other non-LV sales
16
Growth driver “More content per car/hybridization”
Trend to hybrid vehicles expected to accelerate
Forecast production of hybrid vehicles* in million units
25
21.5
5.9
− Stricter emission regulations
increase attractiveness of
alternative energy concepts
7.4
− Hybrid powertrains will raise
significantly and become a
major market
20
15
10
2.3
2.2
1.6
0.1 0.2
0.2 0.1
5
0
2010
Rest of the World
3.8
2.1
2015
China
2020
NAFTA
*Mild hybrid, full hybrid, plug-in hybrid
Rest of Europe
− Estimated market share of
hybrid vehicles:
- 2015: 2%
- 2025: 19%
2025
Germany
Source: IHS Automotive (October 2015)
17
Growth driver “More content per car”
Trend of hybridization opens potential for more Rheinmetall products
The traditional product portfolio for combustion engines …
Electric throttle bodies
Actuators
Engine bearings
Pistons
Solenoid valves
Mechanical
coolant pumps
Engine blocks
Oil pumps
EGR valves
18
Growth driver “More content per car”
Trend of hybridization opens potential for more Rheinmetall products
… will be enlarged by products for hybrid engines.
Electric throttle bodies
Pistons
Engine blocks
Actuators
Engine bearings
Solenoid valves
Structural
components
Thermal management
module
Electrical
coolant pumps
Electrical
vacuum pumps
EGR valves
Electrical
oil pumps
Electrical
coolant valve
Mechanical
coolant pumps
Oil pumps
19
Growth driver “Higher value of products”
Electrification and downsizing require more sophisticated products
Coolant pump
Mechanical
EUR 9-15
>6x
Exhaust gas recirculation
Electrical
EUR 55-85
Valve
EUR 20-25
Oil pump
Mechanical
EUR 8-30
>3x
>3x
Valve, cooler, bypass
and bypass actuator
EUR 70-90
Piston
Variable
EUR 18-55
Aluminum
EUR 3-12
>3x
Steel
EUR 20-30
20
Growth drivers “More content per car” and “Higher value of products”
Strategic target: Engine neutrality
Product
Portfolio
Gasoline
Diesel
Hybrid
E-drive




Divisions
Mechatronics
 Technological developments in line with customer requirements
(e.g., electric and/or variable pumps, “E-Booster”)
Hardparts



()
 Extension of the existing product portfolio for vehicle engines (e.g. steel pistons) and for
products independent on engines (e.g. structural casting parts) for light vehicles;
E-Drive-specific products (e.g. battery case)
 Further extension of the non-LV-business (e.g. large-bore pistons)
→ Flexible R&D and production capacities, adjusted to the need of the customers:
Gasoline-, Diesel,- hybrid-engines, electro-mobility
→ Reducing dependency on specific LV-engine types
21
Rheinmetall Defence
22
Rheinmetall Defence
Review on 2015
Turnaround of Rheinmetall Defence successful
 Encouraging order flow leads to a stable
book-to-bill ratio above one
 Sales pushed by 16% to €2.6 billion
 Strong turnaround due to growing organic
sales, successfully finalized restructuring
program and improving product mix;
no further impact on earnings by one-offs
 Shaping profile in the global military vehicle
business by the new division Vehicle Systems
23
Rheinmetall Defence
Rheinmetall Defence
The new Vehicle Systems Division – a competitive international supplier
 Leading European supplier of military vehicle systems with expected
sales of €1.4 billion (in 2016) and a strong order backlog of €4.0 billion (end of 2015)
 Sole provider of the complete product portfolio of military vehicles
(tracked, wheeled, tactical, logistical) and turrets in the Western world
 New vehicles are ready for market launch: amphibious wheeled vehicle,
infantry fighting vehicle
 Strong market position setting a solid basis in the further consolidation process
of the industry
24
Rheinmetall Defence
Turnaround of the operational performance
Return to profitability by operational improvements and no further one-offs
Operational earnings Defence in EUR million
Sales Defence in EUR million
90
2,591
2,240
977
705
1,382
88
1
26
667
600
-109
-150
-9
-13
2014
2015
2014
2015
Combat Systems
-1
-9
Electronic Solutions
Combat Systems
― Order execution boosts sales
― Improved economies of scale and
product mix
― One-off for warranty naval guns in 2014
― Growth impacted by strong CHF
― Losses in Norway reduced
― One-off for CTC Russia in 2014
759
0
REASONS FOR EARNINGS DEVELOPMENT
-11
Wheeled Vehicles
Wheeled Vehicles
― Lower sales due to volatility of projects
― Earnings stabilized but as expected still
negative
Consolidation/Others
25
Rheinmetall Defence
Organic growth
Main strategic drivers
DEFENCE
O R G A N I C
High order potential
in German home market
Global market growth
Increase of Defense
budgets due to changing
security situation
G R O W T H
High order backlog
Secures solid future
growth of Rheinmetall
Defence in mid-term
perspective
New markets
Approaching new markets
with local partners and
with
Innovative products
and developments
(e.g. laser technology)
26
Rheinmetall Defence
Growth driver “High order potential Germany”
A number of projects targeted by Rheinmetall
Fox
Upgrade order (2016)
Potential ~€200 mill.
Additional 6x6-vehicles
Mid term potential €1 billion
Leopard 2
Upgrade order for 104 tanks
Potential up to €200 mill.
Marder
Lifetime extension
Potential ~€75 million
Boxer
Order for 131 vehicles,
Volume €130 million
Gladius soldier system
Order expected for 2016/17
Potential ~€250 million
Further Soldier systems
Mid term potential ~€500 mill.
Puma
Additional equipment
Potential €600 million
Demand for additional IFVs
Long term potential €900 mill.
2016
2017
Ammunition
Restocking expected
Short and mid term
potential ~€500 mill.
2018
2019
Combat Training Center
Additional equipment
Potential > €50 million
Service contract
Potential €50-100 mill.
2020
BEYOND
Military trucks
Step-by-step replacement of 2,500 vehicles
Potential until 2025 > €1 billion
Additional demand for further vehicles
27
Rheinmetall Defence
Growth driver: Global markets
The Defence macro picture is changing
GERMANY
RUSSIA
 Intention to return to fully
equipped forces
USA
 Huge armed forces modernization
program launched in spite of lower
growth rates of defence budgets
 Necessity to spend EUR 130 billion
for armament up to 2030
 Trend of budget reduction stopped
 Defence spending expected of
USD >600 billion p.a.
NATO
EUROPE
 Return to increase defence
spending especially in Eastern
Europe (+4% annually until 2020) and
Baltic states (+2%)
CHINA
 Mid-term budget growth
of 7- 8 % p.a. expected
 Common target confirmed:
Moving defence budgets to 2% of
GDP until 2025
AUSTRALIA
 EUR 127 billion until 2026 to
modernize armed forces
28
Rheinmetall Defence
Growth driver “High order backlog”
Increased order backlog leads to improved visibility of mid-term sales
Order intake by region in EUR million
1,977
Rest of
the World
Asia/MENA
6,422
23%
43%
55%
4,772
~1,700
28%
57%
Germany
~2,400
~2,300
32%
Europe
(w/o Germany)
…turning into sales
+35%
2,694
16%
27%
Order backlog…
in EUR million
19%
45%
29%
26%
2010
2015
2010
2015
2016
2017e
2018e ff
29
Rheinmetall Defence
Growth driver “New markets”
Expanding local footprint by individual industrial partnerships
POLAND
TURKEY
— Cooperation with the Polish defence industry
for a major Leopard modernization program,
Order volume about EUR 220 million
― Rheinmetall Turk as a local entity is a
designated partner of joint ventures with
Turkish defence companies (Ammunition and
vehicle systems)
AUSTRALIA: LAND 400 PROGRAM
̶ Tender submitted in 2015, offering Boxer with Lance turret
̶ Teamed up with Northrop Grumman
̶ Down-selection in 2016, final decision not before 2018
̶ Total volume: appr. EUR 2.5 billion
̶ Strong international competition
30
Rheinmetall Defence
Growth driver “New products”
New technologies and products ready for market launch
M B T M O D E R N I Z AT I O N / N E W C A L I B E R
— Digital turret
core system
— New high-pressure 120mm cannon,
performance increase: +20%
— New cannon with a larger caliber,
performance increase: 50%
NEW CONCEPT MGCS*
— MGCS concept for new main battle tank started
— Currently in concept phase
until 2017 in cooperation with the industry
— Participation of several nations expected,
currently common project of Germany and France
*Main Ground Combat System
HIGH ENERGY LASER
― Laser technology developed, ready for operations
in 3-5 years
― Domestic R&D orders of EUR ~40 million received
― Qualification phase ongoing:
Successfully tested by German Navy
31
Rheinmetall Group
32
Rheinmetall Group
Short-term perspective
Outlook fiscal year 2016
Sales in € billion
2015
2016
Operational margin
2015
2016
Group
5.2
~ 5.5
5.5%
~ 6%
Defence
2.6
~ 2.8
3.5%
4.5-5%
Automotive
2.6
~ 2.7
8.3%
~ 8%
Assumptions
― Key large-scale projects in Defence to be realized as scheduled, no significant one-offs
― Global automotive industry growing as forecast
33
Rheinmetall Group
Mid-term perspective
Looking ahead: Markets and Rheinmetall
Markets with good mid-term perspectives: Global growth in Defence and Automotive
MARKET
SALES
CAGR 2015-2018e
OPERATIONAL
MARGIN
AUTOMOTIVE
2.8%
~ 4-5%
~ 8%
DEFENCE
1.1%
~ 8%
~ 6-7%
Changing markets
 Sustainable growth of global car production
 Gradually rising importance of hybridization
 R&D efforts in order to create higher
independency from engine concepts
 Increasing number of global tensions and
conflicts lead to enhanced efforts to modernize
ground forces
 Broad existing product portfolio covers increasing
demand of land forces
Source: IHS Automotive/IHS Jane’s (February 2016)
34
Appendix: Rheinmetall Group
35
Key figures: Group
in EUR million
Balance sheet
Income statement
2011
2012
2013
2014
2015
Total assets
4,832
4,899
4,866
5,271
5,730
Shareholder‘s equity
1,546
1,465
1,339
1,197
1,562
Equity ratio (in %)
32.0
29.9
27.5
22.7
27.3
Pension liabilities
729
919
891
1,121
1,128
Net financial debt
130
98
147
330
81
Net gearing (in %)
8.4
6.7
11.0
27.6
5.2
4,454
4,704
4,417
4,688
5,183
Operating result
342
268
211
160
287
Operating margin (in %)
7.7
5.7
4.8
3.4
5.5
EBITDA
538
490
315
299
490
EBIT
354
296
121
102
287
EBIT margin (in %)
7.9
6.3
2.7
2.2
5.5
EBT
295
216
45
22
221
Net income after minorities
213
173
29
18
151
Earnings per share (in EUR)
5.55
4.55
0.75
0.47
3.88
Dividend per share (in EUR); 2015: proposal
1.80
1.80
0.40
0.30
1.10
ROCE (in %)
14.9
11.5
4.7
3.9
10.1
93
125
20
-182
29
21,516
21,767
20,264
20,166
20,676
Sales
Cash flow statement
Free cash flow from operations
Headcount
Employees (Dec 31) according to capacity
2013 figures adjusted according to IFRS 5 (Discontinued Operations) with regard to the formation of the ATAG JV and according to IFRS 11 (Joint Arrangements)
36
Key figures: Segments 2011 – 2015
AUTOMOTIVE
DEFENCE
2011
2012
2013
2014
2015
in EUR million
2011
2012
2013
2014
2015
2,357
2,378
2,270
2,466
2,621
Order intake
1,831
2,933
3,339
2,812
2,693
409
418
392
416
445
Order backlog (Dec. 31)
4,541
4,987
6,050
6,516
6,422
2,313
2,369
2,262
2,448
2,592
Sales
2,141
2,335
2,155
2,240
2,591
151
139
158
184
216
Operating result
212
146
60
-9
90
6.5
5.9
7.0
7.5
8.3
Operating margin (in %)
9.9
6.3
2.8
-0.4
3.5
254
243
225
295
332
EBITDA
303
262
96
17
175
151
139
124
184
216
EBIT
223
173
4
-67
90
6.5
5.9
5.5
7.5
8.3
EBIT margin (in %)
10.4
7.4
0.2
-3.0
3.5
104
148
142
158
167
Capex
102
90
62
76
96
11,548
12,003
10,927
10,830
10,934
Employees (Dec 31) according to capacity
9,833
9,623
9,193
9,184
9,581
1,025
1,091
1,171
1,322
1,540
Mechatronics
69
69
66
96
6.7
6.3
5.6
1,092
1,087
65
Sales
Combat
1,198
1,136
1,027
977
1,382
118
EBIT
Systems
146
102
31
-4
88
7.3
8.1
EBIT margin
12.2
9.0
3.0
-0.4
6.4
889
934
952
57
27
72
6.0
5.2
3.0
258
265
24
9.3
Sales
Electronic
799
748
710
705
759
73
EBIT
Solutions
86
97
11
-53
26
7.7
7.7
EBIT margin
10.8
13.0
1.5
-7.5
3.4
268
269
285
25
27
26
9.4
10.1
9.7
Hardparts
Sales
Wheeled
255
567
539
667
600
27
EBIT
Vehicles
-12
-25
-35
-9
-11
9.5
EBIT margin
-4.7
-4.4
-6.5
-1.4
-1.8
Aftermarket
2013 figures adjusted according to IFRS 5 (Discontinued Operations) with regard to the formation of the ATAG JV and according to IFRS 11 (Joint Arrangements)
37
Cash credit facilities and net financial debt
Cash credit facilities
(as of Dec. 31, 2015)
in EUR million
Net financial debt (at year-end) in EUR million
Net gearing* in %
Net financial debt
(at quarter end)
in EUR million
~1,580
Bilateral
bank facilities
~400
Syndicated loan
(due 09/2020)
500
330
5-year-average
Promissory
note loans
(due 2019-2024)
179
Bond
(due 09/2017)
500
98
464
549
606
157
Financing
frame
147
130
Q1
Q2
Q3
Q4
8%
2011
28%
7%
11%
2012
2013
2014
81
5%
2015
* Net debt in % of equity
38
Fiscal year 2015: survey
in EUR million
2014
2015
∆ 2015/2014
Sales
4,688
5,183
+ 495
+ 11%
Operational earnings
160
287
+ 127
+ 79%
Special items: one-offs, restructuring costs
- 58
0
+ 58
EBIT (reported)
102
287
+ 185
+ 181%
EBT
22
221
+ 199
+ 905%
Group net income*
21
21
+0
± 0%
Earnings per share* in EUR
0.47
3.88
+ 3.41
+ 726%
Dividend in EUR
0.30
1.10**
+ 0,80
+ 267%
Payout ratio in%
64
28
- 36 pp
- 56%
20,166
20,676
+ 510
+ 3%
Employees (Dec 31)
* Continuing and discontinued operations
** Dividend proposal to the Annual General Meeting
39
Quarterly development
Operational earnings in EUR million
1,601
147
1,473
1,173
1,221
121
1,164
966
856
509
545
101
75
547
45
617
664
676
617
635
61
22
57
1
16
55
59
50
52
-3
-5
-6
Q2 2015
Q3 2015
Q4 2015
1
-28
-5
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Defence
Automotive
Q4 2014
Q1 2015
40
Research & development, capex, depreciation & amortization
R&D in EUR million
Capex in EUR million
269
24*
239
310
19*
197
214
190
215
4.6%
4.1%
24
24
2014
2015
D&A in EUR million
245
5.7%
291
6.0%
4.2%
203
3.9%
thereof capitalized
2014
2015
2014
2015
* Subsidies for tooling costs
41
Cash flow statement
Continuing operations
in EUR million
Q4 2015 ∆ Q4 2015/
Q4 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Group net income
41
5
29
30
96
+55
Amortization / depreciation
59
49
50
49
55
-4
Change in pension accruals
-2
0
1
0
2
+4
Cash flow
98
54
80
79
153
+55
Changes in working capital and
other items
337
-202
-100
8
267
-70
Net cash used in operating
activities
435
-148
-20
87
420
-15
- 120
-56
-55
-78
-121
-1
315
-204
-75
9
299
-16
Cash outflow for additions to
tangible and intangible assets
42
Appendix: Rheinmetall Automotive
The divisional structure of Automotive
Focused on the attractive segment of powertrain technology
RHEINMETALL AUTOMOTIVE
EUR 2.6 billion
Mechatronics
Hardparts
Aftermarket
Pistons
Emission Systems
International
Large-bore pistons
Solenoid Valves
National
Bearings
Commercial Diesel Systems
Actuators
Pumps
Joint ventures with HASCO in China/Europe (50:50; consolidated at equity)
Sales figure FY 2015
43
in EUR million
Sales
EBIT (reported)
Employees (Dec 31)
2014
∆ 2015/2014
2015
2,448
2,592
+ 144
+ 6%
184
216
+ 32
+ 17%
0
0
±0
± 0%
184
216
+ 32
+ 17%
10,830
10,934
+ 104
+ 1%
44
Key figures by division
Mechatronics
+6%
Sales
2,592
2,448
2015
+2%
1,322
1,450
2014
+17%
2015
952
934
2014
2015
+6%
2014
118
96
184
2015
2014
+11%
2014
2015
+23%
216
7.5%
285
269
+1%
2014
Operational
margin
Aftermarket
+10%
2014
Operational
earnings
Hardparts
2015
2014
+11%
+8.3%
2015
7.3%
2014
73
72
2015
+4%
2014
2015
7.7%
2014
2015
-2%
0%
8.1%
27
26
7.7%
2015
9.7%
2014
9.5%
2015
Figures before intra-segmental consolidation
45
Operational earnings Automotive in EUR million
Sales Automotive in EUR million
676
664
617
617
248
242
229
55
635
45
237
20
225
59
19
14
21
340
375
376
67
-19
69
-22
Q4 2014
Q1 2015
Hardparts
31
34
7
2
Q3 2015
333
366
74
-22
74
-27
68
-24
7
7
-5
-3
7
-1
Q2 2015
Q3 2015
Q4 2015
Q4 2014
Q1 2015
Q2 2015
Mechatronics
Aftermarket
50
27
22
52
20
26
0
6
Q4 2015
Figures adjusted according to IFRS 5 (Discontinued Operations) with regard to the formation of the ATAG JV and according to IFRS 11 (Joint Arrangements)
46
Cash flow statement
2014
2015
∆ 2015/2014
Group net income
131
161
+30
121
116
-5
-1
-2
-1
Cash flow
251
275
+ 24
Changes in working capital and other items
- 21
+7
+28
Net cash used in operating activities
230
282
+52
- 196
-186
+10
34
96
+ 62
in EUR million
Cash outflow for additions to tangible and
intangible assets
47
R&D in EUR million
182
24*
167
7.0%
149
6.1%
140
186
19*
7.2%
6.4%
158
9
9
2014
2015
D&A in EUR million
158
167
2014
2015
111
116
4.5%
4.5%
2014
2015
thereof capitalized
48
Sales by customers and by regions
Sales by customer in %
Sales by region in EUR million
Sales growth in %
Non-LV business: 33%
Trucks/Others
Ships/
Power plants/
MIR*
VW/Porsche/Audi
12%
17%
14%
7%
Aftermarket
11% Renault/
Nissan
3%
7%
5%
PSA
4%
Others
5%
5%
GM
Daimler
Fiat BMW
528
523
+1%
1,191
+4%
241
+27%
307
-1%
493
+6%
520
+2%
11%
* MIR: Marine, Industrial , Recreational
** Source: IHS Automotive (February 2016)
2,592
2,448
Ford
2015
Market Growth**
in %
2014
1,238
+2%
+4%
2015
Germany
Asia (w/o China JVs)
Europe (excl. Germany)
Rest of the World
49
Automotive in China
50/50 joint ventures
with HASCO (SAIC group)
Wholly Foreign-Owned Enterprises
(100% Rheinmetall Automotive)
JV subsidiary
Castings (ATAG)
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
structural body
parts
Pistons
Engine blocks,
cylinder heads and
structural body
parts
Electrical and
mechanical
pumps
Spare parts
EGR modules and
electric throttle
bodies
Large-bore
pistons
Electrical and
mechanical
pumps
Germany/
Europe
China
China
EBIT China in EUR million
Sales China in EUR million
+28%
53
8
13
388
628
785
2011
2012
2013
2014
2015
298
WFOEs
86
29
499
0%
JVs
(100%)
22
0
31
-1
2018e
2011
China
2012
39
-5
2013
1
52
4
49
2014
2015
2018e
50
Automotive in India
Subsidiaries in India (100% Ownership)
Shareholding in India (20%)
Pierburg
Pierburg Pumps
Bearings
Shriram Pistons & Rings Ltd.
1997
2001
2012
2008
EGR valves
EGR valves (Com. Diesel)
Throttle bodies
Mechanical oil
pumps
Sales - subsidiaries
in EUR million
Bearings
Bushings
Thrust washers
Strips
EBIT - subsidiaries
in EUR million
Light vehicle pistons
Sales –
Shriram Pistons
in EUR million
Net profit–
Shriram Pistons
in EUR million
146 151 156
7
30
2014
9
7
39
2015
2018e
-1,0
-0,3
2014
2015
2018e
2013 2014 2015
2013 2014 2015
Source: Shriram, annual reports
51
Appendix: Rheinmetall Defence
New divisional structure of Defence
Transfer of Combat Platforms
RHEINMETALL DEFENCE
Vehicle Systems
Previously: Wheeled Vehicles
EUR 2.6 billion
Weapon & Munition
Previously: Combat Systems
Logistic Vehicles
Air Defence & Naval Systems
Weapon & Munition
Tactical Vehicles
Mission Equipment
Propulsion Systems
Simulation and Training
Protection Systems
Combat Platforms
Combat Platforms*:
Sales: 317 mEUR (2014); 597 mEUR (2015)
* after consolidation
Sales figure FY 2015
52
∆ 2015/ 2014
2014
2015
Order intake
2,812
2,693
- 119
- 4%
Order backlog (Dec 31)
6,516
6,422
- 94
- 1%
Sales
2,240
2,591
+ 351
+ 16%
-9
90
+ 99
- 58
0
+ 58
EBIT (reported)
- 67
90
+ 157
9,184
9,581
+ 397
in EUR million
Employees (Dec 31)
+ 4%
53
Key figures Defence by division
Combat Systems
+351
Sales
Wheeled Vehicles
+41%
+8%
2,591
2,240
2014
Operational
earnings
2015
+99
1,382
977
2014
90
+88
2015
2014
2015
705
759
667
600
2014
2015
2014
2015
+25
88
0
-9
-10%
1
2014
2015
-2
26
2014
2015
-9
-11
2014
2015
+6.4pp
+3.9pp
Operational
margin
-0.4%
2014
+3.5%
2015
+3.3pp
0.0%
2014
+6.4%
0.1%
2015
2014
+3.4%
2015
-0.5pp
-1.3%
2014
-1.8%
2015
Figures before intra-segmental consolidation
54
Operational earnings Defence in EUR million
Sales Defence in EUR million
101
966
75
856
553
419
509
239
239
545
278
571
271
155
174
137
138
-47
-26
-26
114
-29
Q4 2014
Q1 2015
Q2 2015
Q3 2015
245
Combat Systems
52
16
17
13
312
159
82
10
0
0
4
-6
14
9
1
-11
-11
Q3 2015
Q4 2015
-2
-8
-3
-28
-69
Wheeled Vehicles
3
-15
211
Q4 2015
1
16
Q4 2014
Q1 2015
Q2 2015
55
Cash flow statement
in EUR million
∆ 2015/2014
2014
2015
- 72
32
+104
85
85
0
0
8
+8
13
125
+ 112
Changes in working capital and other items
- 69
- 67
+2
Net cash used in operating activities
- 56
58
+114
Cash outflow for additions to tangible and
intangible assets
- 76
- 96
-20
- 132
- 38
+ 94
Group net income
Cash flow
56
R&D in EUR million
D&A in EUR million
96
76
72
65
2.9%
50
3.7%
85
85
3.8%
3.3%
2014
2015
3.4%
2.8%
57
15
15
2014
2015
thereof capitalized
2014
2015
57
Rheinmetall Group
Disclaimer
This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of
1995 with respect to Rheinmetall’s financial condition, results of operations and businesses and certain of Rheinmetall’s plans and
objectives. 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 2016.
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 to 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.
160317 Analysts conference FY2015
58

2015

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