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Vossloh AG

Quarterly Report • Apr 27, 2017

478_10-q_2017-04-27_caa9025c-fbd8-4dd1-8663-86266247e75f.pdf

Quarterly Report

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Quarterly Statement as of March 31, 2017

Clear focus. Sharpened profile.

Draft, version 4, as of 3/8/2016, 11:20 a.m.

Disclaimer

Note:

This presentation contains statements concerning the future business performance of the Vossloh Group that are based on assumptions and estimates from the company management. If the assumptions that the projections are based on fail to occur, the actual results of the projected statements may differ substantially. Uncertainties include changes in the political, commercial and economic climate, the actions of competitors, legislative reforms, the effects of future case law and fluctuations in exchange rates and interest rates. Vossloh and its Group companies, consultants and representatives assume no responsibility for possible losses associated with the use of this presentation or its contents. Vossloh assumes no obligation to update the forecast statements in this presentation.

The information contained in this presentation does not constitute an offer or an invitation to sell or buy shares of Vossloh AG or shares of other companies.

Vossloh Group

Vossloh off to a good start in the 2017 fiscal year

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Sales revenues clearly up year over year, in particular thanks to the initial consolidation of Vossloh Tie Technologies (VTT) and the improved business performance of Transportation and Vossloh Fastening Systems (VFS); Customized Modules down year over year

Essentially, a project mix with higher margins in VFS led to a significant EBIT increase in Q1 2017

Net income up only slightly year over year due to higher tax expense and lower result from discontinued operations

Free cash flow from continuing operations close to previous year's level

Orders received down, even including VTT; the previous year favored by larger orders (Morocco, Saudi Arabia, Qatar); book-to-bill ratio for the core business above 1

*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

**WACC 2017: 7.5 percent (previous year: 9 percent).

*** Also includes effects from discontinued operations. The previous year includes a free cash flow from the disposed Electrical Systems business unit to the tune of -€25 million. 2017, in contrast, has a slightly positive contribution.

Vossloh Group

Equity ratio improved, net financial debt reduced

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The equity ratio significantly above the previous year mostly due to the capital increase executed in June 2016 and the sale of Electrical Systems

Average working capital intensity

significantly improved year over year

Average capital employed increased due to the initial consolidation of VTT

Net financial debt significantly lower year over year due to inflow from the capital increase in the previous year and the disposal of Electrical Systems in Q1 as well as due to the positive free cash flow in the last twelve months; opposing this, the outflow of funds for the acquisition of VTT

*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

Core Components division

Sales revenues significantly higher, EBIT noticeably increased

  • High deliveries for orders with higher margins; Q1 2017 additionally affected by investment income from a nonconsolidated company
  • Average working capital at previous year's level despite inclusion of VTT (€59.3 mill. after €59.2 mill.), average capital employed increased (€228.3 mill. after €110.5 mill.)
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Fastening Systems business unit

Positive sales and earnings performance in first quarter

  • Significant growth in sales revenues particularly due to positive revenue performance in China (especially the major Jingshen project connecting Peking to Shenyang); Saudi Arabia and Italy also with higher sales year over year
  • Value added up due to larger sales volume, a project mix with higher margins, investment income and lower capital costs year over year (both average capital employed and WACC lower)
  • Orders received down; in the previous year, significant orders from Saudi Arabia and Qatar obtained

Tie Technologies business unit

Business performance meets expectations

  • More than 80 percent of sales revenues obtained in the USA; remaining business primarily from Mexico; sales performance as expected
  • Average capital employed includes goodwill of about €50 million; in addition, value added was impacted by negative effects from the preliminary purchase price allocation
  • Book-to-bill ratio at 1.3

Customized Modules division

Earnings and profitability overall slightly higher year over year

  • Sales revenues down year over year due to lower sales in Israel and high-speed projects in France coming to a close; good sales performance in Africa (especially in Morocco)
  • EBIT in the previous year affected by fine notification due to antitrust behavior; furthermore, business development in the USA continued to be weak
  • Orders received in the previous year benefited from a large order from Morocco; orders received for 2017 overall expected to be at previous year's level
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Lifecycle Solutions division

Significant year-over-year increase in sales revenues

  • Substantial increase in sales revenues particularly due to positive business performance in China and also higher sales revenues due to consolidation of Alpha Rail Team
  • Earnings increased in the mobile welding and High Speed Grinding; in contrast, lower profit contributions from rail and switch logistics
  • Average working capital clearly down despite higher sales (€8.8 mill. after €11.0 mill.), average capital employed slightly above previous year (€133.5 mill. after €128.4 mill.)
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Transportation division

Sales revenues and profit improved year over year

  • Sales revenues nearly doubled year over year, primarily due to increased sales volume with type DE 18 locomotives
  • EBIT only improved to a limited extent due to higher proportion of low-margin sales (used locomotives and prototypes)
  • Average working capital only slightly up despite significantly higher sales (€31.3 mill. after €27.9 mill.), average capital employed up over previous year (€54.6 mill. after €47.4 mill.)
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*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

Vossloh Group

Sales higher in USA due to acquisitions, strong increase in Asia

Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

*

Vossloh Group, Outlook

Strong first quarter confirms outlook

Railway Technology Market 2016–2021** Continuous growth in the amount of 3.2 percent expected in the accessible railway technology market The relevant accessible market for railway infrastructure and infrastructure services expected to grow 3.7 percent, which is above the average

  • Based on the current Group structure.
  • ** CAGR 2019–2021 compared to 2013–2015 Source: World Rail Market Study forecast 2016 to 2021, UNIFE – The European Rail Industry, Roland Berger Strategy Consultants.

*

Financial calendar and contact information

Financial Calendar

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Contact Information for Investors

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Contact Information for the Media

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www.vossloh.com

Appendix

Vossloh Group

Income statement

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Currency gains and losses related to financing activities have been included in the net interest income/loss since the beginning of the 2017 fiscal year. In previous years, they were included in other operating result. The previous year was adjusted accordingly, and the €0.5 million currency loss was reclassified under the interest expenses. Currency losses from financing activities also amounted to €0.5 million in the reporting quarter.

*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

Vossloh Group Balance sheet

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ta
a
a
ca
p		 3
0.
9		 1
4
6.
5		 1
4
6.
5
Inv
ies
tm
t p
t
es
en
ro
p
er		 4.
2		 3.
6		 3.
5		 Re
ine
d e
ing
d
inc
ta
t
ar
n
s a
n
ne
om
e		 3
3
0.
1		 3
3
3.
2		 3
3
3.
5
Inv
in
ies
tm
ts
es
en
co
mp
an
d
fo
te
ac
co
un
r
ing
he
i
ho
d
t
ty
t
us
e
q
u
me		 3
3.
4		 3
5.
0		 3
5.
0		 Ac
la
d o
he
he
ive
te
t
cu
mu
r c
om
p
re
ns
inc
om
e		 1
0.
2		 7.
8		 1
1.
3
O
he
f
ina
ia
l
t
t
r n
on
-c
ur
re
n
nc
ins
tru
ts
me
n		 9.
4		 7.
6		 9.
4		 Eq
i
lu
d
in
l
l
in
ty
tro
u
e
xc
g
no
n-
co
n
g
in
te
ts
re
s		 4
0
9.
0		 5
3
2.
8		 5
3
6.
6
Su
dr
t a
ts
n
y
no
n-
cu
rre
n
ss
e		 3.
1		 3.
4		 0.
9		 No
l
l
ing
in
tro
te
ts
n-
co
n
res		 1
4
7.		 1
8.
0		 1
9.
9
De
fe
d
tax
ts
rre
as
se		 2
8.
6		 2
8.
2		 3
1.
4		 Eq
i
ty
u		 4
2
6.
4		 5
5
0.
8		 5
5
6.
5
No
t a
ts
n-
cu
rre
n
ss
e		 5
1
1.
3		 5
2
2.
7		 6
4
4.
4		 Pe
ion
is
ion
ns
p
rov
s		 2
2.
1		 2
5.
4		 2
7.
5
Inv
ies
to
en
r		 2
4
7.
5		 2
1
8.
9		 2
6
1.
9		 O
he
is
ion
t
t p
r n
on
-c
ur
re
n
rov
s		 2
6.
4		 2
9.
7		 2
9.
2
Tr
de
iva
b
les
a
re
ce		 2
0
9.
9		 1
7
7.
0		 2
0
1.
8		 No
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
n-
cu
rre
n
nc		 2
4
6.
7		 2
4
6.
9		 1
4
7.
8
Re
iva
b
les
fro
ion
tru
t
ce
m
co
ns
c
tra
ts
co
n
c		 6
7.		 8.
5		 1
3.
0		 O
he
l
ia
b
i
l
i
ies
t
t
t
r n
on
-c
ur
re
n		 6.
8		 4.
2		 3.
6
Inc
tax
ts
om
e
as
se		 6.
7		 3.
9		 3.
8		 De
fe
d
l
ia
b
i
l
i
ies
tax
t
rre		 2.
9		 4.
1		 2
4.
7
Su
dr
t a
ts
n
y
cu
rre
n
ss
e		 6
1.
2		 3
4.
8		 4
7.
5		 No
l
ia
b
i
l
i
ies
t
t
n-
cu
rre
n		 3
0
4.
9		 3
1
0.
3		 2
3
2.
8
S
ho
i
ies
t-
te
t
r
rm
se
cu
r		 0.
4		 0.
5		 0.
6		 O
he
is
ion
t
t p
r c
ur
re
n
rov
s		 6
6.
9		 6
2
7.		 6
3.
4
Ca
h a
d c
h e
iva
len
ts
s
n
as
q
u		 4
2.
1		 1
7
1.
2		 4
9.
7		 Cu
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
rre
n
nc		 7
6.
9		 8.
7		 8
9.
2
Cu
t a
ts
rre
n
ss
e		 5
7
5.
4		 6
1
4.
8		 5
7
8.
3		 Cu
de
b
les
t
tra
rre
n
p
ay
a		 1
2
8.
2		 1
3
2.
1		 1
4
7.
9
As
he
l
d
fo
le
ts
se
r s
a		 2
8
6.
3		 2
3
0.
1		 0.
0		 Cu
l
ia
b
i
l
i
ies
fro
ion
t
t
tru
t
rre
n
m
co
ns
c
tra
ts
co
n
c		 1
0.
2		 1
1.
4		 4.
1
Cu
inc
l
ia
b
i
l
i
ies
t
tax
t
rre
n
om
e		 1
0.
8		 1
1.
0		 1
3.
1
O
he
l
ia
b
i
l
i
ies
t
t
t
r c
ur
re
n		 1
2
7.
5		 9
6
5.		 1
1
5.
7
Cu
l
ia
b
i
l
i
ies
t
t
rre
n		 4
2
0.
5		 3
2
6.
0		 4
3
3.
4
fo
L
ia
b
i
l
i
ies
he
l
d
le
t
r s
a		 2
2
1.
2		 1
8
0.
5		 0.
0
As
ts
se		 1,
3
7
3.
0		 1,
3
6
7.
6		 1,
2
2
2.
7		 Eq
i
d
l
ia
b
i
l
i
ies
ty
t
u
a
n		 1,
3
7
3.
0		 1,
3
6
7.
6		 1,
2
2
2.
7

*The figures were adjusted due to the disposal of the former Electrical Systems business unit.

DivisionsKey performance indicators

Co
Co
ts
re
m
p
on
en		 Sy
Fa
in
te
te
s
n
g
s
m
s		 T
ie
Te
hn
lo
ies
c
o
g
1–
3
/
2
0
1
6		 1–
3
/
2
0
1
7		 1–
3
/
2
0
1
6		 1–
3
/
2
0
1
7		 1–
3
/
2
0
1
6		 1–
3
/
2
0
1
7
Ne
les
t s
a		 €
i
l
l
ion
m		 5
1.
3		 7
8.
2		 5
1.
3		 5
9.
1		 1
9.
5
E
B
I
T		 €
i
l
l
ion
m		 6.
6		 1
1.
6
E
B
I
T
in
ma
rg		 % 1
3.
0		 1
4.
8
Ø
W
k
ing
i
l
(
)
ta
or
ca
p		 €
i
l
l
ion
m		 5
9.
2		 5
9.
3
W
k
ing
i
l
in
i
(
Ø
)
ta
te
ty
or
ca
p
ns		 % 2
8.
8		 1
9.
0
Ca
(
Ø
)
i
l e
loy
d
ta
p
mp
e		 €
i
l
l
ion
m		 1
1
0.
5		 2
2
8.
3
R
O
C
E		 % 2
4.
0		 2
0.
3
Va
lue
d
de
d
a		 €
i
l
l
ion
m		 4.
2		 7.
3		 4.
2		 9.
1		 (
)
1.
8
Or
de
ive
d
rs
re
ce		 €
i
l
l
ion
m		 6
5.
0		 7
1.
5		 6
5.
0		 4
6.
6		 2
5.
3
Or
(
/
)
de
ba
k
log
los
ing
da
3
3
1
te
r
c
c		 €
i
l
l
ion
m		 1
9
1.
3		 2
1
0.
9		 1
9
1.
3		 1
7
0.
4		 4
0.
6
Ca
i
l e
d
i
ta
tu
p
xp
en
res		 €
i
l
l
ion
m		 0.
7		 1.
0		 0.
7		 0.
5		 0.
5
/a
De
ia
ion
iza
ion
t
t
t
p
re
c
mo
r		 €
i
l
l
ion
m		 2.
1		 4.
8		 2.
1		 2.
0		 2.
8

DivisionsKey performance indicators

Cu
ize
d
Mo
du
les
to
s
m		 L
i
fe
le
So
lu
io
t
cy
c
ns		 Tr
io
ta
t
an
sp
or
n
/
1–
3
2
0
1
6		 /
1–
3
2
0
1
7		 /
1–
3
2
0
1
6		 /
1–
3
2
0
1
7		 /
1–
3
2
0
1
6
*		 /
1–
3
2
0
1
7
Ne
les
t s
a		 €
i
l
l
ion
m		 1
1
1.
9		 1
0
1.
9		 1
3.
7		 1
7.
3		 1
5.
1		 2
8.
1
E
B
I
T		 €
i
l
l
ion
m		 2.
4		 2.
7		 (
)
1.
0		 (
)
0.
9		 (
)
3.
2		 (
)
2.
8
E
B
I
T
in
ma
rg		 % 2.
2		 2.
6		 (
1
)
7.		 (
0
)
5.		 (
2
1.
1
)		 (
1
0.
0
)
(
Ø
)
W
k
ing
i
l
ta
or
ca
p		 €
i
l
l
ion
m		 1
3
3.
9		 1
3
1.
5		 1
1.
0		 8.
8		 2
7.
9		 3
1.
3
W
k
ing
i
l
in
i
(
Ø
)
ta
te
ty
or
ca
p
ns		 % 2
9.
9		 3
2.
3		 2
0.
0		 1
2.
7		 4
6.
1		 2
8
7.
Ca
i
l e
loy
d
(
Ø
)
ta
p
mp
e		 €
i
l
l
ion
m		 4
1
8.
4		 4
1
8.
7		 1
2
8.
4		 1
3
3.
5		 4
7.
4		 5
4.
6
O
C
R
E		 % 2.
3		 2.
6		 (
)
3.
1		 (
)
2.
6		 (
)
2
6.
9		 (
)
2
0.
6
Va
lue
d
de
d
a		 €
i
l
l
ion
m		 (
)
7.
0		 (
)
5.
2		 (
)
3.
9		 (
)
3.
4		 (
)
4.
3		 (
)
3.
8
Or
de
ive
d
rs
re
ce		 €
i
l
l
ion
m		 1
3.
9
5		 1
0
9.
0		 2
2.
2		 2
2.
6		 1
0.
9		 9.
2
Or
(
/
)
de
ba
k
log
los
ing
da
3
3
1
te
r
c
c		 €
i
l
l
ion
m		 3
4
0.
2		 2
8
6.
5		 1
6.
3		 3
4.
7		 9
5.
0		 2
1
9.
9
Ca
i
l e
d
i
ta
tu
p
xp
en
res		 €
i
l
l
ion
m		 0.
5		 2.
8		 1.
6		 1.
0		 1.
3		 1.
4
De
ia
ion
/a
iza
ion
t
t
t
p
re
c
mo
r		 €
i
l
l
ion
m		 3.
1		 3.
4		 1.
5		 1.
7		 1.
0		 0.
9

*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

Vossloh Group Cash flow statement

€
i
l
l
io
m
n		 1–
3
/
2
0
1
6
*		 1–
3
/
2
0
1
7
Ea
ing
be
fo
in
d
(
E
B
I
T
)
te
t a
tax
rn
s
re
res
n
es		 2.
0		 1
7.
E
B
I
T
fro
d
isc
inu
d o
ion
t
t
m
on
e
p
er
a
s		 5.
7		 2.
6
/
/
(
)
Am
iza
ion
de
ia
ion
im
irm
los
les
i
f n
t
t
t
t
te
t a
ts
or
p
re
c
p
a
en
se
s
s w
r
-u
p
o
on
-c
ur
re
n
ss
e		 9.
0		 1
1.
0
C
ha
in
is
ion
t p
ng
e
no
n-
cu
rre
n
rov
s		 (
2.
4
)		 (
0.
3
)
Gr
h
f
low
os
s c
as		 1
4.
3		 2
0.
4
Inc
i
d
tax
om
e
es
p
a		 (
3.
8
)		 (
1
)
5.
7
C
ha
in
k
ing
i
l
ta
ng
e
wo
r
ca
p		 (
)
4
6.
3		 (
)
4
1.
1
O
he
ha
t
r c
ng
es		 (
)
1
4.
7		 1
3.
8
Ca
h
f
low
fro
in
iv
i
ies
t
t
t
s
m
op
er
a
g
ac		 (
5
0.
5
)		 (
2
2.
6
)
Inv
in
in
i
b
le
d
lan
d e
ip
tm
ts
ta
ts
ty
t a
t
es
en
ng
as
se
an
p
ro
p
er
p
n
q
me
n
u
,		 (
)
4.
6		 (
)
6.
6
Fr
h
f
low
ee
c
as		 (
)
5
5.
1		 (
)
2
9.
2

In the first quarter of 2017, below the free cash flow the cash flow statement additionally contains a net cash inflow from the disposal of consolidated companies (disposal of Electrical Systems) in the amount of €42.4 million and payments for the acquisition of consolidated companies (acquisition of VTT) in the amount of €117.6 million.

*Previous year's figures were adjusted due to the disposal of the former Electrical Systems business unit.

Vossloh Group Workforce

C
lo
in
da
te
s
g		 Av
er
ag
e
W
k
fo
or
rc
e		 /
/
3
3
1
2
0
1
6		 /
/
3
3
1
2
0
1
7		 /
1–
3
2
0
1
6		 /
1–
3
2
0
1
7
Co
Co
ts
re
mp
on
en		 6
4
2		 8
6
5		 6
2
9		 8
6
7
Cu
ize
d
Mo
du
les
to
s
m		 2,
5
6
2		 2,
5
1
9		 2,
5
7
4		 2,
5
2
0
L
i
fe
le
So
lu
ion
t
cy
c
s		 4
6
5		 4
5
9		 4
5
1		 4
6
1
Tr
ion
ta
t
an
sp
or		 4
0
3		 4
0
2		 4
0
5		 3
9
4
Vo
lo
h
A
G
ss		 5
7		 6
2		 5
7		 6
1
To
l
ta		 4,
1
2
9		 4,
2
9
8		 4,
1
1
6		 4,
3
0
3

The Vossloh Share

Price Performance, Share Information and Shareholder Structure

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