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Rheinmetall AG Call Transcript 2017

May 4, 2017

356_ip_2017-05-04_ff8e9f0a-24d6-4f5a-a489-991cf62072b3.pdf

Call Transcript

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Conference Call Q1 2017

Düsseldorf / 4 May 2017

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 2017.

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.

Highlights Rheinmetall Group Q1 2017Successful start into 2017 for both segments

  • Sales increased by 14% to €1.349 bn
  • EBITmoved up by 61% to €50 m
  • Margin gained 1.1pp to 3.7%
  • Strong balance sheet with equity ratio at 29.3%
  • EPSgrew by 75% from €0.32 to €0.56
  • Announcements of strategically important partnerships in Defence
  • Outlook confirmed

Sales and results improved year over year

© Rheinmetall AG / Conference Call Q1 2017

Cash flow and earnings per share confirm positive trend

Highlights Rheinmetall Automotive Q1 2017 Favorable market development and base effect lead to strong sales growth

  • Sales rose by 13% to €737 m
  • Strong Q1 sales in line with front end loaded FY expectation for global LV production
  • EBIT grewby ~20% to €62 m
  • Margin increasedby 0.4pp to 8.4%
  • China activities with further improved sales and profitability

Automotive with positive leverage on the back of strong sales

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Quarterly sales and margins development

Comments on quarterly performance

  • Sales increase of €82 m driven by all divisions, Mechatronics contributing the major share
  • Good leverage rose operating result by ~20% to EUR 62 m
  • Operating free cash flow increased on higher results and lower investment by €21 m to -€118 m0

Very strong quarter for all three divisions

-Reasons for earnings development

Mechatronics

Sales increased mostly in products for emission reductions

Hardparts

Solid start to the year, especially in Europe; recovery in Large-bore Pistons and stable sales in Brazil on low levels

Aftermarket

Positive sales environment in Europe and Asia

Consolidation and others

Effect related mostly to buildup of a provision for environmental risks

Markets for light vehicle and non-light vehicle products outpaced

Growth especially in regions outside Europe

- Sales in million 214 218 +6%Q1 201725234Q1 201623824+8%1,8472461,6011,7101741,537- EBIT in million / in % 12024104+24%1441161214163Q1 20171619+26%Q1 20162- China LV production in million unitsQ1 20166.4Q1 20176.63%CNYEUR 6.8% 7.5% 6.9%9.8%

Mechatronics products gaining momentum in China

  • Hardparts JVs with modest growth
  • Strong growth of WFOEs, especially in Mechatronics
  • Limited FX-effect on sales
  • Margin further improved, especially in Mechatronics

© Rheinmetall AG / Conference Call Q1 2017

Including 100% figures of 50/50 JV, consolidated at equity WFOE = Wholly Foreign-Owned Enterprise

JVsWFOEs

Highlights Rheinmetall Defence Q1 2017 Solid quarter marked by strategic milestones

  • Sales increased by 16% to €612 m
  • EBIT rose by €7 m to -€10 m
  • EBIT margin gained 1.6pp to -1.6%
  • Despite low order intake in Q1, full year book-to-bill ratio expected to be at least around 1.0
  • Announcements of three strategically important partnerships

Defence: Top line growth converted into result improvements

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Quarterly sales and margins development

Comments on quarterly performance

  • Order entry in Q1 '16 inflated by two major orders (~€520 m)
  • Main sales driver: Vehicle Systems
  • Results improved by €7 m to -€10 m
  • Operating free cash flow rose by €32 m to -€72 m0

Earnings improvement in two divisions, Electronic Solutions stable

High backlog declines on soft order intake in Q1

Three major partnering agreements mark next step for potential growth

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Outlook 2017Sales and earnings targets confirmed

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Appendix

Financial reminder for 2017

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Quarterly development Group

8 7131611221734353635 43-5 -58 8 560Q4 201662Q3 2016 Q1 2017 51-4Q2 2016601Q1 2016520231 243 225 222 249 370387355 380 425-18 -18 74 83 81 85 83 Q1 2017737Q4 2016664-23Q3 2016643Q2 2016-20695Q1 2016654-21Mechatronics Hardparts Aftermarket Consolidation/Others Sales by division in EUR million Operational earnings by division in EUR million

-

Quarterly development Automotive

© Rheinmetall AG / Conference Call Q1 2017

-

Key figures Automotive by division (Q1 2016/2017)

Quarterly cash flow statement Automotive

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0
1
6		 2
0
1
6		 2
0
1
6		 2
0
1
7		 /
2
0
1
6
2
0
1
7
i
N
t
e
n
c
o
m
e		 3
8		 4
2		 3
6		 4
9		 6
4		 8
+
/
d
A
i
i
i
i
t
t
t
m
o
r
z
a
o
n
e
p
r
e
c
a
o
n		 3
3		 3
1		 2
9		 4
0		 3
2		 1
-
h
l
C
i
i
a
n
g
e
n
p
e
n
s
o
n
a
c
c
r
u
a
s		 - - 1 - 1 - - /
0
+
-
h
l
C
F
a
s
o
w		 7
1		 7
3		 6
4		 8
8		 7
8		 7
+
h
k
l
d
h
i
i
i
i
C
t
t
t
a
n
g
e
s
n
w
o
r
n
g
c
a
p
a
a
n
o
e
r
e
m
s		 8 -
1
7		 1
4		 1
7		 1
3
0		 1
7
2
-		 6
+
h
d
i
i
i
i
i
N
t
t
t
t
e
c
a
s
u
s
e
n
o
p
e
r
a
n
g
a
c
v
e
s		 0
1
7
-		 8
7		 8
1		 2
8
1		 9
4
-		 3
1
+
h
f
l
f
d
d
b
l
C
i
i
i
t
t
t
t
a
s
o
u
o
w
o
r
a
o
n
s
o
a
n
g
e		 3
2		 3
6		 5 -
3		 1 -
7		 2
4		 8
+
d
b
l
i
i
t
t
a
n
n
a
n
g
e
a
s
s
e
s		 - - -
h
f
l
f
i
F
t
r
e
e
c
a
s
o
r
o
m
o
p
e
r
a
o
n
s
w		 1
3
9
-		 5
1		 4
6		 1
4
7		 1
1
8
-		 2
1
+

263 287 361 483 150 179 172244178315 227 391350138191-57724 662-98Q3 2016-84612-671,034Q2 2016 Q4 2016 Q1 2017-63528Q1 20162525-730-625-60-5-2-4Q4 2016115-363-17Q1 20161 -4-10Q2 2016 Q1 2017 44 -330-1Q3 2016119Weapon & AmmunitionElectronic Solutions Vehicle Systems Consolidation/Others

-

in EUR million

Operational earnings by division

Quarterly development Defence

  • Sales by division in EUR million

Key figures Defence by division (Q1 2016/2017)

Quarterly cash flow statement Defence

i
i
l
l
i
E
U
R
n
m
o
n		 Q
1
2
0
1
6		 Q
2
2
0
1
6		 Q
3
2
0
1
6		 Q
4
2
0
1
6		 Q
1
2
0
1
7		 Δ
Q
1
/
2
0
1
6
2
0
1
7
N
i
t
e
n
o
m
e
c		 2
0
-		 3 1
3		 7
8		 1
6
-		 4
+
/
d
A
i
i
i
i
t
t
t
m
o
r
a
o
n
e
p
r
e
c
a
o
n
z		 2
2		 2
2		 2
2		 2
6		 2
4		 2
+
h
l
C
i
i
a
n
g
e
n
p
e
n
s
o
n
a
c
c
r
u
a
s		 1 2 1 3 - 3
-		 4
-
h
l
C
F
a
s
o
w		 3 2
7		 3
6		 0
1
5		 5 2
+
h
k
l
d
h
C
i
i
i
i
t
t
t
a
n
g
e
s
n
w
o
r
n
g
c
a
p
a
a
n
o
e
r
e
m
s		 0 -
9		 3 -
1
2		 8 - 2
4
8		 6
1
-		 2
9
+
h
d
i
i
i
i
i
N
t
t
t
t
e
c
a
s
u
s
e
n
o
p
e
r
a
n
g
a
c
v
e
s		 8
7
-		 9
6
-		 2
8		 3
5
3		 5
6
-		 3
1
+
h
f
l
f
b
l
d
d
i
i
i
C
t
t
t
t
a
s
o
u
o
w
o
r
a
o
n
s
o
a
n
g
e
d
b
l
i
i
t
t
a
n
n
a
n
g
e
a
s
s
e
s		 1
7
-		 2
1
-		 3 -
2		 4 -
3		 1
6
-		 1
+
h
f
l
f
i
F
t
r
e
e
c
a
s
o
w
r
o
m
o
p
e
r
a
o
n
s		 0
1
4
-		 1
1
7
-		 5 3
9
1		 2
7
-		 3
2
+

Income statement Group

l
lio
In
EU
R m
i
n		 I
S
n
c
o
m
e		 t
t
t
a
e
m
e
n
'1
Q
1
6		 '1
Q
1
7		 Δ '1
Q
1
6		 '1
Q
1
7		 Δ
fo
l o
ing
To
ta
t
p
er
a
p
er
rm
an
ce		 2
6
1,
5		 6
1,
4
1		 6
0
1		 (
)
ing
inc
Ne
E
B
I
T
t o
t
p
er
a
om
e		 3
1		 0
5		 9
1
Ne
in
inc
t
te
t
res
om
e		 - 3 3
In
te
t e
res
xp
en
se
s		 4 -
1		 5 -
1		 -1
he
O
ing
inc
t
t
r o
p
era
om
e		 2
6		 2
7		 1 be
fo
(
)
Ea
ing
E
B
T
ta
rn
s
re
x		 1
7		 3
8		 2
1
f m
ia
ls
Co
t o
te
s
a
r		 6
8
8		 7
6
2		 7
4		 Inc
tax
om
e		 5 - 0 -
1		 -5
l e
Pe
rso
nn
e
xp
en
se
s		 3
6
4		 3
9
8		 3
4		 Ne
inc
t
om
e		 1
2		 2
8		 1
6
de
d
Am
iza
ion
ia
ion
im
irm
t
t
t
t
or
p
rec
a
n
p
a
en
,		 5
5		 5
7		 2 f w
h
h:
ic
o
O
he
ing
t
t
r o
p
era
ex
p
en
se
s		 8
1
4		 1
7
4		 2
6		 ino
i
in
M
ty
te
t
r
res		 1 - 4 5
fro
d a
Inc
ies
ie
i
t e
ty
om
e
m
co
mp
an
ca
rr
q
u		 8 4 -4 he
l
l s
ha
ho
l
de
R
inm
ta
e
re
rs		 1
3		 2
4		 1
1
he
f
l re
l
O
ina
ia
t
ts
r
nc
su		 4 - 6 - -2
Ne
ing
inc
t o
t
p
er
a
om
e		 3
1		 5
0		 1
9		 E
B
I
T
D
A		 8
6		 1
0
7		 2
1

Cash flowstatement Group

In EUR million

Cash Flow Statement

Q
1
'16		 Q
1
'17		 Δ
Ne
t I
nc
om
e		 12
de
d i
Am
iza
tio
cia
tio
air
ort
nt
n,
pre
n a
n
mp
me		 55
f C
Do
ion
TA
tat
o		 -30 -30 0 de
ds
d o
be
Div
i
i
i R
HM
AG
ut
n
pa
ha
C
in
ion
isi
ng
es
pe
ns
pr
ov
on
s		 -1 -4 -3 he
fit
bu
Ot
dis
tri
tio
r p
ro
n
Inc
fro
dis
l o
f n
nt
ts
om
e
m
po
sa
on
-cu
rre
as
se		 0
C
ha
in
he
isi
ot
ng
es
r p
rov
on
s		 40
ha
C
in
in
rie
nto
ng
es
ve
s		 -85
/o
ha
b
les
lia
bi
liti
(w
C
in
iva
ng
es
re
ce
es
,
fin
l
de
bts
)
cia
an		 -18
0		 -12
1		 59
fer
d p
ai
d
&
de
d i
tem
an
rep
re
s		 f
fro
f
Ca
h
low
ina
ing
iv
t
s
m
nc
ac
inc
fro
inv
rrie
d a
ity
Pro
ta
tm
st
t e
ra
om
e
m
es
en
ca
qu		 -8
Div
i
de
ds
ive
d
fro
inv
rrie
d a
ity
tm
ts
t e
n
re
ce
m
es
en
ca
qu		 1
he
h e
d i
Ot
r n
on
-ca
s
xp
en
se
s a
n
nc
om
e		 -15
h
f
low
fro
Ca
ing
iv
it
ies
t
t
s
s
m
op
era
ac		 -21
1
Inv
in
est
nt
ets
me
s
ass		 -52
Ca
h r
eip
fro
he
dis
l o
f a
ts
t
ts
s
ec
m
po
sa
sse		 0 2 2
in
l
i
da
d c
ies
d o
he
f
ina
ia
l a
Inv
est
nt
te
t
ts
me
s
co
ns
o
om
pa
n
an
r
nc
sse		 -13 0 13
for
he
ha
f s
ho
ia
l p
Pa
ts
t
rt-t
ym
en
pu
rc
se
o
erm
co
mm
erc
ap
ers		 -67 -20
2		 -13
5
ha
div
f c
li
da
d c
d
fin
l a
C
e i
nie
cia
tm
ts
te
ets
ng
n
es
en
o
on
so
om
pa
s a
n
an
ss		 0 0
h r
fro
he
dis
l o
f s
ho
fin
l a
Ca
eip
cia
ts
t
rt-t
ts
s
ec
m
po
sa
erm
an
sse		 12
0		 12
0
h
f
low
fro
Ca
inv
ing
iv
it
ies
est
t
s
m
ac		 -13
2		 -12
3		 9
'16
Q
1		 '17
Q
1		 Δ
/ c
ita
l p
ita
l c
tri
bu
tio
by
l
lin
Ca
nt
to
tro
p
ay
me
ap
on
n
no
n-c
on
g		 sts
ere		 4
ha
li
da
d s
bs
dia
Inc
in
in
i
rie
te
rea
se
s
res
co
ns
o
u		 0
0
he
fit
dis
bu
Ot
tri
tio
r p
ro
n		 -3
ha
d t
loy
S
is
res
su
e
o e
mp
ee		 0
f
fin
Bo
wi
cia
l
de
rro
ng
o
an		 -3
-14 f
fin
l
de
Re
cia
t o
pa
ym
en
an		 6
-12
1		 59 1 5
h
f
low
fro
f
Ca
ina
ing
iv
it
ies
t
s
m
nc
ac		 4
fin
C
ha
in
cia
l re
ng
es
an
so
urc		 -34 -27 68
C
ha
in
h a
d c
h e
iva
len
du
ha
ts
e t
ate
ng
es
ca
s
n
as
qu
o e
xc
ng
e r		 -4 2 6
l c
ha
fin
l re
To
e i
cia
ta
ng
n
an
so
urc		 -34 27
1
-15 ing
h a
d c
h e
iva
len
Op
Jan
ts
en
ca
s
n
as
qu		 69 61 -75
los
ing
h a
d c
h e
iva
len
C
De
ts
ca
s
n
as
qu		 34 34 -1
28
57
-4
0
56
5
-3
2
4
6
-43		 16
2
-3
0
16
-60
5
1
19
55
9		 s
s
bts
bts
es
s
es
1
z 1		 int
0
0
0
-2
0
17
-14
2
6
1
5		 4
0
0
-5
0
14
-8
4
-75
6
4

Balance Sheet Group

l
lio
In
EU
R m
i
n		 l
h
B
S
t
a
a
n
c
e
e
e
3
2.
'1
6
1.
1		 3
3.
'1
1.
7		 Δ 3
2.
'1
6
1.
1		 3
3.
'1
1.
7		 Δ
No
t a
ts
n-c
ur
ren
sse		 2,
7
6
2		 2,
7
5
6		 6
-		 ity
Eq
u		 1,
7
8
1		 1,
8
1
4		 3
3
b
le
Int
i
ts
an
g
as
se		 8
1
9		 8
1
1		 8 - ha
l
S
ita
re
ca
p		 1
1
2		 1
1
2		 -
lan
d e
ip
Pro
ert
t a
nt
p
y,
p
n
q
u
me		 1,
3
7
8		 1,
3
7
1		 7 - d
d
it
ion
l p
i
d-
in
ita
l
A
a
a
ca
p		 5
3
2		 5
3
2		 -
Inv
tm
t p
ert
es
en
rop
y		 5
3		 5
4		 1 d e
Re
ine
ing
ta
arn
s		 1,
0
7
4		 1,
1
0
4		 3
0
Inv
ie
d a
ity
tm
ts
t e
es
en
ca
rr
q
u		 2
4
0		 2
4
4		 4 Tre
ha
as
ury
s
res		 2 -
3		 2 -
3		 -
he
Ot
nt
ts
r n
on
-cu
rre
as
se		 3
6		 4
7		 1
1		 M
ino
it
ies
r		 9
5		 9
8		 3
fer
De
d t
ts
re
ax
as
se		 2
3
6		 2
2
9		 7 - ' e
R
he
inm
l
l
A
G s
ha
ho
l
de
ity
eta
re
rs
q
u		 1,
6
8
6		 1,
7
1
4		 2
8
Cu
nt
ets
rre
ass		 3,
3
8
8		 3,
2
8
4		 0
4		 l
ia
b
i
l
it
ies
No
t
n-c
ur
ren		 6
2
9
1,		 6
2
3
1,		 6 -
(
)
Inv
ies
tor
t
en
ne		 1,
0
9
8		 1,
2
4
5		 1
4
7		 for
d s
lar
b
l
Pro
is
ion
Pe
ion
im
i
ig
ino
at
v
ns
s a
n
o		 1,
1
8
6
s		 1,
1
5
3		 3 -
3
de
b
les
Tra
iva
re
ce		 1,
3
0
6		 1,
3
3
7		 3
1		 he
Ot
is
ion
r p
rov
s		 1
3
5		 1
4
1		 6
he
f
l a
Ot
ina
ia
ts
r
nc
sse		 4
3		 5
4		 1
1		 l
de
bts
F
ina
ia
nc		 2
2
0		 2
1
8		 2 -
he
b
les
d a
Ot
iva
ts
r re
ce
an
sse		 1
2
5		 1
5
9		 3
4		 he
l
b
l
Ot
ia
i
it
ies
r		 5
6		 8
6		 3
0
iva
b
les
Inc
e t
om
ax
re
ce		 1
0		 1
7		 7 fer
d t
l
ia
b
i
l
it
ies
De
re
ax		 3
2		 2
5		 7 -
h a
d c
h e
len
Ca
iva
ts
s
n
as
q
u		 8
0
6		 6
1
6		 0 -
1
9
Cu
l
ia
b
i
l
it
ies
nt
rre		 2,
4
0
7		 2,
4
7
7		 7
he
Ot
is
ion
r p
rov
s		 5
1
6		 5
6
4		 4
8
ina
ia
l
de
bts
F
nc		 6
5
7		 8
0
5		 1
3
de
l
b
l
Tra
ia
i
it
ies		 7
6
6		 7
5
0		 6 -
1
he
l
b
l
Ot
ia
i
it
ies
r		 8
3
8		 7
8
3		 5 -
5
l
b
l
Inc
ia
i
ity
e t
om
ax		 5
3		 7
0		 1
7
l a
To
ta
ts
sse		 6,
1
5
0		 6,
1
8
4		 3
4		 l
l
b
l
To
ia
i
ies
ta		 6,
1
5
0		 6,
1
8
4		 3
4

Next events and IR contacts

-Events 2017 -

l
k
ho
l
de
'
An
S
M
in
to
t
nu
a
c
rs
ee
g		 l
Be
in
r		 9
M
ay
la
d
R
S
Sw
i
tz
er
n		 h,
Zu
ic
Lu
r
g
an
o		 1
0-
1
1
M
ay
bu
h
l
h
W
H
ig
ig
ts
ar
rg		 bu
Ha
m
rg		 1
9
M
ay
is
R
S
Pa
r		 is
Pa
r		 2
3
M
ay
he
k
d
b
Ac
De
Ba
ts
u
c
n
ce
ss		 l
in
Be
r		 2
1-
2
3
Ju
n
in
l
l
H
1
Ea
rn
g
s c
a		 3
Au
g
in
l
l
Q
3
Ea
rn
g
s c
a		 7
No
v
i
l
ke
Ca
M
Da
2
0
1
7
ta
ts
p
ar
y		 Br
em
en		 2
1-
2
2
No
v

IR Contacts

d
h
ic
Fr
Be
Re
an
z-
rn
d
f
He
I
R
a
o
l:
9-
2
1
1
3-
1
8
Te
4
4
7
4
7
+
l:
fra
-b
d.
h
he
l
l.c
Em
i
ic
@
in
ta
a
nz
er
n
re
r
m
e
om
k
ke
ls
D
ir
W
in
la
Se
io
io
Inv
Re
M
to
t
n
r
es
r
ns
an
ag
er
l:
Te
4
9-
2
1
1
4
7
3-
4
7
4
9
+
i
l:
d
ir
k.w
in
ke
ls
@
he
in
l
l.c
Em
ta
a
r
m
e
om
l
in
de
hu
l
Ro
Sc
te
sa
la
Inv
Re
io
As
is
to
t
ta
t
es
r
ns
s
n
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