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Rheinmetall AG Call Transcript 2018

Aug 2, 2018

356_ip_2018-08-02_d969ef28-996a-4057-afd9-45d38b538641.pdf

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Reassuring Q2 performance

ConferenceCall Q2 2018

Düsseldorf, 2. August 2018

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.

Inparticular, 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 morefully 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 toupdate 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.

Q2 2018 Group Highlights Rheinmetall withrobust Q2 performance

  • Order backlog remains stable above €7bn
  • Sales growth of 4.7% at constant exchange rates* to €1,493m (reported 2.3%)
  • Operating result grew by €23m to €107m, lifting Group margin to 7.2% (PY 5.8%) largely driven by Defence, while Automotive maintains high level
  • EPS increased 23%to €1.24 on improved operating performance and lower interest expenses
  • FY Guidance was refinedwithin existing ranges

Sales in €m Earnings per share in € 68 1,493 FX‐34Q2 Operational 20171,459 Q2 20181078426Q2 2018FX‐3Q2 Operational 2017No material impact from IFRS 15/16! +4.7%‐2.4%+31.0%‐3.6% Operating result in €m Operating margin in % Q2 201822.8%1.24Q2 20171.01+2.3% +27.4% 5.8%7.2%

Strong operational delivery ‐ FX headwinds persist

©Rheinmetall AG / Conference Call Q2 2018

OFCFmainly held back by working capital changes

unadjusted ‐140193614Q2 2017 EAT Invest Q2 2018 3Delta WCand others 210DeltaPensions4D/A By line item ‐210Prepayments othersAccounts payables Accounts receivables Inventories‐210By segment AutomotiveDefenceOtherKey drivers: Higher increase of inventories inpreparation for Q4 '18 sales Lower Defenceprepayments in Q2 '18

Operating free cash flow bridge in€m

Composition of delta working capital and others in€m as of Q2 2018 vs. Q2 2017

‐429‐21972230IFRS 16effect31.12.2017 01.01.2018 31.03.2018 30.06.2018 Net debt in €m Equity ratio in % of total assets 31.0%31.6%30.4%31.12.2017 01.01.2018 31.03.201831.2%IFRS 15/16 effect30.06.2018Restated for leasing liabilities €158 mRestated for leasing liabilities andcost toobtain contract

Working capital changes reflected in net debt development

Q2 2018 Highlights: Automotive Profitablegrowth in‐line with global markets

Comments onquarterly performance

  • Sales grew operationally by 3.6% (+1.6% reported) to €740m
  • High profitability maintained, supported by all divisions
  • OFCF to sales above target sector of 2‐4%, Q2 17 benefited fromfavorable timing of payments
  • LV‐Diesel sales declined 7%, overcompensated by gasoline and non‐LVsales
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Profitability repeated on high operational level

Mechatronics

  • Growth supported by demand for emission reduction products slowedby declining diesel share
  • Commercial Diesel System with highest growth rate
  • Results held back by D/A for growth investments starting to contribute inH2 2018

Hardparts

  • Pistons hampered by adverse FX‐ effects
  • Ongoing good demand for bearings

Aftermarket

Continued good demand in key markets

Germandemand key driver for sales growth

Regional sales development Automotive

Global LV‐Production vs. Automotive sales growth in % q‐on‐q (IHS July 2018)

ChinaProfitablegrowth above local market development

  • Sales increased by 9.8% to €260m (9.0% reported) vs. aLV‐market growth of 8.7%
  • Favorable product mix development
  • EBIT rose 24% and improved to €21m taking margins to8.1%
  • Q2 2018 first quarter with full fix cost impact of the newpistons plant
  • Product starts partially delayed into H2

Including 100% figures of 50/50 JV, consolidated at equity

H2 2018 outlook: Automotive Addressing market uncertainties – risks well managed

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Q2 2018 Highlights: Defence High leverage quarter

Comments onquarterly performance

  • Order intakecompared to high Q2 17, boosted by German orders
  • Sales operationally up 5.8% to €754m (3.1% reported), driven by ES andVS
  • Operating result almost doubled to €44m
  • EBIT included €8mone‐off charge for restructuring in ES
  • OFCF burdenedby working capital effects
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Profitablegrowth and net‐positive effect from project review

Weapon and Ammunition

  • Expected lower level of sales due to absenceof PY trading contract (€112m)
  • Substantial margin improvement due tohigher share of value capture

ElectronicSolutions

  • Positiveimpact of Air Defence sales
  • Improved cost base

VehicleSystems

  • Supply chain issue for Logistical Vehicles not fully solved yet, however sales recovery already visible in H1
  • Net‐positive effect from project reviews but write‐off charges for capitalized R&D project

Consolidation

Eliminationof intercompany profits

22963322520827290‐45%Q2 2018570‐17Q2 20171,031 ‐39 Order intake by division in €mWeapon and Ammunition ConsolidationVehicle Systems Electronic Solutions Order backlog profile in €mchange in % / (operational) 6,617 6,509 ‐2.3%/ (‐0.7%) 30.06.2017 30.06.2018 2018E 2019E 2020E ff. 6,661 FX‐effect~1.800 ~2,000 ~2,700

Orderbacklog remains on high plateau

Australia decided to expand the existing truck contract with Rheinmetall

Innovations ‐ DefenceRheinmetallpresented Lynx KF41 at the Eurosatory 2018

FYGuidance

Defence guidance rebased towards lower end of growth and higher end of margin

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Next events and IRcontacts

Events 2018

Commerzbank Conference Frankfurt 29RS Brussels & Paris Soc Gen Brussels & Paris September RS Iberia MadridGoldman Sachs Berenberg Conference Munich 25 September East Coast RS Lampe Boston & New Q3 2018 Earnings call 8 November

CMD

&York

Lisboa September 3‐4October

August

2018 Berlin 28/29 November

IR Contacts

Franz‐Bernd Reich Head of IRTel: +49‐211 473‐4777 Email:franz‐[email protected]

Dirk Winkels Senior Investor Relations Manager Tel: +49‐211 473‐4749 Email:[email protected]

Rosalinde SchulteInvestor Relations Assistant Tel: +49‐211 473‐4718 Email:[email protected]

Quick link to documents

Corporate Presentation Interim Reports Annual Reports

APPENDIX

Selectedkey data: outlook 2018

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Appendix

728 684 712 751 740 731682 509754‐1Q2 2018 1,493 Q1 2018 1,260 Q4 2017 1,722 ‐11,011 Q3 2017 1,366 Q2 2017 1,459 Sales in €mDefenceAutomotive Consolidation/Others

Quarterly development Group

Operational results

Free Cash Flowsummary Group

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in€m

Sales by division

Quarterly development Automotive

Operational result by division

in€m

Mechatronics

Hardparts Aftermarket Consolidation/Others

Free Cash Flowsummary Automotive

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9		 8
1		 7
4		 0
5
‐		 3
6		 3
3
‐

in€m

Sales by division

Quarterly development Defence

Operational result by division

in€m

Free Cash flowsummary Defence

i
€
n
m		 Q
2
2
0
1
7		 Q
3
2
0
1
7		 Q
4
2
0
1
7		 Q
1
2
0
8
1		 Q
2
2
0
8
1		 Δ
Q
2
/
'1
'1
8
7
i
N
t
e
n
c
o
m
e		 8 3
2		 7
6		 2
1
‐		 2
3		 1
5
/
d
i
i
i
i
A
t
t
t
m
o
r
z
a
o
n
e
p
r
e
c
a
o
n		 2
2		 2
1		 2
9		 2
6		 2
5		 3
0
h
l
C
i
i
a
n
g
e
n
p
e
n
s
o
n
a
c
c
r
u
a
s		 6
‐		 2 2
‐		 2
‐		 2 8
h
l
C
F
a
s
o
w		 2
4		 5
5		 1
0
3		 3 7
7		 5
3
h
k
l
d
h
i
i
i
i
C
t
t
t
a
n
g
e
s
n
o
r
n
g
c
a
p
a
a
n
o
e
r
e
m
s
w		 3
8
‐		 8
8
‐		 3
2
7		 2
2
5
‐		 2
2
8
‐		 1
9
0
‐
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		 1
4
‐		 3
3
‐		 3
0
4		 2
2
2
‐		 1
5
1
‐		 3
1
7
‐
f
f
h
l
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
d
b
l
i
i
t
t
a
n
n
a
n
g
e
a
s
s
e
s		 1
9
‐		 1
9
‐		 3
5
‐		 1
7
‐		 2
0
‐		 1
‐
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		 3
3
‐		 5
2
‐		 3
9
5		 2
3
9
‐		 1
7
1
‐		 1
3
8
‐

Appendix

Incomestatement Group

In
€m
€
I
n
m		 I
S
t
t
t
n
c
o
m
e
a
e
m
e
n
Q
2
2
0
1
7		 Q
2
2
0
1
8		 Δ Q
2
2
0
1
7		 Q
2
2
0
1
8		 Δ
l
S
a
e
s		 9
1,
4
5		 9
3
1,
4		 3
4
3
4		 4
0		 6
l
i
f
T
t
t
o
a
o
p
e
r
a
n
g
p
e
r
o
r
m
a
n
c
e		 1,
4
9
3		 1,
5
3
3		 4
0		 i
i
(
)
N
E
B
I
T
t
t
e
o
p
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r
a
n
g
n
c
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m
e		 8
1		 9
9		 1
8
‐ 2
i
i
N
t
t
t
e
n
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s
n
c
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m
e		 1
3
‐		 1
1
‐		 2
h
O
i
i
t
t
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o
p
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r
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g
n
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m
e		 3
6		 3
1		 ‐5 (
)
i
b
f
E
E
B
T
t
a
r
n
n
g
s
e
o
r
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a
x		 6
8		 9
0		 2
2
f
l
C
i
t
t
o
s
o
m
a
e
r
a
s		 8
4
1		 9
4
7		 ‐4
7		 I
t
n
c
o
m
e
a
x		 1
7 ‐		 2
5
‐		 8
‐
l
P
e
r
s
o
n
n
e
e
x
p
e
n
s
e
s		 3
8
9		 0
9
4		 2
0		 i
N
t
e
n
c
o
m
e		 5
1		 6
5		 1
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
d
i
i
t
a
n
m
p
a
r
m
e
n		 5
5		 9
1		 3
6		 f
h
h:
i
o
w
c		 ‐ ‐
h
O
i
t
t
e
r
o
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
6
0		 1
8
2		 2
2		 i
i
i
M
t
t
t
n
o
r
y
n
e
r
e
s		 8 1
2		 4
f
I
n
c
o
m
e
r
o
m
d
i
i
i
t
t
c
o
m
p
a
n
e
s
c
a
r
r
e
a
e
q
u
y		 1 7 6 h
l
l
h
h
l
d
R
i
t
e
n
m
e
a
s
a
r
e
o
e
r
s		 4
3		 5
3		 1
0
h
f
l
l
O
i
i
t
t
e
r
n
a
n
c
a
r
e
s
u
s		 ‐4 4 8 h
E
i
a
r
n
n
g
s
p
e
r
s
a
r
e		 1.
0
1		 1.
2
4		 0.
2
3
(
)
i
i
N
E
B
I
T
t
t
e
o
p
e
r
a
n
g
n
c
o
m
e		 8
1		 9
9		 8
1		 E
B
I
T
D
A		 3
6
1		 9
0
1		 5
4

Cash flowstatement Group

Appendix

I
€
n
m		 C h
F
a
s		 l
S
t
t
t
o
w
a
e
m
e
n
H
1
2
0
17		 H
1
2
0
1
8		 Δ H
1
2
0
17		 H
1
2
0
1
8		 Δ
Ne
Inc
t
om
e		 9
7		 9
2		 3
1		 iv
i
de
ds
i
d
by
he
in
l
l
G
D
R
A
t
ta
n
p
a
ou
me		 ‐6
2		 3
‐7		 ‐1
1
iza
io
de
iat
io
d
im
irm
Am
t
t
t
or
n,
p
re
c
n
an
p
a
en		 2
1
1		 15
5		 3
4		 Ot
he
f
it
d
ist
i
bu
io
t
r p
ro
r
ns		 ‐9 ‐7 2
io
f
Do
C
T
A
ta
t
n
o		 ‐3
0		 0
‐4		 0
‐1		 Sa
le
f t
ha
o
re
as
ur
y
s
re
s		 0 0 0
ha
in
io
is
io
C
ng
es
p
en
s
n
p
ro
v
ns		 ‐7 ‐1 6 l p
/ca
l c
bu
by
llin
Ca
ita
ita
tri
tio
int
nt
to
tro
sts
p
ay
me
p
on
ns
no
n‐c
on
g
ere		 4 0 ‐4
ha
he
C
in
is
io
ot
ng
es
r p
ro
v
ns		 3
8		 1
2		 ‐2
6		 ha
l
da
d
bs
d
Inc
in
in
i
i
iar
ies
te
re
as
e
s
re
s
co
ns
o
su		 0 0 0
ha
C
in
inv
ies
to
ng
es
en
r		 ‐1
0
7		 ‐2
2
9		 ‐1
2
2
f
f
l
de
bt
Bo
ing
ina
ia
rro
w
o
nc
s		 2
4
7		 1
1
2		 ‐1
3
5
/o
ha
b
les
l
b
l
(
C
in
iva
ia
i
it
ies
ng
es
re
ce
w
,
f
l
de
bt
)
d
d
de
fe
d
ina
ia
i
&
nc
s
an
p
re
p
a
rre		 ‐1
5
6		 ‐2
9
2		 ‐1
3
6
ite
ms		 f
f
l
de
bt
Re
ina
ia
nt
p
ay
me
o
nc
s		 ‐9
6		 ‐7
3		 2
3
fro
d
Pr
inc
inv
ie
ity
rat
tm
st
at
o
a
om
e
m
es
en
ca
rr
eq
u		 ‐5 ‐1
4		 ‐9 f
lea
b
l
Re
ing
ig
io
nt
at
p
ay
me
o
s
o
ns		 0 0 0
de
ds
d
fro
d
D
iv
i
ive
inv
ie
ity
tm
ts
at
n
r
ec
e
m
es
en
ca
rr
eq
u		 2 1 ‐1 h
f
low
fro
f
Ca
ina
ing
iv
it
ies
t
s
s
m
nc
ac		 8
4		 ‐4
1		 ‐1
25
he
h
d
Ot
inc
n
r
on
‐ca
s
ex
p
en
se
s a
n
om
e		 ‐1
3		 ‐8 5 ha
f
l r
C
in
ina
ia
ng
es
nc
es
ou
rce
s		 ‐1
3
2		 ‐4
0
0		 ‐2
6
8
h
f
low
fro
Ca
ing
iv
it
ies
at
t
s
s
m
op
er
ac		 ‐8
7		 ‐3
27		 ‐2
4
0		 ha
h
h
len
ha
C
in
d
iva
du
ts
to
rat
ng
es
ca
s
an
ca
s
eq
u
e
ex
c
ng
e
es		 ‐7 0 7
Inv
in
tm
ts
ts
es
en
as
se		 ‐9
3		 ‐1
0
0		 ‐7 l c
ha
in
f
ina
ia
l r
To
ta
ng
e
nc
es
ou
rce
s		 ‐1
3
9		 ‐4
2
0		 ‐2
8
1
Ca
h
ip
fro
he
d
isp
l o
f a
ts
t
et
s
re
ce
m
os
a
ss
s		 1 6
1		 15 Op
ing
h
d
h
iva
len
Ja
1
ts
en
ca
s
an
ca
s
eq
u
nu
ar
y		 6
6
1		 7
5
7		 1
4
1
fo
he
ha
f
l
iq
i
d
f
ina
ia
l a
Pa
nt
r t
et
y
me
s
p
ur
c
se
o
u
nc
ss
s		 ‐2
2
3		 ‐1
2
0		 1
0
3		 los
ing
h
d
h
iva
len
C
ts
ca
s
an
ca
s
eq
u		 3
4
4		 3
3
7		 ‐7
h
ip
fro
he
d
isp
l o
f
l
iq
i
d
f
ina
ia
l a
Ca
ts
t
s
re
ce
m
os
a
u
nc
ss
e		 0 0 0
h
f
low
fro
inv
ing
iv
it
ies
Ca
t
t
s
s
m
es
ac		 ‐1
2
9		 ‐5
2		 7
7

BalanceSheet Group

la
he
S
Ba
t
nc
e
e
I
€
n
m		 31.
12.
201
7		 01
.01
.20
18		 30
.06
.20
18		 Δ 31.
12.
201
7		 01
.01
.20
18		 30
.06
.20
18		 Δ
No
ent
ts
n‐c
urr
a
sse		 2,
712		 2,
939		 2,
920		 ‐19 Eq
uit
y		 1,
955		 1,
950		 1,
975		 25
Go
od
wil
l		 55
0		 550 550 0 Sh
ita
l
are
cap		 11
2		 11
2		 11
2		 0
Oth
in
ible
tan
ets
er
g
ass		 22
9		 229 191 38
‐		 Ad
dit
ion
al p
aid
‐in
ita
l
cap		 54
0		 54
0		 54
6		 6
ig
hts
Us
ag
e r		 158 163 5 Re
tai
ned
nin
ear
gs		 1,
209		 1,
205		 1,
223		 18
Pro
lan
nd
uip
rty
t a
nt
pe
, p
eq
me		 1,
387		 1,
387		 1,
37
1		 16
‐		 Tre
ha
asu
ry s
res		 ‐25 ‐25 ‐21 4
Inv
est
nt
ert
me
p
rop
y		 46 46 45 1
‐		 Rh
ein
tal
l A
G s
ha
reh
old
' eq
me
ers		 1,
836		 1,
832		 1,
860
Inv
ied
ity
est
nts
t e
me
c
arr
a
qu		 24
2		 242 258 16 Mi
rity
int
sts
no
ere		 11
9		 11
8		 11
5		 ‐3
Oth
fin
cia
l a
nt
ts
er
n
on
‐cu
rre
an
sse		 73 142 141 1
‐
fer
red
De
t
axe
s		 18
5		 185 201 16 No
liab
ilit
ies
ent
n‐c
urr		 1,
905		 2,
048		 2,
015		 ‐33
vis
ion
for
nsi
nd
sim
il
Pro
s
pe
on
s a		 080
1,		 080
1,		 99
7		 ‐83
Cu
nt
ts
rre
a
sse		 3,
474		 3,
468		 3,
409		 ‐59 he
vis
ion
Ot
nt
r n
on
‐cu
rre
pro
s		 18
5		 20
4		 19
7		 ‐7
ori
Inv
ent
es		 172
1,		 165
1,		 396
1,		 231 fin
cia
l d
ebt
No
ent
n‐c
urr
an
s		 2
57		 69
6		 75
1		 55
l
Co
ntr
act
ts
ua
a
sse		 ‐ 325 327 2 fin
cia
l li
ab
ilit
ies
No
ent
n‐c
urr
an		 8 54 48 ‐54
de
iva
ble
Tra
r
ece
s		 1,
217		 897 1,
013		 116 he
liab
ilit
ies
Ot
nt
r n
on
‐cu
rre		 48 ‐ 50 50
uid
fin
l a
Liq
cia
ts
an
sse		 11
9		 119 85 34
‐		 fer
red
De
tax
es		 14 14 20 ‐70
Oth
fin
cia
l a
ent
ts
er
urr
an
sse
c		 19
0		 186 207 21
ab
les
Inc
eiv
t
om
e
ax
rec		 11 11 36 25 liab
ilit
ies
Cu
nt
rre		 2,
326		 2,
409		 2,
339		 ‐8
sh
nd
h e
len
Ca
iva
ts
a
cas
qu		 757 757 337 420
‐		 he
Ot
vis
ion
ent
r c
urr
pro
s		 59
5		 64
1		 65
6		 ‐65
for
dis
sal
Ass
ets
po		 8 8 8 l d
ebt
Cu
Fin
cia
nt
rre
an
s		 74 10
8		 10
0		 ‐43
fi
al l
iab
ilit
Cu
nci
ies
nt
rre
na		 11
2		 ‐ ‐
li
l
ab
ilit
Co
ies
ntr
act
ua		 ‐ 636 57
1
de
liab
ilit
Tra
ies		 76
0		 76
0		 71
7		 ‐8
Oth
liab
ilit
ies
ent
er
c
urr		 71
1		 19
0		 18
2		 39
liab
ilit
Inc
ies
t
om
e
ax		 74 74 11
3		 39
tal
To
ts
a
sse		 6,
186		 6,
404		 6,
329		 ‐75 tal
bil
To
Lia
itie
s		 6,
186		 6,
407		 6,
329		 ‐78

Appendix

Glossary

bn b
l
l
i
ion
s		 m l
l
i
ion
m
bp ba
is
in
ts
s
p
o		 N
N
B
S		 ho
de
fe
S
ir
t
r
r
an
g
e a
nc
e
C
A
G
R		 de
d
h
t
te
co
mp
ou
n
av
er
ag
e g
ro
w
ra		 N
W
C		 k
l
Ne
ing
i
t
ta
w
or
ca
p
C
E
R		 ha
Co
Ex
Ra
ta
t
te
ns
n
c
ng
e
s		 O
E
M		 l
fac
Or
ig
ina
Eq
ip
M
t
tu
u
me
n
an
u
re
r
C
T
A		 l
Co
tra
tu
tru
t
t
n
c
a
s
a
g
re
em
en		 Op
ing
F
C
F
t
er
a		 fre
h
f
low
Op
ing
t
er
a
e c
as
&
D
A		 &
De
ia
ion
Am
iza
ion
t
t
t
p
re
c
or		 Op
in
. m
arg		 Op
ing
in
t
er
a
ma
rg
E d
Ex
te
p
ec		 %
P		 in
Pe
ta
ts
rce
n
g
e
p
o
E
B
I
T		 ing
be
fo
d
Ea
In
Ta
te
t a
rn
s
re
res
n
x		 &
P
L		 f
i
&
Pr
Lo
Ac
t
t
o
ss
co
un
E
B
I
T
D
A		 ing
be
fo
ia
ion
d
iza
ion
Ea
In
Ta
De
Am
te
t,
t
t
t
rn
s
re
res
x ,
p
re
c
an
or		 P
Y		 iou
Pr
Ye
ev
s
ar
E
B
T		 ing
be
fo
Ea
Ta
rn
s
re
x		 R
D
E		 l
ive
iss
ion
Re
Dr
Em
a
s
I
E
B		 k
Inv
Eu
Ba
tm
t
ro
p
ea
n
es
en
n		 O
C
R
E		 l e
loy
d
i
Re
tu
ta
rn
o
n
ca
p
mp
e
E
P
S		 ha
Ea
ing
rn
s p
er
s
re		 Ro
W		 f
he
l
d
Re
W
t
t
s
o
or
E
P
L		 lp
lan
E
inz
e		 T
L
V
S		 l
de
fe
Ta
ica
ir
t
te
c
a
nc
e s
y
s
m
E
V		 lec
h
le
E
ic
Ve
ic
tr		 W
A
C
C		 h
d a
f c
l
W
ig
i
te
t o
ta
e
ve
rag
e c
os
ap
F
T
E		 l
l
len
Fu
T
im
Eq
iva
ts
e
u		 W
L
T
P		 l
dw
de
d
h
h
les
du
W
i
Ha
ize
L
ig
Du
Ve
ic
Te
Pr
t‐
ty
t
or
rm
on
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