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Rheinmetall AG Earnings Release 2016

Nov 3, 2016

356_ip_2016-11-03_cf1e34ac-2fa6-48ae-a668-e4f08de6fcf7.pdf

Earnings Release

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THE TECHNOLOGY GROUPFOR SECURITY AND MOBILITY

Conference Call 9M 2016Düsseldorf | November 3, 2016

Highlights 9M 2016Strong top line growth, earnings improved, guidance adjusted

Key figures 9M 2016

l
l
in
E
U
R
i
io
m
n		 9
M
2
0
1
5		 9
M
2
0
1
6		 ∆
9
M
2
0
1
6		 /
9
M
2
0
1
5
d
k
O
i
t
r
e
r
n
a
e		 3,
7
5
6		 4,
3
4
0		 5
8
4
+		 1
6
%
+
l
S
a
e
s		 3,
5
8
2		 3,
9
0
4		 3
2
2
+		 %
9
+
E
B
I
T
D
A		 2
8
8		 3
3
4		 5
5
+		 9
%
1
+
E
B
I
T		 0
1
4		 8
2
1		 2
4
+		 3
0
%
+
i
i
%
E
B
I
T
m
a
r
g
n
n		 3.
9		 4
7		 0.
8
+
p
p
E
B
T		 9
6		 1
4
0		 4
4
+		 4
6
%
+
G
i
t
r
o
u
p
n
e
n
c
o
m
e		 6
4		 9
9		 3
5		 %
5
5
+
h
E
i
i
E
U
R
a
r
n
n
g
s
p
e
r
s
a
r
e
n		 1.
8
9		 2.
2
2		 0.
3
3
+		 1
7
%
+
f
f
h
l
F
i
t
r
e
e
c
a
s
o
r
o
m
o
p
e
r
a
o
n
s
w		 2
7
0
-		 3
0
2
-		 3
2
-		 %
1
2
-
l
(
b
)
S
3
0
E
t
m
p
o
y
e
e
s
e
p
e
m
e
r		 2
0,
6
6
5		 2
0,
9
8
2		 3
1
7
+		 2
%
+

Key figures Q3 2016 Group

h
l
l
i
G
R
t
l
l
in
E
U
R
i
io
e
n
m
e
a
r
o
u
p
m
n		 Q
3
2
0
1
5		 Q
3
2
0
6
1		 ∆
Q
3
2
0		 /
6
2
0
1
1
5
l
S
a
e
s		 1,
1
8
8		 1,
3
0
5		 1
1
7
+		 1
0
%
+
E
B
I
T
D
A		 1
1
0		 1
3
1		 2
1
+		 %
1
9
+
(
)
d
E
B
I
T
t
r
e
p
o
r
e		 6
1		 7
9		 1
8
+		 3
0
%
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 5.
1		 6.
1		 1.
0
+
p
p
h
l
f
C
O
i
F
F
t
r
e
e
a
s
o
w
r
o
m
p
e
r
a
o
n
s		 9 3
6		 2
7
+		 3
0
0
%
+

Key figures Q3 2016 per segment

i
A
t
t
u
o
m
o
v
e		 Q
3
2
0
1
5		 Q
3
2
0
6
1		 /
∆
Q
3
2
0
6
2
0
1
1
5
l
S
a
e
s		 6
1
7		 6
3
4		 2
6
+		 %
4
+
E
B
I
T
D
A		 8
7		 8
0		 2
+		 3
%
+
(
d
)
E
B
I
T
t
r
e
p
o
r
e		 0
5		 5
1		 1
+		 2
%
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 8.
1		 7.
9		 0.
2
p
p
-
f
h
l
i
F
C
F
O
t
r
e
e
a
s
o
r
o
m
p
e
r
a
o
n
s
w		 5
5		 4
7		 8
-		 %
1
5
-
f
D
e
e
n
c
e		 Q
3
2
0
1
5		 Q
3
2
0
6
1		 /
∆
Q
3
2
0
6
1		 2
0
1
5
d
k
O
i
t
r
e
r
n
a
e		 5
3
9		 5
7
4		 3
5		 6
%
+
l
S
a
e
s		 5
7
1		 6
6
2		 9
1
+		 1
6
%
+
E
B
I
T
D
A		 3
7		 2
5		 1
5
+		 %
4
0
+
(
)
d
E
B
I
T
t
r
e
p
o
r
e		 1
6		 3
0		 1
4
+		 %
8
8
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 2.
8		 4.
5		 1.
7
+
p
p
h
l
f
F
C
F
O
i
t
r
e
e
a
s
o
w
r
o
m
p
e
r
a
o
n
s		 2
5
-		 5 3
0
+

Highlights 9M 2016Accelerated growth of quarterly sales, earnings remain on high level

Key figures 9M 2016

l
l
in
E
U
R
i
io
m
n		 9
M
2
0
1
5		 9
M
2
0
1
6		 ∆
9
M
2
0
1
6		 /
9
M
2
0
1
5
d
k
i
O
t
r
e
r
n
a
e		 1,
9
8
2		 2,
0
1
5		 3
3
+		 %
2
+
(
)
d
b
k
l
b
O
S
3
0
t
r
e
r
a
c
o
g
e
p
e
m
e
r		 4
4
1		 4
6
8		 2
7
+		 6
%
+
l
S
a
e
s		 1,
9
5
7		 1,
9
9
2		 3
5
+		 %
2
+
E
B
I
T
D
A		 2
8
4		 2
3
5		 5
+		 2
%
+
E
B
I
T		 1
6
4		 1
6
3		 1
-		 1
%
-
i
i
%
E
B
I
T
m
a
r
g
n
n		 8.
4		 8.
2		 0.
2
p
p
-
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
7		 4
1
-		 1
1
1
-		 1
9
%
5
-
(
)
l
b
E
S
3
0
t
m
p
o
e
e
s
e
p
e
m
e
r
y		 1
0,
9
7
1		 1
0,
8
7
0		 1
0
1
-		 1
%
-

Rheinmetall Automotive

Mechatronics and Aftermarket continue growth pathEarnings level stable

Reasons for earnings development

Mechatronics

Strong sales drive earnings

Hardparts

As in the previous quarters impact of declining sales in Brazil and in the large-bore piston business burden earnings

Aftermarket

  • Positive sales momentum
  • Earnings still burdened by start-up costs of the new factory in CZ

Rheinmetall Automotive

Mechatronics with further increasing sales shareAutomotive with expanding sales in growth regions

© Rheinmetall AG I November 3, 2016

*9M 2016 vs. 9M 2015; source: IHS Automotive (October 2016)

Rheinmetall Automotive

Automotive LV sales development 9M LV-sales above global LV production

Markets in focus: ChinaChina operations with strong growth

© Rheinmetall AG I November 3, 2016

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

Highlights 9M 2016Strong top line growth, rising earnings, improved cash flow

Key figures 9M 2016

l
l
in
i
io
E
U
R
m
n		 9
2
0
M
1
5		 9
2
0
6
M
1		 /
∆
9
M
2
0
1
6
9
M
2
0
1
5
d
k
O
i
t
r
e
r
n
a
e		 1,
4
7
7		 2,
3
2
5		 1
5
5
+		 3
1
%
+
(
)
d
b
k
l
b
O
S
3
0
t
r
e
r
a
c
o
g
e
p
e
m
e
r		 6,
5
4
7		 6,
8
9
1		 3
4
4
+		 5
%
+
l
S
a
e
s		 6
2
1,
5		 9
2
1,
1		 2
8
7
+		 8
%
1
+
E
B
I
T
D
A		 5
2		 9
8		 4
6		 8
8
%
+
E
B
I
T		 1
1
-		 3
2		 4
3		 %
4
0
2
+
E
B
I
T
i
i
%
m
a
r
g
n
n		 0.
7
-		 1.
7		 2.
4
+
p
p
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		 3
0
4
-		 2
1
6
-		 8
8
+
l
(
b
)
S
3
0
E
t
m
p
o
y
e
e
s
e
p
e
m
e
r		 9,
4
0
5		 9,
9
1
5		 4
1
1
+		 4
%
+

Top-line rose due to ramp-up of large-scale projectsTurn-around in earnings

Growing share of Asian customersRegional split of order intake and order backlog

Order backlog and sales split per yearHigh order book coverage of mid-term future sales

Looking ahead at Q4

  • Q4 sales should grow 4-5%, slightly above global FY growth expectation
  • China:
  • LV production in Q4 expected at previous year's level

  • Our business in Q4 remains on clear growth path

  • Q4 order intake is expected to grow, based on a high number of small sized orders

  • Continuation of the quarterly sales growth in Q4
  • The originally expected sales target of EUR 2.8 billion will be exceeded; new target: EUR 2.9 billion

Outlook FY 2016Sales guidance adjusted on expected Defence performance

Outlook 2016

Quarterly development

Balance sheet

l
l
i
E
U
R
i
i
n
m
o
n		 3
0.
0
9.
2
0
1
5		 3
1.
1
2.
2
0
1
5		 3
0.
0
9.
2
0
1
6		 /
∆
3
0.
0
9.
1
6
3
0.
0
9.
1
5
l
T
A
t
t
o
a
s
s
e
s		 5,
2
3
0		 5,
7
3
0		 5,
8
5
7		 6
2
7
+
N
t
t
o
n-
c
u
r
r
e
n
a
s
s
e
s		 2,
5
7
7		 2,
6
4
8		 2,
7
3
7		 1
6
0
+
C
t
t
u
r
r
e
n
a
s
s
e
s		 2,
6
5
3		 3,
0
8
2		 3,
1
2
0		 4
6
7
+
E
i
t
q
u
y		 1,
2
5
6		 1,
5
6
2		 1,
5
2
7		 2
7
1
+
l
b
l
i
i
i
i
i
P
t
e
n
s
o
n
a
e
s		 1,
1
0
6		 1,
1
2
8		 1,
3
0
9		 2
0
3
+
h
l
b
l
O
i
i
i
i
t
t
t
e
r
n
o
n-
c
u
r
r
e
n
a
e
s		 9
6
5		 9
9
5		 1,
0
0
9		 3
5
+
l
b
l
i
i
i
i
C
t
t
u
r
r
e
n
a
e
s		 1,
9
1
2		 2,
0
4
5		 2,
0
1
2		 1
0
0
+
E
i
i
t
t
q
u
y
r
a
o		 %
2
4		 %
2
7		 %
2
6		 2.
0
+
p
p
d
b
N
t
t
e
e		 6
1
9		 8
1		 4
4
5		 1
7
4
-

Cash flow statement

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

Key figures Automotive by division (9M 2015/2016)

Quarterly development

Cash flow statement

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

Key figures Defence by division (9M 2015/2016)

Quarterly development

Cash flow statement

l
l
in
E
U
R m
i
ion		 Q
3
2
0
1
5		 Q
4
2
0
1
5		 Q
1
2
0
1
6		 Q
2
2
0
1
6		 Q
3
2
0
1
6		 ∆
Q
3
/
2
0
1
6
2
0
1
5
i
N
t
e
n
c
o
m
e		 3 6
7		 2
0
-		 3 3
1		 0
1
+
/
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
1		 2
2		 2
2		 2
2		 2
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		 2 3 1 2 1 1
-
h
f
l
C
a
s
o
w		 2
6		 9
2		 3 2
7		 3
6		 0
1
+
h
k
l
d
h
C
i
i
i
t
t
a
n
g
e
s
n
w
o
r
n
g
c
a
p
a
a
n
o
e
r
i
t
e
m
s		 2
5
-		 2
2
1		 9
0
-		 2
3
1
-		 8
-		 1
7
+
h
d
i
i
i
i
i
N
t
t
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+

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.

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