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Vossloh AG

Investor Presentation • Oct 27, 2016

478_10-q_2016-10-27_5a4f1276-b3db-4a64-952a-ddb19d3454e8.pdf

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Quarterly statement as of September 30, 2016

Driving transformation. Shaping the future.

Disclaimer

Note:

This presentation contains statements concerning the future business trend of the Vossloh Group which are based on assumptions and estimates of the Company's management. If the assumptions underlying the forecasts fail to materialize, the actual results can significantly deviate from these forecast statements. Uncertainties include, among others, changes in the political, business and economic environment, the actions of competitors, legislative reforms, the effects of future case law and fluctuations in exchange rates and interest rates. Vossloh, its Group companies, advisors and representatives assume no responsibility for any losses in connection with the use of this presentation or its contents. Vossloh does not assume any obligation to revise or update the forecast statements contained in this presentation.

The information contained in this presentation does not represent either an offer or the solicitation to sell or buy shares of Vossloh AG or shares of other companies.

Transformation of Vossloh progressing as planned

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T
i
m
a
r
g
n		 % 4.
3		 5.
2
*
N
t
l
t
f
d
i
t.
t
i
e
r
e
s
r
o
m
s
c
o
n
o
p
e
r
a
o
n
s
u		 €
i
l
l
i
m
o
n		 0.
8		 (
7.
8
)
N
t
i
e
n
c
o
m
e		 €
i
l
l
i
m
o
n		 7.
0		 6.
0
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 € 0.
2
0		 0.
1
3
*
O
C
R
E		 % 5.
3		 6.
5
/
*
V
l
d
d
d
a
u
e
a
e		 €
i
l
l
i
m
o
n		 (
)
2
5.
8		 (
)
1
3.
3
C
h
f
l
f
i
i
i
i
t
t
t
a
s
o
w
r
o
m
o
p
e
r
a
n
g
a
c
v
e
s		 €
i
l
l
i
m
o
n		 9.
3		 (
)
5.
7
C
h
f
l
f
i
i
i
i
i
t
t
t
a
s
o
w
r
o
m
n
v
e
s
n
g
a
c
v
e
s		 €
i
l
l
i
m
o
n		 (
)
3
6.
5		 (
)
2
5.
5
C
h
f
l
f
f
i
i
i
i
i
t
t
a
s
o
w
r
o
m
n
a
n
c
n
g
a
c
v
e
s		 €
i
l
l
i
m
o
n		 3
2.
6		 9
1.
6
***
F
h
f
l
r
e
e
c
a
s
o
w		 €
i
l
l
i
m
o
n		 (
2
0.
9
)		 (
2
)
7.
7
*
O
d
i
d
r
e
r
s
r
e
c
e
e
v		 €
i
l
l
i
m
o
n		 2
1
7
5.		 8
3
0.
3
*
O
d
b
k
l
r
e
r
a
c
o
g		 €
i
l
l
i
m
o
n		 6
2
4.
5		 7
4
8.
8

Group sales primarily influenced by weak business development in the USA and currency translation effects as well as lower locomotives de-

liveries in the Transportation division below the comparable prior year level

A margin improvement was achieved after nine months in comparison with the previous year; EBIT exceeded the prior year figure despite a decline in sales

Net income decreased despite positive EBIT development through high tax expense in Q3 (write-down of deferred tax assets on loss carryforwards) and negative net result from discontinued operations

Free cash flow remained negative; positive development in the third quarter; free cash flow from continuing operations almost offset

Orders received significantly above the comparable level of the previous year; book-to-bill in the Group at 1.25

* Reported figures not including the Electrical Systems business unit which is held for sale. The financial information reported for the Group here are therefore not comparable with previous reports.

**Weighted average cost of capital 2016 (WACC) of 9% was assumed (prior year: 10%).

5

*** Free cash flow comprises cash flow from operating activities, investments in intangible assets and property, plant and equipment in addition to inflows and outflows of cash that are in connection with investments in companies accounted for using the equity method.

Equity strongly increased, net financial debt significantly reduced

/
/
1-
9
2
0
1
5
9
/
3
0
/
2
0
1
5		 /
/
1-
9
2
0
1
6
9
/
3
0
/
2
0
1
6
*
F
i
d
t
x
e
a
s
s
e
s		 €
i
l
l
i
m
o
n		 4
8
5.
2		 4
4
7
7.
*
C
i
t
l
d
i
t
a
p
a
e
p
e
n
r
e
s
x
u		 €
i
l
l
i
m
o
n		 2
1.
7		 2
0.
8
*
A
i
i
/
d
i
i
t
t
t
m
o
r
a
o
n
e
p
r
e
c
a
o
n
z		 €
i
l
l
i
m
o
n		 2
7.
0		 2
5.
7
E
i
t
q
u
y		 €
i
l
l
i
m
o
n		 3
5
2.
0		 5
4
5.
7
E
i
i
t
t
q
u
y
r
a
o		 % 2
1.
0		 3
9.
1
*
Ø
W
k
i
i
l
(
)
t
o
r
n
g
c
a
p
a		 €
i
l
l
i
m
o
n		 2
8
5
5.		 2
3
1.
9
*
Ø
W
k
i
i
t
l
i
t
i
t
(
)
o
r
n
g
c
a
p
a
n
e
n
s
y		 % 2
6
7.		 2
6.
2
*
W
k
i
i
t
l
o
r
n
g
c
a
p
a		 €
i
l
l
i
m
o
n		 2
3.
2
5		 2
4
1.
0
*
Ø
C
i
l
l
d
(
)
t
a
p
a
e
m
p
o
e
y		 €
i
l
l
i
m
o
n		 3
9.
9
7		 1
1.
9
7
*
C
i
l
l
d
t
a
p
a
e
m
p
o
e
y		 €
i
l
l
i
m
o
n		 3
8.
7
4		 1
8.
3
7
*
N
t
f
i
i
l
d
b
t
e
n
a
n
c
a
e		 €
i
l
l
i
m
o
n		 3
2
9.
9		 1
3
3.
1

Capital expenditures remained below the prior year level after nine months; largest single investment at a production location for manganese frogs in Northern France in the Customized Modules division

Significant increase in equity following capital increase, book profit from the sale of Rail Vehicles as well as positive net income

Operational improvement in working capital – average working capital was able to be noticeably reduced through consistent receivables management; working capital intensity below previous year despite considerable increase in Transportation

Significant decline in net financial debt, primarily as a result of net proceeds from the capital increase, cash inflow from the disposal of Rail Vehicles and positive free cash flow in the last twelve months

* Reported figures not including the Electrical Systems business unit which is held for sale. The financial information reported for the Group here are therefore not comparable with previous reports.

Core Components division, 9M/2016

Sales level slightly below prior year, EBIT and profitability increased

  • Sales below prior year as a result of lower sales volume in Argentina and Eastern Europe (in particular in the Czech Republic and Poland); positive sales development particularly in China as a result of strong business development in the third quarter and in Qatar
  • EBIT and EBIT margin above previous year due to higher margin product mix as well as extensive cost reduction measures
  • Book-to-bill at 1.08; major order from China (€50 million) at the beginning of the third quarter and significant orders received from Italy and Saudi Arabia
R
O
C
E
(
%
)		 1-
9
/
2
0
1
6		 2
9.
4
1-
9
/
2
0
1
5		 2
3.
2
V
l
d
d
d
a
e
a
e
u		 1-
9
/
2
0
1
6		 1
6.
7
(
€
i
l
l
i
)
m
o
n		 1-
9
/
2
0
1
5		 1
2.
8

Customized Modules division, 9M/2016

Significant increase in earnings and profitability

  • Considerable decline in sales in the USA due to lower investments by class 1 railway operators as well as the completion of projects in Poland; in contrast, pleasing sales growth in France in particular, but also in Finland and Italy
  • Significant earnings and profitability increase as a result of focusing on higher margin projects as well as high capacity utilization at the French locations
  • Major new orders from France, the USA, Sweden and Morocco; book-to-bill at 0.97

1-9/2015 7.4

Lifecycle Solutions division, 9M/2016

Internationalization progressing, book-to-bill at 1.35

5.3 5.11-9/2015 1-9/2016

Positive sales development in Northern Europe (Sweden and Finland) primarily responsible for double-digit sales growth; internationalization of the division significantly increased, over 40 percent of sales generated outside Germany

  • EBIT slightly above previous year; Q3 result burdened by lower margin order mix as well as necessary maintenance work on grinding trains
  • Increase in orders received by 39.2 percent; significant orders received from Germany in particular as well as China, Sweden and Finland
R
O
C
E
(
%
)		 1-
9
/
2
0
1
6		 3.
3
1-
9
/
2
0
1
5		 3.
1
V
l
d
d
d
a
u
e
a
e		 1-
9
/
2
0
1
6		 (
6
)
5.
(
€
)
i
l
l
i
m
o
n		 1-
9
/
2
0
1
5		 (
6.
3
)

Transportation division, 9M/2016

Significant sales and profitability improvement expected for fourth quarter of 2016

  • Transportation division now only includes the Locomotives business unit; presentation of Vossloh Electrical Systems as "discontinued operations"
  • Sales of Vossloh Locomotives remained below the previous year, particularly as a result of fewer deliveries; EBIT and EBIT margin negative as expected
  • Significant sales and earnings improvement and thereby considerable reduction of loss expected in the fourth quarter
  • Major order from France (€140 million) resulted in a considerable increase in orders received; book-to-bill at 3.7

* Reported figures not including the Electrical Systems business unit which is held for sale. The financial information reported for the Group here are therefore not comparable with previous reports.

Sales in Asia and Northern Europe increased, significant decline in the Americas

* Reported figures not including the Electrical Systems business unit which is held for sale. The financial information reported for the Group here are therefore not comparable with previous reports.

Vossloh Group, Outlook

Target for EBIT margin 2016 adapted to the new Group structure – improvement expected for 2017

2016e*2017e* An EBIT margin of between 5.5 and 6.0 percent was previously expected at Group level with a Group structure including Vossloh Electrical Systems, as a result of the planned sale of the Electrical Systems business unit, an EBIT margin at the higher end of the range stated is expected; higher profitability in targeted portfolio structure without Locomotives business unit Sales from continuing operations of between €930 and €970 million expected at prior year level (approximately €950 million); sales growth is particularly inhibited by very weak market development in the USA; sales growth expected at Lifecycle Solutions; Core Components and Transportation approximately at the level of the previous year, Customized Modules slightly below the prior year level With a Group structure including Vossloh Electrical Systems, an EBIT margin of 4.0 to 4.5 percent was previously expected, as a result of the intended sale of the Electrical Systems business unit, an EBIT margin of between 4.5 and 5.0 percent is now anticipated; Core Components, Customized Modules and Lifecycle Solutions at approximately the level of the previous year, Transportation remained negative, however improved in comparison with the previous year Value added improved significantly, still negative overall, however Vossloh Group

* Sales and EBIT margin based on continuing Group activities. The Electrical Systems business unit, which is held for sale, has been presented as discontinued operations in accordance with IFRS 5. All earnings and expenses are therefore presented separately.

Financial calendar and contact

Financial calendar

  • March 23, 2017 Publication of annual consolidated financial statements 2016
  • May 24, 2017 Annual General Meeting

Contact information for investors:

  • Dr. Daniel Gavranovic
  • E-mail: [email protected] Phone: +49 (0) 23 92 / 52-608 Fax: +49 (0) 23 92 / 52-219

Contact information for the media:

Phone: +49 (0) 23 92 / 52-608

Fax: +49 (0) 23 92 / 52-538

www.vossloh.com

Appendix

Vossloh Group, 9M/2016 Income statement

€
i
l
l
io
m
n		 *
1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6
Sa
les
re
ve
nu
es		 6
9
4.
3		 6
6
4.
1
Co
f s
les
t o
s
a		 (
5
6
3.
8
)		 (
5
2
1.
4
)
Ge
l a
dm
in
is
ive
d s
l
l
ing
tra
t
ne
ra
a
n
e
ex
p
en
se
s		 (
1
1
3.
0
)		 (
1
1
9
)
5.
Re
h a
d
de
lop
t e
se
ar
c
n
ve
me
n
xp
en
se
s		 (
6.
3
)		 (
7.
0
)
O
t
he
t
ing
l
t
r o
p
er
a
re
su		 1
8.
2		 1
2.
7
Op
t
in
l
t
er
a
g
re
su		 2
9.
4		 3
2.
5
Inc
fro
inv
tm
ts
in
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
om
e
m
es
en
co
mp
an
a
cc
ou
n
r u
s
e
q
u
me		 2.
3		 1.
5
O
t
he
f
ina
ia
l
inc
r
nc
om
e		 0.
1		 0.
7
O
f
t
he
ina
ia
l e
r
nc
xp
en
se
s		 (
2.
1
)		 0.
0
Ea
in
be
fo
in
d
(
E
B
I
T
)
te
t a
ta
rn
g
s
re
re
s
n
xe
s		 2
9.
7		 3
4.
7
In
inc
te
t
re
s
om
e		 0.
9		 0.
9
In
te
t e
re
s
xp
en
se		 (
)
9.
9		 (
)
9.
0
Ea
in
be
fo
in
(
E
B
T
)
ta
rn
g
s
re
co
m
e
xe
s		 2
0.
7		 2
6.
6
Inc
tax
om
e
es		 (
1
4.
)
5		 (
1
2.
8
)
Ne
t r
l
t o
f
d
isc
t
inu
d o
t
ion
es
u
on
e
p
er
a
s		 0.
8		 (
8
)
7.
Ne
t
in
co
m
e		 7.
0		 6.
0
t
he
f a
t
tr
i
bu
ta
b
le
to
ha
ho
l
de
f
Vo
lo
h
A
G
re
o
s
re
rs
o
ss		 2.
6		 1.
9
t
he
f a
t
tr
i
bu
ta
b
le
to
tro
l
l
ing
in
te
ts
re
o
no
n-
co
n
re
s		 4.
4		 4.
1
Ea
in
ha
rn
g
s
p
er
s
re
Ba
ic
/
d
i
lu
d e
ing
ha
(
€
)
te
s
ar
n
s p
er
s
re		 0.
2
0		 0.
1
3
f a
t
he
t
tr
i
bu
ta
b
le
to
t
inu
ing
t
ion
re
o
co
n
o
p
er
a
s		 0.
1
3		 0.
6
7
t
he
f a
t
tr
i
bu
ta
b
le
to
d
isc
t
inu
d o
t
ion
re
o
on
e
p
er
a
s		 0.
0
7		 (
)
0.
5
4

* In accordance with IFRS 5, all income and expenses of the Electrical Systems business unit, which is held for sale, are presented separately in the items "net result from discontinued operations" for the current reporting period as well as the respective comparative period of the previous year. The financial information reported for the Group here are therefore not comparable with previous reports.

Vossloh Group, 9M/2016 Balance sheet

As
in
€
i
l
l
ion
ts
se
m		 9
/
3
0
/
2
0
1
*
5		 1
2
/
3
1
/
2
0
1
*
5		 9
/
3
0
/
2
0
1
6
In
tan
i
b
le
ts
g
as
se		 2
3.
5
7		 2
5
4.
7		 2
1.
1
5
Pr
ty,
lan
t a
d e
ip
t
op
er
p
n
q
me
n
u		 1
7
9.
5		 1
8
3.
5		 1
8
0.
4
Inv
tm
t p
t
ies
es
en
rop
er		 4.
5		 4.
5		 4.
0
Inv
tm
ts
in
ies
te
d
for
ing
t
he
es
en
co
mp
an
ac
co
un
us
i
ty
t
ho
d
eq
u
me		 3
5.
2		 3
3.
1		 3
3.
9
O
t
he
t
f
ina
ia
l
ins
tru
ts
r n
on
cu
rre
n
nc
me
n		 1
2.
5		 1
1.
2		 8.
4
Su
dry
t a
ts
n
no
nc
urr
en
ss
e		 2.
7		 3.
1		 3.
3
De
fer
d
tax
ts
re
as
se		 2
3.
8		 2
5.
9		 2
9.
2
No
t a
ts
nc
ur
re
n
ss
e		 5
1
1.
9		 5
1
6.
0		 5
1
0.
3
Inv
ies
tor
en		 2
9.
1
5		 2
3
4.
1		 2
5
7.
5
Tr
de
iva
b
les
a
re
ce		 2
3
4.
4		 2
2
0.
8		 2
1
8.
0
Re
iva
b
les
fro
tru
t
ion
tra
ts
ce
m
co
ns
c
co
n
c		 1
0.
2		 7.
1		 6.
8
Inc
tax
ts
om
e
as
se		 8.
1		 7.
1		 4.
9
Su
dry
t a
ts
n
cu
rre
n
ss
e		 6
1.
9		 5
8.
9		 2
9.
7
S
ho
i
ies
t-
ter
t
r
m
se
cu
r		 0.
5		 0.
5		 0.
5
Ca
h a
d c
h e
iva
len
ts
s
n
as
q
u		 4
7.
7		 6
0.
0		 1
2
8.
1
Cu
t a
ts
rre
n
ss
e		 6
2
1.
9		 5
8
8.
5		 6
4
5.
5
for
As
ts
he
l
d
le
se
sa		 3
8.
6
5		 2
8
5.
4		 2
3
8.
9

Assets 1,672.4 1,389.9 1,394.7

€
Eq
i
ty
d
l
ia
b
i
l
i
t
ies
in
i
l
l
ion
an
m
u		 /
/
9
3
0
*
2
0
1
5		 /
/
1
2
3
1
*
2
0
1
5		 /
/
9
3
0
2
0
1
6
Ca
i
l s
k
ta
toc
p		 3
7.
8		 3
7.
8		 4
5.
3
A
d
d
i
t
ion
l p
i
d-
in
i
ta
l
a
a
ca
p		 3
0.
9		 3
0.
9		 1
4
6.
5
Re
ta
ine
d e
ing
d n
t
inc
ar
n
s a
n
e
om
e		 2
6
3.
1		 3
3
2.
7		 3
3
2.
2
Ac
la
d o
he
he
ive
inc
te
t
cu
mu
r c
om
p
re
ns
om
e		 3.
3		 1
0.
3		 6.
6
Eq
i
ty
lu
d
ing
tro
l
l
ing
in
te
ts
u
ex
c
n
on
-co
n
re
s		 3
3
5.
1		 4
1
1.
7		 5
3
0.
6
No
l
l
ing
in
tro
ter
ts
n-c
on
es		 1
6.
9		 1
0
7.		 1
1
5.
Eq
i
ty
u		 3
5
2.
0		 4
2
8.
7		 5
4
5.
7
Pe
ion
is
ion
ns
p
rov
s		 2
1.
9		 2
2.
1		 2
2.
4
O
he
is
ion
t
t p
r n
on
cu
rre
n
rov
s		 2
5.
4		 2
8.
6		 2
3.
0
No
t
f
ina
ia
l
l
ia
b
i
l
i
t
ies
nc
urr
en
nc		 2
4
5.
8		 2
5
3.
5		 2
4
7.
4
No
t
tra
de
b
les
nc
urr
en
p
ay
a		 3.
6		 3.
2		 0.
0
O
t
he
t
l
ia
b
i
l
i
t
ies
r n
on
cu
rre
n		 1
1.
2		 1
0.
2		 3.
7
De
fer
d
tax
l
ia
b
i
l
i
t
ies
re		 2.
6		 3.
0		 2.
7
No
l
ia
b
i
l
i
ies
t
t
nc
ur
re
n		 3
1
0.
5		 3
2
0.
6		 2
9
9.
2
O
t
he
t p
is
ion
r c
urr
en
rov
s		 9
8.
6		 1
0
3.
0		 6
2.
8
Cu
f
t
ina
ia
l
l
ia
b
i
l
i
t
ies
rre
n
nc		 1
3
2.
3		 2
5.
6		 1
4.
3
Cu
t
tra
de
b
les
rre
n
p
ay
a		 1
3
8.
6		 1
5
1.
0		 1
4
9.
9
Cu
fro
t
l
ia
b
i
l
i
t
ies
tru
t
ion
tra
ts
rre
n
m
co
ns
c
co
n
c		 2.
3		 0.
4		 8.
5
Inc
tax
l
ia
b
i
l
i
t
ies
om
e		 1
0.
9		 1
2.
0		 1
1.
1
O
t
he
t
l
ia
b
i
l
i
t
ies
r c
urr
en		 1
0
8.
6		 1
0
2.
3		 1
1
0.
9
Cu
t
l
ia
b
i
l
i
t
ies
rre
n		 4
9
1.
3		 3
9
4.
3		 3
5
7.
5
L
ia
b
i
l
i
ies
he
l
d
for
le
t
sa		 1
8.
6
5		 2
4
6.
3		 1
9
2.
3
Eq
i
ty
d
l
ia
b
i
l
i
t
ies
u
an		 1,
6
7
2.
4		 1,
3
8
9.
9		 1,
3
9
4.
7

* In accordance with IFRS 5, all assets and liabilities of the Electrical Systems business unit, which is held for sale, are presented separately in the items "assets and liabilities held for sale" for the current reporting period as well as the respective comparative period of the previous year. The financial information reported for the Group here are therefore not comparable with previous reports.

Core divisions, 9M/2016 Key performance indicators

C
C
t
o
re
o
m
p
o
ne
n
s		 Cu
t
ize
d
M
du
le
s
o
m
o
s		 L
i
fe
le
S
lu
t
io
cy
c
o
ns
1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6		 1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6		 1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6
S
le
a
s
re
ve
nu
e
s		 €
i
l
l
io
m
n		 1
9
1.
7		 1
8
3.
1		 3
8
8.
1		 3
7
4.
6		 5
2.
2		 6
1.
9
E
B
I
T		 €
i
l
l
io
m
n		 2
2.
5		 2
4.
1		 2
3.
7		 2
7.
4		 2.
8		 3.
2
E
B
I
T
in
m
a
rg		 % 1
1.
8		 1
3.
1		 6.
1		 7.
3		 5.
3		 5.
1
(
Ø
)
W
k
ing
i
ta
l
o
r
c
a
p		 €
i
l
l
io
m
n		 2.
7
5		 9.
0
5		 1
4
1.
2		 1
3
2.
9		 9.
7		 1
1.
2
(
Ø
)
W
k
ing
i
ta
l
in
te
i
ty
o
r
c
a
p
ns		 % 2
8.
3		 2
4.
2		 2
7.
3		 2
6.
6		 1
4.
0		 1
3.
6
Ø
C
i
ta
l e
loy
d
(
)
a
p
m
p
e		 €
i
l
l
io
m
n		 1
2
9.
7		 1
0
9.
3		 4
2
7.
2		 4
1
5.
2		 1
2
0.
3		 1
2
9.
3
R
O
C
E		 % 2
3.
2		 2
9.
4		 7.
4		 8.
8		 3.
1		 3.
3
Va
lu
d
d
d
e
a
e		 €
i
l
l
io
m
n		 1
2.
8		 1
6.
7		 (
8.
3
)		 (
0.
7
)		 (
6.
3
)		 (
5.
6
)
O
d
ive
d
r
e
rs
re
c
e		 €
i
l
l
io
m
n		 2
2
9.
1		 1
9
8.
4		 3
9
7.
4		 3
6
1.
6		 6
0.
2		 8
3.
8
O
d
b
k
lo
r
e
r
a
c
g		 €
i
l
l
io
m
n		 2
2
0.
0		 1
9
2.
8		 3
1
8.
5		 2
8
5.
1		 1
8.
4		 2
9.
7
C
i
ta
l e
d
i
tu
a
p
xp
e
n
re
s		 €
i
l
l
io
m
n		 3
5.		 2.
2		 5.
7		 9.
7		 6.
0		 5.
6
/
De
ia
t
io
t
iza
t
io
p
re
c
n
a
m
o
r
n		 €
i
l
l
io
m
n		 2
7.		 6.
8		 1
2.
3		 1
0.
9		 3.
6		 4.
5

Transportation division and VES, 9M/2016 Key performance indicators

Tr
a
ns
p
o
r		 t
t
io
a
n
1-
9
/
2
0
1
5
*		 1-
9
/
2
0
1
6
S
le
a
s
re
ve
nu
e
s		 €
i
l
l
io
m
n		 6
8.
7		 5
2.
9
E
B
I
T		 €
i
l
l
io
m
n		 (
1
0.
)
7		 (
9.
0
)
E
B
I
T
in
m
a
rg		 % (
1
5.
5
)		 (
1
7.
0
)
W
k
ing
i
l
(
Ø
)
ta
o
r
c
a
p		 €
i
l
l
io
m
n		 3
5.
2		 3
1.
6
Ø
W
k
ing
i
ta
l
in
te
i
ty
(
)
o
r
c
a
p
ns		 % 3
8.
5		 4
4.
9
C
i
l e
loy
d
(
Ø
)
ta
a
p
m
p
e		 €
i
l
l
io
m
n		 5
3.
8		 5
1.
2
R
O
C
E		 % (
2
6.
4
)		 (
2
3.
4
)
Va
lu
d
d
d
e
a
e		 €
i
l
l
io
m
n		 (
)
1
4.
7		 (
)
1
2.
4
O
d
ive
d
r
e
rs
re
c
e		 €
i
l
l
io
m
n		 4
4.
2		 1
9
5.
8
O
d
b
k
lo
r
e
r
a
c
g		 €
i
l
l
io
m
n		 6
8.
3		 2
4
2.
1
C
i
ta
l e
d
i
tu
a
p
xp
e
n
re
s		 €
i
l
l
io
m
n		 3
4.		 3.
2
/
De
ia
t
io
t
iza
t
io
p
re
c
n
a
m
o
r
n		 €
i
l
l
io
m
n		 3.
4		 3.
0

* Reported figures not including the Electrical Systems business unit which is held for sale. The financial information reported for Transportation here are therefore not comparable with previous reports.

Vossloh Group, 9M/2016 Cash flow statement

€
i
l
l
io
m
n		 1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6
fo
(
)
Ea
ing
b
in
te
t a
d
ta
E
B
I
T
rn
s
e
re
re
s
n
xe
s		 2
9.
7		 3
4.
7
fro
E
B
I
T
d
is
t
in
d
t
io
m
c
o
n
u
e
o
p
e
ra
ns		 5.
4		 (
)
3.
9
/
/w
(
)
f n
Am
t
iza
t
io
d
ia
t
io
i
te
-d
le
i
te
t a
ts
o
r
n
e
p
re
c
n
r
ow
ns
s
s w
r
-u
p
s
o
o
nc
u
rre
n
s
s
e		 3
5.
1		 3
8.
5
C
ha
in
t p
is
io
ng
e
no
nc
u
rre
n
ro
v
ns		 (
1
8
)
5.		 (
1.
0
)
G
f
h
lo
ro
s
s
c
a
s
w		 4.
4
5		 6
8.
3
In
ta
i
d
c
o
m
e
xe
s
p
a		 (
1
0
)
5.		 (
1
6
)
5.
C
ha
in
k
ing
i
l
ta
ng
e
wo
r
c
a
p		 (
4
4.
1
)		 (
4.
3
)
5
O
he
ha
t
r c
ng
e
s		 1
4.
0		 (
4.
1
)
C
f
fro
h
lo
t
in
t
iv
i
t
ie
a
s
w
m
o
p
e
ra
g
a
c
s		 9.
3		 (
)
5.
7
Inv
in
in
i
b
le
d
la
d
ip
tm
ts
ta
ts
ty
t a
t
e
s
e
n
ng
a
s
s
e
a
n
p
ro
p
e
r
p
n
n
e
q
u
m
e
n
,		 (
3
0.
5
)		 (
2
2.
7
)
C
h-
f
fe
t
ive
ha
in
inv
tm
ts
in
ie
te
d
fo
ing
t
he
i
ty
t
ho
d
a
s
e
c
c
ng
e
s
e
s
e
n
c
o
m
p
a
n
s
a
c
c
ou
n
r u
s
e
q
m
e
u		 (
1.
8
)		 0.
0
C
h-
f
fe
t
ive
d
iv
i
d
d
fro
ie
te
d
fo
ing
t
he
i
ty
t
ho
d
a
s
e
c
e
n
s
m
c
o
m
p
a
n
s
a
c
c
ou
n
r u
s
e
q
m
e
u		 2.
1		 0.
7
Fr
h
f
lo
e
e
c
a
s
w		 (
2
0.
9
)		 (
2
7.
7
)

Vossloh Group, 9M/2016 Workforce

C
l
i
o
s
n
g		 d
t
a
e		 A
v
e
r
a
g
e
f
W
k
o
r
o
r
c
e		 9
/
3
0
/
2
0
1
5		 9
/
3
0
/
2
0
1
6		 1-
9
/
2
0
1
5		 1-
9
/
2
0
1
6
C
C
t
o
r
e
o
m
p
o
n
e
n
s		 5
9
5		 6
2
5		 6
1
7		 6
3
2
C
t
i
d
M
d
l
u
s
o
m
z
e
o
u
e
s		 2.
6
0
8		 2.
5
2
1		 2.
5
9
0		 2.
5
4
6
f
S
L
i
l
l
t
i
e
c
c
e
o
o
n
s
y
u		 3
3
4		 1
4
5		 3
8
7		 6
0
4
T
i
t
t
r
a
n
s
p
o
r
a
o
n		 4
0
9		 3
9
6		 4
1
8		 3
9
9
V
l
h
A
G
o
s
s
o		 6
5		 4
5		 6
5		 5
5
T
l
t
o
a		 4.
1
0
1		 4.
0
4
7		 4.
0
6
8		 4.
0
9
2
S
(
V
l
h
E
l
t
i
l
t
d
i
t
i
d
o
s
s
o
e
c
r
c
a
y
s
e
m
s
s
c
o
n
n
u
e
t
i
)
o
p
e
r
a
o
n
s		 6
7
5		 2
1
7		 8
2
6		 2
9
7

Vossloh stock

Share price development, information on the stock and shareholder structure

I
f
i
h
V
l
h
k
t
t
t
n
o
r
m
a
o
n
o
n
e
o
s
s
o
s
o
c
S
I
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N		 D
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0
0
0
7
6
6
7
1
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7
Tr
d
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la
fo
t
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p
rm
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d
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Fr
k
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Be
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,
Ha
bu
Ha
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M
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t
tg
t,
m
rg
nn
ov
e
r,
a
r
u
n
,
In
d
ex		 S
D
A
X
Nu
b
f s
ha
d
ing
ts
ta
m
e
r o
re
s
ou
n
f
S
b
3
0,
2
0
1
6
te
a
s
o
e
p
m
e
r		 1
5,
9
6
7,
4
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7
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(
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)
ha
ic
9
3
0
2
0
1
6
re
p
r
e		 €
5
2.
9
3
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to
k p
ic
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ig
h
/
low
(
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c
r
e
a
nu
a
ry
hr
h
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b
2
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1
6
)
t
te
ou
g
e
p
m
e
r		 €
6
0.
5
3
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€
4
5.
2
4
(
/
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M
ke
t c
i
ta
l
iza
t
io
9
3
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1
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a
r
a
p
n		 €
8
4
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i
l
l.
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Re
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rs
c
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D
E
B
lo
b
d
o
m
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rg
c
o
e		 O
S
G
V
R

Ownership structure

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