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Vossloh AG

Investor Presentation • Apr 26, 2018

478_10-q_2018-04-26_37ff775c-66f9-4a12-84e1-7473da738119.pdf

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Quarterly Statement as of March 31, 2018

Werdohl, April 26, 2018

Driving Innovation. Developing Potential.

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 Vossloh AG shares or the shares of other companies.

Vossloh Group: Driving Innovation. Developing Potential.

First quarter 2018 down year-over-year as expected, guidance 2018 confirmed

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Notes

  • Sales revenues down year-over-year due to temporarily weakened business in the Fastening Systems business unit in China
  • EBIT down year-over-year amongst others due to sales-driven lower earnings contributions from China and a one-time effect in the Fastening Systems business unit in 2017
  • Free cash flow seasonally negative and additionally burdened by discontinued operations
  • Capital expenditure up year-over-year; mostly due to modernization of a production plant for manganese frogs in the Customized Modules division

2) Includes the effects of discontinued operations; free cash flow comprises the cash flow from operating activities, investments in intangible assets and property, plant and equipment, and cash receipts and payments associated with companies accounted for using the equity method.

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  • Equity approximately on the level as of end 2017; decline compared with Q1/2017 among other things due to negative result from discontinued operations in 2017
  • Seasonally typical increase in working capital in particular in Customized Modules; significant improvement expected by the end of the year
  • Capital employed higher than 2017 closing due to the increased working capital at the reporting date of March 31, 2018
  • Net financial debt up primarily due to the increase in working capital for discontinued operations and also due to interest payments and dividend payments to third parties

High level of orders received in the Customized Modules division

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Core Components division (CC)

Sales and EBIT down year-over-year

  • Decline in sales mostly attributable to Fastening Systems business unit activities in China and to a lesser extent also to the Tie Technologies business unit
  • Lower earnings and profitability; prior-year figures include a high level of deliveries for high-volume and high-margin projects of rail fastening systems (primarily in China) and also investment income from an non-consolidated company
  • Value added nonetheless positive in the first quarter of 2018
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Fastening Systems business unit (VFS)

Sales and value added down year-over-year as anticipated

Tie Technologies business unit (VTT)

Restrained business performance in the first quarter as anticipated

Customized Modules division (CM)

Increase in sales year-over-year, EBIT still below previous year's level

  • Higher sales above all thanks to improved switch systems business in the Polish market; higher sales in Israel and Italy, among others; in contrast, in particular in Morocco lower sales compared to high level of previous year
  • EBIT down year-over-year especially for the French key management company due to lower contributions to sales; U.S. business essentially unchanged year-over-year
  • Decline in average working capital from €131.5 million to €128.9 million in spite of higher sales; average working capital intensity therefore at 30.3 percent (Q1/2017: 32.3 percent)
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6
)
5.
(
€
i
l
l.
)
m		 1-
3
/
2
0
1
7
:		 (
5.
2
)

Lifecycle Solutions division (LS)

Seasonally typical slow start to the fiscal year

Sales increase in Europe unable to offset declines in other markets

Vossloh Group, 2018 outlook

Guidance for the 2018 fiscal year confirmed

Sales in the range of €875 million to €950 million: Decline in sales in the Core Components division due to an anticipated temporary weakening in the performance of Vossloh Fastening Systems in China; higher sales forecast for Customized Modules and Lifecycle Solutions

EBIT margin of between 6.0 and 7.0 percent: Significant improvement expected in the profitability of the Customized Modules division; Lifecycle Solutions also to noticeably improve; Core Components below high level seen in the 2017 fiscal year

Value added: Positive value added aimed for in 2018 in spite of lower EBIT expectations

Financial calendar and contact information

You can always contact us

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Appendix

Income statement1)

€
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l
l.
m		 /
1-
3
2
0
1
7		 /
1-
3
2
0
1
8
S
l
a
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u
e
s		 1
9
6.
2		 1
7
8.
3
C
t
f
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a
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1
5
2.
5
)		 (
1
4
2.
1
)
G
l
d
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v
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x
p
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3
6.
2
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3
4.
2
)
R
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2.
4
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2.
4
)
O
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2.
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(
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a
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s		 (
0.
0
6
)		 0.
1
8

Vossloh Group Balance sheet1)

As
(
€ m
i
l
l.
)
ts
se		 3
/
3
1
/
2
0
1
7		 1
2
/
3
1
/
2
0
1
7		 3
/
3
1
/
2
0
1
8		 Eq
i
&
l
ia
b
i
l
i
ies
(
€ m
i
l
l.
)
ty
t
u		 3
/
3
1
/
2
0
1
7		 1
2
/
3
1
/
2
0
1
7		 3
/
3
1
/
2
0
1
8
In
tan
i
b
le
ts
g
as
se		 3
1
1.
7		 2
8
0.
4		 2
7
7.
8		 Ca
i
ta
l s
toc
k
p		 4
5.
3		 4
5.
3		 4
5.
3
Pro
ty,
lan
t a
d e
ip
t
p
er
p
n
q
u
me
n		 2
2
9.
3		 2
1
2.
5		 2
0
8.
8		 A
d
d
i
t
ion
l p
i
d-
in
i
ta
l
a
a
ca
p		 1
4
6.
5		 1
4
6.
5		 1
4
6.
5
Inv
tm
t p
t
ies
es
en
rop
er		 3.
5		 2.
8		 2.
7		 Re
ta
ine
d e
ing
d n
t
inc
arn
s a
n
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e		 3
3
3.
5		 3
2
1.
7		 3
1
5.
5
Inv
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ing
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ty
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eq
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me		 3
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9		 Ac
la
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d o
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inc
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8
O
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f
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on
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9		 9.
0		 Eq
i
ty
lu
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ing
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l
l
ing
in
te
ts
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ex
c
n
on
-co
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re
s		 3
6.
6
5		 1
4
5
7.		 1
1.
1
5
Su
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t a
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no
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urr
en
ss
e		 0.
6		 3.
5		 2.
9		 No
tro
l
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ing
in
ter
ts
n-c
on
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9.
9		 1
5.
0		 1
6.
0
De
fer
d
tax
ts
re
as
se		 3
0.
1		 2
3.
7		 1
9.
6		 Eq
i
ty
u		 5
5
6.
5		 5
3
2.
4		 5
2
7.
1
No
t a
ts
n-
cu
rre
n
ss
e		 6
1
9.
3		 5
9
6.
0		 5
8
4.
7		 Pe
ion
is
ion
ns
p
rov
s		 2
4.
7		 2
2.
4		 2
2.
6
Inv
ies
tor
en		 1
8
5.
8		 1
5
4.
3		 1
7
7.
4		 O
he
is
ion
t
t p
r n
on
-cu
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n
rov
s		 2
3.
9		 2
3.
9		 2
2.
0
Tr
de
iva
b
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re
ce		 1
9
4.
7		 2
1
0.
3		 2
0
3.
3		 No
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
n-c
urr
en
nc		 1
4
7.
9		 2
4
8.
8		 2
4
8.
9
Co
tra
t a
ts
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c
ss
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1		 6.
6		 9
5.		 O
he
l
ia
b
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t
t
t
r n
on
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4
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tax
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as
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8		 8
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l
ia
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ies
tax
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8		 4.
2
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t
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l
ia
b
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i
t
ies
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8		 3
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9.
9		 4
4.
4		 4
6.
7
Ca
h a
d c
h e
iva
len
ts
s
n
as
q
u		 4
8.
4		 9
6.
3		 6
1
7.		 Cu
f
ina
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l
l
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b
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ies
t
t
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nc		 8
9.
2		 5
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7		 6
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8
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t a
ts
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n
ss
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8
8.
0		 5
1
9.
0		 5
0
4.
7		 Cu
de
b
les
t
tra
rre
n
p
ay
a		 1
3
1.
1		 1
4
1.
9		 1
2
4.
5
As
he
l
d
for
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ts
se
sa		 1
1
4
5.		 1
3
9
7.		 1
2
4.
0		 Cu
inc
l
ia
b
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l
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ies
t
tax
t
rre
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om
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3.
1		 6.
3		 2
5.
O
t
he
t
l
ia
b
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l
i
t
ies
r c
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en		 9
3.
2		 2.
7
7		 1
7
7.
Cu
t
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b
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t
ies
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7
6.
5		 3
2
1.
0		 3
2
0.
3
for
L
ia
b
i
l
i
t
ies
he
l
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le
sa		 6
8.
9		 8
7.
0		 6
4.
9
3
/
3
1
/
2
0
1
7		 1
2
/
3
1
/
2
0
1
7		 3
/
3
1
/
2
0
1
8		 Eq
i
&
l
ia
b
i
l
i
ies
(
€ m
i
l
l.
)
ty
t
u		 3
/
3
1
/
2
0
1
7		 1
2
/
3
1
/
2
0
1
7		 3
/
3
1
/
2
0
1
8
3
1
1.
7		 2
8
0.
4		 2
7
7.
8		 Ca
i
ta
l s
toc
k
p		 4
5.
3		 4
5.
3		 4
5.
3
2
2
9.
3		 2
1
2.
5		 2
0
8.
8		 A
d
d
i
t
ion
l p
i
d-
in
i
ta
l
a
a
ca
p		 1
4
6.
5		 1
4
6.
5		 1
4
6.
5
3.
5		 2.
8		 2.
7		 Re
ta
ine
d e
ing
d n
t
inc
arn
s a
n
e
om
e		 3
3
3.
5		 3
2
1.
7		 3
1
5.
5
3
4.
6		 6
4.
2		 6
3.
9		 Ac
la
te
d o
t
he
he
ive
inc
cu
mu
r c
om
p
re
ns
om
e		 1
1.
3		 3.
9		 3.
8
9.
5		 8.
9		 9.
0		 Eq
i
lu
d
ing
l
l
ing
in
ty
tro
te
ts
u
ex
c
n
on
-co
n
re
s		 3
6.
6
5		 1
4
5
7.		 1
1.
1
5
0.
6		 3.
5		 2.
9		 No
tro
l
l
ing
in
ter
ts
n-c
on
es		 1
9.
9		 1
5.
0		 1
6.
0
3
0.
1		 2
3.
7		 1
9.
6		 Eq
i
ty
u		 6.
5
5
5		 3
2.
4
5		 2
1
5
7.
6
1
9.
3		 5
9
6.
0		 5
8
4.
7		 Pe
ion
is
ion
ns
p
rov
s		 2
4.
7		 2
2.
4		 2
2.
6
1
8
5.
8		 1
5
4.
3		 1
7
7.
4		 O
t
he
t p
is
ion
r n
on
-cu
rre
n
rov
s		 2
3.
9		 2
3.
9		 2
2.
0
1
9
4.
7		 2
1
0.
3		 2
0
3.
3		 No
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
n-c
urr
en
nc		 1
4
7.
9		 2
4
8.
8		 2
4
8.
9
9.
1		 6.
6		 5.
9		 O
he
l
ia
b
i
l
i
ies
t
t
t
r n
on
-cu
rre
n		 3.
6		 4.
6		 3.
4
3.
8		 7.
8		 9.
7		 De
fer
d
l
ia
b
i
l
i
ies
tax
t
re		 2
0.
7		 1
2.
8		 4.
2
4
5.
6		 4
3.
2		 4
0.
8		 No
t
l
ia
b
i
l
i
t
ies
n-
cu
rre
n		 2
2
0.
8		 3
1
2.
5		 3
0
1.
1
0.
6		 0.
5		 0.
5		 O
he
is
ion
t
t p
r c
urr
en
rov
s		 4
9.
9		 4
4.
4		 4
6.
7
4
8.
4		 9
6.
3		 6
7.
1		 Cu
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
rre
n
nc		 8
9.
2		 5
5.
7		 6
6.
8
4
8
8.
0		 5
1
9.
0		 5
0
4.
7		 Cu
de
b
les
t
tra
rre
n
p
ay
a		 1
3
1.
1		 1
4
1.
9		 1
2
4.
5
1
1
4
5.		 1
3
9
7.		 1
2
4.
0		 Cu
inc
l
ia
b
i
l
i
ies
t
tax
t
rre
n
om
e		 1
3.
1		 6.
3		 2
5.
O
he
l
ia
b
i
l
i
ies
t
t
t
r c
urr
en		 9
3.
2		 2.
7
7		 1
7
7.
Cu
t
l
ia
b
i
l
i
t
ies
rre
n		 3
7
6.
5		 3
2
1.
0		 3
2
0.
3
for
L
ia
b
i
l
i
t
ies
he
l
d
le
sa		 6
8.
9		 8
7.
0		 6
4.
9
1,
2
2
2.
7		 1,
2
5
2.
9		 1,
2
1
3.
4		 Eq
i
ty
&
l
ia
b
i
l
i
t
ies
u		 1,
2
2
2.
7		 1,
2
5
2.
9		 1,
2
1
3.
4

1) Prior-year figures as of March 31, 2017, adjusted due to the treatment of the Locomotives business unit as discontinued operations.

Vossloh Group Key figures (1/2)

C
C
t
o
r
e
o
m
p
o
n
e
n
s		 F
i
S
t
t
a
s
e
n
n
g
y
s
e
m
s		 T
i
T
h
l
i
e
e
c
n
o
o
g
e
s
1-
3
/
2
0
1
7		 /
1-
3
2
0
1
8		 1-
3
/
2
0
1
7		 /
1-
3
2
0
1
8		 1-
3
/
2
0
1
7		 /
1-
3
2
0
1
8
S
l
a
e
s
r
e
v
e
n
u
e
s		 €
i
l
l.
m		 8.
2
7		 8.
5
5		 9.
1
5		 4
3.
4		 1
9.
5		 1
1
5.
E
B
I
T		 €
i
l
l.
m		 1
1.
6		 5.
6
E
B
I
T
i
m
a
r
g
n		 % 1
4.
8		 9.
6
W
k
i
i
t
l
(
Ø
)
o
r
n
g
c
a
p
a		 €
i
l
l.
m		 5
9.
3		 6
9.
9
W
k
i
i
l
i
i
(
Ø
)
t
t
t
o
r
n
g
c
a
p
a
n
e
n
s
y		 % 1
9.
0		 2
9.
9
C
(
Ø
)
i
t
l
l
d
a
p
a
e
m
p
o
y
e		 €
i
l
l.
m		 2
2
8.
3		 2
1
9.
0
R
O
C
E		 % 2
0.
3		 1
0.
2
V
l
d
d
d
a
u
e
a
e		 €
i
l
l.
m		 7.
3		 1.
5		 9.
1		 2.
8		 (
1.
8
)		 (
1.
3
)
O
d
i
d
r
e
r
s
r
e
c
e
v
e		 €
i
l
l.
m		 7
1.
5		 4
2.
9		 4
6.
6		 3
5.
3		 2
5.
3		 7.
6
O
d
b
k
l
(
l
i
d
t
3
/
3
1
)
r
e
r
a
c
o
g
c
o
s
n
g
a
e		 €
i
l
l.
m		 2
1
0.
9		 1
2
1.
0		 1
7
0.
4		 9
2.
3		 4
0.
6		 2
8.
7
C
i
l
d
i
t
t
a
p
a
e
x
p
e
n
u
r
e		 €
i
l
l.
m		 1.
0		 1.
2		 0.
5		 0.
9		 0.
5		 0.
3
D
i
i
/
i
i
t
t
t
e
p
r
e
c
a
o
n
a
m
o
r
z
a
o
n		 €
i
l
l.
m		 4.
8		 3.
8		 2.
0		 1.
8		 2.
8		 2.
0

Vossloh Group Key figures (2/2)

C
i
d
M
d
l
t
u
s
o
m
z
e
o
u
e
s		 i
f
l
S
l
i
L
t
e
c
y
c
e
o
u
o
n
s
/
1-
3
2
0
1
7		 /
1-
3
2
0
1
8		 /
1-
3
2
0
1
7		 /
1-
3
2
0
1
8
S
l
a
e
s
r
e
e
n
e
s
v
u		 €
i
l
l.
m		 1
0
1.
9		 1
0
6.
4		 1
7.
3		 1
5.
3
E
B
I
T		 €
i
l
l.
m		 2.
7		 2.
3		 (
0.
9
)		 (
1.
9
)
E
B
I
T
i
m
a
r
g
n		 % 2.
6		 2.
1		 (
5.
0
)		 (
1
2.
1
)
(
Ø
)
W
k
i
i
t
l
o
r
n
g
c
a
p
a		 €
i
l
l.
m		 1
3
1.
5		 1
2
8.
9		 8.
8		 7.
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		 % 3
2.
3		 3
0.
3		 1
2.
7		 1
3.
0
Ø
C
i
t
l
l
d
(
)
a
p
a
e
m
p
o
y
e		 €
i
l
l.
m		 4
1
8.
7		 4
2
0.
1		 1
3
3.
5		 1
3
1.
4
R
O
C
E		 % 2.
6		 2.
2		 (
2.
6
)		 (
5.
6
)
V
l
d
d
d
a
u
e
a
e		 €
i
l
l.
m		 (
2
)
5.		 (
6
)
5.		 (
3.
4
)		 (
4.
3
)
O
d
i
d
r
e
r
s
r
e
c
e
e
v		 €
i
l
l.
m		 1
0
9.
0		 1
4
3.
7		 2
2.
6		 2
5.
6
O
d
b
k
l
(
l
i
d
t
3
/
3
1
)
r
e
r
a
c
o
g
c
o
s
n
g
a
e		 €
i
l
l.
m		 2
8
6.
5		 3
6
2.
3		 3
4.
7		 3
2.
4
C
i
t
l
d
i
t
a
p
a
e
x
p
e
n
u
r
e		 €
i
l
l.
m		 2.
8		 3.
3		 1.
0		 1.
1
D
i
i
/
i
i
t
t
t
e
p
r
e
c
a
o
n
a
m
o
r
z
a
o
n		 €
i
l
l.
m		 3.
4		 3.
3		 1.
7		 1.
5

Cash flow statement1)

€
i
l
l.
m		 1–
3
/
2
0
1
7		 1–
3
/
2
0
1
8
E
i
b
f
i
t
t
d
i
t
(
E
B
I
T
)
a
r
n
n
g
s
e
o
r
e
n
e
r
e
s
a
n
n
c
o
m
e
a
x
e
s		 9.
6		 1.
6
f
E
B
I
T
d
i
t
i
d
t
i
r
o
m
s
c
o
n
n
e
o
p
e
r
a
o
n
s
u		 0.
1		 2.
7
A
i
i
/
d
i
i
/
i
i
l
f
(
l
i
)
t
t
t
t
t
t
t
m
o
r
z
a
o
n
e
p
r
e
c
a
o
n
m
p
a
r
m
e
n
o
s
s
e
s
o
n
o
n-
c
u
r
r
e
n
a
s
s
e
s
e
s
s
w
r
e-
u
p
s		 1
1.
0		 8.
7
C
h
i
t
i
i
a
n
g
e
n
n
o
n-
c
u
r
r
e
n
p
r
o
v
s
o
n
s		 (
0.
3
)		 (
1.
9
)
G
f
h
l
r
o
s
s
c
a
s
o
w		 2
0.
4		 1
1.
1
I
t
i
d
n
c
o
m
e
a
x
e
s
p
a		 (
3.
0
)		 (
6.
1
)
C
h
i
k
i
i
t
l
a
n
g
e
n
w
o
r
n
g
c
a
p
a		 (
)
4
1.
1		 (
2
8.
8
)
O
t
h
h
e
r
c
a
n
g
e
s		 1.
1		 (
4.
6
)
C
h
f
l
f
t
i
t
i
i
t
i
a
s
o
w
r
o
m
o
p
e
r
a
n
g
a
c
v
e
s		 (
2
2.
6
)		 (
)
2
8.
4
I
i
i
i
b
l
d
l
d
i
t
t
t
t
t
t
t
n
e
s
m
e
n
s
n
n
a
n
g
e
a
s
s
e
s
a
n
p
r
o
p
e
r
p
a
n
a
n
e
q
p
m
e
n
v
y,
u		 (
6.
6
)		 (
6.
2
)
f
F
h
l
r
e
e
c
a
s
o
w		 (
2
9.
2
)		 (
3
4.
6
)

Employees

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

Price performance, share information and shareholder structure

I
f
t
i
t
h
V
l
h
h
n
o
r
m
a
o
n
o
n
e
o
s
s
o
s
a
r
e
I
S
I
N		 D
E
0
0
0
7
6
6
7
1
0
7
T
d
i
l
t
i
r
a
n
g
o
c
a
o
n
s		 f,
f
X
t
D
ü
l
d
F
k
t,
B
l
i
H
b
H
e
r
a,
s
s
e
o
r
r
a
n
u
r
e
r
n,
a
m
u
r
g,
a
n
o
v
e
r,
S
t
t
t
t,
M
i
h
u
g
a
r
u
n
c
I
d
n
e
x		 S
D
A
X
N
b
f
t
t
d
i
u
m
e
r
o
o
u
s
a
n
n
g
/
/
h
3
3
1
2
0
1
8
s
a
r
e
s
o
n		 1
9
6
4
3
5,
7,
7
S
h
i
(
3
/
3
1
/
2
0
1
8
)
a
r
e
p
r
c
e		 €
4
0.
7
0
H
i
h
i
/
l
i
J
t
g
p
r
c
e
o
w
p
r
c
e,
a
n
u
a
r
y
o
M
h
2
0
1
8
a
r
c		 €
4
9.
1
5
/
€
3
6.
5
5
M
k
t
i
t
l
i
t
i
(
3
/
3
1
/
2
0
1
8
)
a
r
e
c
a
p
a
z
a
o
n		 €
6
4
9.
9
i
l
l
i
m
o
n
R
d
t
e
e
r
s
c
o
e
u		 V
O
S
G.
D
E
B
l
b
d
o
o
m
e
r
g
c
o
e		 V
O
S
G
R

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