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MarketScreener Homepage  >  Equities  >  Xetra  >  Rheinmetall    RHM   DE0007030009

RHEINMETALL

(RHM)
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Rheinmetall : Corporate Presentation, February 2020

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02/07/2020 | 10:28am EDT

Rheinmetall Group Corporate Presentation

January 2020

Rheinmetall Group

RHEINMETALL GROUP STRUCTURE.

Group performance indicator

Grow sales

~8% op.

around 8%

margin

Targeted 2-4%

30-35%

Cash on sales

payout ratio

RHEINMETALL

GROUP

Strategy roadmap

Organic

International

growth

expansion

Leading by

Targeted

innovations

acquisitions

AUTOMOTIVE Our heart beats for your engine

2018

DEFENCE Force protection is our mission

Op. margin

€2,930m

48%

Sales

52%

€3,221m

Op. margin

8.9%

€265m

53%

Oper. Result

47%

€247m

7.9%

*€478m

Order backlog

49%

€8,577m

11,710

51%

Headcount**

10,948

* Short-term; **Headcount at capacities;

© Rheinmetall AG / Corporate Presentation Q3 2019

2

Rheinmetall Group

Rheinmetall Group

2019: Defence performance to overcompensate Automotive

Overall weak end markets, continuation of reduced momentum expected

  • Strong performance in China
  • Competitive product portfolio
  • Entrance in new markets (5G) - Diesel impact
    - GM strike
  • Czech plant issues
  • Malware attack

Positive macro environment for Defence will continue in the coming years

  • Strong order intake
  • High sales execution profile
  • Favorable sales mix
  • Margin increase
  • Export limitations

© Rheinmetall AG / Corporate Presentation Q3 2019

3

Rheinmetall Group

Q3 2019 Group commercial highlights

Weak Automotive compensated by Defence performance

Order backlogSales Operating result EPSoFCF

€9.2bn

€1.5bn

€99 m

€1.33

-€127

-26%

-10%

  • Order backlog on high level
  • Organic sales at constant exchange rates grew +2.5%* (reported 5.0%) to €1.5bn
  • Operating result stable with significant shift between the segments
  • EPS decline of 26% to €1.33 after PY €1.80 (including €0.47 real estate gain)
  • Operating FCF down €11m yoy to -€127m including €15 m CTA funding
  • FY Guidance specified

© Rheinmetall AG / Corporate Presentation Q3 2019

4

Rheinmetall Group

Q3 2019 Group commercial highlights

Operational improvement of sales and operating result

Sales

Operating result in €m

Earnings per share

in €m

Operating margin in %

in €

+5.0%

+1.0%

1,481

1

-2

99

-26.1%

23

98

2

1,80

13

0%

1,411

34

+2.2 % +1.3%

-2.5%

1,33

1,33

+2.5 %

+0.9% +1.6%

6.9%

6.7%

Q3 Operational FX

M&A

Q3

Q3 Operational FX

M&A

Q3

Q3

Q3

2018

2019

2018

2019

reported EPS

2018

2019

© Rheinmetall AG / Corporate Presentation Q3 2019

adjusted EPS

5

Rheinmetall Group

Q3 2019 Group commercial highlights

Operating Free Cash Flow improved operationally

  • Operating free cash flow bridge

in €m

41

-116

4

-127

3

-19

-25

-16

Q3

EAT

D/A

Delta

Delta WC Others

Capex

Q3

2018

Pensions

2019

  • EAT operationally improved
  • CTA funding of €15 m included in Pensions
  • Strong support from working capital optimization in Automotive

© Rheinmetall AG / Corporate Presentation Q3 2019

6

Rheinmetall Group

Q3 2019 Group commercial highlights

Financial KPI impacted by M&A transactions and pension topic

  • Net financial debt

in €m

-31

-660

31.12.2018 30.09.2019

  • Equity bridge

in €m and equity margin in %

2.172170

32.1%

  • Net gearing

Net debt in % of total equity

+31.8pp

33.2

1,4

31.12.2018 30.09.2019

-153

1.990

-92

-107

Incl.:

Incl.:

Actuarial changes

-192

RMMV-

27.9%

FX effects

+36

transaction -111

01.01.2019

EAT

OCI

Dividend

other

30.09.2019

© Rheinmetall AG / Corporate Presentation Q3 2019

7

Rheinmetall Group

FY 19 Guidance

Group margin guidance held stable

Sales

Operating margin

2018

2019e

2018

2019e

Growth y/y in % at

Growth y/y in % at

in %

in %

constant FX

constant FX

GROUP

AUTOMOTIVE DEFENCE

6.1

Slightly above 1

8.0

Around 8

4.2

Around -7

8.9

Around

6.5

7.9

Around 9

7.9

Slightly above

9.5

Operational growth at constant FX

© Rheinmetall AG / Corporate Presentation Q3 2019

8

Rheinmetall Group

FY mid-term guidance next three years

Sales growth and earnings improvement targeted

AUTOMOTIVE

DEFENCE

Mid-term

Mid-term

Sales growth

Operating margin

Short-term setback to 5-7%

Flat to slow growth (incl. micro mobility -€12m in 2020); mid-term recovery to around 8%

6-8%

9-10%

Operational growth at constant FX

© Rheinmetall AG / Corporate Presentation Q3 2019

9

Automotive

10

Rheinmetall Automotive

Q3 2019 Highlights: Automotive

Non-LV business and absence of equipment sales burdened the quarter

Quarterly sales and margin development

In €m and %

708

731

714

727

659

8,5

9,4

7,3

6,9

6,5

Q3

Q4

Q1

Q2

Q3

In €m

Comments on quarterly performance

  • Sales decline of -6.9%(FX-adjusted-8.5%)
  • LV sales were down 3.4%, in line with Global LV production of -3.2%*
  • Non-recurringChina equipment sales and weak non-LV business created pressure on sales
  • Low visibility until year's end remains the key issue
  • OFCF benefited from improved working capital management

Q3 2018 Q3 2019

∆ YTD 2018 YTD 2019

Sales

708

659

-6.9%

2,199

2,099

-4.6%

Operating result

60

43

-28.3%

193

144

-25.4%

Operating margin in %

8.5%

6.5%

-200 bp

8.8%

6.9%

-190 bp

Operating Free Cash Flow

-2

6

400.0%

-16

-8

50.0%

Operating FCF / Sales

-0.3%

0.9%

120 bp

-0.7%

-0.4%

30 bp

*IHS Markit: 5 November 2019

© Rheinmetall AG / Corporate Presentation Q3 2019

11

Rheinmetall Automotive

Q3 2019 Highlights: Automotive

Negative business development in all divisions and end markets

  • Sales Automotive

in €m

-6.9%

708

387 -7.5%

251 -9.2%

92 0.0%

-22

Q3 18

  • Operating result Automotive

in €m

Margin

Margin

Q3 2018

-28.3%

Q3 2019

6.5%

8.5%

60

659

358

9.8%

38

-28.9%

43

27

7.4%

228

6.0%

15

-60.0%

6

2.8%

92

9.8%

9

0.0%

9

9.2%

-20

-2

1

Q3 19

Q3 18

Q3 19

Mechatronics

  • Slow LV endmarkets
  • R&D for e-mobility
    Hardparts
  • Underlying business flat y-o-y, equipment sale already in Q2 '19
  • Operational issues at CZ plant persisted

Aftermarket

•Stable results in weak markets

Mechatronics

Hardparts

Aftermarket

Consolidation/Others

© Rheinmetall AG / Corporate Presentation Q3 2019

12

Rheinmetall Automotive

Q3 2019 China Total Management View Strong sales growth against the market trend

  • Sales

in €m

+21.0%

12

247

7

33

214

+13.4%

+2.8%

4.9%

33

Q3 2018 operational

FX

M&A

EBIT

+15.5%

in €m

17

0

1

2

+3.4%

+1.4%

15

+10.7%

2

Q3 2018

operational

FX

M&A

299

265

  • Strong operation sales growth of 21% due to successful

ramp ups, supported by M&A versus a contracting

34

China LV production of -5.5% (YTD -10.6%)*

Q3 2019

JV

EBIT increased by 15.5% to €20m, but margin declined

WFOE

slightly from 7.0% to 6.7% due to adverse portfolio

20

effects and ramp up cost for new products

20

0

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

Q3 2019

*IHS Markit: 5 November 2019

© Rheinmetall AG / Corporate Presentation Q3 2019

13

Rheinmetall Automotive

Q3 2019 Highlights: Automotive All end markets under pressure

  • Sales split LV / Non-LV in €m / in %

-6.9%

708

659

161

154

LV:

461

246

239

54

29

247

237

Q3 2018

Q3 2019

  • Sales split Non-LV in €m / in %

-4.0%

247

237

LV:

101

422

96

21

21

92

92

33

28

Q3 2018

Q3 2019

Delta

absolute

in %

Diesel

-7

-4.3%

-3.4%

-7

-2.8%

Gasoline

other LV**

-25

-46.5%

LV Business

-39

Truck

-5

-4.6%

-4.1%

Large Bore

0

+1.9%

Aftermarket

0

0%

Other*

-5

-15.2%

Non-LV Business

-10

-4.0%

  • Other: MIR, Industrie, Continuous casting ** Including €20m equipment sales

© Rheinmetall AG / Corporate Presentation Q3 2019

14

Rheinmetall Automotive

Q3 2019 Highlights: Automotive

Malware attack: Basic system environment reestablished, clean up continues

Malware attacked legal entities in the Automotive domain in the US, Mexico and Brazil

No infection of Defence systems detected

Production could be generally maintained, except warehouse for Aftermarkets business

Internal and external IT support as well as several governmental agencies involved

Limited topline effect due to successful set up of work- arounds

EBIT effect expected at around €6-8m in Q4 2019 Higher logistic expenses

Malware attack

Consultant fees

© Rheinmetall AG / Corporate Presentation Q3 2019

15

15

Rheinmetall Automotive

IHS revised 2019 LV volumes repeatedly and provides weak outlook

  • IHS 2019 forecast

IHS swings almost 8% within last 12 months

+2.0%

Oct Nov Dec

Jan

Feb Mrc Apr May Jun

Jul

Aug Sep

Oct

20182019

-5.8%

  • IHS Mid-term outlook with growth on low level

?

+2.3% CAGR

-6.7%

102

100

-5.8%

97

95

94

94

92

89

89

2017

2018

2019

2020

2021

2022

2023

2024

2025

Latest industry comments are very cautious short to mid-term!

© Rheinmetall AG / Corporate Presentation Q3 2019

16

Rheinmetall Automotive

Automotive impacted by special effects beyond market deterioration

Sales bridge

Operating result

in €m

in €m and %

731

69

9.4%

level '19 Q3

~5%

Q4 2018

Market

GM Strike

Negative

Q4 2019

Q4 2018 Market

GM

Ramp

Malware Q4 2019

decline

Ramp effect

effect

© Rheinmetall AG / Corporate Presentation Q3 2019

17

Rheinmetall Automotive

2019 reports biggest market decline post the financial crisis

Avg. cycle margin ~7.5%

Operating margins

-2.5%

7.0%

8.4%

8.9%

~6.5%

5-7%

~8%

2009

2013

2016

2018

2019

2020/21

2024/25

Market

Financial crisis

market decline -12.2%

Growth in CAGR

6.4%

-1.0%

-5.8%

2.3%

Market trend

Recovery

Growth

Decline

Flat

Slow growth

IHS November 2019

© Rheinmetall AG / Corporate Presentation Q3 2019

18

Rheinmetall Automotive

Self help measures to be continued throughout 2020

Efficiency

optimization

  • General cost reduction programs
  • Process optimization to reduce scrap rate
  • CAPEX reduction

Selective R&D

Prioritization and optimization of R&D projects

Micro Mobility R&D affects P&L 2020 with ~ €12m

Reduction of leased workers (-40% yoy)

HR Measures

Reduction of time accounts and weekly working hours from 40-35

Reduction of direct personnel cost (short-time work extended to 5 sites)

Normal fluctuation (-3% yoy) and recruitment stop

Further intensification of tools possible

© Rheinmetall AG / Corporate Presentation Q3 2019

19

Defence

Rheinmetall Defence

Q3 2019 Highlights: Defence Defence delivered as promised

Quarterly sales and margin development

In €m and %

1.255

703

14,3

746

823

629

7,8

6,3

1,4

8,1

Q3

Q4

Q1

Q2

Q3

In €m

Order intake

Sales

Operating result

Operating margin in %

Operating Free Cash Flow

Operating FCF / Sales

Comments on quarterly performance

  • Order intake of € 1.136m solid, including new VJTF orders
  • Sales growth of 17.1% (FX adjusted 13.4%) driven by ES and VS and including €23m M&A effect
  • Margin rose by 150 bp to 7.8%
  • OFCF basically stable

Q3 2018

Q3 2019

YTD 2018

YTD 2019

3,044

1,136

-62.7%

4,471

2,201

-50.8%

703

823

17.1%

1,966

2,198

11.8%

44

64

45.5%

75

134

78.7%

6.3%

7.8%

150 bp

3.8%

6.1%

220 bp

-98

-104

-6

-508

-328

180

-13.9%

-12.6%

130 bp

-25.8%

-14.9%

1,090 bp

© Rheinmetall AG / Corporate Presentation Q3 2019

21

Rheinmetall Defence

Q3 2019 Highlights: Defence

Double digit growth of operating result

  • Sales Defence

in €m

+17.1%

823

703196

196 +0.0%

216

170 +27.1%

395 +16.7% 461

-58

-50

Q3 2018

Q3 2019

  • Operating result Defence

in €m

Margin

+45.5%

Margin

Q3 2018

Q3 2019

6.3%

64

7.8%

10

5.3%

44

5.1%

10

20

9.3%

4.7%

8

7.6%

30

35

7.6%

-1

-4

Q3 2018

Q3 2019

Weapon and Ammunition

  • Sales held back by missing export approvals

Electronic Solutions

  • Solid execution in all BU
  • Restructuring supportive

Vehicle Systems

  • High order execution
  • Stable margin

Weapon & Ammunition Electronic Solutions Vehicle Systems Consolidation © Rheinmetall AG / Corporate Presentation Q3 2019

22

Rheinmetall Defence

Q3 2019 Highlights: Defence

Robust order intake comparing to extraordinary PY quarter

  • Order intake by division

in €m

3,044

241 185-63%

Incl.

1,137

Australian

2.808

253

orders of

~€2.5bn!

345

774

-190

-235

Q3 2018

Q3 2019

  • Order backlog profile

in €bn

Weapon and Ammunition

change in %

Electronic Solutions

Vehicle Systems

8.8

8.7

Consolidation

~1.2 ~2.3 ~5.2

30.9.18

30.9.19

Q4 2019E

2020E

2021E ff.

© Rheinmetall AG / Corporate Presentation Q3 2019

23

Rheinmetall Defence

New record year ahead for Defence

  • Defence sales and operating margin in €m and %

15

+9% sales

growth

3.221

10

~9.5% 7.9%

5

0

20182019e

Sales Margin

4.000

3.000

2.000

1.000

0

  • Growth across all three divisions
  • Margin improvement continues
  • Project pipeline is filled and diversified

Prepare for solid program execution

© Rheinmetall AG / Corporate Presentation Q3 2019

24

Automotive - Focus on innovation

25

Rheinmetall Automotive

AUTOMOTIVE WITH LEADING TECHNOLOGY AND MARKET POSITIONS.

Key Figures

Sales:

€2.9bn

Op. result:

€262m

Op. margin:

8.9%

R&D:

€157m

Capex:

€161m

Headcount:

11.710

All figures refer to FY 2018

Structure

Hardparts

Pistons

Bearings

Mechatronics

Pump Technology

Solenoid Valves

Actuators

Aftermarket

Large-bore Pistons

Castings

Automotive

Emission Systems

Commercial Diesel

Systems

Sales by region

Sales by division*

Asia

1%

RoW

Aftermarket

12%

Hardparts

17%

33%

45%

USMCA 16%

Europe

Germany

21%

w/o

55%

Germany

Mechatronics

Sales by customer

Operating result by division*

Other

>10% Ford,

Aftermarket

Hardparts

22%

VW

13%

41%

26%

2-5% DAF,

5-10%

Volvo, PSA,

23

Renault/

BMW,

Nissan,

64%

Cummins,

14%

%

GM, FCA,

CAT/Perkins

Daimler

Mechatronics

*unconsolidated

© Rheinmetall AG / Corporate Presentation Q3 2019

26

Rheinmetall Automotive

Europe

-1%

-1%

Asia ex. China

USMCA

0%

17.0 16.3 16.7

2018 2019 2022e

18.6 17.5 18.0

World 2018 2019 2022e

0%

94.2 88.8 93.1

27.3 25.9 26.7

2018 2019 2022e

China

0%

26.6 24.4 26.5

OTHERS

+3%

4.7 4.5

2018 2019 2022e

5.2

Source: IHS December 2019

2018

2019

2022e

2018

2019

2022e

27

Market trends

The growth drivers remain strong

3+

NT

Efficiency

Emission

Electrification

Outside

E

(CO2 Reduction)

(Reduction)

powertrain

The innovation pipeline is packed!

28

Rheinmetall Automotive

EXHAUST CONTROL

FUEL TANK ISOLATION

THERMAL

HRB

VACUUM PUMPS

VALVE

MANAGEMENT

VALVE GEN. 3

EGR MODULE

SC AIR SYSTEM

eWastegate

ELECTRICAL COOLANT

GASOLINE EGR

HIGH-VOLTAGE

E-MOTOR COOLING

PUMP

COOLANT PUMP

Actuator

TURBO ACTUATOR VTG

ELEC

VALVE

MULTI PURPOSE VALVE

ELECTRICAL OIL PUMPS

CONTACTORS

THERMO MODULE FUEL CELL CONTROL VALVE

ENGINE BEARINGS

Share Carbon TT

NON-ENGINE

ALU PISTONS

POLYMER BEARINGS

ENGINE BLOCKS

ICE

EV / FUEL CELL

29

Rheinmetall Group

AUTOMOTIVE

HOW TO FILL THE GAP POST ICE OUTPHASING

© Rheinmetall AG / Corporate Presentation Q3 2019

30

Rheinmetall Automotive

New Markets Telecommunication

Diversification into new growth areas

5G-Data safety:

Major production contract for manufacturing aluminum housings for 5G network

  • Rheinmetall JV with HASCO in China is the leading supplier of die-casting capacities in China
  • High technological competence
  • Great opportunity to diversify in growth markets

Contract value of €150m for six-digit number of boxes in 2020

Additional demand for 10.000.000 boxes until 2030 creates further potential

© Rheinmetall AG / Corporate Presentation Q3 2019

31

Rheinmetall Automotive

E-Mobility

Rheinmetall products for NEV

BOOKED BUSINESS

ADDITIONAL POTENTIAL

E-Tron

E-Golf

German premium

OEMs

BATTERY

BOXES

Recent market contact suggest potential of around 1.000.000 e-engine housings p.a. starting 2020

E-ENGINE

HOUSING

© Rheinmetall AG / Corporate Presentation Q3 2019

32

ELECTRIFICATION

at Rheinmetall Automotive

Life time

order value of €1bn booked*

* Rheinmetall Automotive and Joint Ventures, incl. BEV and Hybrid

33

Innovative products for a variety of applications

High

El. Vapor

El. Climate

El. Cooling

High Voltage

Multi Purpose

Compact Door

Voltage

Pump

Compressor

Pumps

Recirculation

Valve

Actuator

Contactor

Blower

Estimated

>€0.6bn

€700m

> €2.5bn

>€1.5bn

>4m vehicles

Market

until 2026

potential

Examples

in 2025

© Rheinmetall AG / Corporate Presentation Q3 2019

34

2,9

Development cost of € ~30m until 2022

CAGR 2018-30:

+10%

Start of

9,0

8,0

8,5

Production

7,4

6,9

6,4

5,9

5,4

4,4

4,9

3,8

3,3

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

35

Rheinmetall Automotive

Micro Mobility

From internal innovations project to market entry

High growth market

USP Rheinmetall

European market with

Smooth phasing of engine

10% CAGR between 2018

support

and 2030

Excellent freewheeling

High market

Low weight and compact

concentration with Bosch

build

representing almost 50%

Low noise emission

of market share

High thermic stability

E-bike market price

Interesting connectivity

averaged at €3.000 last 3

features

years

Speedy service concept

Start of production scheduled for 2021 with competitive product

© Rheinmetall AG / Corporate Presentation Q3 2019

36

Rheinmetall Automotive

Drivers for growth

Rising global fleet and regulatory restrictions are supporting our growth

  • Light vehicle production grows

million vehicles per year

+1%

ICE

113

130

HEV

95

94

106

2018

2020

2025

2030

2040

  • BEV 2018-2025

million vehicles per year

8.7

10.1

7.4

5.8

4.5

3.2

1.7

2.2

2018

2019

2020

2021

2022

2023

2024

2025

IHS 07/2019 and company

estimates

  • Emission thresholds decrease

CO2

NOx

in g/km

in mg/km

-24%

-56%

125

180

95

80

2015 2020

EU5

EU6

95g =

4.1l Gasoline or

3.6l Diesel

  • Stricter emission testing

WLTP

Mainly EU!

Stricter testing

sets the

benchmark

even higher!

RDE

© Rheinmetall AG / Corporate Presentation Q3 2019

37

Rheinmetall Automotive

Efficiency

CO2 - reduction with Automotive products - gasoline engine vehicle

130 g

95 g

CO2/km

CO2/km

2015

2020

1.4L 4-cylinder

TC DI gasoline engine (115kW) Approx. 138 g CO2/km in NEDC

Rheinmetall Automotive products

-7 g CO2

-3 g CO2/km

-3 g CO2/km

Electr. control

-1 g CO2/km

Tribology system

valve and variable

Variable oil pump

-2g CO2/km

-2 g CO2/km

© Rheinmetall AG / Corporate Presentation Q3 2019

38

Rheinmetall Automotive

TRUCK product portfolio

for truck compressors

Permaglide bearings

Main coolant

and truck hydraulics

Aluminum pistons

Auxiliary

coolant pumps

Steel pistons

Electrical oil pumps

Piston rings

Cooperation with

Riken

Bushings

injection

-bearings

Connecting rod bearings

Coolant

Bearings for seat adjustments and doors

valves

Variable Valve Control

EGR cooler modules

and mixer modules

Exhaust gas flaps

Dual poppet valves

Hydraulicvalves

EGR reed valves

Cylinder

performance

actuators

bore coating

© Rheinmetall AG / Corporate Presentation Q3 2019

39

Rheinmetall Automotive

Diversification

Increasing portfolio for non-LV applications

Trucks

Large bore pistons

Bearings &

Aftermarket

continuous casting

Diverse portfolio for

E.g. ship and locomotive

Sanitary application

Global supply of spare parts

truck applications

pistons

© Rheinmetall AG / Corporate Presentation Q3 2019

40

Rheinmetall Automotive

  • Sales development by Division in €m

CAGR +10%

Mechatronics

Hardparts

Aftermarket

2016

2017

2018

2019e

  • Sales development by legal structure in €m
    WFOE

Joint Venture 100% share

2016

2017

2018

2019e

© Rheinmetall AG / Corporate Presentation Q3 2019

41

Rheinmetall Automotive

CHINA

Motorservice

EA211 pistons Heat sinks and shield coversChinaEA888 pistons

Build up of

Logistic Centre

Diverse

Electrical

Heavy-duty

Heavy-duty

Variable

Variable oil

Divert-air

Electrical

valve

vapor pump

vacuum

Back pressure

Exhaust gas

oil

pump front

pump

valve

recirculation

pump

cover

valve

© Rheinmetall AG / Corporate Presentation Q3 2019

42

Rheinmetall Automotive

Automotive in China

50/50 joint ventures

Wholly Foreign-Owned Enterprises

JV subsidiary

with HASCO (SAIC group)

(100% Rheinmetall Automotive)

Castings (KSHA)

Pistons (KSSP)

Castings (KPSNC)

Pumps (PHP)

Aftermarket

Pierburg

Large-bore pistons

Pumps (PMP Ch.)

2014

1997

2001

2012

2008

2009

2013

2012

Engine blocks and

Pistons

Engine blocks, cylinder

Electrical and

Spare parts

EGR modules and electric

Large-bore pistons

Electrical and

structural body parts

heads and structural

mechanical pumps

throttle bodies

mechanical pumps

body parts

Germany/

China

China

China

Europe

Sales China in €m

1,003

EBIT China in €m

71

76

79

934

972

WFOEs

871

WFOEs

53

53

681

528

37

401

JVs (100%)

30

JVs (100%)

2012

2013

2014

2015

2016

2017

2018

2012

2013

2014

2015

2016

2017

2018

KSHA: KS Huayu Alutech GmbH, Neckarsulm

KPSNC:

Kolbenschmidt Pierburg Shanghai Nonferrous Components Co., Ltd., Shanghai PMP: Pierburg Mikuni Pump Technology (Shanghai) Corp., Shanghai

KSSP: Kolbenschmidt Shanghai Piston Co., Ltd., Shanghai

PHP:

Pierburg Huayu Pump Technology Co., Ltd., Shanghai

© Rheinmetall AG / Corporate Presentation Q3 2019

43

HIGHLIGHTS

CHINA

Partner of local big players SAIC and HASCO

Biggest casting capacities in China - technology leader

Regulation (China 6) - provides substantial growth potential for mechatronics division

Strong demand for NEV products

China Story on track: product pipeline supports growth ambitions

44

Defence - at the beginning of a "super cycle"

45

Rheinmetall Defence

TOP PRODUCTS PER DIVISION.

WEAPON AND

ELECTRONIC

AMMUNITION

SOLUTIONS

MID & LARGE CALIBER AMMO

MISSION EQUIPMENT

AIR DEFENCE & RADAR SYSTEMS

MID & LARGE CALIBER WEAPONS

PROTECTION SYSTEMS

Simulation & Training

    • ACTIVE
    • PASSIVE
  • SOFTKILL

VEHICLE

SYSTEMS HX-FAMILY

LOGISTIC VEHICLES

TACTICAL VEHICLES

Medium wheeled Medium tracked

Heavy tracked

46

Rheinmetall Defence

DEFENCE IS A LEADING SUPPLIER

WITH AN INCREASING INTERNATIONAL PRESENCE.

Key Figures

Sales:

€3.2bn

Op. result:

€254m

Op. margin:

7.9%

R&D:

€75m

Capex:

€101m

Headcount:

10,948

All figures refer to FY 2018

Structure

Weapon and Ammunition

Weapon and

Protection

Ammunition

Systems

Propulsion

Systems

Electronic Solutions

Air Defence &

Mission

Radar Systems

Equipment

Simulation and

Technical

Training

Publications

Vehicle Systems

Logistic Vehicles

Tactical Vehicles

Sales by region

Sales by division*

RoW

15%8%

Germany

Weapon and

Aus/NZ

34%

31%

Ammunition

USMCA 4%

45%

Asia /

20%

19%

Vehicle

24%

Electronic

Middle East

Europe

Systems

Solutions

Order backlog by division

Operating result by division*

Weapon and

Other

Weapon and

23%

Ammunition

Vehicle

Ammunition

54%

Systems 39%

44%

Vehicle

23%

Electronic

Electronic

17%

Systems

Solutions

Solutions

*unconsolidated

© Rheinmetall AG / Corporate Presentation Q3 2019

47

Rheinmetall Defence

Germany

VJTF

Puma

Boxer

Leopard

Trucks

Load Handling System

Ammunition

Annexation

Crimea 2014

International

Eastern

USA

Europe (UK)

Europe

MENA

Lynx

South-East

MIV

Boxer

Asia

Australia

Challenger

Algeria

Simulation

Trucks

Ammunition

Boxer

Lynx

Ammunition

Increase of global defence budgets

MGCS

Indirect fire system

2035

© Rheinmetall AG / Corporate Presentation Q3 2019

48

Rheinmetall Defence

Defence tender overview Promising super cycle pipeline

USA:

Ammunition

Fuzes

OMGV

Green: booked business / black: potential

UK:

Sweden

MIV Boxer

Trucks

Challenger

France:

MGCS

Germany:

Trucks

IDZ

VJTFPuma

Leopards

3. Boxer lot

2. Puma lot

2. IDZ lot Fox Boxer variants TEN (D-LBO)

Indirect fire Ammunition

MGCS

Lithuania:

Boxer

Poland:

Leopard II

Hungaria:

Leopard, Howitzer,

IFV (wheeled/tracked)

Czech Rep:

IFV (tracked)

Slovakia:

IFV

Bulgaria:

IFV (wheeled)

Romania:

IFV (wheeled)

Slovenia:

APC (wheeled)

Australia:

Land 17 1 C.2

Ammo

Land 121 3a, 5b

Trucks

Land 400 II

Boxer CRV

Land 400 III

Lynx

Simulation

M1

© Rheinmetall AG / Corporate Presentation Q3 2019

49

Rheinmetall Defence

German defence budget

Investive expenses and Rheinmetall-share - budgets become sizeable

in €m

8.263

6.011

6.063

5.327

5.025

5.419

Rheinmetall

avg. 20%-25% share

Rheinmetall

avg. 10%-15% share

2014

2015

2016

2017

2018

2019

2020*

2021*

2022*

2023*

2024*

Drivers for budget increase:

  • More personnel, return to ~200.000 soldiers
  • More equipment (100% equipment level)
  • More finance, investive share increased by 36% from 2018 to 2019
  • If political 1.5% commitment is to be achieved in 2024 this could lead to € ~12 bn investive spend

NATO and VJTF commitment as

strong drivers!

*based on BMWi GDP forecast Oct. 19; assumption 20% of German defence budget investive

© Rheinmetall AG / Corporate Presentation Q3 2019

50

Rheinmetall Defence

German mid-term potential

Be the key land systems provider in our home market

TRUCKS

LEOPARD UPGRADES

PUMA/BOXER/FUCHS

  • Three Major Truck Programs (unprotected and protected trucks, load handling system)
  • Framework contracts 2018 - 2027
  • New logistic fleet 10,000 to 20,000 trucks
  • unprotected: 2,271 units,
    protected: 1,000 units,
    load handling system: 4,000 units
  • Potential € 3 - 6bn
  • Development and production of a digitized turret with ~130mm gun for Leopard user nations
  • Delivery > 2025
  • > 300 systems
  • Potential € > 1.7bn Germany and Netherlands
  • Additional batches
  • development and production of new variants and increase of the number of current variants
  • Order intake expected in 2021
  • > 1000 systems
  • Potential: € > 3bn

© Rheinmetall AG / Corporate Presentation Q3 2019

51

Rheinmetall Defence

German mid-term potential

Large ammunition sales potential from expected restocking

Rheinmetall share on German ammunition purchases*

Development of ammunition spending in €m*

1.200

Rheinmetall Products e.g.:

~35%

40mm

~35%

Medium caliber

560

Large caliber

Artillery

~35%

Mortar

Fuses

Pyro

Air bombs

2019

2030e

Ammunition spending

Rheinmetall share

Estimated € 12bn spending up to 2030, € 1.2bn pa purchase value

*based on company estimates and current BMVG EPL 14 data

© Rheinmetall AG / Corporate Presentation Q3 2019

52

Rheinmetall Defence

German portfolio enhancement

Rheinmetall enters Bundeswehr contractor based operations services (G-CAP*)

Military in theatre camps

  • Build, operate and rebuild camps for in-theatre operations
  • Tender start in Q2 2020, award expected in Q1 2021
  • Long term contracts >10 years
  • Potential contract volume ~€100m per camp, per annum

Persistent Surveillance System

  • Contractor run surveillance operations
  • Long term contracts >10 years
  • Contract volume >€20m per camp, per annum

*Contractor Augmentation Programs are framework contracts, outsourcing specific task to third party providers

© Rheinmetall AG / Corporate Presentation Q3 2019

53

Rheinmetall Defence

German defence

NATO commitment key driver for German demand

Lead role in Very High Readiness Joint Task Force ( VJTF)

Bundeswehr

'19

'23

'27

'31

'32+

2016

White paper

VJTF´19

VJTF´23

1x Division

3x Division

3x Division

04/2018

(1 Brigade)

(3x Brigade)

(8x Brigade)

(10x Brigade)

Concept

Bundeswehr

~2.200

~9.000

~30.000

09/2018

vehicles

vehicles

vehicles

Capability

profile

100% equipment and digitization

© Rheinmetall AG / Corporate Presentation Q3 2019

54

Rheinmetall Defence

Additional business opportunities

on the base of current success in vehicle and soldier system sales

creates additional business over the entire life cycle on

- consisting of:

Spare parts

Service & Maintenance

Training & Simulation

Technical Documentation

Upgrades (Life time extension)

Illustrative

© Rheinmetall AG / Corporate Presentation Q3 2019

55

Rheinmetall Defence

German Defence

Drivers behind budget increase

"Turnarounds" in Germany

  • Personnel:
    Mid-term return to 200,000 soldiers
  • Material:
    100% equipment level and additional division
  • Finance:
    Increase of defence budget 54% from 2018 to 2024

Enhanced future profile

  • Anchor army for smaller neighbor armies
  • Leading role in "enhanced Forward Presence" in Lithuania
  • Framework nation in "Very High Readiness Joint Task Force as of 2019
  • Currently 14 international mandates

Framework nation concept triggers standardization of equipment

Army 4.0: Rheinmetall integrates components to systems

© Rheinmetall AG / Corporate Presentation Q3 2019

56

Rheinmetall Defence

Home market Australia

Successful establishment of a new home market

Military Trucks

JV Rheinmetall NIOA Munition

Simulation

Land 121 35 / 5B (2013/2018)

51% Rheinmetall (2017)

Simulation / Training for M1A1

EUR 2bn

Land 17: 155mm Munition: EUR 350m

Fighting Vehicles Technology

  • Major Munition FrameworkContract: EUR 60m
  • NEW Facility in Queensland

Boxer / Lance

Lynx

Land 400 Phase 2 (2019)

Land 400 Phase 3 (2022/2023)

EUR 2.1bn

EUR 5.6bn

JV Supashock

Down selected

MilVehCoE

49% Rheinmetall (2017)

Military Vehicle Center of Exellence

"Brain-Trust"

Military Trucks

Combat Vehicles

SALES 2020e: € ~330m

Fleet-Service

© Rheinmetall AG / Corporate Presentation Q3 2019

57

Rheinmetall Defence

International order potential

UK home market: Current and future orders

Mechanized Infantry Vehicle (Boxer)

  • Background
    Mechanized Infantry Vehicle (MIV), several different configurations, including armored personnel carrier, command vehicle, specialist carrier and field ambulance.
  • Order size
  • 500 vehicles volume of € 1.4bn

  • Timeline

Delivery is expected to start from 2023

Challenger Life Extension Program

  • Background
    Challenger life extension program with focus on switch from rifled to smoothbore gun (NATO)
  • Order size

148 MBT

volume of approx. € 0.8 - 1.2bn

  • Timeline
    • Decision expected for Q4 2020
    • Start of production in 2023

Shift from rifled to smoothbore gun offers potential for additional ammunition sales!

© Rheinmetall AG / Corporate Presentation Q3 2019

58

Rheinmetall Defence

European Defence

Consolidation landscape

Kongsberg

49.9%

50%

Nammo

Patria

Saab

Cobham

BAE Systems Chemring

Rheinmetall

PL

RO

HUN

CZ

KMW/Nexter

Thales

RUAG

Oto Melara

Aselsan

<25% or not state-owned

>25% state-owned

Rheinmetall

  • Governmental shareholding restricts room for cross-border consolidation
  • Big common armament programs could be catalysts for further consolidation

Rheinmetall's approach:

  • JV partnerships with companies in different nations instead of "putting all eggs in one basket"
  • Sufficient organic growth potential, but suitable M&A transactions are possible

59

Rheinmetall Defence

Innovations

Demand-driven product development and targeted cooperations

New logistical platforms

New tactical platforms

New business models

Groundbreaking sub-systems

Innovative weapon and ammunition

New cooperations with

Digitized command and reconnaissance

Sikorsky, Raytheon

© Rheinmetall AG / Corporate Presentation Q3 2019

60

GROUPAPPENDIX

© Rheinmetall AG / Corporate Presentation Q3 2019

61

Appendix: Rheinmetall Group

Group 2014 - 2018: Key figures (as reported)

in €m

2014

2015

2016

2017

2018

Balance sheet

Total assets

5,271

5,730

6,150

6,101

6,759

Shareholder's equity

1,197

1,562

1,781

1,870

2,172

Equity ratio (in %)

22.7

27.3

29.0

30.7

32.1

Pension liabilities

1121

1,128

1,186

1,080

972

Net financial debt

-330

-81

19

230

-31

Net gearing (in %)

27.6

5.2

-1.1

-12.3

1.4

Income statement

Sales

4,688

5,183

5,602

5,896

6,148

Operating result

160

287

353

400

492

Operating margin

(in %)

3.4

5.5

6.3

6.8

8.0

EBITDA

299

490

581

626

836

EBIT

102

287

353

385

518

EBIT margin (in %)

2.2

5.5

6.3

6.5

8.4

EBT

22

221

299

346

485

Net income

21

160

215

252

354

Earnings per share

(in EUR)

0.47

3.88

4.69

5.24

7.10

Dividend per share

(in EUR)

0.3

1.1

1.45

1.70

2.10

ROCE (in %)

3.9

10.1

12.3

13.8

17.1

Cash flow statement

Free cash flow from operations

-182

29

161

276

-35

Headcount

Employees (Dec 31) according to

20,166

20,676

20,993

21,610

22,899

capacity

© Rheinmetall AG / Corporate Presentation Q3 2019

62

Appendix: Rheinmetall Group

Segments 2014 - 2018 Key figures

AUTOMOTIVE

DEFENCE

2014

2015

2016

2017

2018

in €m

2014

2015

2016

2017

2018

2,466

2,621

2,670

2,922

2,889

Order intake

2,812

2,693

3,050

2,963

5,565

416

445

459

520

478

Order backlog (Dec. 31)

6,516

6,422

6,656

6,416

8,577

2,448

2,592

2,656

2,861

2,930

Sales

2,240

2,591

2,946

3,036

3,221

184

216

223

248.8

262

Operating result

-9

90

147

174

254

7.5

8.3

8.4

8.7

8.9

Operating margin

(in %)

-0.4

3.5

5.0

5.7

7.9

295

332

356

366.8

420

EBITDA

17

175

239

268

403

184

216

223

227

265

EBIT

-67

90

147

172

247

7.5

8.3

8.4

7.9

9.0

EBIT margin (in %)

-3

3.5

5.0

5.7

7.7

158

167

149

154

161

Capex

76

96

95

89

87

34

96

105

106

26

OFCF

-132

-38

103

238

-29

10,830

10,934

10,820

11,166

11,710

Employees (Dec 31) according to capacity

9,184

9,581

10,002

10,251

10,948

1,322

1,450

1,527

1,621

1,664

Mechatronics

Sales

Weapon &

977

881

1,112

1,175

1,056

96

119

142

176

171

EBIT

Ammunition

-4

74

108

117

121

7.3

8.1

9.3

10.9

10.3

EBIT margin

-0.4

8.4

9.7

10.0

11.5

934

952

921

968

989

Hardparts

Sales

Electronic

705

759

745

691

839

72

73

62

60

65

EBIT

Solutions

-53

26

25

20

47

7.7

7.7

6.7

6.2

6.6

EBIT margin

-7.5

3.4

3.4

2.9

5.6

269

285

305

359

367

Aftermarket

Sales

Vehicle

667

1,195

1,392

1,480

1,568

26

27

27

33

36

EBIT

Systems

-9

3

29

53.2

108

9.7

9.5

8.9

9.2

9.8

EBIT margin

-1.4

0.3

2.1

3.6

6.9

© Rheinmetall AG / Corporate Presentation Q3 2019

63

Rheinmetall technologies

as an answer to current threats and challenges

ONE

RHEINMETALL

AUTOMATION

NEXT SENSORS

DIGITIZATION

E-MOBILITY

ARTIFICIAL INTELLIGENCE

NEW

PRODUCTS

64

Rheinmetall Group

Our capital allocation policy is geared towards further growth

Funding of growth (organic and M&A)

9.4%

Dividend to shareholders (Payout ratio 30-35%)

Improvement of pension funding via CTA

(target level

50-60%)

© Rheinmetall AG / Corporate Presentation Q3 2019

65

Appendix: Rheinmetall Group

Select key data: outlook 2019

Rheinmetall Group

Automotive

Defence

In % (Previous Year)

Holding cost

~€25-30m (€24m)

Capex

5.5-6% (5.5%)

3.5-4.5%(3.1%)

(w/o IFRS 16)

Comparable level

~5.5% (5.3%

3-3.5% (4.8%

Tax rate

D&A

reported,

reported,

(27%)

scheduled 5.2%)

scheduled 3.7%)

Interest result

~-€40m(-€33m)

R&D

5-6% (5.4%)

2-2.5% (2.3%)

(self-funded)

© Rheinmetall AG / Corporate Presentation Q3 2019

66

Appendix: Rheinmetall Group

Debt

Typical seasonal increase of net debt amplified by M&A payout

Net financial debt

Debt composition and maturity profile

in €m at quarter-end

in €m

Ʃ 1,055

162

Commercial

Papers

183

Other &

Leasing

-31

161

Bank loans

2019

2020

2021

2022

2023

2024

2025ff.

-171

300

Promissory

53

28

25

-387

notes

73

-514

122

-660

250

EIB loan*

30.09.2018

31.12.2018

31.03.2019

30.06.2019

30.09.2019

250

Q3/

2019

*€250 m EIB loan (0.962% coupon) maturing in August 2023

© Rheinmetall AG / Corporate Presentation Q3 2019

67

Appendix: Rheinmetall Group

More than 100 production sites and offices on all continents

Defence

Germany

UK

USA

Netherlands

Norway

Sites

Canada

Switzerland

Sweden

South

Mexico

Austria

Poland

Africa

Italy

USA

Mexico

Germany

Automotive

France

Spain

Brazil

Italy

Czech Republic

Sites

Malta

Turkey

Romania

UK

Russia

Saudi Arabia

Singapore

Malaysia

UAE

Australia

Japan

China

India

© Rheinmetall AG / Corporate Presentation Q3 2019

68

Appendix: Rheinmetall Group

Continuing ROCE improvement

  • ROCE

in %

25%

20%

15%

10%

5%

0%

-5%

Pre-tax WACC

(2018):

19.0%

18.8%

18.7%

17.1%

20.2%

10.5% Group

16.7%

.13,4%

12.3%

15.9%

10.6%

10.7%

11.8%

9.8%

4.7%

3.9%

6.1%

0.3%

-4.6%

2013

2014

2015

2016

2017

2018

© Rheinmetall AG / Corporate Presentation Q3 2019

Group

Defence

Automotive

69

Appendix: Rheinmetall Group

Board remuneration based on three building blocks

Annual target salary (100%)

Fixum (60%)

Performance-related variable remuneration (40%)

Twelve equal portions of monthly

Short term incentive

Long-term incentive

payments

Fringe benefits:

KPI:

EBT, ROCE (each 50%)

KPI:

Average adjusted EBT

Pension insurance (or comparable)

Reference: Budget

of the last three years

Company car

Range:

0 - 200%

(EBT capped at €300m)

Escalators:

0% - <70% - < 110%

Payout: In shares and cash* with

0% linear to max. 200%

4 year lock-up period

Payout:

cash

*for related tax payments

© Rheinmetall AG / Corporate Presentation Q3 2019

70

Appendix: Rheinmetall Group

ESG

High importance for Rheinmetall

Environment

  • Reduction of the ecological footprint
    • Decrease of energy needed
    • Selective use of raw materials
  • "Road to 95" and E-mobility
    • Our products increase fuel efficiency
    • New e-bike,e-motor and battery pack
  • Support of conservation
  • Transformation of the former production site in Düsseldorf

Social

  • Clear statement against cluster munition
  • Promoting education and training
  • Support of gender diversity
    • Women in management
  • Workforce
    • Integration of refugees via apprenticeships
    • Support of employee families

Governance

  • Transparency towards customer, investors and other stakeholder
  • Non-compliantbusiness behavior is unacceptable
  • Zero tolerance of corruption and fraud
  • Central Compliance Management System
    • Employee awareness initiative

© Rheinmetall AG / Corporate Presentation Q3 2019

71

Next events and IR contacts

Next Events

Commerzbank GIS, New York

13-15 January 2020

Baader Helvea, Toronto

16 January 2020

Unicredit Kepler Cheuvreux GCC, Frankfurt

20-21 January 2020

Bankhaus Lampe Conference, London

30 January 2020

FY Provisional figures

2 March 2020

FY Earnings release

18 March 2020

Bank of America Merril Lynch, Global Industrials Conference

19 March 2020

  • Quick link to documents

Corporate Presentation

Interim Reports

© Rheinmetall AG / Corporate Presentation Q3 2019

  • IR Contacts

Dirk Winkels

Head of IR

Tel: +49-211473-4749

Email: dirk.winkels@rheinmetall.com

René Weinberg

Senior Investor Relations Manager

Tel: +49-211473-4759

Email: rene.weinberg@rheinmetall.com

Rosalinde Schulte

Investor Relations Assistant Tel: +49-211473-4718

Email: rosalinde.schulte@rheinmetall.com

Annual Reports

72

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 2020.

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 o 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.

© Rheinmetall AG / Corporate Presentation Q3 2019

73

Disclaimer

Rheinmetall AG published this content on 07 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2020 15:27:08 UTC

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Latest news on RHEINMETALL
03/27RHEINMETALL AG : Notification and public disclosure of transactions by persons
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03/24RHEINMETALL AG : Notification and public disclosure of transactions by persons
EQ
03/20RHEINMETALL AG : Strong Defence sector compensates for weak Automotive market
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03/18RHEINMETALL AG : Notification and public disclosure of transactions by persons
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03/18RHEINMETALL : Annual Report 2019, Conference call
PU
03/18RHEINMETALL : Strong Defence sector compensates for weak Automotive market
PU
03/13RHEINMETALL : annual earnings release
03/06RHEINMETALL : Miniature force multipliers; Rheinmetall to supply the Swiss Army ..
AQ
03/06RHEINMETALL : to supply the Swiss Army with VarioRay LLM laser light modules
PU
03/05Thyssenkrupp, Embraer to build four frigates for Brazil Navy
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More news
Financials (EUR)
Sales 2020 6 247 M
EBIT 2020 412 M
Net income 2020 242 M
Finance 2020 146 M
Yield 2020 3,30%
P/E ratio 2020 11,7x
P/E ratio 2021 9,00x
EV / Sales2020 0,41x
EV / Sales2021 0,36x
Capitalization 2 716 M
Chart RHEINMETALL
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Rheinmetall Technical Analysis Chart | MarketScreener
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Technical analysis trends RHEINMETALL
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Average target price 92,95  €
Last Close Price 63,04  €
Spread / Highest target 95,1%
Spread / Average Target 47,5%
Spread / Lowest Target 3,11%
EPS Revisions
Managers
NameTitle
Armin Papperger Chief Executive Officer
Ulrich Grillo Chairman-Supervisory Board
Helmut P. Merch CFO, Head-Finance, Controlling & IT
Andreas Georgi Member-Supervisory Board
Rudolf Luz Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
RHEINMETALL-38.44%2 996
CUMMINS INC.-24.85%19 919
TOYOTA BOSHOKU CORPORATION2.33%2 273
DORMAN PRODUCTS, INC.-27.83%1 769
CUMMINS INDIA LIMITED-7.91%1 217
TOKAI RIKA CO., LTD.-1.93%1 156