Annual Report a N N U a L R E P O R T 2 0
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210 12 210 195 A n n u a l R e p o r t Rheinmetall in figures Rheinmetall ag Rheinmetall Group indicators 2006 2007 2008 2009 2010 Sales million 3,626 4,005 3,869 3,420 3,989 A n n u a l R e p o r t 2 0 10 Order intake million 3,899 4,040 3,780 4,649 3,974 Order backlog (Dec. 31) million 3,183 3,239 3,683 4,940 5,136 EBITDA million 366 438 411 180 464 EBIT 2) million 215 270 245 15 297 EBT 2) million 164 213 193 -46 229 Net income 2) million 123 150 142 -52 174 Cash flow million 308 352 308 120 344 Capital expenditures million 186 202 200 145 189 Amortization/depreciation million 151 168 166 165 167 Total equity 2) million 937 1,059 1,080 1,134 1,355 Total assets 2) million 3,389 3,448 3,612 3,835 4,460 EBIT margin in % 5.9 6.7 6.3 0.4 7.4 ROCE 1) 2) in % 12.5 14.5 12.5 0.8 14.6 Stock price, annual high 66.41 74.12 53.81 44.74 60.17 Rheinmetall ag Stock price, annual closing 57.48 54.38 22.90 44.74 60.17 Stock price, annual low 47.80 48.04 16.82 20.41 42.50 Earnings per share (EpS) 2) 3.41 4.15 4.09 -1.60 4.23 Dividend per share 1.00 1.30 1.30 0.30 1.50 Employees (Dec. 31) according to capacity 18,799 19,185 21,020 19,766 19,979 1) As from 2006, CE incl. accumulated goodwill amortization 2) From 2008, recognition in equity of actuarial gains/losses 2010 Rheinmetall stock price trend in comparison to DAX and MDAX Rheinmetall AG | Rheinmetall Platz 1 | 40476 Düsseldorf, Germany Phone (+49-211) 473-01 | Fax (+49-211) 473-4746 | www.rheinmetall.com 210 12 210 195 A n n u a l R e p o r t Rheinmetall in figures Rheinmetall ag Rheinmetall Group indicators 2006 2007 2008 2009 2010 Sales million 3,626 4,005 3,869 3,420 3,989 A n n u a l R e p o r t 2 0 10 Order intake million 3,899 4,040 3,780 4,649 3,974 Order backlog (Dec. 31) million 3,183 3,239 3,683 4,940 5,136 EBITDA million 366 438 411 180 464 EBIT 2) million 215 270 245 15 297 EBT 2) million 164 213 193 -46 229 Net income 2) million 123 150 142 -52 174 Cash flow million 308 352 308 120 344 Capital expenditures million 186 202 200 145 189 Amortization/depreciation million 151 168 166 165 167 Total equity 2) million 937 1,059 1,080 1,134 1,355 Total assets 2) million 3,389 3,448 3,612 3,835 4,460 EBIT margin in % 5.9 6.7 6.3 0.4 7.4 ROCE 1) 2) in % 12.5 14.5 12.5 0.8 14.6 Stock price, annual high 66.41 74.12 53.81 44.74 60.17 Rheinmetall ag Stock price, annual closing 57.48 54.38 22.90 44.74 60.17 Stock price, annual low 47.80 48.04 16.82 20.41 42.50 Earnings per share (EpS) 2) 3.41 4.15 4.09 -1.60 4.23 Dividend per share 1.00 1.30 1.30 0.30 1.50 Employees (Dec. 31) according to capacity 18,799 19,185 21,020 19,766 19,979 1) As from 2006, CE incl. accumulated goodwill amortization 2) From 2008, recognition in equity of actuarial gains/losses 2010 Rheinmetall stock price trend in comparison to DAX and MDAX Rheinmetall AG | Rheinmetall Platz 1 | 40476 Düsseldorf, Germany Phone (+49-211) 473-01 | Fax (+49-211) 473-4746 | www.rheinmetall.com 195 210 12 210 An overview of the Rheinmetall Group KS Kolbenschmidt Passenger car pistons Commercial vehicle pistons Large-bore pistons Piston systems Pierburg Weapon Air management Actuators and Munitions Emission reduction Direct fire Solenoid valves Indirect fire Commercial diesel systems Infantry Protection systems Plant engineering Pierburg Pump Automotive Technology Propellants Oil pumps Propellant systems Vacuum pumps Civil chemistry Water circulation and coolant pumps Land Systems Wheeled vehicles KS Aluminium- Tracked vehicles Technologie Turret systems Aluminium alloy engine blocks Service Cylinder heads Final machining Air Defence 11% 7% 12% Air defence systems 5% KS Gleitlager 13% Metallic plain bearings 31% ® C4ISTAR 22% 47% Permaglide Continuous castings Reconnaissance Defence Command Large bearings Fire control 38% 14% Airborne systems Motor Service Aftermarket components Simulation Sales per region Employees per region and Training Germany Europe Flight simulation Europe (w/o Germany) North America Land simulation Asia South America Maritime and process North and Central America Asia/Australia simulation Other Africa 195 210 12 210 An overview of the Rheinmetall Group KS Kolbenschmidt Passenger car pistons Commercial vehicle pistons Large-bore pistons Piston systems Pierburg Weapon Air management Actuators and Munitions Emission reduction Direct fire Solenoid valves Indirect fire Commercial diesel systems Infantry Protection systems Plant engineering Pierburg Pump Automotive Technology Propellants Oil pumps Propellant systems Vacuum pumps Civil chemistry Water circulation and coolant pumps Land Systems Wheeled vehicles KS Aluminium- Tracked vehicles Technologie Turret systems Aluminium alloy engine blocks Service Cylinder heads Final machining Air Defence 11% 7% 12% Air defence systems 5% KS Gleitlager 13% Metallic plain bearings 31% ® C4ISTAR 22% 47% Permaglide Continuous castings Reconnaissance Defence Command Large bearings Fire control 38% 14% Airborne systems Motor Service Aftermarket components Simulation Sales per region Employees per region and Training Germany Europe Flight simulation Europe (w/o Germany) North America Land simulation Asia South America Maritime and process North and Central America Asia/Australia simulation Other Africa Contents Report of the Supervisory Board .................................................................................................................................................................................................................................. 2 Summarized management report for 2010 ........................................................................................................................................................................................... 7 Rheinmetall on the capital markets ......................................................................................................................................................................................................................... 7 General economic conditions ............................................................................................................................................................................................................................................... 9 Rheinmetall Group business trend ....................................................................................................................................................................................................................... 12 Defence sector ...................................................................................................................................................................................................................................................................................... 17 Automotive sector ....................................................................................................................................................................................................................................................................... 22 Financing .......................................................................................................................................................................................................................................................................................................... 24 Capital expenditures .............................................................................................................................................................................................................................................................. 25 Research and development .................................................................................................................................................................................................................................. 28 Personnel ......................................................................................................................................................................................................................................................................................................... 35 Rheinmetall Aktiengesellschaft .................................................................................................................................................................................................................................. 40 Corporate responsibility (Sustainability report) .................................................................................................................................................................... 43 Board remuneration report .................................................................................................................................................................................................................................................... 46 Declaration of corporate governance ............................................................................................................................................................................................................. 49 Statutory disclosures in accordance with Sections 289 (4) and 315 (4) HGB and explanatory report ......................................................................................................................................................................................................................................................................................