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Rheinmetall Sales Grow by 17 Percent Düsseldorf

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Rheinmetall Sales Grow by 17 Percent Düsseldorf 1/2011 The latest news from the Rheinmetall Group Component commonality At home in two cultures A higher level of component commonality – Shanghai-born Chengwu Dong from MSC e.g. for engine, propulsion systems and pro- alternates between two cultures – he is at tective elements – is achievable for tactical home in China as well as in Germany, where combat and logistic/support vehicles (p. 4 + 5). he lived for nearly 17 years (see page 19). Successful 2010 fi nancial year – further improvements in sales and earnings Rheinmetall sales grow by 17 percent Düsseldorf. After a very successful 2010 fi nancial year consolidated sales of 3,989 million in 2010, which in both company divisions, the course has been set equates to an increase of 17% in comparison with the for profi table growth to continue at Rheinmetall AG, previous year’s sales of 3,420 million. This growth based in Düsseldorf. Following the record results that was largely driven by the highly positive performance Rheinmetall posted in 2010, the group is again expect- of the Automotive sector, which has emerged strength- ing strong growth in sales and earnings in 2011. Klaus ened from the crisis in the industry and increased its Eberhardt, CEO of Rheinmetall AG: “Thanks to an im- business volume by 30% in 2010. Sales in the Defence pressive turnaround in the Automotive sector, we are sector rose by 6%. 69% of the group’s business volume once more on track for success.” Rheinmetall achieved was achieved through business with customers abroad. Earnings before interest and tax E174 million, which exceeded the pre- year-on-year increase of E109 million (EBIT) in the Rheinmetall group rose vious year’s fi gure by E226 million. or 6% in 2010 (2009: E1,898 million). by E282 million from E15 million the After deducting profi t attributable to Activities included for the fi rst time previous year to E297 million in fi scal minority interests of E12 million, this in 2010 contributed to the expansion 2010. This brought operating earnings brought earnings per share to E4.23 of business with total sales of E83 to a new record level. The previous (previous year: E-1.60). million. This comprised the develop- E year’s earnings included 138 million H For the Defence sector, the 2010 ment and distribution activities of for measures to overcome the crisis in fi nancial year was marked primarily by joint venture Rheinmetall MAN Mili- the Automotive sector. The EBIT margin the successful integration of a series tary Vehicles GmbH (from May 2010), in the group was 7.4%, well above the of acquisitions in Germany and abroad Simrad Optronics AS (from July 2010), previous year’s level of 0.4%. that serve mainly to complement the Rheinmetall Verseidag Ballistic Protec- With net interest up E7 million and technological portfolio and open up tion GmbH (from July 2010) and RWM after deduction of taxes, Rheinmetall new international markets. With sales Italia Munitions S.r.l. (from December achieved consolidated net income of of E2,007 million, Defence recorded a (Continued on page 2) POWERFUL: The world’s largest cruise liner now has a twin. Although the 362.05 m long Allure of the Seas is actually fi ve centimeters longer than her twin sister Oasis of the Seas, the specifi cations for both ships of the US shipping company Royal Caribbean International are identical. The Allure of the Seas set sail from Fort Lauder- dale in Florida on her maiden voyage to the Caribbean on December 1st, 2010. The ship is powered by six die- sel engines from the Finnish engine manufacturer Wärtsilä. These feature 84 pistons from KS Kolbenschmidt GmbH, each with a diameter of 46 cm Photo: Royal Caribbean and weighing 250 kg (see page 3). 2 Newsline Successful 2010 financial year – further improvements in sales and earnings Rheinmetall sales grow by 17 percent (Continued from page 1) of 2008 also played a central part in lack of expenses for measures to over- 2010). This was countered by a loss of the development of the business. come the crisis. E11 million in sales against the previ- In the year under review, Rheinmet- Based on the forecasts of experts ous year resulting from the deconsoli- all Automotive benefited primarily at CSM Worldwide, who expect the dation of Contraves Advanced Devices from the 22% increase in passenger growth in worldwide automotive pro- Sdn Bhd, Malacca, Malaysia. car production in the triad markets duction to continue this year and next, Rheinmetall Defence secured major of Western Europe, Nafta and Japan and against the backdrop of the high contracts in Germany and abroad and and achieved sales of E1,982 million, order backlog in the Defence sector, reinforced its position as a leading which represents a year-on-year rise of which began 2011 with an order cov- supplier to European armed forces. At E460 million or 30%. erage rate of over 70%, Rheinmetall E1,977 million, order intake in 2010 re- The sector also benefited from long- predicts consolidated sales of around mained below the previous year’s very term industry trends in particular, de- E4.3 billion for the current fiscal year, high level of E3,153 million, although rived from the necessity of reducing which represents growth of 8%. Both this included the E1.3 billion major consumption and of developing opti- the Automotive and Defence sectors contract for the new Puma infantry mized fuel management for internal will contribute to this growth. fighting vehicle for the German armed combustion engines. This resulted in Supported by new orders, particular- forces. Adjusted for this effect, order the ramp-up of a major order in the ly for products that serve compliance intake grew by approximately E95 mil- second half of 2010 for components with international standards for emis- lion, or 5%. The first two series produc- for a particularly fuel-efficient engine sions limits, Rheinmetall estimates tion models of the that the Automo- Puma, the world’s tive sector will see most modern infan- growth in sales in try fighting vehicle, 2011 that will be were handed over slightly above the to the contracting 5% growth in glob- authority at the al automotive pro- end of 2010. duction predicted The order back- by CSM. Sales of log of the Defence around E2.1 bil- sector remains lion are expected at a high level, Composing: frei-stil in the sector in the amounting to A small albeit representative selection of new cars fitted with systems from KSPG. current fiscal year. E4,772 million on For the De- December 31, 2010 and again exceed- series, with an annual sales volume of fence sector, Rheinmetall is expect- ing the previous year’s figure (Decem- more than E150 million. ing to achieve sales of approximately ber 31, 2009: E4,590 million) by E182 With consistent expansion of busi- E2.2 billion in 2011, without taking million. ness activities in Asia and develop- into account the share in sales attribut- The sector posted a significant in- ing countries, Automotive is planning able to MAN for Rheinmetall MAN Mili- crease in earnings, achieving earnings above-average growth in dynamic tary Vehicles GmbH logistical vehicles. before interest and tax (EBIT) of E234 markets in future. The non-consolidat- The amount of these sales depends on million in 2010 (2009: E215 million), ed Chinese joint venture companies the establishment of the second stage which represents growth of E19 mil- posted a sales volume of E258 million of the joint venture, which is to take lion, or 9%. The above-average increase in 2010, after E155 million the previ- place by the end of fiscal 2011 at the in earnings compared with the growth ous year – with the trend for significant latest. This second stage of the joint in sales brought the EBIT margin up to growth continuing. venture, in which Rheinmetall holds 11.6% – a new high for the Defence sec- Automotive achieved earnings be- 51% of shares, also includes the full tor after 11.3% the previous year. fore interest and tax (EBIT) of E81 mil- integration of MAN’s production site H The 2010 financial year at Rhein- lion in 2010, thereby exceeding the in Vienna. metall Automotive was marked by the previous year’s figure of E-187 million On the basis of the growth forecasts economic recovery on the market and by E268 million. This considerable in- for the group’s two corporate sectors, the associated positive effects. The crease in earnings was essentially due Rheinmetall is anticipating EBIT to rise conclusive implementation of the re- to higher sales and a lower break-even more strongly than sales, anticipat- structuring measures to overcome the point as a result of the restructuring ing EBIT of between E330 million and crisis that were agreed upon at the end carried out during the crisis and the E360 million in 2011. Newsline is a summary of the most Publisher: Rheinmetall AG Responsible: important news articles published P.O. Box 10 42 61 Peter Rücker in “Das Profil”, the company news- D-40033 Düsseldorf Editor-in-chief: Issue: April 2011 paper of the Rheinmetall group [email protected] Rolf D. Schneider Newsline is a summary of the most important news articles published in “Das Profil”, the company news- paper of the Rheinmetall group Publisher: Rheinmetall AG P.O. Box 10 42 61, D-40033 Düsseldorf [email protected] Responsible: Peter Rücker Editor-in-chief: Rolf D. Schneider Issue: April 2011 Newsline 3 Luxury liner Allure of the Seas sails the Caribbean as second “floating village” Pistons for world’s largest cruise ship Neckarsulm.
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