Annual Report Rheinmetall Ag
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Annual Report Rheinmetall ag 2009 Rheinmetall in figures Rheinmetall Group indicators 2005 2006 2007 2008 2009 Sales million 3,454 3,626 4,005 3,869 3,420 Order intake million 3,625 3,899 4,040 3,780 4,649 Order backlog (Dec. 31) million 2,907 3,183 3,239 3,683 4,940 EBITDA million 382 366 438 411 180 EBIT 2) million 225 215 270 245 15 EBT 2) million 170 164 213 193 (46) Net income 2) million 118 123 150 142 (52) Cash flow million 277 308 352 308 120 Capital expenditures million 198 186 202 200 145 Amortization/depreciation million 157 151 168 166 165 Total equity 2) million 875 937 1,059 1,080 1,134 Total assets 2) million 3,423 3,389 3,448 3,612 3,835 EBIT margin in % 6.5 5.9 6.7 6.3 0.4 ROCE 1) 2) in % 15.2 12.5 14.5 12.5 0.8 Stock price, annual high 55.00 66.41 74.12 53.81 44.74 Stock price, annual closing 53.26 57.48 54.38 22.90 44.74 Stock price, annual low 38.40 47.80 48.04 16.82 20.41 Earnings per share (EpS) 2) 3.19 3.41 4.15 4.09 (1.60) Dividend per share 0.90 1.00 1.30 1.30 0.30 Employees (Dec. 31) according to capacity 18,548 18,799 19,185 21,020 19,766 1) As from 2006, CE incl. accumulated goodwill amortization 2) From 2008, recognition in equity of actuarial gains/losses Rheinmetall stock price trend in comparison to DAX and MDAX An overview of the Rheinmetall Group Corporate sector Defence – Rheinmetall Defence Land Systems Locations Armored vehicles Germany Turrets and weapon stations Netherlands Support vehicles Command and functional vehicles Services/logistics Weapon and Munitions Locations Direct fire Germany Indirect fire Switzerland Infantry Austria Protection systems USA Plant engineering South Africa Propellants Locations Propellant systems Germany Civil chemistry Switzerland Air Defence Locations Air defence systems Switzerland Italy Singapore C4ISTAR Locations Reconnaissance Germany Command Fire control Airborne systems Simulation and Training Locations Flight simulation Germany Land simulation Maritime and process simulation Further locations: Canada, Great Britain, Greece, Malaysia, United Arab Emirates Corporate sector Automotive – Kolbenschmidt Pierburg KS Kolbenschmidt Locations Passenger car pistons Germany Brazil Commercial vehicle pistons France Japan Large-bore pistons Czech Republic India (associated) Piston systems USA China (joint venture) Mexico Pierburg Locations Air management Germany Actuators Spain Emission reduction Czech Republic Solenoid valves USA Commercial diesel systems India China Pierburg Pump Technology Locations Oil pumps Germany Vacuum pumps France Water circulation and Italy coolant pumps Mexico Brazil India KS Aluminium-Technologie Locations Aluminium alloy engine blocks Germany Cylinder heads China (joint venture) Final machining KS Gleitlager Locations Metallic plain bearings Germany Permaglide® USA Continuous castings Brazil Large bearings Motor Service Locations Aftermarket components Germany Brazil France China Spain Turkey USA The Puma gets ready to jump The largest order in the Company’s recent history 100 years of Kolbenschmidt Pierburg Huge measures taken in anniversary year to counter sector crisis Share price almost doubles in 2009 Rheinmetall beats the DAX and MDAX 0.30 dividend despite automotive crisis Confidence in further profitability Rheinmetall Retrospective 09 No 1 High-Lights aus 2009 Contents STABLE ON TWO LEGS ArMED FOrcES ON Rheinmetall and DEPLOYMENT the global economic crisis 4 New threats require new technology 16 THE PUMA GETS READY TO JUMP Series contract for the world’s most AN ATHLETE IN A modern infantry fighting vehicle 8 CUSTOM-MADE SUIT The new Porsche Panamera AT HOME ON BOOMING sprinting thanks to engine MARKETS technology from Kolbenschmidt Pierburg expands Kolbenschmidt Pierburg 18 involvement in China and India 10 A BOXER FROM A KIT EVERYTHING IN THE GREEN? A new armored transport vehicle 3 The constant battle that can be (almost) anything 19 for improved efficiency 11 A LIGHTHOUSE IN AN “OUTPERFORMER” BEATS DÜssELDORF THE DAX AND MDAX Foundation laid for the “Light- Rheinmetall share price almost house” in “Entrepreneur City” 20 doubles in 2009 12 Retrospective FINANCING STRATEGY FUTURE EMIssIONS STANDARDS prOVES ITSELF IN THE crISIS ALREADY WITHIN REACH YEAR OF 2009 Kolbenschmidt Pierburg Fresh money for new at the 2009 International Motor challenges – capital increase Show (IAA) 14 successfully placed 21 Rheinmetall HIGH-TECH AGAINST AMBUSHES 100 YEArs OF Intelligent missile defence KOLBENscHMIDT PIERBURG for the German armed forces in A supplier that constantly Afghanistan 15 reinvents itself 22 Stable Without doubt, the dramatic crisis across the entire on two automotive industry combined with previously unimagined falls in production and the equally huge countermeasures taken by our Automotive legs sector. The management team at Kolbenschmidt Pierburg together with the employees made formi- dable efforts in countering the crisis, turning things Rheinmetall AND around in the fourth quarter of 2009 with a positive operating result. For me, this huge effort remains THE GLOBAL the outstanding achievement of fiscal 2009. ecONOMIC CRISIS At the start of the crisis, we immediately launched drastic cost-cutting and restructuring programs, which laid the foundations for a sustainable recovery. We shouldered restructuring costs of 138 million, Review: In the winter months of 2008/2009, the but also lowered fixed costs considerably. We put global economy fell into the worst recession in our foot on the brakes of capital expenditure. postwar history. Economic researchers could barely Thanks to all of this, we preserved our liquidity. keep up as they revised their forecasts downwards. We’ve closed four plants worldwide, and were unfor- The financial markets, apparently in freefall, did tunately also forced to part with around 3,000 not stabilize, while in the automotive industry employees since 2008. It pains us to make these the conveyor belts came to a standstill around cuts, but they are unavoidable in strengthening our the world. Countless companies experienced prob- competitive position and profitability in the long lems that threatened their survival. This was not term. the case at Rheinmetall: although the Automo- tive sector was hit hard by the crisis, the Defence Yet you had a key advantage over other automotive sector was positively robust and continued its suppliers: the Defence sector’s resistance to the 4 growth course despite the general downward trend. crisis allowed the entire Group to come through the With its two-pillar strategy, Rheinmetall was in crisis on a comparatively stable basis. a much more stable position than many other industrial companies. The Group’s resistance to Without doubt, our Defence business proved crisis- the crisis and its sustained growth potential were proof once again and made a vital contribution to rewarded in 2009 with a continuous ensuring the stability of the Group. rise in the share price and the Yet the record sales and results seen successful placement of a capital in the Defence sector were anything Retrospective in crease. but self-propelled. We worked hard here too – we lowered costs and Major orders such as those for the made a great deal of progress in Puma infantry fighting vehicle, along with the reducing our working capital. We therefore suc- extensive restructuring program at Kolbenschmidt ceeded in increasing the EBIT margin in Defence Rheinmetall Pierburg, supported investors’ expectations that from 10.7% to 11.3%. And in this respect, I would like both sectors of Rheinmetall will emerge stronger to express my sincere thanks to the entire Defence from the worldwide recession. In an interview, team for the first-rate job they did in 2009. Klaus Eberhardt, the CEO of Rheinmetall AG, looks back once again over the fiscal 2009 and gives his Has the crisis in the Automotive business already outlook for the forthcoming challenges. been overcome? Mr. Eberhardt, 2009 will go down in the history We passed the lowest point in summer 2009 and books as an extremely difficult crisis year world- do feel that the market is recovering. However, we wide. When you take stock of 2009 for Rheinmetall, are still operating in a market environment that is what challenge or achievement do you believe to still quite unstable and are only at the beginning have particularly characterized the past year? of the recovery process. However, the new addi- tional orders we have acquired driven by market trends are already consolidating our market posi- tion on a sustainable basis. Thanks in particular to the expertise and products of Pierburg regard- ing fuel and emissions reduction, we are so well positioned that we are benefiting from a kind of special economic situation based on demands for CO2 reduction and those arising from the Euro 5 and Euro 6 stand- ards. Another trend fuelling our business across the entire Kolbenschmidt Pierburg Group is the downsizing of engines – even on the US market which is beginning to pick up again. To sum this up, downsizing means lowering con- sumption through the reduction of engine capac- ity and a corresponding more lightweight design, while retaining engine performance. Even as regards this issue, we are a driving force behind techno- logical development. We are therefore confident that sales in Automotive will have returned to their level from before the crisis as early as 2012, i.e. the best level so far of over 2.2 billion that we achieved in fiscal 2007. The breathtaking growth of the automotive markets in China and India amazed the traditional indus- 5 trial nations in the 2009 crisis year. How are you responding to the enormous growth momentum of the Asian markets? We don’t have to chase to keep up with any trends here either. We have been in the region for a long time and are an integral part of this development.