Ten-year overview of the Vossloh Group 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 Income statement data Net sales € mill. 1,232.1 1,015.2 996.4 917.8 912.5 744.5 903.0 854.4 790.1 578.4 thereof: Rail Technology € mill. 1,231.8 1,014.2 996.1 917.5 912.2 743.6 649.7 579.8 561.9 357.3 Lighting € mill. – – – – – – 252.8 274.1 227.7 220.5 EBIT € mill. 121.5 82.7 90.8 105.6 100.9 78.4 60.0 77.9 48.4 61.8 Net interest expense € mill. (12.3) (14.1) (19.6) (16.0) (14.7) (14.8) (17.2) (13.6) (7.0) (6.4) EBT € mill. 109.2 68.6 71.2 89.6 86.2 63.6 42.8 64.3 41.4 55.4 Group earnings (total) € mill. 71.4 20.3 45.1 57.2 55.5 52.4 17.2 27.8 17.7 31.2 Sustainable success. ANNUAL REPORT 2007 Earnings per share1 (EpS) € 4.83 1.38 3.07 3.91 3.90 3.85 1.20 1.93 1.23 2.16 Pretax ROS % 8.9 6.8 7.1 9.8 9.4 8.5 4.7 7.5 5.2 9.6 Pretax ROE % 25.2 18.5 19.7 27.1 29.0 26.7 13.6 20.0 14.1 20.2 ROCE % 14.9 12.9 12.0 15.3 16.3 13.3 9.4 11.9 8.4 12.7 Balance sheet data Fixed assets € mill. 503.4 423.4 453.3 387.0 377.7 414.5 322.0 311.4 286.9 269.2 capital expenditures2 € mill. 52.6 23.9 34.5 39.4 30.5 25.5 48.2 43.6 35.6 24.5 Sustainable success. ANNUAL REPORT 2007 2007 REPORT ANNUAL amortization/depreciation2 € mill. 29.2 25.9 23.9 25.2 24.4 19.7 38.1 37.4 34.2 24.9 Working capital € mill. 312.8 216.7 303.3 303.2 242.7 175.5 316.3 341.4 292.2 217.4 Working capital intensity % 25.4 21.3 30.4 33.1 26.6 23.6 35.0 40.0 37.0 37.6 Capital employed € mill. 816.2 640.1 756.6 690.2 620.4 590.0 638.3 652.8 579.1 486.6 Total equity € mill. 434.0 371.1 361.0 331.1 297.6 238.6 314.4 321.0 293.9 274.7 thereof: minority interests € mill. 12.1 9.3 6.1 5.8 5.6 4.6 121.2 116.7 106.0 99.4 Group indicators and key figures 2007 2006 Net financial debt € mill. 124.9 62.3 220.5 171.1 183.1 227.0 231.2 209.5 181.8 108.7 Order backlog € mill. 1,306.9 1,368.6 Total assets € mill. 1,326.8 1,198.5 1,091.2 1,016.7 880.3 947.2 899.0 896.3 785.5 679.3 Net sales € mill. 1,232.1 1,015.2 Equity ratio % 32.7 31.0 33.1 32.6 33.8 25.2 35.0 35.8 37.4 40.4 thereof: Rail Infrastructure € mill. 763.1 613.9 Cash flow statement data Motive Power & Components € mill. 468.9 401.2 Cash flow from operating activities € mill. 80.2 186.9 54.6 32.9 16.1 122.9 50.6 35.1 (18.8) 20.5 EBITDA € mill. 150.7 108.6 Cash flow from investing activities € mill. (123.6) (15.4) (65.5) (27.5) 22.4 (292.3) (45.8) (49.3) (42.4) (128.3) EBIT € mill. 121.5 82.7 Cash flow from financing activities € mill. (25.7) (81.5) (78.9) 110.5 (51.0) 10.8 (9.3) 23.2 55.2 139.6 EBT € mill. 109.2 68.6 Change in cash & cash equivalents € mill. (69.1) 90.0 (89.8) 115.9 (12.5) (6.6) (4.5) 8.0 (7.3) 32.4 Group earnings (total) € mill. 71.4 20.3 Workforce Earnings per share (EpS) € 4.83 1.38 Annual average headcount 5,493 4,765 4,732 4,513 4,422 4,190 5,370 5,583 5,575 4,001 Total assets € mill. 1,326.8 1,198.5 thereof: Germany 1,183 1,168 1,494 1,547 1,558 1,651 2,494 2,824 2,674 1,915 Total equity € mill. 434.0 371.1 abroad 4,310 3,597 3,238 2,966 2,864 2,539 2,876 2,759 2,901 2,086 Equity ratio % 32.7 31.0 thereof: Rail Technology 5,455 4,734 4,701 4,481 4,392 4,167 3,884 4,001 4,174 2,624 Pretax return on equity (ROE) % 25.2 18.5 Lighting – – – – – – 1,464 1,566 1,385 1,361 Working capital € mill. 312.8 216.7 Vossloh AG 38 31 31 32 30 23 22 16 16 16 Capital employed € mill. 816.2 640.1 Payroll-to-added value ratio % 67.5 71.6 70.8 66.2 66.9 69.0 77.0 74.2 81.7 69.3 ROCE % 14.9 12.9 Personnel expenses € mill. 268.9 223.9 234.5 217.5 213.9 178.4 208.1 228.2 222.8 143.6 Net financial debt € mill. 124.9 62.3 Personnel expenses per capita € ’000 49.0 47.0 49.6 48.2 48.4 42.6 38.7 40.9 40.0 35.9 Net leverage € mill. 28.8 16.8 Cash flow from operating activities € mill. 80.2 186.9 Vossloh AG—Ten-year overview Cash flow from investing activities € mill. (123.6) (15.4) 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 Cash flow from financing activities € mill. (25.7) (81.5) Capital stock € mill. 37.8 37.7 37.7 37.4 37.4 36.8 36.8 36.8 36.8 36.8 Annual average headcount 5,493 4,765 Dividend per share1 € 1.703 1.30 1.30 1.30 1.30 1.20 0.75 0.75 0.60 0.59 Personnel expenses € mill. 268.9 223.9 Stock price at Dec. 311 € 80.10 57.14 41.10 36.35 44.80 24.70 22.53 14.95 14.90 25.05 Personnel expenses per capita € ’000 49.0 47.0 Market capitalization at Dec. 31 € mill. 1,185.1 842.0 605.6 530.9 654.2 338.1 310.4 215.3 214.6 360.7 As from 1998 according to US GAAP Vossloh AG Phone (+49-2392) 52-0 As from 2003 according to IFRS Vosslohstr. 4 · 58791 Werdohl · Germany Fax (+49-2392) 52-219 1 Share-related indicators and stock price rebased according to DVFA standard (basis: 14,400,000 shares) to allow for the relisting as no-par shares and the 1998 (1-for-1) stock split. Mail: Postfach 1860 · 58778 Werdohl www.vossloh.com 2 Excl. financial assets 3 If approved by the stockholders’ meeting Ten-year overview of the Vossloh Group 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 Income statement data Net sales € mill. 1,232.1 1,015.2 996.4 917.8 912.5 744.5 903.0 854.4 790.1 578.4 thereof: Rail Technology € mill. 1,231.8 1,014.2 996.1 917.5 912.2 743.6 649.7 579.8 561.9 357.3 Lighting € mill. – – – – – – 252.8 274.1 227.7 220.5 EBIT € mill. 121.5 82.7 90.8 105.6 100.9 78.4 60.0 77.9 48.4 61.8 Net interest expense € mill. (12.3) (14.1) (19.6) (16.0) (14.7) (14.8) (17.2) (13.6) (7.0) (6.4) EBT € mill. 109.2 68.6 71.2 89.6 86.2 63.6 42.8 64.3 41.4 55.4 Group earnings (total) € mill. 71.4 20.3 45.1 57.2 55.5 52.4 17.2 27.8 17.7 31.2 Sustainable success. ANNUAL REPORT 2007 Earnings per share1 (EpS) € 4.83 1.38 3.07 3.91 3.90 3.85 1.20 1.93 1.23 2.16 Pretax ROS % 8.9 6.8 7.1 9.8 9.4 8.5 4.7 7.5 5.2 9.6 Pretax ROE % 25.2 18.5 19.7 27.1 29.0 26.7 13.6 20.0 14.1 20.2 ROCE % 14.9 12.9 12.0 15.3 16.3 13.3 9.4 11.9 8.4 12.7 Balance sheet data Fixed assets € mill. 503.4 423.4 453.3 387.0 377.7 414.5 322.0 311.4 286.9 269.2 capital expenditures2 € mill. 52.6 23.9 34.5 39.4 30.5 25.5 48.2 43.6 35.6 24.5 Sustainable success. ANNUAL REPORT 2007 2007 REPORT ANNUAL amortization/depreciation2 € mill. 29.2 25.9 23.9 25.2 24.4 19.7 38.1 37.4 34.2 24.9 Working capital € mill. 312.8 216.7 303.3 303.2 242.7 175.5 316.3 341.4 292.2 217.4 Working capital intensity % 25.4 21.3 30.4 33.1 26.6 23.6 35.0 40.0 37.0 37.6 Capital employed € mill.