Balance Sheet Rheinmetall AG

Equities

RHM

DE0007030009

Aerospace & Defense

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Published financial data: RHEINMETALL AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.26B	5.88B	5.66B	6.41B	7.18B
Other Revenues, Total	81M	73M	-	-	-
Total Revenues	6.34B	5.95B	5.66B	6.41B	7.18B
Cost of Goods Sold, Total	3.31B	3.02B	2.71B	3.03B	3.24B
Gross Profit	3.02B	2.92B	2.95B	3.38B	3.94B
Selling General & Admin Expenses, Total	1.68B	1.72B	1.64B	1.84B	2.06B
Depreciation & Amortization - (IS)	278M	271M	236M	249M	308M
Other Operating Expenses	575M	550M	444M	560M	727M
Other Operating Expenses, Total	2.53B	2.54B	2.32B	2.64B	3.09B
Operating Income	494M	381M	625M	735M	846M
Interest Expense, Total	-46M	-42M	-31M	-32M	-111M
Interest And Investment Income	11M	9M	4M	12M	29M
Net Interest Expenses	-35M	-33M	-27M	-20M	-82M
Income (Loss) On Equity Invest.	37M	20M	11M	32M	57M
Other Non Operating Income (Expenses)	-19M	-27M	-14M	-45M	-4M
EBT, Excl. Unusual Items	477M	341M	595M	702M	817M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-2M
Impairment of Goodwill	-	-88M	-	-	-
Gain (Loss) On Sale Of Investments	2M	-	-	3M	-
Gain (Loss) On Sale Of Assets	-	1M	2M	5M	-
Asset Writedown	-2M	-198M	-15M	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	477M	56M	582M	710M	815M
Income Tax Expense	123M	56M	150M	183M	185M
Earnings From Continuing Operations	354M	0	432M	527M	630M
Earnings Of Discontinued Operations	-	-	-100M	8M	-44M
Net Income to Company	354M	0	332M	535M	586M
Minority Interest	-19M	-27M	-41M	-66M	-51M
Net Income - (IS)	335M	-27M	291M	469M	535M
Net Income to Common Incl Extra Items	335M	-27M	291M	469M	535M
Net Income to Common Excl. Extra Items	335M	-27M	391M	461M	579M
Per Share Items
Net EPS - Basic	7.78	-0.63	6.72	10.82	12.32
Basic EPS - Continuing Operations	7.78	-0.63	9.03	10.63	13.34
Basic Weighted Average Shares Outstanding	43.06M	43.17M	43.28M	43.36M	43.41M
Net EPS - Diluted	7.78	-0.63	6.72	10.82	12.06
Diluted EPS - Continuing Operations	7.78	-0.63	9.03	10.63	13.01
Diluted Weighted Average Shares Outstanding	43.06M	43.17M	43.28M	43.36M	46.34M
Normalized Basic EPS	6.48	4.31	7.64	8.6	10.59
Normalized Diluted EPS	6.48	4.31	7.64	8.6	9.92
Dividend Per Share	2.4	2	3.3	4.3	5.7
Payout Ratio	26.87	-385.19	29.9	30.49	34.95
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	717M	614M	826M	921M	1.08B
EBITA	519M	424M	664M	757M	906M
EBIT	494M	381M	625M	735M	846M
EBITDAR	-	-	-	-	1.09B
Effective Tax Rate - (Ratio)	25.79	100	25.77	25.77	22.7
Total Current Taxes	99M	77M	108M	121M	223M
Total Deferred Taxes	20M	-27M	48M	63M	-35M
Normalized Net Income	279M	186M	331M	373M	460M
Interest on Long-Term Debt	6M	7M	6M	7M	10M
Non-Cash Pension Expense	17M	11M	5M	6M	10M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	314M	325M	414M	433M	447M
Net Rental Expense, Total	-	-	-	-	9M
Imputed Operating Lease Interest Expense	-	-	-	-	5.54M
Imputed Operating Lease Depreciation	-	-	-	-	3.46M
Maintenance & Repair Expenses, Total	103M	94M	82M	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	18M	16M	16M	13M	13M
Total Stock-Based Compensation	18M	16M	16M	13M	13M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	940M	1.03B	1.04B	545M	850M
Short Term Investments	19M	17M	17M	21M	37M
Trading Asset Securities, Total	-	-	162M	132M	-
Total Cash And Short Term Investments	959M	1.04B	1.22B	698M	887M
Accounts Receivable, Total	1.56B	1.53B	1.6B	1.92B	2.55B
Other Receivables	147M	106M	86M	137M	97M
Notes Receivable	-	-	-	-	-
Total Receivables	1.71B	1.64B	1.69B	2.06B	2.65B
Inventory	1.46B	1.57B	1.65B	1.98B	3.24B
Prepaid Expenses	28M	27M	-	38M	48M
Other Current Assets, Total	63M	55M	426M	434M	266M
Total Current Assets	4.22B	4.34B	4.98B	5.21B	7.09B
Gross Property Plant And Equipment	4.27B	4.47B	3.9B	4.13B	4.66B
Accumulated Depreciation	-2.9B	-3.28B	-2.76B	-2.94B	-3.24B
Net Property Plant And Equipment	1.37B	1.19B	1.14B	1.19B	1.42B
Long-term Investments	314M	294M	233M	440M	407M
Goodwill	567M	476M	481M	483M	1.12B
Other Intangibles, Total	110M	93M	87M	85M	657M
Accounts Receivable Long-Term	8M	14M	13M	12M	12M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	224M	249M	147M	98M	164M
Deferred Charges Long-Term	212M	251M	317M	352M	429M
Other Long-Term Assets, Total	390M	357M	339M	224M	400M
Total Assets	7.42B	7.27B	7.73B	8.09B	11.71B
Liabilities
Accounts Payable, Total	695M	700M	809M	931M	1.22B
Accrued Expenses, Total	243M	266M	248M	317M	353M
Short-term Borrowings	-	-	-	128M	215M
Current Portion of Long-Term Debt	76M	108M	176M	287M	149M
Current Portion of Leases	36M	42M	39M	39M	46M
Current Income Taxes Payable	99M	76M	87M	67M	108M
Unearned Revenue Current, Total	948M	968M	1.11B	1.12B	2.59B
Other Current Liabilities	681M	728M	871M	776M	772M
Total Current Liabilities	2.78B	2.89B	3.34B	3.66B	5.46B
Long-Term Debt	708M	666M	525M	345M	1.28B
Long-Term Leases	172M	207M	181M	172M	226M
Pension & Other Post Retirement Benefits	1.17B	1.18B	773M	484M	562M
Deferred Tax Liability Non Current	16M	4M	38M	78M	260M
Other Non Current Liabilities	300M	272M	255M	262M	280M
Total Liabilities	5.14B	5.21B	5.11B	5.01B	8.06B
Common Stock, Total	112M	112M	112M	112M	112M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	1.98B	1.85B	2.05B	2.36B	2.72B
Treasury Stock	-17M	-13M	-9M	-6M	-5M
Comprehensive Income and Other	48M	-62M	266M	350M	491M
Total Common Equity	2.13B	1.89B	2.42B	2.81B	3.32B
Minority Interest	146M	165M	203M	271M	327M
Total Equity	2.27B	2.05B	2.62B	3.08B	3.64B
Total Liabilities And Equity	7.42B	7.27B	7.73B	8.09B	11.71B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	43.08M	43.2M	43.3M	43.38M	43.42M
ECS Total Common Shares Outstanding	43.08M	43.2M	43.3M	43.38M	43.42M
Book Value / Share	49.35	43.71	55.84	64.82	76.37
Tangible Book Value	1.45B	1.32B	1.85B	2.24B	1.53B
Tangible Book Value Per Share	33.63	30.53	42.72	51.73	35.33
Total Debt	992M	1.02B	921M	971M	1.91B
Net Debt	33M	-21M	-297M	273M	1.03B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.17B	1.18B	671M	187M	292M
Debt Equivalent Oper. Leases	-	-	-	-	72M
Minority Interest, Total (Incl. Fin. Div)	146M	165M	203M	271M	327M
Equity Method Investments, Total	309M	288M	201M	408M	373M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	506M	512M	597M	820M	1.24B
Inventories - Work In Process, Total	632M	713M	688M	814M	1.25B
Inventories - Finished Goods, Total	258M	247M	295M	245M	455M
Inventories - Others	67M	101M	71M	97M	294M
Land - (BS)	1.09B	1.09B	1.08B	1.15B	1.27B
Machinery, Total	2.89B	3.03B	2.46B	2.61B	2.91B
Full Time Employees	25.77K	21.97K	20.18K	21.79K	24.75K
Part Time Employees	-	1.1K	-	-	-
Order Backlog	10.85B	13.37B	15.73B	16.94B	21.98B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	335M	-27M	291M	469M	535M
Depreciation & Amortization - CF	237M	229M	200M	204M	220M
Amortization of Goodwill and Intangible Assets - (CF)	25M	43M	39M	22M	60M
Depreciation & Amortization, Total	262M	272M	239M	226M	280M
Amortization of Deferred Charges, Total - (CF)	16M	-	-	23M	28M
(Gain) Loss From Sale Of Asset	-	-6M	-	-5M	-59M
Asset Writedown & Restructuring Costs	2M	285M	15M	-	-
(Income) Loss On Equity Investments - (CF)	-20M	11M	15M	-15M	-4M
Net Cash From Discontinued Operations	-	-	91M	12M	63M
Other Operating Activities, Total	23M	-19M	22M	37M	49M
Change In Accounts Receivable	-68M	-28M	63M	-39M	39M
Change In Inventories	-	-	-	-	-
Change in Other Net Operating Assets	52M	-35M	-46M	-534M	-188M
Cash from Operations	602M	453M	690M	174M	743M
Capital Expenditure	-288M	-237M	-271M	-349M	-398M
Sale of Property, Plant, and Equipment	8M	20M	3M	19M	2M
Cash Acquisitions	-56M	-3M	-35M	-205M	-1.06B
Divestitures	-	1M	1M	2M	155M
Investment in Marketable and Equity Securities, Total	84M	21M	-160M	-	130M
Other Investing Activities, Total	-	10M	-	-1M	-
Cash from Investing	-252M	-188M	-462M	-534M	-1.18B
Long-Term Debt Issued, Total	236M	444M	122M	249M	1.17B
Total Debt Issued	236M	444M	122M	249M	1.17B
Long-Term Debt Repaid, Total	-166M	-487M	-231M	-232M	-357M
Total Debt Repaid	-166M	-487M	-231M	-232M	-357M
Issuance of Common Stock	-	-	-	-	113M
Common Dividends Paid	-90M	-104M	-87M	-143M	-187M
Common & Preferred Stock Dividends Paid	-90M	-104M	-87M	-143M	-187M
Other Financing Activities, Total	-138M	-1M	-6M	-5M	11M
Cash from Financing	-158M	-148M	-202M	-131M	746M
Foreign Exchange Rate Adjustments	4M	-10M	4M	1M	-9M
Miscellaneous Cash Flow Adjustments	-1M	-	-	-	-
Net Change in Cash	195M	107M	30M	-490M	305M
Supplemental Items
Cash Interest Paid	30M	25M	23M	22M	-
Cash Income Tax Paid (Refund)	-	85M	72M	154M	157M
Levered Free Cash Flow	204M	300M	275M	-307M	497M
Unlevered Free Cash Flow	233M	326M	295M	-287M	567M
Change In Net Working Capital	84M	-37M	80M	659M	-115M
Net Debt Issued / Repaid	70M	-43M	-109M	17M	809M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.36	3.24	5.21	5.81	5.34
Return on Total Capital	9.81	7.51	11.8	12.1	11
Return On Equity %	15.93	0	18.49	18.48	18.71
Return on Common Equity	16.15	-1.35	18.16	17.63	18.88
Margin Analysis
Gross Profit Margin %	47.74	49.18	52.1	52.73	54.86
SG&A Margin	26.48	28.97	29.04	28.64	28.65
EBITDA Margin %	11.32	10.32	14.6	14.37	15.04
EBITA Margin %	8.19	7.13	11.74	11.81	12.63
EBIT Margin %	7.8	6.41	11.05	11.47	11.79
Income From Continuing Operations Margin %	5.59	0	7.64	8.22	8.78
Net Income Margin %	5.29	-0.45	5.14	7.32	7.46