Rheinmetall AG (LTS:0NI1)
€ 518.6 -12 (-2.26%) Market Cap: 22.46 Bil Enterprise Value: 23.46 Bil PE Ratio: 43.37 PB Ratio: 6.71 GF Score: 71/100
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Q1 2023 Rheinmetall AG Earnings Call Transcript

May 04, 2023 / 12:00PM GMT
Release Date Price: €263.1 (-2.08%)
Dagmar Steinert
Rheinmetall AG - Member of the Executive Board & CFO

Good afternoon, everyone, and welcome to Rheinmetall's First Quarter 2023 Conference Call.

Before I start on Page 3, I would kindly raise your attention to our legal disclaimer on the following page.

So now let's start with Page #3. First quarter was in line with our expectations. Operational sales performance benefited from the overall positive trend in our security businesses, and we reported the best operating free cash flow ever in a starting quarter. We are, again, expecting a very pronounced seasonality in the year 2023, largely driven by the growing sales share of the Weapon and Ammunition business.

Equity contributions made the difference in both starting quarters. While the operating result in the first quarter 2022 included a positive at-equity effect, the first quarter 2023 was quite the opposite. Summarized, a negative deviation of minus EUR 29 million, and in addition, the burden of the inflation compensation payment.

We reported an IT incident at the end of April, with an isolated

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