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Rheinmetall FY17 Preliminary Operating Result Rises

German defense contractor Rheinmetall (RNMBF.PK) reported that preliminary operating result for fiscal year 2017 rose 13% to 400 million euros from 353 million euros in the previous year. The improvement in the operating result was owed to the solid business performance of both sectors.

Armin Papperger, CEO of Rheinmetall AG, said, "Our technology group is still on track for healthy growth. Both our sales and earnings rose further in fiscal 2017. There was also a further substantial improvement in cash flow."

Including special items of -15 million euros, EBIT amounted to 385 million euros. Special items included restructuring costs at two locations (-24 million euros) and income from a property sale (9 million euros) in connection with the former production site in Hamburg.

Consolidated sales were 5.896 billion euros in fiscal 2017, an increase of 294 million euros or 5% from the previous year's 5.602 billion euros.

The Automotive sector's EBIT before special items reached a new high of 249 million euros in fiscal 2017 compared to 223 million euros in the previous year.

Defence sector's EBIT before special items amounted to 174 million euros in the reporting year, bettering the figure for the previous year by 27 million euros or 18%.

The company said it will publish its final figures and its outlook for fiscal 2018 on March 15, 2018.

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