Hensoldt AG · XETR:HAG
Hensoldt — 9M 2021 Earnings Presentation
26 slides from Hensoldt's earnings presentation, Nov 10, 2021
Slide 1: 9M 2021 Results – Analyst & Investor Presentation
HENSOLDT –9M 2021 results HENSOLDT 9M 2021 Results – Analyst & Investor Presentation Ulm, 10th of November 2021 Thomas Müller, CEO Axel Salzmann, CFO This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © C
Slide 2: Disclaimer
HENSOLDT –9M 2021 results Disclaimer This presentation and the information contained herein are for information purposes only and should not be treated as investment advice or recommendation. It is not, and nothing in it should be construed as an offer for sale, or as a solicitation of an offer to p
Slide 3: Business Update
HENSOLDT –9M 2021 results HENSOLDT Business Update This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.
Slide 4: HENSOLDT: Strong momentum continues
HENSOLDT –9M 2021 results HENSOLDT: Strong momentum continues Record order backlog HENSOLDT supplies TRS-4D/LR Long Range Twin Optronic Mast systems of €5.4bn(1) radio reconnaissance Radar for F-124 and for new German/Norwegian system to NATO German Air Surveillance Submarines U212 CD booked in Q3 b
Slide 5: HENSOLDT: Leading high technology portfolio
HENSOLDT –9M 2021 results HENSOLDT: Leading high technology portfolio Quadome TwInvis HENSOLDT Analytics Latest generation AESA Significant Contract Global leader in Open Source Naval Air and Surface with Export Customer Intelligence, Artificial Intelligence, Surveillance Radar signed Automatic Spee
Slide 6: HENSOLDT is fully on track
HENSOLDT –9M 2021 results HENSOLDT is fully on track ▪ We continue to 'walk the talk' and deliver on our guidance ▪ We continue to benefit from the growth momentum in the defence electronics sector ▪ We further expanded our position in German and European key programs 6 This document and its content
Slide 7: Financials
HENSOLDT –9M 2021 results HENSOLDT Financials This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.
Slide 8: 9M 2021 – growth in top line sustains
HENSOLDT –9M 2021 results 9M 2021 – growth in top line sustains in €m Order intake develops further Sustainable conversion into revenues Again record level in order backlog +41% +59% +19% 2,821 5,363 850 2,003 712 3,379 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 Order intake(1) Revenue Order ba
Slide 9: 9M 2021 – bottom line follows top line development
HENSOLDT –9M 2021 results 9M 2021 – bottom line follows top line development in €m Further increase of profitability +7% 9M 2020 9M 2021 110 103 66 67 67 -48 9M 2020 9M 2021 9M 2020 9M 2021 Adj. EBITDA(1) Sustained profitability Adj. EBIT(2) Adj. pre-tax unl. FCF(3) Profitability follows higher volu
Slide 10: We will fully deliver our FY2021 KPIs and beyond
HENSOLDT –9M 2021 results We will fully deliver our FY2021 KPIs and beyond Short- and medium-term guidance confirmed Change vs. 2020 vs. guidance Order backlog(1) of ~€5.2bn +€1,8bn Book-to-bill improved Book-to-bill ratio(2) of 2.2x +0,1x Revenues ~€1.5bn +24% Adjusted EBITDA margin(3) at >18%* *Ex
Slide 11: Key financial takeaways
HENSOLDT –9M 2021 results Key financial takeaways Order backlog(1) / Visibility • Soft order backlog matured LTM revenues ~4,0x • High revenue coverage from firm order backlog 9M2021(2) Top-line • Step change in growth momentum Revenue growth +24% growth • Significant development in order intake and
Slide 12: Q&A session
HENSOLDT –9M 2021 results HENSOLDT Q&A session 12 This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.
Slide 13: Financial Section
HENSOLDT –9M 2021 results HENSOLDT Financial Section 13 This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.
Slide 14: Consolidated Income Statement
HENSOLDT –9M 2021 results Consolidated Income Statement First 9 months €m 2021 2020 Revenue 849.8 712.1 Cost of sales (694.1) (566.4) Gross profit 155.7 145.7 Selling and distribution expenses (73.0) (64.5) General administrative expenses (58.7) (64.2) Research and development costs (21.0) (19.4) Ot
Slide 15: Consolidated Statement of Cash Flows (1/2)
HENSOLDT –9M 2021 results Consolidated Statement of Cash Flows (1/2) First 9 months €m 2021 2020 Group result (14.9) (118.0) Depreciation and amortization 91.3 87.6 Financial expenses (net) 25.3 119.7 Change in Provisions 2.0 8.2 Inventories (108.0) (64.3) Contract Balances 21.3 68.9 Trade receivabl
Slide 16: Consolidated Statement of Cash Flows (2/2)
HENSOLDT –9M 2021 results Consolidated Statement of Cash Flows (2/2) First 9 months €m 2021 2020 Cash flows from operating activities (16.3) 72.1 Cash flows from investing activities (88.4) (71.8) (3) Proceeds/repayment of financial liabilities (283.6) 31.3 Payment of lease liabilities (12.2) (10.4)
Slide 17: Consolidated Statement of Financial Position – Assets
HENSOLDT –9M 2021 results Consolidated Statement of Financial Position – Assets As at €m 9M 2021 YE 2020 Non-current assets 1,331.7 1,313.4 Goodwill 651.9 637.2 Intangible assets 389.6 386.2 Property, plant and equipment 104.9 103.1 Right-of-use assets 142.7 143.5 (1) Investments and other financial
Slide 18: Consolidated Statement of Financial Position - Equity and Liabilities
HENSOLDT –9M 2021 results Consolidated Statement of Financial Position - Equity and Liabilities As at €m 9M 2021 YE 2020 Share capital 105.0 105.0 (1) Capital reserve and other reserves 528.1 510.5 Retained earnings (294.5) (281.6) Equity held by shareholders of HENSOLDT AG 338.6 333.9 Non-controlli
Slide 19: Reconciliation of reported to adjusted pre-tax unlevered FCF
HENSOLDT –9M 2021 results Reconciliation of reported to adjusted pre-tax unlevered FCF First 9 months €m 2021 2020 Cash flows from operating activities (16.3) 72.1 Cash flows from investing activities (88.4) (71.8) Free cash flow (104.7) 0.3 (+) Transaction costs 0.3 0.9 (+) Separation costs - (0.1)
Slide 20: Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures
HENSOLDT –9M 2021 results Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures First 9 months €m 2021 2020 Order intake 2,820.8 2,003.4 Sensors 2,515.7 1,823.9 Optronics 308.7 182.4 Elimination/Transversal/Others (3.6) (2.9) €m Revenue 849.8 712.1 Sensors 661.1 553.6
Slide 21: Overview of EBITDA and EBIT adjustments
HENSOLDT –9M 2021 results Overview of EBITDA and EBIT adjustments EBITDA adjustments (€m) EBIT adjustments (€m) 9M 2021 9M 2020 9M 2021 9M 2020 EBIT 12.0 (8.8) EBIT 12.0 (8.8) (+) Depreciation 32.2 30.2 (+) Effect on earnings from purchase price allocations 47.8 51.5 (+) Amortization 59.1 57.5 there
Slide 22: Q3 Key KPIs HENSOLDT Group
HENSOLDT –9M 2021 results Q3 Key KPIs HENSOLDT Group €m Q3 2021 Q3 2020 Order intake 709.2 227.8 Book-to-bill ratio (1) 2.0x 0.8x Revenue 363.6 271.8 (2) Adjusted EBIT 51.3 48.7 Adjusted EBITDA(3) 66.3 61.5 Adjusted EBITDA margin 18.2% 22.6% (4) Adjusted pre-tax unlevered free cash flow 9.5 39.5 (1)
Slide 23: Backup
HENSOLDT –9M 2021 results Backup 23 This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.
Slide 24: Guidance 2021 and medium term targets confirmed
HENSOLDT –9M 2021 results Guidance 2021 and medium term targets confirmed 2021 target 2022 target Medium term target Book-to-bill ratio(1) ~2x >1x >1x Revenue / revenue growth ~€1.5 Mid teens growth Mid to high single digit Excl. pass-through revenues recovery to approx. 2019 levels in the medium te
Slide 25: IR Contacts
HENSOLDT –9M 2021 results IR Contacts Contact HENSOLDT share Reports ▪ Contact: ▪ Type of share: ▪ Financial Reports: Veronika Endres Bearer shares https://investors.hensoldt.net ▪ Phone: ▪ Stock Exchange: ▪ Annual Report: +49 89 51518 2499 Frankfurt Stock Exchange https://annualreport.hensoldt.net
Slide 26: HENSOLDT –9M 2021 results
HENSOLDT –9M 2021 results This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT 2021. All rights reserved.