Hensoldt AG · XETR:HAG
Hensoldt — Q1 2022 Earnings Presentation
26 slides from Hensoldt's earnings presentation, May 5, 2022
Slide 1: Q1 2022 Results – Analyst & Investor Presentation
HENSOLDT – Q1 2022 results HENSOLDT Q1 2022 Results – Analyst & Investor Presentation Taufkirchen, 5th of May 2022 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.
Slide 2: Disclaimer
HENSOLDT – Q1 2022 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
Slide 3: Business Update
HENSOLDT – Q1 2022 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: New record order backlog at €5.5bn
HENSOLDT – Q1 2022 results New record order backlog at €5.5bn Pipeline further materializes F126 C3 EF Support Final Focus European programs (formerly MKS180) Contract Metrology continue to evolve Order for 4 TRS-4D radars Long-term service contract Next generation of FFM currently Eurodrone for F12
Slide 5: Germany – €100bn special budget & reconfirmation of 2% target
HENSOLDT – Q1 2022 results Germany – €100bn special budget & reconfirmation of 2% target Announcement of German Chancellor end of February to: Establish a special budget of €100bn to equip the Bundeswehr(1) Raise annual defence budget from €47bn in 2021 to €50bn p.a. for the period 2022-2026
Slide 6: Three Fields of action defined by German Government
HENSOLDT – Q1 2022 results Three Fields of action defined by German Government Expected impact for HENSOLDT Immediate support for Ukraine - short-term 1 equipment deliveries in coordination with the Federal Government Low double-digit € million amount in orders expected Short-term support to increas
Slide 7: Opportunities from German budget increase
HENSOLDT – Q1 2022 results Opportunities from German budget increase German Army German Air Force German Navy Space Radars for future Air Defence programs Sights/Sensors for Radars for F126 combat Puma IFV 2. lot Escort jamming pod ships– vessel 5 + 6 Medium - for Eurofighter Radars for K1
Slide 8: Financials
HENSOLDT – Q1 2022 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 9: Q1 2022 – significant growth in top line
HENSOLDT – Q1 2022 results Q1 2022 – significant growth in top line in €m Big orders booked already in Q1 Significant increase of sales Record level in order backlog for Q1 2022 +46% +25% +37% 5,509 681 546 286 3,770 209 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Order intake(1) Revenue Order b
Slide 10: Q1 2022 – bottom line follows excellent top line development
HENSOLDT – Q1 2022 results Q1 2022 – bottom line follows excellent top line development in €m Further increase of profitability +11% Q1 2021 Q1 2022 -32 -27% -114 17 15 2 1 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Adj. EBITDA(1) Adj. EBIT(2) Adj. pre-tax unl. FCF(3) Profitability follows higher volumes Liqui
Slide 11: Key financial takeaways
HENSOLDT – Q1 2022 results Key financial takeaways Visibility Further key orders achieved Record order backlog(1) of €5.5bn Sustainable core margin before pass-through revenues Cash-flow according to plan to ensure further growth Outlook Guidance confirmed for all KPIs, for FY2022 Growing
Slide 12: Q&A session
HENSOLDT – Q1 2022 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 – Q1 2022 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 – Q1 2022 results Consolidated Income Statement First 3 months €m 2022 2021 Revenue 286 209 Cost of sales -241 -179 Gross profit 45 30 Selling and distribution expenses -26 -23 General administrative expenses -20 -18 Research and development costs -8 -7 Other operating income 4 4 Other oper
Slide 15: Consolidated Statement of Financial Position – Assets
HENSOLDT – Q1 2022 results Consolidated Statement of Financial Position – Assets As at €m Q1 2022 YE 2021 Non-current assets 1,320 1,320 Goodwill 651 651 Intangible assets 389 385 Property, plant and equipment 109 108 Right-of-use assets 138 141 (1) Investments and other financial assets 22 22 Other
Slide 16: Consolidated Statement of Financial Position - Equity and Liabilities
HENSOLDT – Q1 2022 results Consolidated Statement of Financial Position - Equity and Liabilities As at €m Q1 2022 YE 2021 Share capital 105 105 (1) Capital reserve and other reserves 583 513 Retained earnings -234 -218 Equity held by shareholders of HENSOLDT AG 454 399 Non-controlling interests 12 1
Slide 17: Consolidated Statement of Cash Flows (1/2)
HENSOLDT – Q1 2022 results Consolidated Statement of Cash Flows (1/2) First 3 months €m 2022 2021 Group result -17 -22 Depreciation and amortization 25 29 Financial expenses (net) 8 9 Change in Provisions 8 3 Inventories -50 -56 Contract balances -74 23 Trade receivables 56 29 Trade payables -15 -12
Slide 18: Consolidated Statement of Cash Flows (2/2)
HENSOLDT – Q1 2022 results Consolidated Statement of Cash Flows (2/2) First 3 months €m 2022 2021 Cash flows from operating activities -104 -28 Cash flows from investing activities -23 -31 (1) Proceeds/repayment of financial liabilities -0 -243 Payment of lease liabilities -5 -4 Dividends paid to sh
Slide 19: Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures
HENSOLDT – Q1 2022 results Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures First 3 months €m 2022 2021 Order intake 681 546 Sensors 627 402 Optronics 55 144 Elimination/Transversal/Others -2 -0 €m Revenue 286 209 Sensors 242 165 Optronics 45 44 Elimination/Transv
Slide 20: Overview of EBITDA and EBIT adjustments
HENSOLDT – Q1 2022 results Overview of EBITDA and EBIT adjustments EBITDA adjustments (€m) EBIT adjustments (€m) Q1 2022 Q1 2021 Q1 2022 Q1 2021 EBIT -10 -18 EBIT -10 -18 (+) Depreciation 11 10 (+) Effect on earnings from purchase price allocations 9 16 (+) Amortization 14 19 thereof intangib le ass
Slide 21: Reconciliation of reported to adjusted pre-tax unlevered FCF
HENSOLDT – Q1 2022 results Reconciliation of reported to adjusted pre-tax unlevered FCF First 3 months €m 2022 2021 Cash flows from operating activities -104 -28 Cash flows from investing activities -23 -31 Free cash flow -127 -59 (+) Transaction costs - - (+) IPO related costs - 3 (+) Other non-rec
Slide 22: Back-up
HENSOLDT – Q1 2022 results HENSOLDT Back-up 22 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 23: Guidance 2022 unchanged
HENSOLDT – Q1 2022 results Guidance 2022 unchanged 2022 target 2023 target Medium term target Book-to-bill ratio(1) >1x >1x >1x Revenue / revenue growth ~€1.7bn (mid-teens growth) Mid to high single digit Mid single digit excl. pass-through Adj. EBITDA / Adj. EBITDA margin(2) €285m – €300m ~19% excl
Slide 24: IR events
HENSOLDT – Q1 2022 results IR events* FY 2021 Q1 2022 AGM H1 2022 9M 2022 preliminary Feb 23rd May 5th May 13th Aug 4th Nov 10th 2022 2022 2022 2022 2022 * Dates might be subjected to changes 24 This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third p
Slide 25: IR Contacts
HENSOLDT – Q1 2022 results IR Contacts Contact HENSOLDT share Reports Contact: Type of share: Financial Reports: Veronika Endres Bearer shares https://investors.hensoldt.net Tim Schmid Stock Exchange: Annual Report: Phone: Frankfurt Stock Exchange https://annualreport.hensoldt.net +49 89
Slide 26: HENSOLDT – Q1 2022 results
HENSOLDT – Q1 2022 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.