AI Terminal
HENSOLDT AG
Investor Presentation • Feb 23, 2022
714_ip_2022-02-23_8a440c85-dbef-4804-ad37-a355ce46458d.pdf
Investor Presentation
Open in ViewerOpens in native device viewer
HENSOLDT
HENSOLDT – FY 2021 preliminary results
FY 2021 Preliminary Results – Analyst & Investor Presentation
Taufkirchen, 23rd of February 2022
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.
Thomas Müller, CEO Axel Salzmann, CFO
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 purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation does not constitute a prospectus in whole or in part, and any decision to invest in securities should be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained therein. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of HENSOLDT. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state of the United States, and may not be offered, sold or otherwise transferred in the United States absent registration or pursuant to an available exemption from registration under the Securities Act.
Certain financial information including financial information as of and for the financial year 2021 ended December 31, 2021 is unaudited. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") or any other generally accepted accounting principles, and are therefore considered non-IFRS measures. We believe that such non-IFRS measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and may not be comparable to, similarly-titled measures used by other companies.
The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. HENSOLDT does not accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation).
The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.
Forward Looking Statement
This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements concerning its strategies, future growth potential of markets and products, profitability in specific areas, future product portfolio, and development of and competition in economics and markets. These statements are based on the current views, expectations, assumptions and information of management, and are based on information currently available to management. Forwardlooking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Any such forward-looking statements involve known and unknown risks which may cause actual results to differ significantly from any future results expressed or implied. While we believe that the assumptions made and the expectations reflected in today's presentation are reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market developments and the impact of global and European social, political and economic events and developments, including the COVID-19 pandemic, as well as defence and security spending by governments, legal restrictions and controls applicable to sales of HENSOLDT's products, including government approval requirements and moratoriums, international conflicts and political developments affecting HENSOLDT, including by way of new export restrictions, trade barriers, or political support for competitors, HENSOLDT's inclusion and participation in major defence projects and platforms and HENSOLDT's competitive situation.
The company assumes no liability whatsoever to update these forward-looking statements or to adjust them to future events or developments.
HENSOLDT's public reports and presentations are available via www.hensoldt.net
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.
HENSOLDT – FY 2021 preliminary results
We have overdelivered on our FY2021 guidance
| 2021 preliminary | Change vs 2020 |
vs guidance |
|
|---|---|---|---|
| Order backlog(1) | €5.1bn | +€1.7bn | Book-to-bill improved |
| Book-to-bill ratio(2) | 2.2x | +0.1x | |
| Revenues | €1,474m | +22% | |
| Adjusted EBITDA |
€261m | +€41m | |
| EBITDA margin(3) Adjusted |
19.4%(4) | +0.8%-point | |
| FCF(5) Adjusted pre-tax unlevered |
€252m | +€56m | |
| Net leverage(6) | 1.63x | -1.0x |
(1) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock, (2) Book-to-Bill ratio is defined as order intake / reported revenue for the relevant period, (3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects / reported revenue for the relevant period, (4) Excl. pass-through revenues, (5) Adjusted Pre-Tax Unlevered Free Cash Flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement, (6) Net financial leverage including lease liabilities, excluding pensions.
4
Key Strategic Achievements 2021
Key orders booked in 2021
Driving full year order backlog(1) to record level
The two anchor shareholders German Government & LEONARDO S.p.A underline HENSOLDT's importance as technology partner and strategic supplier
Celia Pelaz appointed as Chief Strategy Officer to the HENSOLDT Management Board
Sustainalytics ranks HENSOLDT AG #1 in Aerospace and Defence
Employee share ownership program exceeds own expectations by far
(1) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock.
Leonardo
- Strong strategic partnership with a leading industrial player
- Numerous cooperation areas like the Eurofighter program, Air Traffic Management and Naval Solutions
- Important enabler for future order intakes, technological evolution and geographical expansion
- Both companies remain independent
What comes next – Strong pipeline in front of us
HENSOLDT – FY 2021 preliminary results
HENSOLDT stays fully on track
- We have delivered a >20% increase in revenues in project business
- We have transformed our revenues into bottom-line profitability and liquidity increase
- We are well positioned for 2022 with >90% revenues covered(1)
- We have set the baseline for further growth by our strategy
(1) Coverage refers to firm order backlog and recurring short cycle / aftersales business .
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.
HENSOLDT – FY 2021 preliminary results
HENSOLDT – FY 2021 preliminary results
FY 2021 – significant growth in top line in €m
(1) Order intake is defined as orders where the corresponding selling contract becomes effective and enforceable in accordance with the terms and conditions of the contract. (2) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock.
FY 2021 – bottom line follows excellent top line development in €m
Increase of profitability exceeds our own expectations
Profitability follows higher volumes and favourable product mix Partly offset by pass-through business and projects in early stage of life-cycle
Investments in bid budget and self-funded R&D ensure further growth
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects.(2) Adjusted EBIT is defined as EBIT adjusted for certain non-recurring effects relating to effects on earnings from purchase price allocations, transaction costs, separation costs, IPO related costs and other non-recurring effects. ((3) Adjusted Pre-Tax Unlevered Free Cash Flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement.
Leverage position further improved
HENSOLDT – FY 2021 preliminary results
FY 2021 – Sensors segment in €m
(1) Order intake is defined as orders where the corresponding selling contract becomes effective and enforceable in accordance with the terms and conditions of the contract. (2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects.
HENSOLDT – FY 2021 preliminary results
FY 2021 – Optronics segment in €m
(1) Order intake is defined as orders where the corresponding selling contract becomes effective and enforceable in accordance with the terms and conditions of the contract. (2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects.
Deleveraging from FY 2019 to FY 2021 in €m
(1) Net leverage including lease liabilities, excluding pensions.
Dividend proposal 2021
Guidance outlined a dividend of up to 20% of adjusted net income 2021
Increased profitability reflected in adjusted net income of €117m preliminary
Due to the excellent business development, the management board intends to propose to the supervisory board and the AGM a dividend per share of €0.25
Guidance 2022 and medium term targets specified
| 2022 target | 2023 target | Medium term target |
|||
|---|---|---|---|---|---|
| ratio(1) Book-to-bill |
>1x | >1x >1x |
|||
| Revenue / revenue growth |
~€1.7bn (mid-teens growth) | Mid to high single digit |
Mid single digit |
||
| Adj. EBITDA / Adj. EBITDA margin(2) | €285m – €300m |
~19% | excl. pass-through revenues (~€150m) |
>19% | excl. pass-through revenues (~€100m) |
| FCF(3) Adj. pre-tax unlevered |
~70% conversion on adjusted EBITDA | NWC: stable, falling slightly as % of revenue Cash tax rate: 28.3% |
|||
| Net leverage(4) | <1.4x | <1.25x | <1.0x | ||
| Capex and intangible investment |
Capex: 2.0-2.5% of revenue Cap. R&D: 2.0-3.0% of revenue |
||||
| D&A (% of revenues) |
~5% (t/o 50% IAS38) of revenue |
(1) Book-to-Bill ratio is defined as order intake / reported revenue for the relevant period. (2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects / / reported revenue for the relevant period. (3) Adjusted Pre-Tax Unlevered Free Cash Flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement.(4) Net financial leverage including lease liabilities, excluding pensions.
Key financial takeaways
| Visibility | • Key orders achieved, further topics highly visible • High revenue coverage from firm order backlog |
Order backlog(1) / LTM revenues 3.5x FY2021(2) |
|---|---|---|
| Top-line growth | • Step change in growth momentum |
Revenue growth +22% 2020 – 2021 preliminary |
| Profitability | • Relative margins on high level • High positive Net Income • Further investments in bid budgets and R&D covered |
Adj. EBITDA excl. 19.4% 2021 preliminary pass-through |
| Liquidity | • Strong operating cash generation • Deleveraging ahead of plan |
Net leverage(4) 1.6x 2021 preliminary |
| Outlook | • Short- and medium term guidance confirmed for all KPIs • Dividend policy confirmed |
Proposal for €0.25 per share/ 2% dividend yield |
(1) Order backlog is defined as the value of the order book at a respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock. (2) Calculated as FY2021 order backlog divided by LTM revenue. (3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects / / reported revenue for the relevant period. (4) Targeted net financial leverage including lease liabilities, excluding pensions.
HENSOLDT Q&A session
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.
HENSOLDT – FY 2021 preliminary results
HENSOLDT Financial Section
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.
HENSOLDT – FY 2021 preliminary results
Consolidated Income Statement
| Consolidated Income Statement | |||
|---|---|---|---|
| Fiscal Year | |||
| € m |
2021 (preliminary) | 2020 | |
| Revenue | 1,474.3 | 1,206.9 | |
| Cost of sales | (1,144.5) | (936.1) | |
| Gross profit | 329.8 | 270.8 | |
| Selling and distribution expenses | (98.7) | (90.2) | |
| General administrative expenses | (83.1) | (87.2) | |
| Research and development costs | (31.4) | (25.1) | |
| Other operating income | 29.3 | 18.9 | |
| Other operating expenses | (18.2) | (16.1) | |
| Share of profit/loss from investments accounting for using the equity method | (2.0) | (2.6) | |
| Earnings before finance result and income taxes (EBIT) | 125.7 | 68.5 | |
| Interest income | 4.0 | 4.0 | |
| Interest expense | (41.8) | (137.7) | |
| Other finance income/costs | (3.0) | (10.0) | |
| Finance result | (40.8) | (143.7) | |
| Earnings before income taxes | 84.9 | (75.2) | |
| Income taxes | (22.2) | 10.7 | |
| Group result | 62.7 | (64.5) | |
| thereof attributable to the owners of HENSOLDT AG | 62.7 | (65.2) | |
| thereof attributable to non-controlling interests | (0.0) | 0.7 |
Consolidated Statement of Financial Position – Assets
| As at | ||
|---|---|---|
| €m | 2021 (preliminary) | 2020 |
| Non-current assets | 1,320.2 | 1,313.4 |
| Goodwill | 651.3 | 637.2 |
| Intangible assets | 385.0 | 386.2 |
| Property, plant and equipment | 108.2 | 103.1 |
| Right-of-use assets | 140.7 | 143.5 |
| Investments and other financial assets(1) | 21.5 | 12.3 |
| Other non-current assets | 2.7 | 4.8 |
| Deferred tax assets | 10.8 | 26.3 |
| Current assets | 1,629.5 | 1,634.2 |
| Other (2) | 10.1 | 19.9 |
| Inventories | 444.2 | 403.7 |
| Contract assets | 170.0 | 204.4 |
| Trade receivables | 309.2 | 282.0 |
| Other currents assets | 166.7 | 78.7 |
| Cash and cash equivalents | 529.3 | 645.5 |
| Total assets | 2,949.7 | 2,947.6 |
(1) Includes Investments accounted for using the equity method, Other investments and non-current other financial assets, Non-current other financial assets. (2) Includes Other non-current financial assets, due on short-notice, Other current financial assets and Income tax receivables.
Consolidated Statement of Financial Position - Equity and Liabilities
| (1) Includes Capital reserve, Other reserves. (2) Includes Non-current financing liabilities, Other non-current financial liabilities. (3) Includes Current financing liabilities, Other current financial liabilities. | ||
|---|---|---|
(1) Includes Capital reserve, Other reserves. (2) Includes Non-current financing liabilities, Other non-current financial liabilities. (3) Includes Current financing liabilities, Other current financial liabilities.
Consolidated Statement of Cash Flows (1/2)
| Consolidated Statement of Cash Flows (1/2) | ||
|---|---|---|
| Fiscal Year | ||
| € m |
2021 (preliminary) | 2020 |
| Group result | 62.7 | (64.5) |
| Depreciation and amortization | 126.0 | 120.8 |
| Financial expenses (net) | 33.2 | 128.2 |
| Change in | ||
| Provisions | 30.8 | 46.4 |
| Inventories | (44.2) | 5.3 |
| Contract balances | 111.2 | 61.4 |
| Trade receivables | (22.1) | 5.3 |
| Trade payables | 107.2 | (8.6) |
| Other assets and liabilities | (82.8) | (17.8) |
| Interest paid | (35.6) | (43.6) |
| Income tax paid | (9.3) | (5.5) |
| Other(1) | 22.1 | (30.5) |
| Cash flows from operating activities | 299.2 | 196.9 |
| Acquisition/addition of intangible assets and property, plant and equipment | (102.0) | (97.4) |
| Acquisition of associates, other investments and other non-current investments | (6.6) | (6.6) |
| Acquisition of businesses net of cash acquired | (12.1) | 6.4 |
| Other(2) | 3.6 | 2.6 |
| Cash flows from investing activities | (117.1) | (95.0) |
(1) Includes Allowances on inventories, trade receivables and contract assets, Profit/loss from disposals of non-current assets, Share of profit in entities accounting for using the equity method, Other non-cash expenses/income and Income tax expense/income.. (2) Proceeds from sale of intangible assets and property, plant and equipment and Other cash flows from investing activities.
Consolidated Statement of Cash Flows (2/2)
| Consolidated Statement of Cash Flows (2/2) | ||
|---|---|---|
| Fiscal Year | ||
| € m |
2021 (preliminary) | 2020 |
| Cash flows from operating activities | 299.2 | 196.9 |
| Cash flows from investing activities | (117.1) | (95.0) |
| (1) Proceeds/repayment of financial liabilities |
(263.4) | 127.1 |
| Payment of lease liabilities | (16.5) | (14.3) |
| Dividends paid to shareholders of HENSOLDT AG | (13.7) | - |
| Dividend payments to non controlling interests | (0.2) | (0.2) |
| Issue of shares | - | 300.0 |
| Transaction cost on issue of equity | (3.4) | (1.6) |
| Cash flows from financing activities | (297.2) | 411.0 |
| Effects of movements in exchange rates on cash and cash equivalents | (1.1) | (2.5) |
| Other adjustments | - | (2.3) |
| Net changes in cash and cash equivalents | (116.2) | 508.1 |
| Cash and cash equivalents | ||
| Cash and cash equivalents at beginning of period | 645.5 | 137.4 |
| Cash and cash equivalents at end of period | 529.3 | 645.5 |
(1) Proceeds / repayment from financial liabilities, Change in other financial liabilities
Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures
| Fiscal Year | |||
|---|---|---|---|
| €m | 2021 (preliminary) | 2020 | |
| Order intake | 3,171.5 | 2,541.3 | |
| Sensors | 2,774.4 | 2,238.1 | |
| Optronics | 405.4 | 308.3 | |
| Elimination/Transversal/Others | (8.3) | (5.1) | |
| €m | |||
| Revenue | 1,474.3 | 1,206.9 | |
| Sensors | 1,147.7 | 923.6 | |
| Optronics | 331.9 | 288.1 | |
| Elimination/Transversal/Others | (5.3) | (4.8) | |
| €m |
| Adiusted EBITDA(1) | 260.7 | 219.3 |
|---|---|---|
| Sensors | 194.4 | 156.2 |
| Optronics | 68.2 | 65.6 |
| Elimination/Transversal/Others | (1.9) | (2.5) |
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects.
Overview of EBITDA and EBIT adjustments
| EBITDA adjustments (€m) | ||
|---|---|---|
| 2021 (preliminary) |
2020 | |
| EBIT | 125.7 | 68.5 |
| (+) Depreciation | 44.1 | 41.2 |
| (+) Am ortization | 81.9 | 79.6 |
| EBITDA | 251.7 | 189.3 |
| (+) Transaction costs | 0.4 | 0.9 |
| (+) Separation costs | - | |
| (+) IPO related costs | 0.7 | 15.8 |
| (+) Other non-recurring effects | 7.9 | 13.3 |
| Adjusted EBITDA | 260.7 | 219.3 |
| EBIT adjustments (€m) | ||
|---|---|---|
| 2021 (preliminary) |
2020 | |
| EBIT | 125.7 | 68.5 |
| (+) Effect on earnings from purchase price allocations | 63.9 | 68.6 |
| thereof intangible assets | 63.2 | 67.9 |
| thereof property, plant and equipment | 0.7 | 0.7 |
| thereof inventories | ||
| (+) Trans action costs | 0.4 | 0.9 |
| (+) Separation costs | - | |
| (+) IPO related costs | 0.7 | 15.8 |
| (+) Other non-recurring effects | 7.9 | 13.4 |
| Adjusted EBIT | 198.6 | 167.2 |
Reconciliation of reported to adjusted net income
| Fiscal Year | ||
|---|---|---|
| €m | 2021 (preliminary) |
2020 |
| Reported net income | 62.7 | (64.5) |
| (+) Effect on earnings from purchase price allocations | 63.9 | 68.6 |
| (+) Transaction costs | 0.4 | 0.9 |
| (+) Seperation costs | ||
| (+) IPO related costs | 0.7 | 15.8 |
| (+) Other non-recurring effects | 10.8 | 13.4 |
| (+) Valuation effects of embedded derivate | 50.9 | |
| (+) Premature repayment of TLB | 27.9 | |
| Adjusted net income pre-tax adjustment | 138.5 | 113.0 |
| (+) Tax adjustments (1) | (21.1) | (45.5) |
| Adjusted net income | 117.4 | 67.5 |
(1) Includes tax adjustment effect on earnings from PPA, tax adjustment separation costs, tax adjustment other non-recurring costs, tax adjustment valuation effect of embedded derivate and tax adjustment of premature repayment of TLB
Reconciliation of reported to adjusted pre-tax unlevered FCF
| Reconciliation of reported to adjusted pre-tax unlevered FCF | ||
|---|---|---|
| Fiscal Year | ||
| € m |
2021 (preliminary) | 2020 |
| Cash flows from operating activities | 299.2 | 196.9 |
| Cash flows from investing activities | (117.1) | (95.0) |
| Free cash flow | 182.1 | 101.9 |
| (+) Transaction costs | 0.4 | 1.1 |
| (+) IPO related costs | 4.0 | 37.8 |
| (+) Other non-recurring effects | 7.7 | 11.5 |
| (+) Interest(1), income taxes(2) and M&A-activities(3) | 58.1 | 44.1 |
| Adjusted pre-tax unlevered free cash flow | 252.3 | 196.4 |
| Cash flows from financing activities | (297.2) | 411.0 |
(1) Defined as 'Interest paid' as reported in the consolidated cash flow statement. (2) Defined as 'Income taxes payments / refunds' as reported in the consolidated cash flow statement. (3) Defined as sum of 'Share of profit in entities accounting for using the equity method', 'Proceeds from sale of intangible assets and property, plant and equipment', 'Acquisition of associates, other investments and other non-current investments', 'Acquisition of businesses net of cash required' and 'Other cash flows from investing activities' as reported in the consolidated cash flow statement.
Q4 Financial Overview HENSOLDT Group
| €m | ||
|---|---|---|
| Q4 2021 (preliminary) | Q4 2020 | |
| Order intake | 350.7 | 537.9 |
| Book-to-bill ratio(1) | 0.6x | 1.1x |
| Revenue | 624.5 | 494.8 |
| Adjusted EBIT(2) | 131.5 | 100.4 |
| Adjusted EBITDA(3) | 150.2 | 116.5 |
| Adjusted EBITDA margin | 24.1% | 23.6% |
| Adjusted pre-tax unlevered free cash flow(4) | 300.0 | 130.7 |
(1) Book-to-Bill ratio is defined as order intake / reported revenue for the relevant period. (2) Adjusted EBIT is defined as EBIT adjusted for certain non-recurring effects relating to effects on earnings from purchase price allocations, transaction costs, separation costs, IPO related costs and other non-recurring effects. (3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects. (4) Adjusted pre-tax unlevered free cash flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement.
HENSOLDT
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.
Back-up
HENSOLDT – FY 2021 preliminary results
Upcoming IR events*
* Dates might be subjected to changes
IR Contacts
- Contact: Veronika Endres Tim Schmid
- Phone: +49 89 51518 2499 +49 89 51518 2625
- Email: [email protected]
- Internet: www.hensoldt.net
Contact HENSOLDT share Reports
- Type of share: Bearer shares
- Stock Exchange: Frankfurt Stock Exchange
-
Security reference number: ISIN DE000HAG0005
-
Financial Reports: https://investors.hensoldt.net
- Annual Report: https://annualreport.hensoldt.net
- Sustainability Report: www.hensoldt.net
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.
HENSOLDT – FY 2021 preliminary results