HENSOLDT

Financial Statement

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated
balance

Consolidated
cash flow
statement

Consolidated statement of changes in equity

HENSOLDT Group
Consolidated income statement

KEUR Note 2019 2018
Revenue 11 1,114,164 1,110,117
Cost of sales 11 -855,208 -900,422
Impairment losses on trade receivables and contract assets 35.5 -4,092 -5,898
Gross profit   254,864 203,797
Selling and distribution expenses   -84,828 -76,848
General administrative expenses -76,321 -68,849
Research and development costs 12 -30,993 -32,178
Other operating income 13 25,343 32,724
Other operating expenses 13 -24,792 -36,243
Share of profit/loss from investment accounted for using the equity method 8 -1,202 -643
Earnings before finance cost and income tax (EBIT)   62,071 21,760
Interest income 14 58,938 14,855
Interest expense 14 -83,501 -96,425
Other finance income/costs 14 -1,930 -5,275
Finance income/costs   -26,493 -86,845
Earnings before income taxes   35,578 -65,085
Income taxes 15 -27,407 5,205
Consolidated profit/loss   8,171 -59,880
thereof attributable to the owners of HENSOLDT GmbH   5,918 -60,565
thereof attributable to non-controlling interests   2,253 685

HENSOLDT Group
Consolidated statement of comprehensive income

KEUR Note 2019 2018
Consolidated profit/loss   8,171 -59,880
Other comprehensive income/loss      
Items that will not be reclassified to profit or loss      
Measurement of defined benefit plans 30.1 -64,581 24,343
Tax on items that will not be reclassified to profit or loss 24,717 -6,975
Subtotal   -39,864 17,368
Items that will be reclassified to profit or loss      
Difference from currency translation of financial statements 3,569 -6,805
Cash flow hedge
- unrealized gains/losses
35.3 -1,557 -6,034
Cash flow hedge
- reclassification to profit or loss
35.3 1,185 1,302
Tax effect on unrealized gains/losses 35.3 -348 1,648
Subtotal   2,849 -9,889
Other comprehensive profit/loss, net of tax   -37,015 7,479
 
Total comprehensive loss in the financial year   -28,844 -52,401
thereof attributable to the owners of HENSOLDT GmbH   -31,604 -51,633
thereof attributable to non-controlling interests   2,760 -768

HENSOLDT Group
Consolidated balance

ASSETS
KEUR Note Dec. 31, 2019 Dec. 31, 2018 Jan. 1, 2018
Non-current assets   1,402,220 1,129,633 1,201,736
Goodwill 16 646,823 593,860 584,050
Intangible assets 16 403,300 398,781 452,970
Property, plant and equipment 17 92,893 89,180 91,402
Right-of-use assets 26 154,862 0 0
Investments accounted for using the equity method 8 1,169 1,570 63
Other investments and other non-current financial assets 18 14,682 11,347 5,143
Non-current other financial assets 24 53,241 735 18,904
Other non-current assets 25 4,881 9,125 18,464
Deferred tax assets 15 30,369 25,035 30,740
Current assets   1,051,389 1,082,689 1,005,421
Other non-current financial assets, due at short-notice 18 2,952 5,269 41,314
Inventories 19 411,082 407,002 413,290
Contract assets 11 165,883 80,688 53,367
Trade receivables 20 290,809 338,072 326,257
Current other financial assets 24 5,752 1,460 11,310
Other current assets 25 34,324 21,422 16,464
Income tax receivables 15 3,198 1,226 5,445
Cash and cash equivalents 34 137,389 227,550 137,974
Total assets   2,453,609 2,212,322 2,207,157
EQUITY AND LIABILITIES
KEUR Note Dec. 31, 2019 Dec. 31, 2018 Jan. 1, 2018
Share capital 32.1 10,000 25 25
Capital reserve 396,748 46,275 46,275
Other reserves -49,770 -12,247 -21,178
Retained earnings -215,757 -220,655 -161,412
Treasury shares 0 -10,563 0
Equity held by shareholders of HENSOLDT GmbH   141,221 -197,164 -136,290
Non-controlling interests   13,574 10,870 13,162
Equity, total 32 154,795 -186,294 -123,128
Non-current liabilities   1,517,924 1,609,935 1,465,353
Shareholder loans 34 0 349,567 437,474
Non-current provisions 22 413,641 310,272 294,069
Non-current financial liabilities 34 887,696 880,364 662,134
Non-current contract liabilities 11 16,319 24,767 18,436
Non-current lease liabilities 26 147,521 0 0
Other non-current financial liabilities 24 225 4,561 983
Other non-current liabilities 25 7,677 3,399 2,682
Deferred tax liabilities 15 44,845 37,005 49,575
Current liabilities   780,890 788,681 864,932
Current provisions 22 185,083 210,900 217,062
Current financial liabilities 34 11,338 3,367 15,024
Current contract liabilities 11 317,134 332,800 419,593
Current lease liabilities 26 12,999 0 0
Trade payables 21 168,750 167,073 160,109
Other current financial liabilities 24 18,388 13,299 18,049
Other current liabilities 25 67,118 56,294 35,085
Tax liabilities 15 80 4,948 10
Total equity and liabilities   2,453,609 2,212,322 2,207,157

HENSOLDT Group
Consolidated cash flow statement

KEUR Note Jan. 1. - Dec. 31, 2019 Jan. 1. - Dec. 31, 2018
Profit/loss for the period (including minority interests)   8,171 -59,880
Depreciation and amortization 16/17/26 129,610 124,414
Allowances on inventories, trade receivables and contract assets 13,221 6,984
Profit/loss from disposals of non-current assets 418 143
Share of profit in entities recognized according to the equity method 1,202 643
Financial expenses (net) 24,563 81,570
Other non-cash expenses/income -5,376 4,853
Change in
Provisions -404 31,501
Inventories -17,849 15,447
Contract balances -89,404 -112,406
Trade receivables 56,441 -14,533
Trade payables -13,430 913
Other assets and liabilities 4,615 25,068
Interest paid -45,116 -35,171
Income tax (expense + / income -) 27,408 -5,205
Income taxes payments (-) / refunds (+) -10,869 1,336
Cash flows from operating activities   83,201 65,677
Acquisition/ addition of intangible assets and property, plant and equipment 16/17 -80,480 -60,084
Proceeds from sale of intangible assets and property, plant and equipment 16/17 515 426
Acquisition of associates, other investments and other non-current investments 7/18 -3,947 -8,324
Disposals of associates, other investments and other non-current investments 18 2,147 24,182
Acquisition or subsidiaries net of cash acquired 7 -83,817 -17,329
Other -48 240
Cash flows from investing activities   -165,630 -60,889
Assumption of financial liabilities 34.3 2,387 222,900
Repayment of financial liabilities 34.3 0 -123,995
Payment from owners of the HENSOLDT GmbH 25 0
Payment of lease liabilities -11,327 0
Purchase of treasury shares 32.2 0 -10,563
Dividend payments to non-controlling interests -181 -304
Other 0 149
Cash flows from financing activities   -9,096 88,187
Effects of movements in exchange rates on cash and cash equivalents 1,365 -3,399
Net changes in cash and cash equivalents   -90,160 89,576
Cash and cash equivalents      
Cash and cash equivalents on January 1 34.1 227,550 137,974
Cash and cash equivalents on December 31 34.1 137,389 227,550

HENSOLDT Group
Consolidated statement of changes in equity

Attributable to the owners of the HENSOLDT GmbH
Other reserves
 
KEUR Note Subscribed capital Capital reserve Retained earnings Measurement of pension plans Cash flow hedge Difference from currency translation Treasury shares Sub- total Non- controlling interests Total
As of Jan. 01, 2018   25 46,275 -161,412 -16,796 -533 -3,849 0 -136,290 13,162 -123,128
Consolidated profit/loss   0 0 -60,565 0 0 0 0 -60,565 685 -59,880
Other comprehensive income/loss   0 0 0 17,368 -2,906 -5,530 0 8,931 -1,453 7,479
Total comprehensive income   0 0 -60,565 17,368 -2,906 -5,530 0 -51,633 -768 -52,401
Acquisition of treasury shares   0 0 0 0 0 0 -10,563 -10,563 0 -10,563
Dividends on non-controlling interests   0 0 0 0 0 0 0 0 -304 -304
Other   0 0 1,322 0 0 0 0 1,322 -1,220 102
As of Jan. 01, 2019   25 46,275 -220,655 572 -3,439 -9,379 -10,563 -197,164 10,870 -186,294
Consolidated profit/loss   0 0 5,918 0 0 0 0 5,918 2,253 8,171
Other comprehensive income/loss   0 0 0 -39,865 -671 3,014 0 -37,522 507 -37,015
Total comprehensive income   0 0 5,918 -39,865 -671 3,014 0 -31,605 2,760 -28,844
Contribution of shareholder loan 32 0 370,985 0 0 0 0 0 370,985 0 370,985
Cancellation of treasury shares 32 0 -10,563 0 0 0 0 10,563 0 0 0
Adjustement from reorganization 32 9,975 -9,950 0 0 0 0 0 25 0 25
Transactions with non-controlling interests/ Acquisition through business combinations   0 0 0 0 0 0 0 0 556 556
Dividends on non-controlling interests   0 0 0 0 0 0 0 0 -181 -181
Other   0 0 -1,020 0 0 -1 0 -1,021 -431 -1,452
As of Dec. 31, 2019   10,000 396,748 -215,757 -39,293 -4,111 -6,366 0 141,221 13,574 154,795

See HENSOLDT’s full and audited Consolidated Financial Statements for the financial year from January 1 to December 31, 2019

Go to Consolidated Financial Statements