HENSOLDT

Financial Statement

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated balance

Consolidated cash flow statement

Consolidated statement of changes in equity

HENSOLDT -
Consolidated income statement

  Fiscal year
in € million Note 2020 2019
Revenue 11 1,206.9 1,114.2
Cost of sales 11 -936.1 -859.3
Gross profit 270.8 254.9
Selling and distribution expenses -90.2 -84.8
General administrative expenses -87.2 -76.3
Research and development costs 12 -25.1 -31.0
Other operating income 13 18.9 25.3
Other operating expenses 13 -16.1 -24.8
Share of profit/loss from investment accounted for using the equity method 8 -2.6 -1.2
Earnings before finance result and income taxes (EBIT) 68.5 62.1
Interest income 14 4.0 58.9
Interest expense 14 -137.7 -83.5
Other finance income/costs 14 -10.0 -1.9
Finance result -143.7 -26.5
Earnings before income taxes -75.2 35.6
Income taxes 15 10.7 -27.4
Group result -64.5 8.2
thereof attributable to the owners of HENSOLDT AG -65.2 5.9
thereof attributable to non-controlling interests 0.7 2.3
Earnings per Share
Basic and diluted earnings per share (EUR) 16 -0.75 0.07

The following disclosures in the notes are an integral part of these consolidated financial statements.

HENSOLDT -
Consolidated statement of comprehensive income

  Fiscal year
in € million Note 2020 2019
Group result -64.5 8.2
Other comprehensive income
Items that will not be reclassified to profit or loss
Measurement of defined benefit plans 32.1 -40.4 -64.6
Tax on items that will not be reclassified to profit or loss 13.0 24.7
Subtotal -27.4 39.9
Items that will not be reclassified to profit or loss
Difference from currency translation of financial statements -9.5 3.6
Cash flow hedge - unrealized gains/losses 36.3 -2.3 -1.6
Cash flow hedge - reclassification to profit or loss 0.9 1.2
Tax effect on unrealized gains/losses 0.4 -0.3
Subtotal -10.5 2.8
Other comprehensive income net of tax -37.9 -37.0
Total comprehensive loss in the financial year -102.4 -28.8
thereof attributable to the owners of HENSOLDT AG -101.8 -31.6
thereof attributable to non-controlling interests -0.7 2.8

The following disclosures in the notes are an integral part of these consolidated financial statements.

HENSOLDT -
Consolidated statement of financial position

ASSETS 31. Dec, 31. Dec,
in € million Note 2020 2019
Non-current assets 1,313.4 1,392.6
Goodwill1 17 637.2 637.2
Intangible assets 17 386.2 403.3
Property, plant and equipment 18 103.1 92.9
Right-of-use assets 28 143.5 154.9
Investments accounted for using the equity method 8 0 1.2
Other investments and other non-current financial assets 19 11.3 14.7
Non-current other financial assets 26 1.0 53.2
Other non-current assets 27 4.8 4.9
Deferred tax assets 15 26.8 30.4
Current assets 1,634.2 1,063.1
Other non-current financial assets, due on short-notice 19 11.2 3.0
Inventories 20 403.7 411.1
Contract assets 11 204.4 165.9
Trade receivables 21 282.0 290.8
Other current financial assets 26 7.1 5.8
Other current assets1 27 78.7 46.1
Income tax receivables 15 1.6 3.2
Cash and cash equivalents 35.1 645.5 137.4
Total assets 2,947.6 2,455.7
1 Adjustment of previous year's figures due to IFRS 3: Goodwill €- 9.6 million ; other current assets €+ 11.7 million (please refer to Note 7.1)
 
EQUITY AND LIABILITIES 31. Dec, 31. Dec,
in € million Note 2020 2019
Share capital 33.1 105.0 10.0
Capital reserve 596.8 396.7
Other reserves -86.3 -49.8
Retained earnings -281.6 -215.8
Equity held by shareholders of HENSOLDT AG 333.9 141.2
Non-controlling interests 12.9 13.6
Equity, total 33 346.8 154.8
Non-current liabilities 1,257.1 1,517.9
Non-current provisions 23 482.6 413.6
Non-current financing liabilities 35 601.3 887.7
Non-current contract liabilities 11 16.0 16.3
Non-current lease liabilities 28 140.3 147.5
Other non-current financial liabilities 26 0.2 0.2
Other non-current liabilities 27 8.9 7.7
Deferred tax liabilities 15 7.7 44.8
Current liabilities 1,343.7 783.0
Current provisions 23 193.6 185.1
Current financing liabilities 35 363.3 11.3
Current contract liabilities 11 416.8 317.1
Current lease liabilities 28 13.7 13.0
Trade payables 22 164.0 168.8
Other current financial liabilities1 26 97.8 20.5
Other current liabilities 27 86.9 67.1
Tax liabilities 15 7.6 0.1
Total equity and liabilities 2,947.6 2,455.7
1 Adjustment of previous year's figures due to IFRS 3: € + 2.1 million (please refer to Note 7.1)

The following disclosures in the notes are an integral part of these consolidated financial statements.

HENSOLDT -
Consolidated cash flow statement

  Fiscal year
in € million Note 2020 2019
Group result -64.5 8.2
Depreciation and amortization 17/18/28 120.8 129.6
Allowances on inventories, trade receivables and contract assets -2.4 13.2
Profit/loss from disposals of non-current assets 0.0 0.4
Share of profit in entities recognized according to the equity method 2.6 1.2
Financial expenses (net) 128.2 24.6
Other non-cash expenses/income -5.1 -5.4
Change in
Provisions 46.4 -0.4
Inventories 5.3 -17.8
Contract balances 61.4 -89.4
Trade receivables 5.3 56.4
Trade payables -8.6 -13.4
Other assets and liabilities -17.8 4.6
Interest paid -43.6 -45.1
Transaction costs on refinancing paid -14.9 0.0
Income tax expense (+)/income (-) -10.7 27.4
Income taxes payments (-)/refunds (+) -5.5 -10.9
Cash flows from operating activities 196.9 83.2
Acquisition/addition of intangible assets and property, plant and equipment 17/18 -97.4 -80.5
Proceeds from sale of intangible assets and property, plant and equipment 17/18 0.2 0.5
Acquisition of associates, other investments and other non-current investments 19 -6.6 -3.9
Disposals of associates, other investments and other non-current investments 2.3 2.1
Acquisition or subsidiaries net of cash acquired 7 6.4 -83.8
Other 0.1 0.0
Cash flows from investing activities -95.0 -165.6
 
 
  Fiscal year
in € million Note 2020 2019
Proceeds from financial liabilities (syndicated loan) 35.3 950.0 2.4
Repayment of financial liabilities (syndicated loan) 35.3 -920.0 0.0
Increase of other financial liabilities 35.3 97.1 0.0
Dividend payments to non controlling interests -0.2 -0.2
Payment of lease liabilities 35.3 -14.3 -11.3
Issue of shares 35.3 300.0 0.0
Transaction costs on issue of equity 35.3 -1.6 0.0
Cash flows from financing activities 411.0 -9.1
Effects of movements in exchange rates on cash and cash equivalents -2.5 1.4
Other adjustments -2.3 0.0
Net changes in cash and cash equivalents 508.1 -90.2
Cash and cash equivalents
Cash and cash equivalents on January 1st 137.4 227.5
Cash and cash equivalents on December 31st 645.5 137.4

The following disclosures in the notes are an integral part of these consolidated financial statements.

HENSOLDT -
Consolidated statement of changes in equity

Attributable to the owners of the HENSOLDT AG
Other reserves
in € million Share capital Capital reserve Retained earnings Remea-
surement
of pensions
Cash flow hedge Currency translation Treasury shares Subtotal Non-
controlling interests
Equity
As of Jan 1, 2019 0.03 46.3 -220.7 0.6 -3.4 -9.4 -10.6 -197.2 10.9 -186.3
Group Result - - 5.9 - - - - 5.9 2.3 8.2
Other comprehensive income - - - -39.9 -0.7 3.0 - -37.5 0.5 -37.0
Total comprehensive income - - 5.9 -39.9 -0.7 3.0 - -31.6 2.8 -28.8
Contribution of shareholder loan - 371.0 - - - - - 371.0 - 371.0
Cancellation of treasury shares - -10.6 - - - - 10.6 - - -
Adjustement from reorganization 10.0 10.0 - - - - - 0.0 - 0.0
Addition from business combinations - - - - - - - - 0.6 0.6
Dividends on non-controlling interests - - - - - - - - -0.2 -0.2
Other - - -1.0 - - - - -1.0 -0.4 -1.5
As of Dec. 31, 2019 10.0 396.7 -215.8 -39.3 -4.1 -6.4 - 141.2 13.6 154.8
Group Result - - -65.2 - - - - -65.2 0.7 -64.5
Other comprehensive income - - - -27.4 -0.5 -8.6 - -36.5 -1.4 -37.9
Total comprehensive income - - -65.2 -27.4 -0.5 -8.6 - -101.8 -0.7 -102.4
Issue of share capital from own funds 70.0 -70.0 - - - - - - - -
Issue of share capital from IPO 25.0 275.0 - - - - - 300.0 - 300.0
Transaction costs - -4.9 - - - - - -4.9 - -4.9
Dividends on non-controlling interests - - - - - - - - -0.2 -0.2
Other - - -0.7 - - - - -0.7 0.2 -0.4
As of Dec. 31, 2020 105.0 596.8 -281.6 -66.7 -4.7 -15.0 - 333.9 12.9 346.8

The following disclosures in the notes are an integral part of these consolidated financial statements.

See HENSOLDT’s full and audited Consolidated Financial Statements for the financial year from January 1 to December 31, 2020.

Go to IFRS financial statements