HENSOLDT

Financial Statement

HENSOLDT ESG report
Sustainability ManagementCorporate IntegrityResponsible ProcurementHuman PotentialHealth and SafetyCommunity RelationsPlanet and ResourcesProduct ResponsibilityGRI Index and DataAuditor’s Report
Sustainability ManagementCorporate IntegrityResponsible ProcurementHuman PotentialHealth and SafetyCommunity RelationsPlanet and ResourcesProduct ResponsibilityGRI Index and DataAuditor’s Report
HENSOLDT Strategy
Developing Integrated SolutionsSpearheading the Technologies of TomorrowStrengthening Global PresenceFostering Security
Developing Integrated SolutionsSpearheading the Technologies of TomorrowStrengthening Global PresenceFostering Security
Foreword/Key Performance Indicators
Management report
Financial Statements
Consolidated income statementConsolidated statement of comprehensive incomeConsolidated statement of financial positionConsolidated statement of cash flowConsolidated statement of changes in equity
Consolidated income statementConsolidated statement of comprehensive incomeConsolidated statement of financial positionConsolidated statement of cash flowConsolidated statement of changes in equity
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Sustainability
Management

CEO Statement

About This Report

Corporate Governance

Strategy, Vision,
Materiality Analysis

EU Taxonomy

Community
Relations

Corporate Integrity

Compliance and
Anti-Corruption

Human Rights

Digitalization,
Data, and Security

Planet and
Resources

Environmental
Management

Resource Protection

Further Environmental
Activities

Responsible
Procurement

Product
Responsibility

Human Potential

Employment

Training, Development,
and Talent Promotion

Diversity and
Equal Opportunities

GRI Index and Data

Health and Safety

Auditor’s Report

ESG Report

Developing
Integrated Solutions

Eurofighter Typhoon

Future Combat Air System

Main Ground Combat System

HENSOLDT in Space

Spearheading
the Technologies
of Tomorrow

HENSOLDT Cyber

HENSOLDT Analytics

Green Hydrogen

The Unmanned Aviation of the Future

Strengthening
Global Presence

International
Business Operations
of HENSOLDT

European Growth

International
Expansion

Fostering
Security

HENSOLDT
Security Solutions

Xpeller
counter-UAV system

Wildlife Protection

Hensoldt
Strategy

Foreword/Key Performance Indicators

Management
Report

Consolidated income
statement

Consolidated statement
of comprehensive
income

Consolidated statement
of financial position

Consolidated statement
of cash flow

Consolidated statement
of changes in equity

Financial
Statement

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated cash flow statement

Consolidated statement of changes in equity

HENSOLDT -
Consolidated income statement

  Fiscal year
in € million Note 2021 2020
Revenue 11 1,474.3 1,206.9
Cost of sales 11 -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 12 -31.4 -25.1
Other operating income 13 29.3 18.9
Other operating expenses 13 -18.2 -16.1
Share of profit / loss from investment accounted for using the equity method 8 -2.0 -2.6
Earnings before finance result and income taxes (EBIT) 125.7 68.5
Interest income 14 4.0 4.0
Interest expense 14 -41.8 -137.7
Other finance income / cost 14 -3.0 -10.0
Finance result -40.8 -143.7
Earnings before income taxes 84.9 -75.2
Income taxes 15 -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
Earnings per share
Basic and diluted earnings per share (EUR) 16 0.60 -0.75

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 2021 2020
Group result 62.7 -64.5
Other comprehensive income
Items that will not be reclassified to profit or loss
Measurement of defined benefit plans 33.1 23.0 -40.4
Tax on items that will not be reclassified to profit or loss -7.8 13.0
Subtotal 15.2 -27.4
Items that will not be reclassified to profit or loss
Difference from currency translation of financial statements 1.0 -9.5
Cash flow hedge - unrealized gains/losses 37.3 -0.5 -2.3
Cash flow hedge - reclassification to profit or loss -0.2 0.9
Tax effect on unrealized gains/losses 0.3 0.4
Subtotal 0.6 -10.5
Other comprehensive income net of tax 15.8 -37.9
Total comprehensive loss in the financial year   78.5 -102.4
thereof attributable to the owners of HENSOLDT AG 78.6 -101.8
thereof attributable to non-controlling interests -0.1 -0.7

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

HENSOLDT -
Consolidated statement of financial position

ASSETS Dec. 31, Dec. 31,
in € million Note 2021 2020
Non-current assets 1,320.2 1,313.4
Goodwill 17 651.3 637.2
Intangible assets 17 385.0 386.2
Property, plant and equipment 18 108.2 103.1
Right-of-use assets 28 140.7 143.5
Investments accounted for using the equity method 8 - 0.0
Other investments and other non-current financial assets 19 20.6 11.3
Non-current other financial assets 26 0.9 1.0
Other non-current assets 27 2.7 4.8
Deferred tax assets 15 10.8 26.3
Current assets 1,629.5 1,634.2
Other non-current financial assets, due on short-notice 19 0.7 11.2
Inventories 20 444.2 403.7
Contract assets 11 170.0 204.4
Trade receivables 21 309.2 282.0
Other current financial assets 26 7.4 7.1
Other current assets 27 166.7 78.7
Income tax receivables 15 2.0 1.6
Cash and cash equivalents 36.1 529.3 645.5
Total assets 2,949.7 2,947.6
 
EQUITY AND LIABILITIES Dec. 31, Dec. 31,
in € million Note 2021 2020
Share capital 34.1 105.0 105.0
Capital reserve 583.2 596.8
Other reserves -70.5 -86.3
Retained earnings -218.4 -281.6
Equity held by shareholders of HENSOLDT AG 399.3 333.9
Non-controlling interests 11.1 12.9
Equity, total 34 410.4 346.8
Non-current liabilities 1,284.5 1,257.1
Non-current provisions 23 496.7 482.6
Non-current financing liabilities 36 622.0 601.3
Non-current contract liabilities 11 12.1 16.0
Non-current lease liabilities 28 139.5 140.3
Other non-current financial liabilities 26 0.0 0.2
Other non-current liabilities 27 10.1 8.9
Deferred tax liabilities 15 4.1 7.7
Current liabilities 1,254.8 1,343.7
Current provisions 23 188.1 193.6
Current financing liabilities 36 166.3 363.3
Current contract liabilities 11 500.0 416.8
Current lease liabilities 28 16.1 13.7
Trade payables 22 269.1 164.0
Other current financial liabilities 26 10.0 97.8
Other current liabilities 27 94.1 86.9
Tax liabilities 15 11.1 7.6
Total equity and liabilities 2,949.7 2,947.6

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 2021 2020
Group result 62.7 -64.5
Depreciation and amortization 17/18/28 126.0 120.8
Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets 2.9 -2.4
Profit / loss from disposals of non-current assets -0.5 -
Share of profit in entities recognized according to the equity method 2.0 2.6
Financial expenses (net) 33.2 128.2
Other non-cash expense / income -4.5 -5.1
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
Transaction cost paid from refinancing - -14.9
Income tax expense (+) / income (-) 22.2 -10.7
Income tax payments (-) / refunds (+) -9.3 -5.5
Cash flows from operating activities 299.2 196.9
Acquisition / addition of intangible assets and property, plant and equipment 17/18 -102.0 -97.4
Proceeds from sale of intangible assets and property, plant and equipment 17/18 3.0 0.2
Acquisition of associates, other investments and other non-current financial assets 19 -6.6 -6.6
Disposal of associates, other investments and other non-current financial assets - 2.3
Acquisition of subsidiaries net of cash acquired 7 -12.1 6.4
Other 0.6 0.1
Cash flows from investing activities -117.1 -95.0
 
 
  Fiscal year
in € million Note 2021 2020
Repayment from financing liabilities to banks 36.3 -210.0 -920.0
Proceeds from financing liabilities to banks 36.3 30.3 950.0
Change in other financing liabilities 36.3 -83.7 97.1
Payment of lease liabilities -16.5 -14.3
Dividend payments 36.3 -13.7 -
Dividends on non-controlling interests 36.3 -0.2 -0.2
Issue of shares - 300.0
Transaction costs on issue of equity 36.3 -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 on January 1st 645.5 137.4
Cash and cash equivalents on December 31st 529.3 645.5

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		 Remeasurement
of pensions 		Cash flow hedge Currency translation Subtotal Non-controlling interests Equity
As of Jan. 1, 2020 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
Group Result - - 62.7 - - - 62.7 -0.0 62.7
Other comprehensive income - - - 15.3 -0.4 1.0 15.9 -0.1 15.8
Total comprehensive income - - 62.7 15.3 -0.4 1.0 78.6 -0.1 78.5
Transactions with non-controlling interests and acquisitions through business combinations - - 0.5 - - - 0.5 -1.5 -1.0
Employee share program - 2.7 - - - - 2.7 - 2.7
Payment of employee share program - -2.7 - - - - -2.7 - -2.7
Dividend payments - -13.7 - - - - -13.7 - -13.7
Dividends on non-controlling interests - - - - - - - -0.2 -0.2
Other - 0.1 - - - - 0.1 - 0.1
As of Dec. 31, 2021 105.0 583.2 -218.4 -51.4 -5.1 -14.0 399.3 11.1 410.4

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, 2021.

Go to IFRS Konzernabschluss