HENSOLDT AG HENSOLDT
3M 2024 Results - Analyst & Investor Presentation
Taufkirchen, 7th of May 2024
Oliver Dörre, CEO
Christian Ladurner, 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. © Copyright HENSOLDT AG 2024. All rights reserved.
HENSOLDT - 3M 2024 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 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. 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 period ended March 31, 2024 is unaudited. The report is denominated in Euro (€). All amounts in this report are rounded to million or billion Euros. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 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-GAAP measures. We believe that such non-GAAP 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-GAAP measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-GAAP 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. Forward-looking 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 Russian war against the Ukraine 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
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
Update on strategic topics
Oliver Dörre | Strong focus on | ESG acquisition |
took over as CEO | Operational Excellence | closed on April 2nd 2024 |
on April 1st 2024 | including new allocation of areas | PMI fully on track |
of responsibility for Management Board | ||
3
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
Market environment improves progressively
Close and constructive dialogue with German Government
Structural reform of
German Armed Forces
- Strengthening of cyber and information security domain
Increase of defence budgets | Expected increase in |
in Germany, Europe and | armored vehicles |
globally | by factor 6x - 10x |
4
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
Key orders received in 2024
NNbS | TRML-4D radars | Self-protection |
Radars for short and very short | Further orders received | Airborne self-protection |
range air defence system | for Ukraine | systems for Ukraine Mi-24 and |
€280m | ~ €160m | German Light Combat Helicopter |
~ €45m |
Quadome
First order received from launch customer for British Fleet Solid Support Vessel
-
€20m
(booked in April)
5
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
Domestic German position strong and broad
Service | Programs | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
EF Mk1 + Re-baselining | Rebaselining Ph 1 | Rebaselining Ph 2 | 2028+ -> | ||||||||
Twinvis | Batch 2 | ||||||||||
LuWES SOJ | Development | Procurement | |||||||||
Air | F-351 (TOR Replacement) | ISS | |||||||||
PEGASUS | 1st Batch | Pot. 2nd Batch | |||||||||
Force | NNbS (TP1 Dev. + TP1 Serie + TP3) | TP1 Dev | TP1 Serie | TP3 | |||||||
Air Defence Sofort-/ vorgezogene Beschaffung GER | IRIS-T SLM | Skyranger 30 | To 2027 -> | ||||||||
EuroDRONE | advanced ESM | ||||||||||
FCAS | Ph1b | Ph2 | |||||||||
Space surveillance radar (CUSTODIAN) |
2029
To 2035 ->
2030+ -> To 2030 -> To 2031 -> To 2029 ->
2030+ ->
2035+->
2027+ ->
Navy
Army
F126
K130 (Batch 3)
U212CD
F1271
Naval reconnaissance UAV
Minehunter Vessels1
Multi-Role Combat Boats1
F124 Upgrades
Puma Batch 2
Leopard 2 Replacement (18 units) + add. Opp. NH90 TTH1
LKH H145M
Puma VJTF
MGCS
D-LBO
Puma-Boxer (MUSS) for Mittlere Kräfte PzH2000 (Upgrade)
Night Vision
COBRA successor
KORSAK / Spähfahrzeug NG
Remote Controlled Howitzer (RCH) 155 TIGER Obsolescence correction
2nd Batch
Batch 2
To 2028 ->
18 Units | Add. Leo 2A8 | Leo 2AX |
NRM | To 2026 -> | |
Ph 2 | ||
To 2027 -> | ||
Add. Batch | To 2027 -> |
Add. Opp.
To 2031 ->
To 2030 ->
To 2034 ->
2029+->
To 2030 ->
2029+->
To 2035 ->
To 2030 -> 2029+ ->
2029+ -> To 2030 ->
2040+ ->
2030+ ->
2029+ ->
2029 + -> To 2029 -> 2029+ ->
2029+ ->
Award OEM
Award HEN
HEN OEM(2)
Development
Production
Cyber | Surv. + Prot. Wide Area AI |
Source: Renaissance Strategic Advisors, Bundeswehr, HENSOLDT AG. Note: All based on current estimates and subject to change. (1) No Award/no order intake planned for HENSOLDT yet; (2) Original equipment manufacturer
2030+ ->
6
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
… but also for international programs
Service
Air
Force
Navy
Army
Programs | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
Eurofighter Halcon Spain
Airborne Helicopter Self-Protection India
Airborne Self-Protection Ukraine
Airborne Self-Protection APAC
Air Defense European Sky Shield (Eastern Europe)
Air Defense Ukraine TRML-4D
Air Defense MENA
ESSOR MIDS
Air Traffic Surveillance Radar Poland
Corvettes and Frigates TRS-4D Taiwan
Huitfeld Class BMD Denmark
Frigate Norway IFF and Naval Radar
OPV Solutions APAC
Multiple Naval Platforms United Kingdom & Ireland
Submarine Walrus Class Periscopes Netherlands
Submarine Taiwan Periscopes
Leopard European Opportunities
Land EW Netherlands and further Europe
Border Security North Africa & Singapore
M1 Abrams Laser Range Finder US and FMS
Short-Range Air Defense SPEXER East Europe
Award HEN
Source: Renaissance Strategic Advisors, Bundeswehr, HENSOLDT AG. Note: All based on current estimates and subject to change.
7
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 AG 2024. All rights reserved.
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
3M 2024 - solid performance in top line
in €m
Strong order intake | Execution on track | Order backlog at record level |
665
347
3M 2023 | 3M 2024 |
Order intake(1)
Order intake driven by NNbS air defence system
and TRML-4D radars
Well balanced between Germany and Europe
Core Pass-through
338 | 329 | ||
45 | 36 | 5,879 | |
293 | 294 | 5,362 | |
3M 2023 | 3M 2024 | 3M 2023 | 3M 2024 |
Revenue | Order backlog(2) | |
Revenue development as planned with increasing dynamic from | Book-to-bill ratio at 2.0x per 3M 2024 |
Q2 onwards | Strong order backlog provides excellent visibility |
Key programs Eurofighter MK1 & PEGASUS on track | |
Further decrease of pass-through business |
- Order intake shows the future revenue potential from orders where a contract becomes effective and enforceable. (2) Order backlog is defined as the value of the order book as of the respective reporting date by recording customer orders starting with the opening backlog, taking into account revenue and adjustments for the respective reporting period, and ending with the ending backlog.
9
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 AG 2024. All rights reserved.
HENSOLDT - 3M 2024 results
3M 2024 - strong bottom line sustained
in €m
Profitability on track
Core margin excluding | Reported margin |
pass-through revenue |
30 | 33 | 13 | |
10.3% | 11.4% | 4.4% | 11 |
10.2% | 3.6% | ||
9.0% | 3.8% | ||
3.2% | |||
3M 2023 | 3M 2024 | 3M 2023 | 3M 2024 |
Adj. EBITDA(1) | Adj. EBIT(2) |
Profitability driven by product mix and economies of scale partly offset by investment in growth and product portfolio
Adj. EBIT driven by higher amortisation of capitalized R&D
Investment in Working Capital as planned
3M 2023 | 3M 2024 |
-81
-137
Adj. FCF(3)
Positive development driven by reduction of receivables
whilst constantly investing in planned growth
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchase price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items,. (2) Adjusted EBIT is defined as EBIT adjusted for
certain special items relating to effects on earnings from purchase price allocations, transaction costs, OneSAPnow-related special items as well as other special items. (3) Adjusted Free Cash Flow is defined as free cash flow excluding certain special items as well as 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 Statement of Cash Flow.
10
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 AG 2024. All rights reserved.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Hensoldt AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 05:54:06 UTC.
