HENSOLDT AG records strong order intakte again and increases order backlog to more than EUR 5 billion
DGAP-News: HENSOLDT AG
/ Key word(s): Half Year Results
HENSOLDT AG records strong order intakte again
- Order intake of EUR 2.1 billion in first half of 2021 increases order backlog to a new record high of more than EUR 5 billion
- Revenue of EUR 486 million in the first half of 2021 is 10% above previous years'
- With an adjusted EBITDA of EUR 44 million, the result also exceeds the company's own expectations despite the ramp up of major projects
- Full year guidance confirmed for all key performance indicators
Thomas Müller, CEO of HENSOLDT AG, said: "We are very pleased that we have been able to accelerate our growth momentum once again. The first half of 2021 proves that as a high-tech provider of electronic and optronic sensor solutions, we are an integral part of many procurement programs. We develop critical elements for next-generation security and defence applications and thus, we are an important technology partner and strategic supplier across domains for Germany and Europe."
Axel Salzmann, CFO of HENSOLDT AG, said: "We are very proud that we were able to exceed our own high expectations. We see that the advised project pipeline is reflected in our order books. In addition, we are consistently converting our order backlog into revenue without losing sight of our costs. Therefore, we can confirm the guidance for all KPIs for the full year 2021."
Pipeline translates into increasing order intake
HENSOLDT was able to win substantial orders from a pipeline of national and international projects in the first half of 2021. These include the procurement programs recently approved by the Budget Committee of the German Bundestag, in which HENSOLDT is involved with orders worth approximately EUR 2 billion. These are contracts across all domains - land, air, sea and cyber.
For the PEGASUS programme, HENSOLDT will act as general contractor and will be responsible to produce the entire reconnaissance technology. Additional orders already won in the first quarter include the production and delivery of radar and self-protection systems for the Quadriga program worth around EUR 300 million, as well as the production and delivery of the optronic observation and reconnaissance systems for the Fennek military vehicle with a volume of around EUR 70 million.
Revenue and result exceed own expectations
The increasing order intake is also reflected in the development of revenue: for the first half of the year, revenue of EUR 486 million exceeded the already strong level of the previous year by around 10% (previous year: EUR 440 million). The adjusted EBITDA of EUR 44 million is also above our own expectations, despite the ramp up of major projects. Liquidity is also developing ahead of plan with an adjusted free cash flow before interest and taxes of EUR -57 million (previous year: EUR 26 million) despite planned investments in working capital.
Celia Pelaz appointed to the Management Board of HENSOLDT AG
As of 1 July 2021, the Supervisory Board of HENSOLDT AG has expanded the Management Board from three to four members and appointed Celia Pelaz as Chief Strategy Officer. In addition to her responsibility for the Spectrum Dominance & Airborne Solutions division and HENSOLDT Ventures, Celia Pelaz will now focus even more on the strategic orientation and further business development of the company.
Outlook for 2021 confirmed
HENSOLDT fully confirms its guidance for the year 2021. HENSOLDT continues to expect currency- and portfolio-adjusted revenues of between EUR 1.4 and 1.6 billion and an adjusted EBITDA margin of around 18% for the full year 2021 (before low value-added business volume related to the ramp-up of major projects). In addition, the company plans to reduce net financial leverage to below 2.25x at the end of this year.
The half-year results publication is available on the Investor Relations website of HENSOLDT AG. The results for the first nine months of 2021 are expected to be published on 10 November 2021.
HENSOLDT is a German champion in the defence industry with a leading market position in Europe and global reach. Headquartered in Taufkirchen near Munich/Germany, the company develops sensor solutions for defence and security applications. As a technology leader, HENSOLDT also continuously expands its Cyber portfolio and develops new products to combat a wide range of threats based on innovative approaches to data management, robotics and cybersecurity. With more than 5,600 employees, HENSOLDT generated revenue of EUR 1.2 billion in 2020. HENSOLDT is listed on the Frankfurt Stock Exchange and member of the SDAX index.
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