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Annual Report 2020/2021 2 Annual Report 2020/2021

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Annual Report 2020/2021 2 Annual Report 2020/2021 Annual Report 2020/2021 2 Annual report 2020/2021 Key performance indicators Key performance indicators in € million or % 2020 / 2021 2019 / 2020 Change (%) Currency and portfolio-adjusted sales 6,505 5,739 +13.3% Reported sales 6,380 5,829 +9.4% Adjusted earnings before interest and taxes (adjusted EBIT) 510 227 +125.0% Adjusted EBIT margin 8.0% 4.0% +4.0 pp Earnings before interest and taxes (EBIT) 454 -343 +232.2% EBIT margin 7.1% -5.9% +13.0 pp Earnings for the period 360 -432 +183.4% Earnings per share (in €) 3.22 -3.88 183.1% Adjusted free cash flow from operating activities 217 222 -2.1% Free cash flow from operating activities 74 205 -64.0% Research and development expenses 603 620 -2.7% R&D ratio 9.5% 10.8% -1.4% Capital expenditures 630 431 +46.2% Capital expenditure ratio 9.9% 7.5% +2.4 pp Net financial liquidity/net financial debt 103 -140 +173.9% Equity ratio 40.6% 37.0% +3.6% Proposed dividend (in €) 0.96 -- -- Permanent employees (as at 31 May) 36,500 36,311 +0.5% Annual report 2020/2021 3 Table of contents HELLA at a glance 4 Regional positioning 7 To our shareholders Foreword 8 The Management Board 10 HELLA on the capital market 12 Highlights 14 Financial report Group management report 18 Non-Financial Report 98 Report by the Supervisory Board 114 Consolidated financial statements 118 Independent auditors’ certificate 217 Responsibility statement 224 Overview of bodies 225 Glossary 227 Legal notice 230 Comparison of key performance indicators over three years 231 4 Annual report 2020/2021 HELLA at a glance HELLA is a listed, global, family-owned company with more than 125 locations in around 35 countries, and is considered one of the leading automotive suppliers worldwide. Specialising in innova- tive lighting systems and vehicle electronics, HELLA has been an important partner for the automotive industry and the aftermar- ket for 120 years. Furthermore, the Special Applications segment of HELLA develops, manufactures and sells lighting and electron- ics solutions for special vehicles. Annual report 2020/2021 5 Currency and portfolio-adjusted consolidated sales € 6.5 billion Reported sales Adjusted EBIT margin € 6.4 billion 8.0% Research and Employees worldwide development ratio in the permanent workforce 9.5% 36,500 6 Annual report 2020/2021 Business segments 87% 6% Automotive Special € 5,545 million Applications € 359 million 6.4Reported sales in total in € billion 8% Aftermarket € 504 million Automotive Aftermarket Special Applications The segment is split into the Lighting and With a selection of around 38,000 spare parts, In the Special Applications segment, HELLA Electronics business divisions: in the Light- wear parts and accessory parts as well as a develops and manufactures lighting and elec- ing Division HELLA develops and produces comprehensive range of services, HELLA is tronics products for special vehicles such as headlamps, rear combination lamps and also one of the most important partners for spare construction and agricultural vehicles, buses, solutions for car body and interior lighting. parts retailers and independent workshops trailers and motorhomes, as well as prod- The electronics portfolio makes a major con- in Europe. These activities are supplement- ucts for the marine sector. In doing so HELLA tribution to ensuring that driving is safer, more ed with a comprehensive range of products transfers its high level of technological ex- efficient and more comfortable. The range focussing on high-quality equipment for di- pertise from the core automotive business to comprises innovative product solutions for agnostics, exhaust gas testing, lighting ad- these target groups, whilst also developing driver assistance, energy management, body justment, calibration, system testing and the standalone product solutions for these cus- electronics and power steering, sensors and appropriate measuring instruments for ve- tomer groups. actuators, and also lighting electronics. hicle workshops, car dealerships and vehicle testing organisations. Annual report 2020/2021 7 Regional positioning 29% 32% Europe excluding Germany Germany € 1,867 million € 2,013 million 6.4 Reported sales in total in € billion 21% 18% North, Central and South America Asia, Pacific, RoW € 1,345 million € 1,154 million 40% 24% Europe excluding Germany Germany 14,563 8,657 36,500 Employees 20% 16% North, Central and South America Asia, Pacific, RoW 7,386 5,894 8 Annual report 2020/2021 Foreword Dear Shareholders, Ladies and Gentlemen Once again we have experienced a fiscal year marked by countless chal- lenges and strenuous effort. Nevertheless, HELLA has held its ground well even in such a demanding situation and has, overall, brought the year to a successful conclusion. To be specific, our success relates to three counts in particular. Firstly, we have been able to keep coronavirus in check. Very early on, following the outbreak of the virus more than a year and a half ago, we immediately took action to introduce a large number of different measures. We also implemented these protective measures vigorously during the past fiscal year with a view to effectively preventing chains of infection within the Company and providing the best possible protection for the health of our staff worldwide. That was and still is our top prior- ity. All HELLA members of staff have contributed to this programme by adhering strictly to the necessary precautions or alternatively by chang- ing to mobile forms of work. And for their great flexibility and also for their tireless commitment, I wish to express my warmest thanks. Secondly, we were able to alleviate the economic repercussions of the pandemic across the board. After adjustment for currency and portfolio effects, our sales rose by 13 percent to € 6.5 billion compared to the prior year. This means that once again we have grown significantly fast- er than the global automotive market. Thanks to this successful busi- ness development and our consistent cost management, our adjusted earnings before interest and taxes have more than doubled to reach € 510 million. The adjusted EBIT margin has increased to 8.0 percent. With each of these figures, we find ourselves in the upper reaches of the forecast ranges raised in December 2020. Based on these results, we will propose a dividend payment of € 0.96 per share at the Annual General Meeting on 30 September 2021. Hence we are maintaining our established dividend policy even in these challenging times. Thirdly, in the past fiscal year we set our Group on a vital strategic course, most importantly by means of our comprehensive programme Annual report 2020/2021 9 to ensure long-term growth in our competitiveness. First of all, this pro- tegic development within established parameters. One example is our vides for necessary structural adjustments. We have made great pro- plan for the future to strengthen our position even further in the Chinese gress in implementing these measures – both throughout the global automotive market, the largest market in the world, and to target the HELLA network and also at our German locations. One consequence is market in high voltage electronics even more strongly. that we will need to cut approximately 900 jobs in Development and Ad- ministration at our Lippstadt company headquarters by the end of 2023. Our lighting and electronics portfolios mean that today our designs are For the majority of those jobs, we have already been able to draw up already contributing to making mobility more emission-free, more sus- socially acceptable agreements. Taking such steps is not easy. But they tainable and safer. More than 90 percent of our automotive sales do not are necessary to secure the long-term viability of the company mov- depend on combustion engines. But as we go forward, we will tackle ing forward. The second point here is that we are continuing to invest the issue of climate change even more resolutely. We as a company massively in research and development. In the past year, around 10 per- are very much aware of our responsibility in this area and set ourselves cent of our sales from the previous year has once again gone towards clear targets at the start of the year. By 2025, all 38 HELLA production the development of future-oriented automotive technology, e-mobility sites are to operate as carbon-neutral plants. In addition, we want to and autonomous driving, software and digital lighting. And especially ensure a consistently climate-neutral supply chain by 2050 at the latest because of such a scenario, in the reporting period we were able once and provide customers worldwide with carbon-neutral products. again to acquire a great deal of new business for the future. If we tackle all these challenges with the same drive and determination Our results send a very clear message: they show that HELLA is in a as in the past, we will maintain our success and create added value good position. In order to maintain the Company's success over the long for our stakeholders. I draw this confidence not least from our unique term, we will tackle the challenges that lie before us with the utmost corporate culture, which can look back on a history stretching over 120 determination. years. The fact that we can further build on this is primarily thanks to our 36,000 colleagues around the world who work for the Company, The corona pandemic has not yet been overcome. It will continue to showing unprecedented commitment on a daily basis as they actively demand a great deal from us. The same applies to the considerable shape the future of HELLA. And just as important is also, of course, the resources bottlenecks in the global delivery and logistics chains. Even trust and confidence shown by our customers, business partners and in the course of the fiscal year just completed, we were confronted not also by our shareholders.
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