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Annual Report 2018/2019 Printed in Germany 2018/2019 2018/2019Subsysteme Aufstellen

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Annual Report 2018/2019 Printed in Germany 2018/2019 2018/2019Subsysteme Aufstellen Die Elektrifizierung der Mobilität schreitet unaufhaltsam voran und gewinnt weiter an Fahrt. Auf diesem Weg begleiten wir HELLA GmbH & Co. KGaA unsere Kunden ganzheitlich mit einem Rixbecker Straße 75 umfassenden Produktportfolio für alle 59552 Lippstadt /Germany Tel. + 49 2941 38- 0 Stufen der Elektrifizierung. Dabei wollen wir Fax + 49 2941 38- 71 33 [email protected] unsere Position als Lieferant leistungsstarker www.hella.com Schlüsselkomponenten weiter ausbauen und © HELLA GmbH & Co. KGaA, Lippstadt GESCHÄFTSBERICHT ANNUAL REPORT 9Z3 999 042-014 uns auch zunehmend als Anbieter innovativer Geschäftsbericht 2018/2019 Annual Report 2018/2019 Printed in Germany 2018/2019 2018/2019Subsysteme aufstellen. So leisten wir mit HELLA HELLA Leidenschaft und hoher technologischer Kompetenz einen wesentlichen Beitrag zu sauberer Mobilität und nutzen die Chancen des Branchenwandels. Eine Strategie mit Weitblick: 360° elektrisiert. ELEKTRISIERT ELECTRIFIED 00-01_Hella-GB-2019_Cover _EN [uk].indd 1 07.08.19 09:57 The inexorable move towards electrification in the field of mobility is picking up speed. As the industry continues to transform, we will support our customers with a comprehensive product portfolio for all levels of electrification. In the process, we want to strengthen our position as a supplier of high-performance key components while also expanding our role as a provider of innovative subsystems. Our passion and technological expertise will enable us to support the industry's transformation to clean mobility while also harnessing the opportunities that it brings. A strategy with vision: 360° electrified. FINANCIAL REPORT HELLA BUSINESS DEVELOPMENT CURRENCY AND PORT- 2018 / 2019 FOLIO-ADJUSTED 5.0% SALES GROWTH BUSINESS DEVELOPMENT Reported sales Despite the decline in industry in € million development, HELLA remained on a profitable growth path in the 2017/2018 € 7,060 million 2018/2019 € 6,990 million reporting period and fully achie- ved its annual goals. Currency and portfolio-adjusted sales -1.0 % Change increased by 5.0 %, adjusted EBIT compared to prior year rose by 5.9 % to € 585 million and the adjusted EBIT margin impro- 6,990 ved to 8.4 %. These figures also € million show that HELLA once again grew much faster than the auto- motive market. ADJUSTED EARNINGS BEFORE INTEREST EARNINGS BEFORE INTEREST AND TAXES (EBIT) AND TAXES (ADJUSTED EBIT) in € million in € million 552 +6 % 585 574 +41 % 808 2017/2018 2018/2019 2017/2018 2018/2019 in % of portfolio-adjusted sales in % of reported sales + 0.1 +3.4 percentage percentage 8.3 % points 8.4 % 8.1% points 11.6 % 2017/2018 2018/2019 2017/2018 2018/2019 EARNINGS FOR THE PERIOD EARNINGS PER SHARE in million € and change compared to prior in € and change compared to prior year in % proposed REGULAR DIVIDEND year in % € 1.05 per share proposed SPECIAL DIVIDEND per share due to the sale of the wholesale 5.67 € 2.30 business and the strong balance sheet 630 proposed TOTAL DIVIDEND € 3.35 per share for the fiscal year 2018/2019 3.50 390 NET CAPITAL EXPENDITURE in fiscal year 2018/2019 +62 % +62 % 2017/2018 2018/2019 2017/2018 2018/2019 € million REPORTED SALES ADJUSTED EARNINGS PER SEGMENT BEFORE INTEREST AND in million € and change TAXES PER SEGMENT compared to prior year in % in million € and change compared EQUITY RATIO to prior year in % as at 31 May 2019 AUTOMOTIVE AUTOMOTIVE +6.1 % 5,766 -1.5 % 452 5,433 459 AFTERMARKET AFTERMARKET +2.7 % 665 +33.2 % 70 647 53 SPECIAL APPLICATIONS SPECIAL APPLICATIONS -7.0 % +26.4 % 399 2018/2019 61 2018/2019 430 2017/2018 48 2017/2018 46.3 % CONTENS 01 The inexorable move towards electrification in the field of mobility is picking up speed. As the industry continues to transform, we will support our customers with a comprehensive product ELECTRIFIED portfolio for all levels of electrification. In the process, we want to strengthen our position as CONTENTS a supplier of high-performance key components while also expanding our role as a provider TO OUR SHAREHOLDERS of innovative subsystems. Our passion and FOREWORD 02 technological expertise will enable us to support THE MANAGEMENT BOARD 06 the industry's transformation to clean mobility LOOKING BACK AT OUR EQUITY MARKET YEAR 08 while also harnessing the opportunities that it HELLA AT A GLANCE 10 brings. A strategy with vision: 360° electrified. HIGHLIGHTS OF THE FISCAL YEAR 12 JOURNAL: 360° ELECTRIFIED ELECTRIFYING VISIONS 16 Electromobility continues to gain momentum. How can HELLA shape this trend? Find out more in an interview with HELLA electronics experts Björn Twiehaus and Frank Petznick FINANCIAL REPORT VERITABLE POWERHOUSES 24 With two innovative products, HELLA is one of the first companies to develop battery module solutions for the fast-growing mild hybrids market A COMPREHENSIVE NETWORK 30 Five employees from the global HELLA network tell us about the personal contribution that they are making to the electrification of mobility FINANCIAL REPORT GROUP MANAGEMENT REPORT 36 NON-FINANCIAL REPORT 96 REPORT BY THE SUPERVISORY BOARD 106 CONSOLIDATED FINANCIAL STATEMENTS 110 INDEPENDENT AUDITOR'S REPORT 216 RESPONSIBILITY STATEMENT 223 OVERVIEW OF BODIES 224 GLOSSARY 226 LEGAL NOTICE 230 KEY PERFORMANCE INDICATORS 231 00-01_Hella-GB-2019_Cover _EN [uk].indd 1 07.08.19 09:58 01_Hella-GB-2019_Inhalt-EN [uk].indd 1 07.08.19 09:58 02 FOREWORD FOREWORD 03 Die Elektrifizierung der Mobilität schreitet unaufhaltsam voran und gewinnt weiter an Fahrt. Auf diesem Weg begleiten wir HELLA GmbH & Co. KGaA unsere Kunden ganzheitlich mit einem Rixbecker Straße 75 FOREWORDumfassenden Produktportfolio für alle 59552 Lippstadt /Germany Tel. + 49 2941 38- 0 Stufen der Elektrifizierung. Dabei wollen wir Fax + 49 2941 38- 71 33 [email protected] unsere Position als Lieferant leistungsstarker Ladies and Gentlemen, www.hella.com Schlüsselkomponenten weiter ausbauen und The automotive industry is entering a new era. HELLA anticipated this transformation early on and has consistently aligned itself with major market trends such as electri- Our results confirm © HELLA GmbH & Co. KGaA, Lippstadt GESCHÄFTSBERICHT 9Z3 999 042-014 uns auch zunehmend als Anbieter innovativer fication and autonomous driving. We have already begun to profit from this foresight, Geschäftsbericht 2018/2019 the forecast and Printed in Germany 2018/2019 Subsysteme aufstellen. So leisten wir mit and will continue to do so in the future. Despite the challenging market environment, fully meet our in fiscal year 2018/2019 we once again outpaced the global automotive market signifi- HELLA Leidenschaft und hoher technologischer cantly and continued the profitable growth path we established in previous years. annual goals. Kompetenz einen wesentlichen Beitrag zu We grew sales 5.0 percent on a currency and portfolio-adjusted basis in the reporting sauberer Mobilität und nutzen die Chancen period. Reported consolidated sales are € 7.0 billion. Adjusted earnings before interest and taxes increased 5.9 percent to € 585 million. The adjusted EBIT margin is thus 8.4 des Branchenwandels. Eine Strategie percent. These results confirm the forecast we released last August and fully meet our annual goals. mit Weitblick: 360° elektrisiert. Annual goals met in challenging market environment ELEKTRISIERT In retrospect however it has not been an easy year: Market conditions deteriorated considerably for the entire automotive industry. The economic and political environ- ment is fraught with uncertainty; global automotive production is declining overall. Large, important markets such as China are cooling down after years of steady growth. These broad industry trends did not pass us by entirely. HELLA saw growth momentum fall off precipitously, particularly in the second half of the fiscal year. There are several reasons why we succeeded in largely compensating for these challenges last year: First, we have a solid business model that will carry us far into the future. With our core competencies of lighting and electronics, we are well-positioned for the major trends in the automotive industry. Our products are attractive and highly sought-after. For example, our automotive segment grew 6.1 percent last fiscal year on strong Dr. Rolf Breidenbach demand for innovative lighting systems and electronics solutions, particularly in driver assistance systems and energy management, and thus played a big part in the Group’s overall increase in sales. Second, we enjoy a broad international positioning. We do business in all key markets worldwide and serve virtually all major auto manufacturers. Growth was particularly strong in North, Central and South America last fiscal year as sales increased 13 percent; also our business in Europe performed well with growth in excess of 6 percent, contrary to general industry trends. This broad stance allowed us to compensate for demand fluctuations in individual automotive markets. 02-05_Hella-GB-2019_Vorwort_EN [uk].indd 2 07.08.19 10:00 02-05_Hella-GB-2019_Vorwort_EN [uk].indd 3 07.08.19 10:01 02 FOREWORD FOREWORD 03 FOREWORD Ladies and Gentlemen, The automotive industry is entering a new era. HELLA anticipated this transformation early on and has consistently aligned itself with major market trends such as electri- Our results confirm fication and autonomous driving. We have already begun to profit from this foresight, the forecast and and will continue to do so in the future. Despite the challenging market environment, fully meet our in fiscal year 2018/2019 we once again outpaced the global automotive market signifi- cantly and continued the profitable growth path we established in previous years. annual goals. We grew sales 5.0 percent on a currency and portfolio-adjusted basis in the reporting period. Reported consolidated sales are € 7.0 billion. Adjusted earnings before interest and taxes increased 5.9 percent to € 585 million. The adjusted EBIT margin is thus 8.4 percent. These results confirm the forecast we released last August and fully meet our annual goals. Annual goals met in challenging market environment FINANCIAL REPORT In retrospect however it has not been an easy year: Market conditions deteriorated considerably for the entire automotive industry.
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