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ANNUAL REPORT 2016/2017 ANNUAL REPORT 2016/2017 2016/2017 ANNUAL REPORT ANNUAL Digital Age

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ANNUAL REPORT 2016/2017 ANNUAL REPORT 2016/2017 2016/2017 ANNUAL REPORT ANNUAL Digital Age ANNUAL REPORT 2016/2017 ANNUAL REPORT 2016/2017 ANNUAL REPORT 2016/2017 FINANCIAL REPORT Virtually no other current market trend is changing the automotive world as rapidly as digitalisation. Progressing inexorably, it is gripping the industry at all levels. At HELLA, we ask ourselves two questions here: how can we further optimise our existing service offerings and processes through the use of digital technologies? Which new business models are now open to us as a result of advancing digitalisation? One thing is clear: we understand digitalisation primarily as an opportunity. As a result, we are pushing decisively ahead with the digital- isation of automobile lighting technology, we are working intensively to create software solutions to realise autonomous driving functions and we are optimis- ing our production processes through artificial intelligence approaches. These are only a few examples to show how we actively use digitalisation to continue expanding our position as one of the world’s leading automotive suppliers in the digital age. A strategy with vision: 360° digital HELLA BUSINESS DEVELOPMENT EARNINGS FOR THE PERIOD EARNINGS PER SHARE NET CAPITAL EXPENDITURE in € million and change compared to in € and change compared to 2016/2017 prior year in % prior year in % CURRENCY AND PORTFOLIO-ADJUSTED BUSINESS 343 4.3% SALES GROWTH DEVELOPMENT HELLA continued on its profitable 272 growth path in the fiscal year SALES in € million 2016/2017. Currency and € million portfolio-adjusted sales growth 2015/2016 € 6,352 million 2016/2017 € 6,585 million increased by 4.3 %, while 3.08 reported sales rose by 3.7 % to EQUITY RATIO 26 % 2.42 as at 31 May 2017 3.7 % € 6.6 billion. Adjusted earnings Change before interest and taxes compared to prior year improved by 12.0 % to € 534 million 27 % € 6,585 and the adjusted EBIT margin by 0.6 percentage points to 8.1 %. 2015/2016 2016/2017 2015/2016 2016/2017 million The Automotive segment in particular contributed to the increase in sales and earnings. SEGMENT SALES PERMANENT EMPLOYEES in € million and change compared to prior year in % AUTOMOTIVE +12 % ADJUSTED EARNINGS BEFORE INTEREST EARNINGS BEFORE INTEREST AND TAXES (ADJUSTED EBIT) AND TAXES (EBIT) in € million in € million +3.8 % 5,029 37,7162016/2017 4,843 476 +12 % 534 420 +21 % 507 AFTERMARKET 33,6892015/2016 2015/2016 2016/2017 2015/2016 2016/2017 39.5 % 1,222 +3.7% NET FINANCIAL DEBT / EBITDA 1,179 as at 31 May 2017 in % of sales in % of sales SPECIAL APPLICATIONS +0.6 + 1.1 percentage percentage 7.5 % points % 6.6 % points % +0.3 % 8.1 7.7 385 2016/2017 2015/2016 2016/2017 2015/2016 2016/2017 384 2015/2016 0.3 x HELLA BUSINESS DEVELOPMENT EARNINGS FOR THE PERIOD EARNINGS PER SHARE NET CAPITAL EXPENDITURE in € million and change compared to in € and change compared to 2016/2017 prior year in % prior year in % CURRENCY AND PORTFOLIO-ADJUSTED BUSINESS 343 4.3% SALES GROWTH DEVELOPMENT HELLA continued on its profitable 272 growth path in the fiscal year SALES in € million 2016/2017. Currency and € million portfolio-adjusted sales growth 2015/2016 € 6,352 million 2016/2017 € 6,585 million increased by 4.3 %, while 3.08 reported sales rose by 3.7 % to EQUITY RATIO 26 % 2.42 as at 31 May 2017 3.7 % € 6.6 billion. Adjusted earnings Change before interest and taxes compared to prior year improved by 12.0 % to € 534 million 27 % € 6,585 and the adjusted EBIT margin by 0.6 percentage points to 8.1 %. 2015/2016 2016/2017 2015/2016 2016/2017 million The Automotive segment in particular contributed to the FINANCIAL REPORT increase in sales and earnings. SEGMENT SALES PERMANENT EMPLOYEES in € million and change compared to prior year in % AUTOMOTIVE +12 % ADJUSTED EARNINGS BEFORE INTEREST EARNINGS BEFORE INTEREST AND TAXES (ADJUSTED EBIT) AND TAXES (EBIT) in € million in € million +3.8 % 5,029 37,7162016/2017 4,843 476 +12 % 534 420 +21 % 507 AFTERMARKET 33,6892015/2016 2015/2016 2016/2017 2015/2016 2016/2017 39.5 % 1,222 +3.7% NET FINANCIAL DEBT / EBITDA 1,179 as at 31 May 2017 in % of sales in % of sales SPECIAL APPLICATIONS +0.6 + 1.1 percentage percentage 7.5 % points % 6.6 % points % +0.3 % 8.1 7.7 385 2016/2017 2015/2016 2016/2017 2015/2016 2016/2017 384 2015/2016 0.3 x CONTENTS 01 Contents TO OUR SHAREHOLDERS FOREWORD 02 OUR MANAGEMENT BOARD 06 LOOKING BACK AT OUR EQUITY MARKET YEAR 08 HELLA AT A GLANCE 10 HIGHLIGHTS OF THE FISCAL YEAR 12 JOURNAL: 360° DIGITAL SHINING DATA 16 HELLA brings LCD to front lights SOFTWARE AS A PRODUCT 22 HELLA Aglaia ensures all-round digital view FINANCIAL REPORT A QUESTION OF TRAINING 26 “Deep learning” in production CHANGE THE RULES OF THE INDUSTRY 32 How HELLA is creating brilliant ideas FINANCIAL REPORT GROUP MANAGEMENT REPORT 38 REPORT BY THE SUPERVISORY BOARD 86 CONSOLIDATED FINANCIAL STATEMENTS 91 AUDITOR’S CERTIFICATE 174 RESPONSIBILITY STATEMENT 175 OVERVIEW OF BODIES 176 GLOSSARY 178 LEGAL NOTICE 180 KEY PERFORMANCE INDICATORS 181 02 FOREWORD FOREWORD 03 Foreword Ladies and Gentlemen, HELLA is one of the technology and innovation leaders in the automotive industry. From this strong position, we successfully continued our path of profitable growth in fiscal year 2016/2017 and generated consolidated sales of € 6.6 billion. This means that sales rose by 4.3 per cent on a currency- and portfolio-adjusted basis. Taking these special items into account, reported consolidated sales show an increase of 3.7 per cent. In the second half of the fiscal year in particular, we were able to achieve the pick-up in growth momentum we had expected and increased reported sales by about 6.1 per cent compared to the previous year. The improvement in profitability was even more pronounced. In particular due to the high level of efficiency of several complex new production ramp-ups, we increased our adjusted earnings before interest and taxes by 12.0 per cent to € 534 million and our adjusted EBIT margin by 0.6 percentage points to 8.1 per cent. The basis for this sustained success is formed by two main aspects: firstly, our inno- 38,000 employees vative product solutions serving the core markets of the automotive industry such as worldwide are autonomous driving, electrification, digitalisation and individualisation and secondly, our approximately 38,000 employees worldwide working for HELLA every day. We are the basis of our especially grateful to them. success. Automotive business drives sales and earnings performance In fiscal year 2016/2017, the main sales driver was the Automotive segment, which increased by 3.8 per cent. As a result of several successful new production roll-outs, the segment recorded an increase in growth momentum, especially in the second half of the year. HELLA is benefiting equally from innovative lighting and electronics solutions. The comprehensive roll-out of technologically sophisticated LED head- lamps as well as the launch of new electronic components for application in energy management and battery sensor technology are but two examples. Thanks to numerous operational improvements, particularly in regard to new production roll-outs, we also increased profitability in the Automotive segment. Dr. Jürgen Behrend Dr. Rolf Breidenbach Managing General Partner President and CEO, Business Division Adjusted EBIT rose by 13.8 per cent and the adjusted operating result margin Electronics, Purchasing, Quality, rose by 0.7 percentage points to 8.8 per cent, contributing significantly to increased Legal and Compliance profitability at the Group level. > 02 FOREWORD FOREWORD 03 Foreword Ladies and Gentlemen, HELLA is one of the technology and innovation leaders in the automotive industry. From this strong position, we successfully continued our path of profitable growth in fiscal year 2016/2017 and generated consolidated sales of € 6.6 billion. This means that sales rose by 4.3 per cent on a currency- and portfolio-adjusted basis. Taking these special items into account, reported consolidated sales show an increase of 3.7 per cent. In the second half of the fiscal year in particular, we were able to achieve the pick-up in growth momentum we had expected and increased reported sales by about 6.1 per cent compared to the previous year. The improvement in profitability was even more pronounced. In particular due to the high level of efficiency of several complex new production ramp-ups, we increased our adjusted earnings before interest and taxes by 12.0 per cent to € 534 million and our adjusted EBIT margin by 0.6 percentage points to 8.1 per cent. FINANCIAL REPORT The basis for this sustained success is formed by two main aspects: firstly, our inno- 38,000 employees vative product solutions serving the core markets of the automotive industry such as worldwide are autonomous driving, electrification, digitalisation and individualisation and secondly, our approximately 38,000 employees worldwide working for HELLA every day. We are the basis of our especially grateful to them. success. Automotive business drives sales and earnings performance In fiscal year 2016/2017, the main sales driver was the Automotive segment, which increased by 3.8 per cent. As a result of several successful new production roll-outs, the segment recorded an increase in growth momentum, especially in the second half of the year. HELLA is benefiting equally from innovative lighting and electronics solutions. The comprehensive roll-out of technologically sophisticated LED head- lamps as well as the launch of new electronic components for application in energy management and battery sensor technology are but two examples. Thanks to numerous operational improvements, particularly in regard to new production roll-outs, we also increased profitability in the Automotive segment.
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