DGAP-News: Henkel AG & Co. KGaA / Key word(s): Quarter Results/Half Year Results 
Henkel AG & Co. KGaA: Henkel delivers very strong performance in the first half year - double-digit growth in organic 
sales and earnings 
2021-08-12 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Implementation of strategic growth agenda well on track 
Henkel delivers very strong performance in the first half year - double-digit growth in organic sales and earnings 
 
  . Group sales show organic growth of +11.3 percent to around 10 billion euros (nominal +4.7 percent), driven by all 
    business units and regions 
  . Operating profit^* rises to 1,430 million euros, +20.1% 
  . EBIT margin^* increased to 14.4%, +1.9 percentage points 
  . Earnings per preferred share (EPS)^* grow by+22.4% to 2.40 euros, 
    +30.1% at constant exchange rates 
  . Good progress in all areas of purposeful growth agenda 
  . Outlook for fiscal year 2021 updated: higher sales growth with unchanged 
    earnings guidance 
  . Organic sales growth: +6.0 to +8.0 percent (previously: +4.0 to +6.0 percent) 
  . EBIT margin^*: 13.5 to 14.5 percent (previously: 14.0 to 15.0 percent) 
  . Earnings per preferred share (EPS)^ *: Increase in the high single-digit to 
    mid-teens percentage range at constant exchange rates (unchanged) 
Düsseldorf - Following a strong start to fiscal year 2021, Henkel once again accelerated growth in the course of the 
first half year and adjusted for currency effects already exceeded the pre-crisis level of 2019. Despite the impacts of 
the global coronavirus crisis that continue to adversely affect the social and economic environment in numerous markets 
around the world, Henkel achieved significant sales and earnings growth in the first half of the year. Organic sales 
growth reached 11.3 percent in the first six months of 2021. Group sales amounted to around 10 billion euros, an 
increase of 4.7 percent in nominal terms. 
Adjusted operating profit grew by 20.1 percent to 1,430 million euros and the adjusted EBIT margin recorded an increase 
of 1.9 percentage points and reached 14.4 percent, an increase of 1.9 percentage points compared to the prior-year 
period. At constant exchange rates, adjusted earnings per preferred share increased by 
30.1 percent. The effects of higher raw material costs in the first half of the year were offset in particular by very 
strong volume growth as well as price increases and by strict cost management and efficiency improvements. 
"In the first half of 2021, Henkel continued to be affected by the COVID-19 pandemic. Nevertheless, we achieved 
double-digit growth in sales and earnings. In terms of sales, we have already been able to exceed the pre-crisis level 
of 2019 adjusted for currency effects. Mainly thanks to the outstanding team spirit and commitment of our employees 
around the world, as well as our balanced and robust portfolio of successful brands and innovative technologies in the 
consumer and industrial businesses," said Henkel CEO Carsten Knobel. 
All business units and regions contributed to organic sales growth in the first half of 2021. The Adhesive Technologies 
business unit achieved the strongest sales growth in the first half of the year. The business unit increased sales 
organically across all regions and business areas and overall achieved double-digit growth. This development was 
supported by the significant recovery of the global economy. But also in Beauty Care and Laundry & Home Care, Henkel 
achieved organic sales growth. The picture, however, was mixed with regard to the individual business areas. In the 
Beauty Care business unit, growth was driven by the Professional business. After weaker growth in the previous year due 
to the pandemic, growth well into the double digits was achieved. The Consumer Goods business, on the other hand, was 
below the level of the prior-year period in the first half of 2021, due to a decline in organic sales in the body care 
category, also as a consequence of significant weakening markets. In the Laundry & Home Care business unit, the growth 
was mainly driven by the Home Care business, which achieved significant organic sales growth. The Laundry Care business 
recorded good organic sales growth. 
"We continued to make good progress in implementing our strategic growth agenda in the first half of the year. As part 
of our active portfolio management, further brands and businesses were divested or discontinued as planned. At the same 
time, we made targeted acquisitions, in particular to expand our sustainable brands portfolio. Our special focus this 
year is on further strengthening our competitiveness in the areas of innovation, sustainability, and digitalization, 
and on further developing our company culture. We progressed very well in these areas in the first half of the year and 
believe we are well on track in implementing our purposeful growth agenda," added Carsten Knobel. 
Outlook for fiscal year 2021 updated: higher sales growth with unchanged 
guidance for earnings per share 
Looking ahead to the rest of fiscal 2021, Knobel said: "Overall, we are seeing a normalization in demand in most of our 
businesses. And after the recovery in industrial demand began in many regions in the second half of 2020, growth rates 
are likely to be significantly lower in the second half of fiscal 2021 despite a continued economic recovery. At the 
same time, there is still great uncertainty about how the pandemic will develop and how consumption and industrial 
output will be impacted. In particular, the exceptionally sharp rise in raw material prices and strained supply chains 
will weigh heavily on the economy in the further course of the year. We are working hard and with extensive measures to 
limit the impact on our business and profitability. At the same, we will continue to respond flexibly and quickly to 
changes in our markets and we are consistently driving the implementation of our growth agenda. Taking into account the 
described environment and based on the very strong performance in the first half, we have updated our full-year 
guidance today. We have raised our sales forecast and kept our expectations for earnings per share unchanged - despite 
increasing headwinds from raw material cost inflation." 
Henkel now anticipates organic sales growth of +6.0 to +8.0 percent and adjusted return on sales (EBIT margin) in the 
range of 13.5 to 14.5 percent. For adjusted earnings per preferred share (EPS) at constant exchanges rates, Henkel 
continues to expect an increase in the high-single digit to mid-teens percentage range. 
Group sales and earnings performance in the first half of 2021 
At 9,926 million euros, Henkel Group sales in the first half of 2021 were +4,7 percent above the prior-year period (Q2: 
4,958 million euros, +8.8 percent). Organic sales, which exclude the impact of currency effects and acquisitions/ 
divestments, showed double-digit growth of 
+11.3 percent (Q2: +15.2 percent). The contribution from acquisitions and divestments amounted to +0.4 percent (Q2: 
+0.1 percent). Currency effects had a negative impact of 
-7.0 percent on sales (Q2: -6.5 percent). 
Emerging markets showed an organic sales growth of +21.5 percent (Q2: +24.7 percent). Business in the mature markets 
showed a very strong organic sales development of 
+4.5 percent (Q2: +8.8 percent). 
Sales in the first half of the year in Western Europe showed an organic sales development of +5.5 percent (Q2: +10.7 
percent). Eastern Europe achieved organic sales growth of 
+17.6 percent (Q2: +24,1 percent). In Africa/Middle East, sales grew organically by 
+26.4 percent (Q2: +31.7 percent). Organic sales growth in North America was at +3.0 percent (Q2: +6.3 percent). Latin 
America recorded an organic sales development of +21.0 percent (Q2: +34.2 percent). In the Asia-Pacific region, sales 
increased organically by +20.8 percent (Q2: +17.3 percent). 
Adjusted operating profit (adjusted EBIT) increased by +20.1 percent from 1,191 million euros in the first half of the 
previous year to 1,430 million euros. 
Adjusted return on sales (adjusted EBIT) increased by 1.9 percentage points from 
12.6 percent to 14.4 percent. 
Adjusted earnings per preferred share grew by +22.4 percent from 1,96 euros in the first half of 2020 to 2.40 euros. At 
constant exchange rates, adjusted earnings per preferred share increased by +30.1 percent. 
Net working capital was further improved. At 3.6 percent of sales, it was 80 basis points below the level of the 
prior-year period (4.4 percent). 
Free cash flow of 471 million euros was below the figure for the first half of 2020 (940 million euros), in particular 
due to lower cash flow from operating activities. With higher operating profit, the decrease resulted from the 
significant increase in net working capital compared to the end of fiscal 2020, which was partly due to the significant 
expansion in sales volumes. 
The net financial position amounted to -1,035 million euros as of June 30, 2021 (December 31, 2020: -888 million 
euros). 
  Business unit performance in the first half of 2021 In the first half of 2021, sales in the business unit Adhesive 
Technologies increased nominally by +14.4 percent from 4,153 million euros in the prior-year period to 4,752 million 
euros 
(Q2: 2,394 million euros, +23.1 percent). Organically, sales increased by +20.2 percent 
(Q2: +28.5 percent). The development in the first half of the year was significantly influenced by the ongoing recovery 
of the global economy across all regions and business areas. Adjusted operating profit in the first half of 2021 grew 
by +50.9 percent and reached 820 million euros. At 17.3 percent, adjusted return on sales was 4.2 percent above the 
level of the first half of 2020. 
In the Beauty Care business unit, sales in the first half of 2021 showed an organic development of +5.2 percent (Q2: 
+8.2 percent). Nominally, sales increased by +1.1 percent, reaching

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