DGAP-News: Henkel AG & Co. KGaA / Key word(s): Annual Report/Annual Results 
Henkel AG & Co. KGaA: Henkel delivers overall robust performance in fiscal 2020 despite substantial impact from 
COVID-19 pandemic 
2021-03-04 / 07:31 
The issuer is solely responsible for the content of this announcement. 
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Henkel to propose dividend on prior-year level 
Henkel delivers overall robust performance in fiscal 2020 
despite substantial impact from COVID-19 pandemic 
 
  . Balanced portfolio, strong innovations, financial strength, and dedicated team 
    as key enablers for robust business performance in a global crisis 
  . 2020 results at upper end of full-year guidance: 
      ? Group sales reach 19.3 billion euros, organic: -0.7 percent 
      ? EBIT margin* at 13.4 percent, -260 basis points, 
        corresponding to an operating profit* of 2.6 billion euros 
      ? Earnings per preferred share (EPS)*: 4.26 euros, 
        -17.9 percent at constant exchange rates 
  . Very strong free cash flow of 2.3 billion euros, 
    net financial position significantly improved 
  . Proposed dividend on prior-year level: 1.85 euros per preferred share 
  . Implementation of agenda for purposeful growth on track, 
    clear roadmap for further execution in 2021 and beyond 
  . Outlook for 2021: 
      ? Organic sales growth: 2.0 to 5.0 percent 
      ? EBIT margin*: 13.5 to 14.5 percent 
      ? Earnings per preferred share (EPS)*: an increase between 5.0 to 15.0 percent at constant exchange rates 
Düsseldorf - "Despite the sharp decline of the global economy as a result of the 
COVID-19 pandemic in 2020, we delivered an overall robust performance across all business units. For the full year, our 
results were at the upper end of our guidance. We achieved this thanks to our balanced portfolio, successful 
innovations, and financial strength as well as the outstanding commitment of our employees around the world. I would 
like to thank all of them for their excellent contributions in this truly challenging year," said Henkel CEO Carsten 
Knobel. 
"We recorded sales of 19.3 billion euros, slightly below the prior-year level in organic terms, and maintained a 
profitable business with an adjusted EBIT margin of 
13.4 percent. We also generated a very strong free cash flow in excess of 2.3 billion euros, almost at the record level 
of the prior year. Based on these robust results and given our strong financial base, we will propose a stable dividend 
to our shareholders at the upcoming Annual General Meeting. Over the past 35 years, since going public, Henkel has 
always paid out a dividend above or at the prior-year level," Knobel added. 
"During the COVID-19 crisis, we adapted flexibly and quickly to changes in our markets, putting the safety of employees 
at the top of our agenda. At the same time, we were able to successfully launch and drive the implementation of our 
strategic agenda across all pillars: shaping a winning portfolio, creating competitive edge by accelerating impactful 
innovations, by even further integrating sustainability firmly in everything we do, and by driving the digital 
transformation, and ensuring future-ready operating models. But most important for me, we strengthened our 
collaborative culture and created a strong momentum for change that will enable us to deliver superior performance and 
purposeful growth - for our customers and consumers, our company, employees and shareholders, and for society and the 
planet." 
For the full year, the Adhesive Technologies business unit reported sales below the 
prior-year level, reflecting a significant decline in demand from key industries. However, thanks to the breadth of its 
portfolio and successful innovative solutions the business has proven its robustness in a global economic downturn. 
The organic sales development in Beauty Care was below prior-year level, strongly impacted by the Hair Salon business 
due to enforced closures, while the Retail business recorded good growth. This was driven by the successful development 
of top brands as well as new product launches addressing key consumer trends. 
The Laundry & Home Care business unit achieved very strong organic sales growth, fueled by both, the surge in demand 
for hygiene-related products and by successful innovations, also addressing the increased demand for more sustainable 
products. 
After a strong negative impact on sales due to the pandemic and related shutdowns in the second quarter for Adhesive 
Technologies and Beauty Care, all three business units reported in the second half of 2020 good organic growth compared 
to the prior year. The development of the consumer goods businesses, Beauty Care and Laundry & Home Care, was also 
supported by increased investments in brands, innovations and digitalization. 
At Group level, adjusted EBIT decreased by -19.9 percent to 2.6 billion euros. Adjusted return on sales (EBIT margin) 
was at 13.4 percent, -2.6 percentage points lower than in 2019. Adjusted earnings per preferred share were at 4.26 
euros, a decline of -17.9 percent at constant exchange rates. 
"The development of our earnings reflects our increased investments which we stepped up as announced in the beginning 
of 2020 - despite the crisis. Declining demand in key business segments during the COVID-19 crisis also negatively 
affected our profitability. However, thanks to our successful cost management and the implementation of improved 
operating models we were able to partially mitigate the impact from the crisis on our earnings," explained Carsten 
Knobel. 
"As we are managing the current crisis, we remain fully dedicated to our ambitious growth agenda for the coming years. 
Looking ahead, we are more confident than ever to execute our Purposeful Growth agenda with our global team and 
successfully shape our future." 
Outlook 2021 
"As we enter 2021, we still face a high level of uncertainty how the pandemic will continue to evolve, how quickly the 
vaccination efforts will progress and how this will impact the widespread restrictions in many countries. We expect 
that the industrial demand as well as consumer segments which are relevant for our company, in particular the Hair 
Salon business, will recover. At the same time, we believe consumer demand will return to normal levels in those 
categories which saw higher demand due to the pandemic. In addition, we assume that current restrictions in many key 
markets will be lifted in the course of the first quarter and that there will be no widespread shutdowns of retail and 
industrial businesses as well as production facilities in the remainder of the year," said Carsten Knobel. 
Based on these assumptions, Henkel expects to generate sales and earnings growth in fiscal 2021. The company 
anticipates organic sales growth of 2.0 to 5.0 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 exchange rates, Henkel expects an increase 
in the range of 5.0 to 15.0 percent. 
Group sales and earnings performance in fiscal 2020 
At 19,250 million euros, Henkel Group sales in fiscal 2020 were -4.3 percent below the prior-year period. Organic sales 
growth, which excludes the impact of currency effects and acquisitions/divestments, was slightly negative at -0.7 
percent. The contribution from acquisitions and divestments amounted to 0.3 percent. Currency effects had a negative 
impact of -3.9 percent on sales. 
In the face of a significant decline in demand from key industry customers as a result of the COVID-19 pandemic, the 
Adhesive Technologies business unit reported an organic sales development of -4.2 percent. In the Beauty Care business 
unit, sales were organically 
-2.8 percent below the prior-year level, impacted in particular by the challenging conditions for the Hair Salon 
business in many key regions and markets due to the pandemic while the Retail business recorded good growth. The 
Laundry & Home Care business unit achieved very strong organic sales growth of 5.6 percent. The development was driven 
by strong innovations and the pandemic-related increased demand for hygiene products. 
Emerging markets showed an organic sales growth of 3.0 percent. Mature markets showed a negative organic sales 
development of -3.2 percent. 
In a market environment that has remained highly competitive, sales in Western Europe showed a negative organic 
development of -4.4 percent. Eastern Europe achieved organic growth of 7.1 percent. In Africa/Middle East, sales grew 
organically by 7.0 percent. 
North America recorded an organic sales development of -2.2 percent. In Latin America organic sales slightly decreased 
by 0.5 percent. In the Asia-Pacific region, sales decreased organically by -1.6 percent. 
Adjusted operating profit (adjusted EBIT) reached 2,579 million euros in 2020 after 3,220 million euros in fiscal 2019 
(-19.9 percent). 
Adjusted return on sales (adjusted EBIT margin) reached 13.4 percent, -2.6 percentage points below the prior year. The 
development was also impacted by higher investments in marketing and advertising as well as digital and IT. 
Adjusted earnings per preferred share decreased by -21.5 percent from 5.43 euros in fiscal 2019 to 4.26 euros. At 
constant exchange rates, adjusted earnings per preferred share decreased by -17.9 percent. 
Net working capital significantly improved to 0.7 percent of sales, compared to 3.9 percent in the prior-year period. 
Free cash flow remained very strong. At 2,338 million euros it almost reached the prior-year level (2019: 2,471 million 
euros). 
Effective December 31, 2020, Henkel's net financial position improved significantly to 
-888 million euros (December 31, 2019: -2,047 million euros). 
The Management Board, Supervisory Board and Shareholders' Committee will propose to the Annual General Meeting on April 
16, 2021 the same dividend as in the previous year, namely 1.85 euros per preferred share and 1.83 euros per ordinary

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