HWA : Consolidated Financial Statement 2021

www.hwaag.com

CONSOLIDATED FINANCIAL STATEMENT

Motor racing • Vehicles and components

HWA AG

1

CONTENT

Group key figures	page 02
At a glance	page 02
Report of the Supervisory Board	page 03
Combined Management Report on Consolidated Financial Statement	page 06
Balance sheet - Assets	page 20
Balance sheet - Equity and Liabilities	page 21
Consolidated income statement	page 22
Cash flow statement	page 23
Statement of changes in fixed assets	page 24
Statement of changes in equity	page 26
Notes to the consolidated financial statements as at 31 December 2020	page 28
Auditor's Report	page 38

EVENTS 2022

20 April 2022	Publication of the annual figures for the 2021 financial year
May 2022	Publication of the 2021 annual financial statements
6 July 2022	Virtual general meeting
27 October 2022	Publication of the 2022 half-year report

2

GROUP KEY FIGURES

in EUR millions	2021	2020	2019	2018*	2017	2016	2015	2014
Sales income	85.8	65.6	113.6	101.2	95.5	97.4	83.6	64.1
EBITDA	4.1	-7.6	-2.2	7.5	5.7	3.2	8.1	3.7
EBITDA margin (in percent)	4.8	-11.6	-2,0	7.4	5.8	3.3	9.6	5.8
EBIT	1.2	-10.6	-8.9	5.3	2.8	0.2	5.1	1.4
EBIT margin (in percent)	1.5	-16,2	-7,8	5.2	2.9	0.2	6.1	2.2
Net result	0.6	-11.4	-8,3	3.4	1.4	-0.3	3.4	0.7
Earnings per share (in EUR)	0.10	-1.90	-1,47	0.66	0.28	-0.06	0.66	0.13
*) from 2018 Group key figures

AT A GLANCE 2021 | 2020
in EUR millions			EUR
5.0			1.0
0			0
-5.0			-1.0
-10.0			-2.0
EBITDA	EBIT	Net result	Earnings per share

HWA AG

3

REPORT OF THE

SUPERVISORY BOARD

Hans Werner Aufrecht

Chairman of the Supervisory Board

Sehr geehrte Aktionäre der HWA AG!

In the 2021 financial year, the Supervisory Board advised the Management Board comprehensively and performed all the duties incumbent upon it under the law and the company's articles of incorporation. During the past year, we advised the Management Board on the management of the Company's affairs on an ongoing basis and kept the management and performance of the Company under close review. The Supervisory Board was directly and promptly involved in all decisions of fundamental importance to the well-being of the Company, or wherever statutory provisions or the articles of incorporation called for such involvement. This is based on written and verbal reports of the Management Board to the Supervisory Board. Cooperation between the Boards was marked by detailed and open dialogue. The Management Board informed the Supervisory Board promptly, thoroughly and on a regular basis on all significant aspects for the company and events requiring approval.

The Chairman of the Supervisory Board was also in regular contact with the Management Board outside the regularly scheduled meetings. Other Supervisory Board members also maintained their contacts with the Management Board outside formal meetings, keeping themselves informed about ongoing business development and significant business events and providing support and advice where needed.

Meetings of the Supervisory Board

During the 2021 financial year, the Supervisory Board held four ordinary meetings to perform its duties. In these meetings, the current state of the Company's affairs was discussed with the Management Board and explained in detail. These Supervisory Board meetings were held on 10 March, 23 June, 22 Sep- tember and 15 December 2021. At each of the Supervisory Board meetings, one member was not present. The Supervisory Board's meetings were all held at the Company's headquarters in Affalterbach, and members of the Supervisory Board had the option to dial in to the meetings by video. The accounts meeting together with the auditor was held on 17 March 2021.

The Management Board also provided the Supervisory Board with full information on urgent matters and matters of particular importance to the Company outside the regular meetings. All activities and transactions requiring the Supervisory Board's approval were discussed in detail in the Supervisory Board meetings. Urgent resolutions were also adopted by the Supervisory Board by way of circulation.