Wesentliche Kennzahlen des H&K AG Konzerns

KPI (€m) Q2/2020*)Q3/2020*)Q4/2020*)Q1/2021*)Q2/2021*)Q3/2021*)Q4/2021*)Q1/2022*)
Order Intake 74,348,560,153,863,164,6106,384,9
Net Sales (revenue) 71,868,167,563,480,166,580,277,5
EBITDA 12,615,59,910,418,114,415,020,0
Net Working Capital**) 111,0103,395,5107,5105,7104,194,5108,0
Financial Debt**) 248,8249,8240,6241,5241,5240,5242,5244,5
Cash**) 27,837,633,325,634,337,746,550,4
Operating Cash Flow 6,919,717,8-1,818,013,326,97,5
Capex 2,15,16,90,92,61,97,21,6


*) unaudited consolidated quarterly figures
**) as at the quarter-end

Chief Executive Officer Dr Jens Bodo Koch and Chief Financial Officer Dr Björn Krönert commented:

Q1 2022 continued the Group’s strong performance trend, with sales of €77 million in Q1 2022, an increase of €14 million (22%) compared to Q1 2021. These sales included a higher than usual proportion of strong-margin products and enabled the generation of €20 million EBITDA in the quarter, almost double that of Q1 2021. Liquidity also increased during the quarter, with operating cash-flow generated being more than sufficient to finance the cash flows for our investing and financing activities. This continuing strong performance is the result of successful, ongoing optimisation programmes and modernisation over the past four years, so that we are once again a profitable and innovative company. 

As we commented in our Q4 2021 report, the Russian invasion of Ukraine in February 2022 has made it clear that the defence industry is crucial when it comes to maintaining and defending democracy, liberty and human rights. This has led to a paradigm shift in Germany. A few days after the beginning of the war, German Chancellor Olaf Scholz announced that a special fund would be set up; this fund together with the annual budget allocations are to be used for necessary investments and armament projects of the German Armed Forces. In addition, he announced that the defence budget would be permanently increased to “more than two percent” of the gross domestic product. Other nations have similar programmes to improve their defence capabilities, in some cases long-standing and also as a result of the current situation.

In Q1 2021, the German Federal Office of Bundeswehr Equipment, Information Technology and In-service Support (BAAINBw) informed us that, since the only other competitor had been excluded from the procurement procedure, it was intended that the new assault rifle for the German Army be procured from HK. That competitor requested a review of the BAAINBw’s decision, however in June 2021 the German Federal Cartel Office (BKartA) rejected the challenge. The competitor filed an appeal against the BKartA’s decision and the next hearing will be in May 2022; the verdict is expected to be pronounced in Q2 2022.

As previously reported, due to the preventative measures we implemented to protect our employees and our business, together with proactive communication with customers and suppliers, the corona pandemic has not led to significant restrictions on our delivery chain so far. However we cannot rule out that the significant increase in inflation, the loose monetary policy of the central banks and effects of the invasion of Ukraine will affect the purchase of raw materials and services in particular. At this point in time, our forecasts for the balance of 2022, remain subject to the effects of potential new virus mutations and also of effects resulting from the invasion of Ukraine (e.g. supply bottlenecks, price increases for raw materials, increased demand); we currently expect any such additional orders from our current customer base to be for delivery in later years. The following guidance for the next quarter is based on the current situation, as it is known to us today, and so the actual Q2 2022 results may vary. 

Q2 2022 Guidance***: Following our excellent first quarter, in Q2 2022, we currently expect to achieve slightly lower net sales and EBITDA to Q1 2022. Net working capital is currently expected to be slightly lower than at the end of Q1 2022; the resulting operating cash flow is currently expected to be positive.

***)  This report includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology, or by discussions of strategy, plans or intentions. These forward-looking statements include statements that are not statements of historical facts and relate to our current intentions, beliefs or expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate.

By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this report, in statements made by HK representatives in their presentations or in a “Question and Answer” period following such presentations. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.

All written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the above cautionary statements.

06/05/2022

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