Wesentliche Kennzahlen der H&K AG-Gruppe

KPI (€m) Q1/2017*)Q2/2017*)Q3/2017*)Q4/2017*)Q1/2018*)Q2/2018*)Q3/2018*)Q4/2018*)
Order Intake 73,830,748,461,063,080,748,997,7
Net Sales (revenue) 49,746,738,946,846,263,454,157,3
EBITDA 12,814,02,30,85,05,85,12,8
Net Working Capital**) 72,174,879,968,974,779,589,380,9
Financial Debt**) 219,9220,3184,1182,2182,6183,0183,4230,7
Cash**) 30,019,415,718,811,033,313,522,3
Operating Cash Flow 8,11,1-5,413,2-0,4-0,7-11,512,0
Capex 1,33,04,73,81,22,11,53,5


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

Chief Executive Officer Dr Jens Bodo Koch and Chief Financial Officer Dr Björn Krönert commented:
In 2018 Heckler & Koch’s order intake was higher than our sales and our resulting order book covers a significant proportion of our current expectations for the 2019 sales.
For the H&K AG Group, 2018 was influenced by a significant increase in revenues compared to 2017; this was due in particular to numerous new projects acquired for governmental agency weapons and the increasing military business, including projects with the French military. The increased revenues were linked to significantly increased quantities, and therefore to higher production volumes, resulting in an increase in headcount in almost all departments and a significant increase in purchase volumes for raw materials and bought-in parts. The resulting increased organisational complexity led to lower than expected deliverable quantities from the main site in Oberndorf. The new production processes were not able to reach their full potential under these circumstances. In the medium-term however, the positive effects of this restructuring will lead to a sustained increase in efficiency and therefore to an improved delivery situation.
The lower than expected deliverable quantities, together with changes in the product mix, resulted in an EBITDA significantly below that achieved in 2017. The negative effect on operating cash flow and therefore on liquidity was lessened by two bridge loans totalling €80 million from a main shareholder, €35 million of which was used at the end of November to partially repay our SFA loan.

Q1/2019 Guidance***): We currently expect to achieve slightly higher net sales and EBITDA than in Q4/2018. Net working capital is currently expected to be slightly lower than for Q4/2018 and operating cash flow is currently expected to be lower than in Q4/2018 but better than the quarterly average results in 2018.

***)  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.

23/04/2019

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