IR / Kennzahlen

Wesentliche Kennzahlen der H&K AG-Gruppe

KPI (€m) Q4/2018*)Q1/2019*)Q2/2019*)Q3/2019*)Q4/2019*)Q1/2020*)Q2/2020*)Q3/2020*)
Order Intake 97,792,372,271,861,643,074,348,5
Net Sales (revenue) 57,358,168,658,953,967,671,868,1
EBITDA 2,83,58,89,38,811,912,615,5
Net Working Capital**) 80,977,278,286,186,4103,5111,0103,3
Financial Debt**) 230,7231,4232,0232,8233,5249,3248,8249,8
Cash**) 22,322,128,624,023,427,827,837,6
Operating Cash Flow 12,07,25,3-2,34,7-2,86,919,7
Capex 3,51,53,02,13,22,82,15,1


*) 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 Q3, the Group has continued its positive development. Sales in the first nine months of 2020 were €208 million, a 12% increase over the first nine months of 2019; this increase, together with continuing positive effects from the restructuring and process optimisation programmes we initiated in 2018 and 2019, enabled the generation of €40 million EBITDA, 85% higher than that generated in the corresponding period of 2019. As previously reported, in Q1, to ease compliance with certain loan conditions, we received an interest-bearing loan of €15 million from one of our main shareholders. This, together with the profits generated, helped to improve the Group’s cash position to €37.6 million despite the high level of net working capital at the quarter-end, which was primarily due to the volume and timing of sales resulting in a higher level of trade receivables than at the 2019 year-end.

In 2020, the Group has continued generating positive earnings after tax and, due to the encouraging order book and the ongoing optimisation programmes, we are positive that we have laid the groundwork so that our organisation could continue this trend. Since 2016 our sales strategy has been focussed on so-called "Green Countries"; the “Green Country Strategy” is a self-imposed filter to countries that share the values in place in Germany, and accepted by a large proportion of society, with regard to law and order, ethics and morals, and system of government and governance. It is not only fully in line with the laws, regulations, requirements and restrictions that the German Government has issued for defence exports, but goes significantly further. We deliver principally only to those countries that share, at least to a great extent, German society’s values. These are primarily the member countries of NATO and the EU, New Zealand, Australia, Japan and Switzerland. The focus on “Green Countries” has stabilised the Group’s forecasting and delivery capabilities and, despite the reduced customer base, our current expectations are that this year the Group could achieve our highest ever sales and, whilst not the best ever, correspondingly positive earnings.

Since Q1 we have been taking proactive measures to reduce the risks to the business from the COVID-19 pandemic, however we have experienced some indirect negative effects, for example authorities or customers having less personnel or adjusted opening hours as an effect of the worldwide lockdown measures making direct dealings somewhat more difficult. Despite this, the pandemic has not had a material effect on our overall results so far with higher US commercial sales more than offsetting lower sales in certain other markets. We currently expect similar effects during Q4. The following guidance for the fourth quarter is based on the current situation, as it is known to us today, and so the actual Q4 2020 results may vary.

Q4/2020 Guidance***: Q3/2020 was a particularly good quarter for the Group so in Q4/2020 we currently expect to achieve somewhat lower net sales and lower EBITDA than in Q3/2020. Net working capital is currently expected to be slightly lower than for Q3/2020; the resulting operating cash flow is currently expected to be significantly lower than for Q3/2020. At the beginning of Q4/2020, we made a €10.5 million partial repayment of one of our long-term loans, thereby reducing the Group’s interest burden going forward.

***)  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.

04/11/2020

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