Material key figures related to the H&K AG Group

KPI (€m) Q2/2019*)Q3/2019*)Q4/2019*)Q1/2020*)Q2/2020*)Q3/2020*)Q4/2020*)Q1/2021*)
Order Intake 72,271,861,643,074,348,560,153,8
Net Sales (revenue) 68,658,953,967,671,868,167,563,4
EBITDA 8,89,38,811,912,615,59,910,4
Net Working Capital**) 78,286,186,4103,5111,0103,395,5107,5
Financial Debt**) 232,0232,8233,5249,3248,8249,8240,6241,5
Cash**) 28,624,023,427,827,837,633,325,6
Operating Cash Flow 5,3-2,34,7-2,86,919,717,8-1,8
Capex 3,02,13,22,82,15,16,90,9


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

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

Sales in Q1 2021 were €63 million, a decrease of €4 million compared to Q1 2020. We generated €10 million EBITDA in the quarter, a decrease of €1 million compared to Q1 2020. Liquidity decreased from the high level of the opening position, mainly due to the higher level of net working capital at the quarter-end, consequent on the volume and timing of sales and receipts from customers in the quarter resulting in a higher level of trade receivables than at the end of Q4 2020. 

The Group continues to generate positive quarterly 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. 

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. However, as expected, this competitor challenged this decision. A court hearing was held in May and a decision is currently planned to be made in June.

So far, due to the preventative measures implemented by Heckler & Koch to protect our employees and our business, together with proactive communication with customers and suppliers, the COVID-19 pandemic has not led to significant restrictions on our delivery chain. However, at this point in time we cannot make predictions for the balance of 2021, particularly given the increasing numbers of virus mutations, since measures taken by the Federal and State Governments could affect our supply-chains and production. The following guidance for the second quarter is based on the current situation, as it is known to us today, and so the actual Q2 2021 results may vary.

Q2 2021 Guidance***: In Q2 2021 we currently expect to achieve higher net sales and EBITDA than in Q1 2021. Net working capital is currently expected to be at a similar level to Q1 2021; the resulting operating cash flow is currently expected to be positive. In line with the SFA agreement, we repaid €1 million of this loan in May.

***)  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.

28/05/2021

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