IR / Key Figures

Material key figures related to the H&K AG Group

KPI (€m) Q2/2017*)Q3/2017*)Q4/2017*)Q1/2018*)Q2/2018*)Q3/2018*)Q4/2018*)Q1/2019*)
Order Intake 30,748,461,063,080,748,997,792,3
Net Sales (revenue) 46,738,946,846,263,454,157,358,1
EBITDA 14,02,30,85,05,85,12,83,5
Net Working Capital**) 74,879,968,974,779,589,380,977,2
Financial Debt**) 220,3184,1182,2182,6183,0183,4230,7231,4
Cash**) 19,415,718,811,033,313,522,322,1
Operating Cash Flow 1,1-5,413,2-0,4-0,7-11,512,07,2
Capex 3,04,73,81,22,11,53,51,5


*) 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 Q1 2019 Heckler & Koch’s order intake is higher than our sales and our planned order book will cover our current expectations for the year’s sales. 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 still 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. This, together with changes in the product mix, resulted in an EBITDA below the corresponding period Q1 2018 but higher than our Q4 2018 results. In addition to that, management and the trade union in Oberndorf reached an agreement about an uncompensated worktime increase for the employees for two years starting in Q3/2019 which will also help and increase the production output by better use of its trained and experienced personnel.

Q2/2019 Guidance***): We currently expect to achieve higher net sales and EBITDA than in Q1/2019. Net working capital is currently expected to be lower than for Q1/2019 however operating cash flow is currently expected to be slightly lower than in Q1/2019.

***)  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.

28/05/2019

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