Material key figures related to the H&K AG Group

KPI (€m) Q1/2019*)Q2/2019*)Q3/2019*)Q4/2019*)Q1/2020*)Q2/2020*)Q3/2020*)Q4/2020*)
Order Intake 92,372,271,861,643,074,348,560,1
Net Sales (revenue) 58,168,658,953,967,671,868,167,5
EBITDA 3,58,89,38,811,912,615,59,9
Net Working Capital**) 77,278,286,186,4103,5111,0103,395,5
Financial Debt**) 231,4232,0232,8233,5249,3248,8249,8240,6
Cash**) 22,128,624,023,427,827,837,633,3
Operating Cash Flow 7,25,3-2,34,7-2,86,919,717,8
Capex 1,53,02,13,22,82,15,16,9


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

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

In Q4 2020, the Group continued its positive development and in 2020 achieved its best results for some years, despite the COVID-19 pandemic. Sales in 2020 were €275 million, a increase of almost 15% over 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 €49.9 million EBITDA, almost 65% higher than that generated in 2019. 

Our sales strategy is focussed on so-called "Green Countries"; the “Green Country Strategy” is a self-imposed filter to the member countries of NATO, the EU and the NATO-equivalent countries (Switzerland, New Zealand, Australia, Japan). In addition to these, for countries that are classed as partners by the German government, deliveries may be approved on a case-by-case basis. This “Green Country Strategy” 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. The focus on “Green Countries” since 2016 has stabilised the Group’s forecasting and delivery capabilities and, despite the reduced customer base, in 2020 the Group achieved our highest ever sales. In 2020, the Group once again generated 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.

As previously reported, in Q1 2020, to ease compliance with certain loan conditions, we received an interest-bearing loan of €15 million from one of our main shareholders. 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. The net funds remaining, together with the profits generated during the year, helped to improve the Group’s cash position to €33 million despite the significantly higher level of capital expenditure during 2020 in support of our optimisation programmes. 

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 and 2020 was a successful year for us. However, at this point in time we cannot make predictions for 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. 

Q1/2021 Guidance: In Q1/2021 we currently expect somewhat lower net sales and EBITDA than in the first quarter of 2020. Net working capital is currently expected to be somewhat higher than at the end of the first quarter of 2020; the resulting operating cash flow is currently expected to be better than in the first quarter of 2020, although still negative since significant cash inflows were already received in the last quarter of 2020.

***)  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.

07/05/2021

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