HÖRMANN Industries publishes annual financial statements for 2019
30 april, 2020
DGAP-News: Hörmann Industries GmbH
/ Key word(s): Annual Results
Kirchseeon, 30 April 2020 - HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2TSCH) today published its 2019 annual financial statements. EUR 622.2 million in sales was generated in the 2019 financial year, in line with the previous year (previous year: EUR 624.1 million). Total output declined from EUR 675.1 million in 2018 by EUR 33.9 million (5.0%) to EUR 641.2 million, primarily as a result of the deconsolidation of HÖRMANN Automotive Penzberg GmbH as at 1 April 2019 and a smaller build-up in finished goods inventories and work in progress as compared to 2018. Earnings before interest, taxes, depreciation and amortisation (EBITDA) came to EUR 35.6 million (previous year: EUR 41.8 million), operating EBIT amounted to EUR 28.3 million (previous year: EUR 30.5 million) and EBIT including non-recurring effects reached EUR 23,7 million (previous year: EUR 25.1 million). The 2019 financial year closed with consolidated net income of EUR 9.9 million (previous year: EUR 14.6 million). This outperformed the sales forecast, with earnings in line with planning. The Group's equity base improved from EUR 112.8 million as at 31 December 2018 to EUR 121.2 million at the end of 2019. The equity ratio increased from 38.3% to 38.8% at the reporting date, while net cash and cash equivalents amounted to EUR 64.8 million. Total assets rose by EUR 17.9 million to EUR 312.6 million as a result of the higher level of fixed assets. Excluding trainees, the company had an average of 2,821 employees in the reporting period. "Despite a dip in demand seen in the Automotive division in the fourth quarter and the non-recurring adverse effects in the Automotive division caused by relocating production at HÖRMANN Automotive Penzberg to Slovakia, we are satisfied with the overall performance of HÖRMANN Industries," said CEO Dr Michael Radke. The Automotive division generated sales of EUR 379.5 million in 2019 (previous year EUR 423.9 million). In addition to the deconsolidation of HÖRMANN Automotive Penzberg GmbH as at 1 April 2019, the reason for the decrease was the decline in the order situation of European truck manufacturers from autumn 2019 onwards. In the Communication division, the company benefited from a noticeable upturn in demand and the favourable product mix in 2019, with sales picking up from EUR 96.1 million (2018) to EUR 108.4 million. Sales in the Engineering division rose in the reporting period from EUR 65.6 million to EUR 86.9 million due to the multi-year project orders invoiced in 2019 and the 51.0% interest acquired in Klatt Fördertechnik GmbH, which was consolidated for the first time on 1 April 2019. In a difficult industrial market environment, the Services division increased sales from EUR 38.5 million in 2018 to EUR 47.2 million in 2019, with the increase attributable almost exclusively to infrastructure services, whereas orders in the automotive and mechanical engineering industries declined. As for many other companies in the industry in Europe, the effects of the COVID-19 pandemic will affect the financial position and financial performance of the HÖRMANN Group in the current 2020 financial year. Attempts to gauge these effects are subject to significant uncertainty. While the large number of public clients in the Communication and Engineering divisions means that business is largely continuing as normal under the circumstances and with the introduction of various flexible measures, the crisis is notably straining the Automotive and Services divisions. Many areas of production at the plants in Germany in the Automotive division and services in the Services division were disrupted on 23 March 2020 in response to production being suspended at major car and commercial vehicle manufacturers - including high-volume Hörmann customers. This particularly affected the Automotive plants in Gustavsburg and Wackersdorf and the Services locations in Salzgitter and Wolfsburg. Operations have successively resumed this week. Production is due to begin regular operation again from next week, although capacity will still be well down on normal levels to begin with. How the situation develops will depend greatly on demand among major customers regarding market demand. Johann Schmid-Davis: "Our broad industrial diversification certainly offers the HÖRMANN Group protection against sudden economic downturns and recessions like those we are currently witnessing. Placing our financing on a new, stable foundation in the past year turned out to be a wise move. Subject to economic developments resulting from the COVID-19 crisis, which are difficult to predict at present, HÖRMANN Industries is anticipating total sales at Group level of between around EUR 480 million and EUR 520 million in the 2020 financial year. A slightly positive operating EBIT is still being targeted for the operating business, but this will be significantly below the previous year's figure due to the overall economic recession and the expected declining market development, particularly in the Automotive division. The full, detailed annual financial statements including an in-depth interview with managing directors Dr Michael Radke and Johann Schmid-Davis can be downloaded at https://www.hoermann-gruppe.de/en/investor-relations/financial-publications/financial-publications/. Selected key figures of Hörmann Industries GmbH
1) Consolidated net income before depreciation and amortisation, financial result and income taxes Financial and business press:
30.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financial position and results of operations (in EUR million) | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 622.2 | 624.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total output | 641.2 | 675.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 289.2 | 322.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA (1) | 35.6 | 41.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating EBIT (2) | 28.3 | 30.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBIT (3) | 23.7 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash from operating activities | 13.0 | 16.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | 41.0 | -10.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net assets | 31 Dec. 2019 | 31 Dec. 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 312.6 | 294.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 121.2 | 112.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity ratio (4) | 38.8% | 38.3% | |||||||||||||||||||||||||||||||||||||||||||||||||
Working capital (5) | 79.1 | 77.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash and cash equivalents (6) | 64.8 | 77.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employees (7) | 2,821 | 3,175 |
HÖRMANN Industries publishes annual financial statements for 2019
30 april, 2020
DGAP-News: Hörmann Industries GmbH
/ Key word(s): Annual Results
Kirchseeon, 30 April 2020 - HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2TSCH) today published its 2019 annual financial statements. EUR 622.2 million in sales was generated in the 2019 financial year, in line with the previous year (previous year: EUR 624.1 million). Total output declined from EUR 675.1 million in 2018 by EUR 33.9 million (5.0%) to EUR 641.2 million, primarily as a result of the deconsolidation of HÖRMANN Automotive Penzberg GmbH as at 1 April 2019 and a smaller build-up in finished goods inventories and work in progress as compared to 2018. Earnings before interest, taxes, depreciation and amortisation (EBITDA) came to EUR 35.6 million (previous year: EUR 41.8 million), operating EBIT amounted to EUR 28.3 million (previous year: EUR 30.5 million) and EBIT including non-recurring effects reached EUR 23,7 million (previous year: EUR 25.1 million). The 2019 financial year closed with consolidated net income of EUR 9.9 million (previous year: EUR 14.6 million). This outperformed the sales forecast, with earnings in line with planning. The Group's equity base improved from EUR 112.8 million as at 31 December 2018 to EUR 121.2 million at the end of 2019. The equity ratio increased from 38.3% to 38.8% at the reporting date, while net cash and cash equivalents amounted to EUR 64.8 million. Total assets rose by EUR 17.9 million to EUR 312.6 million as a result of the higher level of fixed assets. Excluding trainees, the company had an average of 2,821 employees in the reporting period. "Despite a dip in demand seen in the Automotive division in the fourth quarter and the non-recurring adverse effects in the Automotive division caused by relocating production at HÖRMANN Automotive Penzberg to Slovakia, we are satisfied with the overall performance of HÖRMANN Industries," said CEO Dr Michael Radke. The Automotive division generated sales of EUR 379.5 million in 2019 (previous year EUR 423.9 million). In addition to the deconsolidation of HÖRMANN Automotive Penzberg GmbH as at 1 April 2019, the reason for the decrease was the decline in the order situation of European truck manufacturers from autumn 2019 onwards. In the Communication division, the company benefited from a noticeable upturn in demand and the favourable product mix in 2019, with sales picking up from EUR 96.1 million (2018) to EUR 108.4 million. Sales in the Engineering division rose in the reporting period from EUR 65.6 million to EUR 86.9 million due to the multi-year project orders invoiced in 2019 and the 51.0% interest acquired in Klatt Fördertechnik GmbH, which was consolidated for the first time on 1 April 2019. In a difficult industrial market environment, the Services division increased sales from EUR 38.5 million in 2018 to EUR 47.2 million in 2019, with the increase attributable almost exclusively to infrastructure services, whereas orders in the automotive and mechanical engineering industries declined. As for many other companies in the industry in Europe, the effects of the COVID-19 pandemic will affect the financial position and financial performance of the HÖRMANN Group in the current 2020 financial year. Attempts to gauge these effects are subject to significant uncertainty. While the large number of public clients in the Communication and Engineering divisions means that business is largely continuing as normal under the circumstances and with the introduction of various flexible measures, the crisis is notably straining the Automotive and Services divisions. Many areas of production at the plants in Germany in the Automotive division and services in the Services division were disrupted on 23 March 2020 in response to production being suspended at major car and commercial vehicle manufacturers - including high-volume Hörmann customers. This particularly affected the Automotive plants in Gustavsburg and Wackersdorf and the Services locations in Salzgitter and Wolfsburg. Operations have successively resumed this week. Production is due to begin regular operation again from next week, although capacity will still be well down on normal levels to begin with. How the situation develops will depend greatly on demand among major customers regarding market demand. Johann Schmid-Davis: "Our broad industrial diversification certainly offers the HÖRMANN Group protection against sudden economic downturns and recessions like those we are currently witnessing. Placing our financing on a new, stable foundation in the past year turned out to be a wise move. Subject to economic developments resulting from the COVID-19 crisis, which are difficult to predict at present, HÖRMANN Industries is anticipating total sales at Group level of between around EUR 480 million and EUR 520 million in the 2020 financial year. A slightly positive operating EBIT is still being targeted for the operating business, but this will be significantly below the previous year's figure due to the overall economic recession and the expected declining market development, particularly in the Automotive division. The full, detailed annual financial statements including an in-depth interview with managing directors Dr Michael Radke and Johann Schmid-Davis can be downloaded at https://www.hoermann-gruppe.de/en/investor-relations/financial-publications/financial-publications/. Selected key figures of Hörmann Industries GmbH
1) Consolidated net income before depreciation and amortisation, financial result and income taxes Financial and business press:
30.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financial position and results of operations (in EUR million) | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 622.2 | 624.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total output | 641.2 | 675.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 289.2 | 322.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA (1) | 35.6 | 41.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating EBIT (2) | 28.3 | 30.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBIT (3) | 23.7 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash from operating activities | 13.0 | 16.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | 41.0 | -10.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net assets | 31 Dec. 2019 | 31 Dec. 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 312.6 | 294.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 121.2 | 112.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity ratio (4) | 38.8% | 38.3% | |||||||||||||||||||||||||||||||||||||||||||||||||
Working capital (5) | 79.1 | 77.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash and cash equivalents (6) | 64.8 | 77.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employees (7) | 2,821 | 3,175 |
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