HÖRMANN Industries remains on track in the first nine months of 2023
 

• Sales increase by 20.8% to EUR 568.6 million (previous year: EUR 470.7 million), EBITDA improves to EUR 22.7 million (previous year: EUR 12.5 million), EBIT to EUR 13.8 million (previous year: EUR 3.8 million)
• Recovery in the Automotive and Engineering divisions characterizes earnings development in the reporting period, Communication division 2023 again with “normalized” earnings after the end of the special economic stimulus programs
• Forecast for operating result confirmed at previous year’s level

Kirchseeon, 30 November 2023 - HÖRMANN Industries GmbH (corporate bond, ISIN NO0012938325) today published its financial results for the first nine months of 2023. In the first three quarters, the HÖRMANN Group generated sales of EUR 568.6 million, a significant increase of EUR 97.9 million compared to the same period of the previous year (EUR 470.7 million). While the reporting period was characterized by the recovery of the commercial vehicle industry and inflation-related price increases, the same period in the previous year was impacted by the effects of the war in Ukraine and the aftermath of the COVID-19 pandemic as well as the associated supply bottlenecks and production interruptions. As a result of the stabilized business situation, earnings before interest, taxes, depreciation and amortization (EBITDA) in the first nine months of 2023 also improved significantly year-on-year from EUR 12.5 million to EUR 22.7 million and earnings before interest and taxes (EBIT) from EUR 3.8 million to EUR 13.8 million.

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: “Thanks to the great commitment of our employees once again, we have performed well in the first nine months. Nevertheless, we are also noticing the effects and uncertainties caused by the challenging economic environment, for example reflected in our customers' reluctance to place orders in the current quarter. In this context, the risks have increased in light of the latest reports and announcements from our main customers in the automotive sector. However, we consider our company's situation to be very stable thanks to its broad positioning across four divisions.”

All four divisions contribute to the improvement in earnings

In the Automotive division, sales increased by 25.1% year-on-year from EUR 288.2 million to EUR 360.5 million, in particular due to the aforementioned production interruptions by major OEM customers lasting several weeks in the same period of the previous year. In addition, the positive forecasts of key customers in truck production in the first three quarters of 2023 have materialized. With this high increase in sales, the turnaround was achieved and EBIT of EUR 0.2 million was generated (previous year: EUR -6.7 million).

The Communication division achieved the planned figures in the reporting period and recorded sales of EUR 120.0 million after nine months (previous year: EUR 116.8 million). Following the expiry of the special economic stimulus programs of public-sector clients, earnings returned to normal at EUR 15.2 million (previous year: EUR 17.0 million).

The Intralogistics division, which was heavily impacted by delivery bottlenecks and market uncertainties in the previous year, recorded an increase in sales to EUR 68.6 million in the first nine months of 2023 (previous year: EUR 50.0 million). In the new division, which was founded in May 2022, the focus remains on organizational development and the execution of multi-year project orders. Thanks to the increase in sales, the division improved its earnings to EUR 1.0 million in the reporting period (previous year: EUR -4.9 million).

With sales of EUR 19.5 million, the Engineering division was up 27.5% on the same period in 2022 (EUR 15.3 million). Due to a change in the service mix compared to the previous year, earnings before interest and taxes remained at EUR 3.4 million and thus at the previous year's level (EUR 3.2 million).

The increased business volume in the current financial year was also reflected in the order intake, with a noticeable decline in orders placed by customers from the fourth quarter of 2023 onwards. The HÖRMANN Group's order backlog increased by EUR 59.1 million to EUR 520.4 million as at 30 September 2023 compared to 31 December 2022 (EUR 461.3 million). Of this, EUR 216.2 million is attributable to the Communication division, EUR 120.7 million to the Intralogistics division, EUR 133.4 million to the Automotive division and EUR 50.2 million to the Engineering division. This means that the project-oriented Communication, Intralogistics and Engineering divisions have an order backlog of more than one year's sales. In the Automotive division, the existing multi-year master agreements with OEM customers are only included in orders on hand for advised call-off orders of an average of ten weeks.

Forecast for the full year 2023 confirmed

HÖRMANN Industries GmbH confirms its forecast published in the 2022 Annual Report and, after assessing the current order situation and confidently estimating the business development of the individual divisions, continues to expect total sales of between EUR 730 million and EUR 770 million in 2023 (2022: EUR 685.7 million). Taking into account the significant increase in the cost base due to inflation, positive earnings before interest, taxes, depreciation and amortization adjusted for non-recurring effects are expected to be at the previous year’s level between EUR 34 million and EUR 36 million (2022: EUR 35.3 million). The disposal of the loss-making HÖRMANN Automotive Eislingen GmbH, which was completed as of 1 November 2023, is expected to result in a non-recurring expense of a mid-single-digit million euro range. The HÖRMANN Group forecasts adjusted earnings before interest and taxes (operating EBIT) at the previous year's level (2022: EUR 23.7 million). In addition to the continued high cost base, the reason for the earnings trend is the slowdown in the order situation in the Automotive division, which has set in since the beginning of the fourth quarter of 2023, and the shift in earnings between the HÖRMANN Group's various divisions.

The consolidated interim report for the period from 1 January to 30 September 2023 of HÖRMANN Industries GmbH is available at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-publications  

Selected key financial figures of HÖRMANN Industries GmbH (in EUR million)
 

Contact:

HÖRMANN Industries GmbH
Hauptstraße 45-47
D-85614 Kirchseeon
T +49 8091 5630 0
F +49 8091 5630 195
info@hoermann-gruppe.com

Financial and business press:

IR.on AG
Frederic Hilke
T +49 221 9140 970
hoermann@ir-on.com

About the HÖRMANN Group

Since the company was founded in 1955, the HÖRMANN Group has grown steadily. Under the umbrella of HÖRMANN Holding GmbH & Co KG, around 30 subsidiaries operate in the Automotive, Communication, Engineering and Intralogistics business divisions with a high level of entrepreneurial initiative and independence. The aim of the HÖRMANN Group is to provide customers with specific solutions and services that offer economic advantages and a high level of customer benefit. To achieve this, the HÖRMANN Group, with around 2,920 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com