HÖRMANN Industries publishes annual financial statements for 2023

• Sales and earnings forecast for the full year 2023 exceeded
• All four divisions with positive earnings contribution
• Forecast 2024: sales between EUR 700 million and EUR 730 million, EBIT between EUR 22 million and EUR 24 million

Kirchseeon, 30 April 2024 - HÖRMANN Industries GmbH (corporate bond, ISIN: NO0012938325) today published its annual financial statements for 2023. In the 2023 financial year, HÖRMANN Group generated sales of EUR 830.9 million (previous year: EUR 685.7 million) and earnings before interest and taxes (EBIT) of EUR 30.7 million (previous year: EUR 23.7 million). All four business divisions recorded strong sales growth and contributed to the positive annual result. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 44.5 million (previous year: EUR 35.3 million) despite the difficult economic conditions. The 2023 financial year closed with a consolidated net income of EUR 9.5 million (previous year: EUR 12.2 million).

Dr Michael Radke, CEO of HÖRMANN Industries GmbH: “The combination of inflation and stagnation presents a new and demanding challenge to the HÖRMANN Group. It is essential that we have remained flexible and continuously adjusted our strategies to be able to keep up with the changing economic conditions. As a result, we have been able to cope well with these difficult times overall and, with our broad diversification across 13 sectors, we are also in a stable position for the future. We are therefore confident about the coming development and will continue to pursue the strategy of broadly diversifying the position of the HÖRMANN Group - this is what HÖRMANN is made of!”

The Group's equity amounted to EUR 136.6 million as at 31 December 2023 (31. Dec. 2022: EUR 136.4 million). Despite an increase in total assets, the equity ratio decreased only slightly to 36.3% (31 Dec. 2022: 37.4%).

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: “The fact that we were able to successfully end the 2023 financial year in spite of difficult prospects and conditions is a great success. In the fourth quarter, our employees vigorously completed major projects, delivered many orders and thus made the good result possible with a strong sprint to the finish line. In the current year, however, we are facing challenges that are similar to what all German industrial companies are dealing with, which is why we expect a decline in sales and earnings. However, we still expect a clearly positive result and it shows once again that our diversification strategy of the entire HÖRMANN Group provides good stability.”

Development of the business divisions

In the Automotive division, sales increased by 17.6% year-on-year from EUR 403.7 million to EUR 474.9 million. While the previous year was still impacted by several weeks of production shutdowns by major OEM customers due to the outbreak of the war in Ukraine, the positive forecasts by key customers in truck production were confirmed in the 2023 financial year, with the target production volumes being exceeded. However, in addition to the growth in sales volumes, the sales trend continued to be driven by high material prices, the inflation-related development of production costs and the associated passing on of price increases without affecting the result. Thanks to the high increase in sales, the company achieved a turnaround in the reporting year with EBIT of EUR 0.2 million. A decline in sales is expected for the current financial year as a result of the decrease in truck production announced by customers.

The Communication division had another good financial year and, with sales of EUR 199.4 million, exceeded the previous year's level (EUR 180.2 million) and the forecast. With an EBIT of EUR 31.1 million, the division was almost able to maintain the level of the previous year (EUR 31.7 million). The GSM-R train radio product area as well as the passenger information and the warning systems areas won important orders in the reporting period. The positive business development also continued to be supported by demand for qualified electrical planning and installation services, mechanical assembly and maintenance for the energy transition as well as investments in the expansion of rail transport. Thanks to the positive order trend, sales are forecast to reach the level of 2023.

The Intralogistics division performed well in the past financial year, generating sales of EUR 119.7 million (previous year: EUR 79.1 million) and EBIT of EUR 3.2 million (previous year: EUR -3.3 million). However, the division, which was already affected by supply bottlenecks and uncertainties in the previous year, was also impacted in the reporting year by the noticeable increase in the reluctance to invest and by the postponement of investments during the course of the year. Consequently, incoming orders in the financial year 2023 fell from EUR 104.2 million in the previous year to EUR 92.4 million. As a result, a decline in sales is expected for the current financial year.

With sales revenue of EUR 36.4 million, the Engineering division was also significantly higher than in the previous year 2022 (EUR 21.6 million). Due to a change in the product and service mix, EBIT rose to EUR 4.3 million after EUR 4.0 million in the previous year. The Engineering division expects sales for 2024 to be on a par with the reporting year.

Forecast 2024

For the 2024 financial year, HÖRMANN Industries GmbH expects sales of between EUR 700 million and EUR 730 million. The main reasons for the expected decline in sales compared to the previous year are the lower sales volumes in the Automotive division and the weaker business performance of the Intralogistics division. Positive earnings before interest and taxes (EBIT) of between EUR 22 million and EUR 24 million are targeted for the operating business. Working capital and available liquidity are expected to remain at the same level as in the reporting year.

The complete, detailed annual financial statements, including an extensive interview with the managing directors of HÖRMANN Group, Dr Michael Radke, Johann Schmid-Davis and Dr Christian Baur, can be downloaded at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-publications.

In addition, the HÖRMANN Group also published its third Sustainability Report today. The voluntary preparation of this comprehensive report based on the international guidelines of the Global Reporting Initiative (GRI standard) emphasises the long-term orientation of HÖRMANN Industries. Building on the long-standing values of the family-owned company, the Sustainability Report documents the diverse initiatives with regard to responsible and sustainable corporate governance, the contribution to climate protection and the fulfilment of responsibility for society and all stakeholders. The sustainability report can be downloaded at the following link: https://www.hoermann-gruppe.com/en/company/sustainability.

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 2,900 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com