HÖRMANN Industries publishes annual financial statements for financial year 2022

• Sales and earnings forecast for the full year 2022 exceeded
• Broad positioning with four business divisions as a stable foundation in times of crisis
• Forecast 2023: Sales between EUR 730 million and EUR 760 million, EBIT between EUR 23 million and EUR 25 million

Kirchseeon, 28 April 2023 - HÖRMANN Industries GmbH (corporate bond, WKN: A2TSCH/ISIN: NO0010851728) today published its annual financial statements for 2022. In the 2022 financial year, the HÖRMANN Group achieved sales of EUR 685.7 million (previous year: EUR 589.8 million) and operating earnings before interest and taxes (EBIT) of EUR 23.7 million (previous year: EUR 30.0 million). The business divisions Automotive, Communication and the Intralogistics division, which was founded last year, were able to record in part strong increases in sales, which in the Automotive division, however, were partly due to inflationary material price increases being passed on without affecting earnings. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 35.3 million (previous year: EUR 45.3 million) despite the difficult economic conditions. The 2022 financial year closed with a consolidated net income of EUR 12.2 million (previous year: EUR 14.4 million).

Dr. Michael Radke, CEO of HÖRMANN Industries GmbH: “The HÖRMANN Group has mastered the crises of the last three years well and also developed stably in the 2022 business year. Compared to the financial crisis of 2008/2009, which left deep marks on the balance sheet, we have emerged from the last years in extremely good shape. We continue to consistently pursue the orientation of the group towards future-oriented business areas with growth potential and good profitability, such as through the establishment of our Intralogistics division last year or the recently published acquisition of our subsidiary Funkwerk.”

The Group's equity amounted to EUR 136.4 million as at 31 December 2022 (31. Dec. 2021: EUR 131.1 million). The increased equity contributed to a solid equity ratio of 37.4% (31. Dec. 2021: 38.4%) despite an increased balance sheet total - mainly due to a strong increase in working capital caused by inflation.

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: “So far, the current decade has been a challenging one for every company. But this is exactly where our diversified business model has repeatedly demonstrated its strength. In addition, the stability of our financing structure helped us a lot. We actively opted for bond financing as the core financing mechanism for our company in order to secure a long-term financing base and prepare us for crises like those we have experienced recently. In addition, we have a very stable banking consortium with a flexible credit line that will continue to stand by us with confidence in the future.”

Development of the business divisions

In the Automotive division, sales increased from EUR 333.5 million in the previous year to EUR 403.7 million, mainly due to the price of materials. Adjusted for price, value-added sales amounted to around EUR 360 million. In addition to the reduced production volume since mid-2021 due to a lack of electronic components, the Russian aggression in Ukraine led to an interruption in the truck production of the main customer MAN Truck & Bus AG from mid-March to the beginning of May 2022. The plants in Gustavsburg and Bánovce, Slovakia, which focus on truck components, also had to cut production sharply during this period. Added to this were massively increased material and energy prices, which put heavy pressure on the margin. Nevertheless, the business division was able to improve its EBIT from EUR -5.9 million in the previous year to EUR -2.7 million. A return to profitablity is expected for the current business year.

After a very good year 2021, the Communication division was also able to use its good market position and technological product and solution competence in the reporting year. In the 2022 financial year, incoming orders of EUR 214.1 million (previous year: EUR 186.4 million) were recorded. Compared to 2021 (EUR 169.9 million), sales were again increased by EUR 10.3 million or 6.1% to EUR 180.2 million. However, material availability problems (especially with electronic components), resulting price increases, project delays, a changed product mix and the planned decline in sales in the train radio segment had an unfavourable effect on the earnings development. Accordingly, EBIT decreased to EUR 31.7 million compared to EUR 37.1 million in 2021. However, with an EBIT margin of 17.6% (previous year: 21.8%), the Communication division continues to show an above-average return. Now that large parts of the German government's subsidy programmes for the train radio product segment have ended in 2022, HÖRMANN Industries GmbH expects the Communication division to consolidate at an above-average earnings level in 2023.

In the past financial year, the new Intralogistics division, with its competence and know-how in the planning and realisation of highly automated intralogistics systems, was able to develop positively in line with the general market trend and beyond. In the reporting period, the division achieved sales of EUR 79.1 million (previous year: EUR 64.2 million, as-if). The business division focused on the realignment and the associated integration and restructuring of the Services division. Accordingly, EBIT of EUR -3.3 million (previous year: EUR 1.1 million, as-if) was generated in 2022. Supported by an order backlog of more than EUR 100 million, the business division expects to return to profitability in the current financial year 2023 with significant sales growth.

With sales of EUR 21.6 million, the Engineering division was slightly below the previous year's level (EUR 23.0 million, as-if). Thanks to a high-margin product and service mix, EBIT of EUR 4.0 million was maintained at the previous year's level (EUR 4.3 million, as-if). The EBIT margin thus amounted to 18.5% (previous year 18.7%, as-if). For 2023, the Engineering division expects sales of around EUR 24 million and EBIT of around EUR 3.0 million.

Forecast 2023

For the 2023 financial year, HÖRMANN Industries GmbH expects sales of between EUR 730 million and EUR 760 million. Taking into account the changed product and service mix as well as the negative influencing factors from the sharp rise in material prices and the foreseeable increases in personnel and energy costs, positive earnings before interest and taxes (EBIT) at the previous year's level of between EUR 23 million and EUR 25 million (2022: EUR 23.7 million) is targeted for the operating business. The development of working capital and available liquidity is thus expected to be at the level of 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-reports.

In addition, the HÖRMANN Group has published its second Sustainability Report. The voluntary preparation of this comprehensive report based on the international guidelines of the Global Reporting Initiative (GRI standard) underlines the long-term orientation of HÖRMANN Industries. Building on the long-standing values of the family-owned company, the Sustainability Report documents the many initiatives with regard to responsible and sustainable corporate governance, the contribution to climate protection and the fulfilment of the responsibility to society and all stakeholders. To download the Sustainability Report, please click on 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, Intralogistics, and Engineering 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