EQS-News: HÖRMANN Industries publishes interim report for the first half of 2024

HÖRMANN Industries publishes interim report for the first half of 2024

• Difficult macroeconomic conditions and reluctance to invest impact business development in the Automotive and Intralogistics divisions, positive development in the Communication and Engineering divisions continues
• Sales decrease to € 327.6 million (previous year: € 372.5 million), EBITDA to € 8.8 million (previous year: € 15.1 million) and EBIT to € 2.4 million (previous year: € 9.2 million)
• Positive earnings forecast for full year 2024 confirmed

Kirchseeon, 30 August 2024 – HÖRMANN Industries GmbH (corporate bond, ISIN: NO0012938325) today published its financial results for the first half of 2024. In the first six months, HÖRMANN Group's sales decreased by 12.1% to € 327.6 million (previous year: € 372.5 million). The decline was mainly due to the Automotive and Intralogistics divisions, which were impacted by the weak economic development in Germany and the associated uncertainty and reluctance to invest. As a result of the decline in sales, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from € 15.1 million to € 8.8 million and earnings before interest and taxes (EBIT) from € 9.2 million to € 2.4 million in the first half of 2024 compared to the same period of the previous year.

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: “In the first six months of 2024, we have felt the effects of the difficult economic conditions and the reluctance to invest. Nevertheless, thanks to our stable net assets, financial position and results of operations, the cost-cutting measures we have introduced and our broad diversification, we are confident that we will successfully overcome the challenges in the 2024 financial year. In the future, we want to align the HÖRMANN Group with four profitable pillars with high future viability and resilience to economic fluctuations by further strengthening the Communication and Intralogistics divisions in a targeted manner.”

Development of the divisions

In the Automotive division, sales fell by € 49.7 million year-on-year from € 248.8 million to € 199.1 million as a result of significantly weaker demand from OEM customers in the truck and agricultural machinery sectors. EBIT also decreased accordingly from € 2.2 million to € -0.5 million.

The Communication division continued to benefit from the good business performance of the railway industry in the first half of 2024. With sales of € 89.6 million, the division was significantly above the previous year's level (€ 73.7 million) and above plan. Important major orders were acquired, particularly in the export business. Due to an increase in the cost of materials, EBIT fell to € 7.6 million (previous year: € 8.5 million).

The Intralogistics division, which had already been affected by delivery bottlenecks and uncertainties in the previous two years, was also impacted by the ongoing noticeable reluctance to invest in the reporting period. Sales in the first half of 2024 decreased to € 24.4 million (previous year: € 36.6 million) due to project postponements, while EBIT fell to € -2.8 million (previous year: € -0.9 million).

With sales of € 13.4 million, the Engineering division was on a par with the same period of the previous year (€ 13.2 million). Earnings before interest and taxes decreased from € 2.5 million to € 1.6 million due to increases in personnel costs in the labour-intensive engineering business.

By contrast, the HÖRMANN Group's order backlog developed positively and increased by € 66.1 million to € 515.9 million in the first half of 2024 compared to 31 December 2023 (€ 449.8 million). However, incoming orders in the reporting period fell by 7.0% to € 398.7 million compared to the same period in 2023 (€ 428.8 million) due to the noticeable reluctance to invest in the industry. Of the order backlog, € 247.7 million (31 Dec. 2023: € 202.3 million) was attributable to the Communication division, € 106.9 million (31 Dec. 2023: € 133.5 million) to the Intralogistics division, € 100.6 million (31 Dec. 2023: € 133.9 million) to the Automotive division and € 60.7 million (31 Dec. 2023: € 49.9 million) to the Engineering division.

Forecast for the full year 2024

HÖRMANN Industries GmbH confirms its forecast, which was adjusted at the end of May 2024, and continues to expect total sales of between € 680 million and € 700 million in 2024 (2023: € 830.9 million), taking into account and evaluating the current forecasts from the truck industry and the current order situation. Positive earnings before interest and taxes (EBIT) of between € 16 million and € 20 million (2023: € 30.7 million) are forecast for the operating business. This earnings forecast continues to depend to a large extent on the further development of demand and whether price increases can be implemented with customers.

The interim consolidated report for the period from 1 January to 30 June 2024 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 € million)
 

Financial position and results of operations	H1 2024		H1 2023
Sales	327.6		372.5
Total output	350.9		401.7
Gross profit	164.3		166.5
EBITDA	8.8		15.1
EBIT	2.4		9.2
Cash flow from operating activities	-5.8		0.9
Cash flow from investing activities	-5.8		-23.1
Net assets		30 June 2024	31 Dec. 2023
Total assets		378.3	376.7
Equity		132.3	136.6
Equity ratio (in %)		35.0%	36.3%
Working Capital		110.8	110.8
Net cash and cash equivalents		46.2	59.2
Employees		2,936	2,919

 

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 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 2,950 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com