HÖRMANN Industries publishes financial results for the first nine months of 2020
DGAP-News: Hörmann Industries GmbH
/ Key word(s): 9 Month figures/Interim Report
HÖRMANN Industries publishes financial results for the first nine months of 2020
Kirchseeon, 16 November 2020 - HÖRMANN Industries GmbH (corporate bond, WKN: A2TSCH) today published its consolidated interim report for the first nine months of 2020. The business development of the HÖRMANN Group was impaired by the corona pandemic in the period under review, particularly in the Automotive and Services divisions. As a result, compared to the previous year consolidated sales fell from EUR 440.9 million to EUR 366.8 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased to EUR 18.3 million in the first nine months of 2020 (previous year: EUR 25.8 million), while earnings before interest and taxes (EBIT) amounted to EUR 8.3 million (previous year: EUR 17.4 million). A good 3rdquarter, which was almost at previous year's level, and the diversified Group structure mitigated the effects of the Corona pandemic, so that the first three quarters of 2020 closed with a positive consolidated net income of EUR 2.6 million (previous year: EUR 11.6 million). Forecast specified and slightly raised Against this background, HÖRMANN Industries GmbH is slightly raising its sales and earnings forecast. Provided that another complete production standstill in the industry can be avoided this year, the company now expects total sales for the full year of between EUR 500 and 520 million (previously EUR 480 to 520 million) and a positive EBIT at the level of the present 9-month result. Previously, the HÖRMANN Group had assumed a slightly positive operating result. Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "Our diversification is the success factor in the current corona crisis. In particular, the stable development in the Communication and Engineering divisions over the entire period under review has mitigated the decline in sales and the associated impact on results in the Group. However, the Automotive division, which was severely affected by the lockdown and interrupted production in spring, also recovered and recorded a very good third quarter. Here we have initiated the realignment in recent years, thus reducing the risk to the Group in the 2020 recession, enabling us to raise our forecast for the full year slightly. I would like to take this opportunity to thank all our employees, whose dedication and commitment have played a key role in helping us to get through these challenging times so far." Development of the divisions Sales in the Automotive division fell by EUR 97.6 million to EUR 189.9 million in the first nine months of 2020 (previous year: EUR 287.5 million), of which around EUR 50 million each was due to both planned and unplanned sales declines. The latter is attributable to production interruptions at our German plants in the months March to May 2020. The Services division, which was also affected by the economic downturn in the automotive industry and the corona pandemic, generated sales of EUR 13.5 million (previous year: EUR 16.4 million). The Communication and Engineering divisions proved to be extraordinarily crisis-proof in the reporting period and continued to develop positively. With sales of EUR 63.4 million (previous year EUR 48.0 million), the Engineering division increased its business volume significantly year on year by invoicing larger projects. The Communication division also reported sales growth of over 10% with sales of EUR 100.0 million (previous year EUR 89.7 million). The consolidated interim report for the period from 1 January to 30 September 2020 is available at https://www.hoermann-gruppe.de/en/investor-relations/financial-publications/financial-publications.
Selected key figures of HÖRMANN Industries GmbH
16.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
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