HÖRMANN Industries publishes interim report for the first quarter of 2024

HÖRMANN Industries publishes interim report for the first quarter of 2024

• Sales in Q1 2024 fall slightly to EUR 165.6 million (previous year: EUR 172.1 million), EBITDA to EUR 4.0 million (previous year: EUR 5.3 million) and EBIT to EUR 0.9 million (previous year: EUR 2.5 million)
• Overall economic conditions and investment restraint noticeable at the start of the year, particularly in the Automotive division
• HÖRMANN Industries GmbH forecast for the full year 2024 adjusted

Kirchseeon, 31 May 2024 - HÖRMANN Industries GmbH (corporate bond, ISIN: NO0012938325) today published its financial results for the first three months of 2024. In the first quarter, HÖRMANN Group generated sales of EUR 165.6 million, slightly lower than in the same period of the previous year (EUR 172.1 million). This was due in particular to the economic situation, which continued to be characterised by geopolitical, economic and industry-specific challenges in the 2024 financial year. In particular, the unexpectedly sharp decline in demand from the truck and agricultural machinery industry led at HÖRMANN Automotive to sales that were below plan and below the same quarter of the previous year. As a result of the year-on-year decline in sales, earnings before interest, taxes, depreciation and amortisation (EBITDA) also decreased from EUR 5.3 million to EUR 4.0 million in the first quarter of 2024; earnings before interest and taxes (EBIT) fell from EUR 2.5 million to EUR 0.9 million.

Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: “In the first quarter of 2024, the larger than expected decline in market demand for commercial vehicles weighed heavily on us and meant that our plans in the Automotive division were not fulfilled. However, we are confident that we will successfully overcome the challenges given our stable net assets and financial position, taking into account the cost-cutting measures already initiated and with a view to the broad diversification of our business activities. We are also pressing ahead with the reorganisation of the HÖRMANN Group in order to increase our profitability sustainably and continuously.”

Forecast for the full year 2024 reduced

As communicated in the ad hoc announcement on 27 May 2024, HÖRMANN Industries GmbH has reduced its sales and earnings forecast for the current financial year 2024, taking into account and assessing the latest forecasts from the truck industry and the current order situation. The company now expects sales of between EUR 680 million and EUR 700 million and earnings before interest and taxes (EBIT) of between EUR 16 million and EUR 20 million for the current financial year. Previously, sales of between EUR 700 million and EUR 730 million and EBIT of between EUR 22 million and EUR 24 million were expected.

The consolidated interim report for the period from 1 January to 31 March 2024 of HÖRMANN Industries GmbH is available at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-publications.
 

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

¹  Sales plus change in inventories and other own work capitalised
²  Consolidated net income before depreciation and amortisation, before financial result, before income taxes
³   Consolidated net income before financial result, before income taxes
⁴   Average for the period excluding trainees
⁵  Equity/balance sheet total
⁶  Inventories plus trade receivables less trade payables
⁷ Bank balances incl. securities classified as current assets minus liabilities to banks

 
Contact:

HÖRMANN Industries GmbH
Hauptstr. 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 3,000 highly qualified employees, uses its entire broadly diversified and networked knowledge from a wide range of technological fields.

www.hoermann-gruppe.com