HÖRMANN Industries publishes financial results for the first nine months of 2020

HÖRMANN Industries publishes financial results for the first nine months of 2020

• Strong 3rd quarter 2020 generates positive consolidated net income of EUR 2.6 million after nine months
• EBITDA at EUR 18.3 million, EBIT at EUR 8.3 million
• Equity of EUR 122.4m, equity ratio at 40.1%
• Forecast for the full year raised slightly despite macroeconomic uncertainties

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 3rd^{quarter, 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

Contact:
HÖRMANN Holding GmbH & Co. KG
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 the HÖRMANN Group
The HÖRMANN Group has grown steadily since its formation in 1955. HÖRMANN Holding GmbH & Co. KG is the parent company of 27 subsidiaries operating in the Automotive, Communication, Engineering and Services segments with a high degree of entrepreneurial initiative and independence. The HÖRMANN Group aims to offer its customers specific solutions and services that provide clear benefits and economic advantages. To achieve this, the HÖRMANN Group harnesses all of the broadly diversified and connected knowledge of its workforce of around 2,800 highly qualified employees across a wide range of technology areas.
www.hoermann-gruppe.com