HÖRMANN Industries publishes financial results for Q1 2020
DGAP-News: Hörmann Industries GmbH / Key word(s): Interim Report/Quarterly / Interim Statement
29.05.2020 / 13:35
The issuer is solely responsible for the content of this announcement.*HÖRMANN Industries publishes financial results for Q1 2020*
· *Sales and earnings performance hurt by COVID-19*
· *EBITDA reaches EUR 3.2 million, EBIT at EUR 0.3 million*
*Kirchseeon, 29 May 2020 *- HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2TSCH) today published its financial results for the first three months of 2020. Sales decreased from EUR 158.3 million in the previous year to EUR 130.7 million in the first quarter of 2020. The decline in sales is due to the deconsolidation of HÖRMANN Automotive Penzberg GmbH on 1 April 2019, which had contributed EUR 27.3 million in sales in Q1 2019, and to the planned decline in the order situation in the Heavy Trucks business segment (around EUR 8 million). Furthermore, business performance in the automotive industry was also severely strained by the spread of COVID-19 starting in mid-March 2020. Following the large-scale shutdown of production operations in the European automotive industry, manufacturing at the HÖRMANN Group's German automotive plants as well as, to some extent, the services of HÖRMANN Group's Services division were also suspended in the second half of March, causing sales to decline by around EUR 11 million. By contrast, sales in the Engineering (Q1 2020: EUR 27.9 million, previous year: EUR 10.4 million) and Communication (Q1 2020: EUR 27.0 million, previous year: EUR 25.1 million) divisions performed very well, offsetting some of the decline.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) at HÖRMANN Industries came to EUR 3.2 million (previous year: EUR 5.4 million) and operating EBIT amounted to EUR 0.3 million (previous year: EUR 2.4 million) in the reporting period. The first quarter of 2020 closed with consolidated net income of EUR -1.0 million (previous year: EUR 0.9 million).
Dr Michael Radke, CEO of HÖRMANN Industries GmbH: "We performed in line with planning until mid-March. Subsequently, our business, especially in the Automotive division, was unexpectedly halted virtually overnight by the COVID-19. Even in these difficult times, our diversified Group structure is paying dividends. Thanks to their good and stable performance, our Communication and Engineering divisions have mitigated the restrictions resulting from the pandemic. We have resumed production at all sites at the end of April, although capacity is still well down on normal levels. Nonetheless, we believe the Group's position is stable. We assume that with a rapid economic recovery, we will return to the positive business development in the medium term."
After a deep slump in the second quarter of 2020, the company hopes the economic situation to recover in the second half of 2020 following the lifting of restrictions and the positive impact of numerous government support measures in the second half of the year. Based on this assessment, HÖRMANN Industries GmbH is confirming its guidance for 2020 as set out in the 2019 Annual Report, even though uncertainty has increased, particularly in the Automotive and Services divisions, due to the lack of binding statements from customers. The Group still anticipates sales of around EUR 480 million to EUR 520 million (previous year: EUR 622.2 million). The target for the operating business is a balanced to slightly positive result before interest and taxes. Nonetheless, there is still a great deal of uncertainty regarding the course of the COVID-19 pandemic and so macroeconomic developments cannot be predicted at this time. The actual results for the 2020 financial year at HÖRMANN Industries GmbH may therefore differ from the figures forecast.
The consolidated interim report for the period from 1 January to 31 March 2020 is available at https://www.hoermann-gruppe.de/en/investor-relations/financial-publications/financial-publications.
*Selected key figures of Hörmann Industries Gmb**H*
*Financial position and results of operations (in million)* *Q1 2020* *Q1 2019*
Sales 130.7 158.3
Total output 130.2 176.8
Gross profit 61.3 76.7
EBITDA ^(1) 3.2 5.4
Operating EBIT ^(2) 0.3 2.4
Cash flow from operating activities -0.4 -3.0
Cash flow from investing activities -1.3 -2.6
*Net assets * *31 Mar. 2020* *31 Dec. 2019*
Total assets 320.6 312.6
Equity 120.2 121.2
Equity ratio ^(3) 37.5% 38.8%
Working capital ^(4) 79.7 79.1
Net cash and cash equivalents ^(5) 63.1 64.8
Employees ^(6) 2,798 2,821
*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
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29.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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