HÖRMANN Industries publishes interim report for the first half of 2024

30 Aug 2024 11:33 CEST

CORPORATE NEWS
of HÖRMANN Industries GmbH, Kirchseeon near Munich

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/financia
l-publications.
 

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

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