HÖRMANN Group publishes consolidated interim report for the second quarter of 2022
HÖRMANN Industries GmbH (corporate bond, WKN: A2TSCH) today published its financial results for the first nine months of 2022. In the reporting period, the Group's turnover increased from € 430.0 million to € 470.7 million compared to the same period of the previous year. However, the increase in turnover was mainly due to inflation-related price increases. For example, sales in the Automotive division alone (9M 2022: € 288.7 million) include almost € 30 million from material price increases that were passed on without affecting earnings. At € 117.7 million, sales in the Communication division were on a par with the previous year (9M 2021: € 120.0 million). As a result of the establishment of the new Intralogistics division, all companies from the former Services division and the subsidiaries HÖRMANN Logistik GmbH, Klatt Fördertechnik GmbH, HÖRMANN Logistik Polska Sp. z o.o. and HÖRMANN Logistik Systeme GmbH from the Engineering division were integrated into the new division. With sales revenue of € 15.1 million, excluding the aforementioned subsidiaries, the Engineering division is slightly below the first three quarters of the 2021 financial year (9M 2021: € 16.7 million, as-if). The new Intralogistics division generated revenue of € 49.2 million in the reporting period (9M 2021: € 39.6 million, as-if).
The HÖRMANN Group's earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to € 12.5 million in the reporting period (9M 2021: € 31.2 million), while earnings before interest and taxes (EBIT) amounted to € 3.8 million (9M 2021: € 22.2 million). The first nine months of 2022 closed with a consolidated net loss of € 3.4 million (9M 2021: consolidated net profit of € 15.3 million). The result was impacted in particular by production interruptions, price increases in the procurement of materials and energy and project delays due to material shortages in the Automotive division.
Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "Our broad positioning with four divisions has once again provided us with a stable foundation in this challenging year with high inflation and supply chain disruptions. I would like to thank all our employees who have worked so hard to ensure that we can announce a positive operating result after nine months. We expect that this year's challenges will also affect us in the coming year, but we are confident that we will continue to develop positively in the future thanks to our four pillars."
Forecast for the full year 2022 confirmed
At Group level, HÖRMANN Industries GmbH expects revenue of around € 630 million for the current full year 2022 (2021: € 589.8 million) after assessing the current order situation and business development. Positive earnings before interest and taxes (operating EBIT) of around € 20.5 million (2021: € 30.0 million) are targeted for the operating business. The key factors for achieving this revenue and earnings forecast are the fulfilment of our customers' latest call-off forecasts, the granting of price compensation by OEMs in the Automotive division and the scheduled implementation of project orders in the Communication and Intralogistics divisions, which requires the timely delivery of materials and completion of preliminary work.
The interim Group report for the period from January 1 to September 30, 2022 is available here: http://www.hoermann-gruppe.de/investor-relations/finanzpublikationen.
