HÖRMANN Group publishes preliminary figures for the 2017 financial year
HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2AAZG) has presented its preliminary figures for the past financial year. The group, which incorporates the operating subsidiaries of the HÖRMANN Group and had an average of 2,825 employees in the 2017 financial year, generated consolidated sales of EUR 521.9 million (previous year: EUR 464.6 million) and EBIT of around EUR 14.9 million (previous year: EUR 16.9 million). Consolidated income after interest and taxes amounted to around EUR 9.1 million (previous year: EUR 11.2 million). This meant the Group exceeded its sales and earnings forecasts for the 2017 financial year of EUR 510 million and EUR 13 million, respectively. HÖRMANN Industries benefited from the positive macroeconomic conditions and the resulting healthy order situation.
In the period under review, earnings felt the impact of non-recurring expenses in the Automotive division. Further provisions of EUR 3.7 million for adjusting personnel capacity were recognised in the context of the relocation of labour-intensive product components to the new factory in Slovakia, which began series production in June 2017, as well as targeted investment in automation at the sites in Gustavsburg and Penzberg. In addition, there were closure and relocation expenses of EUR 1.6 million for HÖRMANN Automotive Bielefeld GmbH. The increasingly international nature of the value chain and the increase in automation are intended to make production more efficient and thus make the company even more competitive.
Total assets at HÖRMANN Industries GmbH rose from EUR 262.5 million to roughly EUR 283.4 million as at 31 December 2017, resulting mainly from the aforementioned investment and the acquisitions carried out. The Services, Engineering and Automotive divisions were reinforced over the past financial year by the acquisitions of MAT Maschinen- und Automationstechnik GmbH, the Development Road and Rail division of Leadec Engineering GmbH and a 40% stake in former joint venture HÖRMANN Automotive Gustavsburg GmbH from MAN Truck & Bus AG. Balance sheet inflation resulted in a slight fall in the equity ratio to 35.2% (previous year: 37.4%) despite increased equity of EUR 99.6 million (previous year: EUR 98.3 million). With net cash and cash equivalents of approximately EUR 75.2 million (previous year: EUR 69.1 million), HÖRMANN Group retains good liquidity.
The management of HÖRMANN Industries GmbH is forecasting consolidated sales of around EUR 560 million and EBIT in the region of EUR 15 million for the 2018 financial year. Operating EBIT will also be affected over the course of the financial year by expenditure on financing and preparations for the future associated with scheduled investment for the re-alignment of the Automotive factories.
HÖRMANN Industries GmbH’s finalised consolidated financial statements for the 2017 financial year will be published at the end of May 2018.
