HÖRMANN Industries GmbH improves corporate rating

In its latest rating report, Euler Hermes Rating GmbH has upgraded its rating of the creditworthiness and future potential of HÖRMANN Finance GmbH from “BB-” to “BB”. The rating is expected to see stable development over the next twelve months. Euler Hermes Rating justified its decision with reference to the company’s solid capital structure and the financial flexibility offered by its high level of cash and cash equivalents and efforts to restructure its financing. The rating agency expects the company’s key performance indicators to improve as a result of the planned non-cash capital increase and the reduction in receivables in connection with the cash-neutral acquisition of majority interests in VacuTec Messtechnik GmbH and Funkwerk AG. HÖRMANN Finance also intends to further optimise its medium-term to long-term financing structure and reduce its financial liabilities as a whole. The company is considering the early repayment and partial refinancing of its corporate bond that is scheduled to mature in 2018 (ISIN: DE000A1YCRD0) through the issue of a new bond. A decision will be taken depending on the prevailing market sentiment. The potential capital market transaction will be supported by equinet Bank AG and IKB Deutsche Industriebank AG.

The summary of the latest Euler Hermes rating report is available on the company’s website at www.hoermann-gruppe.de/financial-reports