HÖRMANN Industries GmbH (corporate bond, WKN: A2TSCH) today published its financial results for the first three months of 2022. In the reporting period, the Group's sales decreased year-on-year from EUR 138.2 million to EUR 127.0 million. The decline in sales mainly resulted from the Automotive division, which was impacted in the first quarter of 2022 by the effects of the war in Ukraine as well as the COVID-19 pandemic and related supply shortages of electronic components. As a result of a lack of cable harnesses from Ukraine, the plants in Gustavsburg and Banovce, Slovakia, which focus on truck components, had to sharply reduce their production as customers of the HÖRMANN Group had to cease production. Overall, sales in the Automotive division fell by EUR 8.6 million compared with the same period of the previous year, from EUR 88.6 million to EUR 80.0 million. In contrast, the Communicatio division got off to a good start in the new 2022 financial year after a very good year in 2021 and achieved sales of EUR 35.0 million (previous year: EUR 34.1 million).
Reorganisation in the Engineering and Services divisions
There were some changes in the Engineering and Services divisions as a result of the new formation of the Intralogistics division - see also the Corporate News of 24 May 2022. All companies of the former Services division as well as 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 of EUR 5.1 million, excluding the aforementioned subsidiaries, the Engineering division is slightly below the first quarter of financial year 2021 (previous year: EUR 5.8 million). The new Intralogistics division generated sales of EUR 6.9 million in the first quarter of 2022 (previous year: EUR 10.1 million, as-if). The new division focused on restructuring and the associated reorganisation in the first quarter of 2022. Operationally, the focus is on processing the multi-year project orders. The division currently has orders on hand of more than EUR 100 million, while supply bottlenecks, rises in material prices and delays in construction are making it more difficult to implement the projects. In the medium term, HÖRMANN aims to leverage the sharp rise in market demand for sophisticated system solutions for intralogistics, automation solutions for production, warehousing and distribution logistics, as well as for services, and thus drive dynamic and profitable growth in the non-automotive areas.
Earnings before interest, taxes, depreciation and amortization (EBITDA) of the HÖRMANN Group decreased to EUR 1.2 million in the reporting period (previous year: EUR 8.4 million), while operating earnings before interest and taxes (EBIT) amounted to EUR -1.5 million (previous year: EUR 5.5 million). The first quarter of 2022 closed with a consolidated net loss of EUR 3.9 million (previous year: consolidated net profit of EUR 3.5 million).
Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH: "In particular, our subsidiaries dependent on the automotive and commercial vehicle industries were severely impacted by the geopolitical developments and unstable supply chains of our customers in the first quarter. With the establishment of the new Intralogistics division and the integration of our former Services division, we have taken countermeasures and - together with a stabilization of production by commercial vehicle manufacturers - expect to meet our forecast for the full year."
Forecast for the full year 2022 confirmed
At Group level, HÖRMANN Industries GmbH expects sales of EUR 585 to EUR 610 million (2021: EUR 589.8 million) for the current full year 2022 after assessing the current order situation and business development. Positive earnings before interest and taxes (operating EBIT) of between EUR 22 million and EUR 25 million (2021: EUR 30.0 million) are targeted for the operating business. The prerequisite is that production in the automotive sector, which restarted in May 2022, stabilizes by the middle of the year and that the overall economic situation does not deteriorate further in the course of 2022.
The consolidated interim report for the period from January 1 to March 31, 2022 is available at https://www.hoermann-gruppe.com/en/investor-relations/financial-reports/financial-reports.