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Homann Holzwerkstoffe GmbH: Rating agency confirms solid financial profile, affirms BB- rating and raises outlook to stable

·3-min read

DGAP-News: HOMANN HOLZWERKSTOFFE GmbH / Key word(s): Rating/9 Month figures
02.11.2020 / 09:00
The issuer is solely responsible for the content of this announcement.

Homann Holzwerkstoffe GmbH: Rating agency confirms solid financial profile, affirms BB- rating and raises outlook to stable

Munich, November 2, 2020 - Homann Holzwerkstoffe GmbH, a leading European supplier of thin finished wooden fibreboards for the furniture, doors and coatings industries, has again been rated BB- by German rating agency Creditreform. This was announced by Creditreform in its annual rating update. In its report, the rating agency, which specializes in small and medium-sized enterprises, highlighted not only the improved earnings and internal financing power, but also the good liquidity situation and the company's relatively high stability in the current crisis. After the temporary drop in revenues during the lockdown in April and May, Homann was able to ramp up production again and to generate higher-than-planned revenues and earnings due to catch-up effects in the ensuing months.

While Homann Holzwerkstoffe Group's revenues were down by 8% on the previous year to EUR 191 million in the first nine months of 2020, operating EBITDA remained at the high level of the previous year and came in at EUR 35 million. The Homann business model has thus proven to be crisis-resistant. Moreover, Homann Holzwerkstoffe was able to raise a KfW loan of EUR 65 million at very good conditions, which the rating agency described as a "sensible measure to secure liquidity".

Overall, the significant increase in profitability and cash flow capability in recent years as well as the solid financial profile with noticeably reduced leverage (net debt/EBITDA of 2.4x) open up scope for further expansion in Europe. As recently announced, the Group plans to build a fourth plant in Lithuania for the production and finishing of thin fibreboards for the rapidly growing furniture industry in the region. The plant is currently scheduled to go into operation in the course of 2022.

Fritz Homann, Managing Director of Homann Holzwerkstoffe GmbH: "The confirmation of the rating and the lifting of the outlook to 'stable' impressively prove that, thanks to the effective expansion investments made over the past years and the resulting increase in earnings and cash flow, we have achieved a financial profile with rock-solid key figures that makes us very crisis-resilient. This is clearly reflected in our good Q3 figures, with results that are on a par with the strong previous year. We are thus in an excellent position to take advantage of the growth opportunities arising in Eastern Europe."

 

Press/Investor Relations:
IR.on AG
Fabian Kirchmann, Anna-Lena Mayer
T +49 221 9140 970
homann@ir-on.com

Contact:
Homann Holzwerkstoffe GmbH
Teresa Kerscher
T +49 (0)89 99 88 69 0
tk@homanit.org


02.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

HOMANN HOLZWERKSTOFFE GmbH

Adalbert-Stifter-Straße 39a

81925 München

Germany

Phone:

089 99 88 69-0

Fax:

089 99 88 69-21

E-mail:

tk@homanit.org

ISIN:

DE000A2E4NW7

WKN:

A2E4NW

Listed:

Regulated Unofficial Market in Berlin, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1144515


 

End of News

DGAP News Service

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