Euler Hermes Rating GmbH » News » Rating Actions » Rating der Hörmann Industries GmbH mit BB bestätigt

Rating der Hörmann Industries GmbH mit BB bestätigt

Euler Hermes Rating bewertet das Emittentenrating der Hörmann Industries GmbH mit BB. Der Ausblick für das Rating ist stabil.

Euler Hermes Rating bestätigt die Bonitätseinstufung der Hörmann Industries GmbH mit BB. Maßgebend für die Einschätzung der Analysten sind die nachhaltigen Wachstumspotenziale in den ertragsstarken Segmenten Communications und Engineering sowie die gesicherte mittelfristige Finanzierungsbasis verbunden mit einer guten finanziellen Flexibilität der Gruppe. Das Geschäftsrisiko des Teilkonzerns wird von Euler Hermes Rating aufgrund der
Abhängigkeiten von volatilen Märkten sowie einzelnen Segmenten und Kunden als leicht erhöht bis erhöht eingestuft. Das Finanzrisiko wird von der Agentur als moderat bewertet. COVID-19-Pandemie-bedingt erwarten die Analysten kurz- bis mittelfristig ein temporär abgeschwächtes Finanzkennzahlen- und Cashflow-Niveau. Aufgrund der umfangreich eingeleiteten Maßnahmen zur Sicherung der Ertragskraft sowie den zunehmenden Umsetzungserfolgen aus der Reorganisation des Automotivesektors erwarten die Analysten – mit zunehmenden Erholungstendenzen – mittelfristig wieder die für das Unternehmen typische schwach befriedigende Ertragskraft. Dazu sollen aus Sicht der Agentur auch der im Zuge der strategischen Weiterentwicklung geplante Ausbau und die weitere Verschiebung in die margen- und wachstumsstärkeren Non-Automotive-Segmente beitragen. Die Ratingagentur erwartet eine stabile Entwicklung des Ratings.

Die Hörmann Industries GmbH bündelt als Obergesellschaft eines Teilkonzerns der Hörmann Holding GmbH & Co. KG (Hörmann Gruppe) verschiedene Gesellschaften in den Geschäftsbereichen Automotive, Communication, Engineering und Services. Mit Umsatzerlösen von € 622,2 Mio., einem EBIT von € 23,7 Mio. und 2.821 Mitarbeitern im Jahr 2019 repräsentiert der Teilkonzern Hörmann Industries GmbH den Großteil der Hörmann Gruppe.

Die Zusammenfassung des Ratingberichtes sowie die relevante Rating Methode sind auf eulerhermes-rating.com veröffentlicht.

Hörmann Industries GmbH

Euler Hermes Rating (Euler Hermes Rating) wurde 2001 als unabhängige europäische Ratingagentur der Euler Hermes und Allianz Gruppe gegründet. Sie ist gemäß Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und Europäischen Rates als Credit Rating Agency (CRA) registriert und wird als External Credit Assessment Institution (ECAI) bei der European Banking Authority (EBA) geführt. Euler Hermes Rating ist eine Tochtergesellschaft der Euler Hermes SA, der weltweiten Marktführerin für Kreditversicherungen und ein Unter-nehmen der Allianz SE.

Presse/Euler Hermes Rating GmbH:
Sven Sahlberg – Sven.Sahlberg@eulerhermes-rating.com
Stadthausbrücke 5
20355 Hamburg
Tel.: 040 60 77 81 – 200
Fax: 040 60 77 81 – 249
www.eulerhermes-rating.com

© 2020 Euler Hermes Rating GmbH (“EHRG”) and/or its licensors and affiliates. All rights reserved.

CREDIT RATINGS ISSUED BY EHRG ARE EHRG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND EHRG’S PUBLICATIONS MAY INCLUDE EHRG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. EHRG DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND, IN THE CASE OF ISSUANCE-LEVEL CREDIT RATINGS, ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUD-ING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND EHRG’S OPINIONS INCLUDED IN EHRG’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND EHRG’S PUBLICATIONS ARE NEITHER A PROSPECTUS NOR A SUBSTITUTE FOR INFORMATION ASSEMBLED AND PRESENTED BY COMPANIES OR ISSU-ERS FOR INVESTORS REGARDING THE PURCHASE OF A SECURITY OR FOR ASSESSING THE CREDIT-WORTHINESS OF A RATED ENTITY. CREDIT RATINGS AND EHRG’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR EHRG’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. EHRG ISSUES ITS CREDIT RATINGS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, CONDUCT ITS OWN INDEPENDENT ANALYSES, CREDIT ASSESSMENTS AND OTHER VERIFICATIONS AND EVALUATIONS OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

EHRG’S CREDIT RATINGS AND EHRG’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE EHRG’S CREDIT RATINGS OR EHRG’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT EHRG’S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by EHRG from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information con-tained herein is provided “AS IS” without warranty of any kind. EHRG adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources EHRG considers to be reliable including, when appropriate, independent third-party sources. However, EHRG is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in prepar-ing the EHRG publications.

Please note that summaries of contracts, laws and other documents contained in any EHRG publication, rating report or other materials cannot replace careful study of the relevant complete texts.

EHRG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such infor-mation, even if EHRG or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by EHRG. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.

EHRG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, on the part of, or any contin-gency within or beyond the control of, EHRG or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY EHRG IN ANY FORM OR MANNER WHATSOEVER.

The dissemination and use of an EHRG rating report may be prohibited by law in certain jurisdictions. Any persons who come into the possession of such information should inquire about and comply with any prohibitions that may be in place. EHRG assumes no liability of any kind with respect to such dissemination and use of any rating in any jurisdiction whatsoever.

Euler Hermes Rating GmbH