HOMANN HOLZWERKSTOFFE GmbH

News

• 02.11.2021
  Creditreform Rating has upgraded the SME Issuer Rating of Homann Holzwerkstoffe GmbH to BB in the context of the rating update and confirmed the stable outlook. The result of our financial ratio analysis has more or less stabilised at an improved level in comparison to the previous year despite a slight decline in sales and earnings in 2020. Homann Holzwerkstoffer GmbH was thus able to come close to achieving its own forecast (FC) for the 2020 financial year, which was adjusted to the pandemic situation. The Group demonstrated satisfactory profitability and internal financing strength under the challenging conditions of the pandemic. Based on the 2021 interim reporting, a significant increase in revenue and profit, with solid operating cash flow, is expected for the current financial year, with levels significantly higher than the pre-crisis year 2019. In addition, a bond maturing in 2022 was refinanced early in the first half of 2021, which improved the capital structure and reduced financing risks. In addition to unabated high exchange rate effects, the significant expansion of capitalisation with an increase in absolute debt, downgraded economic forecasts, general construction prices, energy and commodity price increases and globally disrupted supply chains are currently limiting the rating.
• 30.10.2020
  Creditreform Rating has confirmed the corporate rating of HOMANN HOLZWERKSTOFFE GmbH in the context of its rating update at BB- with stable outlook. The already in October 2019 expected improvement of the key financial indicators for the 2019 business year have a stabilizing effect on the rating. In addition to the significantly improved earnings and internal financing power, the noticeable reduction in debt and the increase in equity, in combination with a continued solid liquidity situation, also have a positive effect on the rating. After a start of 2020 that went according to plan, the Group experienced a COVID-19 related reduction in revenues and earnings in the months of April and May. Nevertheless, we see the development based on the half-year figures under the extraordinary conditions as satisfactory. This was affirmed by the cash-flow and liquidity ratios as well as the ability to provide funds through external finance. With the construction of a new production facility near Vilnius in Lithuania, we expect a considerable increase in absolute debt in the short- to medium term, and a temporary decline in the investment-related earnings quality. This in combination with the currently worsening pandemic situation in Germany and Europe, will initially have a limiting effect on the rating assessment. The one-year outlook for the rating is stable and reflects our expectation that the HHW Group can confirm its earnings power of the previous year in 2020 as well. The indebtedness will rise again. This effect will however be mitigated by the current solid earnings- and internal financing power situation.
• 09.04.2020
  Creditreform Rating has assigned to the SME issuer rating of Homann Holzwerkstoffe GmbH (BB-) the addition Watch NEW. The outlook no longer applies.
  The reason for this are the social and macroeconomic upheavals resulting from the COVID 19 pandemic, which continues to develop very dynamically and could have a significant impact on the operating business of the Homann Holzwerkstoffe Group, which focuses on the furniture, door, coating and automotive industries. Even though the first quarter of the current fiscal year progressed as planned, negative effects on the net assets, financial position and operating results of the Homann Holzwerkstoffe Group are to be expected due to the sharp decline in demand. The extent of the impact cannot be adequately estimated at this point and depends on the duration and severity of the pandemic as well as on the governmental and institutional behavioral guidelines and support measures. Homann Holzwerkstoffe GmbH has already applied for short-time work for its German production site and further measures are being taken or considered. Due to the good liquidity situation at the moment, we do not believe that the Homann Holzwerkstoffe Group is at risk in the short term; however, we expect a significant decline in sales and earnings, which could have a negative effect on key financial figures and consequently on the rating.
• 29.10.2019
  Creditreform Rating has raised the SME issuer rating of HOMANN HOLZWERKSTOFFE GmbH to BB-. The outlook is stable. The main reason for raising the rating is the positive business development, which is reflected in improved earnings and internal financing power as well as a solid liquidity position. The slight year-on-year decline in earnings in 2018 due to the deconsolidation of the unprofitable Homanit Building Materials GmbH & Co. KG (HBM), will be more than offset by sales and above all by earnings in the current fiscal year. We also see the gradual reduction of debt as positive, which, against the backdrop of economic developments, will lead to an overall improvement in key financial figures and justify an increase of the rating level.
• 26.10.2018
  Creditreform Rating has confirmed the corporate rating of HOMANN HOLZWERKSTOFFE GmbH at B+ with stable outlook. Key factors for the rating were the company´s slightly improved financial ratios which remain at the level of the current rating and are mainly based on the positive business development as well as the refinancing which took a place at the end of 2017. We expect a significant increase of indebtedness and with that a negative effect on the balance sheet ratios which currently restrain the rating due to the implementation of the planned expansion strategy.
• 30.10.2017
  Creditreform Rating has confirmed the corporate rating of HOMANN HOLZWERKSTOFFE GmbH at B+. The outlook is stable. Key factors for the rating assessment were the company´s favourable business development as well as the secured refinancing for the bond, wich reaches maturity in December 2017. The high indebtedness, as well as below-average financial indicators, limit the rating. Furthermore, the envisaged expansion entails significant risk related to investment and other costs, wich - in combination with further indebtedness - has a dampening effect on the rating.
• 28.10.2016
  Creditreform Rating has upgraded the corporate rating of HOMANN HOLZWERKSTOFFE GmbH to B+ with stable outlook within the followup rating. The profit situation has improved after commissioning the new production facility in Krosno (Poland). With prospects of the increases of sales and profits for 2016 and the subsequent years due to the production expansion at the new location in Krosno, we see them as essential with regard to a stabilisation of the financial position and refinancing of the in December 2017 due bond. Based on the business development in the course of the year 2016, this appears as achievable but it remains to be seen, like the specification of refinancing solutions of the in 2017 due bond. The so far below-average characteristics of the financial indicators and financial ratios limit the rating.