Half-Year Report 2023/24
Hönle Group
Earnings development | 01.10.2023- | 01.10.2022- | |||||||
in T€ | 31.03.2024 | 31.03.2023 | +/- % | ||||||
Revenue | 48,108 | 53,520 | -10.1 | ||||||
Gross profit | 30,149 | 33,904 | -11.1 | ||||||
Operating result/EBIT | -113 | 3,685 | -103.1 | ||||||
Earnings before tax/EBT from continued operations | -1,034 | 3,050 | -133.9 | ||||||
Consolidated net income from continued operations | -697 | 2,357 | -129.6 | ||||||
Result from discontinued operations | 0 | 327 | -100.0 | ||||||
Consolidated profit for the year | -697 | 2,684 | -126.0 | ||||||
Earnings per share in € | -0.13 | 0.43 | -134.7 | ||||||
Number of shares | 6,062,930 | 6,062,930 | 0.0 | ||||||
Development of assets | |||||||||
in T€ | 31.03.2024 | 30.09.2023 | +/- % | ||||||
Non-current assets | 106,069 | 108,718 | -2.4 | ||||||
Current assets | 62,830 | 67,438 | -6.8 | ||||||
Equity | 93,534 | 96,133 | -2.7 | ||||||
Non-current liabilities | 45,049 | 47,775 | -5.7 | ||||||
Current liabilities | 30,315 | 32,248 | -6.0 | ||||||
Total assets | 168,899 | 176,156 | -4.1 | ||||||
Equity ratio as a % | 55,4 | 54,6 | 1.5 | ||||||
Liquidity development | 01.10.2023- | 01.10.2022- | |||||||
in T€ | 31.03.2024 | 31.03.2023 | +/- % | ||||||
Cash generated from operations | 3,347 | 3,229 | 3.7 | ||||||
Cash flow from operating activities | 1,873 | 201 | 831.8 | ||||||
Cash flow from investing activities | -816 | 3,586 | -122.8 | ||||||
Cash flow from financing activities | -1,374 | -3,966 | 65.4 | ||||||
Change in cash and cash equivalents | -398 | -376 | -5.9 | ||||||
Employees | 01.10.2023- | 01.10.2022- | |||||||
Number | 31.03.2024 | 31.03.2023 | +/- % | ||||||
Average number of employees | 572 | 577 | -0.9 |
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Group Management Report
for the period from 01.10.2023 to 31.03.2024
Overview
Market Trend
The global economy evidenced little momentum at the start of the year. However, early indicators point to a slight recovery going forward. After the high inflation and rising interest rates seen in recent years, both inflation and interest rates have become a less critical topic as inflationary pressure has continued to ease, thanks especially to lower prices for energy and food. The consumer price index - a leading indicator of future price trends - also declined in a reflection of disinflationary forces.
The soft economy particularly impacted the machinery and plant engineering sector, a key driver of the German econ- omy. According to the German Machinery and Equipment Manufacturing Association (VDMA), new orders in the euro- zone declined in the double-digit percentage range during the prior six months.
Course of Business
Both revenue and earnings of the Hönle Group declined in the first six months of financial year 2023/24 compared with the same period last year due to the challenging market environment in the machinery and equipment manufacturing sector combined with order delays. Customer demand for printing applications saw an especially notable de- cline.
Revenue amounted to T€ 48,108 and the operating result (EBIT) to T€ -113 in the first half of the year. In the prior- year period, EBIT of T€ 3,685 had been generated based on revenue of T€ 53,520.
However, business picked up in the second quarter of the current financial year, as expected. Revenue increased from T€ 23,787 in the first quarter to T€ 24,321 in the second quarter, and the operating result improved from T€ -779 in the first quarter to T€ 675 in the second quarter.
Adhesives Segment
In the Adhesives segment, the Hönle Group generated revenue of T€ 14,147 in the first half of the year after having reported revenue of T€ 14,435 in the prior-year period. Additional employees were hired in both sales and development in light of projected growth in the area of adhesives applications. The increase in personnel and the decline in revenue contributed to the operating result in the Adhesives segment dropping to T€ 543 in the first six months of the year, down from T€ 1,001 in the prior-year period.
New fields of application are continuously being added to existing ones. Among those are organic photovoltaics (OPV), which requires large quantities of industrial adhesives. Hönle has developed a special type of adhesive for this area of application and is already receiving the first orders after having successfully completed extensive materials testing.
Initial deliveries will also be made in the current financial year.
Equipment & Systems Segment
The Equipment & Systems segment was impacted by the aforementioned investor restraint in the machinery and plant engineering sector. Customer demand for printing applications saw an especially notable decline, with segment revenue decreasing by 16.2% to T€ 25,260 year-on-year. Segment EBIT dropped from T€ 1,472 in the prior year to T€ -1,380 in the reporting year.
By contrast, revenue in the area of solar simulation performed well in the first six months. Solar simulation is used above all to carry out materials aging tests.
Glass & Lamps Segment
Revenue in the Glass & Lamps segment came to T€ 8,701 in the first half of the 2023/24 financial year, thereby nearly reaching the prior-year level of T€ 8,946. Operating profit came to T€ 725 in the first six months due to changes in the product mix, which is down from the previous year's figure of T€ 1,213.
Just as in the Adhesives segment, however, business in the Glass & Lamps segment picked up in the second quarter. Revenue increased from T€ 3,849 in the first quarter to T€ 4,852 in the second quarter, and operating profit improved from T€ 166 in the first quarter to T€ 559 in the second quarter.
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Segments
in T€
Revenue Adhesives
Revenue Equipment & Systems
Revenue Glass & Lamps
Operating result/EBIT Adhesives
Operating result/EBIT Equipment & Systems
Operating result/EBIT Glass & Lamps
01.10.2023- | 01.10.2022- | |||
31.03.2024 | 31.03.2023 | +/- % | ||
14,147 | 14,435 | -2.0 | ||
25,260 | 30,139 | -16.2 | ||
8,701 | 8,946 | -2.7 | ||
543 | 1,001 | -45.8 | ||
-1,380 | 1,472 | -193.8 | ||
725 | 1,213 | -40.3 |
Sales by Region
Despite the year-on-year revenue decline of 18.3%, Germany remains the Hönle Group's most important sales market with sales of T€ 17,162. Slow growth in the printing market was the main reason for the revenue decline in Germany. The revenue trend was much better in the rest of the EU (excluding Germany), where sales of T€ 16,250 nearly reached the prior-year level of T€ 16,520. In Asia, revenue declined by 11.5% on the prior year to T€ 7,588. Investor reluctance was also felt in North America and the rest of the world. Sales fell by 2.7% to T€ 4,134 in North America and by 6.4% to T€ 2,974 in the rest of the world.
25,000
20,000
15,000
10,000
5,000
0,000
20,999 | ||||
17,162 | 16,520 16,250 | |||
01.10.2022 - | ||||
31.03.2023 | ||||
8,577 | 7,588 | 01.10.2023 - | ||
31.03.2024 |
4,248 | 4,134 | 3,177 | 2,974 | ||||||
Germany | EU | Asia | North America | RoW |
Results of Operations
Hönle Group sales revenues fell 10.1% below the level of the prior-year period to T€ 48,108 in the first half of the financial year. Gross profit dropped by 11.1% year-on-year to T€ 30,149. Even so, the cost of materials ratio was unchanged at 39.6%. The personnel expenses ratio rose to 41.2% (PY: 35.7%) as a result of lower revenues. The ratio of other operating expenses to total output was 15.5% in the current financial year (PY: 14.5%).
The operating result (EBIT) amounted to T€ -113 (PY: T€ 3,685) and earnings before taxes (EBT) came to T€ -1,034
(PY: T€ 3,050). Consolidated profit for the year was T€ -697 after taxes (PY: T€ 2,684), which corresponds to earnings
per share of €-0.13 (PY: €0.43).
Earnings development | 01.10.2023- | 01.10.2022- | ||||
in T€ | 31.03.2024 | 31.03.2023 | +/- % | |||
Revenue | 48,108 | 53,520 | -10.1 | |||
Gross profit | 30,149 | 33,904 | -11.1 | |||
Operating result/EBIT | -113 | 3,685 | -103.1 | |||
Earnings before tax/EBT from continued operations | -1,034 | 3,050 | -133.9 | |||
Consolidated net income from continued operations | -697 | 2,357 | -129.6 | |||
Result from discontinued operations | 0 | 327 | -100.0 | |||
Consolidated profit for the year | -697 | 2,684 | -126.0 | |||
Earnings per share in € | -0.13 | 0.43 | -129.8 | |||
Number of shares | 6,062,930 | 6,062,930 | 0.0 |
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Financial Position
In the first quarter of the 2023/24 financial year, the Hönle Group generated operating cash flows of T€ 3,347 (PY: T€ 3,229). After adjusting for interest and taxes on income, cash flows from continuing and discontinued operations amounted to T€ 1,873 (PY: T€ 201).
Cash flows from investing activities were impacted by payments for the acquisition of items of property, plant and equipment as well as prior-year cash inflows from the disposal of the Raesch Quartz Germany GmbH business unit, which had led to a positive net figure for cash flows from investment activities of T€ 3,586 in the prior-year period. In the current period, cash flows from investing activities were T€ -816.
Cash flows from financing activities amounted to T€ -1,374 (PY: T€ -3,966), mainly due to repayments of bank liabilities and drawdowns of credit lines.
All in all, cash and cash equivalents declined by T€ -398 in the first six months of the current financial year (PY: T€ - 376).
Liquidity development | 01.10.2023- | 01.10.2022- | ||||
in T€ | 31.03.2024 | 31.03.2023 | +/- % | |||
Cash generated from operations | 3,347 | 3,229 | 3.7 |
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Change in cash and cash equivalents
1,873 | 201 | 831.8 | ||
-816 | 3,586 | -122.8 | ||
-1,374 | -3,966 | 65.4 | ||
-398 | -376 | -5.9 |
Net Assets
On the assets side of the balance sheet, property, plant and equipment decreased by T€ 1,825 to T€ 73,302 as at 31 March 2024 as a result of depreciation/impairment. The Hönle Group has taken out interest rate swaps to hedge against the risk of rising interest rates. Interest rate changes caused declines in other non-current assets on the assets side of balance sheet as well as in retained earnings on the equity and liabilities side.
Cash and cash equivalents amounted to T€ 8,919 as at 31 March 2024 (PY: T€ 9,317). The Hönle Group continues to be solidly financed with an equity-to-assets ratio of 55.4%.
Long-term loans decreased by T€ 2,031 to T€ 39,752 in the first six months due to loan repayments. Short-term loans amounted to T€ 13,947 as of 31 March 2024 (PY: T€ 12,416). Other current liabilities declined by T€ 1,447 to T€ 5,249 due to the utilisation of provisions.
Development of Assets | ||||||
in T€ | 31.03.2024 | 30.09.2023 | +/- % | |||
Non-current assets | 106,069 | 108,718 | -2.4 | |||
Current assets | 62,830 | 67,438 | -6.8 | |||
Equity | 93,534 | 96,133 | -2.7 | |||
Non-current liabilities | 45,049 | 47,775 | -5.7 | |||
Current liabilities | 30,315 | 32,248 | -6.0 | |||
Total assets | 168,899 | 176,156 | -4.1 | |||
Equity ratio as a % | 55.4 | 54.6 | 1.5 |
Research and Development
Expenses for research and development activities rose from T€ 3,344 in the previous year to T€ 3,624 in the year under review. This corresponds to an R&D-to-sales ratio of 7.5% (PY: 6.2%). The Hönle Group employed an average staff of 96 persons in its research and development departments (PY: 89). Development activities included the following:
Adhesives segment: Manufacturers of flexible consumer electronics are reaching their limits in terms of functionality and flexibility of design. In response, Hönle teamed up with Group company Panacol to develop solutions consisting of multifunctional adhesives and UV curing devices that can be adapted to novel applications in flexible electronics and organic photovoltaics. Panacol has developed flexible UV adhesives for flexible circuits, including new underfills for chip bonding and edge bonding.
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With respect to organic PV, new UV-curing adhesives were developed specifically for the lamination of barrier films. These adhesives offer increased resistance to environmental stresses, improved compatibility with PV materials, and low water vapor permeability. Because the adhesives cure quickly under UV light, they are particularly suitable for processes at high production speeds. This increases efficiency and lowers production costs.
Equipment & Systems segment: With its LED Powerline LC HV product, Hönle has succeeded in developing a solution for the main curing process for printing applications and varnishes. This LED curing array works quickly, extremely effi- ciently, and allows for variable use. It can be used for both intermediate curing (pinning) and final curing for printing applications and varnishes as well as for a wide variety of substrates, even substrates such as films that can only withstand low temperatures (where the array is especially useful). Thanks to water cooling, the LED system achieves very high intensities. This enables reliable and fast curing, which reduces machine throughput times and thus increases productivity.
Glass & Lamps segment:
One use case for UV lamps is photolysis. Photolysis is a chemical reaction triggered by light or ultraviolet radiation, where different radiation source wavelengths can cause different reactions. In addition to established areas of photol- ysis application, Hönle is also involved in research projects aimed at finding new fields of application. The emission spectrum of the lamps can be modified by making targeted adjustments, for example by adding metals. Hönle is also researching the use of UV-emitting diodes for this area of application. Photolysis can be used for a wide variety of ap- plications, ranging from the manufacture of fertilizers and cleaning agents to plant protection agents.
Human resources
In the first six months of the 2023/24 reporting year, the Hönle Group had an average of 572 employees, which represents a decrease of 5 employees compared with the previous year. A total of 18 employees were let go in connection with the sale of two smaller companies. New employees were hired in both sales and development in order to be able to achieve the planned revenue growth.
A total of 58 employees, or 10.1% of the total workforce, were in part-time positions. In the first half of the current financial year, employees worked in the following functional areas:
Functional areas ̶reporting date | 31.03.2024 | 31.03.2023 | +/- % | |||
Sales & Marketing | 103 | 97 | 6.2 | |||
Research & Development | 98 | 89 | 10.1 | |||
Production, Service | 232 | 246 | -5.7 | |||
Logistics | 65 | 67 | -3.0 | |||
Administration | 75 | 78 | -3.8 | |||
Total | 573 | 577 | -0.7 | |||
01.10.2023- | 01.10.2022- | |||||
Functional areas - average | 31.03.2024 | 31.03.2023 | +/- % | |||
Sales & Marketing | 104 | 97 | 7.2 | |||
Research & Development | 96 | 89 | 7.9 | |||
Production, Service | 233 | 248 | -6.0 | |||
Logistics | 65 | 66 | -1.5 | |||
Administration | 74 | 77 | -3.9 | |||
Total | 572 | 577 | -0.9 | |||
Personnel expenses | 01.10.2023- | 01.10.2022- | ||||
in T€ | 31.03.2024 | 31.03.2023 | +/- % | |||
Wages and salaries | 16,601 | 16,021 | 3.6 | |||
Social security and pension costs | 3,365 | 3,348 | 0.5 | |||
Total | 19,966 | 19,369 | 3.1 |
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Personnel expenses amounted to T€ 19,966 in the first six months, an increase of 3.1% on the previous year.
To ensure that its workforce is highly qualified, Hönle invests in training and continuing education on a continuous basis. In this context, the Company avails itself of both internal experts from the respective departments as well as external institutions. Expenses for staff training and continuing education amounted to T€ 319 in the first six months (PY: T€ 328).
The Hönle Group offers several vocational training programs designed to help meet future demand for qualified staff. The respective programs cover the fields of business, technology, chemicals, and logistics. A total 25 young people completed vocational training with the Hönle Group as of 31 March (PY: 25).
Opportunities and Risk Report
When assessing the risks and opportunities for the Hönle Group, there were no significant changes in the reporting period compared to the corresponding statements in the 2022/2023 annual report. The risk management system and the main opportunities and risks are described in the annual report on pages 35 to 41.
Outlook
Overall Market
After having experienced crises, wars, high inflation, and rising interest rates over the past few years, the current year is expected to bring some relief, at least in terms of inflation and interest rates. In addition to the Russia-Ukraine war and the conflict in the Middle East, tensions between Taiwan and China are weighing on the outlook. Moreover, the European Union can expect increased headwinds if Donald Trump wins the U.S. presidential election in November. A victory by Trump would be likely to bring new tariffs on imports along with global trade wars. Although prices are continuing to increase in the services industry due to ongoing wage demands, purchasing managers' indices (PMIs) are signalling a decline in cost pressure across industrial sectors. Inflation could approach the 2% mark by this summer, assuming the decline persists. After a weak first half, several leading indicators have recently improved and point to an economic upturn in the second half of the year. The economy is expected to trend upward in view of the fact that energy prices have largely returned to normal, real incomes are rising, interest rates are expected to start declining in the summer, and the global economy is providing increasing support.
The International Monetary Fund has forecast growth of 3.2% for the overall global economy in 2024 (PY: 3.2%). In contrast with the previous forecast, the report states that the clear downside tilt has vanished and that risks to the global economy have diminished and are now broadly balanced.
Hönle Group
Adhesives Segment
The field of organic photovoltaics offers great potential for generating electrical energy in an environmentally friendly manner, as the light-absorbing layers of organic solar cells are much thinner than those of conventional silicon solar cells. Because they use fewer resources and do not contain problematic elements such as lead or cadmium, they also have a much smaller environmental footprint. Hönle has developed a special type of adhesive for use in organic photovoltaics and has already received the first major orders after having successfully completed extensive testing. Hönle offers a wide range of adhesives for the electronics packaging sector, a segment that is expected to see substantial growth in the future. In the coming years, more and more data will be generated and processed worldwide. Electronics packaging usually requires customized adhesives, making this an ideal field of activity for the Hönle Group as an adhesives specialist. The adhesives can be used in smart phones, in wearables, or in data processing systems for autonomous cars, for example.
Medical technology adhesives are another growth area, with one important field of application being adhesives used to bond needles to syringes. This is an area in which the Hönle Group has proven expertise in the adhesive systems required for this purpose.
From a regional perspective, the Group will continue to focus on developing the U.S. and the Asian market. Demand for customised industrial adhesives is high in North America, where Hönle has been underrepresented thus far. Hönle plans to continue developing the U.S. sales market by working closely together with key account customers.
The Management Board believes that sales of adhesives and adhesive systems, i.e. UV-reactive adhesives and the associated UV curing equipment, will rise sharply in the coming years. Earnings are expected to rise even at a higher rate than revenue.
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Equipment & Systems Segment
Investment has been slow in the printing applications sector in the run-up to the Drupa trade fair for the printing industry scheduled for May. The investment backlog is expected to dissipate after the trade fair with an increase in new orders.
Project management is being expanded with the goal of strategically targeting the application fields of the future. In addition to digital and offset printing, these include technical films and coatings used for floor surfaces and in automotive engineering.
Targeted product development is being implemented to improve the Group's competitive standing. The development process centres on the customer with the aim of providing user-friendly systems, which will create an important foundation for increasing sales volumes over the coming years. Profitability improvements are also expected from restructuring the product range and from leveraging savings potential on the procurement side.
Glass & Lamps Segment
The Hönle Group is expanding its range of services in the field of disinfection. In addition to sterilization lamps, proof of sterilization will also be offered in the future. Hönle thus pursues a holistic approach from customer advice through the delivery of sterilization systems to microbiological analysis to monitor the success and technical documentation of the sterilization process.
Environmentally friendly disinfection using ultraviolet radiation is increasingly being used to treat surfaces, air and water. In the area of water disinfection, the Hönle Group supplies leading manufacturers of water treatment systems with emitters, sensors and electronic components. The pharmacy and electromobility represent additional growth markets in the Glass & Lamps Segment. The Group's selective expansion of product management will enable a targeted development of new, high-potential fields of application.
On the whole, the Management Board expects sales and earnings to increase in the Glass & Lamps segment over the next few years.
Overall Assessment of Future Business Development
The Management Board expects business activity to pick up in the second half of the financial year. However, the remainder of the financial year will see weaker revenue and earnings than originally forecasted, with increases being postponed until the new financial year to some extent. The Hönle Group is feeling the effects of the weak market environment in the machinery and equipment manufacturing sector, with some solar projects and e-mobility projects also having been postponed. Although order inquires have increased, this development has not yet been reflected in the revenue trend for the current financial year.
As communicated to the capital markets on 30 April 2024, the Management Board expects the Hönle Group to generate revenue of around €100 million in financial year 2023/24. The previous forecast projected revenue of between €105 million and €115 million. The Management Board also expects to report a positive operating profit (EBIT). Previ- ously, the Management Board had forecasted an operating profit of €6 million to €9 million.
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Consolidated Income Statement
for the period from 01.10.2023 to 31.03.2024 (IFRS) | ||||||||
01.01.2024- | 01.10.2023- | 01.01.2023- | 01.10.2022- | |||||
in T€ | 31.03.2024 | 31.03.2024 | 31.03.2023 | 31.03.2023 | ||||
Revenue | 24,321 | 48,108 | 25,903 | 53,520 | ||||
Changes in inventories of finished goods and work in progress | 276 | 286 | 717 | 676 | ||||
Other work performed by entity and capitalised | 14 | 14 | 9 | 9 | ||||
Other operating income | 728 | 900 | 638 | 1,139 | ||||
Cost of purchased materials and services | -9,613 | -19,159 | -10,595 | -21,439 | ||||
Personnel expenses | -10,012 | -19,966 | -10,011 | -19,369 | ||||
Depreciation and amortisation of property, plant and equipment and in- | ||||||||
tangible assets | -1,006 | -2,019 | -1,066 | -2,164 | ||||
Amortisation of rights of use IFRS 16 | -371 | -742 | -414 | -811 | ||||
Other operating expenses | -3,624 | -7,452 | -3,792 | -7,834 | ||||
Impairment pursuant to IFRS 9 | -37 | -84 | -49 | -40 | ||||
Operating result/EBIT | 675 | -113 | 1,338 | 3,685 | ||||
Profit/loss from investments accounted for using the equity method | 58 | 58 | 25 | 66 | ||||
Financial income | 8 | 10 | 34 | 79 | ||||
Financial expenses | -492 | -989 | -375 | -780 | ||||
Financial result | -427 | -921 | -316 | -635 | ||||
Earnings before tax and non-controlling interests/ | ||||||||
EBT from continued operations | 248 | -1,034 | 1,022 | 3,050 | ||||
Income taxes | -75 | 338 | -262 | -693 | ||||
Consolidated net income from continued operations | 173 | -697 | 760 | 2,357 | ||||
Result from discontinued operations | 0 | 0 | 0 | 327 | ||||
Consolidated profit | 173 | -697 | 760 | 2,684 | ||||
Share of earnings attributable to non-controlling interests | -8 | 32 | 81 | 86 | ||||
Share of earnings attributable to Dr. Hönle AG shareholders | 181 | -729 | 680 | 2,598 | ||||
Earnings per share (basic) from continued operations in € | -0,13 | 0,37 | ||||||
Earnings per share (basic) from discontinued operations in € | 0,00 | 0,05 | ||||||
Earnings per share (basic) from continued operations in € | -0,13 | 0,37 | ||||||
Earnings per share (basic) from discontinued operations in € | 0,00 | 0,05 | ||||||
Average number of shares in circulation (basic) | 6,061,854 | 6,061,854 | ||||||
Average number of shares in circulation (diluted) | 6,061,854 | 6,061,854 |
Consolidated Statement of Comprehensive Income
for the period from 01.10.2023 to 31.03.2024 (IFRS) | ||||
01.10.2023- | 01.10.2022- | |||
in T€ | 31.03.2024 | 31.03.2023 | ||
Consolidated profit | -697 | 2,684 | ||
Other comprehensive income: | ||||
Positions that may be subsequently reclassified to profit or loss | ||||
Currency translation differences | -177 | -432 | ||
Other comprehensive income from hedge accounting | -2,082 | -463 | ||
Income tax effects | 598 | 131 | ||
Positions not reclassified to profit or loss | ||||
Change in actuarial gains/losses from pensions | -18 | 0 | ||
Deferred tax from change to actuarial gains/losses from pensions | 5 | 0 | ||
Total other comprehensive income | -1,614 | -764 | ||
Total comprehensive income | -2,311 | 1,921 | ||
Thereof: | ||||
Comprehensive income attributable to non-controlling interests | 32 | 86 | ||
Comprehensive income of Dr. Hönle AG shareholders | -2,343 | 1,834 |
Profit/loss from discontinued operations after taxes is assigned to the share in earnings attributable to Dr. Hönle AG shareholders.
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Consolidated Statement of Financial Position
as at 31.03.2024
in T€ | 31.03.2024 | 30.09.2023 | ||
ASSETS | ||||
NON-CURRENT ASSETS | ||||
Goodwill | 18,400 | 18,400 | ||
Intangible assets | 1,285 | 1,304 | ||
Property, plant and equipment | 73,302 | 75,127 | ||
Investment property | 995 | 1,015 | ||
Investments accounted for using the equity method | 439 | 381 | ||
Financial assets | 26 | 26 | ||
Other non-current assets | 5,282 | 7,307 | ||
Deferred tax assets | 6,340 | 5,159 | ||
Total non-current assets | 106,069 | 108,718 | ||
CURRENT ASSETS | ||||
Inventories | 35,100 | 35,046 | ||
Trade accounts receivable | 12,807 | 15,618 | ||
Receivables from companies in which an equity interest is held | 110 | 108 | ||
Finance lease receivables | 45 | 57 | ||
Other current assets | 2,091 | 1,871 | ||
Tax refund claims | 3,756 | 3,910 | ||
Cash and cash equivalents | 8,919 | 9,317 | ||
Non-current assets held for sale | 0 | 1,510 | ||
Total current assets | 62,830 | 67,438 | ||
TOTAL ASSETS | 168,899 | 176,156 | ||
EQUITY AND LIABILITIES | ||||
EQUITY | ||||
Subscribed capital | 6,063 | 6,063 | ||
Own shares | -8 | -8 | ||
Capital reserves | 41,979 | 41,979 | ||
Retained earnings | 45,441 | 47,787 | ||
Equity attributable to Dr. Hönle AG shareholders | 93,475 | 95,820 | ||
Non-controlling interests | 60 | 313 | ||
Total equity | 93,534 | 96,133 | ||
NON-CURRENT LIABILITIES | ||||
Non-current loans (less current portion) | 39,752 | 41,783 | ||
Non-current finance lease liabilities | 970 | 1,274 | ||
Other non-current liabilities | 263 | 269 | ||
Pension provisions | 3,106 | 3,212 | ||
Accrued public investment grants | 62 | 63 | ||
Deferred income tax liabilities | 897 | 1,175 | ||
Total non-current liabilities | 45,049 | 47,775 | ||
CURRENT LIABILITIES | ||||
Trade accounts payable | 6,609 | 7,558 | ||
Liabilities to companies in which an equity investment is held | 0 | 4 | ||
Contract liabilities | 1,820 | 1,711 | ||
Current liabilities from finance leasing | 1,160 | 1,333 | ||
Current liabilities to banks and current portion of non-current loans | 13,947 | 12,416 | ||
Other current liabilities | 5,249 | 6,696 | ||
Other provisions | 362 | 382 | ||
Income tax liabilities | 1,167 | 1,361 | ||
Liabilities related to assets held for sale | 0 | 778 | ||
Current liabilities, total | 30,315 | 32,248 | ||
TOTAL EQUITY AND LIABILITIES | 168,899 | 176,156 |
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Dr. Hönle AG published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 06:02:24 UTC.