Logistics company HOYER Group has presented its 2019 annual financial statements. In them, it said it ended to 2019 fiscal year “positively”. It increased turnover to EUR 1.177 billion (previous year: EUR 1.167 billion). The equity ratio remained at the previous year’s level of 44 per cent, while equity capital was strengthened to around EUR 25 million.
Earnings before taxes were EUR 38.052 million. It said: “The solid balance sheet and very good creditworthiness create a strong basis on which to confront the effects of the 2020 coronavirus crisis and to continue central investments.”
In the update it said the global market’s economic development moved into “a cooling phase” during 2019, and that the chemical industry in particular showed production volume downturns.
Despite difficult framework conditions, the HOYER Group increased turnover compared to the previous year by 0.9 per cent to EUR 1.177 billion.
Contributions to this came from larger volumes with service station supply contracts in Great Britain, new business and transport growth in the gas area, higher turnovers from tank container leasing, and currency effects in overseas business with a strong US Dollar.
In 2019, the HOYER Group achieved a very good operating result of EUR 38.1 million before taxes. In 2018, the result before taxes was EUR 40.2 million, and adjusted for non-operational special effects it was EUR 35.2 million.
It said: “It was possible to improve the earnings before taxes and the yield on turnover achieved in 2019, both were above plan. The operative cash flow in 2019 was EUR 82.8 million (previous year: EUR 78.5 million). HOYER has excellent creditworthiness, which was confirmed by a further successful bonded loan issue.”
Due to the economic slowdown in 2019, it reduced to EUR 106 million the investments of EUR 173 million planned for the year. Nonetheless, total investment was above that of the previous two fiscal years (2018: EUR 83.9 million, 2017: EUR 90 million).
The funds were used to rejuvenate and modernise the tank container fleet, to equip with the latest generation of telematics systems, and for transport equipment replacement and expansion needs such as road tankers and IBCs. The investment budget originally planned for 2020 was EUR 146 million.
Due to current trends, the planning was revised and expenditure focused on essential strategic projects.
Thomas Hoyer, the HOYER Group’s Chairman of the Advisory Board said: “HOYER will remain one step ahead, even in times of crisis. The Executive Board manages prudently and sustainably. That enables targeted investments even in economically difficult times.”
This includes investments in a dangerous goods terminal, buildings and technical installations, further expansion of the Smart Logistics concept, state-of-the-art information technology, international business acquisitions and joint ventures.
The HOYER Bulk LLC joint venture with the USA-logistics specialist Dupré began to “continentally strengthen the overseas business” in 2019, it said in the update.
According to Ortwin Nast, Chief Executive Officer of the HOYER Group: “Thanks to our global presence and strong network, we can meet our customers’ regional and international logistics needs along the supply chain in an optimum way.”
For more information visit www.hoyer.uk.com