AMBITIOUS GOALS

Ladies and gentlemen, dear employees,

Thanks to the dedication of its employees, HOERBIGER posted sales of 1.222* billion euros, continuing on its growth track. With this, we exceeded the previous year’s sales by almost 50 million euros, an increase of 4.2 percent. At 50.1 million euros, earnings before interest and taxes fell short of the previous year’s figure.

The HOERBIGER Group’s overall development and its strategic alignment are on the mark. Growth and profitability are important, but at the same time our corporate strategy is also geared toward sustainability and paves the way for future successes. The investments made in 2018 in the range of 6.7 percent of sales are a healthy number for a company that, in addition to day-to-day operations, also has to face technological change.

2018 was challenging in some respects – as evidenced by the varying developments of the Strategic Business Units and Divisions as well as the regional markets. The Compression Technology Strategic Business Unit and the Safety Division, for instance, exceeded expectations. The Engine Division launched forward-looking initiatives, yet its growth rate ended up slightly lower than forecast. The Drive Technology Strategic Business Unit felt the diminishing dynamics of the Chinese automobile market, especially in the second half of the year, which resulted in lower growth than anticipated even earlier in the year. The Hydraulics Division struggled under a difficult automotive market environment in Europe, but achieved excellent results in its industrial business.