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The takeover battle for Korea’s largest home furnishing company is heating up.
With the entry of Korean retail giant, ЛХ Групп, the takeover competition for HANSSEM Home is intensifying. Ранее, Южнокорейский универмаг Shinsegae, Хюндай Ливарт, дочерняя компания универмага Hyundai, and Korea’s Lotte announced their intention to acquire HANSSEM in conjunction with South Korean private equity firm IMM PrivateEquity (ИММ), but with the addition of LXHausys, компания по производству строительных материалов, принадлежащая LX Group (когда-то часть LG), один из лучших в Корее 50 корпоративные группы, the takeover is expanding. The takeover camp is expanding.
If LX Hausys acquires HANSSEM, the number one company in the interior design and building materials industry, the landscape of the Korean building materials and interior design industry will be shaken up dramatically. The market share of the top players would be recalculated.
According to Korean media sources, LX Hausys held a board meeting on 6 September and announced that it would invest 300 миллиард вон (юаней 1.7 миллиард) as a strategic investor in a private equity fund that IMM plans to set up to acquire HANSSEM. Однако, окончательные инвестиции еще не подтверждены.
Лотте, Shinsegae and Hyundai Department Store Group have already announced their plans to participate in the acquisition. LX Hausys is considered to have the most competitive advantage given the synergies with HANSSEM’s business.
With the recent divestment of LX Group from LG Group, its business scope has been expanded from traditional building materials to the whole house. Building materials account for approximately 70% LX Hausys’ продажи, закрывая окна, двери, напольное покрытие, панели, artificial marble and more. The division recorded sales of KRW 659.6 billion in the second quarter of this year, вверх 25% год за годом. LX Hausys занимает самую большую долю рынка окон в сфере недвижимости в Корее.. It also has strength in high value-added product lines such as marble kitchen sinks and PF insulation.
HANSSEM has an overwhelming presence in the Korean retail market, having started with kitchen furniture in 1970 and then interior furniture in 1997, and has now expanded its business to include building materials such as bathrooms, окна и пол. It is currently the number one market player in Korea in kitchen furniture and interior furniture. Его основные дилеры, quality shops and the number of shops are the most important reasons for attracting the acquirer.
По сообщениям корейских СМИ, HANSSEM has showrooms and oversized experience centers in 15 key locations in the areas of Bangbae-dong, Сочо-гу, Seoul, Nunhyeon-dong, Каннамгу, Пангё-дон, Daegu and Hanam-si, Корея. HANSSEM products are exclusively available at these locations, as well as 550 online shops for re-house remodeling, 240 kitchen furniture shops and 80 flagship interior design shops.
HANSSEM employs 8,000 people specializing in remodeling and 2,500 in interior design sales. Продажи компании в прошлом году (267.5 billion KRW) более чем в четыре раза больше, чем в прошлом году (65 billion KRW), the highest result since its founding. Его онлайн-канал, the HANSSEM Mall, который предоставляет информацию о настройке новых домов, moving houses and children’s rooms, has seen positive sales growth since the first quarter of last year. В настоящее время оно привлекает 3 миллионов клиентов в месяц.
В 2020, its B2C (remodeling and kitchens) division saw a 23% year-on-year increase in sales. Этого, Ре-Хаус, which offers total remodeling solutions, вырос на 33.3%. HANSSEM’s kitchen sales for second homes account for 27.5% of total sales by 2020. Together with the 30.6% of online and offline sales from the sale of furniture and home furnishings, the B2C business accounts for 69.1%.
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HANSSEM’s Revenue for FY2020 |
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| Key accounting data | 2020 | 2019 |
| Доход | 2,067,469 | 1,698,372 |
| Gross profit | 542,309 | 473,522 |
| Операционный доход | 93,107 | 55,772 |
| Доход до налогообложения | 95,490 | 74,459 |
| Net profit growth | 66,841 | 42,715 |
| Рост совокупных активов | 1,229,510 | 1,202,638 |
| Increase in total liabilities | 600,608 | 589,339 |
| Общее количество акционеров | 628,902 | 613,299 |
| ДЛИННЫЙ | 5.3% | 3.6% |
| ИКРА | 10.4% | 7.0% |
| Total current ratio | 118.5% | 117.5% |
| Total debt ratio | 95.6% | 96.1% |
| Общая сумма займов и облигаций к оплате | 5.4% | 5.60% |
| Earnings per share Dividend per share | 3,766 | 2,423 |
| Compiled by Kitchen News from public data | 1,300 | 1,200 |
Kitchen and Bath Information based on public data
Во втором квартале 2021, sales and operating profit increased by 9.6% и 22.6% respectively compared to the previous year. Remodeling segment sales increased by 24.6 percent year on year.
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HANSSEM’s Performance in the First Half of 2021 |
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| Ключевые учетные данные | '20.2кв. | '20.3кв. | '20.4кв. | ‘21.1Q | '21.2кв. | Рост |
| Продажи | 5,190 | 5 037 | 5,521 | 5 531 | 5 687 | +9.6% |
| Operating Profit
Profit Before Tax |
226 | 237 | 296 | 252 | 277 | +22.6% |
| 4.3% | 4.7% | 5.4% | 4.6% | 4.9% | +0.6%п | |
| Profit And Loss For The Period | 211 | 266 | 300 | 269 | 321 | +52.1% |
| 4.1% | 5.3% | 5.4% | 4.9% | 5.6% | +1.5%п | |
| Рост
Remodelling |
145 | 190 | 203 | 196 | 243 | +67.6% |
| 2.8% | 3.8% | 3.7% | 3.6% | 4.3% | +1.5%п | |
| Дом | 1,911 | 1,998 | 2,291 | 2,080 | 2,382 | +24.6% |
| B2b | 1,558 | 1,576 | 1758 | 1 902 | 1 671 | +7.0% |
| Other | 1,087 | 963 | 973 | 1,047 | 1,079 | -0.8% |
| Продажи | 634 | 500 | 499 | 502 | 555 | -12.4% |
Kitchen and Bath Information based on public data
Несмотря на рост размеров, HANSSEM’s overseas subsidiaries have not been as successful. The sales growth rates of HANSSEM’s US and Chinese subsidiaries have also slowed down each year for the past three years. В прошлом году, sales of the two subsidiaries fell by 10.2% и 3.9% соответственно, while the Chinese subsidiary experienced a double-digit decline. The decline continued in the first and second quarters of this year as well with negative growth of 17.3% и 45.7%.
HANSSEM was already present in China in the early 1990s when it established Beijing HANSSEM Home Products Co Ltd and invested in a cabinet manufacturing plant in Beijing in 1995. It undertakes engineering business and has joined forces with headline companies in the pan-home furnishing industry to develop some engineering projects.
It was found that the shareholder of Beijing HANSSEM Home Products Co Ltd, Hanssem (Китай) Investment Co Ltd, had increased its registered capital in 2020, but this year Beijing HANSSEM Home Products Co Ltd had a succession of changes in legal representatives, режиссеры, shareholders and other members in February.
It is worth noting that earlier this year there have been media reports that most of the Korean executives of HANSSEM stationed in China have been withdrawn one after another in late 2018 и рано 2019. Some of the Chinese employees of Chinese origin are looking for their next homes, and some have even already found their next homes. They are only awaiting the arrival of significant redundancy compensation.
Ранее объявленная сделка по приобретению IMM 30.21% как сообщается, стоит 1.5 триллион вон (юаней 8.3 миллиард).
IMM рассмотрит Lotte’s и LX Hausys’ investment and identify a partner as early as mid-September. В настоящее время, Lotte официально объявила, что “рассматриваю участие” и LX Hausys объявили, что будут инвестировать 300 billion KRW as a strategic investment. Following the completion of the acquisition of HANSSEM, IMM рассчитывает превратить его в крупнейшего оператора на внутреннем и онлайн-рынке закрытых помещений..
