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The takeover battle for Korea’s largest home furnishing company is heating up.
With the entry of Korean retail giant, LX Group, the takeover competition for HANSSEM Home is intensifying. Προηγουμένως, Πολυκατάστημα Shinsegae της Νότιας Κορέας, Hyundai Livart, θυγατρική του πολυκαταστήματος Hyundai, and Korea’s Lotte announced their intention to acquire HANSSEM in conjunction with South Korean private equity firm IMM PrivateEquity (IMM), but with the addition of LXHausys, εταιρεία δομικών υλικών που ανήκει στον Όμιλο LX (κάποτε ήταν μέρος της LG), ένα από τα κορυφαία της Κορέας 50 εταιρικούς ομίλους, 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 δισεκατομμύρια γουόν (RMB 1.7 δισεκατομμύριο) as a strategic investor in a private equity fund that IMM plans to set up to acquire HANSSEM. Ωστόσο, η τελική επένδυση δεν έχει ακόμη επιβεβαιωθεί.
Lotte, 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% της LX Hausys’ εκπτώσεις, καλύπτοντας παράθυρα, πόρτες, παρκέ, πάνελ, artificial marble and more. The division recorded sales of KRW 659.6 billion in the second quarter of this year, πάνω 25% χρόνο με τον χρόνο. Η LX Hausys έχει το μεγαλύτερο μερίδιο αγοράς στην κατηγορία βιτρίνας για έργα ακινήτων στην Κορέα. 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, παράθυρα και δάπεδα. It is currently the number one market player in Korea in kitchen furniture and interior furniture. Οι βασικοί αντιπρόσωποι της, quality shops and the number of shops are the most important reasons for attracting the acquirer.
Σύμφωνα με δημοσιεύματα κορεατικών ΜΜΕ, HANSSEM has showrooms and oversized experience centers in 15 key locations in the areas of Bangbae-dong, Seocho-gu, Seoul, Nunhyeon-dong, Gangnam-gu, Pangyo-dong, Daegu and Hanam-si, Κορέα. 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. Οι πωλήσεις της εταιρείας πέρυσι (267.5 billion KRW) υπερτετραπλασιάστηκε σε σχέση με το προηγούμενο έτος (65 billion KRW), the highest result since its founding. Το διαδικτυακό του κανάλι, the HANSSEM Mall, που παρέχει πληροφορίες για την προσαρμογή νέων κατοικιών, moving houses and children’s rooms, has seen positive sales growth since the first quarter of last year. Αυτή τη στιγμή προσελκύει 3 εκατομμύρια πελάτες το μήνα.
Σε 2020, its B2C (remodeling and kitchens) division saw a 23% year-on-year increase in sales. Από αυτό, Επαναστεγάζω, which offers total remodeling solutions, μεγάλωσε 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 |
| Εσοδα | 2,067,469 | 1,698,372 |
| Gross profit | 542,309 | 473,522 |
| Λειτουργικά κέρδη | 93,107 | 55,772 |
| Εισόδημα προ φόρων | 95,490 | 74,459 |
| Net profit growth | 66,841 | 42,715 |
| Αύξηση του συνόλου του ενεργητικού | 1,229,510 | 1,202,638 |
| Increase in total liabilities | 600,608 | 589,339 |
| Συνολικός αριθμός μετόχων | 628,902 | 613,299 |
| ΜΑΚΡΥΣ | 5.3% | 3.6% |
| ΑΥΓΟΤΑΡΑΧΟ | 10.4% | 7.0% |
| Total current ratio | 118.5% | 117.5% |
| Total debt ratio | 95.6% | 96.1% |
| Συνολικά πληρωτέα δάνεια και ομόλογα | 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
Στο δεύτερο τρίμηνο του 2021, sales and operating profit increased by 9.6% and 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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| Βασικά Λογιστικά Δεδομένα | «20.2 Q | '20.3 Q | '20.4Q | ‘21.1Q | ‘21.2Q | Growth |
| Εκπτώσεις | 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%Π | |
| 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%Π | |
| Growth
Remodelling |
145 | 190 | 203 | 196 | 243 | +67.6% |
| 2.8% | 3.8% | 3.7% | 3.6% | 4.3% | +1.5%Π | |
| Σπίτι | 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% |
| Εκπτώσεις | 634 | 500 | 499 | 502 | 555 | -12.4% |
Kitchen and Bath Information based on public data
Παρά την αύξηση του μεγέθους, 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. Πέρυσι, sales of the two subsidiaries fell by 10.2% and 3.9% αντίστοιχα, 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% and 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 (Κίνα) 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, διευθυντές, 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 και νωρίς 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.
Η προαναγγελθείσα συμφωνία για την απόκτηση της IMM α 30.21% τα δικαιώματα συμμετοχής και διαχείρισης φέρεται να αξίζει 1.5 τρισεκατομμύρια γουόν (RMB 8.3 δισεκατομμύριο).
Το IMM θα αξιολογήσει τα Lotte's και LX Hausys’ investment and identify a partner as early as mid-September. Επί του παρόντος, Η Lotte ανακοίνωσε επίσημα ότι είναι “εξετάζοντας τη συμμετοχή” και η LX Hausys ανακοίνωσε ότι θα επενδύσει 300 billion KRW as a strategic investment. Following the completion of the acquisition of HANSSEM, Η IMM αναμένει να το εξελίξει στον μεγαλύτερο χειριστή στην online και offline εσωτερική αγορά εσωτερικού χώρου.
