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MarketScreener Homepage  >  Equities  >  Xetra  >  Hornbach Holding AG & Co. KGaA    HBH   DE0006083405

HORNBACH HOLDING AG & CO. KGAA

(HBH)
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Hornbach Holding AG & Co. KGaA: Hornbach with successful start to financial year

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06/28/2019 | 01:05am EST

DGAP-News: Hornbach Holding AG & Co. KGaA / Key word(s): Development of Sales/Quarter Results
Hornbach Holding AG & Co. KGaA: Hornbach with successful start to financial year

28.06.2019 / 07:00
The issuer is solely responsible for the content of this announcement.


 

Hornbach with successful start to financial year

Consolidated sales up 9.1 % to Euro 1,338.4 million in first quarter of 2019/20 /
Earnings strength boosted: adjusted EBIT up 22.8 % to Euro 96.9 million / Forecast confirmed


Neustadt a. d. Weinstrasse, June 28, 2019.
The Hornbach Group (Hornbach Holding AG & Co. KGaA Group) has begun the 2019/20 financial year with pleasing sales and earnings growth. Consolidated sales increased by 9.1
% to Euro 1,338.4 million in the first quarter of 2019/20 (March 1 to May 31, 2019). Sales at the largest operating subgroup, Hornbach Baumarkt AG (DIY retail), grew by 8.5 % to Euro 1,260.7 million. The Hornbach Baustoff Union GmbH subgroup contributed to the Hornbach Group's successful spring business performance with sales growth of 19.5 % to Euro 77.2 million. The notable acceleration in the rate of sales growth compared with the previous year, improved cost ratios, and positive conversion effects resulting from first-time application of the new IFRS 16 lease accounting requirements - all these factors led to a substantial increase in operating earnings (EBIT). EBIT adjusted to exclude non-operating earnings items (adjusted EBIT) showed disproportionate growth compared with sales, surging by 22.8 % to Euro 96.9 million. Three-month earnings per Holding share came to Euro 3.15 (2018/19: Euro 2.69). The full-year sales and earnings forecast has been confirmed.

Hornbach Baumarkt AG, the largest operating subgroup (DIY retail) which operated an unchanged total of 158 DIY megastores with garden centers and online shops in nine European countries as of May 31, 2019, increased its like-for-like sales net of currency items by 7.8 % in the first three months.

Net sales at Hornbach's DIY stores in Germany rose by 6.8 % to Euro 654.1 million in the first quarter (2018/19: Euro 612.7 million). Like-for-like sales in Germany grew by 6.9 % (2018/19: minus 0.2 %). Sales in the Other European Countries region, where Hornbach pools its DIY business activities in eight countries outside Europe, increased by 10.4 % to Euro 606.6 million (2018/19: Euro 549.4 million). The international share of sales at the Hornbach Baumarkt AG subgroup rose from 47.3 % to 48.1 %. On a like-for-like basis and net of currency items, sales in other European countries grew by 8.7 %.

"We are particularly pleased with our like-for-like sales growth in Germany. With growth of almost seven percent in the period from March to May 2019, Hornbach outperformed the DIY sector by around three percentage points", commented CFO Roland Pelka. Not only that, the company had managed to significantly increase its already high level of like-for-like, currency-adjusted sales outside Germany as well.

The Hornbach Baustoff Union GmbH subgroup which, having taken over three new outlets in Baden-Württemberg as of April 1, 2019, now operates 31 builders' merchant outlets in south-western Germany and at two locations close to the border in France (Lorraine), increased its sales by 19.5 % to Euro 77.2 million (2018/19: Euro 64.6 million).


Adjusted operating earnings rise 22.8 % to Euro 96.9 million in Q1
The substantial increase in operating earnings (EBIT) was, according to Roland Pelka, driven above all by the high rate of sales growth and more favorable cost ratios. Alongside these factors, operating earnings also benefited from first-time application of the new IFRS 16 lease accounting requirements.

The adjusted EBIT of the Hornbach Group improved by Euro 18.0 million, or 22.8 %, to Euro 96.9 million (2018/19: Euro 78.9 million). More than four fifths of this earnings growth was due to the operating business, while the IFRS 16 conversion effect contributed around Euro 3.2 million. Earnings per Holding share increased by 17.1 % to Euro 3.15 (2018/19: Euro 2.69).

On the level of the Hornbach Baumarkt AG subgroup, adjusted EBIT surged by 29.7 % to Euro 84.1 million in the first quarter of 2019/20 (2018/19: Euro 64.9 million). Earnings per Baumarkt share came to Euro 1.63 (2018/19: Euro 1.41).

Board of Management confirms forecast for 2019/20 financial year
The Hornbach Group's sales and earnings forecast for the 2019/20 financial year has been confirmed. The Board of Management thus continues to expect sales growth in a medium single-digit percentage range and an increase in EBIT adjusted to exclude non-operating earnings items (adjusted EBIT) by more than 15 % compared with the figure reported for the 2018/19 financial year (Euro 134.9 million). At the Hornbach Baumarkt AG subgroup, adjusted EBIT is expected to increase by more than 30 % (2018/19 financial year: Euro 81.9 million).


Note: The quarterly statements of Hornbach Holding AG & Co. KGaA and Hornbach Baumarkt AG can be downloaded from the "Publications" section of our website. Link: www.hornbach-group.com.

Key Figures of the Hornbach Group for the 1st Quarter at a Glance

Key figures: Hornbach Holding AG & Co. KGaA Group 1st Quarter 1st Quarter Change
(in Euro million, unless otherwise stated) 2019/20 1) 2018/19 in %
Net sales 1,338.4 1,227.3 9.1
of which Hornbach Baumarkt AG subgroup 1,260.7 1,162.1 8.5
of which Hornbach Baustoff Union GmbH subgroup 77.2 64.6 19.5
of which in Germany 729.6 675.5 8.0
of which in other European countries 608.9 551.8 10.4
Like-for-like sales growth (DIY) 7.8% 2.3%  
Gross margin (as % of net sales) 36.2% 36.5%  
EBIT 96.9 79.3 22.2
Adjusted EBIT 96.9 78.9 22.8
Earnings per Holding share (Euro) 3.15 2.69 17.1
Investments 48.7 69.3 (29.7)
 
Misc. key figures
Hornbach Holding AG & Co. KGaA Group
May 31, 2019 1) February 28, 2019 Change
in %
Shareholders' equity as % of total assets 41.4% 50.0%  
Number of DIY stores with garden centers 158 158 0.0
Sales area of DIY stores with garden centers (in 000 m²) 1,854 1,853 0.1
Number of employees 21,668 21,055 2.9
 


1) Figures for the 2019/20 financial year take account of first-time application of new IFRS 16 lease accounting requirements. Previous year's figures not adjusted.
Rounding up or down may lead to discrepancies between percentages and totals. Calculation of percentage figures based on Euro 000s.




Contact:
Axel Mueller
Group Communications and Investor Relations Director
HORNBACH Holding AG & Co. KGaA
Tel. +49 (0) 6348 602444
axel.mueller@hornbach.com


28.06.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Hornbach Holding AG & Co. KGaA
Le Quartier Hornbach 19
67433 Neustadt an der Weinstraße
Germany
ISIN: DE0006083405
WKN: 608340
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 832371

 
End of News DGAP News Service

832371  28.06.2019 

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© EQS 2019
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Albrecht Hornbach Chairman-Management Board
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