Factbook
as of November 30, 2020
Paderborn, Germany
DIY retailer with three different business segments
▪ DIY megastores in 9 European countries and online shops focused on retail with DIY, garden and home improvement products for private and professional clients
> HORNBACH Baumarkt AG subgroup
▪ Builders' merchant outlets in south-west Germany and France selling construction materials to professional clients
> HORNBACH Baustoff Union GmbH subgroup
▪ Retail property development for the operating units
> HORNBACH Immobilien AG subgroup
Factbook November 2020 | ©HORNBACH Group 2020 | Page 2 |
Two publicly listed corporations
Free Float | Hornbach Familien | ||||||||||||
Treuhand GmbH | |||||||||||||
62.5% | 37.5% | ||||||||||||
HORNBACH Holding AG & Co. KGaA | |||||||||||||
Free Float | Neustadt/Weinstraße | ||||||||||||
Listed Ordinary Shares1) | |||||||||||||
(ISIN DE0006083405) | |||||||||||||
23.6% | 76.4% | 100% | 100% | ||||||||||
HORNBACH Baumarkt AG3) | HORNBACH | HORNBACH | |||||||||||
Bornheim | Immobilien AG3) | Baustoff Union | |||||||||||
Listed Ordinary Shares²) | Bornheim | GmbH3) | |||||||||||
(ISIN DE0006084403) | Not listed | Neustadt/Weinstraße | |||||||||||
Not listed | |||||||||||||
(Since March 28. 2017)
100%
HORNBACH
Management AG
(General Partner)
Management
-
Number of shares: 16.000.000 /
Stock market code: HBH - Number of shares: 31.807.000 /
Stock market code: HBM - plus other subsidiary companies in Germany and abroad
Factbook November 2020 | ©HORNBACH Group 2020 | Page 3 |
From a small craftsman business to a European DIY Group
Emission Eurobond (3.250%) | 2019 | |
Change in legal form of | ||
HORNBACH Holding AG in "KGaA" | 2015 | |
Emission Eurobond (3.875%) | ||
2013 |
Emission Eurobond (6.125%) | 2010 | |||
Foundation of HORNBACH Baustoff Union | 2004 | Start online shop Germany | ||
2003 | ||||
Going public HORNBACH Baumarkt AG | 1999 | 1st DIY store with drive-through | ||
1996 | ||||
Going public | 1993 | Start of international expansion Austria | ||
HORNBACH Holding AG | 1987 |
1980
1st DIY megastore Karlsruhe
1968
1st DIY store with garden center Bornheim
1877
Foundation of handicraft business
Factbook November 2020 | ©HORNBACH Group 2020 | Page 4 |
Sales Growth since 1987/88
Expansion | Stationary | Online |
Germany | 1968 | 2010 |
Austria | 1996 | 2013 |
Netherlands | 1997 | 2015 |
Luxembourg | 1998 | 2015 |
Czech Republic | 1998 | 2015 |
Switzerland | 2002 | 2014 |
Sweden | 2003 | 2017 |
Slovakia | 2004 | 2017 |
Romania | 2007 | 2018 |
FY 2019/20:
€ 4,729 million net sales
CAGR ~12%
FY 1987/88:
€ 132 million net sales
1987/88 | 1991/92 | 1995/96 | 1999/2000 | 2003/04 | 2007/08 | 2011/12 | 2015/16 | 2019/20 |
HORNBACH Baumarkt [Germany] | HORNBACH Baumarkt [International] | |||
HORNBACH Baustoff Union | ©HORNBACH Group 2020 | Page 5 | ||
Factbook November 2020 |
161 DIY megastores in Europe
Oradea (30/09/2020)
36 Builders merchant outlets
in Germany (34) and France (2)
Factbook November 2020
Status: November 30, 2020
- 161 DIY megastores in 9 countries
- Sales area of 1,904,429 sqm
- Ø store size 11,829 qm
Country | Number of | Sales area in |
stores | sqm | |
Austria | 14 | 168,867 |
Czech | 10 | 140,880 |
Republic | ||
Germany | 96 | 1,052,590 |
Luxembourg | 1 | 12,087 |
Netherlands | 15 | 193,789 |
Romania | 7 | 101,872 |
Slovakia | 4 | 58,248 |
Sweden | 7 | 86,104 |
Switzerland | 7 | 89,992 |
©HORNBACH Group 2020 | Page 6 |
The top address for DIY project customers and professionals
HORNBACH Baumarkt Subgroup
Large store format in prime locations
- Organic growth
- Focus on attractive big catchment areas
- Homogeneous store network: Economies of scale in store operation
- Superior shopping experience for customers
- Productivity per sqm above sector average
Interconnected Retail combining stationary and online business
- E-commercein all HORNBACH regions
- Identical prices in store and online shop
- All touchpoints alongside customer journey:
- Click & collect at store
- Direct delivery to home / building site
- Delivery to store
- Product availability and location within store
Competence in DIY assortment and price leadership
- Broad and deep product range: More than 50,000 articles stocked in sufficient quantities at stores
- Extended product range at online shop (up to 200,000 SKUs)
- Price leadership across all channels
- Increasing share of private labels (~24%)
Professional advice and services for all aspects of DIY projects
- Expert advisors with project competence
- In-storeservices, e.g. Tradesman service, rental service, financing. repairs
- Centralized customer service
- Digital planning tools for DIY projects
Factbook November 2020 | ©HORNBACH Group 2020 | Page 7 |
Logistics network
HORNBACH Baumarkt Subgroup
Status: November 30, 2020
B2B delivery
- Soltau (56,000 sqm)
2012 Central WH
2017 Extension
- Lehrte (51,500 sqm)
1994 Regional WH
1999 Extension cross docking
2005 Extension regional WH
2016 Extension cross docking
and regional WH
- Castrop-Rauxel(11,400 sqm)
2015 Cross docking
- Lorsch (24,700 sqm)
2015 Regional WH & cross docking
- Essingen (26,900 sqm)
1999 Regional WH & cross docking
- Vilshofen (30,300 sqm)
2005 Regional WH & cross docking
2018 Extension cross docking
- Enzersdorf a/d Fischa (6,800 sqm)
2018 Cross docking bulk
2020 Regional WH
- 7 logistics sites for store delivery
- 207,600 sqm warehouse space
B2C delivery
▪ Click and Collect in store
Pick-up store | Home Delivery |
- Pick-upof online orders in store
Factbook November 2020
Supplier
Dropshipping
Fulfillment Centre
Fulfillment Partner
HORNBACH
Delivery Center
©HORNBACH Group 2020 | Page 8 |
Property ownership and hidden reserves
Status: February 29, 2020
No. of stores | Sales area in % |
4 | 2% |
43 | 27% |
61 | 38% |
52 | 32% |
Property HORNBACH Immobilien Subgroup
Property HORNBACH Baumarkt Subgroup
Finance Lease
Land rented, building owned
Hidden reserves in retail properties1)
Feb 2020 | Book | Yield | Hidden |
(€ million) | value | value | reserves |
(x13)2) | (x13)2) | ||
HORNBACH | |||
Baumarkt | 773 | 1,104 | 331 |
Subgroup | |||
HORNBACH | |||
Immobilien | 409 | 806 | 397 |
Subgroup | |||
HORNBACH | 1,182 | 1,910 | 728 |
Group | |||
- based on our own assumptions and calculations
- Long-termaverage; in the past years HORNBACH stores have been sold by third parties with multiples between 15 and 23
Factbook November 2020 | ©HORNBACH Group 2020 | Page 9 |
Responsible Management: Strategy
Product range: Origin - Product | Employees: Happy employees for | |
features - Packaging | happy customers | |
Services: Assistance & Disposal | Energy & Resources in our own | |
operations | ||
CSR Policy
- Equal opportunities in selecting and promoting our employees.
- Minimum requirements in our suppliers' production sites.
- Flawless quality of our products.
- Enhancing our product range to account for sustainability.
- Recycling and waste avoidance in our business operations.
Factbook November 2020 | ©HORNBACH Group 2020 | Page 10 |
Responsible Management: Milestones
2002
HORNBACH's "People in Need Foundation"
In response to terrible floods in Germany, Austria, and the Czech Republic, HORNBACH establishes its "People in Need Foundation". At first, the key focus is on helping those colleagues directly affected by the disaster.
Environment
Social
Governance
2007
Building control technology
Building control systems now man- age the operating times of systems at HORNBACH's stores in line with requirements and thus optimize their energy
consumption.
The values underpinning our dealings with customers and how we treat each other as colleagues, which have been actively lived for decades, are now formalized in the "HORNBACH Foundation". This forms the basis for further guidelines, such as the "HORNBACH Values" and the
"HORNBACH Management
Guidelines."
2015
No glyphosate or neonicotinoids
HORNBACH removes all highly concentrated glyphosate agents from its product range, as well as all products containing insecticides classified as harmful to bees (neonicotinoids).
The nurseries which grow products for the Floraself private label also stop using any of these agents.
2013
No hand-hewn natural stone
HORNBACH Baumarkt delists hand-hewn natural stone and regularly checks compliance
with requirements.
2015
Resource liner
Recyclable materials are collected by company trucks from the stores. To avoid empty runs, these "resource liners" are also integrated into the store supply network. To further simplify disposal, the company introduces its own web- based recycling portal.
2018
Organic certification
To offer plants meeting organic quality standards, HORNBACH undergoes an independent organic certification process.
2018
Electric charging points
In cooperation with the energy supplier Pfalzwerke, HORNBACH starts equipping its DIY store locations in Germany with charging points for electric vehicles.
1998
No tropical timber from forest depletion
As a pioneer in the sector, HORNBACH now only stocks FSC®-certified tropical timber products.
2002
Quality assurance at our production sites
2008
Signing the Diversity Charter
HORNBACH rejects discrimination of any kind and is committed to providing a working environment that is free of prejudice.
2007
CSR Guidelines
2012
Phenol-free sales receipts
HORNBACH uses phenol-free thermal paper for its sales receipts. Since 2017, customers have also been able to opt for an electronic sales receipt that is stored in their
2017
Whistleblower system
- web-basedwhistleblower system enables employees, service providers, and suppliers to submit tip-offs concerning breaches of compliance - anonymously if they prefer.
2020
LED lighting
125 HORNBACH stores are fitted with energy-saving, long- life LED lighting.
The introduction of a new quality management system means that all production sites outside Europe are now regularly audited and samples of the products are tested.
HORNBACH introduces binding guidelines for procuring products in accordance with social, ecological, and economic criteria.
customer account.
2020
End of firework sales
As of the 2020 New Year's festivities, HORNBACH stops selling firework articles across Europe.
Factbook November 2020 | ©HORNBACH Group 2020 | Page 11 |
Sustainability reporting
Material Non-Financial Aspects (§289c HGB)
- Product range and customer information
- Responsible procurement
- Product responsibility
- Employee satisfaction
- Employee recruitment
- Employee development and retention
- Compliance
HORNBACH Sustainability Magazine
www.hornbach-holding.de/Financial Reports
Factbook November 2020 | ©HORNBACH Group 2020 | Page 12 |
Market Position
Top 10 Ranking: European DIY Retail Groups (2019)
HORNBACH Baumarkt Subgroup
RO | RO | AT | AT | LU | AT | NL | SE | AT | DE | SE |
CH | CH | NL | CH | RO | DE | DE1) | ||||
CZ | CZ | SE | CZ | SE | LU | |||||
DE | DE | SK | DE | SK | ||||||
SK | LU | Presence of competitors in HORNBACH regions | ||||||||
Sales (net) in million €
21,379 | |||||||||
13,240 | |||||||||
6,866 | 5,792 | 4,428 | |||||||
3,226 | |||||||||
2,810 | 2,651 | 2,335 | 2,2991) | ||||||
Adeo | Kingfisher | OBI | Bauhaus | HORNBACH | Les MousquetairesXL-BYG(G) Nordic | Hagebau | REWE (Toom/ B1) | Stark Group |
Aki. Bricocenter. | Bricodepot. B&Q. |
Bricoman. Bricomart. | Castorama. Koctas. |
Dom Pro. Khane. Leroy | Kingfisher. Praktiker. |
Merlin. Weldom.. Zodio | Screwfix |
[Source: Dähne Statistik Baumarkt+Garten 2020. HORNBACH]
Bricomarché. | XL-BYG (DK). XL- | Hagebau. Cactus. | Toom. B1 Discount | Beijer Byggmaterial. |
Bricorama. Brico | BYGG (SE). | Werkers Welt. | Neumann Bygg. STARK | |
Cash | Mestergruppen (NO) | Knauber. | ||
Leitermann |
- Fiscal year ends July 31; Acqusition of Saint-Gobain Building Distribution Deutschland GmbH in October 2019 not included in sales for 2018/19
Factbook November 2020 | ©HORNBACH Group 2020 | Page 14 |
HORNBACH market share in Germany (2019)
HORNBACH Baumarkt Subgroup
Core DIY market volume in Germany in 2019
Gross Sales in € billion
HORNBACH
- Market share stationary: 11.3%
- Market share online: ~30%
7.2 | ||
of which online: | ||
16.7 | ~ 260 € million | |
of which online: | ||
23.6 | ~ 410 € million |
of which online:
- 850 € million
47.5
of which online:
~1.52 € billion
Market share HORNBACH (10 years)
Gross sales HORNBACH
Core DIY market volume (in bn €)
23.6 | ||||||||||||||||||
23.2 | 23.1 | 22.4 | 22.8 | |||||||||||||||
22.5 | ||||||||||||||||||
22.2 | 21.8 | 22.1 | ||||||||||||||||
21.3 | ||||||||||||||||||
9.0% | 9.7% | 11.0% | 11.0% 11.0% 11.0% 11.1% 11.3% | ||
8.8% | 8.9% | ||||
DIY stores | Specialist retailers Small scale formats Total DIY core market |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
[Source: BHB. GfK. IFH . Teipel Retail & Consulting. HORNBACH]
Factbook November 2020 | ©HORNBACH Group 2020 | Page 15 |
Growth above the sector average
HORNBACH Baumarkt Subgroup
Like-for-like sales in Germany
Insolvency of
Praktiker/Max Bahr
Start
HORNBACH
Online Shop
VAT rise from 16% to 19%
1998 = 100%
+47%
-6%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
DIY sector (Germany) | HORNBACH (Germany) |
[Source: BHB/GfK DIY-Panel (bis 2013). GfK DIY-TSR (ab 2014). HORNBACH]
Factbook November 2020 | ©HORNBACH Group 2020 | Page 16 |
Highest productivity in the German DIY Sector (2019)
HORNBACH Baumarkt Subgroup
16000 | |||||||||||
14000 | |||||||||||
sqm) | 12000 | BAUHAUS | |||||||||
Megastore | |||||||||||
(in | |||||||||||
10000 | |||||||||||
size | |||||||||||
GLOBUS | |||||||||||
store | |||||||||||
8000 | |||||||||||
HELLWEG | |||||||||||
Average | OBI | ||||||||||
6000 | TOOM | ||||||||||
Sales per sqm (€)* | |||||||||||||||||
2,386 | |||||||||||||||||
1,369 | 1,726 | 1,915 | |||||||||||||||
1,139 1,101 | |||||||||||||||||
HORNBACH | |||||||||||||||||
Sales per store (€ million)
27.7
21.1
4000
2000
0
HAGEBAU/ZEUS
EUROBAUSTOFF
BAUVISTA
10.3
17.0
4.9 7.3
500 | 1,000 | 1,500 | 2,000 |
Net sales per sqm
[Source: Dähne. HORNBACH]
2,500
*HORNBACH: Weighted net sales per sqm (financial year); competitors: Net sales per sqm as of Dec 31, 2019
Factbook November 2020 | ©HORNBACH Group 2020 | Page 17 |
High customer satisfaction
HORNBACH Baumarkt Subgroup
Overall positions of HORNBACH in Europe | Development of overall customer satisfaction according |
to "Kundenmonitor Deutschland" |
2016 | 2017 | 2018 | 2019 | 2020 | |
Overall | 1 | 2 | 2 | 1 | 1 |
statisfaction | |||||
Overall | 3 | 2 | 2 | 4 | 3 |
statisfaction | |||||
Overall | 1 | 1 | 1 | 1 | 1 |
statisfaction | |||||
Overall score | 1 | 1 | 1 | 1 | 1 |
Satisfaction | 1 | 1 | 1 | 1 | 1 |
index (NKI) | |||||
2.0 | HORNBACH | |||
Globus | ||||
2.1 | Bauhaus | |||
Hagebau | ||||
2.2 | Obi | |||
Toom | ||||
2.3 | ||||
2.4 | ||||
2.5 | ||||
2.6 | ||||
2016 | 2017 | 2018 | 2019 | 2020 |
Sources: Kundenmonitor Deutschland/Österreich/Schweiz, ING Retail Jaarpriijs (Netherlands), Evimetrix (Schweden)
Average score for overall customer satisfaction for vendors with a minimum of 100 respondents measured on a scale from "completely satisfied" (=1) to "not satisfied" (=5)
Factbook November 2020 | ©HORNBACH Group 2020 | Page 18 |
Positions in selected categories in 2020
HORNBACH Baumarkt Subgroup
Assortment. | Product quality Prices | Specialist | Recommen- | Number of | ||
choice. | advice | dation intent | vendors | |||
product range | evaluated | |||||
1 | 1 | 1 | 2 | 1 | 7 | |
1 | 2 | 1 | 1 | 2 | 7 | |
1 | 2 | 1 | 3 | 1 | 5 | |
1 | - | 1 | 3 | 1 | 6 | |
1 | 2 | 1 | 1 | 1 | 5 | |
(Statements based on studies in Germany, Switzerland, Austria, Netherlands, Sweden. No information collected for Czech Republic, Romania, Slovakia, Luxembourg)
Other Awards
DIY Retailer of the Year in
Austria, Netherlands, Sweden,
Switzerland.
Webshop Award in Austria,
Netherlands, Switzerland
Factbook November 2020 | ©HORNBACH Group 2020 | Page 19 |
FY 2019/20
Net sales (€ million) and growth in FY 2019/20
HORNBACH Group
+8.4% | 4,729 | ||||
4,141 | 4,362 | 2,245 | |||
3,941 | 2,118 | ||||
3,755 | 2,071 | ||||
2,040 | |||||
2,011 | |||||
+6.0% | |||||
1,977 | 2,183 | ||||
1,820 | |||||
1,670 | |||||
1,524 | |||||
+10.4% | |||||
218 | 229 | 248 | 265 | +13.2% | 299 | ||||
2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||||
HORNBACH Baustoff Union | HORNBACH Baumarkt AG [International] | HORNBACH Baumarkt AG [Germany] | |||||||
Rounding differences
Factbook November 2020 | ©HORNBACH Group 2020 | Page 21 |
Net sales (€ million) and growth per quarter
HORNBACH Group | HORNBACH Baumarkt Subgroup |
+9.1% | +9.0% | +5.0% | +10.9% | +8.5% | +8.9% | +4.8% | +10.6% | ||
1338 | 1268 | 1261 | |||||||
1227 | 1184 | ||||||||
1163 | 1139 | 1162 | |||||||
1085 | 1088 | 1055 | |||||||
1006 | |||||||||
984 | |||||||||
929 | |||||||||
887 | |||||||||
840 | |||||||||
Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q4 | ||
2018/19 | 2019/20 | 2018/19 | 2019/20 | ||||||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 22 |
Like-for-like sales growth (%)
HORNBACH Baumarkt Subgroup
Q1 | Q2 | Q3 | Q4 | FY | ||
2019/20 | 2019/20 | 2019/20 | 2019/20 | 2019/20 | ||
Total | 7.8 | 8.8 | 4.6 | 9.7 | 7.7 | |
Previous year | 2.3 | 3.4 | 6.2 | 5.9 | 4.2 | |
Germany | 6.9 | 8.0 | 3.3 | 7.9 | 6.5 | |
Previous year | -0.2 | 1.2 | 4.4 | 4.7 | 2.2 | |
International | 8.7 | 9.6 | 5.9 | 11.6 | 8.9 | |
Previous year | 5.2 | 5.8 | 8.2 | 7.1 | 6.5 | |
* In constant currencies; includes sales from all stores that have been open for at least one year as well as sales from online shops
Factbook November 2020 | ©HORNBACH Group 2020 | Page 23 |
IFRS 16 - Conversion effects (€ million)*
HORNBACH Group | HORNBACH Baumarkt Subgroup | ||||||||||||
BALANCE SHEET | 28.2.2019 | 1.3.2019 | Conversion | 28.2.2019 | 1.3.2019 | Conversion | |||||||
effect | effect | ||||||||||||
Right-of-use assets | 149.0 | 816.5 | 667.5 | 149.0 | 1,316.4 | 1,167.4 | |||||||
Lease liabilities | 164.0 | 854.0 | 690.0 | 164.0 | 1,356.5 | 1,192.5 | |||||||
INCOME STATEMENT | Conversion effect | Conversion effect | |||||||||||
FY 2019/20e | FY 2019/20e | ||||||||||||
Depreciation and amortization | 77.0 | 139.5 | |||||||||||
Adjusted EBIT | 12.7 | 21.5 | |||||||||||
Net financial expenses | -19.9 | -34.9 | |||||||||||
Earnings before taxes | -7.1 | -13.3 | |||||||||||
*Based on the lease contracts recognized and measured as of March 1. 2019 | |||||||||||||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 24 |
Adjusted EBIT (€ million)
HORNBACH Group
Q1 | Q2 | Q3 | Q4 | |||||||
227.0 | ||||||||||
165.6 | 41.8 | |||||||||
151.2 | 159.8 | 28.8 | 134.9 | |||||||
19.7 | ||||||||||
21.3 | 30.0 | |||||||||
101.5 | ||||||||||
81.7 | ||||||||||
81.9 | ||||||||||
74.4 | 75.4 | |||||||||
76.8 | 76.5 | 92.6 | 78.9 | 96.9 |
-21.3 | -22.1 | -37.5 | -13.2 | |
-45.7 | ||||
2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 |
Rounding differences
Factbook November 2020
Segments | HBM: | HORNBACH Baumarkt AG |
HBU: | HORNBACH Baustoff Union GmbH | |
HI: | HORNBACH Immobilien AG |
181.8
2018/19 | |||||
81.9 | 2019/20 | ||||
53.3 56.2 | |||||
3.6 | 2.6 | ||||
-10.6-13.6 | |||||
HBM | HBU | HI | Headquarters | ||
and | |||||
consolidation | |||||
©HORNBACH Group 2020 | Page 25 |
Adjusted EBIT (€ million)
HORNBACH Baumarkt Subgroup
Q1 Q2 Q3 Q4
181.8 | ||||
29.4 | ||||
110.0 | 81.9 | |||
99.3 | 102.8 | 12.2 | ||
4.0 | ||||
5.0 | 13.8 | 87.3 | ||
64.0 | 65.5 | |||
57.2 | 57.9 | |||
65.2 | 61.6 | 77.5 | 64.9 | 84.1 |
-28.1 | -30.4 | -43.7 | -19.0 | |
-52.5 | ||||
2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 |
Rounding differences
Factbook November 2020
Segments | 2018/19 | |
2019/20 | ||
104.8
94.5
74.7
18.0
-10.9-17.5 | ||
Retail | Real Estate | Headquarters and |
consolidation |
©HORNBACH Group 2020 | Page 26 |
Adjusted EBIT (€ million) - reconciliation
HORNBACH Group | HORNBACH Baumarkt Subgroup | ||||||||
FY 2018/19 | FY 2019/20 | FY 2018/19 | FY 2019/20 | ||||||
EBIT | 120.6 | +77.3% | 213.8 | 67.2 | +144.1% | 163.9 |
Non-operating Earnings | -4.4 | -2.6 | -4.3 | -1.6 |
Non-operating Expenses | +18.7 | +15.8 | +19.0 | +19.5 |
EBIT adjusted | 134.9 | +68.3% | 227.0 | 81.9 | +122.1% | 181.8 |
rounding differences
Factbook November 2020 | ©HORNBACH Group 2020 | Page 27 |
Cost structure and EBIT in % of sales
HORNBACH Group
37.0% | 36.6% | 36.6% | 36.0% | 35.8% | General and administration |
expenses | |||||
33.6% | 33.5% | ||||
33.0% | 33.1% | 31.8% | Pre-opening expenses | ||
4.9%4.9%5.2%5.2% Selling and store expenses 4.9%
Gross margin
Expense ration
28.5% | 27.9% | 27.8% | 28.2% | 26.7% |
2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | |
EBIT margin | |||||
3.7% | 4.0% | 3.9% | 2.8% | 4.5% | |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 28 |
Earnings before Taxes and Net Income (before Minority Interests)
HORNBACH Group | HORNBACH Baumarkt Subgroup | |||||
Tax rate | 23.7% | 25.8% | Tax rate | 20.7% | 25.6% | |
+68.7% | +64.1% | +104.9% | +92.2% |
166 | ||||||||||||
99 | 123 | 106 | 79 | |||||||||
75 | 52 | |||||||||||
41 | ||||||||||||
2018/19 | 2019/20 | 2018/19 | 2019/20 | |||||||||
Earnings before taxes | Net income | Earnings before taxes | Net income | |||||||||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 29 |
Cash Flow Statement (€ million)
Cash flow from operating activities
of which: funds from operations
of which: D&A of rights of use of leased objects (IFRS 16)
of which: change in working capital
Cash flow from investing activities
of which: investments in assets
Cash flow from financing activities
of which: repayment of lease liabilities (IFRS 16)
Cash-effective change in cash and cash equivalents
HORNBACH Group
2018/192019/20
54.0324.5
181.8333.5
-12.5-100.6
-127.8-9.0
-190.7-121.6
-191.5-126.7
288.9-152.1
-10.3-84.2
152.250.8
HORNBACH Baumarkt Subgroup
2018/192019/20
3.7327.5
128.8331.7
-12.5-166.1
-125.1-4.3
-179.6-94.9
-179.2-92.8
316.3-174.3
-10.3-139.7
140.458.3
Rounding differences
Factbook November 2020 | ©HORNBACH Group 2020 | Page 30 |
CAPEX (€ million)
HORNBACH Group
HORNBACH Immobilien HORNBACH Baustoff Union
CAPEX split in 2019/20 - HORNBACH Group
HORNBACH Baumarkt
195.9
3.7
8.7
131.4
21.8
12.5
183.5
3%
41%
15%
41%
97.1
2018/19 | 2019/20 |
Factbook November 2020
Buyback of stores (Berlin-Vogelsdorf, Potsdam, Bielefeld)
Other investments in land and buildings
Plant and office equipment Intangible assets
©HORNBACH Group 2020 | Page 31 |
Group Balance Sheet Structure (€ million)
HORNBACH Group
3,011 | 3,760 | Total |
Assets | ||
368 | Liquid funds | |
Inventories. accounts | ||
316 | 995 | receivable and other |
assets | ||
922 | ||
2,397 | Non-current assets | |
1,773 | of which right-of-use assets*: | |
741 € million | ||
(Feb 2019: 149 € million) |
February 28, 2019 | February 29, 2020 |
Total Equity | 3,760 | 3,011 |
and liabilities | ||
Current liabilities | ||
of which current | ||
lease liabilities*: | 666 | |
82 € million | ||
(Feb 2019: 11 € million) | ||
Non-current liabilities | 804 | |
of which non-current | 1,490 | |
lease liabilities*: | ||
713 € million | 700 | |
(Feb 2019: 153 € million) | ||
Shareholders' equity | 1,604 | 1,507 |
42.7% | 50.0% |
February 29, 2020 | February 28, 2019 |
*First-time application of the new IFRS 16 leasing standard | Rounding differences | |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 32 |
Group Balance Sheet Structure (€ million)
HORNBACH Baumarkt Subgroup
Total | 2,338 | 3,564 | |
Assets | |||
302 | Liquid funds | ||
Inventories. accounts | |||
902 | receivable and other | ||
assets | |||
243 | |||
834 | |||
2,360 | Non-current assets | ||
of which right-of-use assets*: | |||
1,262 | 1.218 € million | ||
(Feb 2019: 149 € million) | |||
February 28, 2019 | Febraury 29, 2020 |
Total Equity | 3,564 | 2,338 |
and liabilities | ||
Current liabilities | ||
of which current | 668 | |
lease liabilities*: | ||
139 € million | ||
(Feb 2019: 11 € million) | ||
Non-current liabilities | ||
of which non-current | 1,764 | 738 |
lease liabilities*: | ||
1.145 € million | ||
(Feb 2019: 153 € million) | ||
531 | ||
Shareholders' equity | 1,132 | 1,069 |
31.8% | 45.7% |
February 29, 2020 | February 28, 2019 |
*First-time application of the new IFRS 16 leasing standard | Rounding differences | |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 33 |
Earnings per share, proposed dividend and payout ratio
HORNBACH Holding Group
Payout ratio | ||||
36.7% | 22.9% | |||
6.56
4.08
1.50 | 1.50 | |||
2018/19 | 2019/20 | |
Earnings per share (€) | Dividend (€) | |
HORNBACH Baumarkt Subgroup
Payout ratio | ||||
52.7% | 27.5% | |||
2.47
1.29
0.68 | 0.68 |
2018/19 | 2019/20 | |||
Earnings per share (€) | Dividend (€) | |||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 34 |
9M 2020/21
Highlights 9M 2020/21
▪
▪
Group Sales +20.2 % (HBM +20.7 %)
Like-for-like sales (DIY) von +19.5%
▪
▪
Germany +24.6% International +14.3%
- Sales restrictions in Austria (17.11.-6.12.2020) and Czech Republic (22.10.-2.12.2020)over-compensated
▪
▪
Earnings grow significantly stronger than sales
Adjusted EBIT grows 67.2% to 401.5 € million
- Outlook for fiscal year 2020/21 confirmed despite sales restrictions in Germany, the Netherlands and Slovakia in Q4
Factbook November 2020 | ©HORNBACH Group 2020 | Page 36 |
Net sales (€ million) and growth in 9M 2020/21
HORNBACH Group
+20.2%
4.503
3.318 | 3.476 | |
3.155 | 1,688 | |
1,658 | ||
1,633 | ||
1,331 | 1,451 | 1,568 |
191 | 206 | 218 |
2,219
3.745
1,782
+24.5%
2,005
1,717
+16.7%
13.5% | |
245 | 278 |
HORNBACH Baumarkt AG
[Germany]
HORNBACH Baumarkt AG
[International]
HORNBACH Baustoff Union
2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 |
Rounding differences
Factbook November 2020 | ©HORNBACH Group 2020 | Page 37 |
Net sales (€ million) per quarter
HORNBACH Group | HORNBACH Baumarkt Subgroup |
+17.8% | +22.7% | +20.3% | +18.4% | +23.0% | +20.9% | |
1,577 | 1,555 | |||||
1,371 | 1,492 | 1,457 | ||||
1,338 | ||||||
1,268 | 1,275 | |||||
1,261 | ||||||
1,139 | 1,184 | |||||
1,055 | ||||||
Q 1 | Q 2 | Q 3 | Q 1 | Q 2 | Q 3 | |
2019/20 | 2020/21 | 2019/20 | 2020/21 |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 38 |
Like-for-like sales growth (%)*
HORNBACH Baumarkt Subgroup
HORNBACH Fiscal Year1)
FY | Q1 | Q2 | Q3 | 9M | |
2019/20 | 2020/21 | 2020/21 | 2020/21 | 2020/21 | |
Total | 7.7 | 17.5 | 21.4 | 19.7 | 19.5 |
Previous year | 4.2 | 7.8 | 8.8 | 4.6 | 7.1 |
Germany | 6.5 | 24.4 | 24.1 | 25.5 | 24.6 |
Previous year | 2.2 | 6.9 | 8.0 | 3.3 | 6.2 |
International | 8.9 | 10.3 | 18.6 | 14.0 | 14.3 |
Previous year | 6.5 | 8.7 | 9.6 | 5.9 | 8.1 |
HORNBACH vs German DIY sector2) (Calendar Year)
29.2
22.9 | 23.4 | 22.0 |
14.2 15.4
10.5
6.16.0
3.8
KJ 2019 | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | |
HORNBACH (DE) | DIY Sector (DE) | ||||
- In constant currencies; includes sales from all stores that have been open for at least one year as well as sales from online shops
- Source: GfK TSR, DIY Superstores (>1000 sqm)
Factbook November 2020 | ©HORNBACH Group 2020 | Page 39 |
Adjusted EBIT in 9M (€ million)
HORNBACH Group
401.5
66.9
240.2 | 161.9 | ||||||
203.1 | 41.8 | Q3 | |||||
181.9 | 28.8 | 180.6 | |||||
30.0 | 19.7 | Q2 | |||||
101.5 | |||||||
75.4 | 81.7 | 81.9 | Q1 | ||||
172.8 | |||||||
76.5 | 92.6 | 78.9 | 96.9 | ||||
2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 |
Rounding differences
Factbook November 2020
9M 2020/21: Segments | HBM: | HORNBACH Baumarkt AG |
HBU: | HORNBACH Baustoff Union GmbH | |
HI: | HORNBACH Immobilien AG | |
ZK: | Corporate Functions and Consolidation |
359.8
9M 2019/20 9M 2020/21
200.9
43.1 43.7 | ||||
5.5 | 10.0 | |||
-9.2-12.1 | ||||
HBM | HBU | HI | ZK |
©HORNBACH Group 2020 | Page 40 |
Adjusted EBIT in 9M (€ million)
HORNBACH Baumarkt Subgroup
359.8
52.8
200.9 | 147.0 | |||||
Q3 | ||||||
153.6 | 29.4 | |||||
134.3 | Q2 | |||||
133.3 | 12.2 | |||||
13.8 | 4.0 | 87.3 | Q1 | |||
64.0 | ||||||
57.9 | 65.5 | |||||
160.0 | ||||||
61.6 | 77.5 | 64.9 | 84.1 | |||
2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 |
Rounding differences | *Corporate Functions and Consolidation |
Factbook November 2020
9M 2020/21 - Segments
292.5 | 9M 2019/20 | |
9M 2020/21 | ||
138.6
77.8 85.9
-15.5-18.6 | ||
Retail | Real estate | ZK* |
©HORNBACH Group 2020 | Page 41 |
Adjusted EBIT - Reconciliation (€ million)
9M 2019/20 | 9M 2020/21 | 9M 2019/20 | 9M 2020/21 | |||||
EBIT | 240.6 | +67.3% | 402.5 | 199.9 | +80.0% | 359.8 | ||
Non-operating earnings | -1,4 | -0,9 | 0 | 0 |
Non-operating expenses | +1,0 | 0 | +1.0 | 0 |
Adjusted EBIT | 240.2 | +67.2% | 401.5 | 200.9 | +79.1% | 359.8 |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 42 |
Cost structure and adjusted EBIT margin (% of sales)
HORNBACH Group
Q3 | 9 Months | ||
35.0% | 34.6% | 35.6% | 35.3% |
31.8% | 30.0% | 29.5% | |
5.0% | 4.5% | 26.6% | |
4.6% | |||
Verwaltung | 3.9% | ||
Voreröffnung
Filialkosten
Rohertragsmarge | 26.6% | 25.4% | 24.8% | |
Kostenquote | 22.6% | |||
Q3 2019/20 | Q3 2020/21 | 9M 2019/20 | 9M 2020/21 | ||
Adjusted EBIT margin | 3.7% | 4.9% | 6.4% | 8.9% | |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 43 |
Earnings before Taxes and Net Income (€ million)
HORNBACH Group | HORNBACH Baumarkt Subgroup |
+79,0%
+101,5%
+76,7%
+101,7%
368.7 | |||||
316.9 | |||||
275.9 | 238.6 | ||||
205.9 | |||||
157.3 | |||||
156.1 | |||||
118.3 | |||||
Ergebnis vor SteuernPeriodenüberschussErgebnis vor SteuernPeriodenüberschuss
*before minority interests | 9M 2019/20 | 9M 2020/21 | 9M 2019/20 | 9M 2020/21 | |||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 44 |
Cash Flow Statement (€ million)
HORNBACH Group
HORNBACH Baumarkt Subgroup
Cash flow from operating activities
of which: funds from operations
of which: D&A of rights of use of leased objects (IFRS 16)
of which: change in working capital
Cash flow from investing activities
of which: investments in fixed assets
of which: short term financial investments
Cash flow from financing activities
of which: repayment of lease liabilities
9M 2019/20
346.9
298.9
70.1
48.0
-342.6
-101.4
-247.1
143.1
9M 2020/21
583,0
413.1
68.5
169.9
-103.3
-103.6
0
-103.2
9M 2019/20 | 9M 2020/21 |
352.9574.9
291.0404.5
116.4113.6
62.0170.3
-312.092.9
-71.1-90.7
-240.10
121.4-127.4
(IFRS 16)
Cash-effective change in cash and cash equivalents
Rounding differences
-63.664.3
147.4376.5
-104.8-105.9
162.3354.6
Factbook November 2020 | ©HORNBACH Group 2020 | Page 45 |
CAPEX - 9 months (€ million)
HORNBACH Group
HORNBACH Immobilien
HORNBACH Baustoff Union
HORNBACH Baumarkt
104.2 | 107.7 |
21.4 | 13.3 |
9.2 |
94.3
73.7
2019/202020/21
Factbook November 2020
CAPEX split in 9M 2020/21 - HORNBACH Group
4.1
41.6
62.0
Land and buildings
Plant and office equipment
Intangible assets
©HORNBACH Group 2020 | Page 46 |
Group Balance Sheet Structure (€ million)
HORNBACH Group
3,760 | 4,104 | Total |
Assets | ||
743 | Liquid funds | |
368 | ||
Inventories. accounts | ||
receivable and other | ||
995 | 967 | assets |
2,397 | 2,394 | Non-current assets |
of which right-of-use assets*: | ||
710 € million | ||
(Feb 2020: 741 € million) |
Total Equity | 4,104 | 3,760 |
and liabilities | ||
Current liabilities | ||
of which current | 877 | |
lease liabilities*: | 666 | |
81 € million | ||
(Feb 2020: 82 € million) | ||
Non-current liabilities | 1,382 | |
of which non-current | 1,490 | |
lease liabilities*: | ||
686 € million | ||
(Feb 2020: 713 € million) | ||
Shareholders' equity | 1,846 | 1,604 |
45,0% | 42.7% |
February 29, 2020 | November 30, 2020 | November 30, 2020 | February 29, 2020 |
*IFRS 16 leasing standard | Rounding differences | ||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 47 |
Group Balance Sheet Structure (€ million)
HORNBACH Baumarkt Subgroup
3,564 | 3,857 | Total |
Assets | ||
655 | Liquid funds | |
302 | ||
Inventories. accounts | ||
902 | receivable and other | |
865 | assets | |
2,360 | 2,336 | Non-current assets |
of which right-of-use assets*: | ||
1,164€ million | ||
(Feb 2020: 1,218 €m) |
February 29, 2020 | November 30, 2020 |
Total Equities | 3,857 | 3,564 |
and Liabilities | ||
Current liabilities | 798 | |
of which current | 668 | |
lease liabilities*: | ||
136 Mio. € | ||
(Feb 2020: 139 €m) | ||
Non-current liabilities | ||
of which non-current | 1,718 | 1,764 |
lease liabilities*: | ||
1,101 Mio. € | ||
(Feb 2020: 1,145 €m) | ||
Shareholders' equity | 1,341 | 1,132 |
34.8% | 31.8% |
November 30, 2020 | February 29, 2020 |
*IFRS 16 leasing standard | Rounding differences | |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 48 |
Number of Employees*
HORNBACH Group | HORNBACH Baumarkt Subgroup |
21,50523,083
20,43821,937
9,424
10,270
9,395
10,241
12,081 | 12,813 |
February 29, 2020 | November 30, 2020 | ||
Germany | International | ||
Factbook November 2020
11,043 | 11,696 |
February 29, 2020 | November 30, 2020 | ||
Germany | International | ||
* incl. passive employees |
©HORNBACH Group 2020 | Page 49 |
Outlook
New Store Openings and Outlook FY 2020/21
HORNBACH Baumarkt Subgroup
Opening in Q4: 2 "Bodenhaus" stores in Berlin and Cologne
HORNBACH Group | HORNBACH Baumarkt | |
Subgroup | ||
Sales 2020/21 | Initial forecast: On previous year's level | |
Outlook adjusted on 10/08/2020 (Adhoc): | ||
Growth between 5% and 15% | ||
Narrowing of the forecast range on 29/09/2020 (Report): | ||
Growth between 8% and 15% | Growth between 9% and 15% | |
Outlook adjusted on 9/11/2020 (Adhoc): | ||
Growth between 13% - 17% | Growth between 14% - 18% | |
Sales 2019/20 | 4,729 € million | 4,428 € million |
Adjusted EBIT | Initial forecast (incl. Corona effects): Slightly below previous year's level | |
2020/21 | Outlook adjusted on 10/08/2020 (Adhoc): | |
230 - 330 € million | 180 - 280 € million | |
Narrowing of the forecast range on 29/09/2020 (Report): | ||
270 - 330 € million | 220 - 280 € million | |
Outlook adjusted on 9/11/2020 (Adhoc): | ||
290 - 360 € million | 240 - 310 € million | |
Adjusted EBIT | 227 € million | 182 € million |
2019/20 | ||
Capex 2020/21 | 155 - 175 € million | 150 - 170 € million |
Capex 2019/20 | 131 € million | 97 € million |
Factbook November 2020 | ©HORNBACH Group 2020 | Page 51 |
Impact of the coronavirus pandemic on store operations
Country | Period of closure for private customers | Number of stores | Major exemptions | |||
Different regulations in the federal states, but general trends are: | ||||||
Germany | 16/12/2020 to 10/1/2021 | Q4 | 96 | ▪ Mostly open to commercial customers | ||
▪ | Mostly reserve and collect/deliver | |||||
▪ Christmas tree sale permitted | ||||||
Luxembourg | No restrictions on sales | 1 | ||||
Netherlands | 15/12/2020 to 19/1/2021 | Q4 | 15 | ▪ Open to commercial customers | ||
▪ | Reserve and collect/deliver | |||||
Austria | 17/11/2020 to 6/12/2020 | Q3 | 14 | ▪ | Open to commercial customers | |
26/12/2020 to 17/1/2021 | Q4 | ▪ | Reserve and collect/deliver | |||
Romania | No significant restrictions on sales | 7 | ▪ Weekend closure in regions with a high incidence rate (Sibiu) | |||
▪ | Amended opening hours | |||||
Sweden | No restrictions on sales | 7 | ||||
Switzerland | No restrictions on sales | 7 | ▪ | Amended opening hours | ||
▪ Open to commercial customers | ||||||
Slovakia | 19/12/2020 to 10/01/2021 | Q4 | 4 | ▪ | Reserve and collect/deliver | |
▪ Christmas tree sale permitted | ||||||
▪ Open to commercial customers | ||||||
Czech Republic | 22/10/2020 to 2/12 2020 | Q3 | 10 | ▪ | Reserve and collect/deliver | |
▪ | Garden center and drive through open to private customers | |||||
▪ | Amended opening hours | |||||
Group | 161 | |||||
Factbook November 2020 | ©HORNBACH Group 2020 | Page 52 |
New store concept "Bodenhaus" opening in January 2020
▪ Locations in Berlin and Cologne with ca. 9,000 sqm
▪ Specialization in hard floor coverings (tiles, parquet, laminate, vinyl and terrace boards)
▪ Focus on commercial customers
Factbook November 2020 | ©HORNBACH Group 2020 | Page 53 |
Financial Calendar
December 22, 2020 | Financial Update 3rd Quarter of 2020/21 as of November 30, 2020 |
March 23, 2021 | Trading Statement (FY) as of February 28, 2021 |
May 27, 2021 | Annual Report 2020/21 as of February 28, 2021 |
DVFA Analyst Conference of HORNBACH Baumarkt AG |
Contact
Investor Relations
Axel Müller
(+49) 0 63 48 / 60 - 2444
axel.mueller@hornbach.com
Anne Spies
(+49) 0 63 48 / 60 - 4558 anne.spies@hornbach.com
www.hornbach-group.com
DISCLAIMER
This presentation is to be read in the context of the audited financial data of the HORNBACH Holding Group and the disclosures made in the notes to the consolidated financial statements contained in the annual report. It contains statements relating to the future based on assumptions and estimates made by HORNBACH's Board of Management. Forward-looking statements are only valid at the time at which they are made. Although we assume that the expectations reflected in these forecast statements are realistic, the company can provide no guarantee that these expectations will turn out to be accurate. The assumptions may involve risks and uncertainties which could result in actual events differing significantly from the forecast statements. Such factors include those discussed in the "Risk Report" and "Outlook" of the annual report. We do not assume any obligation to update the forward-looking statements contained in this presentation.
Factbook November 2020 | ©HORNBACH Group 2020 | Page 54 |
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Hornbach-Baumarkt AG published this content on 22 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2020 08:58:04 UTC