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HORNBACH BAUMARKT AG

(HBM)
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HORNBACH Baumarkt : Analystenprńsentation Q3/9M 2020/21 (englisch)

12/22/2020 | 03:51am EDT

Analyst Call Q3 2020/21

HORNBACH Group

December 22, 2020

Paderborn, Germany

161 DIY megastores in Europe

Status: November 30, 2020

Oradea (30/09/2020)

36 Builders merchant outlets

in Germany (34) and France (2)

Analyst Call Q3 2020/21

  • 161 DIY megastores in 9 countries
  • Sales area of 1,904,429 sqm
  • Ø store size 11,829 qm

Country

Number of stores

Sales area in 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 2

Impact of the coronavirus pandemic on store operations Q3/Q4 2020/21

Country

Period of closure for private customers

Number of

Major exemptions

stores

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

Reserve and collect/deliver

26/12/2020 to 17/1/2021

Q4

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 significant restrictions on sales

7

Amended opening hours

No Sunday and Holiday openings

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

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 3

Sales growth in Q3 and 9M 2020/21

Net sales in Q3

in € million

+20.3%

1,371

662

1,139

526

+25.9%

613

528 +16.0%

12.8%

85

95

2019/202020/21

Net sales in 9M

in € million

+20.2%

4,503

2,219

3,745

1,782

+24.5%

2,005

1,717

+16.7%

245

13.5%

278

2019/202020/21

HORNBACH Baumarkt

AG [Deutschland]

HORNBACH Baumarkt

AG [International]

HORNBACH Baustoff

Union

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 4

Like-for-like sales growth and outperformance

Like-for-like sales growth*

in % - HORNBACH Baumarkt subgroup

Q1 2020/21

Q2 2020/21

Q3 2020/21

9M 2020/21

Total

17,5

21.4

19.7

19.5

Germany

24.4

24.1

25.5

24.6

International

10.3

18.6

14.0

14.3

Austria

7.6

18.9

15.3

13.7

Czech

7.4

6.8

-8.7

2.3

Republic

Luxembourg

17.3

46.1

31.4

31.3

Netherlands

22.1

20.8

19.5

20.8

Romania

17.9

27.0

19.2

21.3

Slovakia

-26.5

6.8

8.8

-4.2

Sweden

22.4

25.4

22.4

23.4

Switzerland

-0.6

19.4

19.1

11.9

HORNBACH vs DIY sector2) in Germany

(Calendar Year)

29.2

22.9

23.4

22.0

14.215.4

10.5

6.0

Q1 2020

Q2 2020

Q3 2020

9M 2020

HORNBACH (DE)

DIY sector (DE)

1) In constant currencies; includes sales from all stores that have been open for at least one year as well as sales from online shops

2) Source: GfK TSR, DIY Superstores (>1000 sqm)

* in constant currencies

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 5

Operating earnings before interest and taxes (EBIT) - Adjusted EBIT

HORNBACH Group

Adjusted EBIT

in € million

+67.2%

401.5

66.9

Segments

HBM:

HORNBACH Baumarkt subgroup

HBU:

HORNBACH Baustoff Union GmbH

HI:

HORNBACH Immobilien AG

ZK:

Corporate Functions and Consolidation

359.8

Reconciliation

in € million

9M

9M

2019/20

2020/21

EBIT

240.6

402.5

Non-operating

-0.4

-0.9

earning items

Q3

9M 2019/20

240.2

161.9

9M 2020/21

Q2

41.8

200.9

Q1

101.5

Adjusted EBIT*

240.2

401.5

172.8

43.1 43.7

96.9

10.0

5.5

2019/20

2020/21

-9.2-12.1

HBM

HBU

HI

ZK

Rounding differences

Analyst Call Q3 2020/21

*adjusted to exclude non-operating earnings items, e.g. impairment losses on assets, income from disposals of properties, income from write-ups of assets impaired in previous years

©HORNBACH Group 2020

Page 6

Cash flow and investments - 9 months (€ million)

HORNBACH Group

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 and intangible assets

of which: short term financial investments

Cash flow from financing activities

of which: repayment of lease liabilities (IFRS 16)

of which: proceeds from taking up long- term debt

Cash-effective change in cash and cash equivalents

9M 2019/20

346.9

298.9

70.1

48.0

-342.6

-104.1

-247.1

143.1

-63.6

248.1

147.4

9M 2020/21

583,0

413.1

68.5

169.9

-103.3

-107.7*

0

-103.2

-64.3

0

376.5

CAPEX 9M 2020/21

4%

39%

57%

Real estate

Plant and office equipment

Intangible assets

* of which 94.3 € million in HBM subgroup

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 7

Group Balance Sheet Structure (€ million)

HORNBACH Group

3,760

4,104

Total

Total Equity

4,104

3,760

Assets

and liabilities

Liquid funds

Current liabilities

743

of which current

877

368

lease liabilities*:

Inventories. accounts

666

81 € million

receivable and other

(Feb 2020: 82 € million)

assets

995

967

Non-current liabilities

1,382

of which non-current

1,490

lease liabilities*:

686 € million

(Feb 2020: 713 €

Non-current assets

million)

2,397

2,394

of which right-of-use assets*:

Shareholders' equity

710 € million

1,846

1,604

(Feb 2020: 741 € million)

45.0%

42.7%

February 29, 2020

November 30, 2020

November 30, 2020

February 29, 2020

*IFRS 16 leasing standard

Rounding differences

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 8

Group Balance Sheet Structure (€ million)

HORNBACH Baumarkt Subgroup

3,564

3,857

Total

Assets

655

Liquid funds

302

Inventories. accounts

receivable and other

902

865

assets

2,360

2,336

Non-current assets

of which right-of-use assets*:

1,164€ million

(Feb 2020: 1,218 €m)

Total Equities

3,857

3,564

and Liabilities

Current liabilities

798

of which current

lease liabilities*:

668

136 Mio. €

(Feb 2020: 139 €m)

Non-current liabilities

of which non-current

1,718

lease liabilities*:

1,764

1,101 Mio. €

(Feb 2020: 1,145 €m)

Shareholders' equity

1,341

1,132

34.8%

31.8%

February 29, 2020

November 30, 2020

November 30, 2020

February 29, 2020

*IFRS 16 leasing standard

Rounding differences

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 9

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

Outlook adjusted on 9/11/2020 (Adhoc):

Growth between

Growth between

13% - 17%

14% - 18%

Sales 2019/20

4,729 € million

4,428 € million

Adjusted EBIT

Outlook adjusted on 9/11/2020 (Adhoc):

2020/21

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

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 10

Financial Calendar

December 22, 2020

Financial Update 3rd Quarter of 2020/21 as of November 30, 2020

Contact

Trading Statement (FY) as of February 28, 2021

Investor Relations

March 23, 2021

Axel Müller

May 27, 2021

Annual Report 2020/21 as of February 28, 2021

(+49) 0 63 48 / 60 - 2444

DVFA Analyst Conference of HORNBACH Baumarkt AG

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.

Analyst Call Q3 2020/21

©HORNBACH Group 2020

Page 11

Analyst Call Q3 2020/21

HORNBACH Group

December 22, 2020

Disclaimer

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 08:50:03 UTC


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Sales 2022 5 151 M 6 236 M 6 236 M
Net income 2022 122 M 148 M 148 M
Net Debt 2022 1 460 M 1 768 M 1 768 M
P/E ratio 2022 9,48x
Yield 2022 2,48%
Capitalization 1 155 M 1 397 M 1 398 M
EV / Sales 2022 0,51x
EV / Sales 2023 0,47x
Nbr of Employees 22 136
Free-Float 23,4%
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 1
Average target price 53,00 €
Last Close Price 36,30 €
Spread / Highest target 46,0%
Spread / Average Target 46,0%
Spread / Lowest Target 46,0%
EPS Revisions
Managers and Directors
NameTitle
Erich Harsch Chief Executive Officer
Albrecht Hornbach Chairman-Supervisory Board
Andreas Schobert Head-Technology
Kay Strelow Deputy Chairman-Supervisory Board
Martin Hornbach Member-Supervisory Board
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