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OFFON

HORNBACH BAUMARKT AG

(HBM)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 06/24 03:58:01 pm
34.35 EUR   +1.78%
06/22HORNBACH BAUMARKT AGá : quaterly earnings release
06/07HORNBACH BAUMARKTá : Factbook Fiscal Year 2020/21
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05/31HORNBACH BAUMARKTá : Warburg Research reiterates its Buy rating
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HORNBACH Baumarkt : Factbook FY 2019/20 + 9M 2020/21

12/22/2020 | 03:59am EDT

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

  1. Number of shares: 16.000.000 /
    Stock market code: HBH
  2. Number of shares: 31.807.000 /
    Stock market code: HBM
  3. 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

  1. based on our own assumptions and calculations
  2. 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

  1. Equal opportunities in selecting and promoting our employees.
  2. Minimum requirements in our suppliers' production sites.
  3. Flawless quality of our products.
  4. Enhancing our product range to account for sustainability.
  5. Recycling and waste avoidance in our business operations.

Factbook November 2020

©HORNBACH Group 2020

Page 10

2007
FSC® Chain of Custody certificate
HORNBACH is the first DIY store chain with international operations to be awarded the FSC® Chain of Custody Certificate.
2004 HORNBACH Foundation

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

  1. 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)

  1. Product range and customer information
  2. Responsible procurement
  3. Product responsibility
  4. Employee satisfaction
  5. Employee recruitment
  6. Employee development and retention
  7. 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

  1. 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)

  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)

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

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 08:58:04 UTC


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Financials
Sales 2022 5 151 M 6 145 M 6 145 M
Net income 2022 122 M 146 M 146 M
Net Debt 2022 1 460 M 1 742 M 1 742 M
P/E ratio 2022 8,81x
Yield 2022 2,67%
Capitalization 1 073 M 1 281 M 1 281 M
EV / Sales 2022 0,49x
EV / Sales 2023 0,45x
Nbr of Employees 22 136
Free-Float 23,4%
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Number of Analysts 1
Last Close Price 33,75 €
Average target price 53,00 €
Spread / Average Target 57,0%
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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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