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HORNBACH HOLDING AG & CO. KGAA

(HBH)
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PRESS RELEASE: Hornbach Holding AG & Co. KGaA: Hornbach optimistic after record results

05/27/2021 | 01:02am EDT
DGAP-News: Hornbach Holding AG & Co. KGaA / Key word(s): Annual Report/Annual Results 
Hornbach Holding AG & Co. KGaA: Hornbach optimistic after record results 
2021-05-27 / 07:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Hornbach optimistic after record results 
Preliminary 2020/21 figures published in March now confirmed upon presentation of DIY Group's Annual Report: 
- Strong customer demand drives consolidated sales up 15.4 % to Euro 5.5 billion 
- Significant growth in online business 
- Adjusted operating earnings (EBIT) rise 44 % to Euro 326 million 
- Increased dividend announced for both shares 
- Ongoing high demand at start of 2021/22 spring season 
 
Bornheim/Pfalz, May 27, 2021. High demand for construction and DIY products during the coronavirus pandemic brought 
record results for the Hornbach Group (Hornbach Holding AG & Co. KGaA Group) in its 2020/21 financial year (March 1, 
2020 to February 28, 2021). The dynamic sales performance continued in the first three months of the 2021/22 financial 
year, although in some countries the business performance was affected by strict restrictions on sales. Overall, the 
company aims to match the previous year's level of sales in the current year. 
"Together with the great entrepreneurial spirit and commitment shown by our staff, one crucial factor in our very 
positive overall performance and our lead over the sector was our interconnected retail strategy. The lockdown periods 
clearly demonstrated the importance of the close links between our stationary retail and our e-commerce activities. 
Great flexibility and the rapid response capacity of our stores and logistics were also key in enabling us to satisfy 
the wishes of our customers so well in this challenging year and despite massive sales restrictions", explained Erich 
Harsch, CEO of Hornbach Baumarkt AG, at the Annual Results Press Conference. 
The Hornbach Group's net sales grew 15.4 % to Euro 5,456 million in 2020/21. Hornbach Baumarkt AG, the largest 
operating subgroup which operated 163 locations and online shops in nine countries across Europe at the balance sheet 
date on February 28, 2021 (2019/20: 160), boosted its sales by 15.6 % to Euro 5,117 million. The DIY stores and garden 
centers achieved currency-adjusted like-for-like sales growth of 14.7 %, the highest rate since the company's IPO in 
1993. The DIY retail business also reported a new record level of average weighted surface productivity, with sales of 
Euro 2,698 per square meter. 
Online sales including click & collect doubled in the 2020/21 financial year and reached around 17 % of sales. Among 
other factors, this was due to click & collect sales still being allowed for private customers during temporary store 
closures. 
The Hornbach Baustoff Union GmbH subgroup reported sales growth of 12.8 % to Euro 338 million. Sales to commercial 
customers at the DIY stores and builders' merchant outlets made a major contribution to the Group's growth. 
 
Significant rise in earnings - proposed increase in dividend 
Thanks to its strong sales growth, the Hornbach Group significantly increased its operating earnings strength compared 
with the previous year. EBIT adjusted to exclude non-operating one-off items (adjusted EBIT) showed clearly 
disproportionate growth compared with sales, rising 43.8 % to Euro 326.4 million (2019/20: Euro 227.0 million). The 
adjusted EBIT margin climbed from 4.8 % to 6.0 %. At the Hornbach Baumarkt AG subgroup, adjusted EBIT rose 53.3 % to 
Euro 278.8 million and the adjusted EBIT margin from 4.1 % to 5.4 %. Particularly worth noting is the striking 
improvement in profitability at the DIY stores in Germany, where the adjusted EBIT margin surged 150 base points to 3.1 
%. The Other European Countries region gained further ground at an already high level and increased its adjusted EBIT 
margin by 130 base points to 8.0 %. 
Earnings per Holding share rose from Euro 6.56 to Euro 10.33. The Board of Management and Supervisory Board will 
propose increasing the dividend from Euro 1.50 to Euro 2.00 for approval by the (virtual) Annual General Meeting of 
Hornbach Holding AG & Co. KGaA to be held on July 8, 2021. For Hornbach Baumarkt AG, it is planned to increase the 
dividend from Euro 0.68 to Euro 0.90. 
This very strong earnings performance led the operating cash flow to rise from Euro 324.5 million to Euro 346.5 
million. At Euro 154.4 million, the Hornbach Group's investments were around 18 % higher in the 2020/21 financial year 
than in the previous year. 
 
Hornbach expects changes in consumer behavior to last 
The start to the 2021/22 spring season was affected by restrictions on sales, which varied from region to region in 
terms of their strictness and duration, and by changeable weather conditions. However, these factors were countered by 
ongoing high customer demand across all distribution channels. 
"The challenges facing the Hornbach Group in spring have not decreased compared with the situation a year ago. One 
aspect we believe will endure is the sustainable change in consumer behavior, in which people accord greater importance 
to their private surroundings at home and in their gardens. That should provide a good foundation for our business 
performance in 2021/22 while also fueling demand for construction and DIY projects in the longer term", stressed 
Albrecht Hornbach, CEO of Hornbach Management AG. 
For the 2021/22 financial year as a whole, the Hornbach Group expects consolidated sales on the same scale as in the 
2020/21 financial year (Euro 5,456 million). EBIT excluding non-operating earnings items (adjusted EBIT) is expected to 
fall short of the level posted for the 2020/21 financial year (Euro 326.4 million) but significantly exceed the figure 
of Euro 227.0 million reported for the pre-pandemic 2019/20 financial year. "How close we get to the record figures for 
the past 2020/21 financial year will particularly depend on the further progress made in combating Covid 19", added 
Albrecht Hornbach. 
Four new openings of international DIY stores with garden centers are scheduled for the 2021/22 financial year: Cluj 
(Romania), Trollhättan (Sweden), Apeldoorn (Netherlands), and Sirnach (Switzerland). In Germany, a new store is set to 
replace an existing location in Paderborn. 
 
Key figures of the Hornbach Group (Hornbach Holding AG & Co. KGaA Group) 
 
Key figures                                                     2020/21        2019/20    ± 
                                                         financial year financial year 
Hornbach Holding AG & Co. KGaA Group 
(in Euro million, unless otherwise stated)                                             in % 
Net sales                                                       5,456.2        4,729.2 15.4 
of which Hornbach Baumarkt AG subgroup                          5,116.9        4,428.0 15.6 
- Germany                                                       2,654.0        2,244.7 18.2 
- Other European countries                                      2,463.0        2,183.4 12.8 
Like-for-like sales growth (DIY)                                  14.7%           7.7% 
of which Hornbach Baustoff Union GmbH subgroup                    337.7          299.5 12.8 
Gross profit                                                    1,922.8        1,694.2 
Gross margin (as % of net sales)                                  35.2%          35.8% 
EBIT                                                              311.9          213.8 45.9 
Adjusted EBIT^1)                                                  326.4          227.0 43.8 
of which Hornbach Baumarkt AG subgroup                            278.8          181.8 53.3 
Consolidated earnings before taxes                                266.1          166.2 60.1 
Consolidated net income before minority interests                 201.4          123.3 63.3 
Earnings per Hornbach Holding share (basic/diluted in EUR)          10.33           6.56 57.5 
Investments                                                       154.4          131.2 17.7 
Misc. key figures                         February 28, 2021 February 29, 2020    ± 
Hornbach Holding AG & Co. KGaA Group 
                                                                              in % 
Shareholders' equity as % of total assets             44.2%             42.7% 
Number of retail stores ^2)                             163               160  1.9 
Sales areas in 000 m² (BHB)                           1,918             1,889  1.6 
Number of employees                                  23,279            21,505  8.2 

Differences due to figures being rounded up or down; percentage changes calculated on basis of Euro 000s.

^1) Adjusted to exclude non-operating income and expenses ^2) 2020/21 financial year: of which 161 HORNBACH DIY stores with garden centers and two BODENHAUS outlets

Note The Annual Reports of the Hornbach Holding AG & Co. KGaA Group and the Hornbach Baumarkt AG subgroup for the 2020/21 financial year are available online at: www.hornbach-group.com Contact: Axel Mueller Group Communications and Investor Relations Director HORNBACH Holding AG & Co. KGaA Tel. +49 (0) 6348 602444 axel.mueller@hornbach.com -----------------------------------------------------------------------------------------------------------------------

(MORE TO FOLLOW) Dow Jones Newswires

May 27, 2021 01:01 ET (05:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.28% 34838.16 Delayed Quote.14.14%
HORNBACH BAUMARKT AG -0.58% 34 Delayed Quote.-4.47%
HORNBACH HOLDING AG & CO. KGAA -0.79% 93.75 Delayed Quote.19.89%
MISC BERHAD -1.04% 6.63 End-of-day quote.-3.49%
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Financials
Sales 2022 5 558 M 6 598 M 6 598 M
Net income 2022 142 M 169 M 169 M
Net Debt 2022 967 M 1 148 M 1 148 M
P/E ratio 2022 10,6x
Yield 2022 2,12%
Capitalization 1 510 M 1 794 M 1 792 M
EV / Sales 2022 0,45x
EV / Sales 2023 0,42x
Nbr of Employees 24 243
Free-Float 52,4%
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Last Close Price 94,35 €
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Managers and Directors
Albrecht Hornbach Chairman-Management Board
Karin Dohm Chief Financial Officer
John Feldmann Chairman-Supervisory Board
Simone Krah Member-Supervisory Board
Melanie Thomann-Bopp Member-Supervisory Board
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