Factbook - hornbach-holding.de · Factbook Q4/FY 2018/19 ©HORNBACH Group 2019 Page 9...

Factbook Q4/FY 2018/19 ©HORNBACH Group 2019

FactbookQ4 / Full Year 2018/19


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)

48%46%

6% HORNBACH Baumarkt AG

[Germany]

HORNBACH Baumarkt AG

[International]

Hornbach Baustoff Union

GmbH

Sales split FY 2018/19


cHORNBACH

Baustoff Union

GmbH3)

Neustadt/Weinstraße

Not listed

HORNBACH

Immobilien AG3)

Bornheim

Not listed

HORNBACH Baumarkt AG3)

Bornheim

Listed Ordinary Shares²)

(ISIN DE0006084403)

76.4% 100%100%

Free FloatHornbach Familien

Treuhand GmbH

HORNBACH

Management AG

(General Partner)

Management

100%

HORNBACH Holding AG & Co. KGaANeustadt/Weinstraße

Listed Ordinary Shares1)

(ISIN DE0006083405)

Free Float

23.6%

62.5% 37.5%

Two publicly listed corporationsSi

nce

Mar

ch 2

8, 2

017

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 companiesin Germany and abroad


From a small craftsman business to a European DIY Group

1877Foundation of handicraft business

1968

1st DIY store with garden center Bornheim

1980

1st DIY megastore Karlsruhe

1987Going public HORNBACH Holding AG

1996-

2007

Expansion Austria (1996), Netherlands (1997), Czech

Republic (1998), Switzerland (2002), Sweden (2003), Slowakia

(2004), Romania (2007)

2010Start online shop Germany

1993

Going public HORNBACH Baumarkt AG

2013

Change in legal form of HORNBACH Holding AG in „KGaA“

2013-

2018

Roll-out international online shopsAustria (2013), Switzerland (2014), Netherlands, Czech Republic,

Luxemburg (2015), Slowakia, Sweden (2017), Romania (2018)

2003

1st DIY store with drive-through

Emission Eurobond (3.875%)

2015


HORNBACH Baumarkt [Germany] HORNBACH Baumarkt [International] Hornbach Baustoff Union

FY 1987/88:

€ 132 million net sales

* incl. passive employees

Sales Growth since 1987/88HORNBACH Group

45%

49%

6%

FY 2018/19:

€ 4.36 bn net sales

(CAGR ~12% / 30 years)

Stationary Online

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


158 DIY megastores and garden centers across Europe+ 30 builders merchant outlets

Stat

us:

Febr

uary

28, 2

019

Germany97 stores

1,053,450 sqm

Netherlands14 stores

176,350 sqm

Luxembourg1 store

12,090 sqm

Switzerland7 stores

89,990 sqm

Austria14 stores

168,950 sqm

Sweden6 stores

78,790 sqm

Czech Republic10 stores

140,880 sqm

Slovakia3 stores

46,140 sqm

Romania 6 stores

86,430 sqm

Zwolle - opened

Mar 14, 2018

Alzey – closed

Apr 28,.2018

Affoltern - opened

May 26, 2018

Boras - opened

Sep 27, 2018

28 x

2 x

30 Builders

merchant outlets

sales area

1.85 Mio. sqm

store size:

Ø 11,700 sqm

158 DIY megastores

+ 9 Online Shops


Project DIY store for DIY fans and professionals

▪ Expert advisors with project

competence

▪ In-store services, e.g. Tradesman

service, rental service, financing,

repairs

▪ Centralized customer service

▪ Digital planning tools and

configurators for DIY projects

▪ Broad and deep product range:

More than 50,000 articles stocked

in sufficient quantities at stores

▪ Extended product range at online

shop (about 170,000 SKUs)

▪ Price leadership online and at

store with equal prices across all

channels

Assortment and priceleadership

Competent advice and services for all aspects of DIY projects

▪ Homogeneous store network and uniform presentation of themerchandise

▪ High standards for quality oflocations

▪ Organic growth

▪ Productivity per sqm above sectoraverage

Large store format in

attractive locations


HORNBACH invests in Interconnected Retail (ICR)

*Interconnected Retail

▪ Identical prices in store and online shop

▪ Select your level of store contact:

▪ Click & collect at store

▪ Direct delivery to home / building site

▪ Delivery to store

▪ Additional services:

▪ Product availability and location within store

▪ Central customer service center

▪ Planning tools for DIY projects / configurators, online

paint mix service etc.

▪ Product finder with image recognition

▪ Online shop rolled out to all HORNBACH countries


Interconnected Retail (ICR) in all regions

Germanysince December 2010

173,000 items

Luxemburg since December 2015

107,000 items

Netherlandssince March 2015

77,000 items

Switzerlandsince November 2014

119,000 items

Swedensince October 2017

52,000 items

Czech Republicsince December 2015

56,000 items

Austriasince January 2013

124,000 items

Slovakiasince August 2017

40,000 items

Romaniasince January 2018

47,000 items

Stat

us:

Febr

uary

28, 2

019

2010 2013 2014 2015 2017 2018


Private labels offer added value

▪ Private labels differentiate us from competitors and

boost customer retention

▪ Less dependency on manufacturers’ brands for

innovation and quality (specification, certifications,

auditing)

▪ Full control over brand launch and positioning

▪ Ability to actively manage product lifecycle

▪ Significantly higher gross margins while offering very

good value for money

▪ No direct price competition

18.9%21.9% 23.4% 24.0%

30.0%

2015/16 2016/17 2017/18 2018/19 medium-term

target

Share of Sales


Logistics network for store deliveries (B2B)

▪ Soltau (56,000 sqm)2012 Central WH

2017 Extension

▪ Lehrte (55,000 sqm)1994 Regional WH

1999 Extension cross-docking

2011 Extension regional WH

▪ Berlin (5,200 sqm)2015 Cross-docking

▪ 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 (5,200 sqm)2018 Cross-docking bulk

▪ 8 logistics sites

▪ 150,000 storage spaces

▪ 215,000 sqm warehouse space


Logistics to customers (B2C)HORNBACH Baumarkt Subgroup

▪ Click and Collect in store

▪ Pick-up of online orders in store

Direct delivery

Fulfillment Partner

HORNBACH Delivery Center

Pick-up store Delivery

Online sales: 3 delivery optionsThe store as a partner for e-commerce

HORNBACHDVZ

Fulfillment Centre

SupplierDV


43

50

50

11 4

Property HI Property HBM

Operating Leases Finance Lease

Others

Sales area in %No. of stores

Stat

us:

Febr

uary

28, 2

019

Property ownership and hidden reserves

27%

32%

31%

8%2%

Hidden reserves in retail properties1)

FY 2018/19

(€ million)

Book

valueYield value

(x13)2)

Hidden

reserves

(x13)2)

HORNBACH

Baumarkt

Subgroup (HBM)

733 1,052 319

HORNBACH

Immobilien

Subgroup (HI)

403 790 387

HORNBACH Group 1,136 1,842 706

1) based on our own assumptions and calculations

2) Long-term average; in the past 3 years HORNBACH stores have been sold by third parties with multiples between 15 and 23


Market position


18,932*

13,521

6,4265,543

4,0962,626 2,340* 2,318* 2,278 2,151*

Adeo Kingfisher Tengelmann (OBI) Bauhaus HORNBACH Hagebau Rautakesko Bricomarché REWE (Toom/ B1) Stark Group

[Source: Dähne, HORNBACH]

Top 10 Ranking: European DIY Retail GroupsHORNBACH Baumarkt Subgroup

Gro

up n

etsa

les

in €

mil

lion

Aki, Bricocenter,

Bricoman, Bricomart,

Dom Pro, Khane, Leroy

Merlin, Weldom,, Zodio

Bricodepot, B&Q,

Castorama, Koctas,

Kingfisher, Praktiker,

Screwfix

Byggmakker, K-

Rauta, Oma,

Rautia, Senukai

Hagebau, Cactus,

Werkers Welt,

Knauber, Leitermann

Toom, B1 Discount

RO (DE)

RO

AT

CH

CZ

DE

AT

CH

CZ

DE

LU

NL

SE

SK

AT

CH

CZ

DE

LU

NL

RO

SE

SK

SEAT

DE

LU

DE

Presence in HORNBACH regions

SE

Beijer Byggmaterial,

Neumann Bygg, STARK

# 5 in Europe

# 3 in Germany

*Revenue of 2017


21.7 22.223.2 23.1

22.521.3 21.8 22.1 22.4 22.8

8.7% 8.8% 8.9% 9.0% 9.7%11.0%11.0%11.0%11.0%11.1%

0%

10%

20%

30%

40%

50%

60%

0

5.000

10.000

15.000

20.000

25.000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Core DIY market volume in Germany (€ bn)

Gross sales HORNBACH

Market share HORNBACH

22.846.4

16.5

7.2

DIY stores Specialist retailers Small scale formats Total DIY core market

HORNBACH market share in Germany (2018) HORNBACH Baumarkt Subgroup

Gro

sssa

les

in €

bil

lion

of which online:

~ 390 € million

of which online:

~ 250 € million

[Source: BHB, GfK, IFH , Teipel Retail & Consulting, HORNBACH]

of which online:

~1.36 € million

HORNBACH

▪ Market share stationary: 11.1%▪ Market share online: ~30%

Core DIY market volume in Germany in 2018 Market share HORNBACH (10 years)

of which online:

~ 710 € million


1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

1998

= 1

00%

DIY sector (GER) HORNBACH (GER)

Growth above the sector averageHORNBACH Baumarkt Subgroup

Like-for-like sales in

Germany

[Source: BHB/GfK DIY-Panel (bis 2013), GfK DIY-TSR (ab 2014), HORNBACH]

+38%

-10%

Calendar Year 2018

HORNBACH +1.7%

DIY Sector +1.3%

Insolvency of

Praktiker/Max Bahr

Start

HORNBACH

Online ShopVAT rise from

16% to 19%


Highest productivity in the German DIY SectorHORNBACH Baumarkt Subgroup

OBI

BAUHAUSHORNBACH

HAGEBAU/ZEUS

TOOM

EUROBAUSTOFF

GLOBUS

BAUVISTA

HELLWEG

0

2000

4000

6000

8000

10000

12000

14000

16000

500 700 900 1.100 1.300 1.500 1.700 1.900 2.100 2.300 2.500

Aver

age

sto

re s

ize

(in

sqm

)

Net sales per sqm

Megastore

[Source: Dähne, HORNBACH]

Sales per sqm (€)

1282

1667

2210

1105 1049

1833

9.6

20.2

25.9

4.96.9

16.2

Sales per store (€ million)


Highly satisfied customers across EuropeHORNBACH Baumarkt Subgroup

#1 Overall satisfactionin Austria, Netherlands, Sweden

#1 Product range, selection, offeringin Germany, Austria, Switzerland, Netherlands

#1 Product qualityin Germany, Switzerland, Netherlands, Sweden

#1 Price compared to competitorsin Germany, Austria, Netherlands

Sources: Kundenmonitor Germany/Austria/Switzerland, ABN AMRO Retailer of the Year (Netherlands), Svenskt

Kvalitetsindex/evimetrix (Sweden)

(Statements based on studies in Germany, Switzerland, Austria, Netherlands, Sweden.

No information collected for Czech Republic, Romania, Slovakia, Luxembourg)


Financial Year 2018/19


Financial year 2018/19: Highlights and lowlightsHORNBACH Group

Pleasing like-for-like sales growthInternational + 6.5 %

Germany + 2.2 %

Adjusted EBIT significantly below

previous year at 134.9 € million

+4.2%

+3 stores-18.6%

-34.4%Share price performance of

HORNBACH Holding

+5.3%

14.3 € millionNon-operating earnings held back by

one-off write-downs and provisions

+6.8%Personnel and material expenses

showed clearly disproportionate growth

compared with sales

Stable dividend

New stores in Zwolle (NL), Affoltern

(CH), Borås (SE)

Group sales at 4.4 € bn

2,210 €/qm #1 of Top 10 German DIY retailers


Sales Growth – 5 YearsHORNBACH Group

€ m

illio

n

Rounding differences

213 218 229 248 265

13901524

16701820

1977

19662011

20402071

2118

2014/15 2015/16 2016/17 2017/18 2018/19

Hornbach Baustoff Union HORNBACH Baumarkt AG [International] HORNBACH Baumarkt AG [Germany]

+8.6%

+2.3%

+5.3%

+6.7%

3,5723,755

3,9414,141

4,362


1130

1043

937

781

11621088

1006

840

Q 1 Q 2 Q 3 Q4

2017/18 2018/19

1196

1115

1007

823

12271163

1085

887

Q 1 Q 2 Q 3 Q 4

2017/18 2018/19

HORNBACH Group HORNBACH Baumarkt Subgroup

Quarterly Sales Growth

+2.7%+4.4%

+7.7%

+7.7%

+2.8%+4.3%

+7.5%

+7.5%


Like-for-like Sales*HORNBACH Baumarkt Subgroup

* In constant currencies; all DIY retail stores that have been in operation for at least 1 year and all online sales

FY

2017/18

Q 1

2018/19

Q 2

2018/19

Q 3

2018/19

Q4

2018/19

FY

2018/19

Total 3.6 2.3 3.4 6.2 5.9 4.2

Previous year 3.0 5.4 2.6 2.7 3.3 3.6

Germany 1.5 -0.2 1.2 4.4 4.7 2.2

Previous year 1.4 3.8 0.3 0.5 0.9 1.5

International 6.1 5.2 5.8 8.2 7.1 6.5

Previous year 5.1 7.5 5.3 5.4 6.2 6.1


87.4 76.8 76.592.6

78.9

65.4 74.4 75.4

81.781.9

34.521.3 30.0

28.8

19.7

-20.7 -21.3 -22.1-37.5 -45.7

2014/15 2015/16 2016/17 2017/18 2018/19

Q1 Q2 Q3 Q4

Adjusted EBITHORNBACH Group

110.0

5.5

54.2

81.9

3.6

53.3

HBM HBU HI

2017/18

2018/19

HBM: HORNBACH Baumarkt AG

HBU: HORNBACH Baustoff Union GmbH

HI: HORNBACH Immobilien AG

FY 2018/19 - Segments

165.6

159.8151.2

166.6134.9


€ m

illio

n


73.0 65.2 61.677.5

64.9

49.4 57.2 57.9

64.065.5

19.45.0 13.8

12.2

4.0

-26.6 -28.1 -30.4-43.7 -52.5

2014/15 2015/16 2016/17 2017/18 2018/19

Q1 Q2 Q3 Q4

Adjusted EBIT HORNBACH Baumarkt Subgroup

110.0

102.899.3

115.2

FY 2018/19 – Segments

81.9


48.0

74.3

18.0

74.7

Retail Real Estate

2017/18

2018/19

€ m

illio

n


rounding differences

EBIT adjusted

FY 2017/18 FY 2018/19 FY 2017/18 FY 2018/19

EBIT 161.2 120.6 102.5 67.2

Non-operating

Earnings-2.7 -4.4 -0.2 -4.3

Non-operating

Expenses+7.2 +18.7 +7.8 +19.0

EBIT adjusted 165.6 134.9 110.0 81.9

€ m

illio

n

-25.2%

-18.6%

-34.5%

-25.6%



Cost structure in % of salesHORNBACH Group

27.9% 28.5% 27.9% 27.8% 28.2%

4.6% 4.9%4.9% 5.2% 5.2%

37.3% 37.0% 36.6% 36.6% 36.0%

32.9%33.3% 33.0% 33.0% 33.5%

2014/15 2015/16 2016/17 2017/18 2018/19

General and administration

expenses

Pre-opening expenses

Selling and store expenses

Gross margin

Expense ratio


Gross Margin

36.1

36.6 36.636.5

36.6

37.3

37.0

36.6 36.6

36.0

36.8

37.4 37.437.3

37.4

38.0

37.7

37.2 37.3

36.7

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

HORNBACH Group

HORNBACH Baumarkt Subgroup


81

525941

2017/18 2018/19

Earnings before taxes Net income

132

999675

2017/18 2018/19

Earnings before taxes Net income

Earnings before Taxes and Net Income (before Minority Interests)


20.7%27.5%23.7%27.2% Tax rateTax rate

-21.5% -30.2%-25.1% -36.2%


Cash Flow Statement

2017/18 2018/19 2017/18 2018/19

Cash flow from operating activities 182.2 54.0 134.1 3.7

of which: funds from operations 200.1 181.8 145.3 128.8

of which: change in working capital -17.9 -127.8 -11.2 -125.1

Cash flow from investing activities -108.8 -190.7 -96.2 -179.6

Cash flow from financing activities -98.0 288.9 -47.7 316.3

Cash-effective change in cash and cash

equivalents -24.6 152.2 -9.8 140.4

Change in cash and cash equivalents due to

changes in exchange rates -1.4 0.0 -1.1 0.0

Cash and cash equivalents at March 1 190.1 164.1 113.0 102.1

Cash and cash equivalents end of February 164.1 316.3 102.1 242.5

rounding differences

HORNBACH Group HORNBACH Baumarkt AG Subgroup

€ m

illio

n


129

184

2017/18 2018/19

HORNBACH Immobilien

HORNBACH Baustoff Union

HORNBACH Baumarkt

94%

4%

2%

CAPEXHORNBACH Group

Olomouc

148

€ m

illio

n

196

CAPEX split in 2018/19 – HORNBACH Group

29%

40%

29%

2%

Buyback of stores (Berlin-Vogelsdorf, Potsdam, Bielefeld)

Other investments in land and buildings

Plant and office equipment

Intangible assets


▪ Focus on big catchment areas

▪ Large store format: 85% of stores > 10,000 sqm

▪ Homogeneous store network: Economies of scale in store operation and store development

▪ Meets customers needs and provides superior shopping experience

Selling Space(BHB weighted)

CapEx1)

8,500 – 10,999 sqm

incl. drive through15 – 20 € million

11,000 – 14,999 sqm 20 – 25 € million

≥ 15,000 sqm

incl. drive through25 – 30 € million

1) average CapEx for property and building

HORNBACH4

HORNBACH5

HORNBACH6

Investment in prime locationsHORNBACH Baumarkt Subgroup


1704 1773

800922

164

316

February 28, 2018 February 28, 2019

1507 1463

700 693

804

512


Group Balance Sheet Structure (IFRS) HORNBACH Group

Liquid funds

Non-current assets Shareholders‘ equity

Current liabilities

Non-current liabilities


Inventories, accounts

receivable and other

assets

2,668 3,011

50.0%

2,6683,011Total

Assets

Total Equity

and liabilities

54.8%


1173 1262

722

834

102

243


1069 1049

531 496

738

453


Group Balance Sheet Structure (IFRS) HORNBACH Baumarkt Subgroup

1,998 2,338

45.7%

1,9982,338

52.5%

Total

Assets

Total Equity

and liabilities

Liquid funds

Non-current assets Shareholders‘ equity

Current liabilities

Non-current liabilities

Inventories, accounts

receivable and other

assets



Employees*HORNBACH Group

11380 12129

82348926


Germany International

21,05519,614

* incl. passive employees


10520 11225

82018893


Germany International

20,11818,721


5.11

4.08

1.50 1.50

2017/18 2018/19

Earnings per share Dividend

1.84

1.290.68 0.68

2017/18 2018/19

Earnings per share Dividend

Earnings per share, dividend* and payout ratio

Payout ratio

HORNBACH Holding Group HORNBACH Baumarkt Subgroup

Payout ratio29.4% 37.0%36.7% 52.7%

*proposed dividend


Outlook FY 2019/20


New Store Openings and Outlook 2019/20

Sales and earnings forecast

HORNBACH Group for FY 2019/20

HORNBACH

Group

HORNBACH

Baumarkt Subgroup

Sales 2019/20 Sales to increase in a medium single-digit

percentage range

Sales 2018/19 4,362 € million 4,096 € million

Adjusted EBIT

2019/20

More than 15% More than 30%

above previous year‘s level*

Adjusted EBIT

2018/19

135 € million 82 € milion

Capex 2019/20 110 - 130 € million 100 - 120 € million

Capex 2018/19 196 € million 184 € million

*including effects from initial application of IFRS 16

Takeover of 3 Builders‘ merchant outlets in Baden-Württemberg

as of April 1, 2019

Duiven (Q4)

Kristianstad (Q3)

Prešov (Q3)


First-time application of IFRS 16: lease accounting

▪ No impact on operating business, liquidity situation, or

financial management

▪ Material impact on:

▪ Balance sheet: recognition of right-of-use assets

and lease liabilities

▪ Income statement: recognition of depreciation on

right-of-use assets and interest expenses (instead

of rental expenses)

▪ First-time application in 2019/20 financial year, i.e.

first publication based on IFRS 16 is the Quarterly

Statement on June 28, 2019

▪ Modified retrospective method: figures for 2018/19 not

adjusted – conversion items recognized as adjustment

to revenue reserves in opening balance sheet as of

March 1, 2019.

All rental relationships previously classified as operating leases are affected:

Rented storesLogistics centers

Advertising space

…


2.28.2019 3.1.2019 2.28.2019 3.1.2019

Property, plant,

& equipment

1,709.7 € million 2,377.2 € million

Plus 667.5 € million

1,221.7 € million 2,388.0 € million

Plus 1,166.3 € million

Financial debt 939.9 € million 1,629.9 € million


762.1 € million 1,953.7 € million

Plus 1,191.6 € million

IFRS 16 - Restatement Effect on Balance Sheet and P&L


2018/19 IMPACT 2019/20e 2018/19 IMPACT 2019/20e

Depreciation &

Amortization

115.1 € million IFRS16 Effect:




Adjusted EBIT 134.9 € million IFRS16 Effect:




EBT 98.5 € million IFRS16 Effect:

Minus 7.1 € million51.6 € million IFRS16 Effect:

Minus 13.3 € million

Balance sheet

P&L


Financial Calendar 2019/20HORNBACH Group

ContactInvestor Relations

Axel Müller

(+49) 0 63 48 / 60 – 2444

[email protected]

Anne Spies

(+49) 0 63 48 / 60 – 4558

[email protected]

www.hornbach-group.com

June 28, 2019 Financial Update 1st Quarter of 2019/20 as of May 31, 2019

July 4/5, 2019 Annual General Meeting of HORNBACH Baumarkt AG and

HORNBACH Holding AG & Co. KGaA

September 26, 2019 Half-year Report 2019/20 as of August 31, 2019

DVFA Analysts‘ Conference HORNBACH Holding AG & Co. KGaA

December 19, 2019 Financial Update 3rd Quarter of 2019/20 as of November 30, 2019

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.

mailto:[email protected]

mailto:[email protected]

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