20.12.2018 Hornbach Holding AG & Co. KGaA  DE0006083405

DGAP-News: Hornbach Holding AG & Co. KGaA: Hornbach with program of contrasts in third quarter of 2018/19


 

DGAP-News: Hornbach Holding AG & Co. KGaA / Key word(s): Quarterly / Interim Statement/9 Month figures
Hornbach Holding AG & Co. KGaA: Hornbach with program of contrasts in third quarter of 2018/19

20.12.2018 / 07:00
The issuer is solely responsible for the content of this announcement.


Hornbach with program of contrasts in third quarter of 2018/19

Sales growth of 7.7% at highest level for four-and-a-half years in fall of 2018 / But: Higher costs hold back earnings performance in current financial year


Neustadt a. d. Weinstrasse, December 20, 2018.
The business performance of the Hornbach group (Hornbach Holding AG & Co. KGaA Group) showed divergent developments in the third quarter of 2018/19 (September 1 to November 30, 2018). On the one hand, the Group increased its net sales by 7.7% to Euro 1,084.9 million in the fall quarter (Q3) - the highest quarterly growth for four-and-a-half years. On the other hand, it was not possible to translate this increasingly dynamic sales performance into earnings growth. Operating earnings adjusted for non-operating earnings items (adjusted EBIT) fell from Euro 28.8 million in the previous year's quarter to Euro 19.7 million. This was because the growth in the gross profit was insufficient to offset higher costs in the quarter - particularly those incurred to digitalize the company's operations. Consolidated sales for the first nine months of 2018/19 grew by 4.8% to Euro 3,475.5 million, while the adjusted EBIT of Euro 180.6 million for the same period fell Euro 11.1% short of the previous year's figure.

The pace of sales growth accelerated from quarter to quarter as the 2018/19 financial year progressed. Sales at Hornbach Baumarkt AG, the largest operating subgroup which currently operates 158 DIY megastores with garden centers across Europe (DIY retail), grew by 7.5% to Euro 1,006.4 million in the third quarter and by 4.7% to Euro 3,256.1 million in the first nine months of 2018/19. This growing momentum in the course of the year is reflected in the development in like-for-like sales net of currency items. Having risen by 2.3% in the first quarter and 3.4% in the summer quarter, this key sales figure surged by 6.2% in the third quarter of 2018/19. "We really got going in the fall. In Germany, our DIY stores and megastores outperformed the sector each month and generated like-for-like growth of 4.4%" commented Albrecht Hornbach, CEO of Hornbach Management AG.

Albrecht Hornbach: "Our business model works."

The strongest growth momentum came once again from the Hornbach stores in the eight European countries outside Germany. Like-for-like DIY sales net of currency items at these stores grew by 8.2% in the third quarter of 2018/19. By the end of the first three quarters, the international share of the subgroup's sales came to 48.2% (2017/18: 46.7%). "Demand is growing. And our retail business works - despite all the prophecies of doom. We see digitalization as an enormous opportunity. By dovetailing e-commerce and our stationary business, we can offer more value to our customers than pure players, particularly when it comes to renovation projects where customers need detailed advice", stressed Albrecht Hornbach.

Hornbach was nevertheless not satisfied with the earnings performance in the third quarter. Consolidated operating earnings adjusted to exclude non-operating earnings items (adjusted EBIT) at the Hornbach Group fell by 31.5% to Euro 19.7 million in Q3 and by 11.1% to Euro 180.6 million in the first nine months of 2018/19 "Regrettably, we were unable to translate this acceleration in our sales into earnings growth. The cost growth, also in connection with our advancing digitalization, was just too high compared with the increase in our gross profit", commented Albrecht Hornbach. "But these are factors within our control and that we can ourselves change." That also applied to the further development in the gross margin, which decreased in the third quarter of 2018/19 due to higher procurement prices, write-downs, and logistics costs. According to Hornbach, the aim was to sustainably boost the Group's earnings strength following the recent dip in earnings.

At the Hornbach Baumarkt AG subgroup, adjusted EBIT for the first nine months of 2018/19 fell by 12.6% to Euro 134.3 million. The Hornbach Baustoff Union GmbH subgroup, which focuses in particular on the needs of professional construction customers, posted nine-month sales growth of 5.5% to Euro 217.7 million and adjusted EBIT of Euro 6.6 million (2017/18: Euro 8.8 million). At the Hornbach Immobilien AG subgroup, the nine-month adjusted EBIT of Euro 42.3 million virtually matched the previous year's figure (minus 1.8%).

As already announced in the ad-hoc announcement published on December 10, 2018, the full-year earnings forecast has been amended to account for the unsatisfactory earnings performance in the third quarter. Adjusted operating earnings (adjusted EBIT), and that both at the Hornbach Group and on the level of the Baumarkt subgroup, are now expected to fall more than 10% short of the respective previous year's figures. By contrast, the Board of Management has not made any amendments to the 2018/19 sales forecast, which foresees sales growth in a medium single-digit percentage range.

Note: The quarterly statements of Hornbach Holding AG & Co. KGaA and Hornbach Baumarkt AG can be downloaded from the "Publications" section of our website. Link: www.hornbach-group.com.

Key figures of the Hornbach Group for the 3rd quarter and 1st nine months at a glance

Key figures

Hornbach Holding AG & Co. KGaA Group
3rd Quarter 3rd Quarter ±
(in Euro million, unless otherwise stated) 2018/19 2017/18 in %
Net sales 1,084.9 1,007.3 7.7
of which Hornbach Baumarkt AG subgroup 1,006.4 936.5 7.5
- Germany 513.8 492.2 4.4
- Other European countries 492.6 444.3 10.9
Like-for-like sales growth (DIY) 6.2% 2.7%  
of which Hornbach Baustoff Union GmbH subgroup 77.9 70.2 11.0
Gross margin (as % of net sales) 35.0% 35.6%  
EBIT 20.9 29.2 (28.5)
Adjusted EBIT 19.7 28.8 (31.5)
Consolidated net income1) 11.8 15.8 (25.2)
Earnings per share (in Euro) 0.72 0.92 (21.7)
Investments 21.7 41.5 (47.7)
 
Key figures

Hornbach Holding AG & Co. KGaA Group
9 Months 9 Months ±
(in Euro million, unless otherwise stated) 2018/19 2017/18 in %
Net sales 3,475.5 3,317.6 4.8
of which Hornbach Baumarkt AG subgroup 3,256.1 3,109.6 4.7
- Germany 1,687.7 1,658.4 1.8
- Other European countries 1,568.3 1,451.3 8.1
Like-for-like sales growth (DIY) 3.8% 3.6%  
of which Hornbach Baustoff Union GmbH subgroup 217.7 206.3 5.5
Gross margin (as % of net sales) 35.8% 36.4%  
EBIT 181.7 205.0 (11.4)
Adjusted EBIT 180.6 203.1 (11.1)
Consolidated net income1) 122.1 135.5 (9.9)
Earnings per share (in Euro) 6.26 6.94 (9.8)
Investments 158.3 98.3 61.1
 
Miscellaneous key figures of the Hornbach Holding AG & Co. KGaA Group November 30, 2018 February 28, 2018 ±
(in Euro million, unless otherwise indicated)     in %
Shareholders' equity as % of total assets 54.8% 54.8%  
Number of DIY stores with garden centers 158 156 1.3
Sales area in 000 m² (based on BHB) 1,851 1,822 1.6
Number of employees 20,554 19,614 4.8
 

Rounding up or down may lead to discrepancies between percentages and totals. Calculation of percentage figures based on EUR 000s.

1) Including minority interests pursuant to IFRS




Contact:
Axel Mueller
Group Communications and Investor Relations Director
HORNBACH Holding AG & Co. KGaA
Tel. +49 (0) 6348 602444
[email protected]


20.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Hornbach Holding AG & Co. KGaA
Le Quartier Hornbach 19
67433 Neustadt an der Weinstraße
Germany
ISIN: DE0006083405
WKN: 608340
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

760447  20.12.2018 

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Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 3.755,23 3.940,85 4.140,99 4.362,39 4.729,22 5.456,18 5.480,00
EBITDA1,2 231,40 254,28 262,70 235,73 419,80 516,30 520,00
EBITDA-Marge3 6,16 6,45 6,34 5,40 8,88 9,46 9,49
EBIT1,4 137,51 156,82 161,17 120,60 213,80 311,89 328,00
EBIT-Marge5 3,66 3,98 3,89 2,76 4,52 5,72 5,99
Jahresüberschuss1 97,69 89,91 95,75 75,14 123,34 201,44 178,00
Netto-Marge6 2,60 2,28 2,31 1,72 2,61 3,69 3,25
Cashflow1,7 151,55 178,72 182,20 54,02 324,45 346,50 310,00
Ergebnis je Aktie8 5,04 4,84 5,11 4,08 6,56 10,33 8,90
Dividende8 1,50 1,50 1,50 1,50 1,50 2,00 2,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Deloitte

INVESTOR-INFORMATIONEN
©boersengefluester.de
Hornbach Holding
WKN Kurs in € Einschätzung Börsenwert in Mio. €
608340 110,400 Kaufen 1.766,40
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,30 11,79 1,13 18,77
KBV KCV KUV EV/EBITDA
1,22 5,10 0,32 4,03
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
2,00 2,00 1,81 08.07.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
29.06.2022 30.09.2021 22.12.2021 17.05.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
2,43% 17,57% 40,28% 30,19%
    
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Handel , 608340 , HBH , XETR:HBH