22-03-2016, 01:03 PM

Hornbach Holding AG & Co. KGaA: Sales forecast met - Earnings held back by impairment losses

Hornbach Holding AG & Co. KGaA  / Key word(s): Forecast/Final Results

22.03.2016 13:03

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.


Sales forecast met - Earnings held back by impairment losses

Neustadt an der Weinstrasse, March 22, 2016.

The HORNBACH Holding AG & Co. KGaA Group (HORNBACH Group) met its sales
targets in the past 2015/2016 financial year (March 1, 2015 to February 29,
2016). Due to impairment losses, however, the Group fell slightly short of
its earnings forecast. Excluding these non-operating one-off items,
operating earnings would be clearly within the forecast corridor.

Based on its initial preliminary and unaudited findings for the
consolidated financial statements, the Board of Management of the general
partner (HORNBACH Management AG) expects full-year consolidated operating
earnings (EBIT) at HORNBACH Holding AG & Co. KGaA for 2015/2016 to fall
slightly short of the forecast threshold of EUR 140 million. This shortfall
by more than 15% compared with the previous year's figure of EUR 165.1
million is largely attributable to impairment losses of around EUR 4
million at the HORNBACH Baustoff Union GmbH subgroup.

The impairment losses result from an impairment test performed on the
overall Group's assets pursuant to IFRS accounting requirements (IAS 36).
This was triggered by the fact that the stock market capitalization at the
balance sheet date fell short of the book value of shareholders' equity.

The impairment test also required at the HORNBACH Baumarkt AG subgroup
resulted in an impairment loss requirement that nevertheless remained
within the earnings forecast. The Board of Management still expects this
subgroup's EBIT, including non-operating one-off items, to fall short of
the previous year's figure of EUR 109.8 million by a maximum of 20%.

The sales forecast was met in full. After strong year-end business in the
fourth quarter, net sales at the HORNBACH Group grew 5.1% to EUR 3,755
million, while sales at the HORNBACH Baumarkt AG subgroup rose 5.3% to EUR
3,535 million. HORNBACH will report in detail on its 2015/2016 sales
performance in its separately published Trading Statement

Details of the earnings performance and the annual financial statements of
the HORNBACH Holding AG & Co. KGaA Group and the HORNBACH Baumarkt AG
subgroup will be published at the Annual Results Press Conference on May
24, 2016.

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