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Nine-month report 2014/2015 published: Hornbach boosts earnings strength

Nine-month report 2014/2015 published:

  • Hornbach Group increases nine-month sales by 6.3 percent to Euro 2.85 billion
  • Pleasing growth in like-for-like sales at DIY stores with garden centers
  • Operating earnings (EBIT) with cumulative growth of 9.0 percent to Euro 189.2 million

Neustadt a. d. Weinstrasse, December 22, 2014.

The Hornbach Group’s sales and earnings gained notable momentum in the third quarter of 2014/2015 (September 1 to November 30, 2014) compared with the previous quarter. This contributed to the pleasing nine-month business performance. Cumulatively, the Hornbach Holding AG Group can report disproportionate earnings growth compared with sales.

Despite tougher conditions than one year ago, the Group increased its third-quarter sales by 2.9 percent to Euro 876 million. Consolidated sales for the first nine months of 2014/2015 grew by 6.3 percent to Euro 2.85 billion. Consolidated operating earnings (EBIT) rose 3.6 percent to Euro 36.5 million in the third quarter and 9.0 percent to Euro 189.2 million in the first nine months.

Sales at Hornbach-Baumarkt-AG, the largest operating subgroup (DIY retail) grew by 3.4 percent to Euro 815 million in the third quarter of 2014/2015 and by 6.8 percent to Euro 2.67 billion in the nine-month period. Net of currency items, like-for-like DIY sales added 1.0 percent to the previous year’s high basis for comparison (plus 4.6 percent). This like-for-like sales growth was driven by the stores both in Germany and in other European countries. On a cumulative basis for the first nine months, the subgroup’s like-for-like sales net of currency items grew by 4.9 percent.

The key growth driver was once again the DIY stores with garden centers in Germany, which boosted their sales in the period from September to November 2014 by 4.5 percent to Euro 477 million. Like-for-like sales grew by 1.4 percent over the same period. Nine-month domestic sales increased by 8.2 percent to Euro 1,561 million and by 6.5 percent on a like-for-like basis. Hornbach’s stores in Germany thus yet again outperformed the sector average and expanded their market share.

DIY sales in other European countries rose by 1.9 percent to Euro 337 million in the third quarter of 2014/2015 and by 4.8 percent to Euro 1,109 million in the nine-month period. Net of currency items, like-for-like sales in the international business grew by 0.6 percent in the third quarter and by 2.6 percent cumulatively in the first nine months.

In the third quarter of 2014/2015, Hornbach launched operations in Germany at three former Praktiker / Max Bahr locations in Ulm, Lüneburg, and Kamen. As of November 30, 2014, Hornbach was thus operating 147 DIY megastores with garden centers in nine European countries, of which 98 stores in Germany.

At Euro 180 million, sales at the Hornbach Baustoff Union GmbH subgroup upheld their slight lead over the previous year in the first nine months of 2014/2015, and that despite slightly weaker demand in the third quarter. Cumulative EBIT at this subgroup rose 1.6 percent to Euro 8.7 million.

At the Hornbach Immobilien AG subgroup, higher rental income and the profit from the sale of a property no longer required for operations more than offset higher real estate expenses. Operating earnings grew by 7.7 percent to Euro 41.6 million in the first nine months of 2014/2015.

The Hornbach Group’s earnings showed disproportionate growth compared with sales in the first nine months of 2014/2015. Thanks above all to pleasing like-for-like sales growth at the DIY megastores with garden centers in conjunction with an improved gross margin, the Group significantly offset the higher costs incurred, particularly for its expansion, in the second and third quarters. Earnings also benefited from increased earnings strength at the Hornbach Immobilien AG and Hornbach Baustoff Union GmbH subgroups. Consolidated operating earnings (EBIT) for the first nine months grew by 9.0 percent to Euro 189.2 million. Net income for the same period grew by 13.1 percent to Euro 119.0 million. Cumulative earnings per preference share amount to Euro 6.09 (2013/2014: Euro 5.41).

Key Figures for the 3rd Quarter and First Nine Months at a Glance

Key figures: Hornbach Holding AG Group
(in Euro million, unless otherwise stated)
3rd Quarter
2014/2015
3rd Quarter
2013/2014
±
in %
9 Months
2014/2015
9 Months
2013/2014
±
in %
Net sales875.8851,12.92,851.42,681.76.3
of which Hornbach-Baumarkt-AG subgroup814.9788.13.42,669.82,500.66.8
- Germany477.4456.84.51,560.91,442.68.2
- Other European countries337.5331.31.91,108.91,058.04.8
Like-for-like sales growth (DIY)1)1.0%4.6% 4.9%0.8% 
of which Hornbach Baustoff Union GmbH subgroup60.562.5-3.2180.2179.80.2
Gross margin (as % of net sales)36.7%36.0% 37.2%36.4% 
EBIT36.535.33.,6189.2173.59.0
Earnings per preference share (in Euro)1.221.0318.46.095.4112.6

Misc. key figures of the Hornbach Holding AG GroupNovember 30, 2014February 28, 2014±
in %
Shareholders’ equity as % of total assets51.2%49.3% 
Number of DIY stores with garden centers147141 
Sales area of DIY stores with garden centers in 000 m² 1,7051,6473.5
Number of employees2)16,49016,0212.9

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

1) Net of currency items

2) Headcount at reporting date including persons in marginal employment

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Contact person

Axel Müller
Head of Group Communications

T +49 (0) 6348-60-2444

F +49 (0) 6348-60-4299

axel.mueller@hornbach.com

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