Ad-hoc announcement: Hornbach Baumarkt AG Group specifies earnings forecast for 2018/19 - Adjusted EBIT around a quarter lower than previous year’s figure
Bornheim bei Landau/Pfalz, March 20, 2019. The earnings forecast of the Hornbach Baumarkt AG Group for the past 2018/19 financial year (March 1, 2018 to February 28, 2019), which was updated on December 10, 2018, has now been specified in greater detail by the Board of Management within the current process of preparing the consolidated financial statements. Based on initial, preliminary, and unaudited figures, the company’s operating earnings net of non-operating items (adjusted EBIT) are now expected to amount to around Euro 82 million (2017/18: Euro 110.0 million). This corresponds to a reduction of around 25 % (last forecast: “more than 10 %”). The reduction in earnings is due in particular to personnel and material expenses, which grew disproportionately compared with sales.
Based on preliminary figures, non-operating charges on earnings at the Hornbach Baumarkt AG Group in the 2018/19 financial year are expected to rise to a net total of around Euro 16 million (2017/18: Euro 7.5 million). This is mainly due to provisions for onerous contracts and IAS 36 impairments. Consolidated operating earnings (EBIT) including extraordinary non-operating earnings items are expected to fall by some 35 % to around Euro 66 million (2017/18: Euro 102.8 million).
Note: In its Trading Statement, due to be published on schedule on March 21, 2019, the Hornbach Group will report separately and in detail on its sales performance in the past 2018/19 financial year. The Hornbach Group will publish details of its earnings performance in 2018/19 and its outlook for the 2019/20 financial year at its Annual Results Press Conference on May 27, 2019.
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