Analyst Call Q3 2020/21
HORNBACH Group
December 22, 2020
Paderborn, Germany
161 DIY megastores in Europe
Status: November 30, 2020
Oradea (30/09/2020)
36 Builders merchant outlets
in Germany (34) and France (2)
Analyst Call Q3 2020/21
- 161 DIY megastores in 9 countries
- Sales area of 1,904,429 sqm
- Ø store size 11,829 qm
Country | Number of stores | Sales area in sqm |
Austria | 14 | 168,867 |
Czech | 10 | 140,880 |
Republic | ||
Germany | 96 | 1,052,590 |
Luxembourg | 1 | 12,087 |
Netherlands | 15 | 193,789 |
Romania | 7 | 101,872 |
Slovakia | 4 | 58,248 |
Sweden | 7 | 86,104 |
Switzerland | 7 | 89,992 |
©HORNBACH Group 2020 | Page 2 |
Impact of the coronavirus pandemic on store operations Q3/Q4 2020/21
Country | Period of closure for private customers | Number of | Major exemptions | ||||
stores | |||||||
Different regulations in the federal states, but general trends are: | |||||||
Germany | 16/12/2020 to 10/1/2021 | Q4 | 96 | ▪ Mostly open to commercial customers | |||
▪ | Mostly reserve and collect/deliver | ||||||
▪ Christmas tree sale permitted | |||||||
Luxembourg | No restrictions on sales | 1 | |||||
Netherlands | 15/12/2020 to 19/1/2021 | Q4 | 15 | ▪ Open to commercial customers | |||
▪ | Reserve and collect/deliver | ||||||
Austria | 17/11/2020 to 6/12/2020 | Q3 | 14 | ▪ | Open to commercial customers | ||
▪ | Reserve and collect/deliver | ||||||
26/12/2020 to 17/1/2021 | Q4 | ||||||
Romania | No significant restrictions on sales | 7 | ▪ Weekend closure in regions with a high incidence rate (Sibiu) | ||||
▪ | Amended opening hours | ||||||
Sweden | No restrictions on sales | 7 | |||||
Switzerland | No significant restrictions on sales | 7 | ▪ | Amended opening hours | |||
▪ | No Sunday and Holiday openings | ||||||
▪ Open to commercial customers | |||||||
Slovakia | 19/12/2020 to 10/01/2021 | Q4 | 4 | ▪ | Reserve and collect/deliver | ||
▪ Christmas tree sale permitted | |||||||
▪ Open to commercial customers | |||||||
Czech Republic | 22/10/2020 to 2/12 2020 | Q3 | 10 | ▪ | Reserve and collect/deliver | ||
▪ | Garden center and drive through open to private customers | ||||||
▪ | Amended opening hours | ||||||
Group | 161 | ||||||
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 3 |
Sales growth in Q3 and 9M 2020/21
Net sales in Q3
in € million
+20.3%
1,371
662
1,139
526
+25.9%
613
528 +16.0%
12.8% | |
85 | 95 |
2019/202020/21
Net sales in 9M
in € million
+20.2%
4,503
2,219
3,745
1,782
+24.5%
2,005
1,717
+16.7%
245 | 13.5% | 278 |
2019/202020/21
HORNBACH Baumarkt
AG [Deutschland]
HORNBACH Baumarkt
AG [International]
HORNBACH Baustoff
Union
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 4 |
Like-for-like sales growth and outperformance
Like-for-like sales growth*
in % - HORNBACH Baumarkt subgroup
Q1 2020/21 | Q2 2020/21 | Q3 2020/21 | 9M 2020/21 | |
Total | 17,5 | 21.4 | 19.7 | 19.5 |
Germany | 24.4 | 24.1 | 25.5 | 24.6 |
International | 10.3 | 18.6 | 14.0 | 14.3 |
Austria | 7.6 | 18.9 | 15.3 | 13.7 |
Czech | 7.4 | 6.8 | -8.7 | 2.3 |
Republic | ||||
Luxembourg | 17.3 | 46.1 | 31.4 | 31.3 |
Netherlands | 22.1 | 20.8 | 19.5 | 20.8 |
Romania | 17.9 | 27.0 | 19.2 | 21.3 |
Slovakia | -26.5 | 6.8 | 8.8 | -4.2 |
Sweden | 22.4 | 25.4 | 22.4 | 23.4 |
Switzerland | -0.6 | 19.4 | 19.1 | 11.9 |
HORNBACH vs DIY sector2) in Germany
(Calendar Year)
29.2
22.9 | 23.4 | 22.0 |
14.215.4
10.5
6.0
Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | |
HORNBACH (DE) | DIY sector (DE) | |||
1) In constant currencies; includes sales from all stores that have been open for at least one year as well as sales from online shops
2) Source: GfK TSR, DIY Superstores (>1000 sqm)
* in constant currencies
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 5 |
Operating earnings before interest and taxes (EBIT) - Adjusted EBIT
HORNBACH Group
Adjusted EBIT
in € million
+67.2%
401.5
66.9
Segments
HBM: | HORNBACH Baumarkt subgroup |
HBU: | HORNBACH Baustoff Union GmbH |
HI: | HORNBACH Immobilien AG |
ZK: | Corporate Functions and Consolidation |
359.8 |
Reconciliation
in € million
9M | 9M | |
2019/20 | 2020/21 | |
EBIT | 240.6 | 402.5 |
Non-operating | -0.4 | -0.9 |
earning items | ||
Q3 | 9M 2019/20 | |||||
240.2 | 161.9 | 9M 2020/21 | ||||
Q2 | ||||||
41.8 | 200.9 | |||||
Q1 | ||||||
101.5 | ||||||
Adjusted EBIT* | 240.2 | 401.5 |
172.8 | 43.1 43.7 | ||
96.9 | |||
10.0 | |||
5.5 | |||
2019/20 | 2020/21 | -9.2-12.1 | ||
HBM | HBU | HI | ZK |
Rounding differences
Analyst Call Q3 2020/21
*adjusted to exclude non-operating earnings items, e.g. impairment losses on assets, income from disposals of properties, income from write-ups of assets impaired in previous years
©HORNBACH Group 2020 | Page 6 |
Cash flow and investments - 9 months (€ million)
HORNBACH Group
Cash flow from operating activities
of which: funds from operations
of which: D&A of rights of use of leased objects (IFRS 16)
of which: change in working capital
Cash flow from investing activities
of which: investments in fixed and intangible assets
of which: short term financial investments
Cash flow from financing activities
of which: repayment of lease liabilities (IFRS 16)
of which: proceeds from taking up long- term debt
Cash-effective change in cash and cash equivalents
9M 2019/20
346.9
298.9
70.1
48.0
-342.6
-104.1
-247.1
143.1
-63.6
248.1
147.4
9M 2020/21
583,0
413.1
68.5
169.9
-103.3
-107.7*
0
-103.2
-64.3
0
376.5
CAPEX 9M 2020/21
4%
39%
57%
Real estate
Plant and office equipment
Intangible assets
* of which 94.3 € million in HBM subgroup
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 7 |
Group Balance Sheet Structure (€ million)
HORNBACH Group
3,760 | 4,104 | Total | Total Equity | 4,104 | 3,760 |
Assets | and liabilities | ||||
Liquid funds | Current liabilities | ||||
743 | of which current | 877 | |||
368 | |||||
lease liabilities*: | |||||
Inventories. accounts | 666 | ||||
81 € million | |||||
receivable and other | |||||
(Feb 2020: 82 € million) | |||||
assets | |||||
995 | 967 | ||||
Non-current liabilities | 1,382 | ||||
of which non-current | 1,490 | ||||
lease liabilities*: | |||||
686 € million | |||||
(Feb 2020: 713 € | |||||
Non-current assets | million) | ||||
2,397 | 2,394 | of which right-of-use assets*: | Shareholders' equity | ||
710 € million | 1,846 | 1,604 | |||
(Feb 2020: 741 € million) | |||||
45.0% | 42.7% |
February 29, 2020 | November 30, 2020 | November 30, 2020 | February 29, 2020 |
*IFRS 16 leasing standard | Rounding differences | ||
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 8 |
Group Balance Sheet Structure (€ million)
HORNBACH Baumarkt Subgroup
3,564 | 3,857 | Total |
Assets | ||
655 | Liquid funds | |
302 | ||
Inventories. accounts | ||
receivable and other | ||
902 | 865 | assets |
2,360 | 2,336 | Non-current assets |
of which right-of-use assets*: | ||
1,164€ million | ||
(Feb 2020: 1,218 €m) |
Total Equities | 3,857 | 3,564 |
and Liabilities | ||
Current liabilities | 798 | |
of which current | ||
lease liabilities*: | 668 | |
136 Mio. € | ||
(Feb 2020: 139 €m) | ||
Non-current liabilities | ||
of which non-current | 1,718 | |
lease liabilities*: | 1,764 | |
1,101 Mio. € | ||
(Feb 2020: 1,145 €m) | ||
Shareholders' equity | 1,341 | 1,132 |
34.8% | 31.8% |
February 29, 2020 | November 30, 2020 | November 30, 2020 | February 29, 2020 |
*IFRS 16 leasing standard | Rounding differences | ||
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 9 |
New Store Openings and Outlook FY 2020/21
HORNBACH Baumarkt Subgroup
Opening in Q4: 2 "Bodenhaus" stores
in Berlin and Cologne
HORNBACH Group | HORNBACH | |||
Baumarkt Subgroup | ||||
Sales 2020/21 | Outlook adjusted on 9/11/2020 (Adhoc): | |||
Growth between | Growth between | |||
13% - 17% | 14% - 18% | |||
Sales 2019/20 | 4,729 € million | 4,428 € million | ||
Adjusted EBIT | Outlook adjusted on 9/11/2020 (Adhoc): | |||
2020/21 | ||||
290 | - 360 € million | 240 | - 310 € million | |
Adjusted EBIT | 227 | € million | 182 | € million |
2019/20 | ||||
Capex 2020/21 | 155 | - 175 € million | 150 | - 170 € million |
Capex 2019/20 | 131 € million | 97 € million | ||
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 10 |
Financial Calendar
December 22, 2020 | Financial Update 3rd Quarter of 2020/21 as of November 30, 2020 | Contact |
Trading Statement (FY) as of February 28, 2021 | Investor Relations | |
March 23, 2021 | ||
Axel Müller | ||
May 27, 2021 | Annual Report 2020/21 as of February 28, 2021 | (+49) 0 63 48 / 60 - 2444 |
DVFA Analyst Conference of HORNBACH Baumarkt AG | axel.mueller@hornbach.com | |
Anne Spies | ||
(+49) 0 63 48 / 60 - 4558 | ||
anne.spies@hornbach.com | ||
www.hornbach-group.com |
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.
Analyst Call Q3 2020/21 | ©HORNBACH Group 2020 | Page 11 |
Analyst Call Q3 2020/21
HORNBACH Group
December 22, 2020
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Hornbach-Baumarkt AG published this content on 22 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2020 08:50:03 UTC