- Hornbach Holding AG

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- Hornbach Holding AG
HORNBACH-Baumarkt-AG
HORNBACH 2015
DVFA-Analyst-Meeting
May 28, 2015
Frankfurt/Main
Annual General Meetings 2015
2
Jugendstil-Festhalle Landau
HORNBACH-Baumarkt-AG
July 8, 2015
HORNBACH 2015
HORNBACH HOLDING AG
Annual General Meeting
July 9, 2015
Separate meeting of the preference
shareholders
July 10, 2015
Financial Calendar
3
HORNBACH 2015
June 26, 2015
Interim Report 1st Quarter 2015/2016
as of May 31, 2015
July 8, 2015
July 9, 2015
Annual General Meeting
HORNBACH-Baumarkt-AG
HORNBACH HOLDING AG
July 10, 2015
Separate Meeting of the Preference Shareholders
HORNBACH HOLDING AG
September 29, 2015
Half-Year Financial Report 2015/2016
as of August 31, 2015
and
DVFA Analysts' Conference
of HORNBACH HOLDING AG
December 21, 2015
Interim Report 3rd Quarter 2015/2016
as of November 30, 2015
4
Financial Year
2014/2015
HORNBACH 2015
February 28, 2015
Current Shareholder Structure
HORNBACH Group
5
Preference shares1
Ordinary shares2
(ISIN DE0006083439)
(ISIN DE0006083405)
Free Float
HORNBACH Familien
Treuhand GmbH
100%
voting rights
February 2015
50%
50%
Neustadt/Weinstraße
76.4%1
100%
100%
HORNBACH
Immobilien AG3
HORNBACH
Baustoff Union GmbH3
Bornheim
Neustadt/Weinstraße
HORNBACH-Baumarkt-AG3
HORNBACH 2015
Free Float
23.6%
Bornheim
Ordinary shares1
(ISIN DE0006084403)
1 listed on the stock exchange (number of shares: 8,000,000 HBH3 / resp. 31,807,000 HBM)
2 not listed (number of shares: 8,000,000 HBH3)
3 plus other subsidiary companies in Germany and abroad
Planned transformation of legal form and simplification of share structure
KGaA (partnership limited by shares) structure and combination of share classes
6
Listed Ordinary shares1
HORNBACH Familien
Treuhand GmbH
KGaA structure
Free Float
50%
50%
76.4%1
HORNBACH
Immobilien AG2
Bornheim
HORNBACH-Baumarkt-AG2
Bornheim
HORNBACH 2015
Hornbach
Management AG
(General Partner)
Hornbach Holding
AG & Co. KGaA
100%
Free Float
23.6%
100%
Management
100%
HORNBACH
Baustoff Union
GmbH2
Neustadt/Weinstraße
Ordinary shares1
(ISIN DE0006084403)
1 listed on the stock exchange
2 plus other subsidiary companies in Germany and abroad
European Network of HORNBACH Group
7
HORNBACH 2015
February 2015
Germany
97 stores
1,039,300 sqm
 146 DIY stores
in 9 countries
 sales area:
1.7 million sqm
 store size:
Ø 11,700 sqm
25 x
2 x
Austria
11 stores
141,500 sqm
Romania
5 stores
77,500 sqm
Czech Republic
9 stores
124,700 sqm
Slovakia
3 stores
46,300 sqm
Luxembourg
1 store
12,100 sqm
Sweden
5 stores
73,100 sqm
Netherlands
9 stores
111,100 sqm
Switzerland
6 stores
78,600 sqm
Store Openings 2014/2015
8
Opening
Sales Area in sqm
Lübeck
2014-03-12
8,131
Prag Cestlice
2014-03-19
14,649
Trier*
2014-06-04
8,756
Schwabach
2014-07-02
10,411
2014-07-28
828
Ulm
2014-09-03
9,852
Lüneburg
2014-09-24
9,979
Kamen
2014-10-29
8,533
Bad Bergzabern
HORNBACH 2015
(HB Compact)
*replacement
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
HORNBACH 2015
Sustainable Sales Growth
HORNBACH Group
9
€ 3.57 bn
€ 132 m
Sustainable Sales Growth
HORNBACH Group
10
3,369
1,827
1,325
%yoy
+6.0%
3,572
+7.6%
1,966
+5.0%
1,390
-1.1%
HORNBACH 2015
2013/14
HORNBACH Baustoff Union
[rounding differences]
HORNBACH-Baumarkt-AG [International]
2014/15
HORNBACH-Baumarkt-AG [Germany]
Successful International Expansion
Key market entries of HORNBACH-Baumarkt-AG Subgroup
11
FY 2014/2015:
RO
4000
3.36 bn €
SK
SE
3500
CH
3000
NL
2500
41%
CZ
L
A
2000
1500
33%
1000
67%
59%
500
Germany
International
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
HORNBACH 2015
0
Top Ranking of German DIY Retailers 2014
12
[Source: Dähne, HORNBACH]
Net Sales (Europe): HORNBACH ranks #3 …
5,790
4,956
3,357
2,454
2,263
1,300
I
OB
CH
BA
N
R
HO
us
uha
a
B
Z
ba
age
H
/
S
EU
…but is #1 in sales per store (€ million)
u
T
tk
ark
M
/
oom
auf
951
la
/He
s
u
b
Glo
aus
rob
u
E
f
tof
… and sales per sqm (€)
23.0
19.4
1,970
1,733
12.9
1,639
1,340
1,162
10.0
4.7
1,699
1,010
6.5
HORNBACH 2015
2.6
I
OB
s
au
h
u
Ba
CH
BA
N
R
HO
u
ba
ge
a
/H
us
e
Z
f
au
k
t
k
ar
/M
m
o
To
e
/H
us
b
o
Gl
la
ff
sto
u
ba
ro
u
E
I
OB
uh
Ba
s
au
HO
H
AC
B
RN
u
a
eb
Ze
u
ag
s/H
tka
om
To
k
ar
/M
uf
o
Gl
ela
/H
s
bu
ff
sto
au
b
ro
Eu
Like-for-like Sales*
HORNBACH-Baumarkt Subgroup
13
HORNBACH 2015
FY
Q1
Q2
H1
Q3
9M
Q4
FY
2013/14 2014/15 2014/15 2014/15 2014/15 2014/15 2014/15 2014/15
Total
2.7
14.6
-1.0
6.7
1.0
4.9
2.4
4.4
Germany
4.9
19.4
-1.0
8.9
1.4
6.5
1.8
5.5
International
-0.1
8.2
-1.0
3.6
0.6
2.6
3.4
2.8
* in constant currencies
Like-for-like Sales
DIY in Germany – Calendar Year
14
HORNBACH 2015
difference to previous year in %
HORNBACH‘s outperformance in the German DIY sector
7.9
5.0
2.3
-2.6
2013
2014
Like-for-like DIY Sales in Germany
(calendar year - cumulative)
15
140
DIY-Sector (D)
130
+ 33%
HORNBACH (D)
1998 = 100%
120
110
100
90
HORNBACH 2015
80
-13%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
[Source: BHB, HORNBACH]
HORNBACH‘s Market Share in Germany
16
Market share in % of DIY store sales
11.0
10.0
8.5
7.1
4.9
HORNBACH 2015
1998
2000
2002
2004
2006
2008
2010
[Quelle: BHB/GfK DIY-Panel (until 2013), GfK DIY-TSR (from 2014), HORNBACH]
2012
2014
EBITDA
17
HORNBACH Group
Margin
7.0%
6.8%
236
243
HORNBACH 2015
2013/2014
2014/2015
HORNBACH-Baumarkt Subgroup
5.1%
5.0%
161
167
2013/2014
2014/2015
EBIT
18
HORNBACH Group
Margin
4.8%
160
HORNBACH 2015
2013/2014
4.6%
HORNBACH-Baumarkt Subgroup
3.3%
3.3%
105
110
65%
73%
35%
27%
2013/2014
2014/15
165
2014/2015
International
based on International Financial Reporting Standards (IFRS)
Germany
Earnings before Taxes
19
HORNBACH Group
Margin
3.8%
128
HORNBACH 2015
2013/2014
3.9%
HORNBACH-Baumarkt Subgroup
2.8%
2.8%
87
95
2013/2014
2014/2015
140
2014/2015
Group Net Income
20
HORNBACH Group
Margin
2.6%
86
3.0%
HORNBACH-Baumarkt Subgroup
1.8%
107
56
HORNBACH 2015
2013/2014
2.1%
2014/2015
2013/2014
70
2014/2015
EBIT Breakdown
HORNBACH Group
21
Operating Breakdown
2013/14
2014/15
Geographical Breakdown
102.5
105.1 109.8
89.1
71.2
+4%
51.1 51.5
+20%
5.5
HBM
63.4
6.5
+1%
HBU
HI
+15%
-11%
Germany
EBIT vs. Sales Breakdown FY 2014/2015
Inter- Germany
national 38%
HORNBACH 2015
62%
HBM: HORNBACH-Baumarkt-AG
HBU: HORNBACH Baustoff Union
HI:
HORNBACH Immobilien AG
EBIT
Inter- Germany
national
61%
39%
Sales
International
EBIT Breakdown
HORNBACH Group
22
HORNBACH Group
HORNBACH 2015
2014/2015
2013/2014
EBIT
165.1
None-operating Earnings
(2.4)
(0.9)
None-operating Expenses
+3.9
+5.0
EBIT adjusted I
166.6
Project Costs
+35.4
EBIT adjusted II
202.0
+3.0%
+1.3%
160.4
164.5
+26.0
+6.0%
190.5
EBIT Breakdown
HORNBACH-Baumarkt Subgroup
23
Operating Breakdown
2013/14
2014/15
Geographical Breakdown
82.4
80.6
71.2
68.3
51.3
48.5
+16%
36.7
-5%
Retail
Real Estate
29.6
-19%
Germany
EBIT vs. Sales Breakdown FY 2014/2015
International Germany
27%
HORNBACH 2015
73%
EBIT
+18%
Inter- Germany
national 59%
41%
Sales
International
EBIT Breakdown
HORNBACH-Baumarkt Subgroup
24
HORNBACH-Baumarkt-Subgroup
HORNBACH 2015
2014/2015
2013/2014
EBIT
109.8
Non-operating Earnings
0.0
(0.6)
Non-operating Expenses
+5.4
+6.7
EBIT adjusted I
115.2
Project Costs
+35.4
EBIT adjusted II
150.6
+4.4%
+3.6%
105.1
111.2
+26.0
+9.8%
137.2
Earnings per Share
25
5.64
5.07
4.77
4.55
4.06
2.43
2.38
2010/11
2011/12
1.64
1.77
2012/13
2013/14
HORNBACH HOLDING Group
HORNBACH 2015
average earnings per share
2.19
2014/15
HORNBACH-Baumarkt Subgroup
Gross Margin
26
38.0
37.4
37.4
37.3
37.4
36.6
36.6
36.5
36.6
2010/11
2011/12
2012/13
2013/14
HORNBACH 2015
HORNBACH Group
37.3
2014/15
HORNBACH-Baumarkt Subroup
Highlights in FY 2014/2015
HORNBACH Group
HORNBACH 2015
27

8 store openings (of which 1 replacement)

LFL sales growth of 4.4%
(Germany +5.5%, International +2.8%)

Jump in online sales

Higher gross margin (37.3 % vs. 36.6 %)

Higher store expenses (27.9 % vs. 27.3 %)

Higher pre-opening expenses (0.4 % vs. 0.3 %)

Higher costs of central administration
due to increased project costs (4.6% vs. 4.4%)

EBIT above previous year

EBT and Net Income growing faster than sales
due to improved financial result and one-off tax impacts
Proposed dividend 2015
28
2015
2014
2013
Preference Share
€ 0.80
€ 0.80
€ 0.67
Ordinary Share
€ 0.77
€ 0.77
€ 0.64
Ordinary Share
€ 0.60
€ 0.60
€ 0.50
HORNBACH HOLDING AG
HORNBACH 2015
HORNBACH-Baumarkt-AG
Capital Expenditures
HORNBACH Group
29
116
72
36
2013
HORNBACH 2015
others
HORNBACH Immobilien AG
119
100
10
2014
HORNBACH-Baumarkt-AG
Olomouc
HORNBACH property ownership
30
Number of stores
Sales area in %
end-February 2015
4
43
29%
43%
61
Property HI
Property HBM
Operating Leases
Others
HORNBACH 2015
2%
38
26%
Group Balance Sheet Structure (IFRS)
HORNBACH HOLDING Group
31
ASSETS
EQUITY and LIABILITIES
2,362
Total assets
2,433
2,433
429
Liquid funds
401
491
623
Inventories,
accounts receivable
and other assets
1,310
Non-current assets
674
1,358
681
1,261
Total assets
Current liabilities
500
Non-current liabilities
698
Shareholders‘ equity
1,164
51.8%
HORNBACH 2015
February 28, 2014
February 28, 2015
2,362
February 28, 2015
49.3%
February 28, 2014
Group Balance Sheet Structure (IFRS)
HORNBACH-Baumarkt Subgroup
ASSETS
32
1,670
371
559
740
EQUITY and LIABILITIES
Total assets
1,731
1,731
335
400
599
408
Total assets
Current liabilities
Liquid funds
Inventories,
accounts receivable
and other assets
Non-current assets
797
Non-current liabilities
923
Shareholders‘ equity
53.3%
February 28, 2014
HORNBACH 2015
1,670
February 28, 2015
February 28, 2015
383
425
862
51.6%
February 28, 2014
Cash Flow Statement
HORNBACH HOLDING Group
33
Cash flow statement (abridged)
2014/2015
2013/2014
156.4
197.9
€ million
Cash flow from operating activities
of which: funds from operations
182.6
173.6
of which: change in working capital
-26.2
24.2
Cash flow from investing activities
-113.9
-103.5
Cash flow from financing activities
-70.9
-22.0
Cash-effective change in cash and cash equivalents
-28.4
72.4
Change in cash and cash equivalents due to changes in
exchange rates
0.5
-0.5
Cash and cash equivalents at March 1
428.8
356.9
Cash and cash equivalents at February 28, 2015
400.9
428.8
HORNBACH 2015
rounding differences
Cash Flow Statement
HORNBACH-Baumarkt Subgroup
34
Cash flow statement (abridged)
2014/2015
2013/2014
107.4
144.4
€ million
Cash flow from operating activities
of which: funds from operations
128.2
125.0
of which: change in working capital
-20.8
19.4
Cash flow from investing activities
-98.5
-66.9
Cash flow from financing activities
-45.9
-23.2
Cash-effective change in cash and cash equivalents
-37.1
54.3
Change in cash and cash equivalents due to changes in
exchange rates
0.8
-0.3
Cash and cash equivalents at March 1
371.1
317.2
Cash and cash equivalents at February 28, 2015
334.8
371.1
HORNBACH 2015
rounding differences
Stock Turn
HORNBACH-Baumarkt Subgroup
35
4.0
4.0
4.0
4.1
2010
2011
2012
2013
2014
HORNBACH 2015
in %
4.0
Net debt
36
HORNBACH HOLDING AG HORNBACH-Baumarkt-AG
(€ million)
HORNBACH 2015
28.02.2015
2013/2014
2014/2015
2013/2014
2014/2015
Financial Debt
709
651
372
345
Cash
429
401
371
335
Net Debt
280
250
1
10
Liquidity
37
HORNBACH HOLDING AG HORNBACH-Baumarkt-AG
(€ million)
HORNBACH 2015
28.02.2015
2013/2014
2014/2015
2013/2014
2014/2015
unused Creditlines
349
345
290
287
Cash
429
401
371
335
Free Liquidity
778
746
661
622
* end of financial year
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
HORNBACH 2015
Jobmachine HORNBACH Group*
1987/1988 - 2014/2015
38
16,455
12,014
7,386
3,924
1,372
613
HORNBACH 2015
39
OUTLOOK
Outlook – Capital Expenditures
HORNBACH Group
40
≤ 200
119
≤ 190
100
2014
HORNBACH 2015
others
2015
HORNBACH-Baumarkt-AG
New Store Openings 2015/2016
41
Saarbrücken (replacement) 
Regau

Klagenfurt
Geleen (replacement)
Sibiu
Best
Best
Geleen
Hornbach Compact
Saarbrücken
Regau
HORNBACH 2015
Klagenfurt
Sibiu
Sales Forecast as of Financial Year 2015/2016
42
HORNBACH Group
€ million
3,572
HORNBACH 2015
2014
?
2015 FC
HORNBACH-Baumarkt Subgroup
3,357
2014
?
2015 FC
EBIT Forecast as of Financial Year 2015/2016
43
€ million
HORNBACH Group
165.1
HORNBACH 2015
2014
?
HORNBACH-Baumarkt Subgroup
167,0
2015 FC
109.8
2014
?
2015 FC
Opening Regau March 2015
HORNBACH 2015
44
DISCLAIMER
This presentation is to be read in the context of the audited financial data of the HORNBACH HOLDING AG 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.

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