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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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