- Hornbach Holding AG

Transcription

FACTBOOK Q3/9M 2015/2016
Factbook Q3/9M 2015/2016
©HORNBACH Group 2016
Page 1
HORNBACH Holding Group
A leading European DIY retailer
1877
Foundation
2003
Sweden
1968
1st DIY store with
garden center
2004
Slovakia
2004
Emission High Yield bond (6,125%)
2006
HORNBACH wins German
„Handelspreis“
2007
Romania
2007
Lifetime Award for Otmar Hornbach
1980
1987
1993
1st DIY megastore
Going public HORNBACH
HOLDING Group
Going public HORNBACHBaumarkt Subgroup
1996
Austria
2008
Retailer of the Year in Germany
1997
Netherlands
2010
Start of Multi-Channel Retailing
1998
Czech Republic
2013
Emission Eurobond (3,875%)
2001
„Zuckerhut“ Award
2015
Change in legal form of HORNBACH
Holding AG into „KGaA“
2002
Switzerland
Page 2
Shareholder Structure
HORNBACH Group
Listed Ordinary shares1
(ISIN DE 0006083405)
HORNBACH Familien
Treuhand GmbH
since October 24, 2015
Free Float
56.25%
43.75%
HORNBACH Holding
AG & Co. KGaA
100%
Bornheim
HORNBACHBaumarkt AG³
HORNBACH
Management AG
(General Partner)
Management
76.4%
HORNBACH
Immobilien AG3
100%
100%
HORNBACH
Baustoff Union
GmbH3
Neustadt/Weinstraße
Bornheim
Free Float
23.6%
Ordinary shares²
(ISIN DE0006084403)
1
listed / number of shares: 16,000,000 / HBH
listed / number of shares: 31,807,000 / HBM
3 plus other subsidiary companies in Germany and abroad
2
Page 3
Shareholder Structure
HORNBACH Group
November 30, 2015
Neustadt/Weinstrasse
100%
76.4%
Property Development
within
HOLDING Group
153 DIY and garden stores
1.8 million sqm sales area
in 9 countries
100%
26 Outlets
Builders‘ merchant
business
South-West Germany (24)
France (2)
Germany (99)
Austria (13), Netherlands (11),
Czech Republic (9), Luxembourg (1),
Switzerland (6), Sweden (5),
Slovakia (3), Romania (6)
Page 4
European Network of HORNBACH Group
November 30, 2015
Germany
99 stores
1,052,000 sqm
 153 DIY stores
in 9 countries
 sales area:
1.8 million sqm
 store size:
Ø 11,600 sqm
24 x
2 x
Austria
13 stores
161,100 sqm
Romania
6 stores
86,600 sqm
Czech Republic
9 stores
124,500 sqm
Slovakia
3 stores
46,300 sqm
Luxembourg
1 store
12,100 sqm
Sweden
5 stores
73,100 sqm
Netherlands
11 stores
137,700 sqm
Switzerland
6 stores
78,000 sqm
Page 5
91
92
90 /
91 /
04
05
03 /
04 /
14 /
13 /
12 /
11 /
10 /
09 /
08 /
07 /
06 /
15
14
13
12
11
10
09
08
07
06
03
02 /
05 /
02
01
00
99
98
97
96
95
94
01 /
00 /
99 /
98 /
97 /
96 /
95 /
94 /
93 /
93
90
89 /
92 /
89
88
88 /
87 /
Sustainable Sales Growth
HORNBACH Group
€ 3.57 bn
€ 132 m
Page 6
Successful International Expansion
Key market entries of HORNBACH Baumarkt AG Subgroup
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
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
0
International
Page 7
Jobmachine HORNBACH Group
1987/1988 - 2015/2016
17,320
12,014
7,386
3,924
1,372
2015
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
613
Page 8
Page 9
Top Ranking of the European DIY Retailers 2014
14,952
14,736
5,791
4,956
3,357
2,607
pe
u
ro
G
A
o
de
n
Ki
he
if s
g
r
B
O
I
Ba
u
us
ha
rn
Ho
ch
ba
o
sk
e
K
Z
s
eu
2,454
a
/H
ba
e
g
2,263
u
T
m
oo
M
B
r.
1,896
a
ol
ir c
ge
ic
Br
1,895
ch
ar
om
é
[Source: Dähne, Company information]
Page 10
Top Ranking of the German DIY Retailers 2014
Net Sales (Europe): HORNBACH ranks #3 …
5,790
[Source: Dähne, HORNBACH]
4,956
3,357
2,454
2,263
1,300
I
OB
a
uh
Ba
CH
BA
N
R
HO
us
Z
ba
age
H
/
S
EU
u
om
To
s
bu
Glo
…but is #1 in sales per store (€ million)
951
la
/He
to
aus
b
o
r
Eu
ff
… and sales per sqm (€)
23.0
19.4
1,970
1,733
12.9
1,340
1,162
10.0
4.7
1,699
1,639
1,010
6.5
2.6
I
OB
s
au
h
u
Ba
A
NB
R
HO
CH
/
us
Ze
u
ba
e
g
Ha
om
To
e
s/H
u
ob
Gl
la
ff
sto
u
ba
ro
u
E
I
OB
au
uh
Ba
s
HO
H
AC
B
RN
/H
us
e
Z
au
eb
g
a
To
om
o
Gl
el a
/H
s
bu
r
Eu
ff
sto
u
a
ob
Page 11
DIY Top 10 Germany 2014
Average store size, net sales and sales densities
Bubble size = total net sales (Europe)
average store size (in sqm)
14000
OBI
12000
Bauhaus
Megastore
HORNBACH
10000
Toom
8000
Globus/Hela
Zeus/Hagebau
6000
Eurobaustoff
EMV-Profi
4000
Hellweg
2000
0
750
1000
1250
1500
1750
2000
Net Sales/ sqm
[Source: Dähne, HORNBACH; Hellweg incl. Baywa]
Page 12
Like-for-like DIY Sales in Germany
(calendar year - cumulative)
140
130
DIY-Sector (D)
+ 33%
HORNBACH (D)
1998 = 100%
120
110
100
90
80
-13%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
[Source: BHB, HORNBACH]
Page 13
Market share in % of DIY store sales
HORNBACH‘s Market Share in Germany
11.0
10.0
8.5
7.1
4.9
1998
2000
2002
2004
2006
2008
2010
2012
2014
[Source: BHB/GfK DIY-Panel (until 2013), GfK DIY-TSR (from 2014), HORNBACH]
Page 14
Our Strategy for the DIY World
HORNBACH is the top address for DIY projects
Every-daylow-price
Superior
product offering
Project-oriented
services
Megastore network
& multi-channel retailing
Sophisticated
logistics & IT
Continuing
internationalisation
Outperforming the DIY market &
delivering a unique customer experience
Page 15
“We’re a Project DIY Store”

Partner for project customers
and professionals.

Top quality specialist advice.

Added value with our product
range and service offerings.

Everything in stock.

Making shopping easier.

Unique advertising
campaigns.

Every-Day-Low-Price.
Page 16
High Quality Store Network – Our Store Formats




Prime locations
Focus on big catchment areas
Large store format
Homogeneous store network


Store Type
Generates economies of scale
in store operation and store development
Meets customers needs and provides
superior shopping experience
Selling Space
CapEx 1)
(BHB weighted)
HORNBACH4
HORNBACH5
HORNBACH6
HORNBACH
Typ 2
1)
2)
Type 4
8,500 – 10,999 sqm
incl. DRIVE IN
15 – 20 €m
Type 5
11,000 – 14,999 sqm
20 – 25 €m
Type 6
≥ 15,000 sqm
incl. DRIVE IN
25 – 30 €m
Type 2 („HORNBACH Compact“) 2) ~ 800 sqm
~ 2 €m
average CapEx for property and building
currently in trial phase
Page 17
Property Ownership and Hidden Reserves
Property HI
Property HBM
Operating Leases
Others
2%
4
29%
end-February 2015
43
61
43%
No. of stores
Sales area in %
26%
38
FY 14/15
(€ million)
Book value
Yield value
(x13)
Hidden
Reserves
(x13)
Baumarkt Subgroup
498
770
272
Immobilien Subgroup
441
788
347
HORNBACH Group
939
1,558
619
Page 18
E-Business in DIY Retailing: Gaining in Significance
Online share of DIY retail market (Germany)
 In 2014, online retail accounted for around 5% of
DIY sales in Germany.
 Industry experts expect e-commerce to account
for 25% of sales by 2030.
25.0%
5.0%
2014
2030e
[Source: IFH, BHB, Roland Berger]
Page 19
HORNBACH Pursuing Sustainable Multichannel Strategy
 Since launching its webshop in December 2010,
HORNBACH has Germany’s most extensive
online range of construction and renovation
products.
 Catalyst for EDLP transparency and price
awareness
 Time-saving: “Reserve online & collect in-store”
 Spill-over benefits for our stores
 Additionally addressing customers
living outside of the catchment
areas of our stationary stores
 International roll-out
Page 20
Road Map of Going Live
Country
Start of Online Shop
Number of SKUs
(December 2015)
Germany
December 2010
110,000
Austria
January 2013
83,000
Switzerland
November 2014
57,000
Netherlands
March 2015
25,000
Czech Republic
December 2015
Luxembourg
December 2015
Romania / Slovakia / Sweden
scheduled for 2017
Advantages of stationary retail
Advantages of online retail
Page 21
Elaborated Supply Chain Management
Ensures Europe-wide Logistics (B2B)
 Sophisticated merchandise management
in conjunction with our homogeneous
store network
 Our logistics system combines direct
supplies to stores and indirect deliveries
via logistics centers
 Enhanced import possibilities
 Group-wide integrated IT and
merchandise systems
Page 22
B2B Logistics: Our Network for the Supply of Goods throughout Europe
LC: Lehrte (1994)
Import warehouse: Soltau (2012)
Berlin (2015)*
Castrop-Rauxel (2015)*
Das Bild k ann
zurzeit nicht
angezeigt
werden.
Nürnberg (2015)*
Lorsch (2015)*
LC: Essingen (1999)
* Special warehouse for long and bulky goods
LC: Vilshofen (2005)
Page 23
B2C Logistics: Mirroring Our Multichannel Strategy
Pure online business: 3 ways to customers
Store as e-commerce service partner
Home delivery
service
Reserve &
collect at store
Direct shipment supplier
Collect products
ordered online at store
Fulfillment
HORNBACH
DVZ
Fulfillment service provider
HORNBACH4
HORNBACH6
MVZ
Store
HORNBACH mailing center
Page 24
HORNBACH Private Label Strategy
Benefits of private labels
Private labels share of sales*

USP compared with competitors.
35,0%

Lower dependency on national manufacturer
brands.
30,0%

Exclusive control over market launch
and market positioning.

Active management of product lifecycle.

Significantly higher gross margins!

Successful way to counter downward
price pressure from internet!
30,0%
25,0%
20,0%
17,6%
15,0%
15,0%
10,0%
8,2%
10,3%
5,0%
0,0%
FY 06/07 FY 10/11 FY 12/13 FY 14/15 long-term
target
* year-end figure
Page 25
Growth Drivers
Cocooning
New target groups
(retreat-to-home lifestyle trend)
(„women-at-work“, Do-it-for-me, seniors)
Increasing need
for renovation
Multichannel retailing
(80% of houses/flats > 20 years)
Sustainability and
energy efficiency
• Insulation of facades
• Replacement of outdated boilers
• Use of rainwater
• FSC timber products
Strong private labels
International expansion
Page 26
Financial Year 2015/2016
3rd Quarter / 9 Months
Page 27
Highlights in the First Nine Months 2015/2016
HORNBACH Group

Expansion program for 2015/2016 complete after 4 store
openings in Q3 (2x NL, 1x AT, 1x RO) – 153 stores in total

Like-for-like Group sales up 2.9% in Q3 and up 1.8% in 9M
 Pleasing LFL growth momentum at international stores
(Q3: +7.0% / 9M: +3.7%)
 DIY stores in Germany on previous year‘s level
(Q3: -0.2% / 9M: +0.4%) – Poor November weighs on Q3

Unsatisfactory Q3 earnings performance leaves its mark on
9M EBIT
 Group gross margin down by 90 bps in Q3 and down by 30 bps in 9M
 Disproportionate increase of store expenses and administration
expenses due to higher costs for digitization
 Pre-opening expenses below previous year‘s level

Due to improved net financial expenses (FX items) and lower
tax rate EPS fall only slightly short of previous year‘s figures
Page 28
Q3/9M Key figures
HORNBACH Group
Page 29
Q3/9M Key figures
HORNBACH Baumarkt AG Subgroup
Page 30
Growth in Net Sales – Nine Months
HORNBACH Group
2,582
2,607
2,682
1,385
1,395
1,443
2,851
1,561
2,980
+4.5%
1,597
+2.3%
1,025
1,058
1,033
1,109
1,200
+8.2%
172
178
180
180
182
2011/12
2012/13
2013/14
2014/15
2015/16
HORNBACH Baustoff Union
HORNBACH Baumarkt AG [International]
+1.2%
HORNBACH Baumarkt AG [Germany]
[rounding differences]
Page 31
Net Sales
HORNBACH Group
HORNBACH Holding Group
1,035.1 1,052.1
940.4
1,002.5
875.8
925.6
2014/15
2015/16
+ 1.6%
+ 6.6%
Q1
Q2
976.7 995.2
878.3
+ 5.7%
938.2
814.9
Q3
HORNBACH Baustoff Union GmbH Subgroup
863.0
58.0 56.4
+ 1.9%
Q1
+ 6.8%
Q2
+5.9%
Q3
- 2.8%
Q1
61.7 63.9
+ 3.6%
Q2
60.5 62.2
+ 2.8%
Q3
Page 32
Like-for-like Sales*
(Financial Year)
FY
2014/15
Q1
2015/16
Q2
2015/16
H1
2015/16
Q3
2015/16
9M
2015/16
Total
4.4
(1.1)
4.0
1.3
2.9
1.8
Previous year
2.7
14.6
(1.0)
6.7
1.0
4.9
Germany
5.5
(2.4)
4.0
0.6
(0.2)
0.4
Previous year
4.9
19.4
(1.0)
8.9
1.4
6.5
International
2.8
0.7
4.0
2.3
7.0
3.7
Previous year
(0.1)
8.2
(1.0)
3.6
0.6
2.6
* in constant currencies
Page 33
Gross Margin - Nine Months
Impacts on gross margin

Lower procurement prices almost compensating
for decreasing retail prices

Positive currency items

Reduction in retail prices
(internet & discount campaigns at competitors)

Freight costs (B2C) not covered by freight revenues

Product range changes due to different product mix
of increasing e-commerce sales

One-off base effect of procurement terms for
transformed Praktiker/Max Bahr stores
37.9
37.4
37.6
37.3
37.2
37.2
36.9
36.5
36.5
36.4
9M 2011/12
9M 2012/13
9M 2013/14
HORNBACH Baumarkt Subgroup
9M 2014/15
9M 2015/16
HORNBACH Holding
Page 34
EBIT
HORNBACH Group
1)
nine months
2014/15
€ million
2015/16
- 9.8%
88.2
76.8
65.8
74.4
- 42.7%
191.2
172.5
2014/15
2015/16
37.2
- 13.0%
+ 13.0%
Q1
Q2
21.3
Q3
based on International Financial Reporting Standards (IFRS)
1) Previous
year‘s figures adjusted due to IFRIC 21
Page 35
EBIT Breakdown – Nine Months
1)
- 10.4%
142.2
€ million
127.3
- 3.6%
42.8
2014/15
2015/16
41.3
- 5.1%
8.7
HBM
8.3
HBU
HBM: HORNBACH Baumarkt Subgroup
HBU: HORNBACH Baustoff Union Subgroup
HI:
HORNBACH Immobilien Subgroup
HI
1) Previous
Page 36
Earnings per Share - Nine Months
5.87
5.21
5.38
2.58
2.51
2012/13
2013/14
3.17
2011/12
HORNBACH Holding
1) Previous
6.15
5.94
2.90
2.88
2014/15
2015/16
1)
Page 37
Cash Flow Statement
HORNBACH Group
Cash flow statement (abridged)
€ million
2015/2016
2014/2015
9 months
9 months
195.1
198.0
1)
Cash flow from operating activities
of which: funds from operations
174.0
173.7
of which: change in working capital
21.1
24.3
Cash flow from investing activities
-118.3
-86.9
Cash flow from financing activities
-33.1
-51.9
Cash-effective change in cash and cash equivalents
43.7
59.1
Change in cash and cash equivalents due to changes in
exchange rates
0.0
-0.2
Cash and cash equivalents at March 1
400.9
428.8
Cash and cash equivalents at November 30
444.6
487.7
rounding differences
1) Previous
Page 38
Cash Flow Statement
Cash flow statement (abridged)
€ million
2015/2016
2014/2015
9 months
9 months
168.9
164.8
1)
Cash flow from operating activities
of which: funds from operations
135.3
131.5
of which: change in working capital
33.6
33.3
Cash flow from investing activities
-108.6
-75.9
Cash flow from financing activities
-13.0
-36.2
Cash-effective change in cash and cash equivalents
47.3
52.7
Change in cash and cash equivalents due to changes in
exchange rates
-0.1
-0.1
Cash and cash equivalents at March 1
334.8
371.1
Cash and cash equivalents at November 30
382.1
423.7
1) Previous
Page 39
Group Balance Sheet Structure (IFRS)
HORNBACH Group
ASSETS
401
674
1,358
EQUITY and LIABILITIES
Total assets
2,549
Liquid funds
445
2,433
1)
Inventories,
accounts receivable
and other assets
686
Non-current assets
1,419
2,549
617
Total assets
2,433
Current liabilities
576
Non-current liabilities
1,356
Shareholders‘ equity
53.2%
February 28, 2015
1) Previous
November 30, 2015
November 30, 2015
681
1,259
51.7%
February 28, 2015
494
Page 40
Group Balance Sheet Structure (IFRS)
ASSETS
1,731
EQUITY and LIABILITIES
Total assets
1,845
382
335
1,845
526
Liquid funds
599
797
1)
605
Total assets
Current liabilities
326
Inventories,
accounts receivable
and other assets
401
408
Non-current liabilities
858
993
Shareholders‘ equity
922
Non-current assets
53.8%
February 28, 2015
1) Previous
1,731
November 30, 2015
November 30, 2015
53.3%
February 28, 2015
Page 41
Outlook
Page 42
Store Openings 2015/2016 – CapEx – EBIT Forecast
Saarbrücken (replacement)
Regau 
Neunkirchen (HB Compact)
Alzey (HB Compact) 
Geleen (replacement)
Best
Klagenfurt
Geleen

Sibiu 
Best
Saarbrücken
Regau
Klagenfurt


Forecast CapEx 15/16:
HOLDING ≤ 170 €m
HBM ≤ 160 €m

Forecast EBIT 15/16:
HOLDING ≥ 140 €m
HBM ≥ 88 €m
Sibiu
Page 43
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.
Page 44

- Hornbach Holding AG

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