DGAP-News: Hornbach Holding AG: Trading Statement 2012/2013 - Slight growth in consolidated sales
(firmenpresse) - DGAP-News: Hornbach Holding AG / Key word(s): Development of Sales
Hornbach Holding AG: Trading Statement 2012/2013 - Slight growth in
consolidated sales
21.03.2013 / 07:00
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Trading Statement for 2012/2013: Slight growth in consolidated sales
Hornbach withstands macroeconomic headwind
Sales at Hornbach Group up 0.8% to Euro 3.23 billion / Like-for-like sales
at DIY and garden stores in Germany match previous year's figure /
Recession in Europe deals a blow to confidence among DIY enthusiasts in
second half of year / Builders' merchant business improves sales by 2.9%
Neustadt/Weinstrasse, March 21, 2013. The Hornbach Group (Hornbach Holding
AG Group) slightly exceeded the previous year's sales in the 2012/2013
financial year. Consolidated sales for the period from March 1, 2012 to
February 28, 2013 increased by 0.8% to Euro 3,229 million, thus meeting the
company's own forecast.
As expected, Hornbach felt the effects of the recession in Europe in the
second half of the financial year, and in particular in the final quarter
of 2012/2013. This was reflected above all in a downturn in like-for-like
sales at Hornbach's DIY megastores with garden centers outside Germany.
Like-for-like sales at stores in Germany, by contrast, matched the previous
year's record figure in 2012/2013 and gained further market share.
Including sales at stores newly opened, the Hornbach-Baumarkt-AG subgroup,
which was operating 138 DIY megastores with garden centers in nine
countries across Europe at the balance sheet date, increased its total
(net) sales by 0.6% to Euro 3,020 million. In the 2012 ranking of German
DIY store operators by sales, the subgroup thus moved up one place to third
position. Across Europe, Hornbach is now the fifth-largest DIY player.
The weakening in the Group's sales performance in line with expectations
was mainly due to faltering macroeconomic developments across large parts
of Europe on account of the debt crisis. Given rising tax charges,
shrinking real-term incomes, growing unemployment and a widespread feeling
of insecurity, private households in numerous European countries
significantly cut back their consumption in the course of 2012. This
situation was exacerbated by cutbacks in housing construction and the real
estate sector, a development which also left its mark on the DIY business.
The real estate sector in the Netherlands, for example, where the full tax
deduction of mortgage interest will no longer be possible in future, is
undergoing a severe crisis. By contrast, Germany's economic performance and
consumer confidence levels were comparatively robust in 2012.
'Against this backdrop, we are satisfied with our business performance in
2012/2013 - even more so given that the basis for comparison is the very
strong previous year', commented Albrecht Hornbach, Chairman of the Board
of Management of Hornbach Holding AG, with regard to the preliminary
figures. 'Not only that, we had to absorb substantial base effects that lay
outside our influence.' On the one hand, sales momentum in the 2012/2013
financial year was negatively affected by unfavorable weather conditions in
the first and fourth quarters compared with the previous year. On the other
hand, depending on the country in question there were up to four business
days fewer than in the previous year.
Net sales at the DIY stores with garden centers in Germany increased by
0.7% to Euro 1,741 million in the 2012/2013 financial year (previous year:
Euro 1,729 million). On a like-for-like basis, i.e. excluding sales at
stores newly opened and closed in the past twelve months, Hornbach's stores
in Germany upheld the previous year's excellent level. In the 2011/2012
financial year, the domestic stores had generated like-for-like sales
growth of 5.8% - the highest figure since 1996. 'Our German stores once
again posted a rock solid performance. Our like-for-like sales were around
one-and-a-half percentage points ahead of the competition in 2012. That
enabled us to increase our market share in Germany from 9.2% to 9.3%',
commented Hornbach.
The Hornbach Baustoff Union GmbH subgroup rounded off the Group's pleasing
performance in its home market. The 25 builders' merchant outlets in
operation at the balance sheet date boosted their sales in the 2012/2013
financial year by 2.9% to Euro 207 million.
Outside Germany, Hornbach improved its sales, including sales at three
stores newly opened, by 0.6% to Euro 1,279 million in the 2012/2013
financial year. At 42.4%, the international share of sales remained
unchanged at the Hornbach-Baumarkt-AG subgroup. Unlike in the domestic
business, the weak macroeconomic climate clearly left its mark on the
performance of Hornbach's international store network, reaching countries
that had still reported sales growth one year earlier. Net of currency
items, Hornbach's like-for-like sales outside Germany declined by 3.2% in
the 2012/2013 financial year (previous year: minus 1.0%). At the Group as a
whole, like-for-like sales slipped by 1.4% (previous year: plus 2.8%).
Based on initial preliminary earnings figures, the operating earnings of
the Hornbach Holding AG Group for 2012/2013 are expected to amount to
around Euro 145 million (previous year: Euro 169 million). The
Hornbach-Baumarkt-AG subgroup is expected to post EBIT of around Euro 100
million (previous year: Euro 128 million). Details of the earnings
performance and the annual financial statements will be presented at the
Annual Results Press Conference on May 28, 2013.
'The figures at home and abroad show we are mostly more robust than our
competitors when the economy begins to falter', commented Hornbach. 'We are
confident about the future, as there is substantial demand for construction
and renovation work in the countries where we operate. In Germany, for
example, many buildings will have to be renovated in coming years to
improve their energy efficiency. Given our large range of quality products,
specialist advice and project philosophy, we are better placed than others
to benefit from this megatrend.'
Preliminary key figures of 2012/2013 2011/2012 Change Change*adjusted for currency items
Hornbach Holding AG Group
(in Euro million unless otherwise financial financial like-for-
stated) year year in % like (%)*
Net sales at overall Group 3,229 3,204 0.8
Net sales at Hornbach-Baumarkt-
AG subgroup 3,020 3,001 0.6 -1.4
of which in Germany 1,741 1,729 0.7 0.0
of which in other European
countries 1,279 1,272 0.6 -3.2
Net sales at Hornbach Baustoff
Union GmbH subgroup 207 201 2.9
Number of DIY stores 138 134
Sales areas as per BHB (000 m²) 1,598 1,549
Average DIY store size (m²) 11,600 11,600
Rounding up or down may lead to discrepancies between percentages and
totals. Percentage figures calculated on basis of Euro 000s.
End of Corporate News
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Language: English
Company: Hornbach Holding AG
Le Quartier Hornbach 19
67433 Neustadt an der Weinstraße
Germany
ISIN: DE0006083439
WKN: 608343
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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204614 21.03.2013
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Datum: 21.03.2013 - 07:00 Uhr
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