DGAP-News: Hornbach Holding AG: Hornbach back on growth course after race to catch up
(firmenpresse) - DGAP-News: Hornbach Holding AG / Key word(s): Half Year Results
Hornbach Holding AG: Hornbach back on growth course after race to
catch up
26.09.2013 / 11:30
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Hornbach back on growth course after race to catch up
Hornbach Group publishes 2013/2014 Half-Year Report :
- Consolidated sales return to positive growth of 1.8 percent in first
half
- DIY megastores and garden centers in Germany remain key growth driver -
Other European countries gain momentum
- Earnings shortfall from first quarter significantly reduced
- DIY store network grows to 140 locations after two new openings
- Hornbach with best results ever awarded in history of Kundenmonitor
Neustadt a. d. Weinstrasse, September 26, 2013.
Following a successful race to catch up during the summer months, the
Hornbach Holding AG Group (Hornbach Group) returned to its growth course in
the first half of its 2013/2014 financial year (March 1 to August 31,
2013). Consolidated sales for the first six months grew by 1.8 percent to
Euro 1,830.6 million (2012/2013: Euro 1,797.5 million). The 6.8 percent
jump in sales in the second quarter more than made up for the
weather-related downturn in the first quarter (minus 2.9 percent). Group
operating earnings (EBIT) grew disproportionately compared with sales in
the second quarter. The Hornbach Group thus made up for around 40 percent
of its shortfall in earnings from the first quarter, posting half-year EBIT
of Euro 138.3 million (2012/2013: Euro 153.2 million). Having opened two
new stores, the Group was operating 140 DIY megastores with garden centers
across Europe as of August 31, 2013.
'Given the frosty spring season, what we achieved in the first half could
by no means be taken for granted. In terms of our sales, we have not only
made up the lost ground, but even exceeded the previous year's figures. We
owe this above all to our DIY megastores and garden centers in Germany,
which once again left our competitors way behind and gained additional
market share', commented Albrecht Hornbach, Chairman of the Board of
Management of Hornbach Holding AG, when presenting the company's figures at
its half-year press conference in Frankfurt.
The Hornbach DIY megastores with garden centers in Germany boosted their
like-for-like sales by 7.7 percent in the second quarter of 2013/2014 and
by 0.7 percent in the first half. Thanks to its consistent focus on project
customers, Hornbach once again benefited from ongoing high demand in the
German housing construction and renovation market. On a like-for-like
basis, Hornbach exceeded the sales performance of the DIY sector as a whole
by around three percentage points in the reporting period from March to
August 2013. Albrecht Hornbach attributes this to the great popularity
Hornbach's DIY megastores with garden centers enjoy among German consumers.
Kundenmonitor 2013: Hornbach is Germany's best DIY store operator
In Kundenmonitor Deutschland, the most prestigious consumer survey for the
German retail sector, Hornbach was ranked first among DIY and home
improvement stores in terms of overall satisfaction in 2013, receiving the
best grade ever awarded in the 21-year history of this independent sector
survey. Out of a total of 35 evaluation categories, Hornbach came first or
second in 27 categories and was ranked first in 19 categories. These
included top marks for value for money, prices compared with competitors,
environmental focus, product selection and variety, product quality,
up-to-dateness of product range, private labels, and repeat purchase
willingness.
In its international business as well, the Hornbach Group made progress in
the race to catch up in the summer months of 2013 - and that in
significantly tougher macroeconomic conditions than in Germany.
Like-for-like sales net of currency items in other European countries rose
by 0.5 percent in the second quarter of 2013/2014, thus showing positive
growth for the first time since spring 2011. 'This enabled us to cut the
6.1 percent shortfall from the first quarter by more than half. That in
turn gives us grounds to hope that the negative effects of the euro
sovereign debt crisis are gradually receding in our international markets
and that improved levels of consumer confidence are making themselves felt
once again', added Albrecht Hornbach.
The 140 DIY outlets operated by the Hornbach-Baumarkt-AG subgroup increased
their total sales by 7.0 percent to Euro 873.5 million in the second
quarter of 2013/2014 and by 1.8 percent to Euro 1,712.5 million in the
first half as a whole. This subgroup's like-for-like sales net of currency
items grew by 4.6 percent in the second quarter, thus almost matching the
previous year's level by the end of the first half (minus 0.8 percent), and
that in spite of the prolonged winter. EBIT at this subgroup also made up
for lost ground in the second quarter and amounted to Euro 108.7 million in
the first half of 2013/2014 (2012/2013: Euro 125.9 million).
The Hornbach Group's builder's merchant business increased its sales
slightly in the first six months and has almost regained the previous
year's level of earnings. Sales at the Hornbach Baustoff Union GmbH
subgroup thus grew by 2.2 percent to Euro 117.3 million in the first half.
Cumulative EBIT at this subgroup now totals Euro 5.3 million (2012/2013:
Euro 5.5 million). The third group company, the Hornbach Immobilien AG
subgroup, improved its six-month operating earnings by 10.5 percent to Euro
25.9 million.
Given the race to catch up successfully launched in the second quarter, the
Hornbach Group has slightly raised its earnings forecast. Accordingly,
operating earnings (EBIT) at the Hornbach Holding AG Group for the
2013/2014 financial year as a whole are now expected to at least match the
previous year's figure (Euro 145.9 million) while EBIT at the
Hornbach-Baumarkt-AG subgroup should be more or less in line with the
previous year's figure (Euro 99.3 million). The sales forecast, which has
remained unchanged, provides for slight growth compared with the 2012/2013
financial year.
Note: The extensive interim reports of Hornbach Holding AG and
Hornbach-Baumarkt-AG can be downloaded from the internet at:
http://www.hornbach-group.com/reports.
Key figures of the Hornbach Group for the 2nd quarter and 1st half at a
glance
Key figures of the Hornbach 2nd 2nd±1st 1st±Holding AG Group Quarter Quarter Half Half
(in Euro million, unless 2013/ 2012/ in % 2013/ 2012/ in %
otherwise stated) 2014 2013 2014 2013
1.830 1,797
Net sales 938.6 878.7 6.8 .6 .5 1.8
of which: Hornbach-Baumarkt-AG 1.712 1,681
subgroup 873.5 816.7 7.0 .5 .9 1.8
- Germany 506.8 467.5 8.4 985.7 971.3 1.5
- Other European countries 366.7 349.3 5.0 726.7 710.6 2.3
Like-for-like sales growth
(DIY)1) 4.6% 0.7% -0.8% -0.2%
of which: Hornbach Baustoff
Union GmbH subgroup 64.7 61.6 5.0 117.3 114.8 2.2
Gross margin (as % of net sales) 36.6% 36.4% 36.6% 37.0%
EBIT 87.1 77.8 12.0 138.3 153.2 -9.7
Earnings per preference share
(Euro) 2.79 2.51 11.2 4.39 4.83 -9.1
Misc. key figures of the Hornbach August 31, February 28,±Holding AG Group 2013 2013Rounding up or down may lead to discrepancies between percentages and
(in Euro million. unless otherwise in %
stated)
Shareholders' equity as % of total
assets 48.3% 48.3%
Number of DIY stores with garden centers 140 138
Sales area of DIY stores with garden
centers in 000 m²(BHB) 1,628 1,598 1.9
Number of employees 15,287 14,913 2.5
totals. Calculation of percentage figures based on Euro 000s.
1) currency-adjusted
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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231936 26.09.2013
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