Hornbach posts pleasing jump in first-quarter sales
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HORNBACH HOLDING AG /
Hornbach posts pleasing jump in first-quarter sales
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The issuer is solely responsible for the content of this announcement.
Successful start to 2011/2012 financial year:
- Consolidated sales up 11.1 percent
- DIY megastores and garden centers with like-for-like growth of 7.7 percent
- Double-digit growth in Germany significantly ahead of sector average
- Earnings show disproportionate growth
Neustadt a. d. Weinstrasse, June 30, 2011. The Hornbach Group (Hornbach Holding
AG Group) has begun the 2011/2012 financial year on a successful note. Driven by
a substantial year-on-year rise in demand from Hornbach customers, consolidated
sales for the first three months of the financial year (March 1 to May 31, 2011)
rose by 11.1 percent to Euro 918.1 million (previous year: Euro 826.6 million).
Earnings showed significantly disproportionate growth compared with sales. The
Group's operating earnings thus increased by 33.1 percent to Euro 79.3 million
(previous year: Euro 59.6 million). Net income for the period increased by
30.6 percent to Euro 49.4 million (previous year: Euro 37.8 million). Earnings
per preference share are reported at Euro 4.90 for the first quarter (previous
year: Euro 3.76).
The Group's sales and earnings performance was shaped by its largest operating
subgroup, Hornbach-Baumarkt-AG. Here, sales at the 92 DIY megastores and garden
centers in Germany grew by 10.7 percent to Euro 863.7 million in the first
quarter of 2011/2012 (previous year: Euro 779.9 million). On a like-for-like
basis and net of currency items, sales at the DIY megastores and garden centers
improved by 7.7 percent. Including currency items, like-for-like sales even grew
by 9.4 percent. The subgroup's EBIT surged by 35.5 percent to Euro 67.2 million
(previous year: Euro 49.6 million). Hornbach operated a total of 134 DIY
megastores and garden centers across Europe with total sales areas of around
1,531,000 m² as of May 31, 2011.
"Hornbach has retained its momentum from the past financial year and accelerated
its growth in the first quarter of 2011/2012. So far in 2011 we have seen a very
pleasing revival in the renovation and new construction markets, especially in
Germany. Consumers are pressing noticeably ahead with projects in their homes
and gardens. With our sustainable strategy as a "project DIY store", we notched
up an especially high score with these customers", commented Albrecht Hornbach,
Chairman of the Board of Management of Hornbach Holding AG. Due to the pleasing
economic climate and favorable weather conditions, the underlying business
framework was even better than in spring 2010.
German DIY megastores and garden centers post like-for-like sales growth of
11.9 percent
Germany contributed the greatest sales momentum in the first quarter. On a like-
for-like basis, i.e. excluding sales at stores newly opened in the past twelve
months, sales here grew by 11.9 percent. During the period under report,
Hornbach thus outperformed the German DIY sector average by more than seven
percentage points.
In other European countries, i.e. in the eight countries outside Germany where
Hornbach operates, the 42 international Hornbach stores increased their
unadjusted sales, including sales at one store newly opened in the Czech
Republic (Plzen) at the end of May 2011, by 10.1 percent to Euro 359.3 million
(previous year: Euro 326.3 million). Like-for-like sales grew by 2.3 percent,
and by 6.2 percent including currency items. Here, a slight decline in like-for-
like and currency-adjusted sales in Eastern Europe was offset by sales growth,
at very pleasing levels in some cases, in West European regions.
First-quarter sales at the Hornbach Baustoff Union GmbH subgroup, a regional
builders' merchant player, also showed marked growth, rising by 15.8 percent to
Euro 54.0 million (previous year: Euro 46.7 million).
Hornbach Group EBIT up 33.1 percent to Euro 79.3 million
Earnings at the Hornbach Group showed disproportionate growth compared with
sales in the first quarter of 2011/2012. This was chiefly driven by like-for-
like sales growth in conjunction with a stable gross margin and more favorable
store operating cost ratios. Earnings before interest, taxes, depreciation and
amortization (EBITDA) improved by 26.7 percent to Euro 96.8 million (previous
year: Euro 76.4 million). Operating earnings (EBIT) rose by 33.1 percent to
Euro 79.3 million (previous year: Euro 59.6 million). Consolidated earnings
before taxes increased by 29.1 percent to Euro 68.4 million (previous year:
Euro 53.0 million). After taxes, net income for the period amounted to
Euro 49.4 million (previous year: Euro 37.8 million). Earnings per preference
share are reported at Euro 4.90 for the first quarter of 2011/2012 (previous
year: Euro 3.76).
The Hornbach Group invested Euro 58.1 million in its further expansion in the
first quarter of 2011/2012 (previous year: Euro 19.4 million). The positive
business performance is also reflected in its balance sheet. At 42.3 percent of
the total assets of around Euro 2,400 million, the equity ratio remains at
pleasingly high. The net financial debt of the Hornbach Holding AG Group reduced
from Euro 322.1 million as of February 28, 2011 to Euro 245.8 million as of May
31, 2011. The Hornbach Group had a total of 14,143 employees across Europe at
the end of the first quarter.
A store was opened in Ostrava-Vítkovice on June 8, 2011 at the beginning of the
second quarter of 2011/2012, the second Hornbach megastore and garden center
within the catchment area of this, the third-largest city in the Czech Republic.
The Group thus now operates eight stores in total in the Czech Republic. The
standalone garden center in Neunkirchen (Saarland) was closed on schedule in
June. The existing store at the Sinsheim location (Baden-Württemberg) is due to
be replaced by a new larger store, most probably in the third quarter.
Given the Group's first-quarter business performance, the Board of Management
sees opportunities for sales and earnings to develop more positively in the
further course of the financial year than originally expected. However, these
opportunities are countered by increased macroeconomic risks, chiefly on account
of the European sovereign debt crisis. Specifically, the recovery in private
consumer spending in Eastern Europe is progressing more slowly than expected.
The sales forecast for the current financial year is being left unchanged for
the time being. Accordingly, Hornbach expects to generate sales growth in a
medium single-digit percentage range. In terms of the earnings forecast for the
current 2011/2012 financial year, the Hornbach Group expects operating earnings
(EBIT) to exceed the level reported for the 2010/2011 financial year
(Euro 159.1 million).
Key Figures for 1(st) Quarter of 2011/2012 at a Glance
+-------------------------------------------+-------------+-------------+------+
|HORNBACH HOLDING AG Group |1(st) Quarter|1(st) Quarter|Change|
| | | | |
|(in Euro million, unless otherwise stated) | 2011/2012| 2010/2011| %|
+-------------------------------------------+-------------+-------------+------+
|Net sales | 918.1| 826.6| 11.1|
+-------------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 36.9%| 36.9%| |
+-------------------------------------------+-------------+-------------+------+
|EBITDA | 96.8| 76.4| 26.7|
+-------------------------------------------+-------------+-------------+------+
|EBIT | 79.3| 59.6| 33.1|
+-------------------------------------------+-------------+-------------+------+
|Consolidated earnings before taxes | 68.4| 53.0| 29.1|
+-------------------------------------------+-------------+-------------+------+
|Consolidated net income (1)) | 49.4| 37.8| 30.6|
+-------------------------------------------+-------------+-------------+------+
|Basic/diluted earnings per preference share| | | |
|(Euro) | 4.90| 3.76| 30.3|
+-------------------------------------------+-------------+-------------+------+
|Investments | 58.1| 19.4| 198.8|
+-------------------------------------------+-------------+-------------+------+
+----------------------------------------+------------+-----------------+------+
|Misc. key figures of the HORNBACH |May 31, 2011|February 28, 2011|Change|
|HOLDING AG Group | | | |
| | | | |
|(in Euro million, unless otherwise | | | %|
|stated) | | | |
+----------------------------------------+------------+-----------------+------+
|Total assets | 2,400.1| 2,233.3| 7.5|
+----------------------------------------+------------+-----------------+------+
|Shareholders' equity | 1,015.9| 962.4| 5.6|
+----------------------------------------+------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 42.3%| 43.1%| |
+----------------------------------------+------------+-----------------+------+
|Number of employees | 14,143| 13,768| 2.7|
+----------------------------------------+------------+-----------------+------+
+------------------------------------------+-------------+-------------+------+
|HORNBACH-Baumarkt-AG subgroup |1(st) Quarter|1(st) Quarter|Change|
| | | | |
|(in Euro million, unless otherwise stated)| 2011/2012| 2010/2011| %|
+------------------------------------------+-------------+-------------+------+
|Net sales | 863.7| 779.9| 10.7|
+------------------------------------------+-------------+-------------+------+
| of which: in other European countries | 359.3| 326.3| 10.1|
+------------------------------------------+-------------+-------------+------+
|Like-for-like sales growth (2)) | 7.7%| (2.0)%| |
+------------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 37.7%| 37.7%| |
+------------------------------------------+-------------+-------------+------+
|EBITDA | 80.5| 62.4| 29.0|
+------------------------------------------+-------------+-------------+------+
|Earnings before interest and taxes (EBIT) | 67.2| 49.6| 35.5|
+------------------------------------------+-------------+-------------+------+
|Consolidated earnings before taxes | 60.4| 46.9| 28.9|
+------------------------------------------+-------------+-------------+------+
|Consolidated net income | 44.0| 33.7| 30.5|
+------------------------------------------+-------------+-------------+------+
|Basic/diluted earnings per share (Euro) | 2.77| 2.12| 30.7|
+------------------------------------------+-------------+-------------+------+
|Investments | 34.2| 11.7| 191.9|
+------------------------------------------+-------------+-------------+------+
+----------------------------------------+------------+-----------------+------+
|Misc. key figures of the HORNBACH- |May 31, 2011|February 28, 2011|Change|
|Baumarkt-AG subgroup | | | |
| | | | |
|(in Euro million, unless otherwise | | | %|
|stated) | | | |
+----------------------------------------+------------+-----------------+------+
|Total assets | 1,746.4| 1,591.7| 9.7|
+----------------------------------------+------------+-----------------+------+
|Shareholders' equity | 777.0| 729.9| 6.5|
+----------------------------------------+------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 44.5%| 45.9%| |
+----------------------------------------+------------+-----------------+------+
|Number of stores | 134| 133| 0.8|
+----------------------------------------+------------+-----------------+------+
|Sales area in 000 m² (based on BHB) | 1,531| 1,514| 1.1|
+----------------------------------------+------------+-----------------+------+
|Number of employees | 13,518| 13,162| 2.7|
+----------------------------------------+------------+-----------------+------+
(1)) pursuant to IFRS including minority interests
(2)) currency-adjusted
Rounding up or down may lead to discrepancies between percentages and totals.
Calculation of percentage figures based on Euro 000s.
Further details can be found in the extensive interim reports of Hornbach
Holding AG and Hornbach-Baumarkt-AG published and available for downloading in
the "Investor Relations" section of the Group's website atwww.hornbach-
group.com.
--- End of Message ---
HORNBACH HOLDING AG
Le Quartier Hornbach 19 Neustadt an den Weinstraße Germany
WKN: 608343;ISIN: DE0006083439;
Listed: Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Interim Report Q1 2011/2012 HORNBACH_Baumarkt-AG Group:
http://hugin.info/130429/R/1526828/462511.pdf
Press Release Q1 2011/2012:
http://hugin.info/130429/R/1526828/462509.pdf
Interim Report Q1 2011/2012 HORNBACH HOLDING AG Group:
http://hugin.info/130429/R/1526828/462510.pdf
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Source: HORNBACH HOLDING AG via Thomson Reuters ONE
[HUG#1526828]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 55975
Anzahl Zeichen: 17124
contact information:
Town:
Neustadt an den Weinstraße
Kategorie:
Business News
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