HORNBACH HOLDING AG /
Hornbach posts further growth
Processed and transmitted by Thomson Reuters.
The issuer is solely responsible for the content of this announcement.
- Nine-month consolidated sales up 4.8% to Euro 2.4 billion - Earnings grow
faster than sales
- Germany as key growth driver in DIY store business
Neustadt a. d. W., December 21, 2010.
The Hornbach Group's business performance has gained further momentum. The
Rhineland-Palatinate DIY group stepped up its sales and earnings growth in the
last three months of the nine-month reporting period (March 1 to November
30, 2010). Following growth of 7.5% to Euro 765.4 million in the third quarter,
nine-month net sales at the Hornbach Holding AG Group rose by 4.8% to
Euro 2,422.2 million (previous year: Euro 2,311.3m). This growth was driven both
by Germany and by other European countries. The DIY megastores with garden
centers in Germany reported a particularly dynamic sales performance. Operating
earnings (EBIT) at the Hornbach Group improved disproportionately compared with
sales in the first nine months of the current 2010/2011 financial year, rising
by 11.1% to Euro 169.6 million (previous year: Euro 152.6m).
Having opened a new DIY megastore with a garden center in Breda (Netherlands),
Hornbach-Baumarkt-AG, the largest operating subgroup, was operating a total of
132 DIY megastores with garden centers in nine countries, of which 92 stores in
Germany, as of November 30, 2010. Nine-month sales at this subgroup increased by
4.7% to Euro 2,267.9 million (previous year: Euro 2,166.4m). On a like-for-like
basis, i.e. excluding stores newly opened in the past twelve months, and net of
currency items sales grew by 1.8% (including currency items: plus 3.3%).
"We are more than satisfied with the performance of our DIY stores and garden
centers in Germany. In a comparison of all Hornbach regions, this is where
demand from our project customers showed the sharpest growth in the third
quarter. German DIY enthusiasts are feeling confident. That is reflected in our
like-for-like sales growth of 6.4% in the third quarter and 2.7% in the first
nine months," commented Albrecht Hornbach, Chairman of the Board of Management
of Hornbach Holding AG. "Having said this, we are also pleased with the like-
for-like sales growth generated in other European countries. Our growth has a
broad footing." The 40 Hornbach stores in the eight countries outside Germany
increased their like-for-like sales by 1.3% in the third quarter and by 0.6%
cumulatively. Including currency items, their sales grew by 5.4% and 4.1%
respectively.
Growth in the builders' merchant business pooled at the Hornbach Baustoff Union
GmbH subgroup also accelerated further compared with previous quarters, with
sales rising by 8.4% to Euro 52.6 million in the third quarter (previous year:
Euro 48.5m). Sales for the first nine months grew by 6.4% to Euro 154.0 million
(previous year: Euro 144.7m).
This positive sales trend, accompanied by a group-wide improvement in the gross
margin, further enhanced the disproportionate earnings growth reported by the
Hornbach Holding AG Group for the first nine months of the 2010/2011 financial
year compared with the first half. Nine-month operating earnings (EBIT) at the
Hornbach Group grew 11.1% to Euro 169.6 million (previous year: Euro 152.6m).
Foreign exchange gains and a positive tax item led to even more marked growth in
net income for the period, which increased by 29.8% to Euro 113.1 million in the
first nine months (previous year: Euro 87.1m). Earnings per preference share
most recently amounted to Euro 11.45 (previous year: Euro 8.82).
The Hornbach Group's balance sheet remains in optimal shape. The equity ratio
improved to 42.5% as of November 30, 2010, up from 42.4% at the balance sheet
date (February 28). Cash and cash equivalents rose from Euro 335.1 million to
Euro 550.0 million. Net financial debt at the Hornbach Group fell from
Euro 422.6 million at the balance sheet date to Euro 251.8 million at the end of
November. At Hornbach-Baumarkt-AG, cash and cash equivalents exceeded financial
debt as of November 30, 2010. This subgroup can thus report net financial assets
of Euro 50.3 million. By comparison, its net financial debt had still amounted
to Euro 126.3 million as of February 28, 2010.
Hornbach is not making any changes to its sales and earnings forecasts for the
overall 2010/2011 financial year (balance sheet date: February 28, 2011).
Accordingly, both the Hornbach Holding AG Group and the Hornbach-Baumarkt-AG
subgroup expect to post sales growth in a low to medium single-digit percentage
range. Notwithstanding higher project-related administration expenses, the two
companies also expect their operating earnings (EBIT) to exceed the figures
reported for the 2009/2010 financial year.
Note:
The most important key figures for the third quarter and first nine months of
2010/2011 can be found as follows. 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 for 3(rd) Quarter/1(st) Nine Months of 2010/2011 at a Glance
+---------------------------------------+-------------+-------------+------+
|HORNBACH HOLDING AG Group |3(rd) Quarter|3(rd) Quarter|Change|
| | | | |
|(in € million, unless otherwise stated)| 2010/2011| 2009/2010| %|
+---------------------------------------+-------------+-------------+------+
|Net sales | 765.4| 712.1| 7.5|
+---------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 35.7%| 35.3%| Â |
+---------------------------------------+-------------+-------------+------+
|EBITDA | 46.7| 39.1| 19.4|
+---------------------------------------+-------------+-------------+------+
|EBIT | 29.6| 22.5| 31.8|
+---------------------------------------+-------------+-------------+------+
|Consolidated earnings before taxes | 20.0| 12.2| 63.7|
+---------------------------------------+-------------+-------------+------+
|Consolidated net income(1)) | 21.3| 9.0| 138.0|
+---------------------------------------+-------------+-------------+------+
|Earnings per preference share in € | 2.38| 1.01| 135.6|
+---------------------------------------+-------------+-------------+------+
|Investments | 34.9| 16.6| 109.9|
+---------------------------------------+-------------+-------------+------+
+-----------------------------------------+-------------+-------------+--------+
| HORNBACH HOLDING AG Group | Nine Months | Nine Months | Change |
| | | | |
| (in € million, unless otherwise stated) | 2010/2011 | 2009/2010 | % |
+-----------------------------------------+-------------+-------------+--------+
| Net sales | 2,422.2 | 2,311.3 | 4.8 |
+-----------------------------------------+-------------+-------------+--------+
| Gross margin as % of net sales | 36.4% | 35.7% | Â |
+-----------------------------------------+-------------+-------------+--------+
| EBITDA | 220.4 | 204.6 | 7.7 |
+-----------------------------------------+-------------+-------------+--------+
| EBIT | 169.6 | 152.6 | 11.1 |
+-----------------------------------------+-------------+-------------+--------+
| Consolidated earnings before taxes | 146.0 | 123.5 | 18.3 |
+-----------------------------------------+-------------+-------------+--------+
| Consolidated net income(1)) | 113.1 | 87.1 | 29.8 |
+-----------------------------------------+-------------+-------------+--------+
| Earnings per preference share in € | 11.45 | 8.82 | 29.8 |
+-----------------------------------------+-------------+-------------+--------+
| Investments | 78.4 | 81.5 | (3.8) |
+-----------------------------------------+-------------+-------------+--------+
+-----------------------------------+-----------------+-----------------+------+
|Misc. key figures of the HORNBACH |November 30, 2010|February 28, 2010|Change|
|HOLDING AG Group | | | |
| | | | |
|(in € million, unless otherwise |  |  | %|
|stated) | | | |
+-----------------------------------+-----------------+-----------------+------+
|Total assets | 2,285.1| 2,032.9| 12.4|
+-----------------------------------+-----------------+-----------------+------+
|Shareholders' equity | 971.8| 861.5| 12.8|
+-----------------------------------+-----------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 42.5%| 42.4%| Â |
+-----------------------------------+-----------------+-----------------+------+
|Number of employees | 13,635| 13,214| 3.2|
+-----------------------------------+-----------------+-----------------+------+
+-----------------------------------------+-------------+-------------+------+
|HORNBACH-Baumarkt-AG subgroup |3(rd) Quarter|3(rd) Quarter|Change|
| | | | |
|(in € million, unless otherwise stated) | 2010/2011| 2009/2010| %|
+-----------------------------------------+-------------+-------------+------+
|Net sales | 712.7| 663.5| 7.4|
+-----------------------------------------+-------------+-------------+------+
|of which: in other European countries | 299.7| 275.8| 8.7|
+-----------------------------------------+-------------+-------------+------+
|Like-for-like sales growth(2)) | 4.3%| 1.4%| Â |
+-----------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 36.6%| 36.0%| Â |
+-----------------------------------------+-------------+-------------+------+
|EBITDA | 31.2| 24.4| 27.7|
+-----------------------------------------+-------------+-------------+------+
|Earnings before interest and taxes (EBIT)| 18.0| 11.7| 53.3|
+-----------------------------------------+-------------+-------------+------+
|Consolidated earnings before taxes | 12.2| 6.4| 90.6|
+-----------------------------------------+-------------+-------------+------+
|Consolidated net income | 11.2| 4.7| 138.1|
+-----------------------------------------+-------------+-------------+------+
|Basic earnings per share in € | 0.70| 0.30| 133.3|
+-----------------------------------------+-------------+-------------+------+
|Investments | 18.0| 14.9| 20.8|
+-----------------------------------------+-------------+-------------+------+
+-----------------------------------------+-----------+-----------+------+
|HORNBACH-Baumarkt-AG subgroup |Nine Months|Nine Months|Change|
| | | | |
|(in € million, unless otherwise stated) | 2010/2011| 2009/2010| %|
+-----------------------------------------+-----------+-----------+------+
|Net sales | 2,267.9| 2,166.4| 4.7|
+-----------------------------------------+-----------+-----------+------+
|of which: in other European countries | 953.1| 890.6| 7.0|
+-----------------------------------------+-----------+-----------+------+
|Like-for-like sales growth(2)) | 1.8%| 1.6%| Â |
+-----------------------------------------+-----------+-----------+------+
|Gross margin as % of net sales | 37.2%| 36.4%| Â |
+-----------------------------------------+-----------+-----------+------+
|EBITDA | 174.8| 160.2| 9.1|
+-----------------------------------------+-----------+-----------+------+
|Earnings before interest and taxes (EBIT)| 135.5| 120.1| 12.9|
+-----------------------------------------+-----------+-----------+------+
|Consolidated earnings before taxes | 123.6| 103.8| 19.1|
+-----------------------------------------+-----------+-----------+------+
|Consolidated net income | 91.5| 73.2| 25.0|
+-----------------------------------------+-----------+-----------+------+
|Basic earnings per share in € | 5.75| 4.64| 23.9|
+-----------------------------------------+-----------+-----------+------+
|Investments | 45.1| 57.2|(21.1)|
+-----------------------------------------+-----------+-----------+------+
+-----------------------------------+-----------------+-----------------+------+
|Misc. key figures of the HORNBACH- |November 30, 2010|February 28, 2010|Change|
|Baumarkt-AG subgroup | | | |
| | | | |
|(in € million, unless otherwise |  |  | %|
|stated) | | | |
+-----------------------------------+-----------------+-----------------+------+
|Total assets | 1,643.0| 1,439.4| 14.1|
+-----------------------------------+-----------------+-----------------+------+
|Shareholders' equity | 742.9| 654.7| 13.5|
+-----------------------------------+-----------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 45.2%| 45.5%| Â |
+-----------------------------------+-----------------+-----------------+------+
|Number of stores | 132| 131| 0.8|
+-----------------------------------+-----------------+-----------------+------+
|Sales area in 000 m² (based on BHB)| 1,497| 1,480| 1.1|
+-----------------------------------+-----------------+-----------------+------+
|Number of employees | 13,024| 12,640| 3.0|
+-----------------------------------+-----------------+-----------------+------+
(Â )
(1)) Â Â Â Â Â Â Â Â Â Â Â Â pursuant to IFRS including minority interests
(2)) Â Â Â Â Â Â Â Â Â Â Â Â currency-adjusted
Rounding up or down may lead to discrepancies between percentages and totals.
Calculation of percentage figures based on € 000s.
--- 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 Q3/9M 2010/2011 HORNBACH-Baumarkt-AG Group:
http://hugin.info/130429/R/1474218/410572.pdf
Interim Report Q3/9M 2010/2011 HORNBACH HOLDING AG Group:
http://hugin.info/130429/R/1474218/410571.pdf
Press Release Q3/9M 2010/2011:
http://hugin.info/130429/R/1474218/410570.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HORNBACH HOLDING AG via Thomson Reuters ONE
[HUG#1474218]
