Hornbach Holding Ag & Co. Kgaa · XETR:HBH
Hornbach Holding Ag & Co. Kgaa — Hornbach Hldg — Q2 2023 Earnings Presentation
22 slides from Hornbach Holding Ag & Co. Kgaa's earnings presentation, Sep 29, 2022
Slide 1: Update Call Q2/H1 2022/23
Update Call Q2/H1 2022/23 HORNBACH Holding AG & Co. KGaA Karin Dohm (CFO) September 29, 2022, 8:30 a.m. CEST Page 1 Investor Presentation | September 2022 ©HORNBACH Group 2022
Slide 2: Disclaimer
Disclaimer This document has been prepared by HORNBACH Holding AG & Co. KGaA (the “Company”, and together with its consolidated subsidiaries, the “HORNBACH Group”) solely for informational purposes. This disclaimer shall apply in all respects to the entire presentation, including any oral presentati
Slide 3: Stable demand continues – guidance reconfirmed
HORNBACH Group: Financial Update H1 2022/23 Stable demand continues – guidance reconfirmed Overall demand for construction and DIY products has remained steady ▪ H1 2022/23 net sales ahead of previous year‘s record level: +5.2% to € 3,463m ▪ Online sales share at 14.8% in H1 2022/23 – significantly
Slide 4: HORNBACH on track to deliver further organic growth
HORNBACH Group: Expansion achievements in Q2 2022/23 HORNBACH on track to deliver further organic growth Organic network expansion continued HORNBACH Group: European footprint (September 2022) ▪ HORNBACH Baumarkt opened new stores in Nitra (Slovakia) and Enschede (Netherlands) in March 2022. Recent
Slide 5: Net sales in Q2 and H1 2022/23 ahead of previous year's record level
Net sales in € million Net sales in Q2 and H1 2022/23 ahead of previous year‘s record level Net sales (H1: Mar 1 – August 31 / Q2: Jun 1 – August 31) ▪ Continued sales growth – driven by steady demand amid inflation HORNBACH Baustoff Union ▪ Net sales HORNBACH Baumarkt subgroup +4.9% HORNBACH Baumar
Slide 6: Robust like-for-like growth in H1 2022/23
HORNBACH Baumarkt: Like-for-like sales growth in % Robust like-for-like growth in H1 2022/23 ▪ Continued like-for-like sales growth in Like-for-like sales growth1) per quarter and half-year in % Germany and Other Europe in H1 2022/23 Q1 2021/22 Q2 2021/22 H1 2021/22 Q1 2022/23 Q2 2022/23 H1 2022/23
Slide 7: HORNBACH Baumarkt: Strong market share in DIY retailing across Europe
Market share Jan – Aug 2019 and 2022 in % HORNBACH Baumarkt: Strong market share in DIY retailing across Europe Large DIY stores > 1,000 sqm ▪ Market share in Germany increased from 13.0% Market share of HORNBACH Baumarkt in % (GfK) – Jan to Aug in 2019 to 14.7% in 2022 on the back of a successful I
Slide 8: E-commerce significantly ahead of pre-pandemic levels
HORNBACH Baumarkt: Net sales in € million from online channels E-commerce significantly ahead of pre-pandemic levels 8.7% 9.8% 13.6% 19.2% 14.8% E-commerce share1) ▪ E-commerce share of HORNBACH Click & Collect Direct delivery +48% -19% Baumarkt sales (incl. Click & Collect) at 593 14.8% in H1 2022/
Slide 9: Gross margin reflects risen purchase prices and transportation costs
Cost structure in % of net sales and gross margin in % Gross margin reflects risen purchase prices and transportation costs ▪ Gross margin impacted by challenging 36.2% 35.9% 35.6% 35.4% market environment with higher purchasing 33.7% and transportation costs 29.8% Gross margin ▪ Selling and store e
Slide 10: Adjusted EBIT remains ahead of pre-Covid levels
Adjusted EBIT1) in € million and adjusted EBIT margin in % Adjusted EBIT remains ahead of pre-Covid levels ▪ Solid group profitability despite higher Adjusted EBIT and adjusted EBIT margin H1: purchasing and shipping costs 6.7% 7.6% 10.7% 10.2% 8.0% ▪ Adjusted EBIT on Group level down 17.7% 160.9 19
Slide 11: Development of further key earnings figures
Earnings before taxes and net income in € million Development of further key earnings figures ▪ Earnings before taxes decreased by 16.7% to € 260.6m EPS € 5.54 € 6.72 € 11.57 € 11.69 € 11.37 ▪ Net income decreased by 16.5% to 314 313 € 197.3m EBT Net income ▪ Tax rate at 24.3% in H1 2022/23 Net inco
Slide 12: Funds from operations remain on a high level
Cash flow in € million Funds from operations remain on a high level H1 2019/20 H1 2020/21 H1 2021/22 H1 2022/23 ▪ Decline in operating cash flow mainly Cash flow from operating driven by working capital 317.3 510.0 374.3 253.2 activities ▪ Funds from operations remain significantly above of which: f
Slide 13: Strong balance sheet structure
Balance sheet in € million Strong balance sheet structure Assets Equity & Liabilities ▪ Increase in inventories by € 31m 4,550 4,550 mainly due to inflation 4,306 4,306 413 Liquid funds 332 982 Current liabilities ▪ Additions to property, plant and Inventories. 1,079 equipment and right-of-use asset
Slide 14: Outlook for FY 2022/23 confirmed
Guidance and store openings Outlook for FY 2022/23 confirmed1) HORNBACH Baumarkt: Store openings in 2022/23 Net sales 2022/23 Slightly above 2021/22 Net sales 2021/22 € 5,875m Below 2021/22 in a low double-digit Adjusted EBIT 2022/23 Enschede 30/03/2022 percentage range Leipzig Adjusted EBIT 2021/22
Slide 15: Consistent organic growth demonstrates resilience through the cycle
Resilient business model Consistent organic growth demonstrates resilience through the cycle Like-for-like growth rate of the German DIY sector / German GDP vs HORNBACH (calendar year)1)2) ▪ Proven ability to outperform sector and GDP growth 180 DIY sector (DE) HORNBACH (DE) GDP (DE) Corona ▪ Signif
Slide 16: Upcoming events & contact
Upcoming events & contact Financial Calendar October 18, 2022 Roadshow London Investor Relations contact November 22, 2022 DZ BANK Equity Conference, Frankfurt / Main Antje Kelbert (+49) 0 63 48 / 60 – 2444 November 29, 2022 Deutsches Eigenkapitalforum, Frankfurt / Main antje.kelbert@hornbach.com No
Slide 17: Backup
ACKUP Page 17 Investor Presentation | September 2022 World Class Forum©HORNBACH Group 2022 CO2, 30.09.2022
Slide 18: Key figures: 10-year overview
Key figures: 10-year overview In € million unless otherwise stated 2021/22 2020/21 2019/20 2018/19 2017/18 2016/17 2015/16 2014/15 2013/14 2012/13 Net sales 5,875 5,456 4,729 4,362 4,141 3,941 3,755 3,572 3,369 3,229 of which in Germany 3,149 2,985 2,536 2,376 2,312 2,262 2,223 2,172 2,035 1,949 of
Slide 19: HORNBACH Baumarkt: 5th largest DIY store operator in Europe
HORNBACH Baumarkt: 5th largest DIY store operator in Europe RO RO AT AT LU AT NL SE SE AT DE CH CH NL CH RO DE CZ CZ SE CZ SE LU DE DE SK DE SK SK LU Presence of competitors in HORNBACH business regions Sales (net) in € m (2021) 25,538 15,424 7,244 6,042 5,496* 4,002 3,386 3,040 2,559 2,467 Adeo Kin
Slide 20: Stationary store closures for private customers
Stationary store closures for private customers Country Overview of restrictions No. of stores Germany 1 Mar to 6 Jun 2021: Incidence-based closures for private customers of on average half of the store network – gardening 98 section mostly open 22 Nov 2021 to 18 Feb 2022: Proof of vaccination or re
Slide 21: Decline in adjusted EBIT mainly from Baumarkt segment
Segment adj. EBIT in € million and segment adjusted EBIT margin in % Decline in adjusted EBIT mainly from Baumarkt segment 10.2% 8.0% 6.1% 6.0% 73.3% 69.4% adj. EBIT margin ▪ Adjusted EBIT of HORNBACH Baumarkt down 19.4% vs. H1 2021/22 -19.4% H1 2021/22 H1 2022/23 ▪ HORNBACH Baustoff above previous
Slide 22: Financial debt maturity profile as of August 31, 2022
Financial debt maturity profile as of August 31, 2022 in € million August 31, 2022 Feb 28, 2022 209.6 292.5 117.1 226.9 407.4 504.5 1,758.0 1,688.3 Total financial debt 412.7 332.3 Cash and cash equivalents 1,345.3 1,356.0 Net financial debt 99.5 513.8 564.9 EBITDA (LTM1)) 415.6 2.6 2.4 Net debt / E