Hornbach Holding Ag & Co. Kgaa · XETR:HBH
Hornbach Holding Ag & Co. Kgaa — Hornbach Hldg — FY 2022/23 Earnings Presentation
18 slides from Hornbach Holding Ag & Co. Kgaa's earnings presentation, May 16, 2023
Slide 1: Analyst & Investor Conference 2023 of HORNBACH Holding AG & Co. KGaA
Analyst & Investor Conference 2023 of HORNBACH Holding AG & Co. KGaA May 16, 2023 Page 1 Investor & Analyst Conference 2023 ©HORNBACH Group 2023 16052023
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: HORNBACH Group: Financial achievements in FY 2022/23
HORNBACH Group: Financial achievements in FY 2022/23 Delivering resilient financial performance amid a challenging macroeconomic environment Outlook (as of May 17, 2022): Result 2022/23: Net sales Slightly above 2021/22 (€ 5,875m) +6.6% to € 6,263m Adjusted Outlook (as of June 13, 2022): Result 2022
Slide 4: Net sales in FY 2022/23 significantly ahead of previous year's record level
Net sales in € million Net sales in FY 2022/23 significantly ahead of previous year‘s record level Net sales (Mar 1 – Feb 28 / Q4: Dec 1 – Feb 28)1) ▪ Continued sales growth from good like-for-like performance and expansion ▪ Net sales HORNBACH Baumarkt subgroup +6.3% HORNBACH Baustoff Union ▪ Germa
Slide 5: Robust like-for-like growth in FY 2022/23
HORNBACH Baumarkt: Like-for-like sales growth in % Robust like-for-like growth in FY 2022/23 ▪ Robust LFL performance in Q4 and FY Like-for-like sales growth1) per quarter and financial year in % 2022/23 driven by resilient demand Q1 2022/23 Q2 2022/23 Q3 2022/23 Q4 2022/23 FY 2022/23 3-year LFL2) a
Slide 6: HORNBACH Baumarkt: Strong market share in DIY retailing across Europe
Market share Jan – Dec 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 13.1% Market share of HORNBACH Baumarkt in % (GfK) – Jan to Dec in 2019 to 14.9% in 2022 on the back of a successful I
Slide 7: E-commerce significantly ahead of pre-pandemic levels – direct delivery established
HORNBACH Baumarkt: Net sales in € million from online channels E-commerce significantly ahead of pre-pandemic levels – direct delivery established 8.7% 9.6% 16.7% 17.2% 14.1% E-commerce share1) ▪ E-commerce share of HORNBACH Click & Collect Direct delivery +11% -13% Baumarkt sales (incl. Click & Col
Slide 8: Gross margin reflects higher purchase prices and transportation costs
Cost structure in % of net sales and gross margin Gross margin reflects higher purchase prices and transportation costs ▪ Gross margin impacted by challenging 36.0% 35.8% 35.2% 35.0% market environment with higher 33.5% 33.4% Gross margin purchasing and transportation costs 31.8% 5.2% 29.8% 29.5% Co
Slide 9: 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 ▪ Adjusted EBIT on Group level down 20% in FY Adjusted EBIT and adjusted EBIT margin FY: 2022/23 vs. previous year – in line with guidance; however up 28% compared to 3.1% 4.8% 6.0% 6.2% 4.6% 2
Slide 10: Adjusted EBIT declines in Baumarkt segment – Baustoff Union and Immobilien show slight increase
Fiscal year segment adj. EBIT in € million and segment adjusted EBIT margin in % Adjusted EBIT declines in Baumarkt segment – Baustoff Union and Immobilien show slight increase Operational segments Geographical segments ▪ HORNBACH Baumarkt: adj. EBIT -23.4%; € 241.0m ▪ Germany (34.0%) / other Europe
Slide 11: Earnings figures down from previous year
Earnings before taxes and net income in € million Earnings figures down from previous year ▪ Earnings before taxes decreased Tax rate 23.7% 25.8% 24.3% 22.2% 23.1% by 30.5% to € 218.3m EPS € 4.08 € 6.56 € 10.33 € 12.48 € 9.83 ▪ Net income decreased by 31.4% to 314 € 167.8m EBT Net income 266 ▪ EPS a
Slide 12: Stable dividend proposed for financial year 2022/23
Dividend per share in € and EPS in € Stable dividend proposed for financial year 2022/23 12.48 EPS Dividend policy Dividend 10.33 9.83 ▪ Sustainable pay-outs: Continuous dividend payments since IPO 6.56 ▪ Stable dividend: Pay-out at least 5.64 at previous year's level 5.04 4.84 5.11 4.77 4.55 4.06 4
Slide 13: Free cash flow stable – slightly above previous years
Cash flow in € million Free cash flow stable – slightly above previous years 2020/21 2021/22 2022/23 ▪ Change in Working Capital contains Cash flow from operating activities 346.5 344.9 425.4 reverse factoring program of which: funds from operations 400.2 446.5 403.7 ▪ 60% of tangible CAPEX spent on
Slide 14: Strong balance sheet structure
Balance sheet in € million Strong balance sheet structure Assets Equity & Liabilities ▪ Additions to property, plant and 4,726 4,726 equipment and right-of-use assets 4,305 437 Liquid funds 4,306 of € 120m 332 1,366 Current liabilities Inventories. 1,079 ▪ Increase in inventories by € 152m due 1,571
Slide 15: Outlook for FY 2023/24
Guidance and store openings Outlook for FY 2023/24 HORNBACH Baumarkt: Store openings in 2022/23 Net sales 2023/24 Around the level of 2022/23 Net sales 2022/23 € 6,263m Group adj. EBIT difficult to guide in light of Adjusted EBIT 2023/24 the challenging environment, with downside risk (-5% to -15%)
Slide 16: Key investment highlights
HORNBACH – one of Europe’s most attractive home improvement stocks Key investment highlights Efficient and Attractive customer Proven growth Structural scalable set up proposition strategy growth foundation ▪ Organically grown network of ▪ Focus on project and ▪ Ongoing physical expansion: ▪ “Cocoon
Slide 17: Upcoming events & contact
Upcoming events & contact Financial Calendar Investor Relations contact May 16, 2023 Annual Report 2022/23 as of February 28, 2023 Antje Kelbert May 17, 2023 German Spring Conference (Equity Forum), Frankfurt (+49) 0 63 48 / 60 – 2444 antje.kelbert@hornbach.com June 23, 2023 Quarterly Statement Q1 2
Slide 18: Page 18 Investor & Analyst Conference 2023 ©HORNBACH Group 2023
Page 18 Investor & Analyst Conference 2023 ©HORNBACH Group 2023