Hornbach Holding Ag & Co. Kgaa · XETR:HBH
Hornbach Holding Ag & Co. Kgaa — Hornbach Hldg — FY2023/24 Earnings Presentation
18 slides from Hornbach Holding Ag & Co. Kgaa's earnings presentation, May 22, 2024
Slide 1: Analyst & Investor Conference 2024
Analyst & Investor Conference 2024 HORNBACH Holding AG & Co. KGaA May 22, 2024 Page 1 Investor & Analyst Conference 2024 ©HORNBACH Group 2024
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 2023/24
HORNBACH Group: Financial achievements in FY 2023/24 Delivering resilient financial performance amid a challenging macroeconomic environment Outlook FY 2023/24 Results FY 2023/24 Net Sales1) On or slightly below the level of -1.6% to € 6,161m 2022/23 (€ 6,263m) Adjusted EBIT1) 10-25% below 2022/23 -
Slide 4: Net sales in FY 2023/24 just slightly down from previous year's record level
Net sales in € million Net sales in FY 2023/24 just slightly down from previous year‘s record level Net sales (Mar 1 – Feb 28/29 // Q4: Dec 1 – Feb 28/29) ▪ Net sales HORNBACH Baumarkt subgroup -1.1% ▪ Germany: -2.6% / Other Europe: +0.3% HORNBACH Baustoff Union +6.6% -1.6% ▪ International share inc
Slide 5: Like-for-like sales reflect customer caution and lower average tickets
HORNBACH Baumarkt: Like-for-like sales growth in % Like-for-like sales reflect customer caution and lower average tickets ▪ Like-for-like sales for Baumarkt AG slightly Like-for-like sales growth1) per quarter and fiscal year in % down by 2.0% (2022/23: +3.6%) Q1 2023/24 Q2 2023/24 Q3 2023/24 Q4 202
Slide 6: HORNBACH Baumarkt: Continuous market share gains
Market share Jan – Dec 2019 vs. 2023 in % HORNBACH Baumarkt: Continuous market share gains Market share 2023 in key countries Market share of HORNBACH Baumarkt January – December 2023 in % (GfK) ▪ HORNBACH achieved significant market share gains Germany 14.9% (2019: 13.1%) y-o-y in key international
Slide 7: 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 9.6% 16.7% 17.2% 14.1% 12.7% E-commerce share1) Click & Collect Direct delivery ▪ E-commerce share of HORNBACH Baumarkt sales (incl. Click & Collect) at +11% 12.7% in FY 2023/24 -13%
Slide 8: Gross margin sequentially recovered during FY 2023/24
Cost structure in % of net sales and gross margin Gross margin sequentially recovered during FY 2023/24 ▪ Gross margin improvement driven by 35.8% 35.2% 35.0% more favorable product and commodity 33.4% 33.8% Gross margin price mix 31.8% 30.5% 29.8% 29.4% 29.5% Cost ratio ▪ Selling and store expenses
Slide 9: Solid profit in FY 2023/24 despite challenging year for DIY industry
Adjusted EBIT1) in € million and adjusted EBIT margin in % Solid profit in FY 2023/24 despite challenging year for DIY industry ▪ Adjusted EBIT on Group level at -12.4% Adjusted EBIT and adjusted EBIT margin FY: vs. previous year and in line with guidance 4.8% 6.0% 6.2% 4.6% 4.1% (-10% to -25%) 227
Slide 10: High international contribution to profitability
Fiscal year segment adj. EBIT in € million and segment adjusted EBIT margin in % High international contribution to profitability Operational segments Geographical segments ▪ HORNBACH Baumarkt: adj. EBIT -11.9%; € 212.4m ▪ Germany -26.1% / other -7.2% ▪ HORNBACH Baustoff: adj. EBIT -66%; € 4.7m ▪ Ge
Slide 11: Stable dividend proposed for financial year 2023/24
Dividend per share in € and EPS in € Stable dividend proposed for financial year 2023/24 17 7 15 EPS Dividend policy 6 Dividend 12.48 ▪ Sustainable pay-outs: 13 10.33 5 Continuous dividend payments 11 9.83 since IPO 1987 9 7.83 4 ▪ Stable dividend: Pay-out at least 6.56 at previous year's level 7 5.
Slide 12: Free cash flow above previous years
Cash flow in € million Free cash flow above previous years 2021/22 2022/23 2023/24 ▪ Change in Working Capital reflects Cash flow from operating activities 344.9 425.4 454.9 rightsizing of inventories of which: change in working capital -101.6 21.7 94.2 ▪ CAPEX spent on acquisition of land and Cash
Slide 13: Strong balance sheet structure
Balance sheet in € million Strong balance sheet structure Assets Equity & Liabilities 4,726 4,726 ▪ Decrease in inventories by € 187m 4,477 4,477 due to successful inventory 437 370 Liquid funds management 1,366 1,061 Current liabilities Inventories, ▪ Financial debt reduced by € 167m 1,571 1,388 ac
Slide 14: Improved net debt / EBITDA ratio to target level of 2.5
Financial debt maturity profile as of February 29, 2024 in € million Improved net debt / EBITDA ratio to target level of 2.5 ▪ Improved net debt / EBITDA Mortgage loans Bonds of 2.5 compared to 2.7 (Feb 28, 2023) 492 Other bank debt Finance Lease 64 ▪ Significant repayment of promissory note loans 3
Slide 15: Outlook for FY 2024/25
Guidance and store openings Outlook for FY 2024/25 HORNBACH Baumarkt: Store openings in 2024/25 Net sales 2024/25 Slightly above the level of 2023/24 Net sales 2023/24 € 6,161m Adjusted EBIT 2024/25 At or slightly above the level of 2023/24 Adjusted EBIT 2023/24 € 254.2m Nuremberg to be reopened in
Slide 16: Pursuing long-term opportunities while navigating current challenges
Strategic focus Pursuing long-term opportunities while navigating current challenges ▪ Further improve efficiency by actively managing costs and inventory ▪ Sustain price leadership and remain a reliable partner to our customers ▪ Continue to invest in our ICR strategy and the digitalization of our
Slide 17: Questions & Answers
Questions & Answers Page 17 Investor & Analyst Conference 2024 ©HORNBACH Group 2024
Slide 18: Upcoming events & IR contact
Upcoming events & IR contact Financial Calendar Investor Relations Contact Antje Kelbert (+49) 0 63 48 / 60-2444 May 23, 2024 European Champions Conference 2024 – Deutsche Bank (Frankfurt) antje.kelbert@hornbach.com May 24, 2024 Dr. Kalliwoda Research Roadshow (Barcelona) Anne Spies June 6, 2024 Ers