HORNBACH HOLDING AG /
Hornbach Group maintains its growth course
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The issuer is solely responsible for the content of this announcement.
DIY group takes stock of a successful half-year:
Consolidated sales up by 7.5 percent in 1(st) half of 2011/2012 / EBIT grows by
12.7 percent to Euro 158 million / German DIY stores and garden centers with
like-for-like growth of 7.1 percent
Frankfurt am Main/Neustadt a. d. Weinstrasse, September 29, 2011. The Hornbach
Group (Hornbach Holding AG Group) upheld its growth course in the first half of
its 2011/2012 financial year. Consolidated sales rose 7.5% to
Euro 1,780.2 million in the period March 1 to August 31, 2011. Operating
earnings (EBIT), up 12.7% to Euro 157.8 million, grew even faster than sales.
Sales at the 134 outlets operated across Europe by Hornbach-Baumarkt-AG, the
largest operating subgroup, grew 7.2% to Euro 1,667.6 million, accompanied by
EBIT growth of 12.5% to Euro 132.2 million. On a like-for-like basis and net of
currency items, sales at the Baumarkt subgroup rose by 3.8%. This growth was
driven in particular by the DIY megastores with garden centers in Germany. The
Hornbach Baustoff Union GmbH subgroup also posted a pleasing sales and earnings
performance for the first six months.
"As a partner to project customers, Hornbach has benefited disproportionately
this year from the boom in the German residential construction and renovation.
Between March and August 2011, we boosted our like-for-like sales in Germany by
7.1%, outstripping the DIY sector average by more than seven percentage points",
commented Albrecht Hornbach, Chairman of the Board of Management of Hornbach
Holding AG, at the presentation of the half-year financial report in Frankfurt.
Total sales, i.e. including new store openings and closures, grew by 6.1% to
Euro 957.1 million in the first six months of the 2011/2012 financial year
(previous year: Euro 901.8 million).
In the first quarter of 2011/2012 (Q1) sales growth in Germany had amounted to
11.2%, and to 11.9% on a like-for-like basis. In the second quarter of
2011/2012 (Q2), the Group managed to surpass the record figure for the previous
year's quarter by 1.0% (unadjusted) and 2.2% (like-for-like), and that even
though there were two additional business days in the previous year's period.
Not only that, in Q2 of the current year the Group thus also matched its
performance in the strongest quarter of the previous 2010/2011 financial year
(Q1: Euro 454 million). Albrecht Hornbach: "All in all, we are very pleased with
our performance in Germany in the first half of 2011/2012".
Project customers rank Hornbach 1(st) in Kundenmonitor 2011 survey
"We attribute this success to our sustainable corporate strategy, one which
builds above all on our product range and advisory competence for construction
and renovation projects, as well as on our reliable price strategy. Customers
have honored this approach", added Hornbach and referred to the latest results
of Kundenmonitor Deutschland 2011. In this, Germany's largest consumer survey,
consumers ranked Hornbach first in the most important category of "Overall
Satisfaction". Not only that, the company also came top in a further 16 out of
the 33 evaluation categories, including "Value for Money", "Specialist Advice",
and "Selection and Variety of Products and Services".
Outside Germany (other European countries), sales at the Hornbach DIY megastores
with garden centers grew by 7.3% in the second quarter of 2011/2012, and by
8.7% in the first half of 2011/2012 as a whole. Due mainly to the Group's
expansion, the international share of consolidated sales at Hornbach-Baumarkt-AG
increased from 42.0% to 42.6% at the end of the first six months. Overall, like-
for-like sales in other European countries net of currency items fell slightly
short of the previous year's figures, with growth of minus 3.2% in the second
quarter and minus 0.5% in the first half. Including currency items, sales grew
by 0.8% in the second quarter, and by 3.5% in the first half. Like-for-like
sales at the Group as a whole improved by 3.8% in the first six months, and by
5.5% including currency items.
The Hornbach Baustoff Union GmbH (HBU) subgroup also posted a pleasing sales
performance for the period under report. Sales here grew by 5.5% to
Euro 57.9 million in the second quarter of 2011/2012 (previous year:
Euro 54.8 million). First-half sales surged by 10.2% to Euro 111.9 million
(previous year: Euro 101.5 million).
Disproportionate growth in Hornbach Group's earnings compared with sales - EBIT
up 12.7%
Earnings at the Hornbach Holding AG Group grew disproportionately compared with
sales in the first half of 2011/2012. Earnings were chiefly driven by like-for-
like sales growth in conjunction with an improved gross margin across the Group
and more favorable store expense ratios. Operating earnings (EBIT) increased by
12.7% to Euro 157.8 million (previous year: Euro 140.0 million). At the
Hornbach-Baumarkt-AG subgroup, EBIT rose by 12.5% to Euro 132.2 million
(previous year: Euro 117.5 million). EBIT at the Hornbach Baustoff Union GmbH
subgroup grew by 22.5% to Euro 4.8 million (previous year: Euro 4.0 million),
while EBIT on the level of the Hornbach Immobilien AG subgroup improved by
13.6% to Euro 22.3 million (previous year: Euro 19.7 million).
2011 expansion program completed with three new store openings
Due to its expansion, the investments made by the Hornbach Group in the first
half of 2011/2012 rose year-on-year from Euro 43.6 million to Euro 85.6 million.
Between March and August 2011, operations commenced at two new DIY stores with
garden centers in the Czech Republic (Plzen and Ostrava). The standalone garden
center in Neunkirchen (Saarland) was closed on schedule in June 2011. This
year's expansion program was completed at the beginning of the third quarter of
2011/2012. On September 14, 2011, Hornbach opened a new, larger store in
Sinsheim (Baden-Württemberg), replacing an older existing location. The Hornbach
Group is thus now operating 134 DIY megastores with garden centers across
Europe. HBU currently operates a total of 24 builders' merchants outlets in
south-western Germany.
Key Figures for 2(nd) Quarter/1(st) Half of 2011/2012 at a Glance
+------------------------------------------+-------------+-------------+------+
|HORNBACH HOLDING AG Group |2(nd) Quarter|2(nd) Quarter|Change|
| | | | |
|(in Euro million, unless otherwise stated)| 2011/2012| 2010/2011| %|
+------------------------------------------+-------------+-------------+------+
|Net sales | 862.1| 830.1| 3.9|
+------------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 36.8%| 36.5%| Â |
+------------------------------------------+-------------+-------------+------+
|Earnings before interest and taxes (EBIT) | 78.5| 80.4| (2.3)|
+------------------------------------------+-------------+-------------+------+
|Consolidated net income( 1)) | 49.5| 54.0| (8.3)|
+------------------------------------------+-------------+-------------+------+
|Basic/diluted earnings | | | |
|per preference share (Euro)(2)) | 2.47| 2.69| (8.2)|
+------------------------------------------+-------------+-------------+------+
|Investments | 27.5| 24.2| 13.6|
+------------------------------------------+-------------+-------------+------+
+------------------------------------------+----------+----------+------+
|HORNBACH HOLDING AG Group |1(st) Half|1(st) Half|Change|
| | | | |
|(in Euro million, unless otherwise stated)| 2011/2012| 2010/2011| %|
+------------------------------------------+----------+----------+------+
|Net sales | 1,780.2| 1,656.8| 7.5|
+------------------------------------------+----------+----------+------+
|Gross margin as % of net sales | 36.9%| 36.7%| Â |
+------------------------------------------+----------+----------+------+
|Earnings before interest and taxes (EBIT) | 157.8| 140.0| 12.7|
+------------------------------------------+----------+----------+------+
|Consolidated net income( 1)) | 98.9| 91.8| 7.8|
+------------------------------------------+----------+----------+------+
|Basic/diluted earnings | | | |
|per preference share (Euro)(2)) | 4.91| 4.55| 7.9|
+------------------------------------------+----------+----------+------+
|Investments | 85.6| 43.6| 96.4|
+------------------------------------------+----------+----------+------+
+-------------------------------------+---------------+-----------------+------+
|Misc. key figures of the HORNBACH |August 31, 2011|February 28, 2011|Change|
|HOLDING AG Group | | | |
| | | | |
|Â | Â | Â | %|
+-------------------------------------+---------------+-----------------+------+
|Total assets (in Euro million) | 2,416.7| 2,233.3| 8.2|
+-------------------------------------+---------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 43.5%| 43.1%| Â |
+-------------------------------------+---------------+-----------------+------+
|Number of employees | 14,344| 13,768| 4.2|
+-------------------------------------+---------------+-----------------+------+
+-------------------------------------------+-------------+-------------+------+
|HORNBACH-Baumarkt-AG subgroup |2(nd) Quarter|2(nd) Quarter|Change|
| | | | |
|(in Euro million, unless otherwise stated) | 2011/2012| 2010/2011| %|
+-------------------------------------------+-------------+-------------+------+
|Net sales | 803.9| 775.3| 3.7|
+-------------------------------------------+-------------+-------------+------+
|of which: in other European countries | 351.1| 327.1| 7.3|
+-------------------------------------------+-------------+-------------+------+
|Like-for-like sales growth (3)) | (0.2)%| 3.7%| Â |
+-------------------------------------------+-------------+-------------+------+
|Gross margin as % of net sales | 37.7%| 37.3%| Â |
+-------------------------------------------+-------------+-------------+------+
|EBIT | 65.0| 67.9| (4.3)|
+-------------------------------------------+-------------+-------------+------+
|Consolidated net income | 43.0| 46.6| (7.8)|
+-------------------------------------------+-------------+-------------+------+
|Basic/diluted earnings per share (Euro) | 1.35| 1.47| (8.2)|
|(1)) | | | |
+-------------------------------------------+-------------+-------------+------+
+--------------------------------------------+----------+----------+------+
|HORNBACH-Baumarkt-AG subgroup |1(st) Half|1(st) Half|Change|
| | | | |
|(in Euro million, unless otherwise stated) | 2011/2012| 2010/2011| %|
+--------------------------------------------+----------+----------+------+
|Net sales | 1,667.6| 1,555.2| 7.2|
+--------------------------------------------+----------+----------+------+
|of which: in other European countries | 710.4| 653.4| 8.7|
+--------------------------------------------+----------+----------+------+
|Like-for-like sales growth (3)) | 3.8%| 0.8%| Â |
+--------------------------------------------+----------+----------+------+
|Gross margin as % of net sales | 37.7%| 37.5%| Â |
+--------------------------------------------+----------+----------+------+
|EBIT | 132.2| 117.5| 12.5|
+--------------------------------------------+----------+----------+------+
|Consolidated net income | 87.0| 80.3| 8.3|
+--------------------------------------------+----------+----------+------+
|Basic/diluted earnings per share (Euro) (1))| 2.73| 2.53| 7.9|
+--------------------------------------------+----------+----------+------+
+-------------------------------------+---------------+-----------------+------+
|Misc. key figures of the HORNBACH- |August 31, 2011|February 28, 2011|Change|
|Baumarkt-AG subgroup | | | |
| | | | |
|Â | Â | Â | %|
+-------------------------------------+---------------+-----------------+------+
|Total assets (in Euro million) | 1,752.6| 1,591.7| 10.1|
+-------------------------------------+---------------+-----------------+------+
|Shareholders' equity as % of total | | | |
|assets | 46.0%| 45.9%| Â |
+-------------------------------------+---------------+-----------------+------+
|Number of stores | 134| 133| 0.8|
+-------------------------------------+---------------+-----------------+------+
|Sales area in 000 m² (based on BHB) | 1,544| 1,514| 2.0|
+-------------------------------------+---------------+-----------------+------+
Rounding up or down may lead to discrepancies between percentages and totals.
Calculation of percentage figures based on Euro 000s.
(1)) pursuant to IFRS including minority interests
(2)Â Â Â )the earnings per share figure accounts for the retrospective adjustment
due to the issue of bonus shares as of July 29, 2011.
(3)Â Â Â )currency-adjusted
Note:
The extensive interim reports of Hornbach Holding AG and Hornbach-Baumarkt-AG
can be downloaded from the internet at: www.hornbach-group.com/reports.
.
--- 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;
Half-Year Financial Report 2011/2012 HORNBACH-Baumarkt-AG Group:
http://hugin.info/130429/R/1550663/477442.pdf
Press Release H1 2011/2012:
http://hugin.info/130429/R/1550663/477440.pdf
Half-Year Financial Report 2011/2012 HORNBACH HOLDING AG Group:
http://hugin.info/130429/R/1550663/477441.pdf
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