HORNBACH BAUMARKT AG Annual Report
2022 / 2023
HORNBACH HOLDING
AG & CO. KGAA GROUP
Key Group, Financial and Operating Data
Change | |
financial year | |
Amounts shown in € million | 2022/23 |
unless otherwise stated | on previous year |
Sales and earnings figures | |
Net sales | 6.6 % |
of which: Other European Countries | 9.8 % |
Sales growth as % of net sales | |
EBITDA | (10.5)% |
as % of net sales | |
EBIT | (27.2)% |
as % of net sales | |
Adjusted EBIT 1) | (20.0)% |
as % of net sales | |
Earnings before taxes and non-controlling interest | (30.5)% |
as % of net sales | |
Net income for the year before non-controlling interest | (31.4)% |
as % of net sales | |
Gross margin as % of net sales | |
Store expenses as % of net sales | |
Costs of central administration as % of net sales | |
Pre-opening expenses as % of net sales | |
Cash flow figures | |
Cash flow from operating activities | 23.3 % |
Investments 2) | 13.9 % |
Proceeds from divestments | |
Earnings potential 3) | 19.3 % |
as % of net sales | |
Dividend distribution | |
Balance sheet and financial figures | |
Total assets | 9.8 % |
Non-current assets 4) | 4.9 % |
Inventories | 12.3 % |
Cash and cash equivalents | 31.5 % |
Shareholders' equity | 7.7 % |
as % of total assets | |
Return on shareholders' equity based on net income - in % | |
Net working capital | (4.8)% |
Additions to non-current assets | 0.1 % |
Inventory turnover rate per year | |
Other information | |
Employees - annual average - | 3.1 % |
converted into full-time equivalents |
Number of shares 5)
Earnings per share in € 6)
2022/23
6,263
2,994
6.6
505
8.1
259
4.1
290
4.6
218
3.5
168
2.7
33.4
24.9
4.5
0.1
425
203
5
432
6.9
38.4
4,726
2,676
1,382
437
1,897
40.1
9.2
884
357
3.2
20,582
15,993,125
9.83
2021/22
5,875
2,726
7.7
565
9.6
355
6.0
363
6.2
314
5.3
245
4.2
35.0
24.7
4.4
0.3
345
179
7
362
6.2
38.4
4,306
2,551
1,230
332
1,761
40.9
13.8
928
357
3.7
19,961
16,000,000
12.48
2020/21
5,456
2,471
15.4
516
9.5
312
5.7
326
6.0
266
4.9
201
3.7
35.2
25.3
4.4
0.1
347
154
5
354
6.5
32.0
4,008
2,397
993
435
1,772
44.2
11.9
846
241
4.2
18,720
16,000,000
10.33
2019/20
4,729
2,193
8.4
420
8.9
214
4.5
227
4.8
166
3.5
123
2.6
35.8
26.7
4.9
0.2
324
131
10
332
7.0
24.0
3,760
2,379
861
368
1,604
42.7
7.9
727
837
3.8
17,935
16,000,000
6.56
IFRS | ||||
2018/19 | 2017/18 | |||
4,362 | 4,141 | |||
1,986 | 1,829 | |||
5.3 | 5.1 | |||
235 | 263 | |||
5.4 | 6.3 | |||
121 | 161 | |||
2.8 | 3.9 | |||
135 | 166 | |||
3.1 | 4.0 | |||
99 | 132 | |||
2.3 | 3.2 | |||
75 | 96 | |||
1.7 | 2.3 | |||
36.0 | 36.6 | |||
28.2 | 27.8 | |||
5.2 | 5.2 | |||
0.2 | 0.1 | |||
54 | 182 | |||
196 | 148 | |||
5 | 9 | |||
61 | 187 | |||
1.4 | 4.5 | |||
24.0 | 24.0 | |||
3,011 | 2,668 | |||
1,757 | 1,686 | |||
799 | 699 | |||
316 | 164 | |||
1,507 | 1,463 | |||
50.0 | 54.8 | |||
5.1 | 6.7 | |||
678 | 532 | |||
196 | 148 | |||
3.9 | 3.9 | |||
17,053 | 16,223 | |||
16,000,000 | 16,000,000 | |||
4.08 | 5.11 |
2016/17
3,941
1,679
4.9
254
6.5
157
4.0
160
4.1
130
3.3
90
2.3
36.6
27.9
4.9
0.2
179
179
11
185
4.7
24.0
2,648
1,651
662
190
1,398
52.8
6.6
531
198
3.9
15,751
16,000,000
4.84
2015/16
3,755
1,533
5.1
231
6.2
138
3.7
151
4.0
113
3.0
98
2.6
37.0
28.5
4.9
0.3
152
156
3
162
4.3
12.6
2,680
1,561
623
350
1,334
49.8
7.5
464
325
4.1
15,283
16,000,000
5.04
2014/15
3,572
1,400
6.0
243
6.8
165
4.6
167
4.7
140
3.9
107
3.0
37.3
27.9
4.6
0.4
156
119
5
171
4.8
12.6
2,433
1,336
567
401
1,259
51.7
8.8
441
121
4.2
14,663
16,000,000
5.64
2013/14
3,369
1,334
4.3
236
7.0
160
4.8
164
4.9
128
3.8
86
2.6
36.6
27.3
4.4
0.3
198
116
12
207
6.1
10.5
2,362
1,286
539
429
1,164
49.3
7.6
397
117
4.1
14,064
16,000,000
4.55
- Adjusted for non-operating items
- Excluding investment in short-term financial deposits (2016/17 financial year: € 30 million)
- Cash flow from operating activities plus pre-opening expenses
- Starting in the 2019/20 financial year: including right-of-use assets (IFRS 16)
- Excess shares from the share buyback for the employee share program are held as treasury stock as of Feb 28/29
- Until the 2014/15 financial year: average earnings per share in € (ordinary and preference shares of HORNBACH HOLDING AG)
CONTENTS
COMPANY PROFILE | 4 |
TO OUR SHAREHOLDERS | 5 |
Letter from the CEO | 5 |
Report of the Supervisory Board | 7 |
Corporate Governance Report | 15 |
The HORNBACH Holding Share | 31 |
Non-Financial Group Report with Independent Auditor's Limited Assurance Report | 35 |
COMBINED MANAGEMENT REPORT | 67 |
Group Fundamentals | 67 |
Business Report | 74 |
Macroeconomic and Sector-Specific Framework | 74 |
Summary of 2020/21 Business Performance | 76 |
Earnings Position | 79 |
Financial Position | 86 |
Asset Position | 90 |
Notes to the Annual Financial Statements of HORNBACH Holding AG & Co. KGaA (HGB) | 92 |
Risk Report | 95 |
Opportunity Report | 103 |
Outlook | 106 |
Other Disclosures | 108 |
Non-Financial Statement | 109 |
CONSOLIDATED FINANCIAL STATEMENTS | 110 |
Income Statement | 110 |
Balance Sheet | 111 |
Statement of Changes in Equity | 113 |
Cash Flow Statement | 115 |
Notes to the Consolidated Financial Statements | 116 |
Explanatory Notes on Accounting Policies | 116 |
Segment Reporting | 139 |
Notes to Consolidated Income Statement | 143 |
Notes to Consolidated Balance Sheet | 152 |
Other Disclosures | 178 |
RESPONSIBILITY STATEMENT | 193 |
AUDITOR'S REPORT | 194 |
IMPRINT | 202 |
171 DIY and specialist storesin Europe
Status: February 28, 2023
Germany 99 stores 1,091,088 qm
Netherlands 17 stores 226,617 qm
Luxembourg
1 store
12,087 qm
Switzerland 8 stores 102,613 qm
- 39 builders' merchant outlets
Sweden
8 stores
92,057 qm
Czech Republic 10 stores 142,236 qm
Slovakia 5 stores 70,160 qm
Austria | Romania |
14 stores | |
9 stores | |
168,867 qm | |
129,273 qm | |
Company Prole
HORNBACH is one of the leading DIY retail groups in Germany and Europe, with 169 DIY stores and garden centers, 2 specialist stores, 39 builders' merchant outlets as well as online shops in nine European countries. HORNBACH's megastores and online shops offer DIY enthusiasts and professionals a broad product range of around 260,000 high-quality articles at permanently low prices. HORNBACH supplements its products with a wide range of project- based advice and services.
1877
HORNBACH was founded more than 140 years ago and is still family-managed, now in the fifth generation.
€ 6.3 billion
Consolidated sales rose by 6.6 % in the 2022/23 financialyear.
- 2,925
HORNBACH is the German DIY market leader in terms of sales per square meter.
Dividend gem
Since its IPO in 1987, HORNBACH Holding AG & Co. KGaA has each year distributed a dividend at least as high as the year before.
No. 1
HORNBACH regularly receives top rankings for its product range and prices in customer satisfaction surveys.
60%
HORNBACH owns more than half the properties used for its retail operations.
TO OUR SHAREHOLDERS Letter from the CEO | 5 |
TO OUR SHAREHOLDERS
Letter from the CEO
Albrecht Hornbach, Chief Executive Officer of HORNBACH Management AG
Dear Ladies and Gentlemen,
The return to normality we all hoped for after two years of the coronavirus pandemic failed to materialize. The 2022/23 financial year was rather shaped by geopolitical and macroeconomic predicaments. The invasion of Ukraine, the impact of sanctions, and the conversion in the European supply of energy and commodities led to significant price growth. As a result, we saw a sharp rise in inflation and falling purchasing power across the world and in all countries in which the HORNBACH Group operates, factors which placed a massive strain on public and private household finances. Procuring merchandise also remained a challenge given repeated lockdowns in China at the beginning of the financial year. Time and again, we were called on to act quickly and respond to sometimes grave external influences.
Today more than ever, successfully running a retail business means speed, adaptability, and anticipating people's needs at an early stage. A glance at Kundenmonitor 2022, the customer survey which ranked us first among DIY stores in Germany for customer satisfaction, shows how well we managed this in the past financial year. In Sweden and the Netherlands, we held top position in the "Retailer of the Year 2022" survey.
Thanks to our popularity with customers and our attractive range of products and services, and in particular the focus on our permanently low price guarantee and our highly developed project expertise, we were able to increase our consolidated sales by 6.6 percent to € 6.3 billion in the past financial year. Of consolidated sales, 93 percent were contributed by HORNBACH Baumarkt AG, which now operates 171 locations, while the remain-der was generated at HORNBACH Baustoff Union, which runs 39 builders' merchant outlets in Germany and France. In both segments, sales were significantly higher than before the pandemic and, driven by consist-ently strong demand and inflation, grew in all quarters of the past financial year.
The online share of DIY store sales, including click & collect, stood at 14.1 percent in the 2022/23 financial year. We generated sales of € 823 million in this area. As expected, due to declining demand for click & collect
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Hornbach-Baumarkt AG published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 05:09:10 UTC.
