factbook - hornbach-holding.de · factbook q3/9m 2019/20 ©hornbach group 2020 page 2 diy retailer...

Factbook Q3/9M 2019/20 ©HORNBACH Group 2020

FactbookQ3/9M 2019/20 + Trading Statement


DIY retailer with three different business segments

▪ DIY megastores in 9 European countries and online shops focused on

retail with DIY, garden and home improvement products for private

and professional clients (HORNBACH Baumarkt AG subgroup)

▪ Builders’ merchant outlets in south-west Germany and France selling

construction materials to professional clients

(Hornbach Baustoff Union GmbH subgroup)

▪ Retail property development for the operating units

(Hornbach Immobilien AG subgroup)

48%46%

6% HORNBACH Baumarkt AG

[Germany]

HORNBACH Baumarkt AG

[International]

HORNBACH Baustoff Union

GmbH

Sales split FY 2019/20


cHORNBACH

Baustoff Union

GmbH3)

Neustadt/Weinstraße

Not listed

HORNBACH

Immobilien AG3)

Bornheim

Not listed

HORNBACH Baumarkt AG3)

Bornheim

Listed Ordinary Shares²)

(ISIN DE0006084403)

76.4% 100%100%

Free FloatHornbach Familien

Treuhand GmbH

HORNBACH

Management AG

(General Partner)

Management

100%

HORNBACH Holding AG & Co. KGaANeustadt/Weinstraße

Listed Ordinary Shares1)

(ISIN DE0006083405)

Free Float

23.6%

62.5% 37.5%

Two publicly listed corporationsSi

nce

Mar

ch 2

8, 2

017

1) Number of shares: 16,000,000 / Stock market code: HBH

2) Number of shares: 31,807,000 / Stock market code: HBM

3) plus other subsidiary companiesin Germany and abroad


From a small craftsman business to a European DIY Group

Foundation of handicraft business

1st DIY store with garden center Bornheim

1st DIY megastore Karlsruhe

Going public HORNBACH Holding AG

Start online shop Germany

Going public HORNBACH Baumarkt AG

Change in legal form ofHORNBACH Holding AG in „KGaA“

1st DIY store with drive-through

Emission Eurobond (3.875%)



1877

1968

1980

1987

2010

1993

2013

2003

2015

2019

2004

1996

1999

Foundation of HORNBACH Baustoff Union

Start of international expansion Austria


Sales Growth since 1987/88

1987/88 1991/92 1995/96 1999/2000 2003/04 2007/08 2011/12 2015/16 2019/20

HORNBACH Baumarkt [Germany] HORNBACH Baumarkt [International]

HORNBACH Baustoff Union

FY 1987/88:

€ 132 million net sales

FY 2019/20:

€ 4,729 million net sales

CAGR ~12%

Expansion Stationary Online

Germany 1968 2010

Austria 1996 2013

Netherlands 1997 2015

Luxembourg 1998 2015

Czech Republic 1998 2015

Switzerland 2002 2014

Sweden 2003 2017

Slovakia 2004 2017

Romania 2007 2018


160 DIY megastores and garden centers across Europe+ 33 builders merchant outlets

Stat

us:

Febr

uary

29, 2

020

Germany96 stores

1,052,590 sqm

Netherlands15 stores

192,200 sqm

Luxembourg1 store

12,090 sqm

Switzerland7 stores

89,990 sqm

Austria14 stores

168,870 sqm

Sweden7 stores

86,100 sqm

Czech Republic10 stores

140,880 sqm Slovakia4 stores

58,250 sqm

Romania 6 stores

87,580 sqm

32 x

2 x

34 Builders

merchant outlets

sales area

1.89 Mio. sqm

store size:

Ø 11,800 sqm

160 DIY megastores

+ 9 Online Shops

Neunkirchen –

closed as of 31.08.2019

Kristianstad (since 18.9.2019)

Prešov (since

11.9.2019)

Duiven (since 29.01.2020)


The top address for DIY project customers and professionals

▪ Expert advisors with

project competence

▪ In-store services, e.g.

Tradesman service,

rental service,

financing, repairs

▪ Centralized customer

service

▪ Digital planning tools

for DIY projects

▪ Broad and deep

product range:

More than 50,000

articles stocked in

sufficient quantities at

stores

▪ Extended product

range at online shop

(up to 200,000 SKUs)

▪ Price leadership across

all channels

▪ Organic growth

▪ Focus on attractive big catchment areas

▪ Homogeneous storenetwork: Economies of scale in store operation

▪ Superior shoppingexperience forcustomers

▪ Productivity per sqmabove sector average

Large store formatin prime locations

Interconnected Retail combining stationaryand online business

Competence in DIY assortment and priceleadership

Professional advice and services for all aspects of DIY projects

▪ E-commerce in all HORNBACH regions

▪ Identical prices in store and online shop

▪ All touchpoints alongside customer journey:

▪ Click & collect at store▪ Direct delivery to home /

building site▪ Delivery to store▪ Product availability and

location within store …


Evolution of Interconnected Retail

Germanysince December 2010

201,000 SKU

Luxembourgsince December 2015

160,000 SKU

Netherlandssince March 2015

98,000 SKU

Switzerlandsince November 2014

129,000 SKU

Swedensince October 2017

58,000 SKU

Czech Republicsince December 2015

66,000 SKU

Austriasince January 2013

144,000 SKU

Slovakiasince August 2017

51,000 SKU

Romaniasince January 2018

55,000 SKU

2010 2013 2014 2015 2017 2018

▪ Extended product range in all HORNBACH regions

▪ New online configurators for customized products

(paint, kitchen counters, doors, windows, shower

cabins, picture frames etc.)

▪ Extended use of virtual reality in bathroom

planning

▪ Self-Scan rolled out at further locations

▪ Introduction of stationary image recognition

devices at selected locations


▪ Private labels differentiate us from competitors

and boost customer retention

▪ High priority to responsible procurement,

sustainable product features, and

environmentally compatible product packaging

and disposal.

▪ Less dependency on manufacturers’ brands for

innovation and quality (specification,

certifications, auditing)

▪ Full control over brand launch and positioning

▪ Ability to actively manage product lifecycle

▪ Significantly higher gross margins while offering

very good value for money

▪ No direct price competition

21,9% 23,4% 24,0% 24,1%

30,0%

2016/17 2017/18 2018/19 2019/20 medium-term

target

Share of Sales

Private labels offer added value


▪ Soltau (56,000 sqm)2012 Central WH

2017 Extension

▪ Lehrte (51,500 sqm)1994 Regional WH

1999 Extension cross-docking

2005 Extension regional WH

2016 Extension cross docking

and regional WH

▪ Castrop-Rauxel (11,400 sqm)2015 Cross-docking

▪ 7 logistics sites for store delivery

▪ 115,000 storage spaces

▪ 206,000 sqm warehouse space

B2C delivery

▪ Lorsch (24,700 sqm)2015 Regional WH & Cross Docking

▪ Essingen (26,900 sqm)1999 Regional WH & Cross Docking

▪ Vilshofen (30,300 sqm)2005 Regional WH & Cross Docking

2018 Extension Cross Docking

▪ Enzersdorf a/d Fischa (5,200 sqm)2018 Cross-docking bulk

B2B delivery

▪ Click and Collect in store

▪ Pick-up of online orders in store

Dropshipping

Fulfillment Partner

HORNBACH

Delivery Center

Pick-up store Home Delivery

Fulfillment Centre

Supplier

Efficient logistics network


43

50

65

Property HORNBACH Immobilien Subgroup

Property HORNBACH Baumarkt Subgroup

Finance Lease

Sales area in %No. of stores

Stat

us:

Mar

ch 1

, 201

9

Property ownership and hidden reserves

27%

32%

41%

Hidden reserves in retail properties1)

FY 2018/19

(€ million)

Book

valueYield value

(x13)2)

Hidden

reserves

(x13)2)

HORNBACH

Baumarkt

Subgroup

733 1,052 319

HORNBACH

Immobilien

Subgroup

403 790 387

HORNBACH Group 1,136 1,842 706

1) based on our own assumptions and calculations

2) Long-term average; in the past 3 years HORNBACH stores have been sold by third parties with multiples between 15 and 23


Responsible Management

Employees: Happy employees

for happy customers

Services: Assistance & Disposal

Product range: Origin – Product

features – Packaging

Energy & Resources in our

own operations

CSR Policy

1. Equal opportunities in selecting and

promoting our employees.

2. Minimum requirements in our suppliers’

production sites.

3. Flawless quality of our products.

4. Enhancing our product range to account

for sustainability.

5. Recycling and waste avoidance in our

business operations.


Sustainability reporting

Material Non-Financial Aspects (§289c HGB)

1. Product range and customer information

2. Responsible procurement

3. Product responsibility

4. Employee satisfaction

5. Employee recruitment

6. Employee development and retention

7. Compliance

HORNBACH Sustainability Magazine

▪ Addresses corporate issues

beyond the legal framework

▪ Published in addition to the non-

financial declaration


Market position


[Source: Dähne, HORNBACH]

Top 10 Ranking: European DIY Retail Groups (2019)HORNBACH Baumarkt Subgroup

19.7871)

13.690

6.860 5.8444.428

3.1181)2.7501) 2.650 2.335 2.299

Adeo Kingfisher Tengelmann (OBI) Bauhaus HORNBACH Les Mousquetaires XL-BYG(G) Nordic Hagebau REWE (Toom/ B1) Stark Group

Sales (net) in million €

Aki, Bricocenter,

Bricoman, Bricomart,

Dom Pro, Khane, Leroy

Merlin, Weldom,, Zodio

Bricodepot, B&Q,

Castorama, Koctas,

Kingfisher, Praktiker,

Screwfix

Hagebau, Cactus,

Werkers Welt,

Knauber, Leitermann

Toom, B1 Discount

RO RO AT

CH

CZ

DE

SK

AT

CH

CZ

DE

LU

NL

SE

SK

AT

CH

CZ

DE

LU

NL

RO

SE

SK

SE DE

Presence of competitors in HORNBACH regions

AT

DE

LU

SE

DE2)

Beijer Byggmaterial,

Neumann Bygg, STARK

# 5 in Europe

# 3 in Germany

Bricomarché,

Bricorama, Brico

Cash

XL-BYG (DK), XL-

BYGG (SE),

Mestergruppen (NO)

1) Net sales in 20182) Acqusition of Saint-Gobain Building Distribution Deutschland GmbH in October 2019; not included in sales figures for 2018/19


23.647.5

16.7

7.2

DIY stores Specialist retailers Small scale formats Total DIY core market

HORNBACH market share in Germany (2019) HORNBACH Baumarkt Subgroup

of which online:

~ 410 € million

of which online:

~ 260 € million

[Source: BHB, GfK, IFH , Teipel Retail & Consulting, HORNBACH]

of which online:

~1.52 € million

HORNBACH

▪ Market share stationary: 11.3%▪ Market share online: ~30%

Core DIY market volume in Germany in 2019Gross Sales in € billion

Market share HORNBACH (10 years)

of which online:

~ 850 € million

22,223,2 23,1

22,521,3

21,8 22,1 22,422,8

23,6

8,8% 8,9% 9,0% 9,7%11,0% 11,0% 11,0% 11,0% 11,1% 11,3%

0

0,05

0,1

0,15

0,2

0,25

0,3

0,35

0,4

0,45

0,5

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gross sales HORNBACH Core DIY market volume (in bn €)

Market share HORNBACH


1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

1998

= 1

00%

DIY-Branche (DE) HORNBACH (DE)

Growth above the sector averageHORNBACH Baumarkt Subgroup

Like-for-like sales in Germany

[Source: BHB/GfK DIY-Panel (bis 2013), GfK DIY-TSR (ab 2014), HORNBACH]

+47%

-6%

Insolvency of

Praktiker/Max Bahr

Start

HORNBACH

Online Shop

VAT rise from

16% to 19%


Highest productivity in the German DIY Sector (2019)HORNBACH Baumarkt Subgroup

OBI

BAUHAUSHORNBACH

HAGEBAU/ZEUS

TOOM

EUROBAUSTOFF

GLOBUS

BAUVISTA

HELLWEG

0

2000

4000

6000

8000

10000

12000

14000

16000

500 1.000 1.500 2.000 2.500

Aver

age

stor

e si

ze (

in s

qm)

Net sales per sqm

Megastore

Sales per sqm (€)

1.369

1.741

2.345

1.139 1.101

1.915

10,3

21,3

27,7

4,97,3

17,0

Sales per store (€ million)

[Source: Dähne, HORNBACH]


2,0

2,1

2,2

2,3

2,4

2,5

2015 2016 2017 2018 2019

HORNBACH

Globus

Bauhaus

Hagebau

Obi

High customer satisfactionHORNBACH Baumarkt Subgroup

Development of overall customer satisfaction

according to “Kundenmonitor Deutschland”

Overall positions of HORNBACH in Europe

2015 2016 2017 2018 2019

Overall

statisfaction2 1 2 2 1

Overall


Overall


Overall score 1 1 1 1 1

Satisfaction

index (NKI)1 1 1 1 1

Average score for overall customer satisfaction for vendors with a minimum of 100

respondents measured on a scale from „completely satisfied“ (=1) to „not satisfied“ (=5)


Positions in selected categories in 2019HORNBACH Baumarkt Subgroup

Sources: Kundenmonitor Germany/Austria/Switzerland, ABN AMRO Retailer of the Year (Netherlands), Svenskt Kvalitetsindex/evimetrix (Sweden)

(Statements based on studies in Germany, Switzerland, Austria, Netherlands, Sweden. No information collected for Czech Republic, Romania, Slovakia,

Luxembourg)

Assortment,

choice,

product range

Product

quality

Prices / value

for money

Specialist

advice

Recommen-

dation intent

Number of

vendors

evaluated

1 1 1 2 1 8

2 4 3 3 2 7

1 3 1 3 1 5

1 3 1 3 1 6

1 2 2 2 1 5

Other Awards

DIY Retailer of the Year in

Germany, Austria, Switzerland,

Netherlands

Webshop Award in the

Netherlands and Switzerland


Sales FY 2019/20


Sales Growth – 5 Years€

mill

ion

Rounding differences

218 229 248 265 299

1.5241.670

1.8201.977

2.183

2.0112.040

2.0712.118

2.245

2015/16 2016/17 2017/18 2018/19 2019/20

Hornbach Baustoff Union HORNBACH Baumarkt AG [International] HORNBACH Baumarkt AG [Germany]

3,7553,941

4,1414,362

+10.4%

+6.0%

+8.4%

+13.2%

4,729


11621088

1006

840

12611184

1055

929

Q 1 Q 2 Q 3 Q4

2018/19 2019/20

12271163

1085

887

13381268

1139

984

Q 1 Q 2 Q 3 Q 4

2018/19 2019/20

HORNBACH Group HORNBACH Baumarkt Subgroup

Sales growth per quarter

+9.1% +9.0% +5.0% +10.9% +8.5% +8.9% +4.8% +10.6%


Like-for-like Sales*HORNBACH Baumarkt Subgroup

* In constant currencies; includes sales from all stores that have been open for at least one year as well as sales from online shops

Q1

2019/20

Q2

2019/20

Q3

2019/20

Q4

2019/20

FY

2019/20

Total 7.8 8.8 4.6 9.7 7.7

Previous year 2.3 3.4 6.2 5.9 4.2

Germany 6.9 8.0 3.3 7.9 6.5

Previous year -0.2 1.2 4.4 4.7 2.2

International 8.7 9.6 5.9 11.6 8.9

Previous year 5.2 5.8 8.2 7.1 6.5


Employees*

12.129 12.081

8.926 9.424

February 28, 2019 February 29, 2020

Germany International

21,50521,055

*incl. passive employees


11.225 11.043

8.893 9.395

February 28, 2019 February 29, 2020

Germany International

20,43820,118


Q3 / 9M 2019/20


Highlights 9M 2019/20HORNBACH Group

▪ Group sales +7.8% (HBM +7.5%)

▪ Like-for-like sales growth (DIY) +7.1%

▪ Germany +6.2%

▪ International +8.1%

▪ Earnings are rising significantly faster than sales

▪ Adjusted EBIT increases by 33.0% (+ € 59.6 million) to € 240.2 million

▪ thereof: operative improvement: + € 50.1 million

▪ thereof: conversion effects from IFRS 16: + € 9.5 million

▪ Full year earnings outlook adjusted upwards

▪ Placement of a corporate bond with a volume of € 250 million and a 7-

year-term, coupon of 3,250 % p.a.


Sales Growth – 9 Months


€ m

illio

n

182 191 206 218 245

1.2001.331

1.4511.568

1.717

1.5971.633

1.6581.688

1.782

2015/16 2016/17 2017/18 2018/19 2019/20

Hornbach Baustoff Union HORNBACH Baumarkt AG [International] HORNBACH Baumarkt AG [Germany]

3,476

+7.8%

+5.6%

12.4%

+9.5%

2,9803,155

3,318

3,745


BALANCE SHEET 28.2.2019 1.3.2019 Conversion

effect

28.2.2019 1.3.2019 Conversion

effect

Right-of-use assets149.0 816.5 667.5 149.0 1,316.4 1,167.4

Lease liabilities 164.0 854.0 690.0 164.0 1,356.5 1,192.5

IFRS 16 – Conversion effects*


INCOME STATEMENT Conversion effect

9M 2019/20

Conversion effect

FY 2019/20e

Conversion effect

9M 2019/20

Conversion effect

FY 2019/20e

Depreciation and

amortization58.2 77.0 105.1 139.5

Adjusted EBIT9.5 12.7 16.1 21.5

Net financial

expenses-14.9 -19.9 -26.2 -34.9

Earnings before

taxes-5.3 -7.1 -10.0 -13.3

*Based on the lease contracts recognized and measured as of March 1, 2019


76.8 76.592.6 78.9

96.9

74.4 75.4

81.781.9

101.521,3 30,0

28,8

19,7

41,8

2015/16 2016/17 2017/18 2018/19 2019/20

Q1 Q2 Q3

203.1181.9

172.5180.6

240.2

HBM: HORNBACH Baumarkt AG

HBU: HORNBACH Baustoff Union GmbH

HI: HORNBACH Immobilien AG

+33.0%

Adjusted EBIT – 9 MonthsHORNBACH Group


€ m

illio

n

134,3

6,6

42,3

-2,7

200,9

5,5

43,1

-8,8

HBM HBU HI Reconciliation

2018/19

2019/20

9M 2019/20 - Segments


65.2 61.677.5

64.984.1

57.2 57.9

64.065.5

87.35,0 13,8

12,2

4,0

29,4

2015/16 2016/17 2017/18 2018/19 2019/20

Q1 Q2 Q3

Adjusted EBIT – 9 MonthsHORNBACH Baumarkt Subgroup

+49.5%


€ m

illio

n

86,5

58,0

-10,2

138,6

77,8

-15,5

Retail Real estate Reconciliation

2018/19

2019/20

9M 2018/19 - Segments

153.6

133.3127.4

134.3

200.9


Adjusted EBIT 9M - Reconciliation

9M 2018/19 9M 2019/20 9M 2018/19 9M 2019/20

EBIT 181.7 240.6 135.2 199.9

Non-operating

Earnings-2.4 -1.4 -2.3 0

Non-operating

Expenses+1.4 +1.0 +1.4 +1.0

EBIT adjusted 180.6 240.4 134.3 200.9

€ m

illio

n

+32.5%

+33.0%

+47.8%

+49.5%




27,8% 26,6%

5,4%5,0%

35,0% 35,0%

33,3% 31,8%

Q3 2018/19 Q3 2019/20

General and

administration expenses

Pre-opening expenses

Selling and store

expenses

Gross profit margin

Expense ratio

Cost structure in % of salesHORNBACH Group

25,8% 24,8%

4,8%4,6%

35,8% 35,6%

30,8%29,6%

9M 2018/19 9M 2019/20

9 Months


3rd Quarter

IFRS 16 effects:

Q3: -30 bps

9M: -25 bps


Cash Flow Statement – 9 Months

9M 2018/19 9M 2019/20 9M 2018/19 9M 2019/20

Cash flow from operating activities 169.2 346.9 133.7 352.9

of which: funds from operations 199.7 228.7 155.2 174.5

of which: D&A of rights of use of

leased objects (IFRS 16) 9.4 70.1 9.4 116.4

of which: change in working capital -30.6 48.0 -21.5 62.0

Cash flow from investing activities -154.3 -342.6 -146.4 -312.0

of which: investments in assets -154.8 -101.4 -145.7 71.1

of which: short-term financial

investments 0 -247.1 0 -240.1

Cash flow from financing activities 49.6 143.1 72.9 121.4

of which: repayment of lease liabilities

(IFRS 16) -7.8 -63.6 -7.8 -104.8

Cash-effective change in cash and cash

equivalents 64.5 147.4 60.3 162.3


€ m

illio

n



62

39

3

Real estate

Plant and office equipment

Intangible assets

21

110113

83

149

74

2015/16 2016/17 2017/18 2018/19 2019/20

other HORNBACH Immobilien AG HORNBACH Baumarkt AG

CAPEX – 9 MonthsHORNBACH Group

Olomouc

158

121128

98104

€ m

illio

n


1.773

2.411

922

1.159316

464

February 28, 2019 November 30, 2019

1.631 1.507

1.500

700

903

804

November 30, 2019 February 28, 2019

Group Balance Sheet Structure (IFRS) HORNBACH Group


3,011 4,034

40.4%

3,0114,034Total

Assets

Total Equity

and liabilities

50.0%

Liquid funds

Non-current assets

of which right-of-use assets*:

755 € million

(Feb 2019: 149 € million)

Shareholders‘ equity

Current liabilities

Inventories, accounts

receivable and other

assets

of which non-current

lease liabilities*:

719 € million


of which current

lease liabilities*:

79 € million


Non-current liabilities

*First-time application of the new IFRS 16 leasing standard


1.262

2.370

834

1.051

243

405

February 28, 2019 November 30, 2019

1.164 1.069

1.766

531

896

738

November 30, 2019 February 28, 2019

Group Balance Sheet Structure (IFRS) HORNBACH Baumarkt Subgroup

2,338 3,826

30.4%

2,3383,826

45.7%

Total

Assets

Total Equity

and liabilities


Liquid funds

Non-current assets

of which right-of-use assets*:

1.233€ million

(Feb 2019: 149 € million)Shareholders‘ equity

Current liabilities

Non-current liabilities

Inventories, accounts

receivable and other

assets

of which non-current

lease liabilities*:

1.149 € million


of which current

lease liabilities*:

136 € million


*First-time application of the new IFRS 16 leasing standard


Outlook for FY 2019/20


New Store Openings and Outlook 2019/20

Sales and earnings forecast

HORNBACH Group for FY 2019/20

HORNBACH Group HORNBACH

Baumarkt Subgroup

Sales 2019/20 4,729 € million 4,428 € million

Sales 2018/19 4,362 € million 4,096 € million

Adjusted EBIT

2019/20*

slightly higher than the

guidance range most

recently communicated

(increase “in low to

medium double-digit

percentage range”)

>100% (before: medium

to upper double-digit

percentage range)

Adjusted EBIT

2018/19

135 € million 82 € milion

Capex 2019/20 110 - 130 € million 100 - 120 € million

Capex 2018/19 196 € million 184 € million

*including effects from initial application of IFRS 16; outlook adjusted on Dec 10, 2019 and on Mar 19, 2020


Financial Calendar

ContactInvestor Relations

Axel Müller

(+49) 0 63 48 / 60 – 2444

[email protected]

Anne Spies

(+49) 0 63 48 / 60 – 4558

[email protected]

www.hornbach-group.com

May 27, 2020 Annual Report 2019/20 as of February 29, 2020

DVFA Analyst Conference of HORNBACH Baumarkt AG

June 26, 2020 Financial Update 1st Quarter of 2020/21 as of May 31, 2020

July 9/10, 2020 Annual General Meeting of HORNBACH Baumarkt AG and

HORNBACH Holding AG & Co. KGaA

September 29, 2020 Half-Year Financial Report 2020/21

DVFA Analyst Conference of HORNBACH Holding AG & Co. KGaA

December 22, 2020 Financial Update 3rd Quarter of 2020/21

DISCLAIMER

This presentation is to be read in the context of the audited financial data of the HORNBACH Holding Group and the disclosures made in the notes to the

consolidated financial statements contained in the annual report. It contains statements relating to the future based on assumptions and estimates made by

HORNBACH’s Board of Management. Forward-looking statements are only valid at the time at which they are made. Although we assume that the expectations

reflected in these forecast statements are realistic, the company can provide no guarantee that these expectations will turn out to be accurate. The assumptions

may involve risks and uncertainties which could result in actual events differing significantly from the forecast statements. Such factors include those discussed

in the “Risk Report” and “Outlook” of the annual report. We do not assume any obligation to update the forward-looking statements contained in this

presentation.

mailto:[email protected]

mailto:[email protected]

factbook - hornbach-holding.de · factbook q3/9m 2019/20 ©hornbach group 2020 page 2 diy retailer...

Documents