Factbook - hornbach-holding.de · Factbook Q1 2018/19 ©HORNBACH Group 2018 Page 2 ... Sales split...
Transcript of Factbook - hornbach-holding.de · Factbook Q1 2018/19 ©HORNBACH Group 2018 Page 2 ... Sales split...
Factbook Q1 2018/19 Page 1©HORNBACH Group 2018
FactbookQ1
2018/19
Factbook Q1 2018/19 Page 2©HORNBACH Group 2018
DIY retailer with three different business segments
157 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)
29 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)
50%44%
6% HORNBACH Baumarkt AG[Germany]
HORNBACH Baumarkt AG[International]
Hornbach Baustoff UnionGmbH
Sales split FY 2017/18
Stat
us: M
ay 3
1, 2
018
Factbook Q1 2018/19 Page 3©HORNBACH Group 2018
sales area:1,8 million sqm
store size: Ø 11,750 sqm
157 DIY megastores and garden centers across Europe
2 store openings in Zwolle (Netherlands) and Affoltern (Switzerland): +23,800 sqm
1 store closed (HORNBACH compact) in Alzey (Germany): -1,200 sqm)
Stat
us: M
ai 3
1, 2
018
27 x
2 x
Germany97 stores
1,051,200 sqm
Netherlands14 stores
176,500 sqm
Luxembourg1 store
12,100 sqm
Switzerland7 stores
90,000 sqm
Austria14 stores
168,900 sqm
Sweden5 stores
72,900 sqm
Czech Republic10 stores
140,900 sqm
Slovakia3 stores
46,100 sqm
Romania6 stores
86,400 sqmZwolleMar 14, 2018
Alzey,Apr 28, .2018
AffolternMay 26, 2018
Q1 2018/19
Factbook Q1 2018/19 Page 4©HORNBACH Group 2018
cHORNBACH
Baustoff Union GmbH3)
Neustadt/WeinstraßeNot listed
HORNBACH Immobilien AG3)
BornheimNot listed
HORNBACH Baumarkt AG3)
BornheimListed Ordinary Shares²)
(ISIN DE0006084403)
76.4% 100%100%
Free Float Hornbach 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
Factbook Q1 2018/19 Page 5©HORNBACH Group 2018
Our Key Success Factors
Own real estate portfolio and efficient logistics network
Publicly listedfamily company
Highest productivity per sqm in the German DIY sector
Leading in DIY online retail
Focus on B2C and B2B clients with large DIY projects
Organic growth above sector average
Consistent interconnected retail strategy
High customer satisfaction across Europe
Own brands with added value
Factbook Q1 2018/19 Page 6©HORNBACH Group 2018
From a small craftsman business to a European DIY Group
1877Foundation of handicraft business
1968
1st DIY store with garden center Bornheim
19801st DIY megastore Karlsruhe
1987Going public HORNBACH Holding AG
1996-2007
Expansion Austria (1996), Netherlands (1997), Czech Republic (1998), Switzerland (2002), Sweden (2003), Slowakia(2004), Romania (2007)
2010Start online shop Germany
1993Going public HORNBACH Baumarkt AG
2013
Change in legal form of HORNBACH Holding AG in „KGaA“
2013-2018
Roll-out international online shopsAustria (2013), Switzerland (2014), Netherlands, Czech Republic,
Luxemburg (2015), Slowakia, Sweden (2017), Romania (2018)
20031st DIY store with drive-through
Emission Eurobond (3,875%)
2015
Factbook Q1 2018/19 Page 7©HORNBACH Group 2018
Project DIY store for DIY fans and professionals
Broad and deep product range
More than 50,000 articles stocked in sufficient quantities at store
Extended product range at online shop
Permanent low prices rather than discount campaigns
Price leadership online and at stores
Price guarantee
Competent advice and services for all aspects of DIY projects
IHK-certified advisors with planning and project competence
Tradesman service, rental service, financing, repairs…
Support for professionals and Proficard
Key focus on project customers tackling major DIY projects
Factbook Q1 2018/19 Page 8©HORNBACH Group 2018
Consistent multichannel strategy
Online shop as catalyst for permanent low price strategy and price perceptions
Shop with or without contact to store:
Reserve & collect at store
Direct delivery to home / building site
Delivery to store
Additional services:
Product availability and location within store
Central customer service center
Planning tools for DIY projects / configurators, online paint mix service etc.
International rollout of online shop in all countries where HORNBACH operates
Every day low priceOnline and in the store
Factbook Q1 2018/19 Page 9©HORNBACH Group 2018
Private labels offer added value
Private labels differentiate us from competitors and help boost customer retention
Lower dependence on manufacturers’ brands in terms of innovations 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
Share of sales planned to grow from 23.4% (2017/18) to 30%
Factbook Q1 2018/19 Page 10©HORNBACH Group 2018
43
45
53
11 4
Property HI Property HBM
Operating Leases Finance Lease
Others
FY 2017/18(€ million)
Book value
Yield value(x13)
Hidden reserves
(x13)
Baumarkt Subgroup
611 917 306
Immobilien Subgroup
418 793 375
HORNBACH Group 1,029 1,710 681
Sales area in %No. of stores
Stat
us: F
ebru
ary2
8, 2
018
Property ownership and hidden reserves
28%
29%
33%
8%2%
Hidden reserves in real estate assets*
*based on our own assumptions and calculations
Factbook Q1 2018/19 Page 11©HORNBACH Group 2018
Focus on big catchment areas Large store format: 85% of stores > 10.000 sqm
Homogeneous store network: Economies of scale in store operation and store development
Meets customers needs and provides superior shopping experience
Selling Space(BHB weighted)
CapEx1)
8,500 – 10,999 sqmincl. drive through
15 – 20 € million
11,000 – 14,999 sqm 20 – 25 € million
≥ 15.000 sqmincl. drive through
25 – 30 € million
1) average CapEx for property and building
HORNBACH4
HORNBACH5
HORNBACH6
Investment in prime locations
Factbook Q1 2018/19 Page 12©HORNBACH Group 2018
Logistics network for store deliveries
Soltau (56,000 sqm)2012 Central WH 2017 Extension
Lehrte (55,000 sqm)1994 Regional WH1999 Extension cross-docking 2011 Extension regional WH
Berlin (5,200 sqm)2015 Cross-docking
Castrop-Rauxel (11,400 sqm)2015 Cross-docking
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
8 logistics sites
150,000 storage spaces
215,000 sqm warehouse space
Factbook Q1 2018/19 Page 13©HORNBACH Group 2018
Logistics to customersHORNBACH Baumarkt Subgroup
Click and Collect in store
Pick-up of online orders in store
Direct delivery
Fulfillment Partner
HORNBACH Delivery Center
Pick-up store Delivery
Online sales: 3 delivery optionsThe store as a partner for e-commerce
HORNBACHDVZ
Fulfillment Centre
SupplierDV
Factbook Q1 2018/19 Page 14©HORNBACH Group 2018
Sustainable success
Factbook Q1 2018/19 Page 15©HORNBACH Group 2018
HORNBACH Baumarkt [Germany] HORNBACH Baumarkt [International] Hornbach Baustoff Union
FY 1987/88: 613 employees€ 132 million net sales
* incl. passive employees
Organic GrowthHORNBACH Group
44%
50%
6%
FY 2017/18: 19,614 employees* € 4.14 bn net sales (CAGR ~12% / 30 years)
Factbook Q1 2018/19 Page 16©HORNBACH Group 2018
22.4
45.7
16.2
7.1
DIY stores Specialist retailers Small scale formats Total DIY core market
Volume of the German Core DIY Market in 2017(total sales including online sales)
thereof online:~ 600 € million
Gros
ssa
les
in €
bill
ion
online total:~ 1.2 € billion
thereof online:~ 360 € million
thereof online:~ 230 € million
[Source: BHB, GfK, IFH , Teipel Retail & Consulting, HORNBACH]
Factbook Q1 2018/19 Page 17©HORNBACH Group 2018
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1998
= 1
00%
DIY sector (GER) HORNBACH (GER)
Performance and market share in GermanyHORNBACH Baumarkt Subgroup
Like-for-like salesgrowth in Germany
[Source: BHB/GfK DIY-Panel (until 2013), GfK DIY-TSR (since 2014), HORNBACH]
+36%
-11%
1998:
5% Market share in Germany
2017:
11% Market share in Germany
Factbook Q1 2018/19 Page 18©HORNBACH Group 2018
9.5
20.0
24.9
4.86.9
16.2
OBI Bauhaus HORNBACH Zeus/Hagebau Toom/B1 Globus/Hela
6,2115,452
3,891
2,610 2,2701,471
OBI Bauhaus HORNBACH ZEUS/Hagebau Toom/B1 Globus/Hela
… but growth faster than its competitors
… and is #1 in sales per store (€ million) … and sales per sqm (€)
1,274
1,698
2,135
1,108 1,053
1,857
OBI Bauhaus HORNBACH Zeus/Hagebau Toom/B1 Globus/Hela
HORNBACH ranks #3 among German DIY Retailers (2017)HORNBACH Baumarkt AG
Net s
ales
(Eur
ope)
in €
mill
ion;
gro
wth
in %
[Source: Dähne, HORNBACH]
+4.9%+1.4% +1.4% +2.9% +1.5% +0.1%
Factbook Q1 2018/19 Page 19©HORNBACH Group 2018
Bubble size = Net sales (Europe)
0
2000
4000
6000
8000
10000
12000
14000
750 1000 1250 1500 1750 2000 2250
aver
age
stor
e si
ze (i
n sq
m)
Net sales / sqm
OBI
Bauhaus
HORNBACH
Toom
Globus/Hela
Zeus/Hagebau
Eurobaustoff
EMV-Profi
Hellweg
[Source: Dähne, HORNBACH]
Megastore
Average store size, net sales and sales densities (2017): HORNBACH Baumarkt Subgroup
Factbook Q1 2018/19 Page 20©HORNBACH Group 2018
DIY multichannel retail in all regionsHORNBACH Baumarkt Subgroup
Germanysince December 2010157,000 items
Luxemburg (only C&C)since December 201597,000 items
Netherlandssince March 201570,000 items
Switzerlandsince November 2014113,000 items
Swedensince October 201730,000 items
Czech Republicsince December 201544,000 items
Austriasince January 2013113,000 items
Slovakiasince August 201732,000 items
Romaniasince January 201834,000 items
Stat
us: A
pril
28, 2
018
2010 2013 2014 2015 2017 2018
Direct delivery (no store contact) Order/ delivery via store Click & Collect (C&C)
DIY multichannel retail is based on three pillars:
Factbook Q1 2018/19 Page 21©HORNBACH Group 2018
Highly satisfied customers across EuropeHORNBACH Baumarkt Subgroup
#1/#2 Product range, selection, offering in Germany, Switzerland, Austria, Netherlands, Czech Republic, Sweden
#1 Product quality in Germany, Switzerland, Netherlands, Sweden
#1/#2 Pricing in Germany, Austria, Switzerland, Netherlands, Czech Republic
#1/#2 Specialist advicein Germany, Switzerland, Netherlands, Czech Republic, Sweden
Sources: Kundenmonitor Germany/Austria/Switzerland, GfK (Czech Republic), ING Retail Jaarprijs(Netherlands), Svenskt Kvalitetsindex/evimetrix (Sweden)
(Statements based on studies in Germany, Switzerland, Austria, Netherlands, Czech Republic, Sweden. No information collected for Romania, Slovakia, Luxembourg)
Factbook Q1 2018/19 Page 22©HORNBACH Group 2018
Homing(Consumers‘ living trends)
New target groups(women, do-it-for-me, seniors)
Increasing needfor renovation and
modernization(80% of houses/flats > 30 years)
Energy efficiency (Lower lifecycle cost, CO2 reduction)
International expansion
Barrier-free living(ageing of the population)
Online retailing(Growing share of DIY e-commerce,
Omni-Channel and the death of pure play))
Opportunities and Growth Drivers in the DIY MarketHORNBACH Group
Consumer trendsSustainability
Factbook Q1 2018/19 Page 23©HORNBACH Group 2018
Financial Year 2017/18
Factbook Q1 2018/19 Page 24©HORNBACH Group 2018
Highlights of 2017/18 financial yearHORNBACH Group
Pleasing like-for-like sales growth + 3.6 %; international + 6.1 %, Germany + 1.5 %
New store openings in The Hague and Halle
Online shop launched in Slovakia, Sweden and Romania
Further expansion in multichannel retail approach
Consolidated operating earnings (EBIT) and consolidated net income both up on previous year
Stable dividends
Strong balance sheet with high equity ratio (54.8 %)
Factbook Q1 2018/19 Page 25©HORNBACH Group 2018
216 213 218 229 248
1325 13901524
16701820
18271966
20112040
2071
2013/14 2014/15 2015/16 2016/17 2017/18
Hornbach Baustoff Union HORNBACH Baumarkt AG [International] HORNBACH Baumarkt AG [Germany]
3,3693,572 3,755
3,941
Sustainable Sales GrowthHORNBACH Group
€ m
illio
n
Rounding differences
4,141
+9.0%
+1.5%
+5.1%
+8.3%
Factbook Q1 2018/19 Page 26©HORNBACH Group 2018
Like-for-like Sales*HORNBACH Baumarkt Subgroup
* In constant currencies
GJ2016/17
Q 12017/18
Q 2 2017/18
H 1 2017/18
Q 32017/18
9 M2017/18
GJ2017/18
Total 3.0 5.4 2.6 4.0 2.7 3.6 3.6
Previous year 2.6 4.4 4.5 4.5 3.0 4.0 3.0
Germany 1.4 3.8 0.3 2.1 0.5 1.6 1.5
Previous year 0.8 2.7 2.2 2.5 2.2 2.4 1.4
International 5.1 7.5 5.3 6.4 5.4 6.1 6.1
Previous year 4.9 6.6 7.7 7.1 3.9 6.1 5.1
Factbook Q1 2018/19 Page 27©HORNBACH Group 2018
156,8 161,2159,8 165,6
2016/17 2017/18
EBIT Adjusted EBIT
97,5102,5102,8
110,0
2016/17 2017/18
EBIT Adjusted EBIT
EBIT* and adjusted EBIT
4.0% 2.6%3.9% 2.6%
HORNBACH Group HORNBACH Baumarkt Subgroup
+3,7% +7,0%
EBITmargin
EBITmargin
+2,8%
AdjustedEBIT margin 4.0%4.1% Adjusted
EBIT margin
+5,1%
2.8%2.8%
*based on International Financial Reporting Standards (IFRS)
Factbook Q1 2018/19 Page 28©HORNBACH Group 2018
79 81
53 59
2016/17 2017/18
Earnings before taxes Group net income
130 132
90 96
2016/17 2017/18
Earnings before taxes Group net income
Earnings before taxes and Group net income
2.3% 1.4%2.3% 1.5%
HORNBACH Holding Group HORNBACH Baumarkt Subgroup
27.5%33.3%27.2%30.9%
Group net income in % of net sales
Group net incomein % of net sales
tax ratiotax ratio
Factbook Q1 2018/19 Page 29©HORNBACH Group 2018
2016/17 2017/18
HORNBACH Immobilien
HORNBACH Baustoff Union
HORNBACH Baumarkt
87 %
2016/17 2017/18
Intangible assets
Administration
Existing stores
New stores
CAPEX 2017/18HORNBACH Group
Olomouc
179
148
€ m
illio
n
179
148
55 %
34 %
Factbook Q1 2018/19 Page 30©HORNBACH Group 2018
1,667 1,704
791 800
190 164
February 28, 2017 February 28, 2018
1,463 1,398
693 724
512 526
February 28, 2018 February 28, 2017
Group Balance Sheet Structure (IFRS) HORNBACH Group
Liquid funds
Non-current assets Shareholders‘ equity
Current liabilities
Non-current liabilities
rounding differences
Inventories, accountsreceivable and other
assets
2,648 2,668
54.8%
2,6482,668TotalAssets
Total Equityand liabilities
52.8%
Factbook Q1 2018/19 Page 31©HORNBACH Group 2018
1,132 1,173
715 722
113 102
February 28, 2017 February 28, 2018
1,049 1,011
496 503
453 446
February 28, 2018 February 28, 2017
Group Balance Sheet Structure (IFRS) HORNBACH Baumarkt Subgroup
1,960 1,998
52.5%
1,9601,998
51.6%
TotalAssets
Total Equityand liabilities
Liquid funds
Non-current assets Shareholders‘ equity
Current liabilities
Non-current liabilities
Inventories, accountsreceivable and other
assets
rounding differences
Factbook Q1 2018/19 Page 32©HORNBACH Group 2018
Employees*HORNBACH Group
11,109 11,380
7,726 8,234
February 28, 2017 February 28, 2018
Germany International
19,61418,835
* incl. passive employees
HORNBACH Group HORNBACH Baumarkt Subgroup
10,309 10,520
7,693 8,201
February 28, 2017 February 28, 2018
Germany International
18,72118,002
Factbook Q1 2018/19 Page 33©HORNBACH Group 2018
Q1 2018/19
Factbook Q1 2018/19 Page 34©HORNBACH Group 2018
Highlights Q1 2018/19HORNBACH Group
Group sales +2.7 %
Like-for-like sales growth (DIY) of + 2.3 % despite unfavourableseasonal effects in spring
International +5.2 %
Germany -0.2 %
Store openings in Zwolle (NL) und Affoltern (CH) support international growth
EBIT and group net income below previous year‘s level as expected
Strong balance sheet with high equity ratio (53.7 %)
Full year revenue and earnings outlook confirmed
Factbook Q1 2018/19 Page 35©HORNBACH Group 2018
58 56 57 65 65
402 420467
517 549
575 576592
613 613
2014/15 2015/16 2016/17 2017/18 2018/19
Hornbach Baustoff Union HORNBACH Baumarkt AG [International] HORNBACH Baumarkt AG [Germany]
1,035 1,052 1,1161,196
Sales Growth Q1HORNBACH Group
Rounding differences
1,227
€ m
illio
n
+6.3%
+2.7%
-0.1%
0.0%
Factbook Q1 2018/19 Page 36©HORNBACH Group 2018
Like-for-Like Sales*HORNBACH Baumarkt Subgroup
3.8
0.3 0.50.9
-0.2
7.5
5.3 5.46.2
5.2
Q1 2017/18 Q2 2017/18 Q3 2017/18 Q4 2017/18 Q1 2018/19
Germany International
+5.4% +2.6% +2.7% +3.3% +2.3%
* In constant currencies
Factbook Q1 2018/19 Page 37©HORNBACH Group 2018
38.2
76.8 76.5
92.7
79.3
2014/15 2015/16 2016/17 2017/18 2018/19
EBIT Q1HORNBACH Group
Rounding differences
-14.5%
Q1 2018/19
€ m
illio
n
77.6
1.5
14.3
65.2
0.9
14.1
HBM HBU HI
2017/18
2018/19
HBM: HORNBACH Baumarkt SubgroupHBU: HORNBACH Baustoff Union GmbHHI: HORNBACH Immobilien AG
Factbook Q1 2018/19 Page 38©HORNBACH Group 2018
EBIT Q1HORNBACH Baumarkt Subgroup
Rounding differences
-15.9%
Q1 2018/19
€ m
illio
n
73.365.2
61.5
77.6
65.2
2014/15 2015/16 2016/17 2017/18 2018/19
64.2
19.1
48.2
20.7
Retail Real estate
2017/18 2018/19
Factbook Q1 2018/19 Page 39©HORNBACH Group 2018
Cash Flow Statement
Q1 2017/18 Q1 2018/19 Q1 2017/18 Q1 2018/19
Cash flow from operating activities 125.2 135.0 115.3 124.3
of which: funds from operations 91.0 77,6 77.4 64.2
of which: change in working capital 34.2 57,4 38.0 60.1
Cash flow from investing activities -22.0 -68.8 -20.3 -64.3
Short-term investments 10.0 0.0 10.0 0.0
Cash flow from financing activities -36.9 -5.4 -15.2 -0.2
Cash-effective change in cash and cash equivalents 76.2 60.8 89.8 59.8
Change in cash and cash equivalents due tochanges in exchange rates -0.4 -0.1 -0.3 -0.1
Cash and cash equivalents at March 1 190.1 164.1 113.0 102.1
Cash and cash equivalents at May 31 265.9 224.7 202.5 161.8
Rounding differences
HORNBACH Group HORNBACH Baumarkt Subgroup
€ m
illio
n
Factbook Q1 2018/19 Page 40©HORNBACH Group 2018
1,704 1,744
800 855
164225
February 28, 2018 May 31, 2018
1,516 1,463
686 693
621512
May 31, 2018 February 28, 2018
Group Balance Sheet Structure (IFRS) HORNBACH Group
Liquid funds
Non-current assets Shareholders‘ equity
Current liabilities
Non-current liabilities
Rounding differences
Inventories, accountsreceivable and other
assets
2,668 2,824
53.7%
2,6682,824TotalAssets
Total Equityand liabilities
54.8%
Factbook Q1 2018/19 Page 41©HORNBACH Group 2018
1,173 1,215
722 774
102162
February 28, 2018 May 31, 2018
1,094 1,049
495 496
562453
May 31, 2018 February 28, 2018
Group Balance Sheet Structure (IFRS) HORNBACH Baumarkt Subgroup
1,998 2,151
50.9%
1,9982,151
52.5%
TotalAssets
Total Equityand liabilities
Liquid funds
Non-current assets Shareholders‘ equity
Current liabilities
Non-current liabilities
Inventories, accountsreceivable and other
assets
Rounding differences
Factbook Q1 2018/19 Page 42©HORNBACH Group 2018
Outlook FY 2018/19
Factbook Q1 2018/19 Page 43©HORNBACH Group 2018
New Store Openings and Outlook 2018/19
Sales and earnings forecastHORNBACH Group for FY 2018/19
HORNBACH Group
HORNBACHBaumarkt Subgroup
Sales 2018/19 Sales to increase in a medium single-digit percentage range
Sales 2017/18 4,141 € million 3,891 € million
Adjusted EBIT 2018/19
On previous year‘s level
Adjusted EBIT 2017/18
166 € million 110 € milion
Capex 2018/19 160-180 € million 150-170 € million
Capex 2017/18 148 € million 129 € million
Boras (Q3)
Zwolle (Q1 - opened)
Affoltern (Q1 - opened)
Factbook Q1 2018/19 Page 44©HORNBACH Group 2018
June 22, 2018 Financial Update: 1st Quarter of 2018/19as of May 31, 2018
July 5, 2018 Annual General Meeting HORNBACH Baumarkt
July 6, 2018 Annual General Meeting HORNBACH Holding
September 27, 2018 Half-Year Financial Report 2018/19as of August 31, 2018DVFA Analysts‘ Conference HORNBACH Holding
December 20, 2018 Financial Update: 3rd Quarter of 2018/19as of November 30, 2018
DISCLAIMERThis 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 consolidatedfinancial statements contained in the annual report. It contains statements relating to the future based on assumptions and estimates made by HORNBACH’s Boardof Management. Forward-looking statements are only valid at the time at which they are made. Although we assume that the expectations reflected in these forecaststatements are realistic, the company can provide no guarantee that these expectations will turn out to be accurate. The assumptions may involve risks anduncertainties 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.
Financial Calendar 2018HORNBACH Group