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The savings were offset by lower revenues. OBI in Poland with higher profits

Oszczędności zrekompensowały niższe przychody. OBI w Polsce z wyższym zyskiem

Lower OBI revenues are a result of the situation in the DIY industry

In 2023, Superhobby Market Budowlany generated higher other operating revenues and higher financial revenues. The decrease in sales revenues (-PLN 422,281 thousand) resulted from the general market situation of the DIY industry in 2023. The company running OBI stores in Poland adjusted its business costs to the reduced revenues, significantly reducing operating costs (+PLN 433,900 thousand), which was reflected in a higher sales result (PLN +11,619 thousand).

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In other operating activities, the company generated a higher result (+PLN 37,946 thousand), mainly due to the release of provisions created in previous years, recognizing in the revenues of 2023, among others: funding granted during the pandemic, for which the deadline for verifying the validity of receipt expired in 2023 – we read in the report.

OBI notes a decline in the dynamics of cost growth

The result on financial activities was higher than last year (+PLN 21,473 thousand), due to the effect of exchange rate differences and higher interest earned on funds deposited in the cash pool. Additionally, the net result was burdened with even higher current and deferred income tax (PLN -11,984 thousand in total).

In 2023, there was a slow decline in the growth dynamics of operating costs and purchase prices of commercial goods. High inflation on the building materials market also began to slow down – this allowed the financial, cash and property situation to stabilize.
In addition to a higher result in 2023, the company rebuilt its cash level (+PLN 83,525 thousand) and reduced inventories (-PLN 41,912 thousand).

The current financial situation of the company is very good, which is reflected in the balance of funds held as part of the group cash pool cash flow optimization solution. The company ended 2023 with a balance of funds of PLN 182,602 thousand. zloty. (at the end of 2022 it was PLN 99,077 thousand) – the report states.

OBI network development plans

The company intends to remain at the forefront of the DIY store industry on the Polish market. It also intends to continue to develop its network of retail outlets. This year it will open one market. At the same time, due to the end of the long-term lease agreement, preparations began for the closure of the market in Gdynia, which took place in the first quarter of 2024.

In 2023, the company was developing an online store (e-commerce), in particular deliveries from the central warehouse and deliveries carried out in the dropshipment formula (directly from the supplier to the customer) launched in previous years. The company has also consistently expanded its range of services for customers, in particular kitchen and bathroom design services.

Plans for the coming years include development of, among others: on launching new sales processes (e.g. Ship to Store). It is also planned to develop a number of services for customers, including the implementation of a loyalty application. Funds were also secured for investments aimed at providing kitchen and bathroom design solutions in every OBI store. The company also intends to continue investing in pro-ecological solutions that save electricity and heat (e.g. LED lighting installations, replacement of furnaces and controllers, reactive power recovery installations).

OBI markets in Poland

The company operates in 61 stores under the OBI brand in 41 cities. The first one was opened in 1998 in Tychy.

The company's share capital at the end of 2023 was PLN 740,000,500.00. The only partner holding 100% of the shares in the company is OBI GmbH based in Wermelskirchen, Germany.

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