07.02.2014
Villeroy & Boch AG DE0007657231
DGAP-News: Villeroy & Boch in the 2013 financial year
DGAP-News: Villeroy & Boch AG / Key word(s): Final Results
Villeroy & Boch in the 2013 financial year
07.02.2014 / 11:30
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Press Release
Mettlach, 7 February 2014
* Group result up 63 % year-on-year at Euro 24 million (previous year: Euro
15 million)
* Operating EBIT up 17 % to Euro 36 million, EBIT including real estate
income amounts to Euro 43 million (+40 %)
* Consolidated revenue unchanged year-on-year at Euro 745 million
Consolidated revenue unchanged year-on-year - highest growth recorded in
Germany
The Villeroy & Boch Group generated revenue of Euro 745 million in the 2013
financial year, in line with the figures it recorded in the previous year
(+0.2 %). Revenue adjusted for currency effects increased by Euro 8 million
or 1.3 %.
The Group recorded its highest revenue growth in its domestic market of
Germany, where revenue rose by Euro 10 million year-on-year to Euro 213
million. Elsewhere in Europe, the Group achieved notable revenue growth in
Spain (+8 %) and Scandinavia (+3 %). The weakness of the construction
industry led to lower revenue in the Netherlands (-7 %), France (-6 %) and
Italy (-4 %) in particular.
Outside Europe, business in the Asia/Pacific/Africa region developed
positively (+5 %). The encouraging revenue performance in China (+4 %) was
responsible for this to a large extent. In the Americas region, technical
effects in connection with the change to the distribution model in the
Bathroom and Wellness Division in particular meant that revenue declined by
13 %.
Operating result up 17 % on the previous year, group result increases by 63
% to Euro 24 million
Based on constant revenue, the operating result (EBIT) increased by Euro 5
million or 17 % year-on-year to Euro 36 million. This was achieved through
productivity and quality improvements in production as well as systematic
cost discipline in the area of administration and the other income
generated, particularly from the settlement of pension obligations and
exchange rate hedges.
Taking into account the non-recurring income of Euro 7 million from the
sale of plant buildings in Gustavsberg (Sweden), consolidated EBIT amounted
to Euro 43 million, an increase of 40 % on the previous year.
Group result improved by 63 % to Euro 24 million.
Development in the divisions
The Bathroom and Wellness Division generated revenue of
Euro 456 million in the 2013 financial year (-2 % year-on-year). In
Germany, revenue improved by 2 % in line with the development of the
construction industry. Revenue growth in Europe was also recorded in Sweden
and Finland (both +7 %). By contrast, the downturn in the construction
industry led to lower revenue in the Netherlands (-12 %) and France (-9 %).
The operating result (EBIT) increased by around 23 % to
Euro 28 million as a result of productivity and quality improvements in
production and systematic cost management in the area of administration.
The Tableware Division generated revenue of Euro 289 million in 2013, up 4
% on the previous year. There was particularly encouraging revenue
development in Germany (+10 %), which was largely attributable to the
extremely good sales of new products as well as increased marketing
efforts. Revenue growth was also recorded in the Eastern Europe region (+16
%), Sweden (+10 %), Spain (+8 %) and Switzerland and the Netherlands (both
+7 %).
Villeroy & Boch used this growth to strengthen its position in a
competitive market environment through offensive marketing activities and
to make investments in strategically important markets and sales channels.
As a result, the operating result (EBIT) increased only slightly by Euro
0.2 million year-on-year to Euro 8.4 million.
Operating cash flow and net liquidity
In 2013, the cash flow from operating activities improved by
Euro 11 million to Euro 32 million. This was primarily due to the reduction
in receivables from customers and inventories, which totalled Euro 8
million. This was also the reason for the Euro 5 million increase in net
liquidity to Euro 9 million as of the reporting date.
Dividend
The Supervisory Board and the Management Board will propose to the General
Meeting of Shareholders on 21 March 2014 that the unappropriated surplus of
Villeroy & Boch AG be used to distribute a dividend in the amount of Euro
0.42 per preference share and Euro 0.37 per ordinary share, Euro 0.02 more
than in the previous year in each case.
Investments
As in the previous year, the company invested Euro 26 million in property,
plant and equipment and intangible assets in the 2013 financial year. Of
this figure, 58 % was invested outside Germany. At approximately 70 %, the
majority of investment activities related to the Bathroom and Wellness
Division.
Assessment of the company's position
'We exceeded our earnings target for the 2013 financial year by some
distance and again improved our profitability,' commented Frank Göring, CEO
of Villeroy & Boch AG. The company expects to see an improvement in
economic development in 2014, particularly in its key sales markets in the
euro zone. 'We are aiming to increase revenue by between 3 and 5 % on the
back of the economic upturn and the further expansion of the distribution
network in our growth markets,' Göring explained. 'We expect our operating
result to be slightly higher than the forecast revenue growth of 5 %.'
Please find the annual financial report 2013 on
http://www.villeroyboch-group.com/en/investor-relations/annual-report-2013
.html
Further inquiry note:
Annette Engelke
Head of Press & Public Relations
Tel: (+49) 6864 81-1397
Fax: (+49) 6864 81-71331
Mail: [email protected]
End of Corporate News
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Language: English
Company: Villeroy & Boch AG
Saaruferstraße 1-3
66693 Mettlach
Germany
Phone: +49 (0)6864 81-0
E-mail: [email protected]
Internet: www.villeroy-boch.de
ISIN: DE0007657231
WKN: 765723
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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