18.07.2014 DE0007657231
DGAP-News: Villeroy & Boch AG: Villeroy & Boch remains on growth path and confirms targets for 2014

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DGAP-News: Villeroy & Boch AG / Key word(s): Half Year Results/Interim Report Villeroy & Boch AG: Villeroy & Boch remains on growth path and confirms targets for 2014 18.07.2014 / 08:00 --------------------------------------------------------------------- Press Release Mettlach, 18 July 2014 Interim report on the second quarter of 2014 Villeroy & Boch remains on growth path and confirms targets for 2014 * Consolidated revenue up 5.4 % on a constant currency basis; Revenue (nominal) increases by 3.4 % year-on-year to Euro 372.1 million. * Operating EBIT up 13.4 % year-on-year to Euro 13.5 million. * Further non-recurring income of Euro 1.1 million generated from real estate project in Sweden. * Growth and earnings targets for 2014 as a whole confirmed. Revenue development: +5.4 % year-on-year (on a constant currency basis) In the first half of the 2014 financial year, the Villeroy & Boch Group increased its net revenue by 5.4 % to Euro 379.3 million on a constant currency basis, i.e. assuming unchanged exchange rates compared with the previous year. Nominal consolidated revenue amounted to Euro 372.1 million, up 3.4 % on the same period of the previous year. The relatively pronounced exchange rate effects were due in particular to the changes in the Russian rouble, the Swedish krona, the Norwegian krone, the US dollar and the Australian dollar. Net revenue in the Group's domestic market of Germany increased by 6.0 % year-on-year to Euro 109.5 million. Nominal revenue outside Germany amounted to Euro 262.6 million (+2.4 %). Orders on hand amounted to Euro 64.5 million as of 30 June 2014, an increase of around Euro 19.2 million compared with the start of the year. The Bathroom and Wellness Division accounted for around 60 % of this figure. Operating result (EBIT) improves by 13.4 % In the first six months of the current financial year, operating earnings before interest and taxes (EBIT) increased by Euro 1.6 million or 13.4 % to Euro 13.5 million. The conclusion of additional purchase agreements in connection with our real estate project in Gustavsberg, Sweden, resulted in non-recurring income of Euro 1.1 million as of 30 June 2014. This meant that the unadjusted operating result totalled Euro 14.6 million (+22.7 % year-on-year). Gustavsberg real estate project: additional non-recurring income to be recognised in Q3 Another tranche of the plant properties in Gustavsberg, Sweden, was sold on 10 July 2014. The corresponding revenue will be recognised in the third quarter of 2014. As previously, the total income from this real estate transaction is expected to amount to Euro 17 million, of which Euro 7 million was already recognised in 2013. Development in the divisions The Bathroom and Wellness Division generated revenue of Euro 247.5 million on a constant currency basis in the first half of 2014, up 5.8 % on the same period of the previous year. Nominal revenue increased by 3.6 % year-on-year to Euro 242.5 million. Growth in Germany (+4.1 %) again contributed to the positive revenue development. This upturn was driven by the extremely good performance in the area of bathroom furniture. With regard to sanitary ware, our WCs with an open rim and "DirectFlush" technology continued to enjoy encouraging development. Villeroy & Boch also recorded substantially higher nominal revenue in its important growth markets of China (+53.3 %) and Russia (+27.3 %), as well as in Eastern Europe (+13.0 %). There was a downturn in revenue in Mexico (-28.7 %), Italy (-18.1 %), Denmark (-15.2 %) and France (-11.2 %) in particular, largely as a result of economic factors. In the period from January to June 2014, the Tableware Division generated revenue of Euro 131.8 million on a constant currency basis, up 4.8 % or Euro 6.0 million on the previous year. Nominal revenue improved by Euro 3.8 million or 3.0 % to Euro 129.6 million. The division's home market of Germany remained the main driver for this revenue growth on a half-yearly basis (+9.4 %). Outside Germany, the upward trend recorded in the first quarter continued in a number of countries, with significantly higher (nominal) revenue generated in Poland (+32.0 %), Austria (+12.7 %) and Benelux (+8.5 %). The division also enjoyed substantial revenue growth in the Middle East (+33.1 %), especially in Saudi Arabia. Lower revenue was primarily recorded in the United Kingdom (-9.2 %), particularly as a result of the closure of retail stores, and in Italy (-8.9 %) due to economic factors. The new products presented at the relevant trade fairs have seen extremely positive development to date. This is already reflected in revenue to an extent, but particularly in the incoming orders that have been placed. Above and beyond this, the orders for products from this year's Christmas collection give us reason to expect improved revenue and earnings performance in the financial year as a whole. Investment volume in the first half of 2014: Euro 15.5 million Villeroy & Boch invested a total of Euro 15.5 million in the first half of 2014 (previous year: Euro 4.2 million). The Bathroom and Wellness Division accounted for 84.5 % of this figure. Investments in this division primarily focused on the construction of the new logistics and assembly centre in Sweden, as well as the sanitary ware plants in Mettlach (Germany) and Saraburi (Thailand) and a Bathroom and Wellness World of Discovery in Lübeck-Dänischburg (Germany). Investments in the Tableware Division mainly related to the further expansion of the retail network; for example, new or renovated retail outlets were opened in Lübeck-Dänischburg, Luxembourg, Marseille (France) and Wijnegem (Belgium). Outlook for the 2014 financial year "The course of business in the first six months is consistent with our revenue forecast for 2014 as a whole. Adjusted for the relatively pronounced exchange rate effects from the conversion of the respective national currencies into our Group currency, the euro, we are pleased to note that we are actually performing slightly better than expected," commented Frank Göring, CEO of Villeroy & Boch AG. The Company expects to see moderate economic growth in the second half of the year. Göring: "At the same time, the financial and commodities markets remain a source of potential uncertainty. Most notably, the development of the Ukraine conflict represents a risk that is difficult to assess, and a further aggravation of the situation could also have a negative impact on the economy in our growth market of Russia in particular." The outlook for the 2014 financial year remains unchanged after the second quarter. "We are continuing to forecast growth in consolidated revenue of between 3 % and 5 %. We expect to see above-average growth in operating earnings, i.e. an improvement of more than 5 % compared with the previous year," Göring confirmed. Please find the complete Interim Report as a PDF-file for download here: http://www.villeroyboch-group.com/en/investor-relations/reports.html Further inquiry note: Annette Engelke Head of Press & Public Relations Tel: (+49) 6864 81-1397 Fax: (+49) 6864 81-71331 Mail: presse@villeroy-boch.com End of Corporate News --------------------------------------------------------------------- 18.07.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Villeroy & Boch AG Saaruferstraße 1-3 66693 Mettlach Germany Phone: +49 (0)6864 81-0 E-mail: information@villeroy-boch.com 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 --------------------------------------------------------------------- 278353 18.07.2014

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