22.04.2015
Villeroy & Boch AG DE0007657231
DGAP-News: Villeroy & Boch AG: Villeroy & Boch starts new year with revenue and earnings growth
DGAP-News: Villeroy & Boch AG / Key word(s): Quarter Results/Interim
Report
Villeroy & Boch AG: Villeroy & Boch starts new year with revenue and
earnings growth
22.04.2015 / 08:00
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Press Release
Mettlach, 22 April 2015
Interim report on the first quarter of 2015
Villeroy & Boch starts new year with revenue and earnings growth
* Consolidated revenue up 1.2 % year-on-year to EUR 195.2 million.
* Operating EBIT improves by 8.0 % to EUR 9.5 million.
* Group result increases by 34.9 % to EUR 5.8 million.
* Growth and earnings targets for 2015 as a whole confirmed.
Revenue development: +1.2 % year-on-year
In the first three months of the 2015 financial year, the Villeroy & Boch
Group increased its net revenue by 1.2 % year-on-year to EUR 195.2 million.
Revenue amounted to EUR 195.6 million (+1.4 %) on a constant currency
basis, i.e. assuming unchanged exchange rates as against the previous year.
Net revenue in the Group's domestic market of Germany climbed by EUR 1.0
million or 1.7 % to EUR 60.0 million, while revenue outside Germany
increased slightly year-on-year from EUR 134.0 million to EUR 135.2
million. The highest growth rate within the Group was recorded in Russia
(+30.7 %), thanks in particular to very strong performance in the sanitary
ware business.
Orders on hand amounted to EUR 61.7 million at 31 March 2015, up EUR 10.3
million on the start of the year. The Bathroom and Wellness Division
accounted for around 65 % of this figure.
Operating EBIT up 8.0 % to EUR 9.5 million; total EBIT up 15.9 %
year-on-year
In the first three months of the financial year, operating EBIT increased
by EUR 0.7 million or 8.0 % to EUR 9.5 million. The main reasons for this
development were efficiency improvements in the Group's production network
and the optimisation of its revenue quality thanks to an improvement in the
product, price and country mix. Taking into account the real estate project
in Gustavsberg (Sweden), EBIT increased by as much as EUR 1.3 million or
15.9 %, because project-related expenditure had impacted earnings to the
tune of EUR 0.6 million in the prior-year period.
Development in the divisions
The Bathroom and Wellness Division generated revenue of EUR 123.7 million
in the first quarter of 2015, thereby repeating the prior-year level (EUR
123.8 million). Revenue growth of EUR 2.9 million or 2.4 % was recorded on
a constant currency basis. The main exchange rate effects were due to
changes in the Russian rouble and the Swedish krona.
In the Group's domestic market of Germany, revenue for the first three
months increased by 4.0 % to EUR 38.7 million. The most pronounced revenue
growth was generated by Villeroy & Boch collections in the sanitary ware
and bathroom furniture product categories. A substantial increase in
revenue was also recorded in the Gulf States (+18.5 %). The downturns in
revenue in France and Italy (both -11.4 %) were attributable to the
continued weakness of the construction industry.
The Tableware Division generated revenue of EUR 71.5 million in the period
from January to March 2015, corresponding to year-on-year growth of EUR 2.3
million or 3.3 %. At EUR 68.9 million, revenue on a constant currency basis
was almost unchanged as against the previous year (EUR 69.2 million). The
main exchange rate effects were due to changes in the US dollar and the
pound sterling.
The Group's domestic market of Germany was stable, with moderate revenue
growth of 0.9 % to EUR 21.3 million. Outside Germany, revenue growth was
recorded in the USA (+24.2 %), the Netherlands (+12.5 %) and Italy (+11.9
%) in particular. The Group also substantially increased its revenue in the
Asia/Australia/Africa region (+16.4 %), a development that was attributable
primarily to Japan.
Investment volume in the first quarter of 2015: EUR 2.9 million
The Villeroy & Boch Group made investments totalling EUR 2.9 million in the
first three months of 2015 (previous year: EUR 5.3 million). 72.4 % of this
figure related to the Bathroom and Wellness Division, where investments
were primarily concentrated on modernisation measures and new facilities
for the sanitary ware factories in Mexico, Thailand and Romania.
Investments in the Tableware Division related mainly to the newly opened
retail outlets in Mühlheim (Germany) and Warsaw (Poland), as well as the
renovation of the store in Cookstown (Canada).
Outlook for 2015 as a whole
"The first quarter was characterised by the growth momentum resulting from
the rise in private consumer spending in most euro zone countries, although
this was accompanied by weak economic development in individual markets
such as France and Italy," commented Frank Göring, CEO of Villeroy & Boch
AG. "However, the continued expansion of our orders on hand, the positive
customer feedback enjoyed by our new products at the Ambiente and ISH trade
fairs and our expectation of moderate growth in the global economy give us
grounds for optimism with regard to the rest of the year."
Accordingly, the guidance for the 2015 financial year remains unchanged,
with the company continuing to forecast an increase in consolidated revenue
of between 3 and 5 % and an improvement in the operating result of more
than 5 %.
The real estate project in Gustavsberg is also expected to lead to non
recurring income. Total income from this project is currently forecast at
EUR 17 million, of which EUR 11.8 million was already reported in the 2013
and 2014 financial years. The majority of the remainder is expected to be
realised in the current financial year.
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: [email protected]
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News-Service
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