20.07.2015
Villeroy & Boch AG DE0007657231
DGAP-News: Villeroy & Boch AG: Villeroy & Boch records substantial revenue and earnings growth - Management Board confirms growth and earnings targets for 2015 as a whole
DGAP-News: Villeroy & Boch AG / Key word(s): Quarter Results/Half Year
Results
Villeroy & Boch AG: Villeroy & Boch records substantial revenue and
earnings growth - Management Board confirms growth and earnings
targets for 2015 as a whole
20.07.2015 / 08:00
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Press Release
Mettlach, 20 July 2015
Interim report on the second quarter of 2015
Villeroy & Boch records substantial revenue and earnings growth -
Management Board confirms growth and earnings targets for 2015 as a whole
* Consolidated revenue up 4.0 % year-on-year to EUR 386.9 million.
* Operating EBIT climbs 16.3 % to EUR 15.7 million
* Group result improves by 34.2 % to EUR 9.8 million.
* Growth and earnings targets for 2015 as a whole confirmed.
Revenue development: +4.0 % year-on-year
In the first half of the 2015 financial year, the Villeroy & Boch Group
increased its net revenue by 4.0 % year-on-year to EUR 386.9 million. Net
revenue amounted to EUR 383.5 million on a constant currency basis,
corresponding to an increase of 3.1 %.
In Germany, Villeroy & Boch recorded revenue growth of 2.1 % to EUR 110.1
million. Revenue outside Germany rose by 4.7 % to EUR 276.8 million.
Orders on hand amounted to EUR 71.2 million as at 30 June 2015, up EUR 19.8
million as against 1 January 2015. Of this figure, EUR 44.0 million related
to the Bathroom and Wellness Division and EUR 27.2 million to the Tableware
Division.
Operating EBIT up 16.3 % to EUR 15.7 million; total EBIT up 14.4 %
year-on-year
In the first half of 2015, operating EBIT increased by EUR 2.2 million or
16.3 % to EUR 15.7 million. The Group's revenue quality increased thanks to
the continued efficiency improvement in its global production network and
the further improvement in the product, price and country mix.
Villeroy & Boch sold an additional property to Värmdö municipality as part
of the Gustavsberg real estate project (Sweden) in the second quarter of
2015, thereby generating non-recurring income of EUR 1.0 million (previous
year: EUR 1.1 million). EBIT including this non-recurring income increased
by EUR 2.1 million or 14.4 % year-on-year.
Development in the divisions
In the Bathroom and Wellness Division, the Villeroy & Boch Group generated
nominal revenue of EUR 253.0 million in the first half of 2015, up EUR 10.5
million or 4.3 % on the previous year. On a constant currency basis,
revenue increased by 5.4 % to EUR 255.7 million. The main exchange rate
effects were due to negative changes in the Russian rouble and the Swedish
krona.
Revenue in Germany rose by 4.2 %. In Russia, the growth of 40.5 % is
attributable in particular to the strong first quarter and the trend
towards investment in long-lived capital goods. The Gulf States enjoyed
growth of 21.0 %. Among the markets of Western Europe, the United Kingdom
(+26.2 %) and the Netherlands (+13.3 %) saw extremely encouraging
development. The continued weakness of the construction industry led to a
downturn in revenue in France (-9.4 %) and Italy (-8.5 %).
With an operating result (EBIT) of EUR 19.4 million, the Bathroom and
Wellness Division exceeded the prior-year figure by 7.8 % or EUR 1.4
million.
In the Tableware Division, nominal revenue increased by EUR 4.3 million or
3.3 % to EUR 133.9 million in the first six months of 2015. At EUR 127.8
million, revenue on a constant currency basis was down on the previous year
(EUR 129.6 million). The main exchange rate effects were due to the US
dollar, the pound sterling and the Swiss franc.
Revenue in Villeroy & Boch's domestic market of Germany was unchanged
year-on-year. The revenue growth in the division was generated outside
Germany, with the strongest growth rates being recorded in Japan (+50.4 %),
Australia (+15.7 %), the Gulf States (+15.4 %) and Italy (+7.0 %). Russia
saw a particularly pronounced downturn in revenue (-46.0 %), with the
economic crisis leading to lower demand for consumer goods.
The operating result (EBIT) in the Tableware Division improved by EUR 0.8
million year-on-year to EUR -3.7 million (previous year: EUR -4.5 million).
Investment volume in the first half of 2015
Investments in the Group amounted to EUR 7.5 million in the first half of
the year (previous year: EUR 15.5 million). The Bathroom and Wellness
Division accounted for EUR 5.8 million or 77.3 % of the investment volume,
with the remaining EUR 1.7 million or 22.7 % attributable to the Tableware
Division. Investments in the Bathroom and Wellness Division related
primarily to the modernisation of the sanitary ware factories in Mexico,
Thailand, Romania and Hungary. Investments in the Tableware Division
related mainly to Villeroy & Boch's own retail stores.
Outlook for 2015 as a whole
On the basis of the still moderate economic growth in 2015 and the strong
second quarter, Frank Göring, CEO of Villeroy & Boch AG, is continuing to
forecast an increase in consolidated revenue of between 3 % and 5 %: "We
expect private consumption to stabilise at a high level in the USA and the
majority of the euro zone. We are keeping a critical eye on developments in
Russia, where the economic crisis meant that growth slowed in the second
quarter, including in our Bathroom and Wellness Division." Villeroy & Boch
is still forecasting above-average growth in the operating result, i.e. an
improvement in excess of 5 %.
The Group expects to recognise additional revenue from the Gustavsberg real
estate project (Sweden) in the second half of the year. Total income from
the project is currently forecast at EUR 17 million, of which EUR 7.0
million was already reported in 2013 and a further EUR 4.8 million in 2014.
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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