20.07.2015 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

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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 --------------------------------------------------------------------- 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: presse@villeroy-boch.com --------------------------------------------------------------------- 20.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 379057 20.07.2015

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