20.07.2020 Villeroy & Boch AG  DE0007657231

DGAP-News: Villeroy & Boch AG: Coronavirus crisis leads to lower revenue and earnings


 

DGAP-News: Villeroy & Boch AG / Key word(s): Interim Report
Villeroy & Boch AG: Coronavirus crisis leads to lower revenue and earnings

20.07.2020 / 08:00
The issuer is solely responsible for the content of this announcement.


Press Release
Mettlach, 20 July 2020

Interim report on the first half-year of 2020:
Villeroy & Boch: Coronavirus crisis leads to lower revenue and earnings

  • Consolidated revenue down 13.4 % year-on-year at € 340.7 million
  • Operating result (EBIT) declines significantly to € -10.0 million (previous year: € 15.5 million)
  • Net liquidity still high at € 82.4 million
  • Full-year forecast updated
  • Decline in revenue of not more than -10 % expected in 2020
  • Operating result for first six months will be more than offset in the second half of the year but down significantly year-on-year overall

Revenue development: 13.4 % below previous year

The Villeroy & Boch Group generated consolidated revenue of € 340.7 million (including licence income) in the first half of 2020, down € 52.5 million or 13.4 % on the previous year; this was largely due to the weak second quarter as a result of the coronavirus pandemic. The downturn in revenue in the Tableware Division (-21.7 %) was significantly more pronounced than in the Bathroom and Wellness Division (-9.7 %), with the two divisions each seeing a decrease of € 26 million in absolute terms. The second quarter in particular was dominated by the coronavirus crisis, with total revenue declining by € 37.2 million or 19 %.

With incoming orders picking up again in June, orders on hand developed positively, increasing by € 46.1 million compared with 31 December 2019 to total € 90.9 million as at 30 June 2020. € 66.5 million (31 December 2019: € 35.3 million) of this figure relates to the Bathroom and Wellness Division and € 24.4 million (31 December 2019: € 9.5 million) to the Tableware Division.

Operating EBIT declines to € -10.0 million

Owing to the slump in demand as a result of the coronavirus crisis and the plant shutdowns and restrictions initiated, the Group closed the first half of 2020 with operating EBIT of € -10.0 million. After reporting a profit of € 4.3 million in the first quarter of 2020, the operating result declined by € 21.3 million year-on-year in the second quarter.

Development in the divisions

The Bathroom and Wellness Division generated revenue of € 245.4 million in the first half of 2020 (previous year: € 271.6 million), down 9.7 % on the previous year. While the coronavirus pandemic still only affected Asia in the first quarter, with the division's revenue declining by 4.3 % as a result, the impact of the crisis intensified in the second quarter of 2020. The Bathroom and Wellness Division generated revenue of € 119.6 million in this quarter, down 14.7 % year-on-year (previous year: € 140.2 million). The reduction in revenue in the first half of the year was mainly attributable to the ceramic sanitary ware (-11.9 %) and wellness (-11.6 %) business areas. This was offset by a gratifying increase in revenue of 0.7 % in the fittings business area. In the second quarter, business for Villeroy & Boch proved particularly problematic in the countries that were hardest hit by the pandemic and that imposed stricter lockdown measures (UK -61.8 %; Italy -58.4 %; France -37.6 %; China -28.7 %). By contrast, business development was positive in less hard-hit countries such as Germany (+1.5 %), the Netherlands (+6.9 %) and Sweden (+4.1 %). The Group expects the revenue situation to improve in the second half of 2020, particularly as a result of the increase in incoming orders since June.

The Tableware Division generated revenue of € 93.9 million in the first half of 2020, down 21.7 % year-on-year (previous year: € 120.1 million). The significant reduction in revenue is due to the officially ordered worldwide closure of Villeroy & Boch sales outlets and the global slump in demand as a result of the coronavirus crisis. Following a downturn of -14.5 % in the first quarter of 2020, the coronavirus-related reduction in revenue intensified in the second quarter, particularly in April and May, totalling -30.5 %. The negative revenue development in the first half of the year affected all sales channels except e-commerce, which achieved gratifying growth in revenue of 26.0 %. By contrast, revenue at Villeroy & Boch retail stores fell by 34.4 %. Revenue from business with retail outlet partners declined by 21.3 %. Project business with hotel and restaurant clients was also extremely hard hit by the pandemic, with revenue falling by -47.0 % in the first half of 2020.

Investments

The Group invested € 7.1 million in intangible assets and property, plant and equipment in the first half of 2020 (previous year: € 10.0 million). The Bathroom and Wellness Division accounted for € 4.8 million, with the remaining € 2.3 million attributable to the Tableware Division. In the Bathroom and Wellness Division, new facilities for the sanitary ware plants in Thailand and Hungary were acquired in particular. Investment in the Tableware Division mainly included the maintenance and modernisation of the logistics centres in Merzig and new acquisitions for production in Merzig.

Outlook for 2020 as a whole

As public life around the world is still being impacted by the coronavirus pandemic, the second half of the year will also be subject to economic risks that are difficult to predict. However, the Management Board of Villeroy & Boch AG sees the recent upturn in incoming orders as a positive sign for the second half of the year and expects to be able to limit the year-on-year revenue shortfall for 2020 as a whole to less than -10 %. The Management Board also expects to be able to offset the loss in operating EBIT in the first half of the year and report positive earnings for the year as a whole, albeit at a considerably lower level than in the previous year.


Please find the complete Interim Report as a PDF-file for download here:
http://www.villeroyboch-group.com/en/investor-relations/publications.html


Further inquiry note:
Katrin May
Head of PR
Tel: (+49) 6864 81-2714
Mail: [email protected]

or

Janna Knörck
Corporate Communications
Tel: (+49) 6864 81-2896
Mail: [email protected]

 


 


20.07.2020 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.

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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, DE0007657207
WKN: 765723
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1096193

 
End of News DGAP News Service

1096193  20.07.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 803,80 820,10 836,50 853,10 833,30 800,90 869,00
EBITDA1,2 71,00 75,40 76,00 77,10 92,70 86,20 97,50
EBITDA-Marge3 8,83 9,19 9,09 9,04 11,12 10,76 11,22
EBIT1,4 43,50 47,60 49,80 53,60 51,00 40,70 48,00
EBIT-Marge5 5,41 5,80 5,95 6,28 6,12 5,08 5,52
Jahresüberschuss1 27,30 29,10 29,80 33,90 80,40 22,90 26,00
Netto-Marge6 3,40 3,55 3,56 3,97 9,65 2,86 2,99
Cashflow1,7 34,10 77,90 41,00 2,10 46,30 136,50 59,00
Ergebnis je Aktie8 1,06 1,13 1,16 1,30 3,06 0,88 0,97
Dividende8 0,49 0,53 0,57 0,60 0,55 0,55 0,60
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
©boersengefluester.de
Villeroy & Boch VZ
WKN Kurs in € Einschätzung Börsenwert in Mio. €
765723 20,600 Kaufen 578,65
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,07 12,95 1,41 17,14
KBV KCV KUV EV/EBITDA
2,48 4,24 0,72 6,71
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,55 0,55 2,67 26.03.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.04.2021 20.07.2021 20.10.2021 17.02.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
11,83% 30,28% 43,06% 84,75%
    
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Konsumgüter , 765723 , VIB3 , XETR:VIB3