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Villeroy & Boch AG: 2020 financial year: Consolidated revenue of € 800.9 million, down only -3.9 % on previous year despite COVID-19 pandemic

·5-min read

DGAP-News: Villeroy & Boch AG / Key word(s): Annual Results
17.02.2021 / 10:00
The issuer is solely responsible for the content of this announcement.

Consolidated revenue: € 800.9 million
The Villeroy & Boch Group generated revenue of € 800.9 million in the 2020 financial year, down by € 32.4 million or 3.9 % on the previous year on account of the ongoing effects of the COVID-19 pandemic. On a constant currency basis, this revenue decline amounts to 3.2 %. The second quarter of 2020 in particular was hit very hard by the pandemic, with revenue declining by 19.0 %. Thanks to the strong revenue performance in the second half of the year, the revenue shortfall from the first half of the year was reduced from -13.4 % to -3.9 %.

Operating consolidated EBIT: € 49.7 million
Operating EBIT was stable year-on-year at € 49.7 million thanks to high revenue in the second half of the year and strict cost management (previous year: € 49.5 million).

Group result: € 22.9 million
The Group result for the previous year (€ 79.4 million) also includes the non-recurring income from the real estate sale in Luxembourg. The difference between the result of the 2020 financial year of € 22.9 million and the prior-year figure is mainly due to this non-recurring income.

Return on net operating assets: 14.7 %
The Group's return on net operating assets increased by 0.7 percentage points to 14.7 % as at the end of 2020. In addition to active working capital management, which is mainly reflected in trade receivables and inventories, this was also due to a slight increase in the operating result.

Development in the divisions

The Bathroom and Wellness Division generated revenue of € 539.1 million in the 2020 financial year, down by € 14.9 million or 2.7 % on the previous year. The revenue deficit from the first half of the year (-9.7 %) was compensated by the good revenue performance in the second half of the year. Revenue was even increased in some countries such as Sweden (9.6 %) and Germany (8.1 %). In particular, the positive revenue development in Germany was thanks to strong growth in conventional wholesale (+7.6 %) and e-commerce business (+31.3 %). Both channels benefited from a boom triggered by the pandemic and the trend towards home renovation.

The Tableware Division generated revenue of € 259.2 million in the 2020 financial year, down by € 17.3 million or 6.3 % on the previous year (on a constant currency basis: -5.9 %). The second half of the year was very positive for the Tableware Division as well. The revenue shortfall from the first half of the year (-21.7 %) as a result of the global retail closures during the lockdown was reduced to -6.3 %. The biggest growth driver on almost all relevant markets was e-commerce activities (+46.6 %). The decision to focus on this growing channel, combined with greater investment in personnel, IT structures and logistics, as well as the enhanced professionalism this entailed, paid off significantly. Around 30.6 % (previous year: 19.6 %) of the Tableware Division's total revenue across all regions is accounted for by e-commerce activities.

Orders on hand
The Villeroy & Boch Group's orders on hand more than doubled year-on-year as at 31 December 2020 (from € 44.8 million to € 100.8 million). The Bathroom and Wellness Division accounted for € 85.1 million (previous year: € 35.3 million) and the Tableware Division for € 15.7 million (previous year: € 9.5 million).

Investments
At € 19.9 million in total (previous year: € 31.6 million), investments in property, plant and equipment and intangible assets were significantly lower in the 2020 financial year than in the previous year on account of investment restraint due to COVID-19. It had originally been planned to increase investments moderately as against the previous year.

Dividend
At the General Meeting of Shareholders on 26 March 2021, the Supervisory Board and the Management Board will propose that the unappropriated surplus of Villeroy & Boch AG be used to distribute a dividend of € 0.55 per preference share and € 0.50 per ordinary share.

Assessment of the company's position
The 2020 business year was marked by the COVID-19 crisis and the associated economic slump. Overall, the Management Board considers the economic situation of the Group to be satisfactory. "After a very difficult first half of 2020, our business developed much better than expected in the second half of the year. In combination with our strict cost management, we have thus achieved an exceptionally good result at the previous year's level, even in the pandemic," explains Frank Göring, CEO of Villeroy & Boch AG.

The forecast for 2021 as a whole is based on the assumption of a significant and tangible recovery of the world economy despite the setback at the start of the year. On the basis of this positive market assessment with a number of supporting factors, the Group is aiming for a return to the growth path in the 2021 financial year with an increase in consolidated sales of between 3 % and 5 %. Operating EBIT is expected to improve by presumably 5 % to 10 % in 2021. This means that the level of 2019 would already be exceeded in the current year in terms of both turnover and earnings.

Contact:
Katrin May
Head of PR
Phone: +49 (6864) 81-2714
E-Mail: may.katrin@villeroy-boch.com

Anabell Westrich
Manager Corporate Communications
Phone: +49 (6864) 81-1338
E-Mail: westrich.anabell@villeroy-boch.com


17.02.2021 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.
Archive at 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, 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:

1168731


 

End of News

DGAP News Service

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