DGAP-News: Villeroy&Boch AG: Management Board confirms growth and earnings targets for 2013 as a whole
(firmenpresse) - DGAP-News: Villeroy&Boch AG / Key word(s): Quarter Results
Villeroy&Boch AG: Management Board confirms growth and earnings
targets for 2013 as a whole
19.04.2013 / 08:00
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Press Release
Mettlach, 19 April 2013
Villeroy&Boch: Interim report for the first quarter of 2013
Management Board confirms growth and earnings targets for 2013 as a whole
* Revenue for the first quarter down slightly year-on-year at EUR183.7
million
* EBIT up slightly at EUR7.2 million
* Group result up 10% year-on-year to EUR3.4 million
Revenue down slightly on previous year
In the first quarter of 2013, the Villeroy&Boch Group generated net
revenue of EUR183.7 million, down slightly on the prior-year figure of
EUR184.5 million.
Net revenue in the German market was up 5% year-on-year at EUR54.3 million.
Revenue outside Germany amounted to EUR129.4 million (previous year: EUR133
million).
The global economy saw inconsistent development in the first quarter of
2013. While there was a slight upturn in Asia, the USA and Germany,
economic development in the euro zone markets that are important to
Villeroy&Boch continued to deteriorate as a result of the unresolved
sovereign debt crisis, which led to the need for a bailout package for
Cyprus in the period under review.
Improvement in EBIT and Group result
The Villeroy&Boch Group generated earnings before interest and taxes
(EBIT) of EUR7.2 million in the first quarter, up slightly on the previous
year (EUR7.1 million). EBIT for the first three months of the current
financial year contains a gain on the disposal of the former branch office
in Frankfurt/Main in the amount of EUR1.3 million. Including the income
from the reversal of a recultivation obligation, total extraordinary income
was at a largely similar level to the gain on the disposal of the sanitary
ware factory in Saltillo, Mexico, in the previous year.
The Group result improved from EUR3.1 million to EUR3.4 million (+ 10 %)
Orders on hand up 6 % since the start of the year
Orders on hand amounted to EUR49 million as of 31 March 2013, an increase
of 6 % since the start of the year. The Bathroom and Wellness Division
accounted for EUR28.2 million of this figure, with the remaining EUR20.8
million attributable to the Tableware Division.
Development in the divisions
The Bathroom and Wellness Division generated revenue of EUR117.0 million in
the first quarter of 2013, down EUR5.1 million or 4 % on the same period of
the previous year.
This development reflects the continued impact of the euro zone financial
crisis on the Group's markets in Western and Eastern Europe in particular.
The prolonged winter weather in Europe also adversely affected construction
activity in the first quarter of the year. The most notable downturns in
revenue were in Russia (- 43 %), Switzerland (- 18 %) and the Netherlands
(- 16 %).
Outside Europe, there was negative revenue development in Mexico (- 38 %)
and the USA (- 31 %) in particular. In Mexico, this was partially due to
the targeted withdrawal from low-margin local project business in the
previous year. In the USA, the temporary fall in revenue was due in
particular to the sale of the St. Thomas Creation brand. Rising income from
the new sales partnership with TOTO USA is expected from the second quarter
onwards.
Australia (+ 34 %) and China (+ 20 %) enjoyed positive revenue development,
while performance in Germany was stable with revenue growth of 1 %.
The Tableware Division generated revenue of EUR66.7 million in the period
from January to March 2013, up EUR4.4 million or 7 % on the previous year.
Germany enjoyed encouraging revenue growth of + 14 %. Outside Germany, the
markets of Russia (+ 35 %), Switzerland (+ 21 %), Austria (+ 21 %) and the
United Kingdom (+ 14 %) saw particularly strong revenue development. The
improved course of business in these countries in particular was further
boosted by the fact that, unlike in the previous year, the first quarter of
2013 included Easter. The negative trend resulting from the euro zone
financial crisis continued in Italy (- 6 %) and Spain (- 5 %). Australia
also saw lower revenue (- 8 %).
Balance sheet structure: Equity ratio falls to 25% due to IFRS amendment
The application of the amended IAS 19 'Employee Benefits' resulted in a
significant change to the Villeroy&Boch Group's balance sheet structure
compared with 31 December 2012. Actuarial losses, which were not recognised
within the defined corridor until 31 December 2012, are required to be
taken directly to equity with retrospective effect from 1 January 2013. As
a result, equity decreased by EUR41.2 million in the opening balance sheet
as at 1 January 2013. Provisions for pensions increased by EUR58.3 million
as a result of the change in accounting treatment, while deferred tax
assets increased by EUR17.1 million. The new accounting treatment meant
that the equity ratio declined by 7 % to 25 % compared with 31 December
2012. This modified IAS standard is required to be applied by all entities
preparing IFRS financial statements.
Investments
The Villeroy&Boch Group made investments of EUR1.8 million in the first
three months of the 2013 financial year (previous year: EUR6.3 million).
The Bathroom and Wellness Division accounted for EUR1.3 million or 72 % of
this figure. The planned investment projects for the current financial year
are scheduled in particular for the second quarter onwards.
Outlook for the 2013 financial year
'In light of our high expectations, we cannot be satisfied with our
revenue development. At the same time, earnings are in line with our
forecasts - we knew in advance that the first quarter of the year would not
be easy,' commented Frank Göring, CEO of Villeroy&Boch AG.
The growth and earnings targets for 2013 as a whole that were communicated
in February are unaffected by the results for the first quarter. 'We
still expect consolidated revenue to increase by between 3 and 5 %, while
EBIT growth is expected to be significantly higher than the forecast
revenue growth, i.e. in excess of 5 %,' confirmed Göring.
These revenue and earnings targets will be achieved through continued
intensive investments in the high-growth markets of Russia and Asia, as
well as organic growth in the saturated markets of Europe. Villeroy&Boch
will also press ahead with the rationalisation of production and workflows
and structures in the areas of administration, logistics and sales.
Please find the complete Interim Report as a PDF-file for download here:
http://www.villeroy-boch.com/en/gb/home/the-company/investor-relations/rep
orts.html
Further inquiry note:
Almut Kellermeyer
Head of Presse&Public Relations
Tel: (+49) 6864 81-1397
Fax: (+49) 6864 81-21397
Mail: presse(at)villeroy-boch.com
End of Corporate News
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Language: English
Company: Villeroy&Boch AG
Saaruferstraße 1-3
66693 Mettlach
Germany
Phone: +49 (0)6864 81-0
E-mail: information(at)villeroy-boch.com
Internet: www.villeroy-boch.de
ISIN: DE0007657231
WKN: 765723
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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