Villeroy & Boch AG
ISIN: DE0007657231
WKN: 765723
29 February 2024 10:00AM

EQS-News: Villeroy & Boch: Villeroy & Boch successfully mastered challenging market conditions

Villeroy & Boch AG · ISIN: DE0007657231 · EQS - Company News
Country: Germany · Primary market: Germany · EQS NID: 1847591

EQS-News: Villeroy & Boch AG / Key word(s): Annual Results
Villeroy & Boch: Villeroy & Boch successfully mastered challenging market conditions

29.02.2024 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


 

Press Release

Mettlach, 29 February 2024

  

Business performance in the 2023 financial year:

Villeroy & Boch successfully mastered challenging market conditions

  • Consolidated revenue down 7.5 % year-on-year on a constant currency basis
  • EBIT margin increases to 9.9 % (previous year: 9.7 %)
  • Group result of € 61.0 million (previous year: € 71.5 million)

Consolidated revenue: € 901.9 million

The Villeroy & Boch Group’s consolidated revenue (including licence income) adjusted for currency effects, i.e. using the same exchange rates as for the previous year, declined by 7.5 % year-on-year in the 2023 financial year. This was chiefly due to economic conditions. Negative currency effects primarily related to the Chinese yuan and the Swedish krona. This resulted in nominal consolidated revenue of € 901.9 million, 9.3 % lower than in the previous year. The licence income included in revenue was up slightly year-on-year at € 4.8 million (previous year: € 4.4 million). Revenue in the main region of EMEA (Europe, Middle East, Africa) declined by -11.3 % or € 90.1 million, with Germany in particular seeing a downturn of -13.0 % or € -37.3 million. Revenue in the APAC (Asia/Pacific) and Americas regions fell by -1.2 %, putting the Group almost on a par with the previous year. Revenue in the Asia/Pacific region increased by 2.9 % or € 4.3 million on the back of good project business, thereby almost offsetting the lower revenue in the Americas region.

EBIT margin increases to 9.9 %

The Villeroy & Boch Group successfully increased its EBIT margin from 9.7 % to 9.9 % in the 2023 financial year despite the challenging market environment. In absolute terms, EBIT amounted to € 89.0 million, down 8.1 % on the previous year (€ 96.8 million). The change in earnings performance reflects the decline in revenue. However, the improvement in the EBIT margin demonstrates the success of the Group’s timely pricing measures, cost savings and currency hedging.

Development in the divisions

The revenue generated by the Bathroom & Wellness Division in the 2023 financial year was 10.0 % lower than in the previous year on a constant currency basis, due chiefly to economic factors. In nominal terms, revenue declined by € 82.5 million year-on-year to € 579.4 million. Due to the slowdown in the European construction industry, this development was particularly pronounced in the ceramic sanitary ware business, where revenue fell by € 47.4 million or 11.5 %.

Despite the challenging economic environment, the Dining & Lifestyle Division closed the 2023 financial year with revenue down only slightly by -2.4 % year-on-year on a constant currency basis. Nominal revenue declined by € 10.1 million to € 319.3 million. In terms of revenue performance, project business with hotel and restaurant customers enjoyed particularly strong growth of € 1.2 million or 3.6 % thanks to a pronounced focus on the high-end segment. With year-on-year growth of 3.7 %, the Group’s own channels (own retail and e-shops) were also extremely successful.

Investments

In the 2023 financial year, investments in property, plant and equipment and intangible assets amounted to € 41.0 million (previous year: € 36.7 million). 54 % of this investment was attributable to Germany (previous year: 57 %). At € 29.6 million or 72.2 %, investments were concentrated primarily on the Bathroom & Wellness Division. Investment activity focused on the modernisation and automation of production at the locations in Germany and abroad, particularly the ceramic ware plants in Hungary and Romania. The Group also invested in a new solar plant in Hungary. A total of € 11.4 million was invested in the Dining & Lifestyle Division. This corresponded to 27.8 % of the total investment volume and was used to purchase new machinery and tools for production at the Merzig and Torgau plants. Villeroy & Boch also invested in reducing the gas consumption of kilns in Merzig. In addition, investments were made in the ongoing optimisation of the Group’s retail network, including renovating and opening stores.

 Dividend

At the General Meeting of Shareholders on 12 April 2024, the Supervisory Board and the Management Board will propose that the unappropriated surplus of Villeroy & Boch AG be used to distribute a dividend of € 1.05 per preference share and € 1.00 per ordinary share.

Outlook for 2024 as a whole

The challenging economic conditions seen in the past year are generally expected to continue in 2024.

The Management Board of Villeroy & Boch AG anticipates a significant rise in revenue, the operating result (EBIT) and investments due to the acquisition of the Ideal Standard Group’s operating companies, which is expected to be completed in the first quarter of 2024.

 

Please find the complete Report as a PDF-file for download here:

http://www.villeroyboch-group.com/en/investor-relations/publikationen.html

 

 Contact:

Anabell Westrich

Corporate Communications

Tel: +49 (0)6864 81-1338

E-Mail: westrich.anabell@villeroy-boch.com

 



29.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


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: 1847591

 
End of News EQS News Service

1847591  29.02.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 853,10 833,30 800,90 945,00 994,50 901,90 0,00
EBITDA1,2 77,10 92,70 86,20 130,80 138,20 129,20 0,00
EBITDA-Margin3 9,04 11,12 10,76 13,84 13,90 14,33 0,00
EBIT1,4 53,60 51,00 40,70 90,50 96,80 89,00 0,00
EBIT-Margin5 6,28 6,12 5,08 9,58 9,73 9,87 0,00
Net Profit (Loss)1 33,90 80,40 22,90 60,50 71,50 61,00 0,00
Net-Margin6 3,97 9,65 2,86 6,40 7,19 6,76 0,00
Cashflow1,7 2,10 46,30 136,50 73,80 54,10 67,60 0,00
Earnings per share8 1,30 3,06 0,88 2,30 2,72 2,31 1,80
Dividend per share8 0,60 0,55 0,55 1,00 1,20 1,05 1,05
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Deloitte

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Villeroy & Boch VZ
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
765723 DE0007657231 AG 425,56 Mio € 08.06.1990 Kaufen 8FX8FHVV+JJ
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
6,98 10,50 0,66 8,55 1,28 6,30 0,47
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
1,20 1,05 1,05 6,93%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
09.05.2025 29.04.2025 31.07.2025 24.10.2024 13.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-0,98%
15,15 €
ATH 37,07 €
-6,26% -10,34% -15,36% -14,41% -48,90%

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