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    VIB3   DE0007657231

VILLEROY & BOCH AG

(VIB3)
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PRESS RELEASE : Villeroy & Boch AG: 2020 financial year: Consolidated revenue of EUR 800.9 million, down only -3.9 % on previous year despite COVID-19 pandemic

02/17/2021 | 04:03am EDT
DGAP-News: Villeroy & Boch AG / Key word(s): Annual Results 
Villeroy & Boch AG: 2020 financial year: Consolidated revenue of EUR 800.9 million, down only -3.9 % on previous year 
despite COVID-19 pandemic 
2021-02-17 / 10:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Consolidated revenue: EUR 800.9 million 
The Villeroy & Boch Group generated revenue of EUR 800.9 million in the 2020 financial year, down by EUR 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: EUR 49.7 million 
Operating EBIT was stable year-on-year at EUR 49.7 million thanks to high revenue in the second half of the year and 
strict cost management (previous year: EUR 49.5 million). 
Group result: EUR 22.9 million 
The Group result for the previous year (EUR 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 EUR 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 EUR 539.1 million in the 2020 financial year, down by EUR 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 EUR 259.2 million in the 2020 financial year, down by EUR 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 EUR 44.8 million 
to EUR 100.8 million). The Bathroom and Wellness Division accounted for EUR 85.1 million (previous year: EUR 35.3 million) 
and the Tableware Division for EUR 15.7 million (previous year: EUR 9.5 million). 
Investments 
At EUR 19.9 million in total (previous year: EUR 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 EUR 0.55 per preference share 
and EUR 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 
=---------------------------------------------------------------------------------------------------------------------- 
2021-02-17 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 
=------------ 

1168731 2021-02-17

(END) Dow Jones Newswires

February 17, 2021 04:02 ET (09:02 GMT)

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Financials
Sales 2021 885 M 1 045 M 1 045 M
Net income 2021 45,8 M 54,1 M 54,1 M
Net cash 2021 16,2 M 19,1 M 19,1 M
P/E ratio 2021 11,8x
Yield 2021 4,26%
Capitalization 552 M 652 M 652 M
EV / Sales 2021 0,61x
EV / Sales 2022 0,57x
Nbr of Employees 6 297
Free-Float 44,0%
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Number of Analysts 1
Last Close Price 20,90 €
Average target price 35,00 €
Spread / Average Target 67,5%
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Managers and Directors
Frank G÷ring Chief Executive Officer
Markus Warncke Chief Financial Officer
Andreas G. Schmid Chairman-Supervisory Board
Ralf Runge Deputy Chairman-Supervisory Board
Alexander von Boch-Galhau Deputy Chairman-Supervisory Board
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