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    VIB3   DE0007657231

VILLEROY & BOCH AG

(VIB3)
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PRESS RELEASE : Villeroy & Boch AG: Consistently good business performance in third quarter of 2021 as well

10/20/2021 | 02:01am EST

DGAP-News: Villeroy & Boch AG / Key word(s): Quarterly / Interim Statement Villeroy & Boch AG: Consistently good business performance in third quarter of 2021 as well 2021-10-20 / 08:00 The issuer is solely responsible for the content of this announcement.

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Press information

Mettlach, 20 October 2021

Interim report on the third quarter of 2021 Consistently good business performance in third quarter of 2021 as well . Consolidated revenue rises 24.7 % to EUR 684.5 million in first nine months of the financial year . Operating EBIT up considerably year-on-year at EUR 61.8 million (EUR 10.3 million) . Revenue and earnings forecast raised again for 2021 as a whole

Revenue: Up 24.7 % on previous year Following a strong first half-year and a consistently positive business performance in the third quarter, the Villeroy & Boch Group's consolidated revenue (including licence income) climbed by 24.7 % year-on-year to EUR 684.5 million. The Group is therefore well ahead of the previous year, which had been severely impacted by the COVID-19 pandemic and has even achieved a revenue level substantially higher than the pre-crisis level.

Operating EBIT rises to EUR 61.8 million Due to the strong first half of the year and the very good third quarter, the Group was able to close the first nine months of the 2021 financial year with an operating result before interest and taxes (EBIT) of EUR 61.8 million (previous year: EUR 10.3 million) and thus achieve a significant increase in earnings. However, the previous year's result was burdened by the collapse in demand in connection with the COVID-19 crisis and the subsequent plant shutdowns and cutbacks.

Development in the divisions The Bathroom and Wellness Division generated revenue of EUR 477.8 million in the first nine months of the 2021 financial year (previous year: EUR 383.8 million), up 24.5 % on the previous year. It should be remembered that the previous year had been impacted by the COVID-19 crisis in the second quarter of 2020 especially. Fortunately, revenue growth was generated in all business areas. The rise in revenue of EUR 94.0 million in total mainly took place in ceramic sanitary ware (EUR +56.2 million), where the Group benefitted greatly from the home renovation trend. However, considerable revenue growth was also achieved in the wellness (EUR +15.2 million) and fittings (EUR +12.6 million) business areas. Mainly as a result of the extremely positive revenue performance, the Bathroom and Wellness Division closed the first nine months of the 2021 financial year with an operating result (EBIT) of EUR 50.2 million (previous year: EUR 19.3 million).

The Dining & Lifestyle Division generated revenue of EUR 204.7 million in the first nine months of the 2021 financial year, an increase of 25.6 % or EUR 41.7 million on the previous year (EUR 163.0 million). The previous year's revenue was severely impacted by the officially ordered worldwide closure of sales outlets and the global slump in demand as a result of the COVID-19 crisis. Revenue growth was generated in almost all sales channels in the first nine months of the 2021 financial year. Above all, this is reflected in the revenue from e-commerce (EUR +22.0 million) and with our retail outlet partners (EUR +18.8 million). Also, revenue declines (EUR -0.9 million) at our own retail stores, which were affected by the second lockdown in the first and second quarters of 2021, have almost been compensated. Thanks to the substantial increase in revenue, the Dining & Lifestyle Division ended the period with operating EBIT of EUR 11.6 million, up EUR 20.6 million as against the previous year, which was also affected by downtime costs at the plants in Merzig and Torgau.

Investments EUR 15.4 million was invested in property, plant and equipment and intangible assets in the first nine months of 2021 (previous year: EUR 10.7 million). The Bathroom and Wellness Division accounted for EUR 10.7 million, with the remaining EUR 4.7 million attributable to the Dining & Lifestyle Division. In the Bathroom and Wellness Division, new facilities were acquired in particular for the sanitary ware plant in Hungary and the bathroom furniture plant in Austria, as well tools for ViClean production. Investment in the Dining & Lifestyle Division essentially included the maintenance and modernisation of the logistics centre in Merzig, new acquisitions of isostatic presses and pressing tools, plus the energy optimisation of a kiln.

Outlook for 2021 as a whole Following the strong first half of the year and the consistently positive business performance in the third quarter of 2021, the Management Board of Villeroy & Boch AG has again raised its revenue and earnings forecast for the 2021 financial year. As was already announced in the ad hoc disclosure of 29 September 2021, the Management Board is now forecasting that consolidated revenue will rise to more than EUR 920 million and that the operating Group result will grow to more than EUR 85 million. The earnings forecast has been raised again as higher revenue is expected for 2021. Based on the revised targets, the return on net operating assets is expected to range between 25 % and 30 %. "The consistently good business performance in the third quarter as well reflects our current market presence," said Frank Göring, CEO of the Villeroy & Boch Group. As before, forecasts are still uncertain on account of the COVID-19 pandemic. Possible downturns in the Villeroy & Boch Group's currently excellent performance in the fourth quarter of 2021 could arise from ongoing economic developments in the construction sector and the future spending patterns of private households, though this seems unlikely at the moment. 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: may.katrin@villeroy-boch.com or

Anabell Westrich Manager Corporate Communications Tel: +49 (0)6864 81-1338 E-Mail: westrich.anabell@villeroy-boch.com

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2021-10-20 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

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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@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:  1241916 
 
End of News   DGAP News Service 
=------------ 

1241916 2021-10-20

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1241916&application_name=news

(END) Dow Jones Newswires

October 20, 2021 02:00 ET (06:00 GMT)

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Sales 2021 923 M 1 043 M 1 043 M
Net income 2021 52,9 M 59,8 M 59,8 M
Net cash 2021 23,1 M 26,1 M 26,1 M
P/E ratio 2021 10,4x
Yield 2021 4,84%
Capitalization 562 M 636 M 636 M
EV / Sales 2021 0,58x
EV / Sales 2022 0,54x
Nbr of Employees 6 399
Free-Float 44,0%
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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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