EANS-News: Villeroy & Boch AG Interim Report on the First Quarter of 2012
(with document)
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
quarterly report
Mettlach, 25 April 2012 (euro adhoc) - Q1 revenue down slightly year-on-year at
EUR184.5 million ( 1%).
- EBIT at prior-year level of EUR7.1 million.
- Sale of ceramic sanitary ware plant in Saltillo, Mexico, completed as
scheduled.
Slight decrease in revenue
In the first quarter of 2012, the Villeroy & Boch Group generated net revenue of
EUR184.5 million compared with EUR186.2 million in the same period of the
previous year, corresponding to a slight decrease of 1%.
Increased orders on hand
Orders on hand increased by EUR11.7 million between 1 January and 31 March 2012
to total EUR53.9 million at the reporting date. The Bathroom and Wellness
Division accounted for EUR33.3 million of this figure, up 9% on the start of the
year.
Earnings at prior-year level
The Villeroy & Boch Group's earnings before interest and taxes (EBIT) for the
first quarter of 2012 remained unchanged year-on-year at EUR7.1 million.
The expenses for the expansion of Villeroy & Boch's activities in the growth
regions of Russia and China and the lower gross profit due to the slight decline
in revenue were offset by the special income from the sale of the ceramic
sanitary ware plant in Saltillo, Mexico.
The sale of the plant in Saltillo, Mexico, which is designed for the high volume
Mexican project market, to the WoodCrafters Group was completed as scheduled in
the period under review. WoodCrafters and the plant's workforce of around 600
will focus on the manufacture of ceramic sanitary ware products for the DIY
store sector in future.
This means that Villeroy & Boch's activities in Mexico are now concentrated on
the two production sites in Ramos and Lerma, which manufacture high-quality
products for the American markets.
Development in the two divisions
In the first quarter of 2012, the Bathroom and Wellness Division generated
revenue of EUR122.1 million, up 1% or EUR1.2 million on the previous year. There
were pronounced regional differences in terms of revenue development. Russia and
Germany saw above-average revenue growth (+31% and +13% respectively), whereas
revenue declined in Mexico ( 14%), Italy (-12%) and the Netherlands (-11%).
Revenue in the Tableware Division amounted to EUR62.3 million in the first
quarter of 2012, down EUR2.9 million on the same period of the previous year (¬
5%). This was primarily due to a reluctance to place orders on the part of
retailers in Western Europe, who are currently scaling back their inventories
significantly. This led to a downturn in revenue of -9% on the German market. By
contrast, there was encouraging revenue growth in Russia (+10%) and Scandinavia
(+9%).
Investments
The Group made investments of EUR6.3 million in the first quarter of 2012
(previous year: EUR7.0 million). The investments in the Bathroom and Wellness
Division largely related to capacity expansions in Eastern Europe and Thailand.
In the Tableware Division, the Group primarily invested in the expansion of its
sales network and the further establishment of the tableware competence centre
in Merzig.
Assessment and outlook
"Developments in the first quarter of 2012 were in line with our expectations,"
commented Villeroy & Boch CEO Frank Göring. "Our results for the year as a whole
will be determined by the course of business in the second half of the year."
For the 2012 financial year, Villeroy & Boch is forecasting consolidated revenue
of EUR750-760 million and operating earnings (EBIT) within a range of plus/minus
15% compared with the previous year.
Please read the complete Press Release with Consolidated figures in accordance
with IFRS in the PDF attachment.
The complete Interim Report as a PDF-file for download:
http://www.villeroy-boch.com/en/euo/home/the-company/investor-relations/reports.html
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/us/ZaxVQvPQhttp://resources.euroadhoc.com/us/NvaUV2RU
Further inquiry note:
Villeroy & Boch AG
Frau Almut Hähner-Ural
Leitung Presse und Öffentlichkeitsarbeit Saaruferstraße
D-66693 Mettlach
Tel.: +49 (6864) 81-1397
E-Mail: presse@villeroy-boch.com
end of announcement euro adhoc
--------------------------------------------------------------------------------
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/us/ZaxVQvPQhttp://resources.euroadhoc.com/us/NvaUV2RU
company: Villeroy & Boch AG
Saaruferstraße
D-66693 Mettlach
phone: +49-(0)6864-81-0
FAX: +49-(0)6864-81-2692
mail: info@villeroy-boch.com
WWW: http://www.villeroy-boch.com
sector: Consumer Goods
ISIN: DE0007657231
indexes: CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
dealing/prime standard: Frankfurt
language: English