EQS-News

Villeroy & Boch: Villeroy & Boch successfully mastered challenging market conditions

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.