DGAP-News

Villeroy & Boch AG: 2020 financial year: Consolidated revenue of € 800.9 million, down only -3.9 % on previous year despite COVID-19 pandemic

DGAP-News: Villeroy & Boch AG / Key word(s): Annual Results Villeroy & Boch AG: 2020 financial year: Consolidated revenue of € 800.9 million, down only -3.9 % on previous year despite COVID-19 pandemic 17.02.2021 / 10:00 The issuer is solely responsible for the content of this announcement.

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Consolidated revenue: € 800.9 million
The Villeroy & Boch Group generated revenue of € 800.9 million in the 2020 financial year, down by € 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: € 49.7 million
Operating EBIT was stable year-on-year at € 49.7 million thanks to high revenue in the second half of the year and strict cost management (previous year: € 49.5 million).

Group result: € 22.9 million
The Group result for the previous year (€ 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 € 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 € 539.1 million in the 2020 financial year, down by € 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.