Villeroy & Boch consolidates Ideal Standard’s March figures for first time
EQS-News: Villeroy & Boch AG / Key word(s): Quarter Results
Villeroy & Boch consolidates Ideal Standard’s March figures for first time
15.05.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
*Press Release*
Mettlach, 15 May 2024
* *
*Interim report on the first quarter of 2024 *
*Villeroy & Boch consolidates Ideal Standard’s March figures for first time*
* *
· *Consolidated revenue rises by 20.8 % to € 277.1 million (previous year: € 229.3 million) due to acquisition effects*
· *Operating EBIT up slightly by 0.4 % year-on-year at € 23.1 million*
· *Total assets increase by € 620.8 million to € 1,717.0 million*
* *
*Consolidated revenue: € 277.1 million *
The Villeroy & Boch Group generated consolidated revenue (including licence income) of € 277.1 million in the first quarter of 2024, € 47.8 million or 20.8 % higher than in the previous year as a result of acquisition effects (€ 229.3 million). Ideal Standard contributed € 57.1 million to consolidated revenue from 1 March 2024.
* *
*Operating EBIT: € 23.1 million *
Operating EBIT of € 23.1 million was generated in the first quarter of 2024, slightly higher than in the previous year by 0.4 % (€ 23.0 million).
* *
*Development in the divisions*
The Bathroom & Wellness Division generated revenue of € 204.1 million in the first quarter of 2024, up 35.4 % on the previous year (€ 150.8 million) as a result of acquisition effects. There was a consistently positive market response to new products featuring TwistFlush technology in particular. Revenue growth was reported in almost every business area – in particular in fittings and ceramic sanitary ware. The Bathroom & Wellness Division began 2024 with operating EBIT of € 17.4 million in the first quarter, thereby matching the previous year’s level.
The Dining & Lifestyle Division generated revenue of € 72.3 million in the first quarter of 2024, down by 7.0 % on the previous year. This was mainly reflected in revenue from our retail outlets where there was a decline in revenue, in particular as a result of an economic downturn in Korea and the persistently weak economic situation in the US. By contrast, growth in revenue was achieved in e-commerce and at retail outlets. The Dining & Lifestyle Division ended the quarter with operating EBIT of € 5.7 million, a slight increase on the previous year. The downturn in earnings due to revenue development was offset by cost savings.
*Investments*
The Group invested € 4.0 million in property, plant and equipment and intangible assets in the first quarter of 2024, € 3.1 million of which in the Bathroom & Wellness Division and € 0.9 million in the Dining & Lifestyle Division. In particular, investment activity in the Bathroom & Wellness Division included pressure casting systems in Thailand and Hungary plus new moulds for shower and bath tubs in Belgium and the Netherlands. Investment in the Dining & Lifestyle Division essentially included the modernisation of the production facilities in Merzig and Torgau, the acquisition of pressing tools and the modernisation of the Group’s retail stores.
* *
*Outlook for 2024 as a whole*
The market environment continues to be characterised by a high degree of uncertainty.
The Management Board of Villeroy & Boch AG is still expecting a significant increase in revenue, operating EBIT and investment due to the acquisition. It is thus confirming its forecast for 2024 as a whole as published in the annual financial statements.
* *
Please find the complete Report as a PDF-file for download here:
http://www.villeroyboch-group.com/en/investor-relations/publikationen.html
* *
*Contact:*
Anabell Westrich
Corporate Communications
Tel: +49 (0)6864 81-1338
E-Mail: westrich.anabell@villeroy-boch.com
--------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com --------------------
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: 1902985
End of News EQS News Service