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Consolidated revenue of € 800.9 million, down only -3.9 % on previous year despite COVID-19 pandemic thanks, to strong revenue growth in second half of year.
Operating result (EBIT) stable year-on-year at € 49.7 million thanks to high revenue in second half of year and strict cost management (previous year: € 49.5 million).
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.
The Tableware Division generated revenue of € 259.2 million in the 2020 financial year, down by € 17.3 million or 6.3 % on the previous year (on a constant currency basis: -5.9 %). The second half of the year was very positive for the Tableware Division as well. The revenue shortfall from the first half of the year (-21.7 %) as a result of the global retail closures during the lockdown was reduced to -6.3 %. The biggest growth driver on almost all relevant markets was e-commerce activities (+46.6 %). The decision to focus on this growing channel, combined with greater investment in personnel, IT structures and logistics, as well as the enhanced professionalism this entailed, paid off significantly. Around 30.6 % (previous year: 19.6 %) of the Tableware Division’s total revenue across all regions is accounted for by e- commerce activities.
Orders on hand
The Villeroy & Boch Group’s orders on hand more than doubled year-on-year as at 31 December 2020 (from € 44.8 million to € 100.8 million). The Bathroom and Wellness Division accounted for € 85.1 million (previous year: € 35.3 million) and the Tableware Division for € 15.7 million (previous year: € 9.5 million).
Investments
At € 19.9 million in total (previous year: € 31.6 million), investments in property, plant and equipment and intangible assets were significantly lower in the 2020 financial year than in the previous year on account of investment restraint due to COVID-19. It had originally been planned to increase investments moderately as against the previous year.
Further information in the press release to download
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