Villeroy & Boch Interim Report 1st quarter 2009
January - March 2009
Turnover and result far below previous year
Package of measures strains the result with € 60 million
Clear decline on foreign markets
The negative effects of the worldwide economic crisis got more and more reflected in the 1st quarter 2009 in the business development of the Villeroy & Boch Group. The Group yielded a turnover to the amount of € 182.2 million. This means a turnover decrease of 17.5 % compared to the 1st quarter 2008.
The package of measures passed in March in order to increase competitiveness and productivity substantially influenced the result. The costs of the restructuring programme which is expected to provide annual savings of approx. € 50 million from 2011, now amount to approx. € 60 million. This sum is contained in full as expenditure in the profit and loss statement of the 1st quarter 2009. Thus, the EBT of the Villeroy & Boch Group in the 1st quarter 2009 amounts to € -70.1 million. After adjusting the EBT to the restructuring expenditure, the EBT amounts to € -10.1 million (2008: + € 8.3 million) due to the declining turnover.
In both company Divisions, Villeroy & Boch reported drops in turnover and result. Bathroom and Wellness yielded a turnover of € 110.2 million in the 1st quarter 2009, i.e. -19.2 % compared to the previous year. The decline was particularly noticeable in the USA, Mexico, France, Great Britain and Eastern Europe, while it was comparatively small in Germany with -5%.
The turnover of the company Division Tableware amounts to € 72.0 million in the 1st quarter 2009, i.e. -14.8% compared to the previous year. Lasting consumer reticence to buy mainly affects the USA, Great Britain, Scandinavia, as well as Russia and the Eastern European Region since the beginning of this year. Whereas the important German market only reports moderate decreases in turnover.
For further information please contact:
Almut Hähner-Ural
Head of Press and Public Relations
Tel: 00 49 (0) 68 64 - 81 13 97
E-mail: presse@villeroy-boch.com