• Consolidated revenue rises significantly by 18.0 % to € 945.0 million
• Operating EBIT of € 92.8 million (previous year: € 49.7 million) – highest level since IPO in 1990
• Outstanding Group result up € 37.6 million year-on-year at € 60.5 million (€ 22.9 million)
• Return on net operating assets more than doubles to 32.9 % (previous year: 14.7 %)

Consolidated revenue: € 945.0 million

The Villeroy & Boch Group generated revenue of € 945.0 million in the 2021 financial year. Thanks to an outstanding development in revenue, double-digit growth rates were achieved in most countries, as a result of which revenue not only increased by 18.0 % as against the previous year, but also significantly outperformed the 2019 financial year, which was not affected by the pandemic.

Reason for the revenue growth in all business areas and sales channels is, among others, the sweeping trend towards home and bathroom renovation and refurbishment. However, the Villeroy & Boch Group feels that it is also well positioned thanks to the early adoption of digitalisation activities. Furthermore, there were positive effects from the ongoing streamlining of sales structures and the business model transition in various countries.

Operating consolidated EBIT: € 92.8 million

The Group increased its operating EBIT to € 92.8 million (previous year: € 49.7 million), thereby achieving the best operating result in the history of Villeroy & Boch. In addition to the highly positive trend in revenue, this was also thanks to the successful implementation of measures to streamline structures and reduce complexity.

Group result: € 60.5 million

The Group result more than doubled to € 60.5 million in the 2021 financial year (previous year: € 22.9 million).

Return on net operating assets: 32.9 %

The Group’s rolling return on net operating assets was 32.9 % as at the end of the year, more than double the figure for the previous year (14.7 %) and an increase of 18.2 percentage points, mainly on account of earnings effects.

Development in the divisions

The Bathroom and Wellness Division generated revenue of € 629.4 million in the 2021 financial year, up by € 90.3 million or 16.8 % on the previous year. On a constant currency basis, the division’s revenue increased by 15.9 %. Pleasingly, revenue growth was generated in all business areas and regions, with the exception of the American market.

In the Dining & Lifestyle Division, revenue amounted to € 312.7 million in the 2021 financial year, up by € 53.5 million or 20.6 % on the previous year. Looking at the various regions of the world, double-digit growth rates were achieved in almost all countries in the Dining & Lifestyle Division as well.

Orders on hand

The Villeroy & Boch Group’s orders on hand surged by € 86.0 million year-on-year to € 186.8 million as at 31 December 2021. The Bathroom and Wellness Division accounted for € 165.1 million (previous year: € 85.1 million) and the Dining & Lifestyle Division for € 21.7 million (previous year: € 15.7 million).

Investments

Investments in property, plant and equipment and intangible assets amounted to € 32.8 million in total in the 2021 financial year (previous year: € 19.9 million). 33 % of this investment was attributable to Germany (previous year: 42 %). At € 25.1 million or 76.5 %, the investment expenditure mostly related to the Bathroom and Wellness Division.

Dividend

At the General Meeting of Shareholders on 1 April 2022, the Supervisory Board and the Management Board will propose that the unappropriated surplus of Villeroy & Boch AG be used to distribute a dividend of € 1.00 per preference share and € 0.95 per ordinary share.

Assessment of the company’s position

The Management Board of Villeroy & Boch AG considers the economic position of the Group to be highly positive on the whole. In a challenging environment, the Group brought the 2021 financial year to a highly successful close thanks to an outstanding business performance. There was an extraordinary increase in revenue not just in Germany, but also in almost every other country in which the Group operates, allowing Villeroy & Boch to achieve the best operating result in its history.

“In the 2021 financial year we achieved by far our highest operating Group result since going public in 1990: This is an extraordinarily positive business performance that highlights the substantial improvement in Villeroy & Boch’s capabilities,” said Frank Göring, CEO of Villeroy & Boch AG.

A recovery on the world economy is assumed for 2022. However, the ongoing supply shortages and the associated substantial price increases for energy and freight, as well as for raw and packaging materials, are expected to have a strong impact on 2022. Furthermore, the ongoing development of the coronavirus pandemic could lead to fresh disruption. Based on a fundamentally positive assessment of the market and a range of supporting factors, the goal for the 2022 financial year, including inflation effects, is for an increase in consolidated revenue of between 5 % and 6 %.

Thanks to process improvements and ongoing active cost management, a strong improvement in operating EBIT of probably 5 % to 10 % is expected in 2022. The Group thus anticipates that its growth rates will remain high with a slight loss of momentum year-on-year.

Villeroy & Boch is one of the world’s leading premium brands for ceramic products. The family business, which was founded in 1748 and is headquartered in Mettlach/Germany, stands for innovation, tradition and exceptional style. As a renowned lifestyle brand, Villeroy & Boch offers products from the sectors Bathroom and Wellness and Dining & Lifestyle, and is active in 125 countries.