PRESS RELEASE
Consolidated Interim Report Q1 2013
Consolidation measures take effect
Korntal-Münchingen, 14 May 2013 – VBH Holding AG, Europe’s
largest trading house for window and door fittings, generated
Group sales of € 142.3 million in the first quarter of 2013 (previous
year: € 148.8 million/-4.4%) Despite difficult market conditions, this
shows initial positive effects resulting from the consolidation
strategy. The loss in the first quarter was reduced year-on-year and
the Group is developing in line with planning and expectations
overall.
Adjusted for the companies that were discontinued as part of the
portfolio shakeout last year, the VBH Group’s sales declined by 3.4% in
the first quarter of 2013. Earnings before taxes (EBT) improved by
€ 0.4 million year-on-year to € -4.0 million. In addition to the
consolidation of the country portfolio completed last year, measures to
increase efficiency are also stabilising the operating areas. At 24% when
adjusted for non-recurring effects, the gross profit margin is close to the
previous year’s level (24.4%). In the reporting period, staff costs fell
4.5% to € 21.5 million and other operating income and expenses
developed positively with a cost reduction totalling € 2.1 million. The
price of the VBH share started the first quarter better than the SDAX and
was around € 2.70 at the end of March (€ 2.35 on 31 December 2012).
Germany, Eastern and Western Europe
The sales declines at individual subsidiaries are attributable partly to the
long winter in many regions and two extra public holidays in comparison
with the same period of the previous year, and partly to the generally
difficult market conditions for construction at the moment. In Germany,
the VBH Group's most important segment, sales remained close to the
previous year's high level with a 2.0% decline to € 87.3 million. The
industry here is characterised by a high number of energy
modernisations and solid prospects for residential and commercial
construction. In addition, an efficiency enhancement programme was
initiated, which includes measures relating to logistics, human resources
and sales and will further cement VBH’s market position.
Because of the complete sell-off of the inventories of the Austrian
company as part of an asset deal, sales performance in the Western
Europe segment was positive. By contrast, sales in Eastern Europe
were € 36.5 million in the first quarter of 2013, 9.0% below the previous
year (€ 40.1 million). While the Baltic States, Kazakhstan and Belarus
continue to perform very well, VBH’s most important international
market, Russia, as well as Poland and the Czech Republic, are
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VBH HOLDING
AKTIENGESELLSCHAFT
POSTFACH 1449
70810 KORNTAL-MÜNCHINGEN
GERMANY
TEL.:
+49 (0)7150 / 15-200
FAX:
+49 (0)7150 / 15-331
INTERNET www.vbh.de
E-MAIL
[email protected]
EDITORIAL CONTACT
SYMPRA GMBH (GPRA)
STAFFLENBERGSTRASSE 32
70184 STUTTGART
GERMANY
TEL.:
+49 (0)711 / 94767 - 0
FAX:
+49 (0)711 / 94767 - 87
INTERNET: www.sympra.de
E-MAIL:
[email protected]
PRESS RELEASE
declining, albeit at a high level. In the medium-term, the markets still
show considerable potential for renovation, from which VBH will continue
to benefit as market leader in this segment.
In terms of percentage sales decline, the Other Markets segment was
most heavily affected by the consolidation of the country portfolio in
2012. Since the beginning of the year, the segment has primarily
covered the companies in Mexico and Turkey. The start-up activities in
Central and Latin America are developing positively and give hope for
medium-term prospects in the market as a whole.
Outlook
After the consolidation of the country portfolio last year, VBH Holding AG
is concentrating on cementing its market position despite persistently
challenging markets. The subsidiaries are generally in line with the
defined planning, and the positive effects of our international programme
to enhance efficiency will set in. In Germany – thanks to sound domestic
demand – strong development is expected at the level of the previous
year. In the Eastern European segment, sales are expected to decline.
Nevertheless, 2013 is a promising year for VBH. Although no significant
growth in sales is becoming apparent, the Executive Board still expects
a return to sustainable profitability and earnings before taxes for the year
at least as high as the earnings before taxes of around € 10.6 million in
the previous year (adjusted for non-recurring effects).
Contact:
Jürgen Kassel/CFO
Telephone +49 7150 15-0
2
VBH HOLDING
AKTIENGESELLSCHAFT
POSTFACH 1449
70810 KORNTAL-MÜNCHINGEN
GERMANY
TEL.:
+49 (0)7150 / 15-200
FAX:
+49 (0)7150 / 15-331
INTERNET www.vbh.de
E-MAIL
[email protected]
EDITORIAL CONTACT
SYMPRA GMBH (GPRA)
STAFFLENBERGSTRASSE 32
70184 STUTTGART
GERMANY
TEL.:
+49 (0)711 / 94767 - 0
FAX:
+49 (0)711 / 94767 - 87
INTERNET: www.sympra.de
E-MAIL:
[email protected]
PRESS RELEASE
Images:
These and other images can be downloaded
in print quality at www.vbh.de.
VBH HOLDING
AKTIENGESELLSCHAFT
POSTFACH 1449
70810 KORNTAL-MÜNCHINGEN
GERMANY
TEL.:
+49 (0)7150 / 15-200
FAX:
+49 (0)7150 / 15-331
INTERNET www.vbh.de
E-MAIL
[email protected]
EDITORIAL CONTACT
SYMPRA GMBH (GPRA)
STAFFLENBERGSTRASSE 32
70184 STUTTGART
GERMANY
TEL.:
+49 (0)711 / 94767 - 0
FAX:
+49 (0)711 / 94767 - 87
INTERNET: www.sympra.de
E-MAIL:
[email protected]
VBH Holding AG in Korntal-Münchingen is Europe’s
largest trading house for window and door fittings.
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