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Press Release
06.12.2008: VBH takes over a majority holding in the Turkish company Winkhaus A.S.
Korntal-Münchingen/Istanbul, 5th December 2008VBH takes over a majority holding in the Turkish company Winkhaus A.S.
VBH Holding AG takes over a majority stake of 65% in Winkhaus A.S., a leading dealer of builder’s hardware in Turkey and in doing so has acquired a strong position vis-à-vis the competition as soon as it enters this fast growing market. The contract was signed on the 5th December 2008 in
Istanbul, and will become effective on 1st January 2009 – subject to approval by the appropriate supervisory authorities.
Winkhaus A.S. is based in Istanbul, but is also represented with branch offices in Izmir and Ankara. In addition to this further sales operations have been planned for Bursa as well as in Eastern Anatolia. Additional markets in the region are to be cultivated from Istanbul by adopting a pro-active approach, such as Iran or Azerbaydzhan, for example.
Winkhaus A.S. intends to achieve a turnover of about 15 million EUR in the financial year 2009. The aim is to increase turnover at double-digit growth rates in subsequent years. Ahmet Abat, the main shareholder of Winkhaus A.S. to date, will continue to be associated with the business as a minority shareholder and managing director. The purchase price amounts to a mid single digit figure in millions of EUR.
Rainer Hribar, chairman of the board at VBH Holding AG stressed that, "Through the acquisition of 65 percent of the shares in the Turkish company Winkhaus A.S. we have found the ideal partner for acquiring market entry into the growing Turkish market.“ He went on to say, "By working together with our partner Ahmet Abat we shall combine the existing activities of the company with the potential provided by the VBH group and in doing so create a
strong profit-orientated business offering plenty of opportunities for growth.“
The involvement in Turkey is part of the selective, international acquisition strategy of VBH Holding AG, with the aim of achieving a leading market position in all the markets outside Germany, now numbering 40 and in doing so continue to forge ahead with expansion in the regions with plenty of growth potential.
Contact: Dr. Ralf Lieb/CFO
Tel +49 (0) 7150 / 15-200
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| 22.10.2008: Ad hoc -Press Release: Preliminary figures as of 30th September 2008 / Adjustment to the Forecast 2008 in the light of a significant deterioration of market conditions
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01.10.2008: VBH acquires Bulgarian builders’ hardware dealer and becomes market leader
Korntal-Münchingen/Sofia, 1 October 2008VBH acquires Bulgarian builders’ hardware dealer and becomes market leader
By the majority VBH Holding AG takes over the leading Bulgarian builders’ hardware dealer Siecom Ltd. and becomes market leader in a market with above-average potential. The contract was signed in Sofia on 1 October 2008.
Last year Siecom Ltd. generated sales of 4.7 m € with 29 employees and is with 7 branches presented all over the country. With its own subsidiary VBH Bulgaria Ltd., VBH Holding AG is already present in Bulgaria. After projected integration of both companies in 2009 and benefits out of synergy effects, sales of about 8 m € and a positive contribution to the group result is expected.
„With this acquisition we won a competent and strong dealer in the Bulgarian market over“, highlighted Rainer Hribar, Chief Executive Officer of VBH Holding AG. „Bundling of our strengths will extend the closeness to our Bulgarian customers and in future we will support them not only as a dealer but as a services partner with numerous services.“
This acquisition in Bulgaria is part of VBH Holding AG’s systematic international strategy to reach a leading market position in all 39 international countries.
Contact person:
Gerhard Weber / Investor Relations
phone +49 (0) 7150-15-204
E-Mail ir@vbh.de
27.08.2008: Press Release: VBH Holding AG changes over to the Prime Standard
Korntal-Münchingen, 27 th August 2008VBH Holding AG changes over to the Prime Standard
With effect from the 27 th August 2008, VBH Holding AG will have completed the change over from General Standard to the Prime Standard on the German stock exchange in Frankfurt. This means that in addition to its growth both in Germany and internationally it is also becoming more open to the capital market.
According to Rainer Hribar, chairman of the board at VBH Holding AG, the company has raised its profile in the capital market and become more acceptable to international investors as a result of being accepted into the Prime Segment of the German stock exchange.
VBH Holding AG is a leading international dealer in construction fittings with more than 120 branches in Europe and Asia. The straightforward trading business has been expanded progressively in recent years with customer service products, with which VBH supports more than 40,000 customers throughout the world. These include online shops, scanner systems for electronic stock management, marketing tools as well as intelligent solutions to
fulfil future product-marking obligations within the European market, with the CE mark for example.
VBH is currently trading in 39 countries and is opening up new markets all the time. In comparison with the comparable period in the previous year the VBH group increased its turnover in the first half of 2008 by 9.2 percent and with its nearly 3.000 employees it is working towards a group turnover of approximately 890-900 million Euro.
Contact:
Gerhard Weber / Investor Relations
Tel +49 (0) 7150-15-204
E-Mail ir@vbh.de
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| 14.08.2008: Press information: Report on the first half year of 2008
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01.04.2008: Annual press conference: VBH Holding AG raises its operating result by 23 percent to 49.4 million Euro
Korntal-Münchingen, 1 April 2008VBH Holding AG raises its operating result by 23 percent to 49.4 million Euro
VBH Holding AG looks back on a successful 2007 business year. In comparison to the previous year, Europe’s leading trading company for construction hardware was able to improve its operating result again and to raise its turnover by 3.2 percent from 783.2 million Euro to 808.4 million Euro. The operating result before interest and taxes (EBIT) rose overproportionally by 23 percent to 49.4 million Euro (2006: 40.3 million Euro). The EBIT margin lies at 6.1 percent (2006: 5.1 percent), the result before taxes (EBT) amounts to 38.2 million Euro (2006: 30.2 million Euro). “With this result we have kept our forecasts for 2007 and significantly exceeded the previous year’s result”, explained Rainer Hribar, Chairman of the Board of VBH Holding AG, today at the annual press conference for financial year 2007 in Stuttgart.
The biggest increases in turnover were achieved in foreign markets. In the meantime, the company is represented in 38 countries in Europe, Asia and Latin America and generates about 60 percent of its annual turnover outside of Germany. It is remarkable, however, that the domestic result was improved significantly - in spite of a declining German market. According to Rainer Hribar, this is the result of the consistent strategy pursued by VBH of changing from being a pure trading company into a services company.
For 2008, the Board expects a further increase in turnover and results and is planning to continue its international growth rate. In this respect, a significant contribution is expected from the new subsidiary in Belgium as well as from the ongoing positive development in Eastern Europe. In Germany, according to Hribar, the market for windows and doors will not change significantly in comparison with the previous year in light of the general market forecasts for 2008.
For the current business year, VBH is expecting an increase of about 8 percent in turnover to 875 million Europe and a further increase in EBIT and EBT margins.
Success factors: Internationalisation and Employees
“It is our strategy to stand on many healthy pillars”, says Rainer Hribar. Because the construction industry is in different cycles from country to country, it is important to be present in many markets. With more than 100 locations worldwide, VBH is well set up in order to benefit from booming markets and to minimize risks. While the markets in Great Britain and Spain are difficult at the moment, double-digit growth rates can be achieved in Eastern
Europe as before. Attractive profit margins are possible in Asia, where the demand for qualitatively high-value windows and doors is increasing in line with rising household incomes.
To capture new markets – as in Asia at the present time – VBH is taking a step-by-step approach. After a central office in Singapore was set up by experienced German staff together with local specialists and the IT-supported company processes for inventory management, purchasing and sales were implemented, the markets in India, Thailand, Malaysia, Australia and China were captured systematically from there; further market entries in the
region are in the planning stage (such as in Vietnam). About 80 employees are currently working for VBH in Asia. They generated a turnover of 7 million Euro in 2007; in 2008 this figure should be doubled and a turnover in Asia of 50 million Euro is projected for 2010.
“Our headstart in internationalisation is the experience and the know-how of our staff”, explains Hribar. To learn about how to get along with different cultures, VBH has developed an international trainee program. Over the course of 18 months, employees from different countries take part in a comprehensive training program in Korntal-Münchingen during which they learn how to handle different cultures and mentalities and become intensively familiar with the structures and procedures in the parent company. Equipped with these skills, they return to their homelands, where they take over management duties at VBH.
Clear customer orientation is what makes VBH strong
The success of a trading company depends on purchasing efficiently as well as optimal procedures. In purchasing, VBH benefits from its size and its continuous international growth. In optimizing procedures, the company’s experience in handling the most difficult international market of the branch at home is beneficial to it. In Germany, VBH was forced to continuously improve its ordering procedures, logistics and customer services because of the declining situation in the construction branch. "The German market is a kind of “altitude training” with respect to more efficient procedures and customer orientation – it keeps us creatively on the ball”, explains Rainer Hribar. “With many offers of service, we are increasingly changing from being a
trading company to get a service partner for our customers.“
VBH is placing its strategy exactly where its 40,000 customers – including many small carpentry, window-making and installation operations – need support. For example, VBH has simplified the entire ordering procedure, which saves the customer time and money. The customers can find product information from VBH on the storage racks, which can be read out by barcode. The customers only have to go through the warehouse, scan the
desired article numbers and earmark the required number of parts. The order is then transmitted online and customer-specific purchase prices and delivery dates are displayed immediately. The procedure can then be tracked around the clock, so that the craftsman can also take care of supplies in the evenings as well. Every month, vbh24.de, VBH’s online shop, records more than 20,000 enquiries regarding order and delivery status. Today,
already more than 30 percent of the German turnover is ordered electronically. The simplification of the ordering procedure for the customers led to a reduction in the error rate at VBH by one percent. With four million items ordered per year, this means 40,000 shipments which the company does not have to take back. At the same time, the electronic ordering procedure raises customer loyalty. The craft trade receives support beyond the
creation of the order. The VBH databank takes the pictures and prices of products and thereby prepares individualised offers for its customers.
VBH offers manufacturers of wooden windows and wooden doors the possibility of receiving a binding CE symbol for their products online from 1 February 2009. To make this possible, VBH has already initiated hundreds of tests. Out of more than 250 components and a million of possible combinations, manufacturers can now choose their design and print out all necessary CE documentation online.
The foreign companies of VBH also benefit from the experience gained on the German market. A taskforce based in the headquarter ensures that the know-how will be transferred to the foreign subsidiaries and thereby the results of significant processes will be optimized.
Good outlook for the future as well
Rainer Hribar seas the development on the German construction market with restrained optimism and expects the level of the market to remain the same in 2008. “We are confident that the stagnation on the home market can be overcome through a company conjuncture”, according to Hribar. “We will continue to expand our market shares through customer-oriented services and the help of leaner processes.“
VBH is planning to expand its foreign business, which in the meantime accounts for more than 60 percent of the group’s turnover. New markets and interesting acquisitions are continuously analysed as well as the allocation of financial and personnel capacities. Strategic agreements with important
suppliers support VBH in its international activities. The new VBH subsidiary companies in the Middle and Far East are increasingly taking a hold there and represent the future markets for VBH in the medium term. Market entries are also being planned in Latin America.
The text and relevant picture material in print quality can be downloaded from www.vbh.de
Download in format PDF13.03.2008: DGAP-News: VBH expects to increase operating profit by 22 per cent to 49.4 million euros
VBH Holding AG / provisional figures/provisional figuresPublication of corporate news, transmitted by DGAP – an EquityStory AG company.
The issuer/publisher is responsible for the content of the announcement.
According to provisional figures determined today, VBH Holding AG (ISIN DE0007600702), Europe’s leading trading firm for building hardware, once again improved its operating profit in the last financial year of 2007 in comparison with the previous year and increased its turnover from 783 million euros to 808 million euros. This represents a rise of 3.2 per cent. Expected operating profit before financial and investment results and taxes (EBIT) rose disproportionally by 22 per cent to 49.4 million euros (2006: 40.3 million euros). The EBIT margin is 6.1 per cent, following 5.1 per cent the year before. Pre-tax profit (EBT) is expected to be around 38.2 million euros (2006: 30.2 million euros).
This result means that the VBH Group has met its forecasts for 2007 and significantly exceeded the previous year’s good results. Especially gratifying was the fact that provisional profits also rose considerably in the domestic sector – despite a weakening German market. Here, the long-term strategy of transforming itself from a purely trading firm into a service company is bearing lasting fruit. Significant additional profits were also generated in foreign market segments.
For 2008 the Board is expecting a further rise in turnover and profit and plans to press ahead with its policy of international growth. A major contribution to this is expected from the announced acquisition in Belgium and from the unbroken upward trend in Eastern Europe. In Germany, based on universal market forecasts for the window and door markets in 2008, no major changes are expected compared with the previous year.
VBH Holding AG will present its full, audited financial statement, following publication on the company’s website, on 1 April 2008 at a balance sheet press conference in Stuttgart.
13.03.2008 Financial news transmitted by DGAP
05.02.2008: Press information: VBH spreads its business activities in the Middle East
Korntal-Münchingen, 5, February 2008 –As the top-selling European wholesaler for construction hardware, VBH expand its business activities in the Middle East. Within the Joint-Venture with majority holding VBH has founded a sales company in Kuwait. VBH is already active in Dubai and in the Middle East.
The construction market in Kuwait is still growing. In the next years the double-billion figures will be invested into the big projects such as housing estates, offices, hospitals and shopping centres. With a partner, who is already a successfully working sales company in the construction sector from the region, VBH will besides Kuwait examine and advance also the market entries into other countries of the region.
The managing director Rainer Hribar said: “The establishment of the VBH Kuwait is the next important step on our way of carrying the green VBH-logo around the world. We are persuaded of that in cultural and economically ambitious growth markets of today we are creating with our high-quality products, technical innovations and efficient organisational structure a long-term output-potential for the VBH-group.“
Contact person:
Rainer Hribar
Management Board / COO
Telephone +49 7150 15-200
08.01.2008: Press information: Dr. Ralf Lieb to serve as new Chief Financial Officer of VBH Holding AG
With their new Chief Financial Officer, VBH Holding AG is pushing forward its international expansion
Korntal-Münchingen, January 08, 2008 –
VBH Holding AG, Europe's largest building hardware dealer, will appoint Dr. Ralf Lieb (44) as its new Chief Financial Officer. With Dr. Lieb, VBH Holding AG gains an internationally experienced expert in the area of finances and issues related to the capital market. The new Chief Financial Officer will join the company on 1 April 2008 and can look back on a broad spectrum of experience in the construction-related industry. Since 1998, Dr. Lieb served as the Chief Financial Officer of the Arnstorf-based Lindner Holding KGaA, which is quoted on the stock exchange. With his cooperation, the Lindner Group was able to expand its activities considerably in Western and Eastern Europe as well as in Asia.
Dr. Ralf Lieb: »I look forward to the new challenge and the tasks ahead in the rapidly expanding VBH Holding AG. Due to my experience, I will certainly be able to contribute new impulses to VBH and strengthen the VBH Group on its further way to internationalisation.«
Rainer Hribar, CEO of VBH Holding AG: »We are pleased to have Dr. Ralf Lieb join us as Chief Financial Officer. He is an experienced expert from the industry-related sector and familiar with the medium-sized structure of the window and door industry. Together, we want to drive forward the currently successful international growth and penetrate new markets.«
Dr. Ralf Lieb will succeed Jürgen Kassel, who left the company on 31 December 2007.
Contact person:
Rainer Hribar
Phone 07150 / 15-200
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Bilanzpressekonferenz 2005 der VBH Holding AG
VBH erzielt 2004 deutlich positives Ergebnis
Umsatz steigt um 4,9 % / EBIT steigt um 59,7 % / Kapitalerhöhung zur Expansion in profitable Auslandsmärkte geplant / 2005 nochmals schwieriges konjunkturelles Umfeld in Deutschland erwartet Das Konzernergebnis der gewöhnlichen Geschäftstätigkeit war erstmals nach vier Jahren und nach der in 2004 abgeschlossenen Sanierung wieder positiv und betrug 12,8 Mio. Euro (2003: ‑2,3 Mio. Euro). In Folge eines angefallenen außerordentlichen Ertrags in Höhe von ca. 40,9 Mio. Euro, der im Wesentlichen auf Grund der im Jahr 2004 durchgeführten Kapitalsanierung entstand, wurde ein Konzernergebnis vor Steuern in Höhe von 53,7 Mio. Euro erzielt (2003: -9,8 Mio. Euro). In diesem außerordentlichen Ergebnis ist eine vorsorgliche Wertberichtigung für ein an eine Konzerngesellschaft ausgereichtes Darlehen in Höhe von 5,6 Mio. Euro berücksichtigt. Das Konzernergebnis nach Steuern stieg durch den außerordentlichen Ertrag aus den erfolgreichen Kapitalmaßnahmen auf 47,1 Mio. Euro (2003: -16,4 Mio. Euro). Die Eigenkapitalquote im Konzern beträgt 12,4 %, bei der VBH Holding AG verbesserte sie sich auf 31 %. Das Vorratsvermögen verblieb mit ca. 83 Mio. Euro trotz der erheblichen Umsatzsteigerungen auf gleicher Höhe wie im Vorjahr. Durch die Reduzierung der Laufzeiten wurden die Forderungen aus Lieferungen und Leistungen leicht auf 83,2 Mio. Euro gesenkt. Die Verbindlichkeiten an Kreditinstitute wurden von 214,2 Mio. Euro auf 91,8 Mio. Euro reduziert. Neu in der Bilanz ist das im Rahmen der Kapitalmaßnahmen geschaffene Genussrechtskapital in Höhe von 50 Mio. Euro. Die schnelle Zahlungsweise der VBH wird durch niedrige Lieferantenverbindlichkeiten in Höhe von 44,9 Mio. Euro (2003: 47,4 Mio. Euro) dokumentiert. Konzernweit waren 2.020 Mitarbeiter beschäftigt (2003: 1.956). Vorstand und Aufsichtsrat der VBH Holding AG haben zudem auf der Aufsichtsratsitzung am 12. April 2005 beschlossen, der ordentlichen Hauptversammlung am 1. Juni 2005 die Erhöhung des Grundkapitals um bis zu 3,3 Mio. Euro auf bis zu 36,478 Mio. Euro vorzuschlagen. Die bis zu 3,3 Mio. neuen Stückaktien werden den Aktionären im Wege des mittelbaren Bezugsrechts angeboten. Der Bezugspreis beträgt 2,50 Euro pro Aktie. Ein Bezugsrechtshandel ist nicht geplant. Die Kapitalerhöhung erfolgt mit dem Ziel, das profitable Auslandswachstum weiter auszubauen. Wie bereits bei der 2004 durchgeführten Barkapitalerhöhung wird angestrebt, mit einem Kreis von Funktionsträgern und bisherigen großen Investoren der VBH Holding AG eine Zeichnungsgarantie für einen wesentlichen Teil der Kapitalerhöhung zu vereinbaren. Mit diesen signifikanten Verbesserungen, so der Vorstand des Unternehmens, wird belegt, dass der von der VBH eingeschlagene Weg der operativen und bilanzseitigen Sanierung in den zurückliegenden Jahren erfolgreich war. Die angestrebte Barkapitalerhöhung ermöglicht der VBH die verstärkte Expansion in hoch profitable Auslandsmärkte. In Deutschland wird sich die VBH weiterhin als Kostenführer innerhalb eines schwierigen konjunkturellen Umfeldes bewegen. Insgesamt ist durch das erfolgreiche Geschäftsjahr 2004 der Grundstein für die weitere erfolgreiche wirtschaftliche Zukunft der VBH-Gruppe gelegt worden. Ansprechpartner: Vor allem im norddeutschen Raum hat sich die VBH nachhaltige, langfristige Wachstumsziele gesetzt. Hier wollen wir mit modernen Dienstleistungskomponenten, Logistik- und SCM-Themen, zum Beispiel dem System „VBH-LOGOS“, weitere Marktpotenziale für uns erschließen. Wir sind bestrebt, Ihnen mit einer kompetenten Mannschaft und einer stabilen Organisation einen erstklassigen Service zu bieten, Ihre Versorgung jederzeit sicherzustellen und uns als verlässlicher Partner zu erweisen. Die VBH-Gruppe hat im Geschäftsjahr 2003 einen Umsatz von 613 Mio. Euro erzielt. Davon entfallen 244 Mio. Euro auf die VBH Deutschland GmbH. Durch das im Mai 2004 eigenverantwortlich umgesetzte Kapitalmodell hat die VBH eine stabile Bilanz geschaffen und die Basis für zukunftsorientiertes Wachstum gelegt. Wir sind überzeugt, Ihnen interessante Ansätze für eine Ausweitung unserer Geschäftsbeziehung aufzeigen zu können. Testen Sie uns bei einem persönlichen Gespräch!
Jürgen Kassel, Vorstand (CFO)
VBH Holding AG
Tel. 0 71 50 / 15-200
Email: j.kassel@vbh.de Personelle Veränderung in der Geschäftsführung
Die VBH Deutschland GmbH gibt bekannt, dass Herr Roland Stark zum 31.12.2004 aus der Geschäftsführung des Unternehmens ausscheiden wird. Beide Seiten haben sich gestern auf diese Lösung geeinigt. Mit Rücksichtnahme auf die vorherige Aufgabe von Herr Stark war kein anderer Schritt möglich. Beide Seiten trennen sich somit im guten Einvernehmen.
Die VBH dankt Herrn Stark für sein Engagement für die VBH sowie für das Einbringen seiner Branchenerfahrung und wünscht ihm für die Zukunft alles Gute.
VBH-Gruppe setzt positive Geschäftsentwicklung
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Neuer Geschäftsführer der VBH Deutschland GmbH
Herr Roland Stark ist in die Geschäftsführung der VBH Deutschland GmbH berufen worden. Der erfahrene und branchenweit anerkannte Vertriebsspezialist wird uns nach der erfolgreichen Neuordnung bundesweit unterstützen und den Schwerpunkt seiner Tätigkeit auf Norddeutschland legen.
Geschäftsbericht 2003
Der VBH-Konzern hat im Geschäftsjahr 2003 das straffe Restrukturierungs-programm konsequent umgesetzt und erfolgreich abgeschlossen.
In einem schwierigem wirtschaftlichen Umfeld konnte der Konzernumsatz dank des nach wie vor guten Auslandgeschäftes leicht gesteigert werden.