2. Key figures

All-time high turnover

The global economy ended the year with a growth forecast of 3.7%, half a point higher than in 2016. According to the International Monetary Fund, advanced economies grew by 2.3% in 2017, up from 1.7% the previous year. In these markets, business rallied, driven by improved confidence among companies and consumers. Emerging economies maintained a remarkable pace of activity, with Russia in particular showing good recovery, as well as Brazil, although at a more tempered pace.

The economic outlook for the eurozone continues to improve, growing by 2.4% in 2017. The economy of Spain—the Group's main market—grew by 3.1% and after 10 years, has recovered the GDP it had before the economic crisis, albeit with a different focus. In the years prior to 2007, the engine of the economy was primarily the construction sector, while now it is tourism, consumption and foreign trade.

The Group's turnover for 2017 was 1,799 million euros, an increase of 5.4% with respect to the previous year. This development is primarily due to growth achieved in the main markets: Spain, with a cumulative growth of 53.5% since 2013; the BRIC countries, which reached a combined turnover of 600 million (33.3% of the Group total); and most of the European continent, with especially considerable increases in Portugal, Poland, Austria, Romania and Bulgaria.

It should be noted that the depreciation of various local currencies over the euro, the Group's consolidation currency, has again had an impact on turnover. When the effect of exchange rates is excluded, real turnover would represent a growth of 6.4%, amounting to 15.7 million euros, which would have easily broken the barrier of 1,800 million.



million euros


compared to 2016



million euros


compared to 2016



million euros



million euros


in millions of euros

Turnover increased +5% over the previous year, which means the Group reached the highest turnover in its history and has recovered its pre-crisis level.


EBITDA totaled 242 million euros, slightly higher than the amount posted in 2016 despite additional spending on advertising and promotion due to Roca's centenary celebrations. This extraordinary expense has been absorbed by the higher gross profit earned from the increased turnover and price hikes in most markets. We should also mention a better sales mix thanks to product launch efforts, as well as emphasis on bathroom space categories that offer higher added value.

Net profit climbed to 83 million, which is 44 million below the previous year's net profit. This difference is due to a profit of 53 million posted in 2016 when the company sold its shareholding in Duravit AG. Factoring in this effect, the increase in net profit in 2017 would be 9 million euros, up 12%. Moreover, the operating result has risen to 119 million euros, 17% higher than 2016 and representing 6.6% of net turnover.

  • 13.2%
  • 13.7%
  • 13.4%
  • 13.3%
  • 14%
  • 13.5%
  • in millions of euros


    sobre cifra de negocios


    Beneficio neto


    Investments in tangible fixed assets and other intangible assets amounted to 116 million euros. This amount follows the trend of high investment levels in recent years, which is considered essential to increase the capacity of production plants, maintain their high technological level and ensure compliance with the Group's exacting standards in quality, safety and the environment. Key investments in 2017 were geared toward new projects in Russia (sanitaryware and acrylic bathtubs), Argentina (faucets) and India (plastic tanks and bath fixtures), as well as the completion of projects started in 2016 in Croatia (sanitaryware), Portugal (faucets) and Poland (sanitaryware), and the continuity of Indonesia (new sanitaryware factory).

    In 2017 the Group did not invest in company acquisitions, but maintains ongoing analysis of potential opportunities. Some of the transactions being considered may materialize in coming years, which would further grow the organization.



    million euros

    Financial structure

    The Group had a balanced financial structure with a net financial debt at 31 December 2017 of 323 million euros and unused credit lines amounting to 221 million euros. This situation allows the Group to undertake—comfortably and with no risks—the necessary ordinary and expansion investments aimed at improving strategic areas.

    On 3 August 2017 the Group renewed the longterm syndicated loan agreements that mature on 31 December 2020. The agreement was first signed on 30 April 2009 and has already been renewed, also in advance, on two occasions. The new renewal, for a period of six years, aims to improve the financial conditions of the agreement and lengthen its maturity until 2023. The Group continues to comfortably meet the financial obligations set out in this agreement, which stipulate compliance with certain economic ratios.

    2014 2015 2016 2017
    in millions of euros
    Total net equity 1,173 1,223 1,353 1,276
    Net financial position(378)(349)(322)(323)

    The net financial position shows the balances at the end of each financial year for short-term financial investments, cash and other liquid assets, minus short-term and long-term debts with banks.

    a tipos de cambio 2016

    The negative impact of the exchange rate accounts for a drop in turnover of 16 million euros compared to 2016 exchange rates. The countries most affected were Argentina, Brazil, China, Russia and the United Kingdom.