Villeroy & Boch (VIB3) Q4 2023 earnings summary

Executive summary

• 2023 revenue fell 7.5% on a constant-currency basis and 9.3% nominally to €901.9m; EBIT margin rose to 9.9% from 9.7%.

• Group result was €61.0m versus €71.5m; EBIT was €89.0m versus €96.8m.

Financial highlights

• Revenue of €901.9m, down €92.6m or 9.3% YoY; constant-currency revenue was €920.2m, down 7.5%.

• EBIT declined 8.1% to €89.0m; EBT was €85.4m versus €95.3m, and Group result was €61.0m versus €71.5m.

• Licence income increased to €4.8m from €4.4m.

Outlook and guidance

• Challenging economic conditions are expected to continue in 2024; acquisition of Ideal Standard Group operating companies is expected to complete in Q1 2024.

• Including the acquisition, management anticipates significant increases in revenue, operating result (EBIT) and investments in 2024.