Annual Report 2023
As central banks continued tightening financial conditions to fight inflation, construction activity declined significantly in many of our markets, negatively impacting sales.
That said, pricing stability, declining energy prices, and our colleagues’ ability to adapt to changing circumstances helped us to regain a more normal profitability level for the year. Considering the market conditions, our 2023 financial results were good.
Sales were 3.6 BEUR, down four percent in local currencies compared to 2022, a much smaller decline than expected at the start of 2023. On profitability, the EBIT margin came in at 14.3 percent, good progress from the low in 2022 (during the energy crisis) and more in line with the 13 percent EBIT margin in 2021.
The outlook for sales in 2024 is expected to be roughly at the same level as in 2023 in local currencies. So far in 2024, we have seen a shift in demand within our product applications with more requests for flat roof and façade insulation, which traditionally have lower margins.
Based on these assumptions, we forecast an EBIT margin around 13 percent for 2024.