Q4 2024 Assa Abloy AB Earnings Call Transcript
Key Points
- Assa Abloy AB (ASAZF) reported a strong operating margin of 16.5% and a record operating income of around SEK6.5 billion.
- The company achieved a record cash conversion of 141% in the quarter and 110% for the full year, with a record cash flow of SEK8 billion.
- Assa Abloy AB (ASAZF) completed eight acquisitions in the quarter and 26 for the full year, setting a new record for the third consecutive year.
- The company launched a record number of more than 550 new products in 2024, including the Kwikset Halo Select smart lock.
- Global Tech division showed strong performance with an organic sales growth of 5% and an operating margin of 19.3%.
- Organic sales growth was slightly negative at -0.3%, with declines in the Entrance Systems and Asia Pacific regions.
- The residential market remains challenging, with interest rates not decreasing as quickly as anticipated, impacting sales.
- The Asia Pacific region experienced a significant sales decline of 11%, particularly in China and Southeast Asia.
- Entrance Systems saw an organic sales decline of 2%, affected by lower activity in the residential and industrial segments.
- The company faces an uncertain economic and political climate, with potential tariffs posing a risk to pricing strategies.
Good morning, everyone, and welcome to the presentation of ASSA ABLOY's 2024 year-end report. My name is Björn Tibell, I'm heading Investor Relations. And joining me here in the studio are our CEO, Nico Delvaux; and our CFO, Erik Pieder.
We'll start this conference as usual with a summary now of the report, and then we'll open up for your questions. And we have set aside about one hour for this conference. So with that, over to you, Nico.
Thank you, Björn, and also good morning from my side. Q4 results, I would say, very much in line with previous quarters. Therefore, Q4, we had a stable organic sales development. To be precise, minus 0.3% organic growth. With strong sales growth in Global Tech, good sales growth in Americas, a stable sales growth in EMEIA, but then sales decline in Entrance Systems and significant sales decline in APAC, reflecting a little bit
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