Schindler Holding AG (XSWX:SCHP)
CHF 296 -5.6 (-1.86%) Market Cap: 31.22 Bil Enterprise Value: 28.40 Bil PE Ratio: 31.72 PB Ratio: 6.69 GF Score: 72/100
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Full Year 2024 Schindler Holding AG Earnings Call Transcript

Feb 12, 2025 / 08:30AM GMT
Release Date Price: CHF269.8 (+1.50%)

Key Points

Positve
  • Schindler Holding AG (SHLAF) achieved its 2024 outlook despite severe market headwinds, particularly in China.
  • The company reported an EBIT margin improvement of 100 basis points compared to 2023, indicating strong operational efficiency.
  • Schindler's service and modernization segments grew high single digits in local currencies, showcasing the resilience of its business model.
  • The rollout of the standardized modular platform is progressing well, with successful implementation in key markets like Europe, India, and Brazil.
  • Schindler reported a record net profit of over CHF1 billion in 2024, with strong cash flow generation allowing for increased shareholder distributions.
Negative
  • The new installation market, particularly in China, faced significant declines, impacting overall revenue growth.
  • Currency headwinds negatively affected financial performance, reducing order intake, revenue, and operating profits by over 3%.
  • Revenue for the final quarter of 2024 was disappointing, with a decline of 3.5% in Swiss francs and 2.2% in local currencies.
  • The order backlog was flat compared to the previous year, with a 2.2% decline in local currencies, indicating challenges in new installations.
  • The Chinese market continues to pose challenges with a more than 10% expected decline in new installations for 2025, affecting overall growth prospects.
Operator

Ladies and gentlemen, welcome to the full-year results 2024 conference call and live webcast. I'm Vicky, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Lars Brorson, Head, Investor Relations. Please go ahead, sir.

Lars Brorson
Schindler Holding AG - Head of Investor Relations

Thank you, Vicky, and good morning, ladies and gentlemen. Welcome to our full-year 2024 results conference call. My name is Lars Brorson. I'm Head of Investor Relations at Schindler. I'm here together with Silvio Napoli, our Chairman; Paolo Compagna, our CEO; and Carla De Geyseleer, our CFO.

Silvio will provide some introductory remarks before handing over to Paolo, who will discuss our full-year '24 results, our market outlook, and our priorities for 2025. And Carla will then take you through the financials. After the presentation, Paolo and Carla are happy to take your questions.

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