GNNDY - GN Store Nord A/S (GGNDF) Q4 2024 Earnings Call Transcript
2024-02-08 15:40:24 ET
GN Store Nord A/S (GGNDF)
Q4 2024 Earnings Conference Call
February 08, 2024, 05:00 AM ET
Company Participants
Rune Sandager - Head of Investor Relations
Peter Karlstromer - Group Chief Executive Officer
Soren Jelert - Group Chief Financial Officer
Conference Call Participants
Martin Brenoe - Nordea
Martin Parkhoi - SEB
Robert Davies - Morgan Stanley
Hugo Solvet - BNP Paribas
Maja Pataki - Kepler Cheuvreux
Veronika Dubajova - Citi
Julien Ouaddour - Bank of America
Niels Leth - Carnegie
Christian Ryom - Danske Bank
Susannah Ludwig - Bernstein
Presentation
Rune Sandager
Hello, and welcome to GN's full year 2023 Conference Call. Participating on the call today is Group CEO, Peter Karlstromer, Group CFO, Soren Jelert, and myself, Rune Sandager, Head of Investor Relations.
Today's presentation is expected to last about 20 minutes, after which we'll turn to the Q&A session. You can find the presentation uploaded on gn.com. During the presentation, Peter will provide an update on the group performance for the year, after which Soren will provide a deep dive on the key financials and guidance for 2024 and with that brief introduction, I'm happy to hand over to Peter and the group highlights.
Peter Karlstromer
Thank you, Rune. Starting on Slide 4. I'm happy to say that we have been delivering very well thanks to strong to execution across our business activities and function. In GN Hearing, we gained significant market share leading to 13% organic growth, driven by the very successful recent OMNIA portfolio and the early uptake from recent Nexia, which I will get back to later.
In audio, we executed well in stabilizing markets and delivered a negative 8% organic growth We have successfully maintained our market leading position in enterprise and throughout the year gained significant market share with SteelSeries. On a group level, we reached 10% adjusted EBITDA margin and delivered a very strong cash flow of DKK1.1 billion for the full year. Ultimately reducing our adjusted leverage to 4.5 times. Moreover, we have successfully taken the first steps towards our One-GN integration. This more streamlined and customer focused organizational setup will enable GN and GS ahead to further expand our competitive positions in attractive markets returning to growth and increasing margins. Overall, in line with our ambitions, 2023 was characterized by strong execution across the company, on top of a continued focus on the broader ESG agenda. We have figures relevant to mention that we have reduced our combined scope 1 and 2 emissions with an impressive 34% while scope free emissions were reduced by 24% compared to 22%. This work is ongoing, and we expect more improvements over the years to come. With this high level of summary, let's move to the performance in GN Hearing and GN Audio....
GN Store Nord A/S (GGNDF) Q4 2024 Earnings Call Transcript