HOYFF - Huhtamäki Oyj (HOYFF) Q4 2023 Earnings Call Transcript
2024-02-08 17:20:20 ET
Huhtamäki Oyj (HOYFF)
Q4 2023 Results Conference Call
February 8, 2024 02:30 AM ET
Company Participants
Kristian Tammela - Vice President of Investor Relations
Charles Heaulme - President & Chief Executive Officer
Thomas Geust - Chief Financial Officer
Conference Call Participants
Cole Hathorn - Jefferies
Pallav Mittal - Barclays
Robin Santavirta - Carnegie
Calle Loikkanen - Danske Bank
Maria Wikstrom - SEB
Presentation
Kristian Tammela
Good morning to all and welcome to Huhtamaki investor call. My name is Kristian Tammela, VP of IR. We have this morning released the results for Q4 and full year 2023 along with the proposals for the AGM, including the dividend.
We will again start with presentations by our President and CEO Charles Heaulme, followed by our CFO, Thomas Geust. And after that, we have time for some questions.
And with that, let's get started and handing over to Charles.
Charles Heaulme
Thank you, Kristian. Good morning to all of you and thank you for joining us this morning. I'm happy to report to all of you that in Q4, and for the full year of 2023, we delivered a strong cash flow and a strong margin improvement.
I would like to start, as usual, with a couple of words of introduction on the business context and the outlines of our performance and our strategy execution.
From a market point of view, we have seen, as you know, a challenging first semester 2023, which was impacted by the inflation and this impact on the consumption, and on the demand, but as well, there was an impact of the destocking from most customers around the world.
This demand from consumers continued to be affected during the second semester based on the high inflation that we have all seen. This is important to remark and you will see in our results, particularly in North America that we start seeing the first shy signs of a slow recovery of the demand, and that we have seen in North America towards the end of the year. That's a positive sign.
From a financial performance we had a strong end of the year, so strong Q4, we will see that. It was supported, obviously, and as expected by raw material price reductions. Our full year adjusted EBIT is almost at the level of 2022, so just 1% below....
Huhtamäki Oyj (HOYFF) Q4 2023 Earnings Call Transcript