2024-07-17 08:53:06 ET
ASSA ABLOY AB (publ) (ASAZF)
Q2 2024 Earnings Conference Call
July 17, 2024, 03:00 AM ET
Company Participants
Björn Tibell - Head, Investor Relations
Nico Delvaux - Chief Executive Officer
Erik Pieder - Chief Financial Officer
Conference Call Participants
Daniela Costa - Goldman Sachs
Vivek Midha - Citi
Andre Kukhnin - UBS
Andrew Wilson - JPMorgan
Magnus Kruber - Nordea
Alexander Virgo - Bank of America
Gael de-Bray - Deutsche Bank
Mattias Holmberg - DNB
Anders Idborg - ABG Sundal Collier
James Moore - Redburn Atlantic
Rizk Maidi - Jefferies
Presentation
Björn Tibell
Good morning, everyone, from Stockholm and welcome to the presentation of ASSA ABLOY's First Half Year Report in 2024. My name is Björn Tibell, I'm heading Investor Relations. And joining me here in the studio are ASSA ABLOY's CEO, Nico Delvaux, and our CFO, Erik Pieder.
As usual, we will now start this conference with a presentation and summary of the report, before we open up for your questions. So over to you, Nico.
Nico Delvaux
Thank you, Björn. Also, good morning from my side.
Q2, a top-line growth of 10%. We have a negative organic sales development of minus 1% due to, in the first place, continued challenging market on the residential side, I would say global challenging market on the residential side. Good sales growth in EMEIA and Americas from an organic perspective, stable sales growth in Entrance Systems, but then sales decline in APAC and Global Technologies. But then, again this quarter, good to see that a lower organic sales development is overcompensated with very good growth through acquisitions, plus 11% in the quarter. We continue to be very active on the acquisition side with eight acquisitions completed in the quarter, 11 year-to-date.
And I would say very strong operational execution in the quarter. We have a strong operating margin of 16% and it is now including the full HHI leading also to a record operating profit for the quarter above SEK6 billion. Also very good excellent or very good cash conversion, with a cash conversion rate of 107% in the quarter.
If we look in numbers, sales of SEK38 billion, 10% up, an EBITA margin of 16.9% and an EBIT margin, like mentioned, at 16%, a bit above SEK6 billion, 11% up....
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ASSA ABLOY AB (publ) (ASAZF) Q2 2024 Earnings Call Transcript