2024-02-17 05:28:03 ET
NIBE Industrier AB (publ) (NDRBF)
Q4 2023 Earnings Call Transcript
February 16, 2024 05:00 AM ET
Company Participants
Eric Lindquist - Chief Executive Officer
Hans Backman - Chief Financial Officer
Conference Call Participants
Carl Ragnerstam - Nordea
Douglas Lindahl - DNB Markets
Karl Bokvist - ABG Sundal Collier
Viktor Trollsten - Danske Bank
Axel Stasse - Morgan Stanley
Brijesh Siya - HSBC
Carl Deijenberg - Carnegie
Presentation
Operator
Ladies and gentlemen, welcome to the NIBE Q4 Report. At our customers' request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions via the telephone lines.
May I now hand you over to Eric Lindquist, CEO and Hans Backman, CFO. Please go ahead.
Eric Lindquist
Thank you. Good morning or good afternoon to all of you out there. Thank you for calling in.
Hans Backman
Yeah, hello. Hans here as well.
Eric Lindquist
And we're going to have a traditional setup here where we comment with a few slides to start with, and then you have a Q&A. So looking at the first slide here, we, of course have, as it says, a very good year all in all but a clear decline in the fourth quarter. And I'm sure that you're also going to have a number of questions regarding the restructuring program due to the start -- there start of 2024 that is weaker. But if we just comment about the year as such, of course, there’s been large fluctuations in demand and we all know why, we try to explain that, the inventory adjustments in the whole distribution chain and now when that is more or less solved, then of course, we see that there are too many heat pumps in the chain out there, which of course makes it very difficult to make any kind of realistic forecast. And the higher interest rates, of course, they also make it difficult for families to buy new homes and invest, and also that dampens the whole consumption, we can say. Nevertheless, we've made five larger acquisitions, and they are strategic, of course, turnover some 3 billion krona. So all in all, that's fairly decent. ...
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NIBE Industrier AB (publ) (NDRBF) Q4 2023 Earnings Call Transcript