2024-02-09 16:00:26 ET
Thule Group AB (publ) (THLPF)
Q4 2023 Earnings Conference Call
February 09, 2024, 04:00 AM ET
Company Participants
Mattias Ankarberg - Chief Executive Officer and President
Toby Lawton - Chief Financial Officer
Conference Call Participants
Gustav Hageus - SEB
Fredrik Ivarsson - ABG
Adela Dashian - Jefferies
Daniel Schmidt - Danske Bank
Mats Liss - Kepler Cheuvreux
Karri Rinta - HB
Presentation
Operator
Good morning or good afternoon, and welcome to the Thule Group Interim Report Q4 and End Year Report 2023. My name is Adam, and I will be your operator for today. [Operator Instructions]
I will now hand the floor to CEO and President, Mattias Ankarberg, to begin. Mattias, please go ahead, when you are ready.
Mattias Ankarberg
Thank you so much. Welcome, everybody, to this Q4 call. I have with me also our new CFO, Toby Lawton. Some of you have met Toby already. And for the rest of you, I hope you will soon.
But as it is Q4, we will cover both the quarter and full year today, and we will follow the presentation available on our website and on the conference call.
Starting on Page 2 and with overview. The quarter delivers a solid result in what is still a tough market as it was in Q3. Sales declined 5.6% currency-adjusted, and sales trends are really a continuation of what we saw in Q3. We will get back to that. As we also saw in Q3, we are, of course, pleased to see that new Thule products continue to drive growth also in the tougher markets. EBIT improved a lot versus last year, SEK53 million versus SEK4 million last year, and the cash flow is particularly strong in the quarter with SEK276 million.
Turning to the full year, what stands out is really the cash flow. Sales was down minus 15% currency-adjusted. We had quite a weak start to the year with an improving sales trend for the second half, also partly driven by comparables. And the EBIT margin was -- which was somewhat below last year, 16.5% versus 16.8%, and all-time high cash flow from operating activities at almost SEK1.9 billion....
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Thule Group AB (publ) (THLPF) Q4 2023 Earnings Call Transcript