ASSA ABLOY
Q1 interim report 2024
Strong execution in a challenging market
- Sales affected by three fewer working days in March
- Stable sales in Entrance Systems
- Sales decline in Americas, EMEIA, APAC and Global Technologies
- Operating income and margin improvement
- Price realization
- Cost actions
- Lower direct material costs
- Seasonally strong cash conversion
- Continued solid acquisition pace
- 3 acquisitions signed in the quarter
2
Q1 2024 figures in summary
Sales MSEK 35,200 | +9% |
Sales | EBIT* |
+9% | +5% |
- -2% organic |
- +11% acquired and divested |
- +0% currency |
EBITA-margin* 16.3% (16.6%) |
- 000
- 000
- 000
32 000
30 000
5 427
6 500 |
6 000 |
5 500 |
5 000 |
EBIT-margin* 15.4% (16.0%) |
EBIT* MSEK 5,427 | +5% |
EPS* SEK 3.12 | -6% |
*Adjusted for items affecting comparability.
3
5 186
- 000
- 000
- 000
- 000
20 000
Q1 2023 | Q1 2024 | ||
Sales, MSEK | EBIT*, MSEK | ||
4 500 |
4 000 |
3 500 |
3 000 |
Sales by region
Jan-Mar 2024
33 | 2 | -2 |
53 14 -4
11616
3 | 27 | 8 |
Share of sales, % | Change in local currencies |
QTD 2023 vs. QTD 2022, % | |
4 |
ASSA ABLOY | 100 | 9 | -2 |
Emerging markets | 13 | 12 | 5 |
6 4 -3
4 -3-3
Organic change
QTD 2023 vs. QTD 2022, %
Emerging markets follows IMF's definition as per 2018-12-31
Q1 2024 Market highlights
Project wins and achievements
- Loading dock solutions delivered to three large distribution and logistics facilities in the US and Europe
- One million Yale Doorman sold in the Nordic countries since launch in 2011
- Large US public university selects electronic access control package
Product launches
- Yale Durus - a smart lock fitted within a door, offering full functionality on any door style, launched in Sweden
- Twin X - a keying system for high security environments with new innovative features for the Australian market
- HID's identification system with facial recognition integrated with self- check-in kiosks for use in airports, hospitals, hotels etc.
Awards
- iF Design awards to the Expression Speedgate series and Yale's smart video doorbell, smart outdoor and indoor cameras
- Two awards won during ISC West 2024: Control iD's iDFace won the Biometrics category and Centrios won best Access Control Software
5
FX adjusted sales growth
%
30
25
20
15
10
5
0
-5
-10
-15
-20
MSEK
140 000
130 000
120 000
110 000
100 000
90 000
80 000
70 000
60 000
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||
Organic growth, % | Acquired growth, % | Sales in fixed currencies, MSEK | ||||||
6
Operating margin | 16.5% | ||||
EBITA-margin | |||||
run rate | |||||
% | Run rate: EBIT-margin 15.6% (15.6%) | ||||
19 | |||||
18
17
Long term target range (average)
16 | |||||
15 | |||||
14 | |||||
13 | |||||
12 | |||||
11 | |||||
10 | |||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Quarter | EBIT* Rolling 12-months | EBITA* Rolling 12-months |
*) Operating margin before amortization of intangible assets recognized in business combinations.
Excluding items affecting comparability
7
Operating profit
Record high
Q1 EBIT
MSEK | MSEK | ||||
6 000 | 22 500 | ||||
5 000 | 20 000 | ||||
17 500 | |||||
4 000 | 15 000 | ||||
3 000 | 12 500 | ||||
10 000 | |||||
2 000 | 7 500 | ||||
1 000 | 5 000 | ||||
2 500 | |||||
0 | 0 | ||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Quarter | Rolling 12-months |
Excluding items affecting comparability
8
Acquisitions
- Active pipeline
- 3 acquisitions signed in Q1
- Representing annualized sales of MSEK 2,000
9
Integrated Warehouse Solutions
A US manufacturer of loading dock equipment
Complementary product offering and branding to the existing product portfolio
Sales of MSEK 1,850 in 2023
Accretive to EPS from the start
10
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Assa Abloy AB published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 06:47:06 UTC.