Assa Abloy Quarterly Report Q1 2024
- 9% increase in net sales to SEK 35,200 M in Q1 2024
- Organic growth of -2% and acquired net growth of 11%
- Stable growth in Entrance Systems but declines in Americas, Asia Pacific, EMEIA, and Global Technologies
- Three acquisitions with combined annual sales
- None.
Strong execution in a challenging market
First quarter
- Net sales increased by
9% toSEK 35,200 M (32,391), with organic growth of –2% (8) and acquired net growth of11% (5). Exchange- rates affected sales by0% (9). - Organic sales growth was stable in Entrance Systems, but declined in
Americas ,Asia Pacific , EMEIA and in Global Technologies. - Three acquisitions with combined annual sales of about
SEK 2,000 M were completed in the quarter. The divestment of PACA inFrance was finalized. - Operating income1 (EBIT) increased by
5% and amounted toSEK 5,427 M (5,186), with an operating margin of15.4% (16.0). - The operating margin1 (EBIT) excluding the acquisition of HHI and divestment of the Emtek/
U.S. Smart Residential business was16.3% . - Net income1 amounted to
SEK 3,462 M (3,692). - Earnings per share1 amounted to SEK 3.12 (3.32).
- Operating cash flow amounted to
SEK 3,096 M (4,069).
Sales and income
Full year | First quarter | |||||||
2022 | 2023 | Δ | 2023 | 2024 | Δ | |||
Sales, SEK M | 120,793 | 140,716 | 16 % | 32,391 | 35,200 | 9 % | ||
Of which: | ||||||||
Organic growth | 13,007 | 3,393 | 3 % | 2,218 | –762 | – | ||
Acquisitions and divestments | 2,126 | 10,651 | 8 % | 1,344 | 3,607 | 11 % | ||
Exchange-rate effects | 10,653 | 5,879 | 5 % | 2,237 | –35 | 0 % | ||
Operating income (EBIT)1, SEK M | 18,532 | 22,185 | 20 % | 5,186 | 5,427 | 5 % | ||
Operating margin (EBITA)1, % | 15.9 % | 16.5 % | 16.6 % | 16.3 % | ||||
Operating margin (EBIT)1, % | 15.3 % | 15.8 % | 16.0 % | 15.4 % | ||||
Income before tax1, SEK M | 17,521 | 19,654 | 12 % | 4,843 | 4,616 | – | ||
Net income1, SEK M | 13,296 | 15,049 | 13 % | 3,692 | 3,462 | – | ||
Operating cash flow, SEK M | 15,808 | 25,232 | 60 % | 4,069 | 3,096 | – | ||
Earnings per share1, SEK | 11.97 | 13.54 | 13 % | 3.32 | 3.12 | – | ||
1 Excluding items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com. |
Comments by the President and CEO
Strong execution in a challenging market
The year took off with strong sales growth of
The operating profit excluding items affecting comparability increased by
Security is a strong underlying driver for long-term growth
The demand for safe and secure access solutions is constantly increasing as a result of rising security threats, public safety concerns, regulatory requirements and a changing work environment. This also accelerates the demand for electromechanical products and solutions. They offer a high level of security thanks to advanced authentication methods, our unique encryption technologies, the enablement of remote monitoring & control as well as by providing audit trails and access logs. Electromechanical solutions also offer opportunities for efficiency gains and a higher level of convenience and flexibility for our customers. With prevailing penetration rates still low, the shift to more electromechanical solutions continues to be a long-term driver of profitable growth. During the quarter, our electromechanical organic sales growth was
We acquired three companies in the first quarter, representing annualized sales of
We are committed to delivering value to our customers and shareholders and are confident that we will be able to adapt to and perform in any market condition.
Thank you for your continued support and trust in ASSA ABLOY.
Nico Delvaux
President and CEO
Further information can be obtained from:
Nico Delvaux,
President and CEO, tel. no: +46 8 506 485 82
Erik Pieder,
Executive Vice President and CFO, tel.no: +46 8 506 485 72
Björn Tibell,
Head of Investor Relations, tel. no: +46 70 275 67 68,
e-mail: bjorn.tibell@assaabloy.com
ASSA ABLOY is holding a telephone and web conference at 09.30 on April 24, 2024 which can be followed online at assaabloy.com/investors.
It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613
This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on April 24, 2024.
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SOURCE ASSA ABLOY
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