Fourth quarter
- Net sales increased by 12% to
SEK 36,970 M (32,915), with positive organic growth of 0% (9) and acquired net growth of 11% (5). Exchange- rates affected sales by 1% (14). - Organic sales growth was strong in
Americas and good in Entrance Systems, while organic sales declined inAsia Pacific , EMEIA and Global Technologies. - Six acquisitions with combined annual sales of
SEK 900 M were signed. - Operating income1 (EBIT) increased by 11% and amounted to
SEK 5,722 M (5,152), with an operating margin of 15.5% (15.7). - The operating margin1 (EBIT) excluding the acquisition of HHI and divestment of the Emtek/
U.S. Smart Residential business was 16.8%. - Net income1 amounted to
SEK 3,969 M (3,729). - Earnings per share1 amounted to SEK 3.56 (3.36).
- Operating cash flow amounted to a record
SEK 7,315 M (6,588). - The Board of Directors proposes a dividend of
SEK 5.40 (4.80) per share for 2023, to be distributed in two equal installments.
Sales and income
|
Fourth quarter |
|
|
|
January-December |
|
|
|
2023 |
|
Δ |
|
2022 |
2023 |
Δ |
Sales, SEK M |
36,970 |
|
12 % |
|
120,793 |
140,716 |
16 % |
Of which: |
|
|
|
|
|
|
|
Organic growth |
133 |
|
0 % |
|
13,007 |
3,393 |
3 % |
Acquisitions and divestments |
3,572 |
|
11 % |
|
2,126 |
10,651 |
8 % |
Exchange-rate effects |
349 |
|
1 % |
|
10,653 |
5,879 |
5 % |
Operating income (EBIT) 1 , SEK M |
5,722 |
|
11 % |
|
18,532 |
22,185 |
20 % |
Operating margin (EBITA) 1 , % |
16.2 % |
|
|
|
15.9 % |
16.5 % |
|
Operating margin (EBIT) 1 , % |
15.5 % |
|
|
|
15.3 % |
15.8 % |
|
Income before tax 1 , SEK M |
4,879 |
|
2 % |
|
17,521 |
19,654 |
12 % |
Net income 1 , SEK M |
3,969 |
|
6 % |
|
13,296 |
15,049 |
13 % |
Operating cash flow, SEK M |
7,315 |
|
11 % |
|
15,808 |
25,232 |
60 % |
Earnings per share 1 , SEK |
3.56 |
|
6 % |
|
11.97 |
13.54 |
13 % |
|
|
|
|
|
|
|
|
1 Adjusted for items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects. |
Comments by the President and CEO
Strong result in a challenging market
"I am proud to report that 2023 was once again a successful year for
In the fourth quarter, and despite lower volumes, we delivered an operating margin, excluding the HHI transaction, of 16.8%, within our target range. This underlines the agility and resilience of our business model and good cost control with more than
Sales increased 12% with a positive organic growth of 0.4%, acquired net growth of 11% and currency effects of 1%.
The operating profit excluding items affecting comparability increased by 11% to
Priorities in 2024
Going into 2024, we will continue to execute on our strategy to accelerate our long-term profitable growth. A key activity is to lead the transition to electromechanical and digital products and solutions. While penetration rates are mostly low, we see a steadily growing demand for these solutions. During the year, electromechanical products and solutions were our fastest growing product group with an organic growth of above 10%. Another important priority for 2024 is the integration and realization of synergies in HHI.
We completed six acquisitions in the fourth quarter. This means that 24 acquisitions were completed in 2023, adding sales of approximately
The macroeconomic environment continues to be uncertain. We therefore remain dedicated to mitigating any impact from potentially negative changes in demand, through local agility and focus on cost-control. To further optimize our operational footprint, we have also started to work on our next manufacturing footprint program, with a launch target towards the end of 2024.
Lastly, I would like to thank you for your continued trust and look forward to another exciting year with great opportunities for
President and CEO
Further information can be obtained from:
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
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
The following files are available for download:
The full report (PDF) |
|
https://news.cision.com/assa-abloy/i/assa-abloy-logo-door,c3264637 |
|
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