Assa Abloy Q4 2022 Financials - China Problems, Price Increases Analyzed

Published Feb 06, 2023 16:10 PM

**** ***** ********* **** *** *** said **** "**** ******" ******* **** organically *** *** ************, ****** ****** **** ** ***** ****** ********** from *** ** ***.

IPVM Image

**** ***** ******** ******* ** $*.** billion ** *** **** ******* ****** afternoon, * **% ****-**-**** ******. *******, half ** **** ****** **** **** exchange **** ****** ***** *% *** from ************. ***********, *** ******* ***** grew *********** ** *%, ***** ** a ***** ****** ***** *** ********** low ****** **** ** *** ****** and *** **** ***** ****.

*** *** ** ****, **** *****'* revenue ***** $** *******, ****** **** the ******* ****** ******* ************ ********. As * ***** ** **********, **** and *********'* ****** ******** *** ***** similar (****** *********'* ***** *** ************* in *** *** ***** **** *** less **** **% ** *** ***** in ****).

** *** ******** *******, ** ******* the ********* *** ****** **** *** financials:

  • ***** ******* ** ***** **** ****-****
  • **** ******* ** *****'* ***** *********** projects
  • ******* ***** / *************** / *** ******* *********
  • ***** ********
  • ***** **** ******
  • **** **** ****** ********
  • ****** ******* ****** ** ***** *******
  • ***** ******* ** ***** *******
  • ****** ***** ** *** ****** ************ sector
  • **** ***** ****** ** $**.* ******* (SEK *** *******)
  • ***** ****** ** **.*% *** ******* for ******

** ******** ***** *******'* ***** ******** ****, ****** *** ********* ************ **-**** ******* ************, ***** ** ********* ********** *** analysis *****.

Sales ******* ** ***** **** ****-****

**** **** ********** ** ***** **** the ****** ****** *** **% ***** decline ** **** *** **** *** more ********** *** ***** ***** ** opening ** **** ****-*****:

** **** ****** ***** *** ** further *** **** *** ****** ******* we *** **** ************* ** ******* on *** ******** *** **** **** business ***** **** *** ****** ********* turns. ** *** * ****** *** more ******** *** ******* *****-** ** clearly **** ****** ** ******* *****. They **** ******* ***** ****** ** a **** ********* ***.

**** **** ********* ***** ****** ** their *** ************:

** *** **% ** *** ****** or **** ** *** ****** ** home ******* **** *** ***** ** their ********* *** *****.

Turning **** *** *********

*******, *** ******* ******** **** **** are ******* **** **** *** ********* for **** **** **** **** *** be **** ** ***:

***** ******** ***** ***, ** *** bigger ******* *** ***** ** ********** for **** ** **** ** ******** residential, ***, ******* ** *** ******; but ***, **** ******* ** * conscious ******** **** **** **** ** those *********, ** ****decided *** ** ** ******** with anymore because at the end of the day, the aim of doing business is to get **** ****** ** *****. [emphasis added]

****** ******* ****** *** **** ** crisis******** **** ******** **** ************ *** defaults.

Backlog ***** *********

** *** ******** ****, ***** ****** mass ****** *** **** **** * year, **** ********* **** ** ** mostly **** ******* ******* *** *******:

**** ***** ****** ***** *** *** backlog ** *** ****'* *&* ******* when ***** ***** *** **** ****** the **** ******** *** ** *** backlog, **** *******:

** **** **** **** ** ******* reduce *** ******* ******* ** ******** Access ******* ******* ** *** *** the ***** ** *** *** ********** products, *** ** *** ******* **** that *******

**'* * *** ********* ** ********, but * ***** * ***** ******, SEK400 ******* (***.** *******) ** *** backlog **** ** *********. ** * would *** ****we *** ***-****** ** *****-****** **** ** *** *******. So there's still some backlog available now most probably in Q1. [emphasis added]

Court **** ******

**** ********* ******** **** **** ******** * *********** ** ******** *** HHI ****, **** ********** *** ******* trial ***** **** ******:

** ****** ** ***, ** *** still ********* *** *** ***** ****, which **** **** ***** ** ***** this ****.

**** ******* **** **** ********:*** ***** **** ******* **** ***** / **** ***********

Record **** *&*

*******, **** **** ********* ***** ****** high *********** ****** ** *** **** year:

***** ************ ****** ** *** *******. 21 ************ ********* *** *** **** year. ****'* **** * ******.

*** ***** ********** *** ****** ************:

IPVM Image

Price ********

**** **** ********* *** ********* ** raise ****** ** ******* *******:

*** **** **********,we **** *** ******** ** ******* ******** ******. I would say for everything that is not strong steel-related, we still we -- we'll be happy if we can keep the prices, like I mentioned in Q3.

*** *** ****, ** **** *** ambition ** ******* ******** ******. ** yes, *** ***** ****** **** **** should ** ****** **** **** *% carryover. *** **** ******? ***'* ***.Let's *** *** **** ***** ** *** ******* and where indexes and inflation goes now in the first quarters of this year. [emphasis added]

***** ****'* ********** *** ******* ****** rates, *** ******* ** ******** ****** will **** * ********** ****** ** its ******* *************.

Cash **** ****** ******* ** ******* *******

**** ***** ******** ****** **** ****, almost ****** ** * **** *** at $*** ******* (*** *.* *******). However, **** ** **** **** **** is ****** ** * ****** ** working ******* (** ***** *****), **'* unclear ** **** ** ** *********** in ************ ** **** * ********* shift.

IPVM Image

Strong ******* ****** ** ***** *******

**** ***** **** **'* ***** **** its **% ******* ****** ** ***** America:

* ********* **** ****** ***** ******* with ** ******* ****** ** **%, where ** ******** ** *** **** market ********** ** *** ********** ****, but * ***** *** **** ** the *********** ****.

**** ***** ** *** ****** **** they **** ****** ***** ** ****** and ** *********** *** *** * decline ** ** ***** *********** *** Electromechanical *********.

Sales ******* ** ***** *******

**** ***** *** * *% ***** decline ** ***** ******* ** *** last *******. **** ********* **** ** was ******* ***** *** ********** ****** growth ** *** ****** *** **'* difficult ** "******* **** ***** **** high **********." **** **** ********* ********* challenges ** ****** *** ****.

Strong ***** ** *** ****** ************ ******

*** ******* **** ** *** **** in *** ****** ************ ****** *** saw **** ***** ** *** ******:

****** ************, * **** **** *******, strong *** ** *** ****, ******* sales ** **% ***** * ***** say *** ******** ***** *** ** well *** *** ****** ********* **** contributing ** * ****** *** **** the ********* ** ******** ******

2026 ***** ******

**** ***** **** ** *** ****:

*** ****** ** ** ***** ****** billion ** **** ** *****. *** if *** **** ** *** **** year, * ***** **** ** **** done **** ******** ** ***** ** reach **** ******. *** **** **** ended ** ****** ****** *******.

** *******, ****'* * *.*% **** from **** ** ****, ***** **** $11.41 ******* (*** *** *******) ** $14.5 ******* (*** *** *******).

EBITA ****** ******

**** ***** **** ********* *** *** hoping *** **% **** ******* **** they *** ********:

* **** **** **** ** *** were ********, ****** ** **** ******* closer ** **%. * ***** *'** always **** ****, **** ** *** the ****, ****, **** ** *** realistic *** ****** ************. *'** ****** said **** ****** ************ ****** **** margins ***** *** **%, ** **** 17%, **% *****. ** ** ******** this ** * **** ***** ****.

**** ***** ********* *** ** ***** margin ** **.*%. ********* **** ******, they **** ****:

***** **** ** *** * **** EBIT ***********, *** **** *** **** helped ** **** ************ **** ** receivables *** **** *********, ***** **** of -- **** **** **** ** that ** *** * **** ****** cash ****.

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