Gränges AB (publ) (GRNG) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to this interim result presentation for the full year result of Grenges for the year 2023. I'm here together with our VP of Communications, Investor Relations, Orlando Hyllén, and also with our CFO, Oskar Hellström. And Oskar and I will together take you through today's material, which has been distributed also on Grenges' homepage and is available there. So 2023 is a year that we're quite proud of, and it also ended in a good way. So we think that the fourth quarter is a very strong finish to what is in fact a record year. Some highlights from the fourth quarter itself. is that we had stable volumes, slightly down, in what must be characterized as a hesitant market. I'll get back to the regional split in a second. And we saw, according to the customer segments, we saw stable automotive demand, but an HVAC market that was characterized by destocking a return to a normal seasonality. And right now, of course, it's winter. in the Northern Hemisphere and therefore not so much HVAC sales. As we have now in the last, I suppose, eight quarters or so, we were able in the fourth quarter of 2023 to continue to offset cost increases with price improvements and productivity improvements. in a good way, which also then helped us post a very strong operating profit, which is up 61% to 245 million SEC over 153 in the fourth quarter of 2022. We also had in the quarter good sustainability performance and also many other good points, for instance, a good cash flow. And we will highlight all those points as we go through this call today. If we zoom out to the full year of 2023, you can see in this picture the development in the various segments. Market in automotive. And as we are the strongest or as the largest portion of our business i...