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Assa Abloy Quarterly Report Q2 2024

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STOCKHOLM, July 17, 2024 /PRNewswire/ — 

Strong performance

Second quarter

Net sales increased by 10% to SEK 37,968 M (34,474), with organic growth of –1% (3) and acquired net growth of 11% (6). Exchange- rates affected sales by 0% (8).Organic sales growth was good in Americas and EMEIA, stable in Entrance Systems, but declined in Asia Pacific and Global Technologies.Eight acquisitions with combined annual sales of about SEK 1,000 M were completed in the quarter.Operating income1 (EBIT) increased by 11% and amounted to SEK 6,085 M (5,500), with an operating margin of 16.0% (16.0).Net income1 amounted to SEK 3,927 M (3,731).Earnings per share1 amounted to SEK 3.54 (3.36).Operating cash flow amounted to SEK 5,604 M (6,671).

Sales and income 

Second quarter

First half-year

2023

2024

Δ

2023

2024

Δ

Sales, SEK M

34,474

37,968

10 %

66,865

73,168

9 %

Of which:

Organic growth

897

–349

–1%

3,115

–1,111

–2 %

Acquisitions and divestments

2,002

3,925

11 %

3,346

7,532

11 %

Exchange-rate effects

2,109

–83

0 %

4,346

–118

0 %

Operating income (EBIT)1, SEK M

5,500

6,085

11 %

10,686

11,512

8 %

Operating margin (EBITA)1, %

16.6 %

16.9 %

16.6 %

16.6 %

Operating margin (EBIT)1, %

16.0 %

16.0 %

16.0 %

15.7 %

Income before tax1, SEK M

5,054

5,236

4 %

9,898

9,852

0 %

Net income1, SEK M

3,731

3,927

5 %

7,423

7,389

0 %

Operating cash flow, SEK M

6,671

5,604

–16%

10,741

8,701

 –19%                  

Earnings per share1, SEK

3.36

3.54

5 %

6.68

6.65

0 %

1 Excluding items affecting comparability. Please see the “Items affecting comparability” section 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 performance
Today we announce strong results in a challenging market environment. Our sales grew 10%, driven by very strong acquired net growth of 11%, while organic sales declined 1% and the operating margin was strong at 16.0%. The continued solid non-residential development in the US contributed to good organic sales growth of 3% in the Americas division while EMEIA’s organic sales grew 1%. In Entrance Systems, organic sales were flat, where much lower demand for loading docks in the US were offset by strong growth in Pedestrian. Organic sales in Asia Pacific and Global Technologies declined by 5% and 7% respectively. The decline in Asia Pacific was mainly because of continued low construction activity in China, while high comparable sales figures last year due to the backlog catchup in Physical Access Control remained a challenge for Global Technologies.

The operating profit increased by 11% to SEK 6,085 M, corresponding to an operating margin of 16.0%. Strong operational execution through implementation of cost actions of about SEK 300 M, continued strong price realization, lower direct material costs and HHI contributed to the strong bottom line performance. The operating cash flow was excellent in the quarter, SEK 5,604 M, with a cash conversion of 107%.

Acquired growth is a key pillar for our growth strategy
To deliver on our 10% annual growth target we work with strategic activities shared across our divisions. One of these activities is to continue our acquisition journey. This has been a vital part of our strategy since the foundation, and it is further underscored by the strong growth in the first half of 2024. After a record of 24 acquisitions in 2023, we have closed another 11 acquisitions in the first six months of 2024. Given our robust pipeline and strong financial performance, we can continue our successful acquisition strategy. We are also convinced that the combination of our well-structured M&A process, our local knowledge and clear-cut investment criteria, provide a solid base for continued synergy realization while also enabling accelerated organic growth over time.

This report marks the one-year anniversary of ASSA ABLOY becoming the proud owner of HHI. Since the consolidation last year, I’ve had the opportunity to visit most of HHI’s facilities and factories. This has left me with a very good impression of the operations, the HHI team and all the opportunities going forward. The integration of HHI continues according to plan and we are even more confident than a year ago that we will be able to realize USD 100 M in synergies. It is also encouraging that HHI, on a standalone basis in the quarter, delivered a high-single digit sales growth with a sequentially improved operating margin. We are confident that this positive trend will continue.

We can look back on a strong financial performance in the first half of 2024 and I am convinced that the Group is in an excellent position to continue to lead the industry and generate significant value for all our stakeholders.
 
Stockholm, July 17, 2024

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 09.00 on July 17, 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on July 17, 2024.

This information was brought to you by Cision http://news.cision.com

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NAVEE Launches ST3 Pro and GT3 Pro at CES 2025, Receives UL and TÜV Rheinland Certifications

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — NAVEE, a global leader in intelligent short-distance mobility, today announced the North American launch of its flagship electric scooters, ST3 Pro and GT3 Pro, at CES 2025. The event, running from January 7 to January 10, also marks the company’s achievement of two prestigious awards that validate its leadership in smart mobility.

UL verification: Micromobility Performance Range, Energy Consumption and Acceleration

During CES, UL awarded the ST3 Pro-U and GT3 Pro-U with the “Micromobility Performance Range/Energy Consumption/Acceleration” verification. This recognition validates NAVEE’s engineering excellence, with both scooters exceeding rigorous standards for range, energy efficiency, and acceleration. Bryan Bai, NAVEE’s Vice President and Head of North American Sales, and Sherry He, vice president and general manager of Consumer, Medical and Information Technologies at UL Solutions, presided over the award ceremony.

TÜV Rheinland Certification: Range at Max. Speed

Simultaneously, TÜV Rheinland granted the ST3 Pro its “Range at Max. Speed” certification, verifying that the scooter delivers on its promised maximum speed range capabilities. Jay Yang, Vice President of Greater China Electrical at TÜV Rheinland, presented the certification to NAVEE, underscoring the scooter’s exceptional performance standards.

“These launches at CES 2025 represent a significant milestone in our mission to advance smart mobility technology for consumers worldwide,” said Lu Jian, Brand Representative of NAVEE. “The UL verification and TÜV Rheinland certification demonstrate our unwavering commitment to excellence and validate the real-world performance our customers can expect.”

ST3 Pro and GT3 Pro: Redefining Smart Mobility

The ST3 Pro and GT3 Pro represent the next evolution in urban transportation. Engineered for the demands of modern city commuting, these premium electric scooters combine exceptional range and acceleration with sophisticated smart features. The prestigious UL verification and TÜV Rheinland certification affirm NAVEE’s position as an industry pioneer in electric mobility innovation.

About NAVEE

Founded in 2021, NAVEE has quickly emerged as a leader in the global electric mobility market. With a presence in over 30 countries and more than 200,000 users, NAVEE is revolutionizing urban commuting with stylish, reliable electric scooters. The company continues to invest heavily in research and development, ensuring it remains at the forefront of innovation in the electric mobility sector.

For more information, visit: NAVEE Official Website https://www.naveetech.com/

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SOURCE NAVEE

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Fintech nsave launches investment platform, offering people from distressed economies protection from inflation with compliant and safe investments abroad

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nsave offers trusted dollar, sterling or euro accounts abroad to people from high inflation countries.Customers can now access a range of US equities, ETFs and funds.TQ Ventures leads $18mn financing, with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton.

LONDON and GENEVA, Jan. 10, 2025 /PRNewswire/ — nsave, the provider of trusted, compliant accounts abroad to people from countries with high inflation, has today announced the launch of an investment product, enabling people at risk of financial exclusion to protect and grow their wealth.

The company also confirmed an $18mn Series A investment led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation, to accelerate their growth.

Today’s means customers can access US equities, ETFs and soon funds managed by some of the world’s largest asset managlaunchers via the nsave app, subject to onboarding and compliance checks.

By working with regulated financial institutions and banking partners in the UK and Switzerland, nsave offers safe and compliant accounts abroad, democratising offshore services to millions of people affected by high inflation or economic uncertainty in their home countries.

nsave’s customers include young professionals who move abroad and face exclusionary and outdated compliance processes due to their country of birth, alongside people from high inflation economies, who fear their life savings will be wiped out.

Based in London and Geneva, nsave is led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.

nsave CEO Amer Baroudi said: “Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too.”

“For some of our customers, this is the first time they can access trusted investment services securely. We believe your passport shouldn’t determine your path to prosperity. Our compliance-by-design approach enables us to offer services safely to many more people.” 

TQ Ventures co-founder and co-managing partner, Schuster Tanger, said: “nsave is tapping into a massive market of individuals underserved by existing financial services who need secure, stable financial solutions.”

“From the outset, I was impressed by nsave’s unique approach and the strength of their team, no doubt a function of Amer and Abdallah’s own lived experience of these challenges. We’re thrilled to roll up our sleeves with nsave to create a more inclusive financial system.”

Contact:
press@nsave.com

 

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Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024

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HANOI, Vietnam, Jan. 10, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to share the findings from its second edition of the KuCoin Campus Survey, conducted during the Vietnam Technology & Investment Summit (VTIS) 2024. With 926 participants surveyed from December 3rd to December 4th, 2024, the results underscore the vibrant interest in blockchain technologies among Vietnam’s youth, reinforcing KuCoin’s commitment to nurturing this vital market.

The survey, a key initiative under KuCoin Campus, highlights a strong, positive sentiment towards cryptocurrencies, with 92% of participants optimistic about the future of digital assets. Remarkably, 82% of respondents are considering blockchain-related careers, signaling a burgeoning talent pool eager for development and opportunities within the industry.

Vietnam’s strategic importance to both KuCoin and the broader crypto community is evident as 68% of participants expressed a “very high interest” in blockchain, making it a critical hub for crypto innovations and community engagement. Additionally, 73% of respondents currently hold cryptocurrencies, demonstrating a mature market ready for further expansion and adoption.

The survey also uncovered a significant inclination towards diverse blockchain roles, with data analysis (24%), marketing (22%), and business development (21%) being the most coveted. These insights are invaluable as they highlight the areas of highest potential and interest among the future workforce.

Vietnam has been and will continue to be a key market for us,” said Alicia Kao, the Managing Director of KuCoin. “As the People’s Exchange, we are committed to empowering and equipping this new generation with the tools they need to succeed in the evolving digital landscape.”

View the full report here (EN version, VN Version), or visit KuCoin’s official website for further information.

About KuCoin

Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.

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