Half Year 2024 Hella GmbH & Co KgaA Earnings Call Transcript
Key Points
- Sales in the first half reached EUR4.1 billion, marking a growth of 1.6%.
- Lighting segment grew by 3.3%, with a positive effect of EUR114 million from the full consolidation of the HBBL joint venture in China.
- Operating income improved by 1.4% to EUR248 million, with an operating margin increase of 0.1% to 6.2%.
- Net cash flow improved significantly in the second quarter, reaching EUR86 million in the first half.
- Strong order intake momentum in both lighting and electronics, with significant project wins in Asia and the Americas.
- Electronics segment saw a slight decline of 1%, impacted by delays in radar and electric power steering SOPs.
- Lifecycle segment was down 2.7%, affected by lower demand in agriculture and construction sectors.
- Negative FX effects impacted overall sales growth, with reported sales growing only 0.9%.
- Restructuring at the Lippstadt site will result in the reduction of around 420 permanent jobs and over 200 temporary workers.
- Inflation recovery in H1 was only around 80%, with full recovery still targeted for H2.
Yes, good morning. This is Bernard Schaferbarthold speaking. Very warm welcome from Philippe and myself, warm welcome to our results call for the first half of our fiscal year 2024. And we have the following agenda today.
Firstly, I will talk about the achievements in the first half, then Philippe will take over to go through the financial results and then I will detail out the further progress of our competitiveness program, and we'll finish with the outlook and the key takeaways.
Coming to the achievements our sales in the first half were at EUR4.1 billion, this is a growth of 1.6%. Our reported sales were growing 0.9%. We had a negative FX effect, if we look at the different segments, lighting was growing at 3.3%, taking into account the full consolidation of our joint venture, HBBL in China. This had a positive effect of EUR114 million on our sales in China.
Electronics were slightly down 1% considering a negative FX effect without that FX effect, a slight decline of 0.3%. And overall and
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