Q2 2024 Investment AB Latour Earnings Call Transcript
Key Points
- Investment AB Latour (FRA:18LB) achieved a 5% organic growth in order intake despite a weak business climate.
- The company's total return for the year so far is 11.3%, outperforming the SIXRX index at 11.1%.
- Strong cost control and gross margin resulted in a robust operating margin of 14.4%.
- Investment AB Latour (FRA:18LB) completed several strategic acquisitions, adding SEK2.4 billion in acquired growth.
- The company maintains a conservative net debt level, providing headroom for further acquisitions.
- Net sales decreased by 1% organically compared to the previous year.
- Exposure to the construction and real estate markets has negatively impacted some business areas.
- Caljan's order intake and net sales are significantly lower than the previous year due to conservative capital expenditures by customers.
- Hultafors Group experienced a slight decline in net sales, particularly in the European market.
- Innovalift's order intake was hampered by a weak construction market and lower demand in China.
Good morning, and welcome to the presentation of Investment AB Latour's interim report for the second quarter 2024.
(Operator Instructions) And I will now hand over to our CEO, Johan Hjertonsson; and CFO, Anders Mörck.
Thank you, Katarina. I'm here together with Anders Mörck, as said, our CFO. Welcome to the Q2 quarterly presentation.
As we start with the first slide, Katarina, and the overall group structure is unchanged compared to last time we spoke. We had a good second quarter, despite the weak business climate. Order intake is growing again organically. We actually had plus 5% organic growth in the quarter, which I think is quite strong given the economic business climate we are in, whilst net sales were slightly below last year's high volumes with a slightly lower result, as a consequence.
The general demand is still quite good in many markets that we operate on. But it varies between regions and industries. Weaker demand for businesses
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