Q2 2024 Nibe Industrier AB Earnings Call Transcript
Key Points
- NIBE Industrier AB (NDRBF) has implemented an internal action program to improve efficiency and reduce costs, which is expected to show results in the second half of the year.
- The company has seen slight improvements in invoice sales and operating margins, indicating some positive trends.
- NIBE Industrier AB (NDRBF) is optimistic about the future, expecting gradual market improvement and a return to normal operating margins by 2025.
- The company has maintained a strong cash position with unappropriated liquid assets of SEK 4.6 billion.
- Positive signs are emerging from the automotive and semiconductor industries, which could benefit NIBE Industrier AB (NDRBF)'s elements segment.
- The heat pump industry has been significantly impacted by high inventory levels and low production, particularly in Germany.
- High interest rates and low new construction activity continue to pose challenges for the company's climate solutions segment.
- The stove business has experienced a significant drop in demand, leading to a loss in the second quarter.
- NIBE Industrier AB (NDRBF) has had to let go of many employees, which has been a tough but necessary decision.
- The company's working capital remains high, which is a concern for the CFO and indicates inefficiencies that need to be addressed.
Ladies and gentlemen, welcome to the NIBE second-quarter report. (Operator Instructions)
Please note, this call is being recorded. I would now like to hand the conference over to our speakers today, Eric Lindquist, CEO; Hans Backman, CFO. Thank you. Please go ahead.
Thank you. Good morning, everyone, out there. It's Eric speaking here, and Hans is here as well. Good morning to everyone. And we're going to have the usual order. I'll start with some comments regarding the report as such, and then Hans fills in, and then we open up for Q&As.
And we've noticed over the last conferences, there are so many questions, which we appreciate, of course, but there is some irritations sometimes that not everyone get a chance to put his or her questions. So we try to bring in a new order that two questions per delegate, so to say, if that's all right. Having said that, once again, welcome. And as you see in the headline, first half characterized by large
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