Full Year 2018 Schindler Holding AG Earnings Call Transcript
Ladies and gentlemen and welcome to today's full year results presentation. My name is Thomas Oetterli, I'm the CEO of the Schindler Group. I'm here together with Urs Scheidegger, our CFO, who will later guide us through the financial details and the outlook for 2019.
The year 2018 saw a continuation of the trends that had already emerged in previous years but challenges in the markets intensified. Alongside material costs and wage inflation, pricing pressure and the return of foreign exchange headwinds, we faced a competitive market environment.
Overall, 2018 was, again, a satisfying year for Schindler. I think it's fair to say that we well managed to adopt to changing market conditions and successfully continued our growth path, while at the same time, improving results.
Please let me start the presentation with a general overview of the market development and the megatrends, which are supporting long-term demand for elevators and escalators.
Urbanization and demographic changes are supporting demand. Urban population is
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