Blockchain Press Releases
ASSA ABLOY Quarterly Report Q2 2023
Strong performance in the second quarter
STOCKHOLM, July 19, 2023 /PRNewswire/ —
Second quarter
- Net sales increased by 17% to SEK 34,474 M (29,466), with organic growth of 3% (13) and acquired net growth of 6% (0). Exchange-rates affected sales by 8% (12).
- Very strong organic sales growth in Global Technologies, good growth in the Americas, stable in Entrance Systems, while organic sales declined in Asia Pacific and EMEIA.
- The acquisition of Spectrum Brands’ Hardware and Home improvement division (HHI) was completed in June.
- The divestment of Emtek and Smart Residential business in the U.S. and Canada to Fortune Brands was completed in June. The divestment gain, including exit costs, totaled SEK 3,661 M for the quarter.
- Impairment of goodwill and other intangible assets in Global Technologies led to one-off costs of SEK 2,268 M before taxes.
- Operating income1 (EBIT) increased by 25% and amounted to SEK 5,500 M (4,406), with an operating margin of 16.0% (15.0).
- The operating margin1 (EBIT) excluding the acquisition of HHI and divestment of the Emtek/U.S. Smart Residential was 16.7%.
- Net income1 amounted to SEK 3,731 M (3,156).
- Earnings per share1 amounted to SEK 3.36 (2.84).
- Operating cash flow amounted to SEK 6,671 M (3,787).
Sales and income
|
Second quarter |
First half-year  |
|||||
|
2022 |
2023 |
Δ |
2022 |
2023 |
Δ |
|
|
Sales, SEK M |
29,466 |
34,474 |
17 % |
56,057 |
66,865 |
19 % |
|
Of which: |
||||||
|
Organic growth |
3,324 |
897 |
3 % |
6,610 |
3,115 |
5 % |
|
Acquisitions and divestments |
–16 |
2,002 |
6 % |
–68 |
3,346 |
6 % |
|
Exchange-rate effects |
2,510 |
2,109 |
8 % |
4,061 |
4,346 |
8 % |
|
Operating income (EBIT)1, SEK M |
4,406 |
5,500 |
25 % |
8,407 |
10,686 |
27 % |
|
Operating margin (EBITA) 1, % |
15.5 % |
16.6 % |
15.5 % |
16.6 % |
||
|
Operating margin (EBIT)1, % |
15.0 % |
16.0 % |
15.0 % |
16.0 % |
||
|
Income before tax1, SEK M |
4,208 |
5,054 |
20 % |
8,019 |
9,898 |
23 % |
|
Net income1, SEK M |
3,156 |
3,731 |
18 % |
6,015 |
7,423 |
23 % |
|
Operating cash flow, SEK M |
3,787 |
6,671 |
76 % |
4,699 |
10,741 |
129 % |
|
Earnings per share1, SEK |
2.84 |
3.36 |
18 % |
5.41 |
6.68 |
23 % |
|
1 Adjusted for items affecting comparability. |
||||||
Comments by the President and CEO
Strong performance in the second quarter
Following a very strong start to the year, I am pleased to report continued good sales growth with very strong operating margin improvement in the second quarter despite a weak residential market. Our sales grew organically by 3%, acquired net growth was 6% and currency contributed 8%.
Global Technologies delivered very strong organic sales growth of 20% as we further reduced our order backlog in Physical Access Control and saw very strong growth in Hospitality. Activity levels in the Americas were high and we report good sales growth of 4%. Sales in Entrance Systems were flat despite high comparable and lower residential demand. Asia Pacific sales declined 2% due to lower internal sales and low residential business. Sales in EMEIA declined by 5% due to very low activity levels in residential new construction.
Our quarterly operating profit, excluding items affecting comparability, increased strongly by 25%. The corresponding operating margin, also excluding the acquisition of HHI and divestment of the Emtek/U.S. Smart Residential, was 16.7%. The operating leverage was very strong at 75%, driven by lower direct material costs, operational efficiencies, and pricing. The operating cash flow improved strongly by 76% to a record SEK 6,671 M.
Further cost measures
In light of the lower residential construction levels, we have diligently implemented short term cost measures to protect our profitability. During 2023, we expect to realize around SEK 0.9 bn in short-term cost reductions on top of the manufacturing footprint program. We have also accelerated our MFP-program and now expect SEK 0.8 bn in savings this year. Our decentralized organization and structural agility will enable us to optimize efficiency and ensure financial stability.
Even if there is a short-term deceleration in the market, we are confident that the long-term growth drivers for access control remain. This includes the transition to electromechanical products, whose sales after currency adjustment grew by 16% in the quarter. We are therefore continuing to invest in R&D. It is the enabler for growth and creates new opportunities. Our dedication to innovation will continue to allow us to stay ahead and respond effectively to the evolving and growing overall market.
We are happy to welcome HHI to the Group
After reaching a settlement with the Department of Justice in the U.S., we are happy to welcome HHI into the Group. HHI is an excellent addition to ASSA ABLOY, complementing our existing business in a strong way. The integration process has initiated and I’m excited to start to realize the synergies of USD 100 M into our results.
We would also like to extend our appreciation to the Emtek and Smart Residential teams in the U.S./Canada that were divested in connection with the HHI acquisition.
Execution of our overall acquisition strategy will continue with an active pipeline.
Thank you for your continued trust in ASSA ABLOY.
Stockholm, July 19, 2023
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: [email protected]
ASSA ABLOY is holding a telephone and web conference at 09.30 on July 19, 2023 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 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 19, 2023.
The following files are available for download:
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The full report (PDF) |
|
|
https://news.cision.com/assa-abloy/i/assa-abloy-logo-door,c3200825 |
ASSA ABLOY logo door |
View original content:https://www.prnewswire.co.uk/news-releases/assa-abloy-quarterly-report-q2-2023-301880579.html
Blockchain Press Releases
KuCoin Launches KuCoin Pay, a Merchant Solution Leading the Future of Crypto Payments
VICTORIA, Seychelles, Jan. 2, 2025 /PRNewswire/ — In a significant leap forward for digital commerce, KuCoin has unveiled KuCoin Pay, a pioneering merchant solution designed to catalyze business growth by integrating crypto payments into the retail sector. This innovative system bridges the gap between traditional retail and crypto, offering contactless and borderless transactions. Leveraging KuCoin’s robust infrastructure—trusted globally and serving over 37 million+ users – KuCoin Pay is poised to open new opportunities for merchants and users to thrive in the evolving digital economy.
KuCoin Pay is committed to reducing transaction fees and facilitating immediate settlement of crypto payments, simplifying the process for businesses to manage transactions efficiently. The platform supports an extensive range of cryptocurrencies and blockchain networks, significantly broadening the global reach of payments.
The process for merchants is straightforward: integrate KuCoin Pay into their payment systems, allowing customers to complete purchases through KuCoin by scanning a QR code or via the KuCoin app. This integration ensures a frictionless checkout experience, fostering greater consumer confidence and satisfaction.
Additionally, KuCoin Pay is integrated within the KuCoin app, enabling businesses to tap into KuCoin’s extensive user base while simplifying the buying process for everyday items for users. Daily requests such as gift cards and mobile top-ups can be done seamlessly, further promoting widespread crypto adoption.
KuCoin Pay represents a major milestone in driving the mainstream adoption of crypto and marks a pivotal step in KuCoin’s ongoing commitment to enriching the blockchain ecosystem. For more information on KuCoin Pay and how it can transform your business, please visit the KuCoin Pay website.
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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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-launches-kucoin-pay-a-merchant-solution-leading-the-future-of-crypto-payments-302341049.html
Blockchain Press Releases
KuCoin Advances the “Menstrual Equity Project”, Benefiting 4,000 Women in the Bahamas
NASSAU, Bahamas, Jan. 2, 2025 /PRNewswire/ — On December 31, 2024, the “Menstrual Equity Project” , jointly initiated by KuCoin, Global CSR Foundation, and the American Medical Women’s Association (AMWA), has made new progress. The second batch of aid supplies has been successfully shipped to the Bahamas, providing urgently needed sanitary products for 4,000 local women and effectively improving their quality of life.
The “Menstrual Equity Project” aims to offer sustainable menstrual hygiene solutions to marginalized women and girls, aligning with the United Nations’ Sustainable Development Goals (SDGs). As the oldest multi-specialty medical organization promoting women’s advancement in the medical field and improving women’s health, AMWA’s mission is in perfect alignment with KuCoin’s commitment to social responsibility.
With the support of the Office of the First Lady of Commonwealth of Bahamas H. E. Ann Marie Davis, this round of donated materials focuses on disposable menstrual pads. This decision reflects the local challenges of water scarcity and high washing costs, while also providing essential emergency supplies for women during natural disasters such as hurricanes and typhoons.
Since KuCoin made a firm commitment to social welfare initiatives during the “KuCoin Green Future Gala” at the 28th United Nations Climate Change Conference (COP28) in 2023, the company has actively fulfilled its corporate social responsibilities. The “Menstrual Equity Project” has become a key initiative under this commitment.
In March 2024, the project’s first phase was implemented, distributing 1,000 menstrual kits—each containing 10 sanitary pads and 2 menstrual cups—to Suriname, St. Jude Children’s Research Hospital, and domestic violence shelters in New York and California.
The smooth delivery of the second batch of supplies to the Bahamas will benefit 4,000 women.
Jing Zhao Cesarone，President of Global CSR Foundation, commented:”KuCoin has set a remarkable example in addressing period poverty in underserved regions, demonstrating its enthusiasm and dedication to social responsibility.”
Nancy Cheung, KuCoin’s Chief Sustainability Officer (CSO), emphasized:”As a global leader in the digital economy, KuCoin is committed to advancing the UN’s Sustainable Development Goals (SDGs). Looking ahead, we will continue to focus on key areas such as climate change, health, and education, driving more philanthropic initiatives to fruition. We also plan to expand the scope of the ‘Menstrual Equity Project,’ collaborating with more international organizations to improve women’s living conditions and contribute to global sustainable development.”
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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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-advances-the-menstrual-equity-project-benefiting-4-000-women-in-the-bahamas-302341084.html
Blockchain Press Releases
Bybit Launchpad Onboards Xterio, Opening up Opportunities in Blockchain Gaming for Users
DUBAI, UAE, Dec. 31, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce the next major Launchpad project, Xterio token (XTER), with 7,500,000 XTER in rewards for early subscribers. Bybit users now have the opportunity to delve into the GameFi economy and earn rewards through two stages: by subscribing to the token on Bybit Launchpad by Jan. 7, and by completing simple tasks to unlock additional prize pools following XTER’s Spot listing on Jan. 8.
Xterio is an AI-powered blockchain gaming platform built on the Layer 2 OP Superchain ecosystem. Xterio’s innovative approach to combining gaming and rewards has attracted high-caliber investors and developers. The project has raised over $80 million in funding and boasts strong backing from Binance Labs, Makers Fund, DST Global, and over 70 partners.
XTER Subscription – How to Participate:
During the subscription period, users have two options to share in the 7,500,000 XTER rewards:
- Subscribing to Buy XTER with MNT for a chance to win from the total pool of 3,750,000 XTER (with an individual cap of 7,500 XTER).
- Joining the lottery with USDT to win XTER allocation from another 3,750,000 XTER prize pool (with an individual cap of 4 lottery tickets per users).
To participate, eligible users must maintain a daily average balance of 50 MNT or 100 USDT during the Snapshot Period from Jan. 3 to 7, 2025. The required amount must be committed during the Subscription Period from 3:30 AM UTC to 8:50 AM UTC on Jan. 8, and tokens will be allocated by 9:59 AM UTC on the same day.
XTER Spot Listing – More Rewards Head
From Jan. 7 to 22, 2025, Bybit users can also unlock two additional XTER prize pools by completing simple tasks:
- Users may register for the XTER Token Splash and complete deposit and trading tasks for a chance to earn from a 300,000 XTER prize pool; and
- The XTER Puzzle Hunt allows participants to collect puzzle pieces to unlock another 300,000 XTER prize pool.
Xterio on Bybit Web3: A Rising Star in Blockchain Gaming
Xterio also provides a robust and vibrant ecosystem through its strategic partnerships. Recently featured on Bybit Web3’s GameFi SNZ, Xterio ranked 4th among a formidable list of contenders, where its supporters shared a 38,000 XTER prize pool on Bybit.
By subscribing to and trading the native XTER token, Bybit users have the chance to get ahead in the rapidly growing blockchain gaming sector.
“We are excited to bring Xterio to Bybit Launchpad, offering our users a unique opportunity to get in early on the future of blockchain and AI gaming,” said Emily Bao, Head of Web3 and Spot at Bybit.
Bybit Launchpad offers a transparent platform allowing users to participate in high-potential blockchain projects at attractive prices in the early stages. Curated by blockchain experts, Launchpad projects often gain strong community support before landing on Bybit Spot, where users benefit from the platform’s robust infrastructure, safe trading environment, and deep liquidity.
For a detailed timeline on Bybit Launchpad and Bybit Spot, (terms and conditions apply), users may find out more from the announcement – Xterio (XTER) on Bybit Launchpad 3.0: Now Live, and visit Bybit Launchpad.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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