GN Store Nord A/S Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Julien Ouaddour - BNP Paribas Exane, Research Division - Analyst : I'm going to be quick. So the first one on Hearing. I'm just a little bit, I would be surprised by the guidance for Q1 2022. As we expect low-single-digit organic growth and also low-single-digit EBITA margin. It seems just a bit conservative given, let's say, easy comps and current mid-teens margin. So could you just give us a bit more color about the -- like the sequential decline expected for Q1 detail, please? And next one in Audio. So my understanding is that unlike previous years, you see now be willing to accelerate on bolt-on M&A, like you know Joe expand, let's say, proposition towards what you call nonoffice workers. Just could you let us know a bit more about it and how big M&A contribution could be going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 10, 2022 / 10:00AM, GN.CO - Q4 2021 GN Store Nord A/S Earnings Call

Question: Julien Ouaddour - BNP Paribas Exane, Research Division - Analyst : If I may, just a quick follow-up. I mean, I understand that you see some softness and you have new product launches, I mean, in Q1. But if we look back like in history, I mean, last time that you had mid-single-digit like EBITA margin was probably in Q1 2020. Early in Q1 2021, you were at 8%. So I mean I just don't get it why, let's say, EBITA margin will be so low eventually you have some, let's say, softening of the market. I think your peers say that, let's say, the market conditions are a bit improving since January. So just any color on it would be super helpful.