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16 The Official Daily Tag 4 – Freitag 15 November 2024 Electronic Manufacturing Services ❚ From recordbreaking growth to future challenges “We strongly believe that size matters” GPV’s CEO Bo Lybaek and COO Thomas Kaiser reflect on the company’s impressive financial performance in 2023 driven by the integration of Enics and rising material costs They also provide insights into the current global market shifts the evolving role of regional production and GPV’s future strategies for navigating challenges in the electronics industry Markt Technik What factors contributed to GPV‘s record turnover in 2023? Bo Lybaek The main reason for the increased sales from DKK 5 9 billion in 2022 to DKK 10 4 billion in 2023 is that former Enics was included for the full year and not only Q4 as in 2022 Besides a positive activity level the increased sales was additionally impacted by higher material prices and PPVs which affected sales positively and margins negatively Also we began 2023 with an overdue order backlog situation in the former Enics sites caused by shortage of components and general high demand from customers post the coronavirus crisis What was GPV‘s operating result in 2023 and what was the percentage increase compared to the previous year? Lybaek The reported EBITDA for 2023 was DKK 743 million corresponding to a natural increase of 60% compared to 2022 where former Enics was only included in Q4 2022 Let‘s move on to 2024 What changes are there in GPV‘s organisation? Lybaek In June 2023 we launched a new combined organisation based on four design principles i e Clarity and Simplicity – Connect with customers – Local site accountability – Utilise global strength Our new organisational structure has shown to function even though there are probably still areas where we could simplify more and areas where we need to align more Our governance structure has been built around this new organisational setup How do you categorise the current material availability situation? Thomas Kaiser It has eased up and is in general normalised We however for some specific chips see continued long lead times In terms of cost we also see improvements for most categories The order backlog in the electronics industry has declined What is the current market situation for GPV? Lybaek The market is clearly rebalancing which principally is positive but of course it requires managing clearly Our customers are destocking the supply chain is as said normalised and the order horizon is close to being normalised All in all this has led to a softer market situation and we have had to adapt to this new normal When do you expect the market to pick up again? Lybaek We expected the second half of 2024 to show some recovery however now we expect a turning point for market demand to pickup during 2025 What regional differences have you noticed when comparing USA South America Asia and Europe? Kaiser We have clearly experienced a stronger USA market where Europe have been softer On our operational business units we have seen that the ones who experienced the rebalancing of the market first have started to recover slightly whereas the ones who have experienced the rebalancing later are still waiting for the recovery Experts complain that Europe cannot benefit from the AI boom but is very dependent on industry and the automotive industry How do you categorise this from the perspective of your customer base? Kaiser In Europe we still have a good industrial base the automotive industry is very important to some countries in Europe and of course they are challenged by the electrification We hope they will make the turn and when they have done that stand even stronger but it is challenging Regarding AI we see that Europe can benefit a lot however the previous EU commission had the opinion and focus that regulation could be the primary tool for guiding this development Coming from smaller countries – Denmark and Switzerland – we believe that we must embrace and test the new technologies like AI to a larger extend and take advantage of it instead of being afraid of it Which markets are currently doing well in your view and which less so? Lybaek Already in 2023 we saw that smart building products were declining and there we have started to see a slight recovery Our industrial segments are down and so is MedTech Regarding the Semicon related business we expect a faster start of a recovery Kaiser GPV is not in the CCC business nor directly involved in the Automotive business However GPV is well positioned in products around the car GPV sees an increasingly positive trend in both the BuildingTech and Semicon industries where as MedTech is still in a soft patch How is GPV reacting to the current shifts in the global electronics market? Lybaek As expected rising global interest rates and a rebalancing of the market have resulted in a lower activity level in the electronics industry At the same time market conditions have become far more complex due to the geopolitical developments Overall the US outof-China approach and the market effects following is having a significant impact on global trade We already now handle the regionalised globalisation tendencies Therefore the industry is currently in an adjustment phase which together with a continued outsourcing gives us some exciting new opportunities Mexico is currently considered one of the fastest growing markets How important is Mexico for GPV? Lybaek Much of the demand in the significant American market is moving towards Mexico Consequently GPV is doubling the production area there in 2024 with the final layout expected to be completed in the first half of 2025 The production capacity is not new but being relocated from regions with lower demand Some EMS say that the principle of “localforlocal” production is once Thomas Kaiser Coming from smaller countries – Denmark and Switzerland – we believe that we must embrace and test the new technologies like AI to a larger extend and take advantage of it instead of being afraid of it Bo Lybaek The market is clearly rebalancing which principally is positive but of course it requires managing clearly Our customers are destocking the supply chain is as said normalised and the order horizon is close to being normalised GPV is doubling the production area there in 2024 in Mexico Production insights Im ages G PV