mikael stöhr, president and ceo olof stålnacke, cfo and ir … · olof stålnacke, cfo and ir...
TRANSCRIPT
Introduction to Coor
August, 2018
Mikael Stöhr, President and CEOOlof Stålnacke, CFO and IR Director
55%
24%
14%
7%
Sweden Norway
Denmark Finland
65%
35%
IFM Single services
Coor is the Nordic market leader in IFM
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• No.1 in Nordic IFM (Integrated Facility Management)
• Tailored customer proposition -
• Soft FM, hard FM and strategic advisory services
• Both self-delivery and subcontracting
Note: All figures are Q2 2018 LTM
8.5 8 556 482bnSEK Net sales MSEK EBITA FTEs
TURNOVER PROFIT EMPLOYEES
TURNOVER BY COUNTRY
TURNOVER BY CONTRACT TYPE
8.5TOTAL
bnSEK
8.5TOTAL
bnSEK
Value adding strategic advisory and the broadest service offering in the Nordics
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WORKPLACE SERVICES
STRATEGIC ADVISORY SERVICES
PROPERTY SERVICES
~60% ~40%
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Coor has 20 years in the Nordic FM market
Selected
customers
1998
2001
2002
2004
Gävleborg
County
Council
Expansion
to Denmark
Expansion
to Finland
Expansion
to Norway
Start-up
in Sweden
2018
The strength of IFM –
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Coor SmartMeetings™
Coor SmartMove™
Coor SmartArchive™
Coor SmartID™
Coor SmartDisplays™
Coor SmartUtilization™
Coor SmartFlow™
Coor SmartResponse™
Coor SmartDrone™
Coor’s customer value creation becomes shareholder value
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Market
leadership
High cash
generation
Clear strategic
direction
▪ No 1 in Nordic IFM
▪ Strong underlying market growth
▪ Unique position in Nordics
▪ ~100% cash conversion on average
2012-2017
▪ Negative working capital
▪ Solid base for high dividends going forward
▪ Grow in Nordics
▪ Grow in IFM and FM
▪ Decentralized business model
4-5%Organic net sales growth
over a business cycle
~5.5%Adjusted EBITA margin
<3.0xNet debt / Adjusted EBITDA LTM
~50% of profit after tax and before amortisation
and impairment of customer contracts over
a business cycle
>90% (Adj EBITDA – CAPEX
– ΔWC) / Adj EBITDA
… will lead us to delivering on the targets
Dividend policy
Capital structure
Cash conversion
EBITA-Margin
Organic growth
Strong organic growth supplemented by acquisitions
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KEY TARGETS
Organic
Growth
EBITA-
Margin
Cash
Conversion
Leverage
11% 3% 9%4-5%
Organic net sales growth
over a business cycle
Q2 2018 Q2 2017 LTM MID-LONG TERM
5.8% 6.1% 5.7% ~5.5%Adjusted EBITA margin
69% 98% 69% >90%
(Adj EBITDA – CAPEX
– ΔWC) / Adj EBITDA
2.7x 1.8x 2.7x <3.0xNet debt / Adjusted EBITDA LTM
11% N/A 4% N/AAcquired
Growth
Business highlights Q2
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BUSINESS HIGHLIGHTS Q2
▪ Continued ramp-up of new and renegotiated contracts‒ ABB (Sweden, Norway, Finland), NKS (Sweden), Sokotel (Finland), Bergen
University (Norway), Copenhagen Municipality (Denmark)
▪ New large IFM contract signed with Storebrand in Norway
▪ Steady stream of small and mid-sized contracts signed in all
countries, e.g.‒ IKEA and Attendo (Finland), MAN Diesel (Denmark), H&M (Sweden)
▪ Acquisition of West FM in Norway finalized
▪ Integrations of earlier acquisitions in Denmark and Norway
well underway
• Cleaning, Norway
• 140 MSEK yearly turnover
• Family owned business; to be integrated in Coor NO
• Cost- and sales synergies
Delivering on M&A - Aquisitions provide Coor with an increased geographical reach and significant synergy effects
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• Cleaning, Property,
Food & Beverage
• Nordics
• Add-on/Bolt-on
character
• Well-run companies
with synergy potential
(Cost or Sales)
• Cleaning, Denmark
• 700 MSEK yearly turnover
• Family owned business; to be integrated in Coor DK
• Significant cost synergies
ACQUIRED
JAN 10, 2018
• Property, Norway
• 70 MSEK yearly turnover
• Part of OBOS Group in Norway; to be integrated in Coor NO
• Cost synergies and significant sales synergies
COOR M&A AGENDA ACQUIRED
JAN 9, 2018
OBOS Eiendomsdrift AS
Elite Miljø A/S
West Facility Management ASACQUIRED
MAY 25, 2018
Q & A
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