CombinedX AB (publ)

Hej och varmt välkomna till CombinedX-partalsrapport. Jag heter Lars Engström och ansvarar för tekniken och hjälper till. Frågor under presentationen kan ni ställa under frågor och svar eller Q&A beroende på hur ni har kommit in i webbinariet. Det finns en knapp som heter Q&A eller frågor och svar. Där ställer ni era frågor. Alternativt räcker det upp handen om ni vill ställa en fråga direkt. Med detta sagt vill jag med varm hand lämna över till Jürgen Kvist som kommer att göra den här presentationen. Varmt välkommen Jürgen!

Tack Lasse och välkomna till vår Q1-presentation 2024. In normal order, I think I'll start with the financial and then we'll finish by talking a little strategically about how we develop the business. We go straight to the point here and deliver a turnover in Q1 of 224 million. That gives us an increase of 7.5%. Organically, we have a small minus figure of minus 1.4%. If we adjust this for the calendar effect, we have an increase of 9%, while the organic one is 0%. The adjusted turnover is 24.7 million, which gives a adjusted turnover of 11%. Something lower than what we had one year ago. And in my opinion, it summarizes it as that we think that our profitability is godkänt, dock utan guldkant, den lite lägre än förra året, men tillväxten är vi ju förstås mindre nöjda med. Vi vill ju förstås alltid ha positiv organisk tillväxt, även med beaktat då den här kalendereffekten. Och man får ju också sätta den här lönsamhetsutvecklingen i relation och tillväxten i relation till hur marknaden utvecklas, och då kan vi väl notera att Vi har en tuff systemutvecklingsmarknad. Den drabbar framförallt vårt specialistbolag Aspire som jobbar huvudsakligen med systemutveckling. Vi har en ERP-marknad som är okej och vi har en stark säkerhetsmarknad. Sammantaget gör det här att marknaden är både hög och låg samtidigt. And we believe that the market will continue to be like this for the rest of the year. So it's about working hard with sales. We're talking about it being the customer's year. It's about being out there and building relationships and having strong, clear offers. And I'll come back to how we've developed that during this quarter. Om vi fortsätter med lite sifferexercis så ser vi då det här i vår resultatutveckling i ett längre perspektiv. Och så ser vi då att våran sista tolv månaderna så har vi en justerad rörelsemarginal på 10,2%. Och det är de justeringar som vi har i perioden avser förvärvsrelaterade kostnader då. Kostnader kopplat till de här förvärven av MTCS och WISE vi återkommer till. If we look at our income development, we have LTM, En kalendersjusterad tillväxt på, nu ska vi se, ja, det kan mer komma tillbaka till här vid krigen som vi är på 17% om vi tittar på fem år. Ser vi på antal anställda så går vi ut kvartalet med 606 anställda. Det är en kraftig ökning till följd av förvärven av MTCSY. Personalkostnaden har ökat lite mer än intäkterna. And this is mostly linked to the fact that we have a slightly lower inflation in Q1 2024 than we had in Q1 2023. And then we get just, let's say, the revenues decrease more than what the personal costs do when we lose a little inflation rate. Här ser vi det här över en längre period och då har vi en tillväxt-LTM på 12 %. Varsågod, organisk tillväxt på 2,4, det tycker vi är lite lågt. Det behöver vi få upp. Här ser vi vår resultaträkning i våra kostnadsslag. Då ser ni att personalkostnaderna har ökat relativt Q1 2024. And that is linked to the lower repayment requirements. The cash flow has been good during the quarter. We have a running company with 20 million and a capital change of plus 11 million. Then we have made acquisitions with these investment companies. We go out with a cash flow of 80 million. Det gör ju då att vi har en nettoskuld som nu har faktiskt blivit, för första gången på länge nu då, så har vi en nettoskuld. Doktaktar man då IFRS i det här så har vi faktiskt en nettokassa som vi tar bort den IFRS leasing skulden som följer av IFRS redovisning. But it is very reassuring and it means that we have a balance sheet that is both where we have cash and where we have the opportunity to continue to make loans for further acquisitions. And that is exactly what we have done during Q1. We have acquired and this is one of the two highlights I would say during the quarter. First, we buy MTCS during Q1. with the ambition to combine MTCS with Elvenight and build Nordens leading specialist company within the business system InfoM3 and nearby AIB services. This collaboration is planned to take place in January 2025. What we get here is a market leader on Infor M3, which is a business system that we know has a good and stable demand. After having had Elvinite as part of our group for many years now, we feel that the business system is well and the market is well. It is a good market to be in, so therefore this was a fantastic opportunity to be able to We were very happy that we could land the acquisition and then we also got the opportunity to acquire Y in Sundsvall as an infrastructure company. And with these two acquisitions, we continue to build our group. In addition, we have decided during the quarter that AnyTrust will also be a part of NetHouse. What we do is that we collect our infrastructure and security competence in the NetHouse brand, where both AnyTrust and Y will go in. And we will then build in Elvernight, which is the joint brand for Elvernight and MTCS from the 1st of January 2025. Nordens led specialist company for MTCS and nearby services in the EU and the EU. So this is how the group will look like. And this is about what we are trying to do here now. It is to build leading brands. We call it that. This is a page that tries to show what we think about it. We see that there are three attributes when we measure leading brands. First and foremost, it is that you are in the top three in your domain on the customer and talent market. You have the rest of the brands on both the labor market and the customer. And that you have a significant turnover, a volume, you can take bigger orders, and that you can pay so that you have higher profitability than the market has, by adding value to your customers. And that you have an organic growth, both through talent development and acquisition. So that's what we want to see in our leading brands. And then we have Rising Stars, which is leading brands in everyday life, so to speak, on the way to becoming leading brands. We also look at the position and what market domains we want to be in. We want to have an underlying growth in our market domains. Vi vill att det ska finnas en fördel av att vara lokal. Vi är ju en svensk och skandinavisk aktör som delvis konkurrerar med globala aktörer som har stora tjänsteproducerande konsultgrupper i utomlands. And here we think that our customers should appreciate the advantage that we are a company that is close and local. So we want to be in such markets. And then we want to see cross-spending opportunities between our different companies. So that's what we're trying to build, and our vision is to become a Nordic-led group of specialist companies in digitalization. And here you can see that we have a milestone in 2025, and that's 1 billion in revenue. With these two acquisitions, we're now starting to get very close to that year. So it feels stimulating for us to be able to get... take another step towards ambition and in 2028 we said that the ambition was to be eight leading brands and a few rising stars. With that, my presentation is finished and we have time for questions.

Inga har kommit in i frågor och svar. Vi har en, Fredrik Nilsson, som har räckt upp handen. Då ska vi se. Så, Fredrik, nu ska du gå och kunna prata.

Hej, tack för det. Yes, I was going to start with system development. It is quite broad, but why do you think it is so weak right now?

If we look at our industry colleagues and those who have been noted, we see that everyone has a problem with their implementation, which means that Vi har en marknad där vi har en prispress. Många sitter med konsulter på bänken och de reser ut just nu. Prispress är aldrig bra för oss. Det är hård konkurrens om de jobb som finns. We talked about a big lack of system developers on the market a couple of years ago. Right now we don't see that on the market. Is it just a conjecture question or a symptom of something else? Hard to answer. Men helt klart finns det en konjunkturdel i detta som vi hoppas kommer att lätta upp i slutet på det här året. Det var i alla fall en förhoppning vi har.

Okej, bra. You were a bit disappointed by the organic growth. What is it that hinders you there and can you grow organically in the current market to a reasonable profitability?

If you are in the right position, you do that. But of course, if we take it as an example, if we have a low degree of employment, then it is difficult for our companies to dare to recruit. Then you want to get them out first, if you have them, so that they are connected. So sales and recruitment are tied together. When you feel that you have a share in the market, you dare to recruit and then you get organic growth.

Okay. And as you mentioned in the video, it is important to have the right to offer through the bubble. What does that mean in concrete terms? Is it this specialization that you often talk about, or is there something more beyond that that is important there?

We see that the market is both high and low at the same time. There are parts of the area where we have strong growth. All things that have to do with security, this is good to be. We see that the ERP market is still stable. It has not been affected in the same way by the conjecture issue. So that's what we mean by right positioning, to try to find these chips in the market where we have a continuous good demand.

Okay, och slutligen här från min sida i alla fall, engångsposten där, är det främst under övriga externa kostnader den ligger?

Stark närvaro hos sina kunder, det är liksom A och O i det här.

I think I had a problem with the internet or something.

Sorry, I'll take it over again. I also say that you shouldn't underestimate positioning. It's a long-term strategic development for a company, but what always exists is classic sales. And that's what our companies are so much dedicated to, to build relationships and be available to their customers in a good way. Okay. Okay, great.

That was all from me.

Thank you.

Thank you.

Det finns inga skrivna frågor under frågor och svar eller Q&A. Är det någon annan som har en fråga? Det ser inte ut som att det finns någon mer fråga, vare sig skriftligen eller en uppräckt digital hand att ställa en fråga, så att det verkar vara sett hit.

Då tackar jag alla som har lyssnat och önskar en fortsatt trevlig dag. Tack.