Nordrest Holding AB (publ)

Thomas Dahlstedt here. And Mattias Eckeld. From Nordest. Thomas Dahlstedt, I am the founder of the company and we have existed for a little over 10 years. We celebrated our 10th anniversary here right after the summer and since May we have been a noted company. Det här är vår agenda. Vi tänker prata lite granna om bolaget först och sen så lämnar vi finansiell information som har gått ut här strax efter klockan åtta. Vi kommer kommentera dem på både kvartalet och perioden och sen så har vi lite tid för frågor efteråt som ni kan skicka in via den här sändningen. Om Nordrätt då. Som jag nämnde då så grundades Nordrätt 2014 genom ett förvärv av ett antal bolag. Ungefär ett par hundra miljoner och sen har vi då lyckats att växa den här förvärvade volymen under de här tio åren från 200 miljoner till i närheten av två miljarder i dagsläget. Vi kan ju inte lämna några exakta siffror mer än det vi lämnar i själva rapporterna som sådana. Vi finns på över 200 försäljningsställen i Sverige med tyngdpunkter runt Mälardalen, Göteborg och södra Sverige. Vi har ett fåtal enheter norr om Uppsala, bland annat Region Gävleborg och vi driver en restaurang vid Sundsvalls sjukhus. Men vi är relativt svaga norr om Uppsala. Vi finns inom verksamheterna skolmat, äldremat, patientmat, personal restaurants, both simpler models and more exclusive personal restaurants. We run half of the military and camp restaurants of the Swedish Defence Forces in the south of Mälardalen. We have universities and universities in 11 places in Sweden. Vi har sedan ett par år tillbaka verksamhet ute på Arlanda där vi nu driver fyra stycken enheter och öppnar den femte enheten lite lite by Pontus Fritjof här under november månad. Och sedan ett år tillbaka lite drygt så har vi förvärvat dinners vägrestauranger och har då sex stycken enheter runt om i landet. We work with brands, many of them are our own, not particularly well-known, but it's more to keep the thread around a certain offer. For example, Taste by Nordre, which is a lunch buffet. We have Pocket, which is an a la carte, previously a Pontus brand, but now it has become a pure Nordic brand. We also have a number of Pontus brands. Now it's La Giraffe by Pontus Fritjof, which is a more exclusive restaurant in Arlanda. And then it's a Smart Casual Dining by Pontus Fritjof that we run during November. We also run a hotel, AC Marriott, in Ulriksdal, also under the brand Pontus Fritjof. And that unit is called Pickpock by Pontus Fritjof. Vi noterade då bolaget här för 5-6 månader sedan. And the purpose of the budget note was primarily to create credibility when we decided to continue to build the Nordrest-concern. We have only in large part related ourselves to Sweden, except for the part that is our framework agreement with NATO, where we then sell Meals Ready to Eat via the NATO portal NSBA. Men när vi nu vill fortsätta att växa med vår andra verksamhet, alltså den traditionella måltidsserviceverksamheten, så behöver vi ha ett namn som man kan känna sig trygg kring när vi vill in i Danmark, Norge och Finland primärt. Därför noterade vi bolaget här under maj månad. Kollar vi på... Vår affärsidé så tillhandahåller vi systematiserat entreprenörskap. Det här är väl här vi särskiljer oss från våra konkurrenter. Vi har ett ramverk med systematisering som är need to have. Det är allting från GDPR policy till inköpsrutiner, ekonomisystem, IT-system och så vidare. Men vi vill ha ett väldigt lokalt genomförande av våra restauranger. where our union managers, i.e. the restaurant manager himself, can decide how the implementation should be, given that it is within the framework of agreements and laws and so on, of course. Men det innebär att när våra gäster kommer till våra restauranger och kanske inte tycker att saker och ting är så bra så kan man då inte skylla ifrån sig och säga att det är huvudkontoret som har bestämt menyn här och jag måste göra så här för det är någon annan som har bestämt. Då är det våra chefer som ska vara tillräckligt starka och ha tillräckligt mycket beslutsmandat att faktiskt få genomföra de förändringar som behövs. För att vi ska ha nöjda gäster. Och har vi nöjda gäster så har vi nöjda kunder. Vi pratar om schysst måltidsupplevelse. And it's a bit of an ambition level that we have. And it's nice, as for us, apart from the fact that it's a bit more upscale in the concept itself, it's a four on a five degree scale. Why don't we want a five? It's because our customers and guests don't want to pay for it. And three, it's a bit medium-sized. We want to stick out a bit and that's why we said we should have a nice meal experience. We also focus a lot on experience and not just the food itself. And in experience, the goal time, service, environment and sustainability are included. So it's a model we work with called MSM. We have a strategy. And we differ a bit from our competitors. If you look at Sodexo, Compass and ISS, they are not on the road network, they are not on airports. And we see that where we have natural guest flows, where we don't have to invest ourselves to attract guests to our restaurants, that's where we want to be. In many cases, for example in a company, you know that this is how many people work on the workplace and then you can count on key numbers. If there are 5,000 employees, there will be X number of thousands eating every day. But just in the same way, in a natural guest flow like Malanda, we know that it is 21 or 22 million passengers and then we can count on key numbers that given this day where we determine that it will be 82,000 passengers, we will have a penetration that is roughly on this percentage. And there we see a natural business for us, where we do not have to invest in attracting guests to our operations. We will prepare and report here, which we have previously done, and this was already included in the stock rating, in customer groups. We do not prepare the entire result, but we prepare the revenue and revenue development in these customer groups. And as you can see, the defense consists of military restaurants, restaurant stores and this MRE business. Vi borde bryta ur MRE-verksamheten men det tycker inte vi för vi tycker att den hänger ihop. Rent historiskt så har MRE-verksamheten varit en del av själva avtalet till och med. Nu ser det inte ut så men för oss är det ett flöde och en måltidsupplevelse som vi hanterar antingen när man är i matsal eller man får det utskickat eller att man äter de här dyngsportionen. Så för oss hänger det ihop. Vi har företag som vi är inne på och det är till exempel Ericsson eller Volvo Cars. We also have a number of single service units, waterfalls, where we are on a rental agreement and not an agreement with the waterfalls itself. And it's the same thing there when we were talking about natural guest flows. It's the same for us, of course, to have a rental agreement as to have an agreement with a company. Today, it's not like you're guaranteed that there will be 1,500 eaters, but you can do as good a job as possible. And based on the fact that there are so many thousands working on this workplace, in the cases where we see that there is a business, we can step into a renovated rental agreement. University of Högskola is largely just natural guest flows. There are no guarantees there either. Som jag nämnde på 11 platser idag. Skola är ju mer lättare att prognostisera. Det är ju antal elever som beställs. Till exempel en internationell engelska skola som har 600 på en ort. Då levererar vi 600 lunch den dagen gånger antal skoldagar som är 178. Sjukhus och äldremat, det är lite samma sak som skola. Lätt att prognostisera, bygger mycket på produktion. Också en hel del kring näring och specialkoster och liknande. Så det finns en komplexitet i det som är lite mer än i vanlig verksamhet som skola och företag. Vi har bland annat region Gävleborg, vi har Stockholms sjukhem och vi har ett antal mindre äldreboenden i Stockholmsområdet. And then we have Reza, where it is both the Arlanda business, Dinners, and MTRX, where we cater trains.

Good, then we move on to some financial information. This is the company's four financial goals in the medium-long term, that is, three to five years. We will have an organic growth that is greater than 10%. We will have an EBITDA that is between 8-10% and we have a span there, because it can sometimes be that there is a certain customer care mix. We will have a dividend that is greater than 50% and then we will have a debt statement that is less than two times defined as net debt through EBITDA. Let's take a look at the summary of the quarter and the period. Then we have the quarter to the left and the period to the right. We ended up with a net turnover of 413 million, which is somewhat lower than the previous year's turnover of 426 million, which resulted in a change of minus 3%. EBITDA went up to 37 million compared to 52 million, and the EBITDA margin ended up at 9% compared to 12.1%. During this period, we had an increase of 7.4%. We had a net income of SEK 1.373 billion compared to SEK 1.279 billion. In total, SEK 117 billion is roughly equivalent to the previous year at SEK 121 billion. This resulted in a net profit margin of 8.6% compared to 9.5%. The debt ratio fell to minus 0.4 times. The reason for this is that we have a bigger cash than what we have in interest-bearing debts. And then we also had an operating cash generation that went up to 66.4% compared to 74.6%. This picture shows, to a certain extent, the same information as before. We see the quarter to the left and the period to the right. What we can mention here is that even if the net turnover If something had changed by minus 3% compared to the previous quarter, we had a good growth in the main part of the customer groups. If we excluded the customer group for defense, which was the one that followed, the net turnover growth would be 15%. This reduced net turnover in defense is explained by the fact that MRE, as Tomas described earlier, has met a very strong quarter the previous year, the strongest we have had historically. But it is also the case that the MRE business fluctuates very much both over the quarter and year, unlike our other business. The EBITDA margin has increased this year in every quarter and it is also in line with the financial goals. The EBITDA margin is somewhat reduced compared to previous years. This has to do with the change in net investment on the MRE business. The MRE business also has a higher margin than other businesses in general.

Together, as we have also communicated with Resa, we expect a higher margin than what we have in all other businesses. All other businesses expect roughly the same percentage discount. I also want to mention the MRE business. I will also mention that it is a bit difficult to handle in a quarter economy, which we already mentioned in the stock market. It is due to the fact that, first of all, we deliver to a dozen countries, and both the order size and the number of orders fluctuate from month to quarter, without the fact that it is quite easy to predict each quarter in itself. However, we feel very safe, which I will also go into a little further in the future. over that it is a growing market over time, in the medium and long term.