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11/12/2024
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 n är 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.
If we look at the period to the right, we had a growth of 7.4%. This increased net turnover compared to the previous year's period has to do with the fact that we grew in all customer groups, exclusive defense. If we also excluded the customer group defense, we would have landed at plus 20% growth. And the EBITDA margin is also on the period in line with the financial goal. And even here, the EBITDA margin is affected compared to that we have something lower compared to previous years on the MRE business.
We also had some challenges in relation to the budget, where we thought that we had a low margin in the second business. The reason for this was that we had an incredibly high growth between 2022 and 2023 towards 2024. And here we see now that the starting costs that we have had in that business have now disappeared, and we are beginning to get closer to the drop-off level that we want. And that means that the margin is actually strengthened in all our other businesses. Then, as I said, when we have one leg as a turnover, have a higher return and do not really get up to that return in this particular quarter, it of course affects the total. But we feel very safe with our other operations now actually taking place as we have said they should do in connection with Börslunchein.
This picture shows the customer groups and the change in revenue both in quarter and period. And if we look at the changes on the right, we see that all customer groups have a good growth. It is said to be the defense that does not have the same good growth. And it's nice to see that the customer group Reza and Sjukhuset Äldreomsorg is increasing strongly. On Reza, as Thomas mentioned earlier, it is the opening units on Arlanda airport that contribute there above all. And on Sjukhuset Äldreomsorg, it is among other things Stockholm Hospital that opens up here this year. And if we look at defense, we can also see that in the quarter we did minus 21%, but in the period we only have minus 7.7%, and that also shows how it can fluctuate over the year. But as I said, if we exclude the customer group in defense, the growth would be 15% in the quarter and 20% in the period. If we talk a little bit about traffic capital, CAPEX and cash management, we can generally say that we have a very low need for traffic capital. We ended up at 2.8%, a little higher than the previous year, and that is due to the fact that we have built up some laws compared to the previous year. And we do this so that we can meet orders that come here in 2025 on the MRE business, and it is mainly the MRE business that mainly builds laws. CapEx, we have low CapEx. Generally speaking, we are stepping into pre-built kitchens, where the rent value has stood for the inventories and the premises. It is a little higher, 24 compared to previous years, and that is also due to the fact that we are in Arlanda, where the difference is that we build the restaurants and kitchens from scratch, which we normally do not do, and together generate a good cash generation.
Yes, as we were talking about, to comment on the different customer groups, it is so that all customer groups are growing and they are growing very well, except for the customer group defense. If I then comment on defense, which we have also said so far, first of all, the MRE business does not really fit in a quarter economy, but over time we see that the changed security situation in Europe makes defense grow. If we just take Sweden, the defense and Antalet vänpliktiga som ändå är basen för det som genererar intäkter i vår verksamhet växer med ungefär 10% fram till 2035, de närmaste 11 åren. Och kollar vi på den europeiska säkerhetssituationen just nu så är det samma sak där. Sen är det ju klart att We hope that there will be peace in Ukraine, but regardless of whether there will be peace in Ukraine or not, the defense forces of the EU and Sweden will need to grow. So we feel safe with that. At the same time, in parallel with that, we see how all of our other customer groups are now growing and in line with even a little better than what we have said that it should grow. So we feel very safe with the mid-term goals of growing organically with more than 10% that we have communicated and also the profit margin that we have communicated earlier in connection with the budget. Vi redogjorde för varje respektive kundgrupp här och som också kommenterade just kring försvar. Vi ser ju en liten minskning på företagssidan och den beror på att vi har valt att aktivt kliva ut ett antal avtal. Bland annat Region, VG Region, Västra Götalandsregionen. Vi har klivit ur avtalet på Denhuset och vi har klivit ut ett kontrakt i Kilstadt. And this is due to the fact that the business, especially after Covid, did not generate any profit, but rather quite large losses. So it improves the margin in the business, but also lowers the turnover a little bit for both the quarter and a little bit for the period. Let's look at it in general. We've had some questions about the contract catering market, so I thought we'd take these right away when we're done with the last slide. And another comment, or two comments that we have, is that in the MRE business, we also carried out a large shift. The MRE business is based in Varberg, and there we had a production facility, and as it has grown over a number of years, we have been forced to hire us in four different camps out in the city, which has also meant high kostnader kring produktion, lagerhållning och effektivisering som vi nu har kunnat ta bort genom att flytta in i en helt ny lokal. Men det har ju också inneburit då ett produktionsstopp i verksamheten under kvartalet. Men vi är i appen running nu och vi har igång alla linjer som vi ska ha igång där i den verksamheten idag. Den 7 oktober valde Carolina att kliva ur styrelsen. Det var för att hon hade fått en ny anställning där hennes huvudman ansåg att det fanns konflikter för intresse att sitta i styrelsen hos oss och med det vd-jobb som hon hade fått. Vi har påbörjat rekrytering av att tillsätta ledamot i styrelsen här och det kommer att ske bedömt innan året är slut. And with that, I think we'll end the presentation like that and go into some questions that we've got here. And I've got a question here. Let's see here. It was a question from... How do you differentiate yourself from other MRE suppliers for NATO? Yes, but we... A part of our core value and one of the core values is a nice meal experience. And it's exactly the same thing with the MRE business. Vi är väldigt duktiga på att lyssna på vad slutkunden i det här fallet, soldaten, vill ha. Pelle och ett antal av hans kolleger, Pelle är vd för den här verksamheten, har jobbat i Försvarsmakten. De är ute tillsammans med soldaten i en fält, prövar produkterna och tar in feedbacken. Kollar vi prismässigt så ligger vi i ett medelintervall. Det finns billigare leverantörer, det finns dyrare leverantörer. Men vår bedömning is that we are the largest supplier in the portal and in the system today. And that's because we deliver a nice meal experience at a good price. As I said, if you want the cheapest, there is much cheaper. Globally, there is much cheaper, but I don't even think you want to eat that food. När tar ni steget ut till övriga Norden? Kommer det ske en omförvärv eller organiskt omförvärv? Vilka kvaliteter letar ni efter? Vi letar efter bolag som har samma DNA som oss själva, entreprenörskapet. And that was also one of the reasons for the money we took in in connection with the budget. And that was because we don't think we can grow organically outside of Sweden. We will have to do it through acquisitions. And already when we did the budget, I mentioned that we have a number of ongoing dialogues. These dialogues take a long time. It also applies to Sweden. There are a number of companies that are in Salo, but it takes a number of years or... Yes, up to a year, maybe even a little longer before you find the common denominator forward. But I would say that in the near future, my assessment is that we will step outside of Sweden. Vad har ni för marginalmål på kalkylen på Arlanda över tiden? Är det kring 15%? Ja, vi svarar ju inte på det. Men vi svarar ju på att vi har högre marginalmål än på den övriga måltidsservicetjänsten. Men i procent så tänker vi inte gå in i exakta siffror. Men den är högre. Och gör man en benchmark på våra konkurrenter så kan man väl göra en uppskattning ungefär vad man borde kunna ha ute i den här verksamheten. Också kopplat till att vi investerar rätt stora summor. Större lokaler för MRE, är det nettopositivt för lönsamheten inom MRE, givet att ni avslutar fyra kontrakt? Ja, vi kommer att ha effektiviseringar, så långt kan jag säga. Vi har genomfört en del uppsägningar av personal. Och framförallt så tror vi att totala kostnaden, personal och lokal, kommer att bli lägre. Så svaret är väl ja på det. Then we have a number of questions. How do you see the outbuild margins in the future? Which segments do you see the greatest potential for development in the coming three years? If we look at the customer groups, we see that all customer groups will grow by at least 10%. We don't see anyone sticking out over medium and long term. But some year, some quarter, as we saw now, some customer segment will not grow, or maybe even fall, but because some year later it may grow a lot. We continue to see that we have a good momentum in all customer groups in the current situation. So we see nothing. If we look at Autumns margins, we do not go into margins specifically more than that they have a better margin than our other businesses. Apart from travel. Can you break out growth in defense between MRE and contra-catering? I don't really understand that question, but we don't really break out any growth apart from the ones we report in the customer groups themselves. Hur utvecklas EBITDA-marginalen exklusive MRE under kvartalet? Vi var inne på det. Den har blivit förstärkt i alla delar, vilket vi gläds åt. Det är bland annat för att vi har gjort oss av med en del olönsamma kontrakt, men i synnerhet för att vi nu kan fokusera på att nå den tillväxten vi har sagt i en hel del av våra nyuppstartade verksamheter. Kan man förvänta sig en förskjutning av försäljning inom MR1 till kvartal 4, givet två svagare kvartal? Som sagt, vi kommenterar inte enskilda kvartal, utan som jag har sagt, vi känner oss trygga med att alla kundgrupper på medel- och lång sikt har en organisk tillväxt på minst 10%. Vi drar igenom några länder här. Hur har MRE-försäljningen börjat under kvartal fyra? Kommenterar vi inte. Hur ser kompsen ut för MRE kvartal fyra? Jag vet inte vad komps är faktiskt. Den som skrev in frågan får gärna förtydliga vad komps är. Det var ett begrepp som jag inte själv hade hört tidigare. Ni skriver att utsikterna för defens är goda på medel- och långsikt. Hur ser ni på utsikterna för 25 avsöjande MRE? Vi ser att de är goda på medel- och långsikt för försvar där MRE ingår. Har er största kund nu slutat med dual sourcing inom MRE? Jag tror att jag förstår den frågan. Som vi tidigare varit inne på så... We don't know this, but how, who and who buys, we know in some cases, but not entirely. This is due to the fact that a lot of this business is covered by the security of defence. We know that we sell a lot, but we are not sure. However, it can still be dual sourcing. Är det lageruppbyggnad? Är Maria som binder working capital? Det är det. Ja, det är till viss del av uppbyggnad. Det är Maria som ökar. Och lite grann så har vi en del lageruppbyggnad också i och med att vi har ny verksamhet också. Har ni några större kontraktvinster under kvartalet? Kvartal 3 är ju egentligen inget kvartal där man varken tar eller signerar några större We have some of the LUU agreements that have been won, but they are smaller. As we have mentioned, the framework agreement is difficult to define the amount here and now. But in general, quarter three is in July and in August, almost nothing happens on the agreement issue. And then you climb into September. So the answer is not direct. The answer is no. How do you see the market situation in contract catering? As before, medium and long-term, organic growth of at least more than 10%. How do you see the possibility of continuing to win contracts? I think that's the answer. What is the status of investments in Arlanda? Acceptance, profitability and how many units have been started and what maturity level have you reached? We still have one investment left and it opens in November. Vi tycker att mottagandet har varit väldigt positivt. Det är lite lågt resande just nu av de siffrorna vi får från Swedavia. Hela foodmarknaden är inte helt omställd. Mognadsgraden, vi har inte kommit in i en mognad fas. Vi säger att de ska fortsätta att förbättra verksamheten fram till årsskiftet. Vi ser positivt på 2025. KOMPS jämförelsetal. Ja, det kommenterar vi inte då eftersom vi inte går in i enskilda verksamheter nedbrytet. Ja, då tror jag att vi har dragit alla frågorna som vi har fått också.
Ja, jag tror det. Det hade väl till och med tagit att vara någon härifrån. I think we have answered most of the questions. We have 30 seconds left, so we are pretty good on time. Here we got a question.
Which segment do you see the best potential in? As I answered earlier, we do not see that it is something that stands out. sees more than 10% organic growth in all customer groups, medium and long-term. Then it will change over the quarter and over the year, but that is historically what we have seen.
Thank you, Thomas. Now we have five seconds left, so I think it's time to conclude.
We conclude. Thank you very much for today. Thank you very much for today. So let's hear a little further ahead when the next report is to happen. Thank you very much.