Q3 2024 Coor Service Management Holding AB Earnings Call Transcript
Key Points
- Coor Service Management Holding AB (FRA:COE) successfully extended several important contracts, including a six-year contract with AMA in Sweden valued at SEK 780 million.
- The company won new small and midsized contracts, strengthening its position in those segments, such as a security contract with Gävle municipality and a cleaning contract with Degerfors municipality.
- Coor Service Management Holding AB was recognized as the most equal listed company in Sweden in Allbright’s annual Gender Equality report.
- The market outlook for facility management in the Nordic region remains strong, with a robust pipeline of new business opportunities.
- The company has made progress in reducing CO2 emissions, achieving a 22% decline in emissions compared to its base year 2018, despite a 30% growth in the company.
- There is a lower demand for variable volumes in Denmark and Sweden, leading to staff reductions affecting approximately 70 employees.
- The EBIT margin remains below the company's target, with a current margin of 4.8% against a target of 5.5%.
- Net sales decreased by 2% compared to the previous year, with organic growth flat.
- The company's cash conversion rate is below target, ending at 77% against a target of 90%, due to increased accrued revenue.
- Lower profitability was observed in parts of the Swedish cleaning operations, attributed to excessive resource utilization.
Good morning, ladies and gentlemen and welcome to the Coor service management. Q3 report, 2024 conference call at this time. All lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call require immediate assistance. Please press star zero for the operator. I would now like to turn the conference over to Ms Anna Carin Grandin. Please go ahead.
Thank you and welcome and listening to course Q3 report. I will start by giving you the key highlights of the third quarter and then continue to present our click the bottom line with us. I will hand over to Andreas Engdahl to present some more details around financial performance before we summarize the key takeaways of the quarter and have a Q&A so starting with the key highlights during the quarter,
we have successfully extended several important contracts in exclusive dialogue. The item contract with AMA in Sweden has been extended for another six
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