Q3 2024 Nordic Waterproofing Holding AB Earnings Call Transcript
Key Points
- Nordic Waterproofing Holding AB (FRA:9ZQ) reported improved profitability in the third quarter compared to last year, with EBITDA increasing to SEK177 million from SEK159 million.
- The company experienced a significant reduction in net debt, standing at SEK815 million compared to SEK985 million a year ago.
- The acquisition of a further 26.5% of shares by Kingspan, bringing their total ownership to 62.6%, is seen positively by management, with potential synergies anticipated.
- The company's green infrastructure business showed improved operating results over the previous year.
- The EBITDA margin for the third quarter increased by 2 percentage points to 15.1%, marking a record third quarter for EBITDA.
- Net sales decreased by 2% due to negative currency effects and a slowdown in commercial new builds.
- Cash flow from operating activities decreased to SEK101 million from SEK149 million, attributed to a significant inventory decrease last year.
- The market situation in Finland and Norway remains challenging, impacting bitumen-based waterproofing operations.
- The residential new build sector continues to be weak across most geographies, affecting demand.
- Order books for installation services are generally weaker compared to the same time last year, particularly in Finland.
It's 10:00 Swedish time. So welcome, everybody, to this Webex following the Nordic Waterproofing third-quarter interim report. We're going to go through this presentation. And after that, there will be time for questions to be asked. I will let you know the details about how to do that when we get there.
But let me start with the presentation and introducing our President and CEO, Martin Ellis. So Martin, please go ahead and take us through the slides here.
Yes. Thank you very much, Palle. Welcome all. Thank you very much for participating. So we are happy to report on our third quarter which showed improved profitability compared to last year on stable turnover.
Next. We have obviously, as you are aware, had a recent change in ownership. Late last week, Kingspan announced the acquisition of a further 26.5% of the shares of our
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