2010 in brief
- Coor commenced a number of partnerships with new customers in the year, including Atlas Copco (Sweden), Danmarks Radio (Denmark), Kemira Kemi (Sweden), Linköping City Airport (Sweden), Nordea (Norway), SHP/Nya Karolinska Solna (Sweden) and Statoil (Sweden and Denmark). These new contracts equate to total annual sales of some SEK 810 m.
- Virtually all contracts renegotiated in the financial year were extended, including Arcus (Norway), Banverket (Sweden), Det Norske Veritas (Norway), EDB (Norway), ICA (Sweden) and SJ (Sweden). Extended contracts have total annual sales of some SEK 430 m. Two major contracts with annualized sales of some SEK 200 m were not extended.
- In year-on-year terms, sales increased by 7% to SEK 6,293 (5,906) m. The sales increase is primarily explained by new contracts, as well as increased project volumes on existing accounts. Excluding currency effects, sales increased by 8%.
- EBITA excl. other items increased to SEK 384 (360) m. Margins were unchanged on 2009 at 6.1 (6.1)%. The underlying gross margin on contracts reduced somewhat, mainly due to a sharp increase in costs for snow clearance on several contracts in the year due to extreme winter conditions in the first and fourth quarters.
- Operating cash flow reduced by -40.9% year on year, to SEK 332 (561) m. This change is primarily explained by fundamental rationalization of the group’s operating capital in the previous year, resulting in lower opening working capital for 2010.
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