Coor 2018 CEO Review Market Operations Offering Targets Sustainability Corporate governance

Summarised online versionAnnual- and sustainability report 2018

Download complete report (PDF)

Passion for service

9,489 Net sales
sek m

490adjusted EBITA
SEK m

448 Operating cash
flow sEK m

11,174employees 


chief executives reviewSERVICE WITH HEART AND BRAINS

2018 was a fantastic year for Coor, and I am proud and grateful for the strong confidence that our customers and investors show in us. I would also like to say a big thank you to our employees all around the Nordic region who come to work day after day and show what Coor really means by Passion for Service.

- Mikael Stöhr, President and  CEO

2018 was in many ways an important year for Coor. It was the year in our history when we grew the most, both organically and through acquisitions. We acquired three companies: cleaning firm Elite Miljø in Denmark, property services provider OBOS Eiendomsdrift in Norway and Norwegian service company West Facility Management.

These are Coor’s first acquisitions since our IPO in 2015. This shows our ability to take advantage of business opportunities while continuing to follow our strategic path. The acquisitions are completely in line with Coor’s priorities with regard to service content, geographic coverage, expertise and scope for creating further value for our customers. Through these acquisitions, we have strengthened our positions and captured market share across the Nordic region. The acquisition of Elite Miljø in Denmark, for example,
has made Coor Denmark’s second largest provider of cleaning services.

INCREASED CUSTOMER SATISFACTION

While expanding rapidly, we have not lost our focus on our existing customers. In 2018, we renegotiated contracts worth around SEK 2.6 billion. In the past three years, we have had an overall retention rate of 90 per cent. This testifies to the long-term nature of our customer relationships that has became a hallmark for Coor. For the fifth year running, customer satisfaction in the group as a whole has increased, according to our annual customer satisfaction survey.

Extended IFM contracts include those with Det Norske Veritas Eiendom, Equinor (formerly Statoil), Ericsson and the Swedish Transport Administration. In 2018, Coor signed several new contracts with customers including Attendo, MAN Diesel, Swedavia and H&M. We also concluded a new five-year IFM contract with finance and insurance group Storebrand in Norway, a contract whose size strengthens our position as the market-leading provider of IFM services in the Nordic countries.

A MARKET FULL OF OPPORTUNITIES

I am very positive about the future. Coor’s Nordic home market offers good opportunities for expansion, partly because a large share of the market is not outsourced and partly because more companies are looking to move to an IFM set-up. Coor also has a stated goal of expanding its single FM business, mainly in property services, cleaning and food & beverages. This will enable us to guarantee a stable inflow of new business that balances the more volatile inflow of large IFM contracts.

PASSION FOR SERVICE

Over the past few years, the customer experience has been at the heart of our service delivery – it is our ability to understand the customers that enables us to customize our services to their unique requirements. Continuous innovation and development are a part of our company’s DNA. This applies to group-wide projects, such as the development of our digital services, as well as the individual contracts, where our employees continually come up with new ideas for improvements.

To really succeed in creating the best possible customer experience, it is essential that our genuine passion for service inspires everything we do. So what do I mean by passion for service? For me, it means that those of us who work at Coor need to switch on our hearts as well as our brains when we go to work. Our employees like to spread a positive vibe around them, but equally important is to get to grips with and solve the problems that arise every day. That way, we become a partner that really adds value for our customers and improve the working lives of their employees.

SUSTAINABILITY A CORE FOCUS

Sustainability is one of Coor’s most important focus areas. For us, the concept has business, social as well as environmental dimensions. Sustainability affects our activities throughout the group. It is important for us on a business level and gives us big competitive advantages. We are seeing a growing demand from our customers and their employees for sustainable service solutions, such as reduced use of energy and chemicals. In the long run, active sustainability work is crucial to the continued existence of our business.

At Coor, we have chosen to put our sustainability goals in a global context by linking them to those eight of the UN’s 17 sustainability goals where Coor is in a position to really make a difference. For these eight areas, we have defined clear and quantifiable targets. One of the targets is to halve Coor’s total carbon footprint by 2025.

OUR BEST ANNUAL RESULTS TO DATE

Coor delivered its best annual results ever in 2018. One reason for this is our strong offering and good customer relations, another is that we successfully acquired and integrated three companies in Denmark and Norway. Coor ended 2018 with 10 per cent organic growth, 10 per cent growth from acquisitions and a 5 per cent improvement in our operating profit.

Despite these achievements, we are not dropping our guard. Through a clear focus on customer experience, development and innovation, and sustainability, we will continue to create the market’s strongest offering.

2018 was a fantastic year for Coor, and I am proud and grateful for the strong confidence that our customers and investors show in us. I would also like to say a big thank you to our employees all around the Nordic region who come to work day after day and show what Coor really means by Passion for Service.

Stockholm March 2018

Mikael Stöhr
President and CEO

market overviewCONTINUED STABLE GROWTH

The Nordic facility management market has continued to grow at a stable rate, driven by increased outsourcing of FM solutions. Coor has maintained its position as the leading provider of IFM services while also growing its single FM services business.

Coor’s offering has stood up to the competition and the company’s market share in the SME segment has continued to increase. The number of major IFM procurements varies from year to year, but over time the share of contracts won by Coor has remained stable.

~400
Bn SEK
Total market

~200
Bn SEK
Outsourced FM

~15
Bn SEK
IFM

Total market


The value of all FM services for all businesses and organizations in the Nordic region. This includes the value of services that are currently handled by the companies themselves.

OUTSOURCeD FM


The total value of the share of the market that is outsourced.

  • 2–3% annual growth
  • Small and large customers
  • Fragmented market
  • Coor ~ 5% market share

IFM


The value of integrated service deliveries in outsourced IFM.

  • ~5% annual growth
  • Large customers
  • Consolidated market
  • Coor ~ 40% market share

Coors Total net sales

9,489 MSEK

Net sales by type of contract
61%
39%
Integrated FM (IFM)
FM-services
Net sales by service category
64%
36%
Workplace services
Property services
Net sales divided by country
50%
25%
7%
18%
Sweden
Norway
Finland
Denmark

OPERATIONSPassion for service

Passion for Service characterizes everything we do at Coor; it has made us a leader supplier of Facility Management in the Nordic region.

Sweden
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”I am very proud that so many of our customers have chosen to renew their contracts.”

ANNACARIN GRANDIN

President Coor Sweden

4,788 Net Sales MSEK
434 Adjusted EBITA MSEK
4,222 Number of employees FTE
50% Share group of sales

Contract renewals create new opportunities

In 2018, Coor Sweden extended contracts with customers in the major IFM contract segment as well as in single services. An active partnership with the customer paves the way for a high retention rate.

During the year, Coor Sweden renewed its contracts with several major customers, including Ericsson, E.ON, the Swedish Transport Administration, AB Volvo and Volvo Cars.

Innovation in major deliveries

Coor’s service delivery to the Karolinska University Hospital in Solna, Sweden was ramped up in 2018. The Karolinska University Hospital provides world-class medical care and has stringent requirements in terms of service delivery. Development of the service to Ericsson also means an increased focus on technological innovations. 

Passion for Service


The success of Coor’s business is built on its employees, and there is a major initiative underway throughout the company to ensure that everyone feels a passion for what Coor does – Passion for Service.

By actively engaging all employees, we build a better platform for our service delivery. In 2018, Coor’s employees took part in special events aimed at building a sense of togetherness.

Read about Sweden
Norway
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"Passion for Service is about that extra something that we do for our customers every day."

NIKOLAI UTHEIM

President Coor Norway

2,351 Net Sales MSEK
150 Adjusted EBITA MSEK
1,556 Number of employees FTE
25% Share group of sales

New acquisitions in property services and cleaning

Coor Norway had an eventful year marked by acquisitions and extended contracts. Coor’s business in Norway was expanded through the acquisitions of OBOS Eiendomsdrift AS and West Facility Management AS. Coor Norway grew 23 per cent organically and through acquisitions.

Storebrand a new major customer

Coor has signed a new five-year IFM contract with Storebrand. Under the contract, Coor will deliver services such as security guards, service centre and reception, cleaning and operations and maintenance at Storebrand’s properties.

Contracts extended

Coor’s contract with Equinor (formerly Statoil), one of the largest IFM contracts in the Nordic region, was extended by two years. Coor also renewed its contract with Det Norske Veritas Eiendom, under which Coor is developing and providing operations and maintenance services in properties with a total floor space of 100,000 square meters.

Read about Norway
Denmark
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"Through the integration with Elite this year, we went from 900 to 3,600 employees in Denmark.”

JØRGEN UTZON

President Coor Denmark

1,658 Net Sales MSEK
64 Adjusted EBITA MSEK
2 ,163 Number of employees FTE
18% Share group of sales

Double the size through acquisitions

In 2018, Coor acquired Elite Miljø A/S, one of Denmark’s leading cleaning service providers. Organic and acquired growth has increased the size of Coor Denmark by 96 per cent.

Elite’s skills and experience in cleaning services generally coupled with its specialist expertise in the hospital and cleanroom segments will help to strengthen Coor’s existing resources.

Increased market share

The acquisition of Elite has increased Coor Denmark’s market share substantially.The Danish organization has also grown organically through new contracts, including a contract with the Municipality of Copenhagen, which is a major new customer in IFM. Other new customers in 2018 included Aarhus University Hospital, Man Diesel & Turbo and Novo Nordisk.

Digitalization affects operations

Digitalization is a key factor in our business development process. A good example is our contract with Copenhagen Municipality, under which we have an explicit commitment to implement efficiencies. We have succeeded in doing so through a number of digital solutions. Some of the communication between Coor and Copenhagen Municipality, for example, is handled robotically.

Read about Denmark
Finland
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” A key priority is to support our employees so that they can offer good service on a day to day basis.”

MARCUS KARSTEN

President Coor Finland

694 Net Sales MSEK
7 Adjusted EBITA MSEK
1,047 Number of employees FTE
7% Share group of sales

New President appointed

On 1 October 2018, Marcus Karsten took over as President of Coor Finland. Before joining Coor, Marcus Karsten was President of Bravida Finland.

Continued growth in Finland

Coor’s Finnish business has continued to evolve in a positive direction, attracting new customers and growing especially in the cleaning segment.

Organic Growth

Coor’s Finnish organization grew steadily in 2018 through its customers, including ABB, with which Coor has a pan-Nordic IFM contract covering ABB’s extensive operations in Finland, and Attendo, for which new property and outdoor maintenance sites were added. Other notable new contracts signed in 2018 were those with Ikea, and the University of Eastern Finland.

Focusing on internal development

During the past year, Coor’s Finnish business invested in internal development through executive and employee training activities.

Coor Finland has several ongoing initiatives and programs, some of which focus on health and safety.

Read about Finland

Coor's offering

EVERYTHING WORKS WITH COOR

Coor offers around a hundred different services in different service areas, ranging from individual cleaning services to complex IFM deliveries. Whatever the type of service, the goal is always to make life easier for the customer, but when Coor takes charge of the full spectrum of services in and around a customer’s building, maximum synergies between services can be achieved. Coor can then introduce cross-functional technological solutions and continually develop improvements for the customer.

Office Services

Coor’s goal is to create a workplace where our customers, their employees and guests are happy. This means giving them a warm welcome at reception, good-quality coffee, fruit baskets that are continually replenished, a smooth and efficient mail and freight handling service, functioning photocopiers as well as ensuring that office supplies are always available and that light bulbs are replaced. These are small but crucial details for ensuring a well functioning workplace. Here Coor can easily apply its smart solutions for increased customer satisfaction, for example in the form of sensors which measure the indoor climate and detect whether conference rooms are being used.

Office Services

Conference Services

Meetings are an important part of working life. Our conference business includes Coor’s own conference facilities as well as conference services that are provided on site at the customer premises. We ensure that our customers have a good experience throughout their meeting and are happy to assist with special requests.

Conference Services

Outdoor Environments

The outdoor environment is what our customers and their employees encounter first on arriving at work in the morning. Coor ensures that bushes, lawns and flower beds always look well kept. In the winter, car parks and roads are ploughed and maintained – all to create an appealing and safe outdoor environment.

Outdoor Environments

Security

Coor has long experience of providing security solutions for businesses with high security requirements. Security guards, security technology, access control and fire safety are a few examples of Coor security services.

Security

Cleaning

Coor’s strength lies in its ability to combine the professionalism of a large cleaning services company with the commitment of a local player. Coor has the resources, methods and expertise that are required to provide a wide variety of cleaning services, from office cleaning to more advanced services such as cleaning of hospital environments and cleanrooms.

Cleaning

Property Services

Coor is an expert at property services – some 15 million square meters of floor space across the Nordic region are maintained by Coor. Coor is a professional partner which always ensures that it finds a good mix of corrective and planned maintenance over time, with the aim of optimizing the cost for the property over its lifecycle.

Property Services

Food and Beverage

Coor runs a large number of restaurants in Sweden, Norway and Denmark. The key to success in this business is to adapt to local conditions, as no country or region is like another. That’s why the menus for Coor’s restaurants are based on local produce and adapted to local preferences. All restaurants have a focus on sustainability and reduced food waste.

Food and Beverage

Goal oriented approachFINANCIAL TARGETS AND OUTCOMES

Coor strives to operate in a responsible and sustainable long-term manner. Customers, employees, owners and other stakeholders must be able to feel confident that Coor will run its business in a professional, profitable, secure and sustainable manner over time. Our ambition is to create value in three dimensions: business, social and environmental. This means that the activities in which we are engaged today must not compromise our ability to run a profitable business in the future.


Organic growth

10%

Target: 4-5%

Adjusted EBITA-
margin

5.2%

Target: ~5.5%

Cash conversion

97%

Target: >90%

Capital Structure

2.4

Target: <3.0

Dividend

SEK4

Target: ~50%

Organisk tillväxt
12108642
0
11%
3%
6%
10%
2015201620172018
Justerad EBITA-marginal
7654321
0
5,1%
6,0%
6,1%
5,2%
2015201620172018
Kassagenerering
12010080604020
0
115%
91%
103%
97%
2015201620172018
Kapitalstruktur
2.521.510.5
0
2,3
1,7
1,4
2,4
2015201620172018
Utdelning
43.532.521.510.5
0
2 kr
3 kr
4 kr
4 kr
2015201620172018

Sustainabilitynew sustainability goals

Coor has previously defined clear targets for the business dimension, mainly financial targets. Coor has now chosen to take the next step towards becoming an even more sustainable business by also defining concrete and measurable targets in the social and environmental dimensions. The targets have been formulated on the basis of the company’s triple bottom line and the UN’s global goals. They were recently adopted by Coor’s Board of Directors.

70

HIGH CUSTOMER SATISFACTION

The target is to maintain a high level of customer satisfaction (Customer Satisfaction Index) over time ≥ 70.

≤3,5

NO ACCIDENTS AND LONG-
TERM SICK LEAVE

The target is to reduce the company’s TRIF (Total Recorded Injury Frequency) to ≤3.5.

70

COMMITTED AND MOTIVATED EMPLOYEES

The target is to maintain a high level of employee motivation over time (Employee Motivation Index) ≥ 70.

50%

EQUAL OPPORTUNITIES

The target is 50/50 gender balance in management teams.

50%

REDUCED EMISSIONS

Coor is working to reduce emissions of greenhouse gases with the goal of halving the company’s footprint.

Corporate GovernancePresentation of the board and management

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Mats Granryd

Director since 2016. Chairman of the Board since 2017. Member of the Project Committee and Remuneration Committee.

BORN: 1962

EDUCATION: M.Sc. in Engineering, KTH Royal Institute of Technology of Stockholm.

WORK EXPERIENCE: President and CEO of Tele2 Group, Managing Director of Ericsson India, UK, Northern Europe & Central Asia and North Africa, Head of Supply & Logistics in the Ericsson Group. Konsult Arrigo and Andersen Consulting.

OTHER CURRENT DIRECTORSHIPS:
Director General GSMA. Director of Swedbank.

SHARE OWNERSHIP: 10,000 shares.

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Anders Ehrling

Director since 2017. Member of the Project Committee.

BORN: 1959

EDUCATION: M.Sc. in Economics and Business, Stockholm School of Economics.

WORK EXPERIENCE: 23 years at SAS, of which the final five years as CEO of SAS Sweden, President and CEO of Scandic Hotels AB, President and CEO of Braathens Aviation AB.

OTHER CURRENT DIRECTORSHIPS:
Chairman of Unlimited Travel Group UTG AB, A-Katsastus Group OY and Helsa Vårdutveckling Sverige AB, Director of Parks&Resorts Scandinavia AB, West Atlantic AB and Dreamtroopers AB.

SHARE OWNERSHIP: 0

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Mats Jönsson

Director since 2000. Member of the Project Committee.

BORN: 1957

EDUCATION: M.Sc. in Engineering, KTH Royal Institute of Technology of Stockholm.

WORK EXPERIENCE: President and CEO of Coor Service Management. Various positions at Skanska, including President and CEO of Skanska Services.

OTHER CURRENT DIRECTORSHIPS:
Chairman of Logent Holding AB and Lekolar AB. Director of NCC AB and Assemblin Holding AB.

SHARE OWNERSHIP: 329,155 shares.

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Monica Lindstedt

Director since 2015. Member of the Remuneration Committee.

BORN: 1953

EDUCATION: M.Sc. and Ph.D. in Business Administration, Stockholm School of Economics.

WORK EXPERIENCE:
CEO and founder of Hemfrid i Sverige AB and co-founder of Tidnings AB Metro. CEO of local newspaper Folket in Eskilstuna, Bonniers Fackpressförlag, Eductus AB and Previa AB.

OTHER CURRENT DIRECTORSHIPS:
Chairman of the Swedish Federation of Business Owners and Hemfrid i Sverige AB. Director of Svenska Hus AB, Sveriges Television AB, Apotea AB, AB Gullringsbo Egendomar, the Centre for Business and Policy Studies (SNS) and the German-
Swedish Chamber of Commerce.

SHARE OWNERSHIP: 10,000
shares.

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Kristina Shauman

Director since 2015. Chairman of the Audit Committee and member of the Remuneration Committee.

BORN: 1965

EDUCATION: M.Sc. in Economics and Business, Stockholm School of Economics.

WORK EXPERIENCE: Founder, consulting firm Calea AB. CFO of Apoteket AB, Carnegie Group and OMX AB. Group Treasurer, OMX AB. Vice President, Corporate Finance and Group Treasurer Investor AB.

OTHER CURRENT DIRECTORSHIPS:
CEO and Director of Calea AB. Director of BEWiSynbra Group AB, BillerudKorsnäs
AB, ÅF AB, Orexo AB, and Ellos Group Holding AB.

SHARE OWNERSHIP: 10,000 shares.

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Heidi Skaaret

Director since 2016. Member of the Audit Committee.

BORN: 1961

EDUCATION: MBA, University of Washington, USA.

WORK EXPERIENCE: President of Lindorff AS and EVP Lindorff Group AB, CEO of IKANO Bank Norway, Bank Executive DNB ASA.

OTHER CURRENT DIRECTORSHIPS: Chief Operating Officer Storebrand ASA. Chairman of Storebrand Bank ASA, Storebrand Forsikring AS and Storebrand Helseforsikring AS.

SHARE OWNERSHIP: 0

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Mikael Stöhr

Director, President and CEO since 2013.

BORN: 1970

EDUCATION: LL.M., Lund University.

WORK EXPERIENCE: President and CEO, Green Cargo AB and Axindustries AB. Vice President, Axel Johnson International AB. Trade Commissioner, Swedish Trade Council in Russia. Consultant, McKinsey & Company. Associate, Mannheimer Swartling Advokatbyrå.

OTHER CURRENT DIRECTORSHIPS:
Director of SJ AB and Ambea AB.

SHARE OWNERSHIP: 78,947 shares and 90,000 call options.

Employee Representatives

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Glenn Evans

Director since 2013

BORN: 1959

Employee representative

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Linus Johansson

Director since 2018

BORN: 1989

Employee representative

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Pier Karlevall

Director since 2016

BORN: 1954

Employee representative

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Rikard Milde

Deputy Director since 2016

BORN: 1967

Employee representative

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Mikael Stöhr

Director, President and CEO since 2013.

BORN: 1970

EDUCATION: LL.M., Lund University.

WORK EXPERIENCE: President and CEO, Green Cargo AB and Axindustries AB. Vice President, Axel Johnson International AB. Trade Commissioner, Swedish Trade Council in Russia. Consultant, McKinsey & Company. Associate, Mannheimer Swartling Advokatbyrå.

OTHER CURRENT DIRECTORSHIPS:
Director of SJ AB and Ambea AB.

SHARE OWNERSHIP: 78,947 shares and 90,000 call options.

Hide

Anders Asplund

HR Director since 2000.

BORN: 1955
EDUCATION: Bachelor of Social Services, Stockholm University.

WORK EXPERIENCE: HR Director, ASG and Ohlsson&Skarne. Head of Management Planning Development, Skanska AB.

SHARE OWNERSHIP: 38,598 shares and 27,500 call options.

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Klas Elmberg

Vice President, Coor Sweden since 2016.

BORN: 1974

EDUCATION: M.Sc. in International Business and Trade, Gothenburg School of Business, Economics and Law.

WORK EXPERIENCE:
Several roles at Coor, including President of Coor Norway and Head of Business Unit at Coor Sweden, Management Consultant, Accenture. Controller, Saab Automobile.

SHARE OWNERSHIP: 20,268 shares and 27,500 call options.

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Annacarin Grandin

President of Coor Sweden since 2016.

BORN: 1967

EDUCATION: M.Sc. in Business and Economics, Stockholm University/University of Gävle/Sandviken.

WORK EXPERIENCE: Several roles at Coor, including President of Coor Norway, Veolia (formerly Dalkia) and the Swedish Association of Local Authorities and Regions (SKL).

OTHER CURRENT DIRECTORSHIPS: Director of CRAMO.

SHARE OWNERSHIP: 34,704 shares and 27,500 call options.

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Marcus Karsten

President of Coor Finland since 1 October 2018.

BORN: 1966

EDUCATION: M.Sc. in Business Administration and Economics, Åbo Akademi University.

WORK EXPERIENCE: CEO Bravida Finland, CEO Lemminkäinen Talotekniikka, CEO Tekmanni Service, Head of Business Unit Siemens.

OTHER CURRENT DIRECTORSHIPS: Director of Oy Hedengren Ab and the Finnish Handball Association.

SHARE OWNERSHIP: 2,750 shares and 27,500 call options.

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Jens Ebbe Rasmussen

Senior Vice President, Business Development & Sales since 2009.

BORN: 1968

EDUCATION: M.Sc. in Business Administration and Economics, Lund  University. Finance, École supérieure de  commerce de Paris. Cadet, Land Warfare Centre, Skövde.

WORK EXPERIENCE: Management Consultant, McKinsey & Company. Fixed Income Department, Unibank Markets (Nordea). Consultant/External Advisor, Fruktbudet.

SHARE OWNERSHIP: 61,213 shares.

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Erik Strümpel

Chief Legal Counsel since 2006.

BORN: 1970

EDUCATION: LL.M., Lund University. IFL Executive Education, Stockholm School of Economics.

WORK EXPERIENCE: Solicitor, Linklaters Advokatbyrå. Judicial Clerk, Handen District Court.

SHARE OWNERSHIP: 2,999 shares and 27,500 call options.

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Olof Stålnacke

CFO since 2009, Investor Relations Director since 2016.

BORN: 1965

EDUCATION: M.Sc. in Financial Economics and International Business, Stockholm School of Economics.

WORK EXPERIENCE: CFO, The Absolut Company, V&S Group. Several CFO roles and Management Consultant, McKinsey & Company.

OTHER CURRENT DIRECTORSHIPS:
Director and Treasurer, Ericastiftelsen.

SHARE OWNERSHIP: 82,929 shares and 27,500 call options.

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Nikolai Utheim

President of Coor Norway since 2016.

BORN: 1975

EDUCATION: M.Sc. in Economics and Business with a major in Finance, Norwegian School of Management (BI) and Copenhagen Business School.

WORK EXPERIENCE: PwC (transaction-related work), Statoil Norge AS (Chief Controlling and Strategy Projects, Deputy CFO).

SHARE OWNERSHIP: 8,000
shares and 27,500 call options.

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Jørgen Utzon

President of Coor Denmark since 2001.

BORN: 1961

EDUCATION: M.Sc. in Business Administration, Copenhagen Business School. Executive Program, International Institute for Management Development, Lausanne.

WORK EXPERIENCE:
CEO, Strax Nordic, Logistics Manager and Service Director, Xerox Danmark. Various executive roles, Rockwool.

OTHER CURRENT DIRECTORSHIPS: Chairman of the Danish Service Sector Employers’ Association (SBA) and Director of the Confederation of Danish Industry (DI). Director of Nordomatic AB and Dominus A/S.

SHARE OWNERSHIP: 50,000 shares.

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Rikard Wannerholt

Senior Vice President, Operations Development since 2013.

BORN: 1962

EDUCATION: M.Sc. in Economics and Business, Lund University. Advanced Management Program, Stockholm School of Economics. International Executive Program, IESE Business School, Navarra, Barcelona.

WORK EXPERIENCE: CEO, Sun Microsystems Sweden. President and CEO, Addici. Executive Vice President, EDB Business Partner.

SHARE OWNERSHIP: 22,746 shares and 27,500 call options.

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Magdalena Öhrn

Communications Director since 2018.

BORN: 1966

EDUCATION: B.Sc. in Information Science, Uppsala University, and the Poppius School of Journalism.

WORK EXPERIENCE: Director of Communications, Ving, Head of Department, Account Manager and other roles at Prime PR, Project Manager, Rikta kommunikation, Public Relations Manager, TV3.

OTHER CURRENT DIRECTORSHIPS: Director of New Hope Reseindustrins Barnfond.

SHARE OWNERSHIP: 1,500
shares and 10,000 call options.