Earnings Release • Feb 13, 2023
Earnings Release
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Q4 and year 2022 Financial report and status
● Revenue grew by 43% to 405 MNOK (284) compared to same quarter last year. Organic growth was 7%.
● Cash flow from operations was 38.1 MNOK (7.0). Financial position and balance sheet remains strong.
● StrongPoint signed the first AutoStore solution with three temperature zones: ambient, chilled and frozen.
The Board will propose a dividend of NOK 0.90 per share at the Annual General Meeting in April 2023.
| Q4 | Q4 | Year | Year 2021 | |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | ||
| Revenue | 405.0 | 284.2 | 1 372.4 | 981.3 |
| EBITDA | 33.6 | 20.1 | 75.5 | 53.6 |
| EBITDA margin | 8.3% | 7.1% | 5.5% | 5.5% |
| Operating profit (EBIT) | 21.0 | 12.8 | 37.3 | 27.5 |
| Ordinary profit before tax (EBT) | 17.4 | 10.9 | 38.2 | 25.9 |
| Cash flow from operational activities | 38.1 | 7.0 | 16.6 | 225.5 |
| Cash flow from operational activities ex discontinued operations | 38.1 | 7.3 | 16.6 | 55.7 |
| Disposable funds | 125.1 | 274.2 | 125.1 | 274.2 |
| Earnings per share from continued operations (NOK) | 0.28 | 0.22 | 0.66 | 0.51 |
| Earnings per share from continued operations, adjusted | 0.38 | 0.26 | 0.95 | 0.67 |
| Earnings per share included discontinued operations (NOK) | 0.28 | 0.21 | 0.66 | 4.32 |
We achieved our strongest quarter ever in terms of revenue. Delivering a turnover of 405 MNOK in Q4 is a great achievement for the Group, with a very strong 43% growth vs. the same quarter last year. The quarter is obviously positively impacted by the inclusion of Air Link Group which contributed 101 MNOK in revenue. In addition, our topline grew 7% organically. The growth was driven by continued demand for both in-store efficiency solutions as well as E-commerce solutions.
Our EBITDA in the fourth quarter was 33.6 MNOK (8.3%), up from 20.1 MNOK (7.1%) in the same quarter last year. The current EBITDA level is still negatively affected by our deliberate investments in e-commerce solutions - which are fully expensed – although some right sizing of the investments has improved overall profitability levels. Had StrongPoint only focused on its in-store solutions, our EBITDA margin in the quarter could have been approx. 10-11%. Over time we are confident that the investments in e-commerce solutions will pay off significantly as the long-term growth of e-commerce continues to be undisputable. In the quarter, and throughout 2022, we have continued to be impacted by component shortages which have hit our gross margin. However, the adapted cost level and increased operating leverage more than makes up for the pressure on the gross margin, resulting in a net positive EBITDA development.
Whereas the acquisition of Air Link Group already impacts our financials positively, I am equally excited about the opportunities that this company represents going forward for StrongPoint in the UK and Ireland. Having worked to integrate Air Link Group into the larger StrongPoint family, we are slowly getting ready to introduce, sell, install, service and support the products and solutions StrongPoint has in its portfolio. The opportunities are vast in the UK and Ireland for our proprietary solutions like E-commerce picking solutions, Click & Collect lockers, Self-checkout and Vensafe, along with partner solutions like Pricer's Electronic Shelf Labels (ESL) and AutoStore's automatic storage and retrieval system. I am very optimistic about the future of StrongPoint in the UK and Irish markets.
In Spain the turnaround of our operations has continued. We promised the market a run rate break-even coming out of 2022. The answer is that not only did our Spanish business achieve a run rate break-even in the quarter, but actually yielded a minor positive EBITDA-contribution. Having proven the financial viability of the Spanish operations, our focus in Spain going forward is growing our presence to allow us to serve a larger customer base and to reap the benefits of operations at scale. We have also been working intensively with one of the major grocery chains in Iberia to develop a ground-breaking cash management solution, which will also be available for other customers at large. This opportunity is vast, has a relatively long development cycle, and has a high probability of being rolled out at scale in the market. StrongPoint has financed part of the development as a temporary loan to the Joint Venture (JV) established for the development purpose. The loan amount to 14 MNOK for the year 2022, of which 4 MNOK in Q4, and has affected the cash flow.
Whilst the general uncertainty and turmoil in the overall market is unprecedented, I am pleased that StrongPoint predominantly serves the stable and resilient grocery retail segment. Although we recognize that we still, to a large extent, are a project-driven company, the long-term market trend of adapting more technology solutions in grocery stores continues to be a driving force for us. Despite the uncertainties and challenges across our markets, we are navigating in a non-discretionary market and are able to demonstrate growth and improved profitability. I am immensely proud of what the 511 women and men at StrongPoint are achieving, and I am certain that the continuous strengthening of our organization will lead to further business successes. We experience a continued attraction for our solutions from the leading grocery retailers in our target markets reflecting our world-class proprietary and partner solutions. As such, we continue to be confident in achieving our 2025 strategic ambitions.
Stay safe, strong and passionate!
CEO's perspective
Serving the grocery retail market with technology solutions in demand has never been more rewarding. Grocery retailers do their upmost to adapt to a market categorized by unprecedented food price hikes and consumer preference more tilted towards"price/value". Still, the grocery market is one of the most resilient and non-cyclical markets there is. This is an industry where efficiency never goes out of style and
technology solutions are certainly a key part of the solution to improve grocers' operations and their end-consumer experience. We look back at a year where StrongPoint has significantly positioned itself for additional future growth and profitability. Most notably, we entered the UK and Irish markets with the acquisition of Air Link Group mid-year. Following the acquisition, our key partners Pricer and AutoStore also recognized the value potential to be unlocked and awarded us with distribution rights in the UK and in Ireland of their solutions. At the end of 2022, we also announced the installation of the world's first 3-temperature-zoned AutoStore, cementing our position amongst food retailers as the partner of choice within e-commerce and warehouse management. In addition to positioning us for additional growth and profitability, we are delivering a record Q4 and a record year. Hitting the 400 MNOK mark in one quarter is a milestone only waiting to be beaten! Additionally, with profitability levels improving, I continue, along with my management team, to remain confident in achieving our 2.5 BNOK and 13-15% EBITDA margin ambitions for 2025.
The total revenue increased by 43% compared with same quarter last year. The Nordics declined by 11% mainly due to lower Instore Productivity revenue in Norway. Rest of Europe achieved a total of 176% growth in revenue compared to same quarter last year. The figures include 100.6 MNOK revenue from Air Link Group Ltd (ALS) in UK and Ireland. Excluding ALS, the growth in Rest of Europe ended at 51%, reflecting strong quarter in the Baltics and growth in sales to partners. The shortage of electronic combo cards that has impacted the revenue figures during 2022 seems to be resolved. Unfortunately the global demand for other components (such as processors) continue to create supply issues, which leads to some challenges and uncertainty also for 2023.
The full year revenue grew by 40%, 15% organically, compared to last year. The Nordics had a growth of 7%, the main increase came from the Baltic, Spain and partner revenues which combined grew by 32% organically.
The EBITDA increased by 13.5 MNOK, and the EBITDA margin increased to 8.3% (7.1%). Despite an increased EBITDA margin, StrongPoint experienced a gross margin decline from 44% to 38%. The decline in gross margin was a result of ALS impact (generally lower gross margin, affecting the total gross profit with 2.5 percent points in the quarter), product mix, price pressure and currency effects. The Instore-related business continued with an EBITDA level of 10-11% in the quarter. As communicated in the Q3 presentation, investments in e-commerce were adjusted to reflect current market demand and resulted in a positive effect on payroll and opex of approx. 4 MNOK in the quarter compared to previous quarters in 2022.
The EBITDA Margin for 2022 ended at 5.5%, representing a flat development compared to last year. The full year results has been impacted by inflation, currency and shortage of components, and the fact that the investments in especially e-commerce was higher than last year.
StrongPoint is a grocery-focused company that serves retailers with products and solutions for in-store and online shopping.
Operating revenue per quarter (MNOK)
2019 2020 2021 2022
2017 2018 2019
| Revenue | Q4 | Year | |||
|---|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 | |
| Nordics | 182.7 | 204.6 | 744.1 | 695.5 | |
| Rest of Europe incl. R&D | 222.2 | 80.7 | 628.3 | 293.1 | |
| ASA/Elim | - | -0.9 | - | -7.2 | |
| Total | 405.0 | 284.2 | 1 372.4 | 981.3 |
| EBITDA | Q4 | Year | |||
|---|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 | compared to previous quarters in 2022. |
| Nordics | 18.0 | 21.0 | 67.2 | 77.0 | |
| Rest of Europe incl. R&D | 28.2 | 12.3 | 53.9 | 14.6 | |
| ASA/Elim | -12.7 | -13.2 | -45.6 | -38.0 | especially e-commerce was higher than last year. |
| Total | 33.6 | 20.1 | 75.5 | 53.6 | |
| Number of employees | 511 | 400 | 511 | 400 | Continued customer success in |
120 350 Maxbo, a leading Norwegian DIY chain, signed a frame agreement of Pricer ESL installations for up to 60 MNOK. The installation is expected to be completed by the end of 2024.
StrongPoint continues to focus on e-commerce within grocery and two contracts with strategic importance was announced in the quarter. First, StrongPoint signed the first ever contract for an AutoStore installation containing all three temperature zones: chilled, frozen and ambient. The installation will be set up in Norway in Q1 2023, strongly supported by the AutoStore organization. Next, our partner Peak Technologies Inc sold 20 temperature controlled Click & Collect lockers as a pilot to a large grocery chain in the US. The contract followed a successful proof-of-concept (POC) in 2022.
150 200 250 300 350 StrongPoint completed the first development phase of a new, large-scale cash management solution for a major Iberian grocery retailer. A Joint Venture (JV) has been established regulating the partnership with a technology company in Iberia. The expectation is that a first pilot will be installed in a regular grocery store in the second half of 2023. StrongPoint has and will continue to finance the JV, and for 2022 a loan of 14 MNOK was provied to the JV affecting the cash flow for the year. The JV will be consolidated as part of StrongPoint from Q2 2023.
StrongPoint has more than 20 years of experience of selling and servicing Pricer ESL in the Scandinavian and Baltic markets. During the quarter, the partnership with Pricer was further strengthened, and the distribution rights was expanded to Spain, UK and Ireland.
Following the acquisition of Air Link Group in UK and Ireland, StrongPoint became an AutoStore partner also for these countries. The UK has the most mature e-commerce market for grocery, and AutoStore Micro Fulfilment Centers can be a natural add-on to retailers existing infrastructure.
StrongPoint has a strategic ambition to achieve NOK 2.5 billion in revenues and EBITDA margins of 13-15% by 2025.
StrongPoint's world class retail technology solutions for increasing in-store efficiency and e-commerce order fulfillment solutions have a double opportunity to meet two key global trends affecting grocery retailers.
Firstly, the pressure on brick and mortar retailers' margins means that grocery retailers need to find ways to increase in-store productivity to boost profitability.
Secondly, the pressure to develop a profitable online presence, grow their market share and reduce costs means they need highly efficient order fulfilment solutions and provide multiple last-mile delivery and pick-up options. These two key industry trends are increasingly relevant for grocery retailers in today's turmoiled macro environment.
Across StrongPoint's solutions, we are expecting healthy growth towards 2025. The more mature In-Store Solutions today yield's EBITDA-returns in the order of magnitude 10-11% today, and the overall margin improvement to reach 13-15% is mainly based on achieving operational leverage in the countries StrongPoint is present in addition to sound margins in the E-commerce Logistics area which has a favorable long-term outlook.
BNOK 2.5 in 2025 EBITDA 13-15%
The grocery retail market, both off and online, has changed rapidly in the last few years. The trends at the macro-economic, grocery retail market and changes in consumer expectations only serve to enhance StrongPoint's 'double opportunity'.
On the e-commerce front, the expansion of StrongPoint to the UK, Europe's largest and most penetrated e-grocery market, creates a new opportunity. As the market is already so mature, the issues for UK grocery retailers are ensuring their existing e-commerce solutions are as efficient and thus, profitable, as possible.
We are confident that our world-leading e-commerce solutions, from Order Picking, Grocery Locker to AutoStore micro-fulfilment, are the perfect fit to the UK market.
faced
StrongPoint finances can be divided into three categories. What is driving our business today, what we are investing to serve future demand and how we are ensuring we future-proof our customers with next generation technology solutions.
Order Picking solution * AutoStore Micro-Fulfillment centers
Click & Collect Lockers * Drive-thru * Pick-up in-store * Home delivery with route optimization
Pricer Electronic Shelf Labels ShopFlow Logistics * Digi Scales and Wrapping Systems
Payment Solutions CashGuard Cash Management *
Self-Checkout * Self-Scanning Vensafe Sales Automation *
Retail Management POS Systems Commerce Management System
* Proprietary technologies
make up 93% of our current business year to date 2022. These have strong EBITDA margins and are seeing strong, continued demand from our core grocery retailer customers in our core markets.
Secondly, our 'toppings' These are our e-commerce solutions that we are strongly investing in, in addition to our partnership with AutoStore, the world's leading automation provider for grocery retialers. These do not yet have the commercial maturity compared to our in-store solutions but we have a solid base of clients mainly in Sweden, and now in Norway with our first AutoStore installation. The market dynamics show that there is strong demand in the near and medium future as grocery e-commerce continues to grow and automation
becomes more and more in-demand to counter-act growing labour costs
and shortages.
Solutions:
● In-Store Picking
These are the solutions of tomorrow that we are already investing in today. As labor costs are set to only increase the demand for next generation technology solutions continues to grow, especially in robotics and friction-free shopping. By investing in these solutions today we future-proof our customers.
Sauce Tomorrow's solutions
Toppings E-commerce solutions
Bread & Butter In-store solutions
The revenue for Norway in Q4 declined by 17.8% compared to the same quarter last year, mainly due to lower installation of Electronic Shelf Labels (Pricer ESL) following the completion of major ESL installation roll-outs. Pricer ESL will continue to be a highly relevant product in Norway, with store-by-store sales in the grocery segment and installation in other segments like DIY. The ESL business can be defined as "reoccurring" as the battery time is limited.
Despite the fact that revenue in the quarter had an almost flat development in Sweden compared to the same period last year, the Pricer ESL installation grew substantially while the e-commerce business declined. The e-commerce business consists of both Order Picking software and Click & Collect lockers, the largest decline came from lower sale of lockers. Sweden has the highest installed base of StrongPoint grocery lockers which is important for the efficient handling of online orders for the customers. For the full year, the Swedish operation delivered a growth of 7.2%.
The business segment Nordics currently consist of the operating business units in Norway and Sweden. The revenue also includes some deliveries to other parts of the Nordics like Denmark and Iceland.
| Q4 | Year | |||
|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 |
| Product Sales | 66.9 | 85.0 269.7 248.3 | ||
| Service | 29.5 | 32.3 116.4 113.3 | ||
| Revenue | 96.4 117.3 386.1 361.6 |
| Q4 | Year | ||||
|---|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 | |
| Product Sales | 52.0 | 51.5 225.1 191.7 | |||
| Service | 34.3 | 35.8 132.9 142.2 | |||
| Revenue | 86.3 | 87.3 358.0 333.9 |
| Q4 | Year | |||
|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 |
| - Norway | 96.4 | 117.3 | 386.1 | 361.6 |
| - Sweden | 86.3 | 87.3 | 358.0 | 333.9 |
| Total Revenue | 182.7 | 204.6 | 744.1 | 695.5 |
| EBITDA | 18.0 | 21.0 | 67.2 | 77.0 |
| - In % | 9.8 % | 10.3 % | 9.0 % | 11.1 % |
| EBT | 15.4 | 17.2 | 59.5 | 66.0 |
| - In % | 8.4 % | 8.4 % | 8.0 % | 9.5 % |
The revenue in the Nordics declined by 10.7% compared to the same quarter last year following reduced installation of Electronic Shelf Labels in Norway. The EBITDA declined by 3 MNOK to 18 MNOK in the quarter. Most of the decline came from lower gross margin from product mix, component shortages and negative currency effect especially in Sweden, in addition to inflation effects on cost. The full year revenue grew by 7% compared to last year, while the EBITDA declined by almost 10 MNOK.
The business segment Rest of Europe consists of the operating business units in the Baltics, Spain and UK/Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing R&D activities for own products have been allocated to this area.
| Q4 | Year | |||
|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 |
| - Baltic | 62.5 | 49.7 | 204.6 | 173.5 |
| - Spain | 21.1 | 22.8 | 76.8 | 67.5 |
| - UK & Ireland | 100.6 | - | 241.3 | - |
| - Rest of Europe | 38.0 | 8.2 | 105.7 | 52.0 |
| Total Revenue | 222.2 | 80.7 | 628.3 | 293.1 |
| EBITDA | 28.2 | 12.3 | 53.9 | 14.6 |
| - In % | 12.7 % | 15.2 % | 8.6 % | 5.0 % |
| EBT | 15.3 | 7.7 | 21.1 | -1.9 |
| - In % | 6.9 % | 9.6 % | 3.4 % | -0.7 % |
The business segment Rest of Europe increased the revenue by 175.6% compared to same quarter last year. The growth was 50.8% excluding the new UK operation from ALS UK and Ireland. For the year the revenue more than doubled, with a growth of 32.1% excluding the acquired business.
The EBITDA ended at 28.2 MNOK, up 15.9 MNOK from last years' fourth quarter. Adjusted for ALS the EBITDA margin was almost 14% for the other solutions in the period. The 2022 EBITDA had an EBITDA margin of 8.6%, affected by the investments in e-commerce, inflation, currency, and component shortages.
Our business in the Baltics had a very good quarter and increased the revenue by 25.8% compared to the same quarter last year. The product revenue grew by 46% reflecting high installation rate of self-checkout systems to IKI and Heineman, and Fiscal Boards in Latvia. The service revenue grew by 14.8% as the software development projects within POS and ERP software continued this quarter, in addition to a perpetual license revenue to a new DIY customer.
The full year revenue grew by almost 18%, and the region hit the 200 MNOK milestone for the first time.
The Spanish revenue declined by 7.3% compared with the same quarter last year, partly affected by the component situation and challenging macros. The sales of cash management systems are done through road runners in hospitality sector where increased inflation and interest rates when renting systems have affected the overall sales. Service revenue increased by more than 30%.
For the full year, the business grew by 13.7% despite supply shortages.
The revenue comes from the newly acquired company Air Link Group (ALS). The revenue increased by approximately 20% compared to the same quarter last year (when it was not part of StrongPoint). The main activities were refurbishments, reconstructions and outdoor construction. With 92 employees, ALS has a unique presence on the ground, which is highly important for customers installing business critical solutions. The 2022 full year revenue is unprecedented in ALS' history, with a total annual revenue of 361 MNOK (of which 241 MNOK was consolidated in StrongPoint for the period of June 1 to December 31 2022).
| UK & Ireland | |||||
|---|---|---|---|---|---|
| Q4 | Year | ||||
| MNOK | 2022 | 2022 | |||
| Product Sales | 0.0 | 0.0 | |||
| Service | 100.6 241.3 |
Bullion IT ordered 250 CashGuard units in September 2021 to be delivered during first half of 2022, but due to the ongoing shortage of components the backlog was delivered in Q4, causing a high growth in the period. Bullion IT ordered another 250 CashGuard systems to be delivered during first half of 2023. In addition, Self Checkout solutions delivered to the partner Partner-Tech contributed positively to the growth in the period. For the full yearthe partner revenue doubled compared to last year.
| Q4 | Year | |||
|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 |
| Product Sales | 25.7 | 17.6 100.2 | 94.1 | |
| Service | 36.8 | 32.1 104.4 | 79.4 | |
| Revenue | 62.5 | 49.7 204.6 173.5 |
| Q4 | Year | ||||
|---|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 | |
| Product Sales | 16.4 | 19.2 | 60.2 | 53.7 | |
| Service | 4.7 | 3.5 | 16.6 | 13.8 | |
| Revenue | 21.1 | 22.8 | 76.8 | 67.5 |
| Q4 | Year | ||||
|---|---|---|---|---|---|
| MNOK | 2022 | 2021 | 2022 | 2021 | |
| Product Sales | 40.9 | 6.7 103.6 | 50.2 | ||
| Service | -2.8 | 1.4 | 2.0 | 1.7 | |
| Revenue | 38.0 | 8.2 105.7 | 52.0 |
Revenue 100.6 241.3
Revenue for the In-Store Productivity segment declined by 10.5% compared to same quarter last year. The majority of the decline can be explained by Norway, where some of the large Electronic Shelf Labels (Pricer ESL) contracts were fully delivered in Q4 2022. In the quarter, a frame agreement for up to 60 MNOK was signed with DIY chain Maxbo to be finalized during 2024. Sale of Pricer ESL in Sweden picked up during 2022, and in the quarter the sale increased by 76%, which contributed highly to the 16.5% growth for the full year.
The component situation that has affected the revenue in previous quarters in 2022 was improved during the fourth quarter, and the revenue grew by 13% due to the installation of CashGuard systems to
NorgesGruppen in Norway and sale of systems in Spain and South Africa. The year ended with an overall growth of 26.8% compared to last year.
Check Out Efficiency increased by 26.5% compared to the same quarter last year, with installation of Self-Checkouts for IKI and Heineman as the main
contributors for the growth. The installations were done with both own and third party hardware. Revenue for 2022 in total increased by 3.3% compared to last year.
The Shop Fitting product segment reflects the acquired company Air Link Group. Within the "Shop within shop" concession, StrongPoint ALS works with the top tier retailers to maximise the sales floor space, upgrade checkout areas, install self-service checkout solutions (both third party solutions and the own Swivl-solution) and outdoor improvements. The company also offers refurbishment of physical check-out counters, which represents a sustainable alternative for the customers. The activity was somewhat reduced due to holiday season, although the positive trend continued into Q4.
| Shop Fitting | ||||||
|---|---|---|---|---|---|---|
| Q4 | Year | |||||
| MNOK | 2022 2022 | |||||
| Product Sales | - | - | ||||
| Service | 100.6 241.3 | |||||
| Revenue | 100.6 241.3 |
Other retail technology, mainly software projects in the Baltics, increased by 32.5% in the period. The revenue consists of both software, services, and hardware deliveries, both from recurring operation and development projects, for the large grocery retailers in the Baltics. The full year growth was 28.6%, reflecting the positive trend in the Baltics.
| Q4 | Year | |||
|---|---|---|---|---|
| MNOK | 2022 2021 2022 2021 | |||
| Product Sales | 76.2 | 86.5 339.0 283.9 | ||
| Service | 22.3 | 23.5 | 87.2 | 82.0 |
| Revenue | 98.5 110.0 426.2 365.9 |
| Q4 | Year | ||||
|---|---|---|---|---|---|
| MNOK | 2022 2021 2022 2021 | ||||
| Product Sales | 49.5 | 38.3 164.6 102.3 | |||
| Service | 30.9 | 32.8 120.0 122.2 | |||
| Revenue | 80.4 | 71.1 284.6 224.5 |
| Q4 | Year | |||||
|---|---|---|---|---|---|---|
| MNOK | 2022 2021 2022 2021 | |||||
| Product Sales | 31.6 | 22.0 115.9 116.1 | ||||
| Service | 11.4 | 11.9 | 39.4 | 34.2 | ||
| Revenue | 43.0 | 34.0 155.3 150.3 |
| Q4 | Year | |||||
|---|---|---|---|---|---|---|
| MNOK | 2022 2021 2022 2021 | |||||
| Product Sales | 27.0 | 16.6 | 85.9 | 63.7 | ||
| Service | 28.0 | 24.9 | 84.6 | 68.9 | ||
| Revenue | 55.0 | 41.5 170.5 132.6 |
The e-commerce logistics segment had a flat development in revenue vs the same quarter last year. Although the service revenue declined a somewhat, the product sales (especially Click & Collect Lockers) increased compared to same quarter last year. The lack of growth reflects the general market's cool-down following the last years' e-commerce development. E-commerce declined by 12.6% for the full year, and represented 7% of the total revenue in StrongPoint. The market with largest penetration of StrongPoint e-commerce solutions is Sweden, a country where the e-commerce share within grocery continues to be higher than before the pandemic.
StrongPoint signed the first ever contract for an AutoStore installation containing all three temperature zones: chilled, frozen and ambient. The installation will take place in Norway during first half of 2023. No revenue was recognized from the announced orders of AutoStore installations in Norway.
Relative share of revenue per segment (%)
| Q4 | Year | |||||
|---|---|---|---|---|---|---|
| MNOK | 2022 2021 2022 2021 | |||||
| Product Sales | 17.7 | 15.8 | 53.4 | 64.9 | ||
| Service | 9.9 | 11.8 | 41.0 | 43.2 | ||
| Revenue | 27.5 | 27.6 | 94.5 108.1 |
Product development within Order Picking Software continued at a lower pace than previous quarters in 2022. The decline in e-commerce is evaluated a temporary dip, and product development continues to focus on the third generation Order Picking Software and migration of customers from generation 1 and 2 to the new version.
| KNOK | Q4 2022 Q4 2021 | Chg. % Year 2022 Year 2021 | Chg. % | |||
|---|---|---|---|---|---|---|
| Operating revenue | 404 980 | 284 181 | 42.5 % 1 372 392 | 981 339 | 39.8 % | |
| Cost of goods sold | 252 361 | 158 676 | 59.0 % | 850 956 | 560 104 | 51.9 % |
| Payroll | 88 990 | 68 692 | 29.5 % | 305 842 | 255 147 | 19.9 % |
| Share based compensation | 871 | 1 399 | -37.7 % | 5 079 | 6 178 | -17.8 % |
| Other operating expenses | 29 205 | 35 352 | -17.4 % | 134 976 | 106 285 | 27.0 % |
| Total operating expenses | 371 427 | 264 119 | 40.6 % 1 296 853 | 927 714 | 39.8 % | |
| EBITDA | 33 553 | 20 062 | 67.2 % | 75 540 | 53 625 | 40.9 % |
| Depreciation tangible assets | 8 312 | 5 563 | 49.4 % | 25 353 | 18 718 | 35.4 % |
| Depreciation intangible assets | 4 264 | 1 717 | 148.2 % | 12 840 | 7 403 | 73.5 % |
| EBIT | 20 978 | 12 782 | 64.1 % | 37 347 | 27 504 | 35.8 % |
| Interest expenses | 1 604 | 337 | 375.9 % | 3 427 | 1 596 | 114.8 % |
| Other financial expenses/currency differences | 1 927 | 1 634 | 17.9 % | -3 857 | 184 -2194.5 % | |
| Profit from AC. Service companies | -11 | 79 -113.9 % | 388 | 175 | 122.0 % | |
| EBT | 17 436 | 10 889 | 60.1 % | 38 165 | 25 899 | 47.4 % |
| Taxes | 4 808 | 1 376 | 249.5 % | 9 060 | 3 542 | 155.8 % |
| Profit from continued operations | 12 628 | 9 513 | 32.7 % | 29 105 | 22 357 | 30.2 % |
| Profit after tax from discontinued operations | - | -343 | - | 168 418 | ||
| Profit/loss after tax | 12 628 | 9 171 | 37.7 % | 29 105 | 190 775 | -84.7 % |
| Earnings per share | ||||||
| Number of shares outstanding | 44 888 352 44 376 040 | 44 888 352 44 376 040 | ||||
| Av. number of shares - own shares | 44 482 947 44 016 397 | 44 260 195 44 190 919 | ||||
| Av. number of shares diluted- own shares | 47 151 697 46 091 397 | 46 928 945 46 265 919 | ||||
| EPS from continued operations | 0.28 | 0.22 | 0.66 | 0.51 | ||
| EPS included discontinued operations | 0.28 | 0.21 | 0.66 | 4.32 | ||
| Diluted EPS from continued operations | 0.27 | 0.21 | 0.62 | 0.48 | ||
| Diluted EPS incl. discontinued operations | 0.27 | 0.20 | 0.62 | 4.12 | ||
| EBITDA per share from continued operations | 0.75 | 0.46 | 1.71 | 1.21 | ||
| EBITDA per share incl. discontinued operations | 0.75 | 0.46 | 1.71 | 1.56 | ||
| Diluted EBITDA per share from continued operations |
0.71 | 0.44 | 1.61 | 1.16 | ||
| Diluted EBITDA per share incl. discontinued operations |
0.71 | 0.44 | 1.61 | 1.49 | ||
| Total earnings | ||||||
| Profit/loss after tax | 12 628 | 9 171 | 37.7 % | 29 105 | 190 775 | -84.7 % |
| Exchange differences on foreign operations | -8 027 | -6 655 | -20.6 % | -3 069 | -19 400 | 84.2 % |
| Total earnings | 4 600 | 2 515 | 82.9 % | 26 036 | 171 375 | -84.8 % |
The Board and group CEO have today considered and approved StrongPoint's financial statements for the fourth quarter and year 2022, including comparative consolidated figures for the fourth quarter and year 2021. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act. The Board and CEO hereby declare, to the best of their knowledge, that the financial statements for the fourth quarter and year 2022 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole per 31 December 2022 and per 31 December 2021. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.
Morthen Johannessen Chairman
Ingeborg Molden Hegstad Director
Cathrine Laksfoss Director
Rælingen, 13 February 2023
Klaus de Vibe Director
Peter Wirén Director
Jacob Tveraabak CEO
| Accounting year |
General meeting |
Dividend per share |
|
|---|---|---|---|
| 2022 | 27.04.2023 | Proposed | 0.90 |
| 2021 | 28.04.2022 | 0.80 | |
| 2020 | 28.04.2021 | 0.70 | |
| 2019 | 22.10.2020 | 0.60 | |
| 2018 | 26.04.2019 | 0.55 | |
| 2017 | 24.04.2018 | 0.50 | |
| 2016 | 20.04.2017 | 0.50 | |
| 2016 | 05.01.2017 Extraordinary | 1.00 | |
| 2015 | 28.04.2016 | 0.45 | |
| 2014 | 30.04.2015 | 0.35 | |
| 2013 | 25.04.2014 | 0.30 | |
| 2012 | 26.04.2013 | 0.25 | |
| 2011 | 08.05.2012 | 0.25 |
Cash flow from operational activities in the fourth quarter was 38.1 MNOK (7.0).
Disposable funds were 125.1 MNOK (274.2) per December 31, 2022, of which 100 MNOK was available credit facility. The net interest-bearing debt increased by 4.8 MNOK compared to last quarter and ended at 71.7 MNOK. The Group's holding of own shares at the end of the fourth quarter amounted to 584,518, which represents 1.3 per cent of the outstanding shares.
The Group has shareholder programs for the Board of Directors, the Group executive management and the employees. 123,975 shares have been assigned in 2022 (166,157 in the year 2021).
StrongPoint has a long-term incentive program for management and key employees. More information on the program can be found in note 8.
The Board will propose a dividend of NOK 0.90 per share at the Annual General Meeting in April 2023.
| KNOK | Share capital |
Treasury shares |
Other paid in equity |
Translation variances |
Share Option Program |
Other equity |
Total equity |
|---|---|---|---|---|---|---|---|
| Equity 31.12.2020 | 27 513 | -52 | 351 262 | 66 252 | 440 | -79 355 366 059 | |
| Purchase/sale of own shares | -313 | -13 322 -13 635 | |||||
| Dividend 2020 | -31 050 -31 050 | ||||||
| Share Option Program | 5 441 | 5 441 | |||||
| Profit this year after tax | 190 775 190 775 | ||||||
| Other comprehensive income and expenses |
-19 400 | -19 400 | |||||
| Reclassification discontinued operations |
-11 028 | 11 028 | - | ||||
| Equity 31.12.2021 | 27 513 | -364 | 351 262 | 35 824 | 5 881 | 78 076 498 190 | |
| Purchase/sale of own shares | -308 | -9 970 -10 278 | |||||
| Dividend 2021 | -34 991 -34 991 | ||||||
| Share Option Program | 5 420 | 5 420 | |||||
| Acquisition of ALS paid in shares |
318 | 310 | 22 202 | 22 830 | |||
| Profit this year after tax | 29 105 | 29 105 | |||||
| Other comprehensive income and expenses |
-3 070 | -3 070 | |||||
| Equity 31.12.2022 | 27 831 | -362 | 351 262 | 32 754 | 11 301 | 84 422 507 207 |
| KNOK | 31.12.2022 | 31.12.2021 | 30.09.2022 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 82 503 | 30 371 | 88 093 |
| Goodwill | 159 918 | 124 641 | 162 135 |
| Tangible assets | 23 755 | 19 031 | 24 370 |
| Right-of-use assets | 82 698 | 43 241 | 77 353 |
| Long term investments | 4 978 | 4 775 | 5 565 |
| Other long term receivables | 15 147 | 15 622 | 1 303 |
| Deferred tax | 20 925 | 17 240 | 18 086 |
| Non-current assets | 389 924 | 254 921 | 376 906 |
| Inventories | 232 124 | 211 256 | 252 652 |
| Accounts receivables | 274 348 | 175 627 | 283 185 |
| Prepaid expenses | 25 731 | 16 646 | 27 734 |
| Other receivables | 16 265 | 13 885 | 6 059 |
| Bank deposits | 47 248 | 174 198 | 53 858 |
| Current assets | 595 716 | 591 612 | 623 488 |
| TOTAL ASSETS | 985 640 | 846 533 | 1 000 395 |
| EQUITY AND LIABILITIES | |||
| Share capital | 27 831 | 27 513 | 27 831 |
| Holding of own shares | -362 | -364 | -157 |
| Other equity | 479 738 | 471 041 | 481 398 |
| Total equity | 507 207 | 498 190 | 509 071 |
| Long term interest bearing liabilities | 8 087 | 11 236 | 11 905 |
| Long term lease liabilities | 59 426 | 25 972 | 57 707 |
| Deferred tax liabilities | 20 997 | 8 720 | 28 419 |
| Total long term liabilities | 88 511 | 45 928 | 98 031 |
| Short term interest bearing liabilities | 29 670 | 4 768 | 31 539 |
| Short term lease liabilities | 21 777 | 16 086 | 19 646 |
| Accounts payable | 147 839 | 101 969 | 164 690 |
| Taxes payable | 11 126 | 11 717 | 1 219 |
| Other short term liabilities | 179 511 | 167 874 | 176 198 |
| Total short term liabilities | 389 923 | 302 415 | 393 292 |
| TOTAL EQUITY AND LIABILITIES | 985 640 | 846 533 | 1 000 395 |
| KNOK | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 Year 2022 Year 2021 | ||
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating revenue continued operations | 404 980 | 345 884 | 320 849 | 300 679 | 284 181 1 372 392 | 981 339 | |
| EBITDA continued operations | 33 553 | 20 669 | 9 813 | 11 505 | 20 062 | 75 540 | 53 625 |
| EBITA continued operations | 25 242 | 14 446 | 3 995 | 6 505 | 14 499 | 50 187 | 34 907 |
| Operating profit EBIT continued operations | 20 978 | 10 228 | 1 387 | 4 754 | 12 782 | 37 347 | 27 504 |
| Ordinary profit before tax (EBT) continued operations |
17 436 | 9 911 | 7 305 | 3 514 | 10 889 | 38 165 | 25 899 |
| Profit/loss after tax continued operations | 12 628 | 8 033 | 5 274 | 3 171 | 9 513 | 29 105 | 22 357 |
| EBITDA-margin | 8.3 % | 6.0 % | 3.1 % | 3.8 % | 7.1 % | 5.5 % | 5.5 % |
| EBT-margin | 4.3 % | 2.9 % | 2.3 % | 1.2 % | 3.8 % | 2.8 % | 2.6 % |
| Balance sheet | |||||||
| Non-current assets | 389 924 | 376 906 | 341 930 | 228 508 | 254 921 | 389 924 | 254 921 |
| Current assets | 595 716 | 623 488 | 571 373 | 616 449 | 591 612 | 595 716 | 591 612 |
| Total assets | 985 640 1 000 395 | 913 304 | 844 957 | 846 533 | 985 640 | 846 533 | |
| Total equity | 507 207 | 509 071 | 496 895 | 492 200 | 498 190 | 507 207 | 498 190 |
| Total long term liabilities | 88 511 | 98 031 | 63 723 | 49 445 | 45 928 | 88 511 | 45 928 |
| Total short term liabilities | 389 923 | 393 292 | 352 686 | 303 312 | 302 415 | 389 923 | 302 415 |
| Working capital | 358 632 | 371 147 | 355 461 | 287 620 | 284 913 | 358 632 | 284 913 |
| Equity ratio | 51.5 % | 50.9 % | 54.4 % | 58.3 % | 58.9 % | 51.5 % | 58.9 % |
| Liquidity ratio | 152.8 % | 158.5 % | 162.0 % | 203.2 % | 195.6 % | 152.8 % | 195.6 % |
| Net interest bearing debt | 71 712 | 66 939 | 24 555 -141 462 -116 136 | 71 712 | -116 136 | ||
| Net leverage multiples | 0.95 | 1.08 | 0.50 | -2.75 | -2.17 | 0.95 | -2.17 |
| Cash Flow | |||||||
| Cash flow from operational activities | 38 091 | 4 008 | -37 317 | 11 851 | 6 975 | 16 633 | 225 482 |
| Net change in liquid assets | -6 403 | 2 775 -146 502 | 21 840 | -11 695 | -128 290 | 99 917 | |
| Share information | |||||||
| Number of shares | 44 888 352 44 888 352 44 888 352 44 376 040 44 376 040 44 888 352 44 376 040 | ||||||
| Weighted average shares outstanding | 44 482 947 44 740 494 44 080 320 43 723 395 44 016 397 44 260 195 44 190 919 | ||||||
| EBT per shares continued operations | 0.39 | 0.22 | 0.17 | 0.08 | 0.25 | 0.86 | 0.59 |
| Earnings per share continued operations | 0.28 | 0.18 | 0.12 | 0.07 | 0.22 | 0.66 | 0.51 |
| Earnings per share. adjusted * | 0.38 | 0.27 | 0.18 | 0.11 | 0.26 | 0.95 | 0.67 |
| Equity per share | 11.40 | 11.38 | 11.27 | 11.26 | 11.32 | 11.46 | 11.27 |
| Dividend per share | 0.80 | 0.80 | 0.70 | ||||
| Employees | |||||||
| Number of employees (end of period) | 511 | 517 | 513 | 418 | 400 | 511 | 400 |
| Average number of employees | 514 | 515 | 451 | 409 | 401 | 472 | 397 |
| IFRS 16 effects continued operations | |||||||
| Reduced OPEX | 7 188 | 5 179 | 4 685 | 4 107 | 4 003 | 21 159 | 14 259 |
| Increased depreciation | 6 277 | 4 310 | 4 489 | 3 915 | 3 679 | 18 991 | 13 475 |
| Increased interest expenses | 911 | 869 | 197 | 192 | 325 | 2 168 | 784 |
| EBT | - | - | - | - | - | - | - |
| Cash flow from operational activities | 7 188 | 5 179 | 4 685 | 4 107 | 4 003 | 21 159 | 14 259 |
| Cash flow from financing activities | -7 188 | -5 179 | -4 685 | -4 107 | -4 003 | -21 159 | -14 259 |
| KNOK | Q4 2022 | Q3 2021 | Year 2022 | Year 2021 |
|---|---|---|---|---|
| Ordinary profit before tax continued operations | 17 436 | 10 889 | 38 165 | 25 899 |
| Ordinary profit before tax discontinued operations | - | -343 | - | 169 755 |
| Net interest | 1 604 | 337 | 3 427 | 1 935 |
| Tax paid | -5 591 | -15 865 | -17 989 | -17 856 |
| Share of profit, associated companies | 11 | -79 | -388 | -175 |
| Ordinary depreciation | 12 575 | 7 280 | 38 193 | 33 431 |
| Profit / loss on sale of fixed assets | -37 | 2 | -84 | -793 |
| Change in inventories | 17 935 | -13 091 | -1 146 | -74 046 |
| Change in receivables | 7 830 | -26 648 | -48 506 | 34 601 |
| Change in accounts payable | -15 170 | 12 020 | 10 351 | 22 673 |
| Change in other accrued items | 1 498 | 32 472 | -5 390 | 30 057 |
| Cash flow from operational activities | 38 091 | 6 975 | 16 633 | 225 482 |
| Payments for fixed assets | -3 295 | 530 | -11 144 | -8 794 |
| Investments in other companies | -15 | 71 | -15 | -3 001 |
| Payment from sale of fixed assets | 60 | -19 | 60 | 738 |
| Net effect acquisitions | -3 385 | - | -88 695 | -4 200 |
| Net effect divestment | - | 2 976 | 19 641 | 199 888 |
| Dividends received from associated companies | 200 | - | 200 | 100 |
| Interest income | 183 | 156 | 772 | 300 |
| Cash flow from investment activities | -6 253 | 3 713 | -79 181 | 185 033 |
| Purchase/sale of own shares | -6 966 | -9 775 | -10 278 | -13 635 |
| Change in long-term debt | -8 129 | -6 147 | -23 540 | -55 598 |
| Change in long-term receivables | -13 668 | - | -13 668 | - |
| Change in overdraft | -7 692 | -5 968 | 20 934 | -208 080 |
| Interest expenses | -1 786 | -493 | -4 199 | -2 235 |
| Dividend paid | - | - | -34 991 | -31 050 |
| Cash flow from financing activities | -38 241 | -22 383 | -65 741 | -310 598 |
| Net change in liquid assets | -6 403 | -11 695 | -128 290 | 99 917 |
| Cash and cash equivalents at the start of the period | 53 858 | 186 156 | 174 198 | 75 007 |
| Effect of foreign exchange rate fluctuations on foreign | -206 | -264 | 1 339 | -727 |
| currency deposits | ||||
| Cash and cash equivalents at the end of the period | 47 248 | 174 198 | 47 248 | 174 198 |
June 1, 2022, StrongPoint ASA acquired 100% of the shares in Air Link Group Ltd with subsidiaries. UK has been identified as a very interesting market for StrongPoint solutions. The online grocery penetration is higher than in the rest of Europe, putting constantly pressure on the profit margins in the brick-and-mortar stores.
ALS has 25 years of experience handling installation, service, construction and refurbishment for large grocery retailers in UK and Ireland. In the 2025 strategy, sale of StrongPoint solutions to this region was included, but it was estimated that the installation and service were to be handled by a sub-supplier. The ALS acquisition enables StrongPoint to include this revenue as part of the 2025 ordinary business. The acquisition enables StrongPoint to have access to the largest grocery retail customers, making it easier to access and sell StrongPoints' own solutions with comfort that the business critical systems will be supported by on-the-ground resources. The purchase price allocation is based on balance sheet per December 31, 2021. Final purchase price is calculated based on balance sheet per May 31, 2022.
The purchase price was paid by 80% cash and 20% shares in StrongPoint ASA. 50% of the shares was issued as new shares, and 50% was allocated from treasury.
| ALS | |
|---|---|
| Assets | |
| Deferred tax assets | 27 |
| Fixed assets | 2 018 |
| Leased assets | 38 854 |
| Other investments | 389 |
| Cash and cash equivalents | 4 973 |
| Receivables | 54 644 |
| Inventories | 18 649 |
| 119 554 | |
| Liabilities | |
| Leasing liabilities | -38 854 |
| Accounts payable | -35 330 |
| Other short term debt | -16 068 |
| -90 252 | |
| Net identifiable assets at fair value | 29 302 |
| Branding | 10 000 |
| Customers relations | 56 000 |
| Goodwill | 37 673 |
| Deferred tax assets | -16 500 |
| Purchase amount | 116 475 |
| Cash | 93 646 |
| Shares in StrongPoint | 22 830 |
| Purchase amount | 116 476 |
| Paid in cash | 93 646 |
| Cash received | -4 951 |
| Net cash out | 88 695 |
Allocation of excess values related to acquisition in 2022 distributed as follows:
The acquired companies contributed with the following revenue and profit before tax for the period between the acquisition and 31.12.2022:
Proforma: If the acquisitions had been completed as at 01.01.2022, the Group's total revenue and ordinary profit before tax had been:
There are identified intangible assets related to customers of KNOK 56,000 and branding of KNOK 10,000. The intangible assets for customers will be written off over 7 years and 5 years for branding.
Included in the value of goodwill is employees with special skills and expected synergies with StrongPoint's existing business. These intangible assets do not meet the recognition criteria in IAS 38 and are therefore not recorded separately. Recorded goodwill is allocated to the cash-generating unit ALS. Goodwill is not amortized. However, it is subject to impairment tests annually.
| KNOK | |
|---|---|
| Revenue | 241 268 |
| Profit before tax | 25 371 |
| KNOK | |
|---|---|
| Revenue | 1 490 690 |
| Profit before tax | 41 659 |
The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2021.
The accounting principles for the report are described in note 2 in the annual financial statements for 2021. The Group financial statements for 2021 were prepared in accordance with the IFRS principles and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2021. The quarterly report and the interim financial statements have not been revised by auditor.
*) Service and licenses
| Q4 2022 | Q4 2021 | Year 2022 | Year 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Re | EBIT | EBT | Re | EBIT | EBT | Re | EBIT | EBT | Re | EBIT | EBT |
| venue | DA | venue | DA | venue | DA | venue | DA | |||||
| Nordics | 182.7 18.0 15.4 204.6 21.0 17.2 | 744.1 67.2 | 59.5 695.5 77.0 66.0 | |||||||||
| Rest of Europe incl. R&D | 222.2 28.2 15.3 | 80.7 12.3 | 7.7 | 628.3 53.9 | 21.1 293.1 14.6 | -1.9 | ||||||
| ASA/Elim | - -12.7 -13.3 | -0.9 -13.2 -14.0 | - -45.6 -42.5 | -7.2 -38.0 -38.2 | ||||||||
| Total | 405.0 33.6 17.4 284.2 20.1 10.9 1 372.4 75.5 | 38.2 981.3 53.6 25.9 |
| Q4 2022 Q4 2021 Year 2022 |
Year 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| MNOK | New sales |
Service * | New sales |
Service * | New sales |
Service * | New sales |
Service * |
| Nordics | 119.0 | 63.8 | 139.2 | 65.4 | 494.8 | 249.3 | 442.7 | 252.9 |
| Rest of Europe incl. R&D | 83.0 | 139.3 | 41.0 | 39.7 | 264.1 | 364.2 | 195.4 | 97.7 |
| Elim / ASA | - | - | -0.9 | - | - | - | -7.2 | - |
| Total | 201.9 | 203.0 | 179.2 | 105.0 | 758.9 | 613.5 | 630.9 | 350.5 |
No significant transactions between the Group and related parties had taken place per 31 December 2022.
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | STRØMSTANGEN AS | 3 933 092 | 8.76 |
| 2 | SOLE ACTIVE AS | 2 221 717 | 4.95 |
| 3 | HSBC BANK PLC | 1 896 000 | 4.22 |
| 4 | V. EIENDOM HOLDING AS | 1 865 000 | 4.15 |
| 5 | PICTET & CIE (EUROPE) S.A. | 1 641 821 | 3.66 |
| 6 | NORDNET BANK AB | 1 506 472 | 3.36 |
| 7 | ZETTERBERG. GEORG (incl. fully owned companies) | 1 395 000 | 3.11 |
| 8 | AVANZA BANK AB | 1 252 847 | 2.79 |
| 9 | RING. JAN | 1 176 648 | 2.62 |
| 10 | VERDADERO AS | 1 031 926 | 2.30 |
| 11 | VERDIPAPIRFONDET DNB SMB | 886 783 | 1.98 |
| 12 | EVENSEN. TOR COLKA | 840 000 | 1.87 |
| 13 | WAALER AS | 771 966 | 1.72 |
| 14 | HAUSTA INVESTOR AS | 699 600 | 1.56 |
| 15 | JOHANSEN. STEIN | 580 000 | 1.29 |
| 16 | STRONGPOINT ASA | 584 518 | 1.30 |
| 17 | MP PENSJON PK | 561 402 | 1.25 |
| 18 | ALS KINGFISHER LIMITED ² | 506 156 | 1.13 |
| 19 | EUROPEAN RETAIL ENGINEERING LIMITED ² | 506 156 | 1.13 |
| 20 | BNP PARIBAS | 452 487 | 1.01 |
| Sum 20 largest shareholders | 24 309 591 | 54.16 | |
| Sum 2 525 other shareholders | 20 578 761 | 45.84 | |
| Sum all 2 545 shareholders | 44 888 352 | 100.00 |
| Total costs and Social Security Provisions | 2020 | 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 | Total | ||||
|---|---|---|---|---|---|---|---|
| Total IFRS cost | 440 | 5 441 | 1 143 | 1 735 | 2 041 | 501 | 11 301 |
| Total Social security provisions | 36 | 737 | - 296 | - 477 | 61 | 371 | 432 |
| Granted instruments | |||||||
| Activity | Number of instru ments |
Weighted Average Strike Price |
|||||
| Outstanding OB (01.01.2022) | 2 075 000 | 24,14 | |||||
| Granted | 1 100 000 | 22,55 | |||||
| Exercised | - 50 000 | 17,31 | |||||
| Terminated | - 456 250 | 24,53 | |||||
| Outstanding CB (30.09.2022) | 2 668 750 | 23,54 | |||||
| Vested CB | 681 250 | 22,00 | |||||
¹ The shares to ALS Kingfisher Limited and European Retail Engineering Limited have not yet been issued to their VPS accounts. ² The issuance of 512,312 new shares were registered with the Norwegian Register of Business Enterprises 04 June 2022. These shares have not been registered in VPS yet, but are included here.
| KNOK | Q4 2021 | Year 2021 |
|---|---|---|
| Operating revenue | - | 110 144 |
| Cost of goods sold | - | 53 177 |
| Payroll | - | 31 766 |
| Other operating expenses | - | 9 690 |
| Total operating expenses | - | 94 633 |
| EBITDA | - | 15 512 |
| Depreciation tangible assets | - | 7 090 |
| Depreciation intangible assets | - | 221 |
| EBIT | - | 8 201 |
| Interest expenses | - | 339 |
| Other financial expenses/currency differences | 342 | 1 495 |
| Profit on sale of discontinued operations | - | 163 389 |
| EBT | -342 | 169 755 |
| Taxes | - | 1 337 |
| Profit from discontinued operations | -342 | 168 418 |
StrongPoint Labels reporting segment was announced divested in June 2021. The Swedish part of the transaction was closed July 1, and the Norwegian part was closed September 1. Following IFRS, the financial figures for the reporting segments are reported as "Profit from discontinued operations" below tax in the financial statement and removed from the comparison figures in other tables.
StrongPoint ASA | Slynga 10, 2005 Rælingen | strongpoint.com
| Working capital | Inventories + accounts receivables – accounts payable |
|---|---|
| Equity per share | Book value equity / number of shares |
| Operating revenue | Sales revenue and profit from AC, Service companies |
| EBITDA | Operating profit + depreciation fixed assets and intangible assets |
| EBITA | Operating profit + amortization of intangible assets |
| EBIT | Operating profit |
| EBITDA-margin | EBITDA / operating revenue |
| EBT | Profit before tax |
| EBT-margin | EBT / operating revenue |
| Equity ratio | Book value equity / total assets |
| Liquidity ratio | Current assets / short term debt |
| Earnings per share | Profit after tax / number of shares |
| Diluted | Number of shares minus own shares plus shares granted in share option program |
| Earnings per share adjusted | Profit after tax + amortization of intangible assets / number of shares |
| Net leverage multiple | Net Debt / 12 months rolling operating revenue |
| Net change in liquid assets | The total changes in cash flow from operational activities, investment activities and financing activities |
| Discontinued operations | Divested Cash Security reporting segment December 2020. Divested Labels reporting segment Q3 2021. |
The fair value of share options granted is estimated at the date of grant using the Black-Scholes-Merton Option Pricing Model. The model uses the following parameters; the exercise price, the life of the option, the current price of the underlying shares, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option.
The vesting of the options is dependent on the participant still being employed at Strongpoint at the time of the vesting.
All StrongPoint ASA options are intended to be settled in equity, but in the event that the Company is not capable of delivering Shares following an exercise of Options, the Company shall fulfil its obligations under this Agreement through a cash-out.
The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program. Any non-exercised options expire five years after grant.
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