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NRC Group Investor Presentation 2010
3693_rns_2010-02-26_2edb20d3-a8ec-484c-93d3-9e6dd3731736.pdf
Investor Presentation
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BLOM
IMAGING THE WORLD
BLOM ASA
4Q 2009 RESULTS
Presentation by CEO Dirk Blaauw
26th of February 2010
Thon Hotel Vika Atrium, Oslo
Visit our web site at www.blomasa.com
Disclaimer
BLOM
IMAGING THE WORLD
Forward Looking Statements
This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking. You should not place undue reliance on these forward-looking statements for many reasons.
These forward-looking statements reflect current views with respect to future events and are by their nature subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity or performance will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this presentation, either to conform them to actual results or to changes in our expectations.
Agenda
BLOM
IMAGING THE WORLD
- Irregularities in Spain
- Q4 Highlights
- Q4 Key figures
- Q4 Operations and development
- Partnerships and alliances
- Strategy and outlook
- Q & A
Irregularities in Spain – Status
BLOM
IMAGING THE WORLD
- Indications of irregularities with documentation in recognition of income
- recognition of income and EBITDA-margin for the years 2008 and 2009
- The negative EBITDA-impact for
- 2008 is MNOK 41
- 2009 is MNOK 29
- An investigation-committee has been appointed and is effective
- Investigations aim to be conclusive before approval of final annual accounts
- Further irregularities may be disclosed
Spain – Further Issues
BLOM
IMAGING THE WORLD
Summary of Year-End-Corrections:
The 2009 accounts have been negatively impacted by year-end-adjustments from our Spanish subsidiary as follows:
- Irregular recognition of revenue: EBITDA 29 MNOK
- Goodwill: 44 MNOK
- Intangible: 6 MNOK
- EBIT 79 MNOK
Q4 Highlights
BLOM
IMAGING THE WORLD
- Revenue in 4Q 2009
- Revenues NOK 159 million, compared to NOK 219 million in 2008
- EBITDA NOK 23 million, compared to NOK 33 million in 2008
- Revenue in 2009
- Revenues NOK 737 million, compared to NOK 867 million in 2008
- EBITDA NOK 92 million, compared to NOK 155 million in 2008
- Several significant contracts signed
- Entered into important partnerships
- EADS; Infoterra
- Telear STA
- Restructure of organisation / strengthening of management
- Short-term: Challenging
- Long-term: Value creation according to strategy
Key Figures - Profit & Loss 4Q
BLOM
IMAGING THE WORLD
| NOK million (IFRS) | Q4 2009 | Q4 2008 | Change (%) |
|---|---|---|---|
| Revenues | 159.5 | 218.9 | - 27.1 % |
| EBITDA | 22.9 | 32.5 | - 29.5 % |
| EBITDA margin (%) | 14.4 % | 14.9 % | |
| EBIT* | - 58.8 | 7.9 | |
| EBT* | - 74.5 | 5.6 |
- Includes goodwill impairment of MNOK – 44 and intangible assets provision of MNOK – 6
Key Figures – Profit & Loss 2009
BLOM
IMAGING THE WORLD
| NOK million (IFRS) | 2009 | 2008 | Change (%) | Adj. 2008 |
|---|---|---|---|---|
| Revenues | 736.9 | 867.2 | - 15.0 % | 826.0 |
| EBITDA | 92.3 | 154.8 | - 40.4 % | 113.7 |
| EBITDA margin (%) | 12.5 % | 17.9 % | 13.8 % | |
| EBIT* | - 53.8 | 73.5 | 32.4 | |
| EBT* | - 94.0 | 63.3 | 22.2 |
- Includes goodwill impairment of MNOK – 44 and intangible assets provision of MNOK – 6
Q4 Revenues
BLOM
IMAGING THE WORLD
Annual P&L
BLOM
IMAGING THE WORLD
Group Revenues
Group EBITDA
Key Figures – Balance Sheet
BLOM
IMAGING THE WORLD
| NOK million (IFRS) | 2009 | 2008 | Adj. 2008 |
|---|---|---|---|
| Fixed Asset | 708.5 | 832.9 | 836.2 |
| Current Assets | 704.6 | 746.0 | 704.9 |
| Total Assets | 1 413.1 | 1 569.9 | 1 541.1 |
| Shareholder's Equity | 700.6 | 887.2 | 858.4 |
| Long Term Liability | 389.3 | 269.0 | 269.0 |
| Current Liab. Int. Bearing | 120.9 | 162.6 | 162.6 |
| Other Current Liabilities | 202.3 | 251.2 | 251.2 |
| Total Equity and Debt | 1 413.1 | 1 569.9 | 1 541.1 |
| Net Interest Bearing Debt | 304.2 | 287.7 | 287.7 |
| Equity Ratio (%) | 50 % | 55.7 % | |
| Net Gearing (%) | 43 % | 33.5 % | |
| Liquidity Ratio | 2.18 | 1.70 |
Q4 Financial Highlights
BLOM
IMAGING THE WORLD
- Operational Cash Flow improved with MNOK 58
- Net Interest Bearing Debt reduced from MNOK 344 to MNOK 304
- Net Interest Bearing Debt / LTM EBITDA is 3.3, whereas covenant is 3.5
- EBITDA corrections Spain 2008 = MNOK - 41
- EBITDA corrections Spain 2009 = MNOK - 29
- Write down of GW and provision for impairment of intangible assets = MNOK - 50
BGES Operational Highlights
BLOM
IMAGING THE WORLD
- Awarded contracts confirm that Blom represents:
- Advanced technologies / capabilities
- Large capacity
- Currently developing solution for forest carbon tracking
- Established strong partnerships gives:
- Access to technology
- Strenghtened market penetration
- Blom maintain strong position in laser-based markets
- Coastal survey
- Infrastructure
- Land-based height models
- Bathymetry
- Rotor wing
- LiDAR
BIS Operational Highlights
BLOM
IMAGING THE WORLD
- Created strategically important partnerships and alliances
- Infoterra
- Tele Atlas
- Bloms' partners maintain strong belief in 3D as key in future navigation systems
- Global 3D model footprint progressed as planned – 200 cities complete
- Blom is strategically positioned for future growth through innovation and uniqueness
- Blom maintains positive long-term market outlook to this segment
New Contracts Q4 2009
BLOM
IMAGING THE WORLD
BIS:
- Infoterra
- Signed agreement with Fire Brigade of Brussels for oblique imagery
- Signed agreement with French Archos to jointly launch new Photonav navigation experience
BGES:
- Awarded NOK 34 million contract by National Land Survey of Finland for laser survey
- Telaer STA awarded NOK 125 million contract in Italy by National Ministry of Agriculture
- Awarded NOK 38 million laser scanning contract with Italian Environmental Agency
- Awarded NOK 23 million orthophoto contract by Italian Environmental Agency
- Signed strategically important contract in France for mapping and monitoring of coastal stretches required by the French Marine Protected Areas Agency and the Marine Natural Park of Iroise
- Awarded NOK 20 million contract in Mongolia for consultancy services
Strategy & Outlook
BLOM
IMAGING THE WORLD
- Innovations – introducing new products and applications
- Strengthening Blom’s sales and marketing capabilities
- Enhance sales through partners & alliances
- Focus on cash flow improvements
- Focus on operational productivity improvements
- Long-term: value creation according to plan
BLOM
IMAGING THE WORLD
Thank you!
Q & A
Visit our web site at www.blomasa.com
BLOM
IMAGING THE WORLD
Appendix
Profit & Loss
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IMAGING THE WORLD
| Adjusted | |||||
|---|---|---|---|---|---|
| Q4 2009 | Q4 2008 (NOK million) | 31.12.2009 | 31.12.2008 | 31.12.2008 | |
| 159.5 | 218.9 Operating revenues | 736.9 | 867.2 | 826.1 | |
| 136.6 | 186.4 Operating costs | 644.6 | 712.4 | 712.4 | |
| 22.9 | 32.5 EBITDA | 92.3 | 154.8 | 113.7 | |
| 81.7 | 24.6 Ordinary depreciation | 146.1 | 81.3 | 81.3 | |
| -58.8 | 7.9 EBIT | -53.8 | 73.5 | 32.4 | |
| 0.1 | 0.0 Profit from associated companies | -0.6 | 0.0 | 0.0 | |
| -15.7 | -24 Net financial items | -39.6 | -10.2 | -10.2 | |
| -74.5 | 5.6 Profit before tax | -94.0 | 63.3 | 22.2 | |
| 5.4 | -1.8 Taxation | 10.9 | -18.1 | -5.8 | |
| -69.0 | 3.8 Net profit for the period | -83.0 | 45.2 | 16.4 |
Balance Sheet
BLOM
IMAGING THE WORLD
| (NOK million) | Adjusted | ||
|---|---|---|---|
| ASSETS | 31.12.2009 | 31.12.2008 | 31.12.2008 |
| Intangible assets | 357.2 | 450.3 | 462.7 |
| Machinery, fixtures, vehicles etc. | 295.8 | 315.8 | 315.8 |
| Fixed assets investments | 55.5 | 57.7 | 57.7 |
| Total fixed assets | 708.5 | 823.9 | 836.2 |
| Stocks and work in progress | 264.1 | 280.2 | 239.1 |
| Current receivables | 275.7 | 389.3 | 389.3 |
| Cash and cash equivalents | 164.9 | 76.5 | 76.5 |
| Total current assets | 704.6 | 746.0 | 704.9 |
| TOTAL ASSETS | 1 413.1 | 1 569.9 | 1 541.1 |
Balance Sheet
BLOM
IMAGING THE WORLD
| (NOK million) | Adjusted | ||
|---|---|---|---|
| EQUITY AND LIABILITIES | 31.12.2009 | 31.12.2008 | 31.12.2008 |
| Nominal share capital | 4.2 | 4.2 | 4.2 |
| Other reserves | 696.4 | 883.0 | 854.2 |
| Total equity | 700.6 | 887.2 | 858.4 |
| Total long term liabilities | 389.3 | 269.0 | 269.0 |
| Bank overdraft | 89.8 | 75.1 | 75.1 |
| Other interestbearing short term liab. | 31.0 | 87.5 | 87.5 |
| Interestbearing short term liab. | 120.9 | 162.6 | 162.6 |
| Other current liabilities | 202.3 | 251.2 | 251.2 |
| Total current liabilities | 323.1 | 413.8 | 413.8 |
| TOTAL EQUITY AND LIABILITIES | 1 413.1 | 1 569.9 | 1 541.1 |
Cash Flow
BLOM
IMAGING THE WORLD
| Adjusted | |||||
|---|---|---|---|---|---|
| Q4 2009 | Q4 2008 | (NOK million) | 31.12.2009 | 31.12.2008 | 31.12.2008 |
| 7.3 | 30.2 | Cash Flow from Operating Activites | 52.2 | 144.6 | 103.5 |
| -23.8 | -131.0 | Change in Receivables from Customers | 112.8 | -131.5 | -131.5 |
| 152.0 | 104.4 | Change in Stocks and Work in Progress | 16.1 | -92.4 | -51.3 |
| 9.9 | -4.5 | Change in Supplier Debt | 24.2 | 1.2 | 1.2 |
| -86.9 | 46.4 | Change in Other Accruals | -132.0 | 47.8 | 47.8 |
| 51.2 | 15.4 | Net Cash Flow from Working Capital Changes | 21.1 | -174.9 | -133.7 |
| -25.0 | -19.6 | Net Cash Flow from Investments Activites | -76.6 | -130.3 | -130.3 |
| -5.5 | -33.4 | Net Cash Flow from Financial Activities | 91.6 | -120.2 | -120.2 |
| 28.0 | -7.4 | Net Change in Cash and Cash Equivalents | 88.4 | -280.7 | -280.7 |
| 136.9 | 83.9 | Cash and Cash Equivalents beginning of Period | 76.5 | 357.2 | 357.2 |
| 164.9 | 76.5 | Cash and Cash Equivalents end of Period | 164.9 | 76.5 | 76.5 |