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NRC Group Investor Presentation 2010
3693_rns_2010-04-29_9adeae50-f1d1-4a32-9691-fd2b8ae3d8fc.pdf
Investor Presentation
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BLOM
IMAGING THE WORLD
BLOM ASA
1Q 2010 RESULTS
Presentation by CEO Dirk Blaauw
29th of April 2010
Thon Hotel Vika Atrium, Oslo
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 Q1 Presentation
BLOM
IMAGING THE WORLD
- Highlights
- Key figures
- Financial Highlights
- Operational Highlights
- Strategy and outlook
- Q & A
Q1 Highlights
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IMAGING THE WORLD
- Revenue in 1Q 2010
- Revenues NOK 122 million, compared to NOK 150 million in 2009
- EBITDA NOK -7 million, compared to NOK -6 million in 2009
- Historically most challenging quarter
- Continued improvement in working capital
- Re - organisation in Spain
- Short-term: Challenging, however improving
Key Figures – Profit & Loss per 31.03.10
BLOM
IMAGING THE WORLD
Q1 Revenues
BLOM
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■ BGES ■ BIS
(In NOK million)
Q1 Segments & Margins
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| (NOK million) | Q1 2010 | Q1 2009 |
|---|---|---|
| Revenues | ||
| BIS | 16.3 | 15.1 |
| BGES | 106.0 | 134.5 |
| Total revenues | 122.3 | 149.6 |
| EBITDA margin | ||
| BIS | 23.0 % | -15.6% |
| BGES | -0.1 % | 4.3 % |
| Total EBITDA margin | -5.6 % | -3.9 % |
| EBIT margin | ||
| BIS | -42.5 % | -66.2 % |
| BGES | -9.7 % | -5.0 % |
| Total EBIT margin | -22.7 % | -17.7 % |
Key Figures – Balance Sheet
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IMAGING THE WORLD
NONDVATIOn
| NOK million (IFRS) | Per 31.03.10 | Per 31.03.09 | Per 31.12.09 |
|---|---|---|---|
| Fixed Asset | 730.6 | 775.0 | 709.0 |
| Current Assets | 610.0 | 592.0 | 704.6 |
| Total Assets | 1 340.7 | 1 367.0 | 1 413.6 |
| Shareholder's Equity | 651.9 | 779.0 | 697.5 |
| Long Term Liability | 381.7 | 233.6 | 389.3 |
| Current Liab. Int. Bearing | 106.9 | 159.4 | 120.9 |
| Other Current Liabilities | 200.2 | 195.1 | 205.9 |
| Total Equity and Debt | 1 340.7 | 1 367.0 | 1 413.1 |
| Net Interest Bearing Debt | 302.5 | 274.5 | 304.2 |
| Equity Ratio (%) | 48.6 % | 57.0 % | 49.6 % |
| Net Gearing (%) | 46.4 | 35.2 | 43.4 % |
| Liquidity Ratio | 1.99 | 1.67 | 2.18 |
Q1 Financial Highlights
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IMAGING THE WORLD
- Revenue lower than expected
- Caused by adverse weather conditions in Europe
- Reduced margin
BIS
Significant partnership agreements – important platform for future revenue growth
BGES
Signs of softness in governmental demands in several European countries
Q1 Cash Flow
BLOM
IMAGING THE WORLD
- Continued improvement in working capital
-
Total account receivables and work in progress reduced significantly during 1Q 2010
-
Continued focus on reducing DSO and working capital
-
Expect improvements in DSO in 2010
-
Investments level will be reduced in 2010
- Cash investments reduced in 1Q 2010
- Operational focus
| (NOK million) | ||||||
|---|---|---|---|---|---|---|
| Balance sheet values | Q4 08 | Q1 09 | Q2 09 | Q3 09 | Q4 09 | Q1 10 |
| Work in progress / inventory | 280 | 251 | 363 | 416 | 264 | 253 |
| Accounts receivables | 353 | 237 | 218 | 247 | 240 | 171 |
| Total | 633 | 488 | 581 | 663 | 504 | 424 |
Q1 Operational Highlights
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IMAGING THE WORLD
- Restructure of organisation in Spain
- Initiate further action to optimize cost in line with revenue
- Improve productivity and operational efficiency
- Strengthening sales and marketing functions
Operational Highlights per Segment
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IMAGING THE WORLD
BGES:
- Established strong partnerships gives:
- Access to technology
-
Strenghtened market penetration
-
Blom maintain strong position in laser-based markets
- Coastal survey - Bathymetry
- Infrastructure - Rotor wing
- Land-based height models - LiDAR
BIS
- Continue to develop present and new long-term partnerships and alliances
- Microsoft
- TomTom
-
Infoterra
-
Global 3D model footprint progressed as planned
-
Blom maintains positive long-term market outlook to this segment
Strategy & Outlook
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- Strengthening Blom’s sales and marketing capabilities
- Enhance sales through partners & alliances
- Focus on cash flow improvements
- Focus on operational productivity improvements
- Short-term: Challenging, however improving
- Long-term: Continued growth to enhance shareholder value creation
BLOM
IMAGING THE WORLD
Thank you!
Q & A
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IMAGING THE WORLD
Appendix
Profit & Loss
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IMAGING THE WORLD
| (NOK million) | 31.03.2010 | 31.03.2009 | 31.12.2009 |
|---|---|---|---|
| Operating revenues | 122,3 | 149,6 | 736,9 |
| Operating costs | 129,1 | 155,5 | 644,6 |
| EBITDA | -6,8 | -5,9 | 92,3 |
| Depreciation and amortisation | 20,9 | 20,6 | 146,1 |
| EBIT | -27,8 | -26,5 | -53,8 |
| Profit from associated companies | -0,2 | -0,7 | -0,6 |
| Net financial items | -11,3 | -8,4 | -39,6 |
| Profit before tax | -39,2 | -35,6 | -94,0 |
| Taxation | 10,9 | 9,6 | 10,9 |
| Net profit for the period | -28,4 | -26,0 | -83,0 |
Balance Sheet
BLOM IMAGING THE WORLD
| ASSETS (NOK million) | 31.03.2010 | 31.03.2009 | 31.12.2009 |
|---|---|---|---|
| Intangible assets | 361,5 | 413,9 | 357,7 |
| Machinery, fixtures, vehicles etc. | 290,2 | 304,7 | 295,8 |
| Fixed assets investments | 78,9 | 56,5 | 55,5 |
| Total fixed assets | 730,6 | 775,0 | 709,0 |
| Stocks and work in progress | 252,9 | 251,1 | 264,1 |
| Current receivables | 211,7 | 277,0 | 275,7 |
| Cash and cash equivalents | 145,4 | 63,9 | 164,9 |
| Total current assets | 610,1 | 592,0 | 704,6 |
| TOTAL ASSETS | 1 340,7 | 1 367,0 | 1 413,6 |
Balance Sheet
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| EQUITY AND LIABILITIES | 31.03.2010 | 31.03.2009 | 31.12.2009 |
|---|---|---|---|
| Nominal share capital | 4,2 | 4,2 | 4,2 |
| Other reserves | 647,7 | 774,8 | 693,4 |
| Total equity | 651,8 | 779,0 | 697,5 |
| Total long term liabilities | 381,7 | 233,6 | 389,3 |
| Bank overdraft | 77,8 | 77,7 | 89,8 |
| Other interestbearing short term liab. | 29,1 | 81,6 | 31,0 |
| Interestbearing short term liab. | 106,9 | 159,4 | 120,9 |
| Other current liabilities | 200,2 | 195,1 | 205,9 |
| Total current liabilities | 307,1 | 354,5 | 326,7 |
| TOTAL EQUITY AND LIABILITIES | 1 340,7 | 1 367,0 | 1 413,6 |
Cash Flow
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IMAGING THE WORLD
| (NOK million) | 31.03.2010 | 31.03.2009 |
|---|---|---|
| Cash Flow from Operating Activites | -18,3 | -15,0 |
| Change in Receivables from Customers | 44,0 | 115,6 |
| Change in Stocks and Work in Progress | 11,1 | -12,1 |
| Change in Supplier Debt | -7,8 | -8,1 |
| Change in Other Accruals | -17,9 | -50,1 |
| Net Cash Flow from Working Capital Changes | 29,4 | 45,3 |
| Net Cash Flow from Investments Activites | -13,0 | -20,5 |
| Net Cash Flow from Financial Activities | -17,6 | -22,5 |
| Net Change in Cash and Cash Equivalents | -19,5 | -12,6 |
| Cash and Cash Equivalents beginning of Period | 164,9 | 76,5 |
| Cash and Cash Equivalents end of Period | 145,4 | 63,9 |