Annual Report • Feb 25, 2014
Annual Report
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Financial report and status
Operating revenues of MNOK 188.5 in the fourth quarter (MNOK 187.9), an increase of 0.3 per cent.
For the year 2013 operating revenue was MNOK 718.9 (MNOK 595.9), an increase of 20.6 per cent.
EBITDA of MNOK 15.5 in the fourth quarter (MNOK 14.9), an increase of 4.0 per cent.
For the year 2013 EBITDA was MNOK 54.2 (MNOK 40.2), an increase of 34.8 per cent. This reflects the strong result in Retail Solutions and CashGuard. Despite the good growth in revenue the disappointing results of SQS Security has affected negatively.
Cash flow from operating activities was MNOK 34.9 in the fourth quarter (MNOK 25.8) an increase of MNOK 9.1 compared to the same period in 2012.
For the year 2013 the cash flow from operating activities was MNOK 66.2 (MNOK 25.9).
| MNOK | Q4 2013 | Q4 2012 | Year 2013 | Year 2012 |
|---|---|---|---|---|
| Revenue | 188,5 | 187,9 | 718,9 | 595,9 |
| EBITDA | 15,5 | 14,9 | 54,2 | 40,2 |
| Operating profit (EBIT) | 7,3 | 9,3 | 28,3 | 17,4 |
| Ordinary profit before tax (EBT) ¹⁾ | 7,1 | 7,9 | 56,4 | 8,7 |
| Net cash flow operations | 34,9 | 25,8 | 66,2 | 25,9 |
| Disposable funds | 65,0 | 22,6 | 65,0 | 22,6 |
| Earnings per share (NOK) | 0,16 | -0,16 | 1,16 | -0,14 |
| EBITDA margin | 8 % | 8 % | 8 % | 7 % |
¹⁾ Icluded a profit of MNOK 33.0 related to the sale of InStore IT companies.
Accounting effects of acquisitions and sales are described in Note 6
The Group had nearly unchanged operating revenues with MNOK 188.5 in the fourth quarter 2013 compared to MNOK 187.9 in the corresponding period in 2012. Both Retail Solutions and CashGuard had a good quarter, while SQS Security had a marked decline in turnover.
For fiscal year 2013 all business areas had good organic revenue growth. The Group generated operating revenues of MNOK 718.9 compared with MNOK 595.9 for the year 2012 – an increase of 20.6 per cent. Of this is 17.5 per cent organic growth.
Operating profit before depreciation (EBITDA) in the fourth quarter 2013 was MNOK 15.5 (MNOK 14.9). Retail Solutions and CashGuard delivered good results in the quarter, while SQS Security still has extraordinary costs related to quality improvements and additional restructuring costs. For the year 2013 EBITDA was MNOK 54.2 compared with MNOK 40.2 for the year 2012.
Profit before tax (EBT) for the year 2013 show a profit of MNOK 56.4 compared with MNOK 8.7 for the year 2012. EBT for 2013 includes a profit of MNOK 33.0 related to the sale of InStore IT companies.
PSI Group ASA completed 8th July the sales of their shares in five InStore IT companies (one subsidiary and four associated companies) to Visma Norge Holding AS for MNOK 48.9. PSI Systems AS and Visma Retail simultaneously agreed to continue the long-term service cooperation in the regions in Norway through these companies. Retail Solutions will be affected by the sale through future losses of profit contribution after tax from associated companies and the loss of consolidation of the subsidiary. The sale of shares in InStore IT companies revealed the values of these four companies. The sale resulted in a profit of MNOK 33.0, classified as a financial item.
PSI Group ASA acquired Etikett-Produsenten AS 26 June for MNOK 8.65 and Sydetikett AB 10 September for MSEK 40.0. The purchase price is related to the equity in the companies. The companies had at the acquisition time a cash balance of respectively MNOK 1.6 and MSEK 2.7. The companies are specialized commercial printing companies aimed at small and medium circulations in a wide quality range, with very short delivery times and high delivery precision. The acquisitions complement PSI Group ASA's existing commercial printing facilities that are focused on larger circulations. The label business in the Group is a part of the business area Retail Solutions.
The accounting effects of the transactions and unaudited pro forma figures are described in Note 6.
Retail Solutions comprises the sale of technological solutions to the retail sector – including systems integration, installations, service, support and consumables. In addition, the business area is one of Scandinavia's largest producers of adhesive labels.
The business area's goal is to enhance retailers' profitability by making store employees' working environment more efficient and streamlining consumers' shopping experience.
| Q4 2013 | Year | ||||
|---|---|---|---|---|---|
| MNOK | 2013 | 2012 | 2013 | 2012 | |
| Product Sales | 113,3 | 109,2 | 399,6 | 318,3 | |
| Service | 37,2 | 43,2 | 155,1 | 145,8 | |
| Revenue | 150,5 | 152,4 | 554,7 | 464,1 | |
| EBITDA | 19,2 | 18,4 | 67,4 | 44,9 | |
| EBITDA-margin | 12,8 % | 12,1 % | 12,1 % | 9,7 % | |
| EBT ¹⁾ | 15,8 | 16,1 | 88,6 | 36,9 |
¹⁾ Icluded a profit of MNOK 33.0 related to the sale of InStore IT companies.
The business area Retail Solutions' gross operating revenue has decreased by 1.3 per cent and ended at MNOK 150.5 (MNOK 152.4) in the fourth quarter, as a result of the completion of ESL to Rema 1000 in the 2nd quarter. This was largely offset by strong demand for CashGuard, among others as a result of the introduction of new coins and banknotes in Sweden, the delivery of ESL to other chains, and the acquisition of Sydetikett and Etikett-Produsenten.
For the year 2013 the business area showed an increase in operating revenue of 19.5 per cent to MNOK 554.5 (MNOK 464.1). The highest turnover in the business area's history.
Good cost control and a scalable business model led to an EBITDA margin of 12.8 per cent. EBITDA was MNOK 19.2 (MNOK 18.4) in the fourth quarter. For the year EBITDA was record high with MNOK 67.4 (MNOK 44.9).
Retail Solutions sells, designs and produces labels for the Norwegian and Swedish markets and delivers corresponding label printers and supplies. From the 1 quarter of 2014 this will be reported as a separate business area.
Retail Solutions had a turnover of MNOK 31.7 on labels in the fourth quarter (MNOK 17.0), where the acquisition of Sydetikett and Etikett-Produsenten contributed with an increase in turnover of MNOK 16.1.
Retail Solutions' label business is strengthened considerably by the acquisition of two printing facilities (see note 6). Retail Solutions is now one of the leading supplier of adhesive labels in Scandinavia.
In Sweden the production and sale of labels merged in a new common company Antonson Etikett AB. In Norway Etikett-Produesenten AS and PSI Production AS has merged with the name Etikettprodusenten AS. The company sells labels both through PSI Systems AS and direct. In November, the company became a member of the Norwegian Packaging Association, a vital step for making business more known as a label manufacturer for the food industry in Norway.
In the 4th quarter PSI Systems signed an agreement for delivery of labels to Salmar, one of the world's largest producers of farmed salmon. The agreement leads to an annual turnover of labels of approximately MNOK 3.
During the 4th quarter Antonson Etikett AB signed an agreement with hygiene and paper and pulping industry company SCA. In addition, the company also received its first order from the carrier DHL Stockholm as well as OneMed, which is an equipment supplier to the healthcare sector in the nordic region. The total value of the three agreements is approx. MSEK 4.3.
CashGuard Multi POS, is a new software that allows you to connect multiple cash registers to one CashGuard. So far this year, the chain Right Price Tiles has installed the solution in three of its 11 stores. In the third quarter PSI Systems signed an agreement with G-MAX regarding purchase of CashGuard with MultiPOS to their stores in Norway.
The delivery of electronic shelf labels to Rema 1000 in Norway is completed. The feedback from the customer is very positive. PSI Systems AS is chosen as the preferred partner of Coop Norge Handel for this type of solution. A larger proportion of the 150 stores where Coop Norge Handel intends to acquire electronic shelf labels are expected to be based on Pricer technology. ICA in Sweden has signed a 2-year contract on purchase of Pricer from PSI Antonson AB.
CASHGUARD
Comprises the development, production and sale of the market's most reliable cash handling systems to global partners and direct to larger retail chains. The business areas goal is to make cash payments effective and competitive for retailers. Partners who are 100 per cent owned by PSI Group ASA is included in the business area Retail Solutions.
| Q4 2013 | Year | |||
|---|---|---|---|---|
| MNOK | 2013 | 2012 | 2013 | 2012 |
| Product Sales | 37,7 | 24,0 | 114,5 | 85,8 |
| Service | 3,7 | 0,1 | 12,6 | 4,3 |
| Revenue | 41,4 | 24,1 | 127,1 | 90,0 |
| EBITDA | 4,5 | -1,2 | 3,5 | 2,3 |
| EBITDA-margin | 10,9 % | -5,0 % | 2,7 % | 2,5 % |
| EBT | 3,1 | -2,3 | -3,4 | -6,1 |
The business area had a very positive trend in export markets, mainly France, Spain and South Africa. In addition we have seen an improvement in Denmark and Germany. Turnover in the Swedish domestic market was very strong in the 4th quarter.
The business area CashGuard's operating revenue has increased by 72.1 per cent and ended at MNOK 41.4 (MNOK 24.1) in the fourth quarter. For the year 2013 the business area showed an increase in operating revenue of 41.2 per cent to MNOK 127.1 (MNOK 90.0), driven by increased sales in export markets, and Sweden (see table below).
| Q4 2013 | Year | Total number of | ||||
|---|---|---|---|---|---|---|
| Number of sold systems | 2013 | 2012 | 2013 | 2012 | sold systems | |
| Norway | 112 | 147 | 565 | 574 | 8 241 | |
| Sweden | 346 | 189 | 700 | 484 | 10 266 | |
| Total domestic markets | 458 | 336 | 1 265 1 058 | 18 507 | ||
| International | 208 | 47 | 785 | 342 | 3 550 | |
| Total | 666 | 383 | 2 050 1 400 | 22 057 |
It is invested significant amounts in building an international sales and marketing department, which will focus on direct sales and marketing to major international retail chains. This has affected the operating profit in 2013. In addition it is in 2013 introduced a more aggressive partner program to increase distributors' focus on CashGuard's products, and the most competent partners are rewarded with a higher discount.
EBITDA was MNOK 4.5 (MNOK - 1.2) in the fourth quarter. For the year 2013 EBITDA was MNOK 3.5 (MNOK 2.3).
We now see that the international commitment starting to give results. In addition, we experience that the market is showing signs of improvement. In the home market in the Nordic countries it is expected an increased demand for CashGuard among others as a result of the introduction of new banknotes and coins in Sweden.
In Denmark CashGuard won during the 4th quarter a contract to Copenhagen municipality with deliveries continuing into 1st quarter in 2014.
During the 4th quarter CashGuard signed an agremment with the gas station chain Felta in Germany.
In Spain there is still strong demand, primarily in pharmacy and healthcare sector.
In the third quarter Sodexo, which among other things offering canteen services worldwide, installed a pilot of CashGuard Premium, and considering further investments.
The French retail chain Monoprix chose in the second quarter CashGuard as their closed cash handling solution. With about 450 stores, Monoprix is a leading retail chain in France, offering food items, clothing, hardware, household items and gifts.
The largest CashGuard installation in the world with 35 systems is in South Africa, at a supermarket called President Hyper.
Go to www.cashguard.com to subscribe to news about the role cash has in society, as well as news within cash management solutions.
Comprises development, production and sale of the market's most advanced cash security solutions for ATM and cash in transit (CIT) operators based on patented destruction and tracking technologies. In addition SQS is a sub-contractor of this security technology to some of CashGuard's products in the retail distribution segment which requires the highest level of security on the market.
| Q4 2013 | Year | |||||
|---|---|---|---|---|---|---|
| MNOK | 2013 | 2012 | 2013 | 2012 | ||
| Product Sales | 19,1 | 30,4 | 101,6 | 93,8 | ||
| Service | 9,6 | 5,8 | 32,3 | 24,1 | ||
| Revenue | 28,7 | 36,2 | 133,9 | 117,9 | ||
| EBITDA | -5,3 | 1,1 | -5,8 | 2,7 | ||
| EBITDA-margin | -18,5 % | 3,0 % | -4,4 % | 2,3 % |
In the business area SQS Security the operating revenue decreased with 20.6 per cent to MNOK 28.7 (MNOK 36.2) in the fourth quarter. For the year 2013 however, the business area show an increase in turnover of 13.5 per cent to MNOK 133.9 (MNOK 117.9). New agreements in both CIT and ATM in Norway have contributed to the positive sales development.
EBITDA in the first quarter included non-recurring expenses of NOK 2.4 million related to management changes in the business area. In the fourth quarter was MSEK 2.9 allocated to restricting. In addition, during the year it is recognized MSEK 7.7 in warranty costs due to quality issues with the current product line. The warranty costs consist of replacement equipment to customers, as well as upgrades of the installed base to resolve quality challenges, and will result in a significant reduction in future warranty costs.
EBITDA was MNOK - 5.3 (MNOK 1.1) in the fourth quarter. For the year 2013 EBITDA was MNOK - 5.8 (MNOK 2.7). It is implemented numerous measures to improve profitability in the business area. It was in 2013 made significant changes in the management, development of a new product family, SMP, which has higher reliability, and where the products are based on the same components. Products within the SMP family will be launched consecutively in 2014. The product has been tested in Croatia for one year with great success. The business area will in 2014 increase its focus on sales and marketing.
SQS Security Qube System AB has been a preferred supplier to Loomis in Norway since 1999. During the third quarter SQS Security delivered an order of approx. MNOK 9 in new cases to secure Loomis' cash in transit. In the fourth quarter Loomis in Sweden has ordered racksolutions and cases to 7 CIT.
In the first quarter the business area completed the delivery of 900 SMP suitcases to Croatia with very positive feedback from the customer. This delivery was the first step to reach the goal to be the market leader in the region.
The introduction of the new SQS SMP case has, after a successful installation in Croatia, received considerable attention from most international actors in the market. The SMP case can be used for transport for both cash and ATM cassettes. The case is designed for most of the producers of ATM-cassettes. The technology also provides the basis for developing more functions in the future.
In the 4th quarter SQS Security Qube System certified its SMP Mini with SSF (Svenska Stöldskydds Föreningen).
In the UK, Loomis has conducted a successful pilot of SMP CIT-cases.
Erste Bank has started using cases for its internal CIT, as the first bank customer in Austria.
Brinks in France has during the 4th quarter invested in several cases to a value of about 200,000 Euro.
In Germany Reisebank har completed a successful pilot of SQS Security Qube System's new stationary ATM technology ASP. The bank plans initially to equip an additional 16 ATMs with ASP. Germany and Europe are experiencing an increase in the number of robberies of ATMs. Promotion of ASP has therefore received much attention.
The Swedish market continues to show good sales of security systems for ATMs. This trend is also applicable to the market in Norway, where sales of our products is increasing.
The company's traditional customers in Europe are reluctant to investment in new equipment. In Russia the situation is pending.
Cash flow from operating activities improved by MNOK 9.1 in the fourth quarter, and ended at MNOK 34.9 compared with MNOK 25.8 in the same period in 2012.
Working capital decreased by MNOK 5.7 in the quarter compared with the end of the third quarter of 2013.
Net interest-bearing debt has decreased by MNOK 29.2 compared with the end of the previous quarter and totalled MNOK 44.3.
Disposable funds was MNOK 65.0 per 31 December 2013.
The Norwegian Ministry of Trade and Industry granted 27th of June this year the applicaton for permission to carry out a compulsory acquisition of shares owned by shareholders whose shares have a total value that did not exceed NOK 500. The acquisition was completed in the third quarter of 2013. In connection with the compulsory acquisition to a redemption price of NOK 6,00 per share 1,351 shareholders were exercised, and 71,141 shares transferred to PSI Group ASA. After that PSI Group ASA owns 660,253 of its own shares which represent 1.5 per cent of outstanding shares.
The Board wants the members of the executive management to have shares in the company. It was therefore in the first quarter 2013 introduced a share program for the executive management where members have the opportunity to buy shares for up to NOK 500 000 per year with 20 per cent discount. In addition, the first employee share program was conducted, in which all employees in the Norwegian companies were allowed to buy shares for up to NOK 25 000 with 20 per cent discount.
The Board will at the next General Assemby propose a dividend of NOK 0.30 per share.
The Board of Directors of PSI Group ASA, Rælingen, 24 February 2014
Svein S. Jacobsen Erik Pinnås Selma Kveim Chairman Director Director
Camilla Tepfers Klaus de Vibe Jørgen Waaler Director Director CEO
The board and group CEO have today considered and approved PSI Group's financial statements for the fourth quarter and the year 2013, including comparative consolidated figures for the fourth quarter and the year 2012. 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 the year 2013 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 at 31 December 2013 and 31 December 2012. 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.
The Board of Directors of PSI Group ASA, Rælingen, 24 February 2014
Svein S. Jacobsen Erik Pinnås Selma Kveim Chairman Director Director
Camilla Tepfers Klaus de Vibe Jørgen Waaler Director Director CEO
| KNOK | Q4 2013 | Q4 2012 | Chg. % | Year 2013 | Year 2012 | Chg. % |
|---|---|---|---|---|---|---|
| Sales revenues | 188 546 | 186 595 | 1,0 % | 716 506 | 592 448 | 20,9 % |
| Profit from AC, Service companies | - | 1 344 | 2 367 | 3 471 | -31,8 % | |
| Cost of goods sold | 92 940 | 102 687 | -9,5 % | 378 473 | 298 422 | 26,8 % |
| Payroll | 55 231 | 47 284 | 16,8 % | 196 806 | 174 195 | 13,0 % |
| Other operating expenses | 24 869 | 23 062 | 7,8 % | 89 438 | 83 131 | 7,6 % |
| Total operating expenses | 173 040 | 173 033 | 664 718 | 555 749 | 19,6 % | |
| EBITDA | 15 506 | 14 906 | 4,0 % | 54 155 | 40 170 | 34,8 % |
| Depreciation tangible assets | 3 310 | 2 499 | 32,5 % | 10 573 | 8 514 | 24,2 % |
| Depreciation intangible assets | 4 899 | 3 067 | 59,7 % | 15 299 | 14 235 | 7,5 % |
| Write down intangible assets | - | - | - | - | - | - |
| Write down goodwill | - | - | - | - | - | - |
| EBIT | 7 296 | 9 341 | -21,9 % | 28 283 | 17 421 | 62,4 % |
| Interest | -893 | -1 119 | 20,1 % | -4 314 | -4 767 | 9,5 % |
| Other financial income | 674 | -324 | 32 414 | -3 969 | ||
| EBT ¹⁾ | 7 077 | 7 898 | -10,4 % | 56 383 | 8 685 | 0,0 % |
| Taxes | 294 | 14 836 | -98,0 % | 5 214 | 14 558 | -64,2 % |
| Profit/loss after tax | 6 783 | -6 938 | 51 169 | -5 872 | ||
| Of which | ||||||
| Majority interest | 6 874 | -7 032 | 50 937 | -6 206 | ||
| Minority interest | -90 | 95 | 232 | 334 | ||
| 6 783 | -6 938 | 51 169 | -5 872 | |||
| Earnings per share | ||||||
| Number of shares outstanding | 44 376 040 | 44 376 040 | 44 376 040 | 44 376 040 | ||
| Av. Number of shares - own shares | 43 715 787 | 43 718 999 | 43 757 742 | 43 865 891 | ||
| Earnings per share | 0,16 | -0,16 | 1,16 | -0,14 | ||
| Diluted earnings per share | 0,16 | -0,16 | 1,16 | -0,14 | ||
| EBITDA per share | 0,35 | 0,34 | 1,24 | 0,92 | ||
| Diluted EBITDA per share | 0,35 | 0,34 | 1,24 | 0,92 |
| Total earnings | Q4 2013 | Q4 2012 | Chg. % | Year 2013 | Year 2012 | Chg. % |
|---|---|---|---|---|---|---|
| Profit/loss after tax | 6 783 | -6 938 | 51 169 | -5 872 | ||
| Exchange differences on foreign operations | 3 040 | -6 034 | 22 628 | -2 992 | ||
| Total earnings | 9 823 | -12 972 | 73 797 | -8 865 | ||
| Of which | ||||||
| Majority interest | 9 913 | -13 067 | 73 565 | -9 199 | ||
| Minority interest | -90 | 95 | 232 | 334 |
¹⁾ The year 2013 includes a profit of MNOK 33.0 related to the sale of InStore IT companies.
| KNOK | 31.12.2013 | 31.12.2012 | 30.09.2013 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 113 747 | 97 564 | 116 076 |
| Goodwill | 110 779 | 80 584 | 110 607 |
| Tangible assets | 36 445 | 25 381 | 37 430 |
| Long term investments | 481 | 12 590 | 481 |
| Deferred tax | 18 084 | 29 794 | 16 971 |
| Non-current assets | 279 535 | 245 913 | 281 564 |
| Financial investments Goods |
26 85 787 |
22 83 419 |
25 81 255 |
| Accounts receivable | 98 156 | 94 325 | 120 864 |
| Prepaid expenses | 13 899 | 10 078 | 10 488 |
| Other receivables | 8 285 | 10 906 | 12 577 |
| Bank deposits | 8 554 | 3 670 | 9 997 |
| Current assets | 214 706 | 202 421 | 235 206 |
| TOTAL ASSETS | 494 241 | 448 335 | 516 769 |
| EQUITY AND LIABILITIES | |||
| Share capital | 27 513 | 27 513 | 27 513 |
| Holding of own shares | -409 | -416 | -409 |
| Other equity | 223 694 | 161 262 | 214 114 |
| Total equity | 250 798 | 188 359 | 241 218 |
| Long term interest bearing liabilities | 43 603 | 42 943 | 45 875 |
| Other long term liabilities | 9 764 | 5 909 | 15 196 |
| Total long term liabilities | 53 367 | 48 852 | 61 071 |
| Short term interest bearing liabilities | 9 271 | 52 206 | 37 678 |
| Accounts payable | 71 163 | 70 826 | 83 641 |
| Taxes payable | 207 | 643 | 618 |
| Dividend | - | 2 | - |
| Other short term liabilities Total short term liabilities |
109 435 190 076 |
87 448 211 124 |
92 544 214 481 |
| TOTAL EQUITY AND LIABILITIES | 494 241 | 448 335 | 516 769 |
| Share | Share premium |
Treasury | Other paid-in |
Translation | Other | Minority | |||
|---|---|---|---|---|---|---|---|---|---|
| KNOK | capital | account | shares | equity | variances | equity | Total | interest Total equity | |
| Equity 31.12.2011 | 13 757 | 182 919 | -185 | 108 879 | 10 152 | -112 310 | 203 213 | 49 | 203 261 |
| Dividend to minority interest | - | - | - | - | - | - | - | -120 | -120 |
| Purchase of own shares | - | - | -232 | - | - | -1 271 | -1 503 | - | -1 503 |
| Transaction costs on purchase of treasury | - | - | - | - | - | -509 | -509 | - | -509 |
| shares Write down share premium account |
- | -100 000 | - | 100 000 | - | - | - | - | - |
| Dividend 2011 | - | - | - | - | -11 020 | -11 020 | - | -11 020 | |
| Profit this year after tax | - | - | - | - | - | -6 206 | -6 206 | 334 | -5 872 |
| Other comprehensive income and expenses | - | - | - | - | -2 992 | - | -2 992 | - | -2 992 |
| Equity 31.12.2012 | 27 513 | 42 383 | -416 | 308 879 | 6 480 | -196 834 | 188 006 | 354 | 188 359 |
| Dividend to minority interest | - | - | - | - | - | - | - | -120 | -120 |
| Sale of own shares | - | - | 51 | - | - | 338 | 389 | - | 389 |
| Purchase of own shares / Compulsory | - | - | -44 | - | - | -636 | -680 | - | -680 |
| acquisition Dividend 2012 |
- | - | - | - | - | -10 947 | -10 947 | - | -10 947 |
| Profit this year after tax included divestment | - | - | - | - | - | 51 403 | 51 403 | -234 | 51 169 |
| of minority Other comprehensive income and expenses |
- | - | - | - | 22 628 | - | 22 628 | - | 22 628 |
| Equity 31.12.2013 | 27 513 | 42 383 | -409 | 308 879 | 29 108 | -156 675 | 250 800 | - | 250 798 |
| KNOK | Q4 2013 | Q4 2012 | Year 2013 | Year 2012 |
|---|---|---|---|---|
| Ordinary profit before tax | 7 077 | 7 898 | 56 383 | 8 685 |
| Net interest | 893 | 1 119 | 4 314 | 4 767 |
| Tax paid | 1 100 | 650 | 667 | 650 |
| Share of profit, associated companies | - | -1 344 | -2 367 | -3 471 |
| Ordinary depreciation | 8 209 | 5 566 | 25 872 | 22 749 |
| Profit / loss on sale of fixed assets | -169 | -73 | -169 | -73 |
| Non-realised loss on financial instruments | - | 1 161 | - | 1 161 |
| Realised profit on financial instruments | -452 | -10 | -32 969 | -10 |
| Change in inventories | -3 876 | 6 358 | 4 712 | -18 100 |
| Change in receivables | 22 903 | 30 781 | 9 422 | -13 762 |
| Change in accounts payable | -12 979 | -31 067 | -6 480 | 32 655 |
| Change in other accrued items | 12 202 | 4 716 | 6 774 | -9 384 |
| Net cash flow from operational activities | 34 907 | 25 756 | 66 159 | 25 867 |
| Net payments for fixed assets | -2 077 | -1 958 | -4 550 | -6 282 |
| Net payments for long term shares | - | - | -476 | - |
| Net effect acquisition Etikett-Produsenten AS | 128 | - | -2 578 | - |
| Net effect acquisition Sydetikett AB | - | - | -24 732 | - |
| Payment from sale of fixed assets | 325 | 268 | 325 | 268 |
| Net effect sale InStore IT companies | - | - | 46 398 | - |
| Interest income | 86 | -1 674 | 199 | 328 |
| Dividend received from associated companies | - | - | 2 300 | 1 340 |
| Net cash flow from investment activities | -1 538 | -3 364 | 16 887 | -4 346 |
| Buying of treasury shares / compulsary acquisition | -174 | - | -612 | -2 012 |
| Selling of treasury shares | -68 | - | 320 | - |
| Change in long-term debt | -4 147 | -2 649 | -13 435 | -12 498 |
| Change in overdraft | -29 077 | -19 654 | -49 114 | 8 737 |
| Interest expenses | -979 | 555 | -4 513 | -5 094 |
| Dividend paid | -397 | 1 | -10 943 | -11 018 |
| Dividend paid to minorities | - | - | -120 | -120 |
| Net cash flow from financing activities | -34 843 | -21 747 | -78 416 | -22 005 |
| Net change in liquid assets | -1 473 | 645 | 4 630 | -485 |
| Cash and cash equivalents at the start of the period | 9 997 | 3 079 | 3 670 | 4 219 |
| Effect of foreign exchange rate fluctuations on foreign currency deposits | 30 | -54 | 254 | -64 |
| Cash and cash equivalents at the end of the period | 8 554 | 3 670 | 8 554 | 3 670 |
| KNOK | Q4 2013 | Q3 2013 | Q2 2013 | Q1 2013 | Q4 2012 | Year 2013 | Year 2012 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating revenue | 188 546 | 144 937 | 198 614 | 186 776 | 187 939 | 718 873 | 595 919 |
| EBITDA | 15 506 | 10 071 | 15 499 | 13 080 | 14 906 | 54 155 | 40 170 |
| Operating revenue EBIT | 7 296 | 3 493 | 10 114 | 7 380 | 9 341 | 28 283 | 17 421 |
| Ordinary profit before tax (EBT) ¹⁾ | 7 077 | 35 137 | 9 054 | 5 115 | 7 898 | 56 383 | 8 685 |
| Profit for the year | 6 783 | 33 892 | 6 881 | 3 613 | -6 938 | 51 169 | -5 872 |
| EBITDA-margin | 8,2 % | 6,9 % | 7,8 % | 7,0 % | 7,9 % | 7,5 % | 6,7 % |
| EBT-margin | 3,8 % | 24,2 % | 4,6 % | 2,7 % | 4,2 % | 7,8 % | 1,5 % |
| Balance sheet | |||||||
| Non-current assets | 279 535 | 281 564 | 250 064 | 249 661 | 245 913 | 279 535 | 245 913 |
| Current assets | 214 706 | 235 206 | 227 805 | 216 404 | 202 421 | 214 706 | 202 421 |
| Total assets | 494 241 | 516 769 | 477 869 | 466 065 | 448 335 | 494 241 | 448 335 |
| Equity | 250 798 | 241 218 | 198 147 | 201 674 | 188 359 | 250 798 | 188 359 |
| Long-term debt | 53 367 | 61 071 | 45 449 | 48 117 | 48 852 | 53 367 | 48 852 |
| Short-term debt | 190 076 | 214 481 | 234 273 | 216 274 | 211 124 | 190 076 | 211 124 |
| Working capital | 112 780 | 118 478 | 132 907 | 128 220 | 106 918 | 112 780 | - |
| Equity ratio | 50,7 % | 46,7 % | 41,5 % | 43,3 % | 42,0 % | 50,7 % | 42,0 % |
| Liquidity ratio | 113,0 % | 109,7 % | 97,2 % | 100,1 % | 95,9 % | 113,0 % | 95,9 % |
| Cash Flow | |||||||
| Net cash flow from operation | 34 907 | 8 323 | 21 943 | 986 | 25 756 | 66 159 | 25 867 |
| Net cash flow | -1 473 | 2 273 | 3 501 | 329 | 645 | 4 630 | -485 |
| Share information | |||||||
| Number of shares | 44 376 040 | 44 376 040 | 44 376 040 | 44 376 040 | 44 376 040 | 44 376 040 | 44 376 040 |
| Weighted average shares outstanding | 43 715 787 | 43 785 398 | 43 786 928 | 43 742 849 | 43 718 999 | 43 757 742 | 43 860 320 |
| EBT per shares | 0,16 | 0,80 | 0,21 | 0,12 | 0,18 | 1,29 | 0,20 |
| Earnings per share | 0,16 | 0,77 | 0,16 | 0,08 | -0,16 | 1,17 | -0,13 |
| Equity per share | 5,7 | 5,5 | 4,5 | 4,6 | 4,3 | 5,7 | 4,3 |
| Dividend per share | - | - | 0,25 | - | - | - | 0,25 |
| Employees | |||||||
| Number of employees (end of period) | 314 | 326 | 297 | 309 | 301 | 314 | 301 |
| Average number of employees | 321 | 307 | 303 | 304 | 306 | 309 | 306 |
| Operating revenue per employee | 600 | 445 | 669 | 604 | 624 | 2 289 | 1 980 |
| Operating cost per employee | 551 | 414 | 617 | 562 | 575 | 2 117 | 1 846 |
| EBT per employee | 23 | 108 | 30 | 17 | 26 | 180 | 29 |
¹⁾ Q3 2013 and YTD 2013 icludes a profit of MNOK 33.0 related to the sale of InStore IT companies.
| Number of shares | Number of issued shares year and |
|---|---|
| Working capital | Inventories + accounts receivables – accounts payable |
| Equity per share | Book value equity / number of shares |
| Operating revenue | Sales revenues and profit from AC, Service companies |
| Operating revenue per employee | Operating revenue / average number of employees |
| Operating cost | Operating cost / average number of employees |
| EBT | Profit before tax |
| EBIT | Operating profit |
| EBIT pr. ansatt | EBIT / average number of employees |
| EBIT pr. utestående aksje | EBIT / average number of shares outstanding |
| EBIT-margin | EBIT / operatin revenue |
| EBITDA | Operating profit + depreciation fixed asstets amd tangible assets |
| EBITDA-margin | EBITDA / operating revenue |
| Egenkapitalandel | Book value equity / total assets |
| Weighted average basic shares outstanding | Issued shares adjusted for own shares on average for the year |
| Cash Flow margin | Net cash flow operations / operating revenue |
| Liquidity ratio | Current assets / short term debt |
| Earnings per share | Profit after tax / weighted average basic shares outstanding |
| Dividend per share | Paid dividend per share throughout the year |
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 2012.
The accounting principles for 2012 are described in the annual financial statements for 2012. The Group financial statements for 2012 were prepared in accordance with the IFRS principals 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 31.12.2012. The quarterly report and the interim financial statements have not been revised by auditor.
| Q4 2013 | Q4 2012 | Year 2013 | Year 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MNOK | Revenues | EBITDA | EBT | Revenues | EBITDA | EBT | Revenues | EBITDA | EBT | Revenues | EBITDA | EBT |
| CashGuard | 41,4 | 4,5 | 3,1 | 24,1 | -1,2 | -2,3 | 127,1 | 3,5 | -3,4 | 90,0 | 2,3 | -6,1 |
| SQS Security | 28,7 | -5,3 | -8,6 | 36,2 | 1,1 | -1,5 | 133,9 | -5,8 | -17,4 | 117,9 | 2,7 | -10,1 |
| Retail Solutions ¹⁾ | 150,5 | 19,2 | 15,8 | 152,4 | 18,4 | 16,1 | 554,7 | 67,4 | 88,6 | 464,1 | 44,9 | 36,9 |
| Group | 0,1 | -3,3 | 34,2 | -0,1 | -2,3 | 19,3 | 0,5 | -11,2 | 73,6 | 0,5 | -9,2 | 13,7 |
| Eliminations | -32,2 | 0,3 | -37,3 | -24,6 | -1,0 | -23,7 | -97,3 | 0,4 | -85,0 | -76,6 | -0,5 | -25,8 |
| Total | 188,5 | 15,5 | 7,1 | 187,9 | 14,9 | 7,9 | 718,9 | 54,2 | 56,4 | 595,9 | 40,2 | 8,7 |
¹⁾ Q3 2013 and YTD 2013 icludes a profit of MNOK 33.0 related to the sale of InStore IT companies.
| Q4 2013 | Q4 2012 | Year 2013 | Year 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other | Other | Other | Other | |||||||||
| MNOK | Norway | Sweden | markets | Norway | Sweden | markets | Norway | Sweden | markets | Norway | Sweden | markets |
| CashGuard | 9,4 | 19,4 | 12,7 | 10,5 | 12,3 | 1,3 | 43,3 | 41,8 | 42,0 | 42,8 | 29,3 | 17,9 |
| SQS Security | 5,7 | 11,6 | 11,4 | -0,2 | 13,6 | 22,8 | 20,0 | 56,6 | 57,3 | 4,4 | 35,5 | 78,0 |
| Retail Solutions | 66,5 | 83,2 | 0,7 | 91,0 | 61,4 | 0,1 | 298,2 | 255,5 | 1,0 | 254,7 | 209,1 | 0,3 |
| Group | 0,1 | 0,0 | 0,0 | -0,1 | 0,0 | 0,0 | 0,5 | 0,0 | 0,0 | 0,5 | 0,0 | 0,0 |
| Elimineringer | -9,6 | -22,6 | 0,0 | -10,5 | -14,1 | 0,0 | -44,3 | -53,0 | 0,0 | -43,6 | -33,0 | 0,0 |
| Total | 72,2 | 91,6 | 24,8 | 90,6 | 73,2 | 24,1 | 317,7 | 300,9 | 100,3 | 258,8 | 240,9 | 96,2 |
| Q4 2013 | Q4 2012 | Year 2013 | Year 2012 | |||||
|---|---|---|---|---|---|---|---|---|
| New | Service/ | New | Service/ | New | Service/ | New | Service/ | |
| MNOK | sales | repairs | sales | repairs | sales | repairs | sales | repairs |
| CashGuard | 37,7 | 3,7 | 24,0 | 0,1 | 114,5 | 12,6 | 85,8 | 4,3 |
| SQS Security | 19,1 | 9,6 | 30,4 | 5,8 | 101,6 | 32,3 | 93,8 | 24,1 |
| Retail Solutions | 113,3 | 37,2 | 109,2 | 43,2 | 399,6 | 155,1 | 318,3 | 145,8 |
| Group | 0,1 | 0,0 | -0,1 | 0,0 | 0,5 | 0,0 | 0,5 | 0,0 |
| Group/Eliminations | -32,2 | 0,0 | -24,6 | 0,0 | -97,3 | 0,0 | -76,6 | 0,0 |
| Total | 138,0 | 50,5 | 138,9 | 49,1 | 518,9 | 200,0 | 421,7 | 174,2 |
No significant transactions between the Group and related parties had taken place as at 31 December 2013.
| No. | Name | No. of shares | % |
|---|---|---|---|
| 1 | PINNÅS, ERIK (incl. fully owned companies) ¹ | 4 932 276 | 11,1 % |
| 2 | GLAAMENE INDUSTRIER AS | 4 176 417 | 9,4 % |
| 3 | STRØMSTANGEN AS | 3 933 092 | 8,9 % |
| 4 | SKAGEN VEKST OG SKAGEN VEKST III | 3 921 280 | 8,8 % |
| 5 | HOLMEN SPESIALFOND | 2 100 000 | 4,7 % |
| 6 | AVANZA BANK AB | 1 670 938 | 3,8 % |
| 7 | NORDNET BANK AB | 1 600 811 | 3,6 % |
| 8 | ZETTERBERG, GEORG (incl. fully owned companies) | 1 530 404 | 3,4 % |
| 9 | SKANDINAVISKA ENSKILDA BANKEN | 1 333 022 | 3,0 % |
| 10 | WAALER, JØRGEN (incl. fully owned companies) ¹ | 1 005 315 | 2,3 % |
| 11 | GRESSLIEN, ODD ROAR | 910 000 | 2,1 % |
| 12 | DELTA INVEST AS | 776 018 | 1,7 % |
| 13 | V. EIENDOM AS | 715 000 | 1,6 % |
| 14 | MP PENSJON PK | 699 806 | 1,6 % |
| 15 | PSI GROUP ASA | 660 253 | 1,5 % |
| 16 | RING, JAN | 645 322 | 1,5 % |
| 17 | SWEDBANK AB (PUBL) | 567 767 | 1,3 % |
| 18 | NORDEA BANK AB (PUBL) | 458 063 | 1,0 % |
| 19 | JACOBSEN, SVEIN (incl. fully owned companies) ¹ | 450 000 | 1,0 % |
| 20 | SAXO PRIVATBANK A/S | 353 000 | 0,8 % |
| Sum 20 largest shareholders | 32 438 784 | 73,1 % | |
| Sum 1 691 other shareholders | 11 937 256 | 26,9 % | |
| Sum all 1 711 shareholders | 44 376 040 | 100 % |
¹ Primary insiders
InStore IT companies are deconsolidated as of July 2013.
Etikett-Produsenten AS is consolidated as of July 2013, while Sydetikett AB is consolidated as of September 2013.
| 2013 | ||||||
|---|---|---|---|---|---|---|
| KNOK | PSI GROUP ASA consolidated |
Sydetikett AB | Etikett-Produsenten AS | InStore IT selskap | PSI GROUP ASA Pro forma consolidated |
|
| Sales revenues | 716 506 | 34 637 | 6 570 | -2 810 | 754 903 | |
| Profit from AC, Service companies | 2 367 | -2 367 | 0 | |||
| EBITDA | 54 155 | 5 559 | 1 048 | -4 075 | 56 687 | |
| Depreciation and amortizations of intangible assets and goodwill |
-25 872 | -1 662 | -704 | 85 | -28 153 | |
| EBIT | 28 283 | 3 897 | 344 | -3 990 | 28 535 | |
| Net financial items | 28 100 | -218 | -68 | -32 509 | -4 695 | |
| Profit before tax ¹⁾ | 56 383 | 3 678 | 277 | -36 498 | 23 839 | |
| Tax | -5 214 | -809 | -77 | 452 | -5 648 | |
| Net Profit ¹⁾ | 51 169 | 2 869 | 199 | -36 046 | 18 191 | |
| BALANCE SHEET | 31.12.2013 | 30.09.13 | ||||
| Intangible assets | 242 678 | 242 678 | ||||
| Tangible assets | 36 445 | 36 445 | ||||
| Financial assets | 481 | 481 | ||||
| Total non-current assets | 279 603 | 279 603 | ||||
| Inventory | 85 787 | 85 787 | ||||
| Receivables | 120 365 | 120 365 | ||||
| Bank deposits | 8 554 | 8 554 | ||||
| Total current assets | 214 706 | 214 706 | ||||
| TOTAL ASSETS | 494 309 | 494 309 | ||||
| Share capital | 27 513 | 27 513 | ||||
| Own shares | -409 | -409 | ||||
| Other equity | 223 763 | 223 763 | ||||
| Minority interests | - | - | ||||
| Total equity | 250 866 | 250 866 | ||||
| Long term interest bearing liabilities | 43 603 | 43 603 | ||||
| Other long term debt | 9 764 | 9 764 | ||||
| Total long term liabilities | 53 367 | 53 367 | ||||
| Short term interest bearing liabilities | 9 271 | 9 271 | ||||
| Short term liabilities | 180 805 | 180 805 | ||||
| Total short term liabilities | 190 076 | 190 076 | ||||
| TOTAL EQUITY AND LIABILITIES | 494 309 | 494 309 | ||||
¹⁾ Icluded a profit of MNOK 33 related to the sale of InStore IT companies.
| 2012 | ||||||
|---|---|---|---|---|---|---|
| PSI GROUP ASA Pro forma | ||||||
| KNOK | PSI GROUP ASA consolidated | Sydetikett AB | Etikett-Produsenten AS | InStore IT companies | consolidated | |
| Sales revenues | 592 448 | 44 887 | 13 176 | -6 207 | 644 304 | |
| Profit from AC, Service companies | 3 471 | -3 471 | - | |||
| EBITDA | 40 170 | 6 677 | 2 346 | -5 725 | 43 467 | |
| Depreciation and amortizations of intangible assets and goodwill | -22 749 | -1 945 | -1 320 | 50 | -25 965 | |
| EBIT | 17 421 | 4 732 | 1 025 | -5 676 | 17 502 | |
| Net financial items | -8 736 | -235 | -191 | -17 | -9 178 | |
| Profit before tax | 8 685 | 4 497 | 835 | -5 693 | 8 324 | |
| Tax | -14 558 | -1 201 | -249 | 664 | -15 344 | |
| Net Profit | -5 872 | 3 296 | 586 | -5 029 | -7 019 | |
| BALANCE SHEET | 31.12.12 | 31.12.12 | 31.12.12 | 31.12.12 | 31.12.12 | |
| Intangible assets | 207 942 | - | 259 | -49 | 208 152 | |
| Tangible assets | 25 381 | 7 850 | 2 263 | -359 | 35 135 | |
| Financial assets | 12 590 | 985 | - | -12 585 | 990 | |
| Total non-current assets | 245 913 | 8 835 | 2 522 | -12 993 | 244 277 | |
| Inventory | 83 419 | 1 791 | 672 | -1 066 | 84 815 | |
| Receivables | 115 331 | 6 135 | 2 756 | -2 358 | 121 864 | |
| Bank deposits | 3 670 | 2 591 | 2 043 | -1 348 | 6 956 | |
| Total current assets | 202 421 | 10 517 | 5 471 | -4 773 | 213 636 | |
| TOTAL ASSETS | 448 335 | 19 352 | 7 993 | -17 766 | 457 913 | |
| Share capital | 27 513 | - | - | - | 27 513 | |
| Own shares | -416 | - | - | - | -416 | |
| Other equity | 160 908 | 7 165 | 4 293 | -14 348 | 158 018 | |
| Minority interests | 354 | - | - | -354 | 0 | |
| Total equity | 188 359 | 7 165 | 4 293 | -14 702 | 185 115 | |
| Long term interest bearing liabilities | 42 943 | 7 307 | 1 981 | - | 52 231 | |
| Other long term debt | 5 909 | - | - | - | 5 909 | |
| Total long term liabilities | 48 852 | 7 307 | 1 981 | - | 58 140 | |
| Short term interest bearing liabilities | 52 206 | - | - | - | 52 206 | |
| Short term liabilities | 158 916 | 4 880 | 1 719 | -3 064 | 162 451 | |
| Total short term liabilities | 211 124 | 4 880 | 1 719 | -3 064 | 214 659 | |
| TOTAL EQUITY AND LIABILITIES | 448 335 | 19 352 | 7 993 | -17 766 | 457 913 |
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