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StrongPoint Investor Presentation 2010
3767_rns_2010-05-07_ecb659f3-991e-4623-8a0b-fdd167bc600a.pdf
Investor Presentation
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PSI Group ASA
1st quarter 2010 Presentation, May 7th 2010
Jørgen Waaler, CEO
CashGuard
PSI Group
SQS
Security Qube System
Business Vision
Become a leading global provider of closed and secure cash handling solutions wherever cash moves
CashGuard
PSI Group
SQS Security Gaba System
Agenda
- Highlights
- Financials
- Operations
- Q&A
CashGuard
PSI Group
SQS Security Quake System
Highlights
- Key figures
- Operating revenues of NOK 129.4 million, down 12.1% from Q109
- EBITDA of NOK 0.2 million, down from NOK 16.9 million in Q109
-
Negative cash flow from operations of NOK 19.9 million, mainly related to increase in working capital
-
Weak results from Cash Management CIT/ ATM
- Actions to improve profitability implemented and completed
-
One-off expenses of NOK 2.8 million affects result
-
Retail Solutions and Cash Management Retail on track
-
Significant events during the quarter
- Updated agreement on CashGuard with NorgesGruppen
- New management team in Cash Management Retail
CashGuard
PSI Group
SQS
Security Qube System
Financials – P&L statement
- Operating income of NOK 129.4 million
- Weak results due to low order intake
- Cash Management CIT/ATM
- EBITDA affected by:
- NOK 2.8 million one-off connected to workforce reduction in CM CIT/ATM
- Costs down by 5,7 million from 4th quarter 2009.
| NOK million | 1st quarter | Year | |
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Sales revenues | 129.1 | 146.7 | 563.8 |
| Profit from AC-Service companies | 0.3 | 0.5 | 1.8 |
| Operating revenues | 129.4 | 147.2 | 565.6 |
| Cost of goods sold | 57.9 | 59.7 | 240.9 |
| Payroll | 48.6 | 48.0 | 181.0 |
| Other operating expenses | 22.7 | 22.6 | 99.4 |
| Total operating expenses | 129.2 | 130.3 | 521.3 |
| EBITDA | 0.2 | 16.9 | 44.3 |
| Depreciation tangible assets | 2.6 | 1.6 | 11.0 |
| Depreciation intangible assets | 3.8 | 4.6 | 16.0 |
| Write downs intangible assets | 0.0 | 0.0 | 13.3 |
| EBIT | -6.2 | 10.7 | 4.0 |
| Net financial income | -4.3 | -3.4 | -12.7 |
| EBT | -10.6 | 7.3 | -8.7 |
| Tax | -3.2 | 1.7 | -0.1 |
| Operating income | -7.3 | 5.5 | -8.7 |
CashGuard
PSI Group
SQS Security Quake System
12 months rolling
12 months rolling revenue (NOK million)
12 months rolling EBITDA (NOK million)
CashGuard
PSI Group
SQS Security Quho System
Revenue breakdown
Revenue per country
Revenue per business area
CashGuard
PSI Group
SQS Security Qube System
New product sale and service revenues
1st quarter 2010
1st quarter 2009
CashGuard
PSI Group
SQS Security Quire System
Balance sheet - Total assets
- Increase in Accounts receivables – and other receivables compared to Q4 2009
| NOK million | 31.03.2010 | 31.12.2009 | 31.03.2009 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 145.0 | 144.1 | 155.4 |
| Goodwill | 318.4 | 313.1 | 313.7 |
| Tangible assets | 36.4 | 38.2 | 41.9 |
| Long term investments | 9.5 | 9.7 | 9.7 |
| Deferred tax | 38.7 | 36.6 | 37.9 |
| Non-current assets | 548.1 | 541.6 | 558.5 |
| Financial Investments | 0.0 | 0.0 | 0.6 |
| Goods | 75.8 | 75.1 | 94.7 |
| Accounts receivables | 100.6 | 90.3 | 126.1 |
| Prepaid costs | 1.6 | 3.1 | 14.3 |
| Other receivables | 17.8 | 13.1 | 9.6 |
| Bank deposits | 5.8 | 9.7 | 14.1 |
| Current assets | 201.6 | 191.4 | 259.4 |
| TOTAL ASSETS | 749.7 | 733.0 | 817.9 |
CashGuard
PSI Group
SQS Security Quho System
Balance sheet – Total equity & liabilities
- Net interest bearing debt increased by NOK 22.1 million compared to Q4 2009
- Total net interest bearing debt NOK 209.6 million end Q1 2010
- Disposable liquidity reduced by NOK 28.1 million to NOK 19.4 million
- 1,197,927 own shares, representing 5.4% (unchanged)
| NOK million | 31.03.2010 | 31.12.2009 | 31.03.2009 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Share capital | 13.8 | 13.8 | 13.8 |
| Holding of own shares | -0.7 | -0.7 | -0.7 |
| Other equity | 354.8 | 351.1 | 365.8 |
| Total equity | 367.8 | 364.1 | 378.8 |
| Long term interest bearing liabilities | 76.6 | 81.8 | 98.3 |
| Other long term liabilities | 15.4 | 21.8 | 13.1 |
| Total long term liabilities | 92.1 | 103.6 | 111.5 |
| Short term interest bearing liabilities | 138.8 | 115.5 | 139.9 |
| Accounts payable | 43.2 | 51.1 | 94.5 |
| Taxes payable | 0.1 | 0.1 | 0.0 |
| Other short term liabilities | 107.7 | 98.6 | 93.3 |
| Total short term liabilities | 289.8 | 265.3 | 327.7 |
| TOTAL EQUITY AND LIABILITIES | 749.7 | 733.0 | 817.9 |
CashGuard
PSI Group
SQS Security Quho System
Financials – Cash flow statement
- Increase in Working capital by NOK 18.9 million in the quarter
- Increase A/C by NOK 10.3 million
- Reduction A/P by NOK 7.9 million
| NOK million | 1st quarter | Year | |
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Net cash flow operational activities | -19.9 | -9.1 | 42.7 |
| Net cash flow from investment activities | -3.7 | -0.6 | -16.9 |
| Net cash flow from financing | 19.6 | 4.4 | -35.4 |
| Net change in cash | -4,0 | -5.3 | -9,6 |
| Exchange variance | 0,1 | -1.6 | -1,7 |
| Cash and cash equivalents at the beginning of the period | 9.7 | 21.0 | 21.0 |
| Cash and cash equivalents at the end of the period | 5,8 | 14.1 | 9,7 |
CashGuard
PSI Group
SQS Security Quake System
12 months rolling
12 months rolling CF from operations (NOK million)
CashGuard
PSI Group
SQS Security Quake System
Operations – Business units
CashGuard
PSI Group
SQS
Security Qube System
PSI organisation structure
CashGuard
PSI Group
SQS
Security Qube System
Retail Solutions
- In Store Retail Technology Solutions
- Presence in Norway and Sweden
- Dominating position in both countries
- Independent supplier to retail stores
- Country-wide service organizations
CashGuard
PSI Group
SQS
Security Qube System
Retail Solutions
1st quarter highlights
- 9,5 % turnover growth & 34,8 % EBITDA growth.
- 385 CashGuard systems sold in Q110 compared to 335 and 412 systems sold in Q109 and Q409 respectively.
- Satisfactorily ESL sales in Sweden during the quarter.
- Renewed agreement with NorgesGruppen.
1st quarter Key Figures
| 1st quarter | Full year | ||
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Revenue new sale | 76.2 | 70.8 | 302,6 |
| Revenue services | 25.6 | 22.2 | 91,2 |
| Total operating rev. | 101.8 | 93.0 | 393.8 |
| EBITDA | 6.2 | 4.6 | 14.9 |
| EBITDA-margin | 6.1% | 5.0% | 3.8% |
CashGuard
PSI Group
SQS Security Quire System
Retail Solutions
CashGuard
PSI Group
SQS
Security Quo System
Cash Management Retail
- Develops & markets closed & secure cash handling solutions to retailers.
- Outsourced manufacturing.
- Channel strategy: Sales through partners only.
- Strong market leader in Norway and Sweden – with a promising international potential.
CashGuard
PSI Group
SQS Security Qube System
Cash Management Retail
1st quarter highlights & outlook
- 1.1 % decline in turnover and 17 % decline in EBITDA.
- Increased R &D costs.
- New management team in place:
- Torgeir Abusdal CEO – January 1st
- Berend Knauerhase VP S & M – May 1st
- Two new distribution agreements in the quarter – in Germany and Holland
- 40 CashGuard systems delivered in France 1st quarter.
- New products planned in 2010.
1st quarter Key Figures
| 1st quarter | Full year | ||
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Revenue new sale | 25.3 | 26.1 | 105,8 |
| Revenue services | 1.1 | 0.7 | 1,6 |
| Total operating rev. | 26.4 | 26.7 | 107.4 |
| EBITDA | 2.9 | 3.5 | 7.6 |
| EBITDA-margin | 11.0% | 13.1% | 7.1% |
CashGuard
PSI Group
SQS Security Qube System
Cash Management Retail
12 months rolling revenues
CashGuard
PSI Group
SQS Security Quo System
Cash Management ATM & CIT
- Develops, manufactures & markets closed & secure cash handling solutions to the ATM & CIT market segments
- Market leader – High quality – high price
- New entry level product line to be launched in June 2010
CashGuard
PSI Group
SQS Security Quo System
Cash Management ATM & CIT
1st quarter highlights
- 50,8 % decline in turnover
- Weak results due to low order intake
- Normally slow start each year
- Cost reductions implemented
- Work force reduction of 16
- One-off expenses affects result by NOK 2.8 million
1st quarter Key Figures
| 1st quarter | Full year | ||
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Revenue new sale | 17.7 | 42.6 | 138,6 |
| Revenue services | 6.9 | 7.4 | 35,1 |
| Total operating rev | 24.6 | 50.0 | 173.7 |
| EBITDA | -7.4 | 10.4 | 28.7 |
| EBITDA-margin | -30.0% | 20.9% | 16.5% |
CashGuard
PSI Group
SQS Security Quire System
Cash Management ATM & CIT
12 months rolling revenues
NOK million
250
200
150
100
50
0
Q109
Q209
Q309
Q409
Q110
CashGuard
PSI Group
SQS
Security Quo System
Top 20 shareholders per 31st March 2010
| No. | NAME | No. of shares | % |
|---|---|---|---|
| 1 | PINNÁS. ERIK (incl. fully owned companies) ¹ | 2 961 276 | 13.3 % |
| 2 | SKAGEN VEKST OG SKAGEN VEKST III | 1 355 798 | 6.1 % |
| 3 | PSI GROUP ASA (own holding) | 1 197 927 | 5.4 % |
| 4 | DYVI CAPITAL AS | 1 183 024 | 5.3 % |
| 5 | BARCLAYS CAP SEC CAYMAN CLIENT | 1 050 401 | 4.7 % |
| 6 | AWAKE SWEDISH EQUITY FUND | 652 000 | 2.9 % |
| 7 | DETALJHANDELSEKONOMI I ENKÖPING AB | 453 920 | 2.0 % |
| 8 | ZETTERBERG. GEORG (incl. fully owned companies) | 411 269 | 1.9 % |
| 9 | GLAAMENE INDUSTRIER AS | 358 000 | 1.6 % |
| 10 | RING. JAN | 355 410 | 1.6 % |
| 11 | NISTAD GRUPPEN AS | 338 300 | 1.5 % |
| 12 | GRESSLIEN. ODD ROAR | 275 000 | 1.2 % |
| 13 | WAALER AS ¹ | 270 000 | 1.2 % |
| 14 | LÖFMAN. MICHAEL | 267 319 | 1.2 % |
| 15 | NORDNET PENSIONSFÖRSÄKRING AB | 242 146 | 1.1 % |
| 16 | JPMORGAN CHASE BANK | 237 068 | 1.1 % |
| 17 | AVANZA PENSION | 221 790 | 1.0 % |
| 18 | V. EIENDOM AS | 211 400 | 1.0 % |
| 19 | SWEDBANK LUXEMBOURG S.A. | 203 532 | 0.9 % |
| 20 | NORDNET BANK AB | 189 109 | 0.9 % |
| Sum 20 largest shareholders | 12 434 689 | 56.0 % | |
| Sum 8 629 other shareholders | 9 753 331 | 44.0 % | |
| Sum all 8 649 shareholders | 22 188 020 | 100 % |
¹ primary insiders
CashGuard
PSI Group
SQS Security Quire System
Questions?
"Zero losses - wherever cash moves"
CashGuard
PSI Group
SQS
Security Qube System