AI assistant
Techstep ASA Interim / Quarterly Report 2010
3770_rns_2010-05-20_1ccdfb1f-aa9c-4d00-b99d-fc7b122281d1.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Birdstep Technology ASA First Quarter Interim Report
Torbjörn Sandberg
CEO & President
birdstep TECHNOLOGY
Q1 2010 in brief
- Q1 revenues increased with 9% to 27,0 million (24,8 million)
- Cash flow of -8,2 million (-15,2 million)
- EBITDA of -6,9 million in Q1 (-7,7 million)
- EasyConnect activations 515K in Q1 2010 (396K in Q1 2009)
- EasyConnect signed group wide agreement with leading European operator
- Strengthened EasyConnect and SafeMove product offering
brdstep TECHNOLOGY
Birdstep Technology ASA
- Headquartered in Oslo
- Listed on Oslo Stock Exchange since 2002 (BIRD)
- 100 employees
- Offices in Norway, Sweden, Finland, UK and the United States
- Organisation
- Birdstep Technology (EasyConnect and SafeMove)
- Orbyte
- Raima
birdstep TECHNOLOGY
Income statement
| 1st Quarter | Full Year | ||
|---|---|---|---|
| Amounts in NOK million | 2010 1) | 2009 1) | 2009 |
| Operating revenue | 27,0 | 24,8 | 107,9 |
| Total revenue | 27,0 | 24,8 | 107,9 |
| Cost of sales | -1,8 | -2,3 | -9,8 |
| Salaries and wages | -21,9 | -19,6 | -79,3 |
| Other operating expenses | -10,2 | -10,6 | -42,3 |
| EBITDA | -6,9 | -7,7 | -23,5 |
| Amortization and write-downs | -1,9 | -1,9 | -7,5 |
| Ord. depreciation | -1,3 | -1,2 | -4,9 |
| Operating profit (EBIT) | -10,1 | -10,8 | -35,9 |
| Share of associated company | - | -0,4 | -0,4 |
| Financial items, net | -1,2 | -2,0 | -0,6 |
| Income before tax | -11,3 | -13,2 | -36,9 |
| Taxes | - | - | - |
| Net income | -11,3 | -13,2 | -36,9 |
| Other comprehensive income | |||
| Currency translation effect | 0,7 | -11,2 | -16,0 |
| Total comprehensive income | -10,6 | -24,4 | -52,9 |
| Attributable to: | |||
| Equity holder of the parent company | -10,6 | -24,4 | -52,9 |
| Total comprehensive income | -10,6 | -24,4 | -52,9 |
| Earnings and diluted earnings per share (NOK) | -0,15 | -0,19 | -0,74 |
Page • 4
1) Unaudited figures
birdstep TECHNOLOGY
Total revenue Q1 2008 - Q1 2010
Page • 5
birdstep TECHNOLOGY
Cash flow
| 1st Quarter | Full Year | ||
|---|---|---|---|
| Amounts in NOK million | 2010^{1)} | 2009^{1)} | 2009 |
| Profit/loss before taxes | -11,3 | -13,2 | -36,9 |
| Depreciation and write-downs | 3,2 | 3,1 | 12,4 |
| Options fair value | 0,5 | 0,1 | 0,4 |
| Change in accounts receivable | -0,1 | -2,4 | 18,1 |
| Change in accounts payable | 0,6 | -4,8 | -9,5 |
| Change in other balance sheet items | -0,5 | 3,1 | -8,5 |
| Net cash flow from operating activities | -7,6 | -14,1 | -24,0 |
| Investments in intangible assets | -0,8 | - | - |
| Investments in operating assets | -0,2 | 0,3 | -1,0 |
| Net cash flow from investment activities | -1,0 | 0,3 | -1,0 |
| Financing activities | 0,2 | - | -1,0 |
| Net cash flow from financing activities | 0,2 | - | -1,0 |
| Currency effect on cash | 0,2 | -1,4 | -3,3 |
| Net cash flow | -8,2 | -15,2 | -29,3 |
| Cash at beginning of period | 55,7 | 85,0 | 85,0 |
| Cash at end of period | 47,5 | 69,8 | 55,7 |
Page • 6
1) Unaudited figures
birdstep TECHNOLOGY
Balance sheet
| 31 March | 31 Dec | ||
|---|---|---|---|
| Amounts in NOK million | 2010 1) | 2009 1) | 2009 |
| Assets | |||
| Intangible fixed assets | 116,7 | 125,8 | 118,6 |
| Other fixed assets | 1,5 | 2,1 | 1,6 |
| Investments | 6,4 | 5,9 | 6,5 |
| Fixed assets | 124,6 | 133,8 | 126,7 |
| Short term receivables | 31,6 | 48,1 | 29,9 |
| Cash and cash equivalents | 47,5 | 69,8 | 55,7 |
| Current assets | 79,1 | 117,9 | 85,6 |
| Total assets | 203,7 | 251,6 | 212,3 |
| Equity and liabilities | |||
| Equity | 162,2 | 182,2 | 172,2 |
| Minority interests | - | - | - |
| Total equity | 162,2 | 182,2 | 172,2 |
| Liabilities, short term | 33,7 | 61,1 | 32,2 |
| Liabilities, long term | 7,8 | 8,3 | 7,9 |
| Total equity and liabilities | 203,7 | 251,6 | 212,3 |
1) Unaudited figures
birdstep TECHNOLOGY
Birdstep Technology Q1 highlights
EasyConnect & SafeMove
- Revenues of 14 million in Q1 (14,9)
- EasyConnect and SafeMove product offering were strengthened
- EasyConnect signed group wide frame agreement with a leading European operator
- EasyConnect was awarded contract for the upgrade of 3UK
- EasyConnect extends licensing agreement with TDC
- SafeMove closed significant license order from a Finnish governmental organization
- EasyConnect 2.9 was launched
| Amounts in NOK million | 1st Quarter | Full Year | |
|---|---|---|---|
| 2010 1) | 2009 1) | 2009 | |
| EasyConnect | |||
| Revenues | 8,0 | 9,7 | 44,1 |
| EBITDA | -6,0 | -1,4 | -6,4 |
| SafeMove | |||
| Revenues | 6,0 | 5,2 | 20,3 |
| EBITDA | -3,3 | -4,1 | -15,5 |
| 1) Unaudited figures |
birdstep TECHNOLOGY
EasyConnect activations (excl. Inside)
First quarter 2009 - First quarter 2010
birdstep TECHNOLOGY
Page • 9
EasyConnect customer wins
EasyConnect Advanced
Birdstep signed a group wide 3 year frame agreement for EasyConnect with a leading European operator.
For the initial launch country only, Birdstep estimates the revenue for the first 2 years to amount to 8 million NOK.
EasyConnect Go
Birdstep was awarded a contract to upgrade 3UK 's mobile broadband software to EasyConnect 2.8, covering 1.6 million users.
EasyConnect Advanced
Birdstep was awarded a contract for the upgrade of TDC Group to EasyConnect 2.9 for all Nordic entities.
birdstep TECHNOLOGY
Orbyte Q1 highlights
Orbyte
- Revenues of 6,0 million in Q1 (5,7 million)
- 5% revenue increase for Orbyte compared to Q1 2009
- Contract with 3 Scandinavia
| Amounts in NOK million | 1st Quarter | Full Year | |
|---|---|---|---|
| 2010 1) | 2009 1) | 2009 | |
| Orbyte | |||
| Revenues | 6,0 | 5,7 | 24,6 |
| EBITDA | 1,7 | 0,9 | 4,7 |
1) Unaudited figures
Page • 11
birdstep TECHNOLOGY
Raima Q1 highlights
Raima
- Revenues of 7,0 million in Q1 (4,2 million)
- 67% revenue increase for Raima compared to Q1 2009
| Amounts in NOK million | 1st Quarter | Full Year | |
|---|---|---|---|
| 2010 1) | 2009 1) | 2009 | |
| Raima | |||
| Revenues | 7,0 | 4,2 | 18,9 |
| EBITDA | 1,4 | -2,4 | -3,6 |
1) Unaudited figures
Page • 12
birdstep TECHNOLOGY
Summary
- Birdstep continues to deliver growth and improved cash flow
- Q1 revenues increased with 9% to 27,0 million (24,8 million)
- Cash flow of -8,2 million (-15,2 million)
- EBITDA of -6,9 million in Q1 (-7,7 million)
- EasyConnect and SafeMove are the key business segments and primary growth areas
- EasyConnect signed group wide agreement with leading European operator
- Focused and streamlined organisation
- Strengthened EasyConnect and SafeMove product offering
Page • 13
birdstep TECHNOLOGY
Page • 14
birdstep TECHNOLOGY
Thank you for listening
Questions?