PRESENTED BY CEO ØYVIND ISAKSEN AND CFO ROAR ØSTBØ (1)

Transcription

1 68 PRESENTED BY CEO ØYVIND ISAKSEN AND CFO ROAR ØSTBØ (1)

2 AGENDA Q3-10 Highlights Key Figures Regional market update Financial review Outlook Q&A (2)

3 Q3-10 HIGHLIGHTS Changes in the Slovakia contract having material financial impact Handover responsibility for central system and maintenance of enforcement Reversed income and write down Important orders received Call-off of frame agreement in Brazil - 24 MNOK Tag contract in Australia (RTA) - 16 MNOK Service contract in Australia (RTA) 11 MNOK High market activity related to major 2011 / 2012 cases Sao Paulo (3)

4 KEY FIGURES Revenues Operating profit Order intake Order backlog 68 MNOK -115 MNOK 96 MNOK 467 MNOK (4)

5 MARKET UPDATE EUROPE, M.EAST & AFRICA Continuing high market activity Norway, Portugal, France, Sweden, Turkey, Central Europe and South Africa Product sales, infrastructure projects, central system, service and maintenance activities Projects related to truck tolling in Europe New projects will materialise; France, Slovenia, Belgium, Denmark and others Scope could comprise GNSS OBU, back office, enforcement and services Each of these cases represents an opportunity of several hundred MNOK Projects will probably materialise from 2011 and onwards Sweden New market developing Project at Arlanda airport being planned, - bid process expected to be concluded in early 2011 Congestion charging in Gothenburg, - bid in ETC state motorway projects foreseen in 2011 and onwards Change orders in Stockholm and ongoing service and maintenance activity (5)

6 MARKET UPDATE EUROPE, M. EAST & AFRICA, CONT. Portugal Represents a market of high interest 15 th October the two scuts was put into operation, - both delivered by Q-Free New projects for conversion from shadow tolling will follow (Algarve and A25) Potential new contracts may materialise in 2011 Start seeing some increased tag demand South Africa Submitted tender for 1-3 millions tags Longer term new ETC infrastructure projects will materialise (6) Portugal

7 MARKET UPDATE ASIA PACIFIC Bangkok Increased ETC penetration implies an attractive tag market going forward New infrastructure projects identified Important tag and infrastructure activity in Australia Indonesia may show opportunities in 2011 Congestion charging being discussed Also exploring new cases in Singapore, Taiwan, Malaysia and India Sydney (7)

8 MARKET UPDATE NORTH AND LATIN AMERICA Brazil, Chile, Columbia and Ecuador main areas of activity in South America Tag demand in Brazil continues to be high Potential for new frame agreement in Brazil Good activity related to ALPR (software) solution in US Visibility of new projects starts to increase High focus on video based solutions The company s ALPR solution has a strong position (8)

9 CFO ROAR ØSTBØ FINANCIAL REVIEW Q3/10 (9)

10 Revenues (MNOK) EBIT margin (%) REVENUES AND EBIT-MARGIN QUARTERLY % 17.6 % % 5.2 % 0.0% % % ,4 % Q3-09 Q4-09 Q1-10 Q2-10 Q % % Revenues EBIT margin (10)

11 REVENUES - BUSINESS AREAS MNOK 120 % 108 % 100 % 80 % 60 % 60 % 70 % 61 % 57 % 40 % 20 % 0 % -20 % 33 % 30 % 31 % 23 % 24 % 7 % 7 % 9 % 12 % Q3-09 Q4-09 Q1-10 Q2-10 Q % Products Service and maintenance Projects -32 % MNOK Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Products 75,0 63,4 58,3 96,1 73,2 Service and maintenance 16,5 20,1 17,0 20,9 16,5 Projects 135,1 186,9 116,3 52,6-21,9 TOTAL 226,6 270,4 191,6 169,6 67,8 (11)

12 PROFIT & LOSS STATEMENT NOK Q Q Q Revenues Cost of goods sold Payroll expenses Other operating expenses Total opex before depr Operating profit - EBITDA EBITDA margin -125,4 % 16,5 % -10,2 % 14,4 % 11,6 % 16,8 % Depreciation, amortisation and impairment Operating profit - EBIT EBIT margin -169,4 % 13,5 % -21,6 % 10,3 % 5,2 % 12,8 % Financial income Financial expenses Net financial items Pretax profit Profit margin -162,4 % 14,6 % -20,4 % 11,9 % 4,5 % 13,6 % Tax expenses Profit after tax Gross margin 1,9 % 60,1 % 52,0 % 60,8 % 55,7 % 62,3 % EPS -1,32 0,49-1,05 0,91 0,09 1,41 (12)

13 CASH FLOW Q Q Q Q Q NOK Q Q Q Q Q Net cash flow from operations Net cash flow from investments Net cash flow from financing Net change in cash in the period Cash opening balance Cash closing balance (13)

14 BALANCE SHEET NOK Total intangible assets Non current assets Cash & Cash equivalents Other current assets TOTAL ASSETS Total Equity Liabilities TOTAL EQUITY & LIABILITIES Equity ratio 74,9 % 74,8 % 72,0 % 71,5 % 71,3 % (14)

15 ORDER BACKLOG MNOK BUSINESS AREAS Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Products Service & Maintenance Projects (15)

16 CEO Øyvind Isaksen OUTLOOK (16)

17 OUTLOOK 2010 will be a transition year Important to position the company for 2011 and 2012 opportunities Stable business level expected in the next few quarters Despite of short term challenges Q-Free has a good basis for long term growth Strong references Impressive portfolio Dedicated team International footprint Strong home market (17)

18 Q&A (18)

19 20 MAJOR SHAREHOLDERS SHAREHOLDERS 20 OCTOBER 2010 SHAREHOLDING % ERSTE BANK DER OESTE SPARKASSEN AG ODIN NORGE 8.97 SKAGEN VEKST 4.81 DNB NOR SMS 3.51 HOLBERG NORGE V/HOLBERG FONDSFORVALTNING 3.42 JP MORGAN CHASE BANK 3.28 LARS ANDRESEN 2.71 KIKUT AS 2.58 REDBACK AS 2.48 BANK AUSTRIA 1.97 VITAL FORSIKRING 1.78 VPF NORDEA KAPITAL 1.77 MONS HOLDING AS 1.73 VPF NORDEA AVKASTNING 1.44 DNB NOR NORGE 1.29 SABARO INVESTMENTS 1.29 DEUTCHE BANK 1.24 WARREN WICKLUND NORGE 1.12 STATOIL PENSJON 1.00 NHO 1.00 (19) SUM %