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Q2 2014 Presentation 25 July 2014 Finnur Oddsson, CEO.

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Presentation on theme: "Q2 2014 Presentation 25 July 2014 Finnur Oddsson, CEO."— Presentation transcript:

1 Q2 2014 Presentation 25 July 2014 Finnur Oddsson, CEO

2 Overview »Nýherji Strategy »Icelandic IT survey »Key results for the second quarter and first half of 2014 »Finances »Outlook

3 Nýherji – Iceland Product and solution sales / Managed and technical services TM Software Own software products and consulting in specialized solutions Iceland - Sweden Consulting company in the field of business software for financial services companies Nýherji and its subsidiaries

4 Smarter IT Solutions for Businesses Product and Solutions Managed Services

5 Icelandic IT Survey

6 34% set to invest more over coming 12 months »More moderate investment plans than last year »CEOs to invest more than IT executives »Nýherji clients more likely to invest than potential clients 2013-2014

7 Changes in IT consumption pattern emerging »More people using cloud solutions »Smaller businesses rather than large ones »33% intend to use more »68% use smart solutions »40% foresee an increase »5% do not plan to use Cloud Solutions

8 Key Results

9 ISK 125 million profit in first six months »Net profit in Q2 amounted to ISK 69m and ISK 125m over the first six months »[Q2 2013: Net loss of ISK 862m; 1H 2013: Net loss of ISK 1,012m] »Goods and services sold in Q2 totalled ISK 2,853m and ISK 5,712m in the first six months »[Q2 2013: ISK 2,815m; 1H 2013: ISK 5,470m] »EBITDA in Q2 amounted to ISK 207m and ISK 398m over the first six months »[Q2 2013: 161m, 1H 2013: 183m] »Gross profit in Q2 amounted to ISK 749m and ISK 1,502m over the first six months »[Q2 2013: ISK 664m; 1H 2013: ISK 1,228m] »Positive results from all the companies in the group in the first half of the year »TM Software records 86% growth in foreign revenue year-on-year »Nýherj’s equipment rental unit sold to Sonik Tækni ehf. »Interest-bearing short-term liabilities refinanced, working capital ratio 1.28 at the end of June

10 Operating Results NýherjiTM Software »Results of parent company exceeded estimates »Good performance of technical services »Sale of IT and technical hardware below estimates... »... but steep growth in the sale of PC, audio-visual and network hardware »Equipment rental unit sold to Sonik Tækni »Good outlook »19% rise in revenues in Q2 »28% rise in revenues over the first six months »Tempo sold to over 100 countries and 86% rise in revenues »Foreign revenues 43% of total income »Revenues totalled ISK 781 million over the first six months of the year »Good outlook

11 Operating Results Applicon ehf.Applicon A/B »Revenues up 10% »Earnings up from last year, exceeding estimates »Revenues totalled ISK 561 million in the first six months »Good outlook »Performance below estimates but significantly better than last year »Plans to increase personnel in August »Consultancy services well used »Revenues totalled ISK 524 million »Decent outlook for the second half of the year

12 Finances

13 Lykiltölur úr rekstri á fyrri árshelmingi 2014 Revenues ISK 5,712m EBITDA ISK 398m EBITDA% 7% Working capital ratio 1.28 Equity ratio 14,6% DSO 34 days DPO 20 days Inventory turnover 5,6 Operating cost/ revenues 21.9% Cash from operations ISK 88m Payroll /revenues 39% Gross profit% 26,3%

14 Rekstrarreikningur - Fyrri árshelmingur 2014 ISK million 1H 2014 1H 2013 Goods and services sold5,7125,470 Cost of goods and services sold(4,210)(4,242) Gross profit1,5021,228 Operating expenses(1,252)(1,192) EBIT25036 Net financial expenses(82)(154) Income tax(36)20 Loss from discontinued operations(26)(914) Net profit (loss) for the period125(1,012) EBITDA398183

15 Rekstrarreikningur - F2 2014 ISK million Q2 2014 Q2 2013* Goods and services sold2,8532,815 Cost of goods and services sold(2,104)(2,152) Gross profit749664 Operating expenses(616)(580) EBIT13484 Net financial expenses(52)(77) Income tax(17)(9) Loss from discontinued operations(872) Net profit (loss) for the period69(862) EBITDA207161 * Previous years’ comparative figures adjusted for discontinued operations

16 Efnahagur ISK million30.06.201431.12.2013 Fixed assets2,9123,049 Current assets2,5152,989 Total assets5,4276,031 Equity790665 Long-term liabilities2,6742,090 Short-term liabilities1,9633,276 Total equity and liabilities5,4276,031

17 Sjóðstreymi ISK million 2014 1.1 – 30.6 2013 1.1. – 30.6 Cash from operations8862 Investing activities(69)(164) Financing activities(183)52 (Decrease) in cash(164)(50) Effect of foreign exchange changes on cash(5) Cash at beginning of year451218 Cash at end of period282163

18 Outlook

19 Going forward »Good outlook for all the companies in the group and moderate growth in revenue and results expected »Units that yielded negative results have been sold »Investment in software development continues to yield increase in foreign revenue »Interesting new opportunities with Applicon IS and SE »Icelandic businesses in need of IT investment »Considerable competition domestically and abroad »Continued focus on simplifying structure and streamlining to strengthen services, improve results and boost the capital position »Share capital increased by up to 10 million shares »Sale to employees in a non-public offering »Authority to increase share capital by up to ISK 150 m.

20 Disclaimer Forward-looking statements contained in this presentation may be based on management’s current estimates and expectations, and not on facts that may be verified after its publication. Such statements are inherently uncertain. We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are qualified in their entirety by this cautionary statement.


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