Det vigtigste i et samarbejde er åbenhed, ærlighed og professionalisme, og det får vi ved easyIT. Mit navn er Ivan Pedersen, og jeg er Direktør i Terranor. I Terranor er vi 250 medarbejdere i 7 afdelinger fordelt over hele landet. Vi beskæftiger os med drift og vedligeholdelse af veje for kommunerne og for staten. Alt, der skal til for, at de danske veje de fungerer. I Terranor har vi valgt at holde fokus på vores kerneforretning, og derfor har det været naturligt at outsource løn og økonomistyringssystemer. Vi valgte easyIT, fordi vi ønsker en dansk leverandør, der er tæt på os i hverdagen. At have en lokal samarbejdspartner giver os tryghed i, at de kender landets love, og så kan vi i dagligdagen fokusere på vores kerneopgaver. Vi oplevede onboarding meget professionel. easyIT viste stor forståelse for vores problematikker og vores behov. Fordelen ved at have easyIT som eneste leverandør er, at der ikke er nogen problematikker i forskellige leverandører, der er sammenblandet. easyIT har samlet flere forskellige løsninger, altså løn, administration og HR-håndtering af vores medarbejdere. easyIT forstår vores forretning og er en samarbejdspartner, der er løsningsorienteret og vil have tingene til at fungere. In easyIT we use our knowledge within IT, tech and software to ensure better quality as well as a more efficient and reliable finance and accounting delivery for our customers. The Terranor case is a good example of that. Terranor has outsourced their accounting and payroll administration to one of easyIT's local offices in Denmark. The services are delivered on easyIT's own developed payroll system as well as an ERP solution from Microsoft, which has been customized and implemented by easyIT. This makes easyIT a tech driven services provider that delivers a unique one stop shop concept, where Terranor no matter their needs within IT, accounting and tech always can get the help they need to succeed. That's why we believe easyIT is a strong partner now and in the future. With these words we will now present CEO Peter Lauring and CFO Mads Skovgaard that will present the results for Q1 2023. Hello, welcome to Q1 report 2023 for easyIT. Agenda for today is first a little about easyIT and some key financial figures, performance in our three divisions, acquisitions year to date, and a little bit of a financial deep dive on our figures and financial position, our overall evaluation and should there be any questions, we will answer them after the session. First, easyIT consisting of three divisions with delivering IT and accounting services backed by easyIT owned software. easyIT is a people business through our acquisition model managed by entrepreneurs, we buy companies to build a group and are buying and building with the brick stones that comes within the companies we acquire. We aim to become a tech driven services provider as we see technology and services becoming more and more grained as of today and also in the future. We started from scratch in 2013 and came out of 2022 with a NOK 2.8 billion revenue, 14.8% margin, NOK 480 million EBITDA. Running of the end of Q1 2023, we are at a NOK 3.1 billion with approximately 15% of margin. We operate under long-term financial targets, which is that we are to deliver revenue growth of 15%, including an organic growth at more than 5.5%. We aim to meet an EBITDA margin at 70%, and we also aim to acquire NOK 350 million in new revenue every year. Q1 2023 came out with a revenue of NOK 862 million, a growth of 25% or close to 26%. The organic growth included in the 26% is 10.8%, which we think is fairly reasonable. EBITDA is NOK 150 million, 13.4% compared to 12.8% last year, an improvement of 0.6%. EBIT, we are delivering NOK 64 million, 7.4% compared to 5.5% last year. Also here a reasonable improvement of 1.9%. Our revenue is fairly stable with a recurring repeat revenue rate at 77% and earnings per share is NOK 0.07 versus 0.03 the same period last year. Reasonable improvements all over the line. We are building a group, meaning that 10% is as of today representing 55% of both revenue and earnings. We are trading at a market cap around NOK 3.3 billion, and there's 452 million shares trading. We have delivered a reasonable organic growth coming both from volume and price increase, a little more from volume than from price increase. Both EBITDA, EBIT and EPS has improved, and the overall improvement is coming from improved earnings, whereas EBIT and EPS also is improved a little from increased ownership share. Consolidation, where we gradually are merging our companies, is driving the margin improvement as we gradually are consolidating within easyIT. Our division has performed as follows. The FNA division, our largest division, coming out of Q1 with a plus NOK 500 million revenue, delivering an NOK 86 million EBITDA. Total revenue growth 13.8% or close to 31%. EBITDA margin of 16.9% versus 15.7%, an improvement of 1.2. The FNA division has delivered a reasonable organic growth, both based on volume and on price. As well, the margin improvement that comes from the underlying business comes from one of our old acquisitions, as well as our merged companies from last year gradually are performing better. The five largest companies in the FNA division delivers around close to 60% of revenue and earnings. The IT division is coming out of Q1 with NOK 300 million or close to NOK 350 million revenue, NOK 44 million in EBITDA, 16.5% revenue growth and an EBITDA margin of 12.5% versus 11% last year. An improvement of 1.5% also in this division. Here as well, organic growth comes both from the volume side and from the price increases we did the 1st of January. Margin improvement is coming as an effect of the mergers we did the previous years. In the IT division, where also consolidation is ongoing, the five largest companies represents more than 75% of the revenue and the earnings as well. In the tech division, we have delivered a revenue of NOK 41 million, close to zero EBITDA, 57% growth, where the core software growth is set +26% and the rest of the growth is coming from consulting services delivered attached to our software deliveries. We are gaining traction in several of our products, have won several larger contracts, meaning we can see growth in our core software revenue will continue for the next quarters to come, we are as of now investing on two sides. Beneath EBITDA, we are investing in building the software, above EBITDA, we are investing to increase our sales efforts and sales power in the software, on our software products. Since you very often in the software division focus very much on the product, we also have to focus on how to sell the product. We are increasing our focus in that area. When it comes to acquisitions so far in 2023, we have done three acquisitions, two in the FNA division and 1 in the IT division, and a small Norwegian accounting company called Progresso with a specialty of very good knowledge about the marine industry. We have as well done our first investment in Iceland, where we have bought a smaller accounting company. We would like to see if that can be the foundation for further growth in Iceland. As well, MicroPartner, a small CRM software, Microsoft partner in Denmark, fulfilling our product portfolio or our services to deliver in Denmark. NOK 55 million overall in revenue with NOK 50 million in EBITDA. With that, Mads, over to you. Thank you, very much, Peter. A few comments to the financials for the first three months of 2023. Revenue growth was almost 26%, whereas our organic growth was 10.8 compared to 4.4% last year, meaning that we are exceeding our financial targets, as Peter just mentioned in the beginning. The organic growth came from price increase as well as good sales performance across our three divisions. Currency effect was positive with 3% compared to a headwind last year of minus 1.5%. Although inflation effects has limited impact on our 2022 financial, the effect has been visible on our cost base for the first quarter, and the impact was expected, and to mitigate such, we increased our pricing in Q1. Looking at our EBITDA margin, we came out at 13.4% compared to 12.8%, representing an increase of 0.6 percent point. The large units formed through mergers in late 2021 and also during 2022 are gradually improving their margins and the similar positive development and is recognized in our base business and also for our largest acquisition, NØY, which we acquired back in 2021. When measuring our performance on operating profit, we are quite pleased to see that we have made an improvement of almost 2 percent point on our EBIT margins. The improvement on our earnings and profit for the quarter is supporting our earnings per share development, which has more than doubled for the same period last year. Cash flow and financial position. Our cash flow from operations was NOK 151 million versus NOK 80 million last year. The increase is mainly explained by improved EBITDA result as well as positive development in our net working capital. The change in net working capital was almost NOK 60 million compared to NOK 27 million last year, whereas some of the increase can be explained by a normalization from our figures Q4 last year. The strong cash flow generated from operation is reflected in our free cash flow, which has increased from NOK 58 million last year to NOK 122 million in same period 2023. Our NIBD, Net Interest-Bearing Debt, ending March was almost at NOK 250 million compared to NOK 184 million last year. Although our debt has increased, our leverage ratio of 0.5 times EBITDA remains at the same level as last year since our EBITDA results has improved. Undrawn balance from our revolving facility, represent almost NOK 450 million, meaning that we have a solid financial headroom going forward. Share buybacks and dividend. Well, we have initiated a new share buyback program, which we announce as of today, where the intention is to buy back shares representing NOK 12.5 million. At the annual general meeting, held in March, a dividend of NOK 0.04 was approved, representing NOK 18 million paid back to the shareholders during April. With that, back to you, Peter. Thank you very much. Share buyback supports our acquisitions in during the rest of 2023 is our aim. On the overall evaluation, we continue a positive development in 2022 into Q1 2023. Reasonable organic growth coming from volume, the main part, but price as well. Mergers and consolidation is affecting positive on our margins. We have improved both EBITDA, EBIT and earning per share and, the right way, so to speak, less in EBITDA, more in EBIT and even doubling or more than doubling the earning per share. We are initiating a new incentive program in 2023 to be executed during 2023. On the M&A side, we have a lot of objects in our pipeline. More and more companies are interested to have a, an interesting discussion with easyIT. We have good financial headroom to continue our acquisitions. I can say that we expect ESG to become part of our FNA business during a couple of the next one or two quarters. With that, all in all, we are fairly satisfied with the Q1 2023. Should there be any questions here, they are welcome. If not, we will end the session here. Thank you for your attention. Thank you.
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