Hello, and welcome to ECIT Q3 2023 report. Agenda for today, our figures for 2023 so far, performance in our divisions, acquisitions done in 2023, and financial review with a little more detailed figures. Ending with our overall assessment of the performance of ECIT so far. First, we have decided to make a slight change in our ownership strategy. Coming out of Q3 2023, with 68.8% average ownership share in our subsidiaries, we are implementing in action actively to increase the ownership share to 75% in 2023, and an expected approximately 85% by the end of 2024, as a gradual process going on the year. But securing a larger part of the earnings or the cash flow created in ECIT, for the ECIT shareholders. 2023 Q3 performance so far, we are affected by some macroeconomic and political conditions, the latter, especially in Norway, which affects our IT revenue. On the other side, F&A is doing very well on the organic growth side, meaning that we actually are coming out with a small but positive organic growth. The situation is somewhat opposite compared to the situation during COVID, where we really experienced an IT growth boost, but and the opposite in the F&A division. Now, actually, FNA is securing that we are delivering a positive growth after all. We consider that as a consequence of that, we have a business bundle, where the underlying demand for our services is pretty constant, even though how the conditions are. Year to date, we have delivered 23% growth and close to 7% organic growth, and we expect the IT growth to be affected for the next three to six months from the conditions that affects us from now. We are delivering a steady, actually slightly improved, EBITDA margin, and we are delivering around 40% growth in our free cash flow. We are coming out of Q3 2023 with a revenue of NOK 767 million, which represents a growth of close to 19%, with an EBITDA of NOK 180 million, a margin of 15.4 versus 15.3 last year, same period. Year to date, we have delivered a revenue just about NOK 2.5 billion and a growth of 23%+, with an EBITDA of NOK 355 million, and a margin of 14.2% versus 13.9% last year. Performance in our divisions, starting with the F&A division, our largest division. We are coming out of Q3 with a revenue of close to NOK 1.5 billion, a growth at close to 13%, and very good part of that is organic growth. An EBITDA of NOK 253 million, and a margin of 17.2% versus 16.2% last year. The margin improvement comes from the ongoing merger and consolidation processes we have on a continuing basis. 5%, the five largest companies in the division represents 50% of the business as a consequence of these mergers we are doing. In the IT division, we are coming out with a revenue just about NOK 1 billion, a growth of 14%. The EBITDA is NOK 128 million, with a margin of 12.4% versus 11.6%. And as mentioned here, we are affected in the sales of specialized specialized equipment, especially, and projects, including public projects, coming from a slowdown in the policy for political reasons. And also, this quarter is comparable to a period of very strong growth last year. Margin is still improving due to consolidation effects, also mergers and consolidation here. And five companies in this division is representing approximately 75% of the total business. In our software division, we have delivered a revenue of NOK 112 million, total growth of close to 25%, and EBITDA of NOK 5 million, just a positive EBITDA margin. More interesting, we see this annualized recurring revenue, where we for September 2023, annualized, multiplied by twelve, have delivered NOK 121 million, which is 25% organic growth, compared to the same measurement in September 2022. Acquisitions in 2023. We have done 13 acquisitions, acquired an annualized revenue of NOK 368 million, including adjustments for IFRS 15. We are on with a margin of just about 14% on average, and we consider ourselves to be on plan as we, with these acquisitions, have exceeded 2023 goal at NOK 350 million. And with that, over to you, Mads. Thank you very much, Peter. Some comments on the financials for the third quarter and year to date. When we're looking at the quarter, we ended at almost 20% revenue growth, primarily driven by high M&A growth. Organic growth in the quarter was, as Peter mentioned, low, 1.6%, and can mainly be explained by both macroeconomic and political conditions, combined with a very strong revenue growth quarter last year. At year to date, we have achieved a total revenue growth of almost 25%, of which organic growth was approximately 7%, a little lower compared to the same period last year. We expect slower organic growth the coming quarter, as the present macroeconomic conditions are expecting to continue, mainly impacting our IT business. Looking at our EBITDA results, we are quite pleased with the fact that we continue to improve our EBITDA margins gradually, and the margin improvement is coming both from focus on consolidation and integration of our businesses across our divisions, but also from a strong cost focus. At year to date, we are at 14.2% compared to 13.9% same period last year. Profit for the period, and if we adjust for one-off items like divestment, like we had last year, the adjusted profit for the quarter was up by 8.3%. Although we improve our earnings per share, the result for the quarter—we have improved our earnings per share for the quarter—the result is somewhat impacted by higher group cost coming from group projects, which we expect will be completed within the next three to six months. Cash flow and financial position. Our cash flow from operation was NOK 338 million, compared to NOK 241 million last year. The increase is mainly explained by an improved EBITDA, but also a positive change in our net working capital, representing almost NOK 40 million compared to NOK 14 million last year. And the solid cash flow generated from our operations is also reflected in our free cash flow, which has increased by more than 40% compared to last year. Our financial gearing has increased compared to last year, however, it remains low at 0.9x EBITDA. We have initiated our sixth share buyback program, which will be announced as of today. And the intention is to buy back shares representing NOK 7.5 million. And as of September, we hold approximately 1.6 million treasury shares. And with that, over to you, Peter. Thank you. Our assessment for now is that we are continuing the consolidation process, building one ECIT, implementing the strategic change, where we increase our ownership share from 68.8 to expected 85% of the end of 2024. And by this, increasing the part of the cash flow earned in ECIT that is directed for ECIT AS and ECIT AS shareholders. We are meeting some present macroeconomic conditions that are slower our IT growth. However, we consider this to be not a periodic, a constant situation. We will see that change over the next three, six, maybe nine months, but it will change for sure. We are also experiencing that the F&A division actually is organic growth, and that division is increasing and actually is setting off what we are missing in the IT side, or partly setting it off, and we expect that to continue as well. Through mergers and consolidation, we are consolidating and building an ECIT, and a consequence of that is that we are keeping a steady EBITDA margin, actually improving it slightly, slightly as we build on. M&A so far is in line, actually a little above target for 2023, and we still have a solid pipeline with quite a number of companies that are interested to become a part of ECIT, and the financial headroom needed to do the acquisitions we've seen will we think will benefit ECIT. Overall, too low growth, earnings okay, and we are still on plan. With that, thank you for now.
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