Give you the figures are up on the screen there. Jostein will cover and put some more detail on that in his presentation. The second announcement is that the Board... the management has proposed a dividend. We're calling for an EGM on the sixth of March, 2023. The dividend for us, we're proposing a NOK 1.75 per share, totaling NOK 325 million. For us, you know, it doesn't diminish or dilute our challenge, our incentive to grow this business. We have looked at acquisitions during 2022, taken many to nearly the finish line. We decided to walk away due to multipliers, due to the economics of it. We think a very sensible and efficient deployment of our cash right now is to offer up that dividend. Moving to the strategy and the operations of Mintra. You know, Mintra, for those of you that don't know us, we're experts in digital learning and human capital management software for safety-critical industries. We service over 2.3 million users on our systems. We have 4,000 customers that operate in those harsh environments. We were established here in Norway in 1997. When we think about our business model, it is a disruptive business model, whereby we provide that one-stop shop to our customers to help them develop in terms of using our digital learning to get that knowledge transfer of those key HSE and safe working practices to their teams. Then deploy using our HCM software, allowing them to manage their workforce on a worldwide basis, ensuring that they're safe, compliant, reliable, and effective in their operations. We think about the key growth initiatives that we have here at Mintra, we have five. That need we see for growing compliance and accreditation of our courses, which makes them really important for the user to ensure and develop their level of competence. To expand that library, the content that we have via third party, through partnerships, making sure that our customers can truly get that one stop, go to that one place to get all of their training needs across our platforms. Once we have the system users inside our platform, it's increasing their spend. We increase their spend by making the content relevant. We make the experience truly immersive, so that it's easy for them to continue to shop and to buy more content. Clearly entering into new geographies, either directly or with our partnerships. The fifth one is that we're, you know, highly active in an M&A strategy and actually looking for companies, the right companies to bring into the group, which will help us deliver that growth. When we look at our content, our library, we have over 2,500 courses from up to 66 training partners operating inside our Mintra ecosystem. 26% of those e-learning courses are ours and Mintra based. 58 come from third party. The 16% come from third party, but classroom. Classroom courses that you can schedule using our systems, allowing our customers, again, to have that one place to get all their training needs, that one-stop shop that they can book all the face-to-face and e-learning. When we think about our system users, you can see from the graph, that we've had an increasing trend of more and more users in our systems year-on-year. 15% growth from last year to this year. The trick here is to monetize that. Again, as I said, make the experience immersive, make the content, relevant, so that people want to continue their learning whilst on board and in our systems. When we think about some of the accolades that we get from as being recognized in the industry, the LPI endorses us as being a company truly dedicated to innovation. Fosway Group look at our systems, our LMS Trainingportal, and see us as a core leader. We have, you know, once we have customers, that experience, the customer service they get while using Mintra products. From LPI, we were awarded a Gold Standard. You can see on the end there, we've got the Smart 4Sea, one of the awards which we won during 2022. When we think about our KPIs, we're demonstrating that we have a very healthy business. The number of courses, you know, over 2,500, getting that one-stop shop for our customers. 33% of our sales come from our digital channels. No touch from us. They come straight to us. We can see that system users continue to grow both in Trainingportal and in OCS, our HCM platform. We see that our revenues are highly- predictable, 95% predictable revenues. Half of that number comes from truly recurring contracts, multi-year contracts that we have with our customers. The rest come from the same customers that habitually buy from us year in and year out. Finally, as mentioned, ARR as we end 2022 at a very healthy NOK 120 million. I'm gonna pause there, then hand you on to Jostein, and he's gonna give you an in-depth view of our financial results. Thank you, Kevin. Good morning, to everyone in the room and, to those who have, joined the webcast. I'm Jostein Hufthammer. I joined, as Kevin mentioned, I joined Mintra six months ago. I'm fairly new to being the CFO of the company. Looking at the financials for the year, and for the second half, I think it's good. It's, as mentioned, could be better, always could be better. From the finance perspective, we find it truly good. Looking at the bigger picture, the revenue side of it, have increased. As Kevin mentioned, 5% on the second half, just above 4% on the year-over-year. However, looking at the gross margins, it's stable around 88%. Payroll, we have slightly increased in the cost base. It's based on one non-recurring item on payroll, NOK 2.1 million. We have some additional M&A costs that we have picked up during the second half of NOK 1.8 million, affecting the OpEx. We had following the COVID lifted restrictions, we have picked up NOK 1.3 million of additional costs related to travel and exhibitions. Overall, we are looking at 30% for the year and 27% EBITDA margin for the second half. I think the numbers kind of speaks to itself. We find them acceptable. Looking also at the R&D expenses, they are stable around 7%-8%. Looking ahead into 2023, we find that it's gonna be picking up a bit. It's based on additional content being added into the 2023 activities. Truly good is the strong operational cash flow that have continued throughout 2022. Looking at the second half, it's ended up at NOK 30 million. We had NOK 33 million of EBITDA. We have improved our net working capital by almost NOK 6 million, and then we are adding or using some money for CapEx on NOK 9 million. Looking at the total year, we are making NOK 85 million or improving the cash situation by NOK 85 million. Of course, it's based on the EBITDA, and then we have reduced the net working capital, so that's positive as a cash contribution. Overall, looking at why and how we'd enabled the reduction in working capital, that mostly relates to effective accounts receivable processes and invoicing processes. Looking ahead into 2023, we don't see that we are able to do additional efficiency measures in accounts receivable structures. We believe that we will have a kind of neutral development in working capital. Looking at the segments, as Kevin mentioned, we had a 10% increase in the second half compared to second half 2021 on the eLearning business. Looking at the HCM, it's picking up. It's back to where it was in the first half, and it's improved compared to 2020. We have a small downturn in consultancy and bespoke deliveries. That's because we did during 2021 and the first part of 2022, we did a right sizing of the company, meaning that we saw that the order intake was down, so we had to do some remanning. Looking at the second half, we didn't do any remanning in the second half. We picked up NOK 2.1 million of, on non-recurring item on payroll, we didn't do any major remanning in the second half. As Kevin mentioned, we picked up 120 new courses, and we picked up 6,000 new minutes of content. Quite a lot of the capacity was added back to make sure that the content is up to date and, of course, it then it's partly visible as added CapEx in the second half. eLearning, as mentioned, it's a 10% growth in 2022. We do see increased subscriptions, and the focus for 2022 have been on the maritime side. The HCM back up. Onboarding processes on new contract, it takes time when we have like BSM. Normally, we will see a six-to-nine- months deficit from the entering of the contract until we can see any recognized revenue coming into the numbers. The BSM contract, which was picked up in the fourth quarter, is not gonna show as revenue until the latter part of second half in 2023. As mentioned, the bespoke and consultancy is a bit down. Looking at the end of 2022, we picked up more than 10,000 hours of new order intake, so we expect to see quite a good growth in the... Whether it's going to hit the first half or it's the second half is depending on the installation teams also on the customer side. We see that we are closing the gap, and we expect to see more revenue coming from the bespoke and the consultancy teams. Looking at the balance sheet, it's remaining a healthy balance sheet. Cash position is always of interest. It's picking up from NOK 172 last year to NOK 218 at the year-end. Goodwill still around NOK 642. We have had the impairment discussion with the auditors. There's no indication of any impairment that could affect the final numbers. The numbers as we presented is unaudited, just to make everyone aware. We had a facility, the debt facility with Nordea that ended thirty-oh-six. We just agreed, as we mentioned in the statement this morning, we have signed a new debt agreement with Nordea today. It's been approved by the board today. It's on NOK 270 million. It's two term loans of NOK 120, and then we have a RCF of NOK 30. We will utilize the debt agreement in order to repay Nordea, the NOK 90 million, which is currently on standing on the old ones. It's partly going into the basis for the dividend proposal from the board, and then the remaining part of it will be available for added capital base for the operational side of the company. The equity ratio stands at 73%. Looking at how do we see the numbers after the dividend, w e expect it to be around NOK 450 million. We will see around or just above 50% equity portion, and we'll expect to see more than NOK 100 million available cash and including the RCF. Looking at the first half 2023, we expect to see this still being a truly healthy balance sheet. That's the financials. Kevin? Thanks, Jostein. When we focus on the outlook, we do see Mintra that really is still right in the crosshairs of these four megatrends that we all know exist in the industries that we serve. That desire for education to improve my capability, my competence, so I can get a better job and to improve my status. Get the educating, education matter that I take being highly regulated, accredited by the relevant bodies. That push towards digitalization. I'll come to that a little bit more in another slide. In terms of taking the content, taking the learning when I want it across the platform that I choose. Then sustainability. You know, the push for ESG, to improve the ESG footprint of our customers. As they do that, you know, changing their working practices. When change happens, education is required. They look to their supply chain, they look to companies such as Mintra. We see us right in that crosshairs of these four megatrends. If we come back to the digitalization, we're all aware, this is one aspect of it, one interesting force that works in our favor. We're aware of that increase in travel costs that we've experienced post-COVID. I was with a customer a couple of weeks ago that was talking about their travel expenses for training. They're at 50% of the travel that they were doing pre-COVID, but at 100% of the cost. For them, that's unacceptable. They cannot sustain that. Their quest is to move more and more of their training, more and more of their training budget to digital means. We know in maritime there is a skill shortage. We know that there is investment to bring more and more seafarers, new seafarers into the industry. Clearly, when that happens, training. The most efficient and effective way of carrying out that training, again, is through those digital means. We think about these two forces that are actually working with us as well as the megatrends that we see in the market. Taking that all together, when we think about our strategic priorities that will drive our growth, we know that there are strong market conditions which increase investment in new projects and training budgets. We know that our digital serving our offer is ideally placed to capitalize on those increasing travel costs, on the movement to home working, on the increased ESG. We know we've got an attractive value proposition. We know that we're disruptive in the market. You know, we've got some headline wins which really do pave the way for other customers to join Mintra in foreseeable future. As I said, we're actively engaged in M&A, looking for the right company to bring into the group, which will help us drive, help us deliver growth. You know, in summary, when we look at H2 in 2022, good. Good results. KPIs all trending in the right direction. We know that the market conditions are good for Mintra. We know that our products, our services are relevant, customers want them. We know that as a management team that we're confident, and very positive about the opportunity to grow the company in coming periods. We're gonna pause there. We'll take any questions we've got in the room, and thereafter we'll go to questions that we received online. Yeah. If you would please just introduce yourself and where you're from? This is George from Nordea. I just on your contracts, you know, given all this focus on inflation, this year's particularly, how do they, how are they linked with inflation, or how do you do price increases and when, across the customer relationships? Yeah, I mean, it's a real topical point. There is opportunity to price increase for sure. Many of our contracts are multi-year, the price is locked in at the beginning. Clearly there is opportunity with inflation, with the expanded offering that we have, there's always opportunity for us to increase our prices. We also know that it's getting that value proposition that works with the customer. You know, onboarding the customer is what we don't... There is opportunity with inflation for us to do a price increase. Any other questions in the room? Okay, we're gonna move on to the questions from the webcast. The first question is: When will we see an increase in turnover as a result of the high order intake in Q4? Yeah, interesting. Yeah, the way it works for our recognizing our revenue, jump in if I don't make the point well enough, is that with our eLearning, it's when the courses are consumed that we recognize the revenue. We have control in terms of getting the contract. We don't have a control in terms of when our customers, students, cohorts actually sit the course or courses. We, you know, we had a significant increase in the order intake at the end of last year. That revenue will start coming through to us during this year and during next year. As Jost and I both said with BSM, we took that contract last year. We'll start to see the revenue kind of unwind and come into us during this year. We don't actually control it. We control getting the awards. you know, if you remember too, with our licenses, they're either one year or two year, and they're a use it or lose it. you know, once we get the contracts, we get the revenues, just when the period we get the actual revenue recognized. How is the net working capital developing? Jost, that's you. Yeah. I can take that one. I'm sure that you're able to as well, Kevin. As mentioned in the presentation, we developed well on the net working capital. It's reduced, meaning it's more than negative than it was the past year. That's positive. Fairly well. Looking at the cash generation, as we mentioned, NOK 85 million for the year-one total, that's affected enlarged by, of course, the EBITDA and reduced the net working capital. You've been guiding on double-digit growth, but it ended at around 5%. What will you do about it? Okay. Yeah, no, and as I said, it's good that we had growth, not great. You know, we've guided at double-digit. We still feel the double-digit is in our gift. Where we are really, you know, enthusiastic and positive is that in H2 of last year, we got our eLearning up over 10%. You know, that has been our focus, and we see that trend continuing. Our, our medium term guidance is, it remains as it was. You know, again, good last year, not great, but we're doing all the right things. We're well-placed. We have good content which is accredited, and we know that the market is receptive to our solution. We are still positive with that guidance. What are your expectations to the level of order intake in the first half of 2023? Well, we expect it to continue. You know, that's all I can say. You know, as I said, we've got our products are relevant. We know new projects are coming online. We can disrupt and have disrupted in the maritime. We're a new entrant into that over the last couple of years, we expect the trend to continue as we've seen towards the end of last year. Are you satisfied with your revenue recognition? Personally, no. You know, to me, it's a tough one. You know, when we as far as I you know, when I look at it, when we delivered our service, we've done all our work. When we've had the contract signed, we've made the courses available, why can't we recognize the revenue? We do nothing as a company to help the courses be consumed apart from working with our customers. To me, it frustrates me, but I don't know if you've got a different view. Not different necessarily. We are IFRS compliant and that's based on. The e-learning best practice is recognizing the revenue as it's used. We are looking at how can we discuss with clients in order to have a free-based subscription structure, meaning that it's all you can eat menu, which would make a change to the overall pot-potential to recognize revenue on a straight line basis. Based on IFRS, it's the most of the revenue coming from e-learning is based on usage. Sorry. Yeah, yeah. We'd like to please you. Yeah. Yeah. Yeah. You have just announced a substantial dividend payment. Can you elaborate on your dividend policy? Sure, yeah. I mean, our dividend policy, you know, is that we expect to grow as the company. We expect to deploy the cash in the most effective way to help grow the company. We have announced a dividend policy which looks at when we have the opportunity, we will pay a dividend going forward of around 30%-50% of the EPS is what we're aiming to be going forward. Have you considered introducing learning delivered via podcasts or in bite sizes of shorter duration to cater for different ways that individual like to learn and consume information rather than traditional e-learning? Yes, is the short answer to it. Microlearning is really important. You know, that whole business of chunking, making sure that we don't just give a course that's the same course to anybody, understanding the learning requirements of the individual, cutting the course so that it fits those so they can get their learning outcomes quicker. A number of our clients work with us and they help us pioneer in this way. That micro-learning is very effective, and I guarantee we'll see more of that in our library and in the market in coming periods. That was the last question from the webcast. Are there any other questions in the room? Nope. Thank you very much for your attention. Much appreciated. Have a good day.
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