Good morning and welcome to our third quarter presentation for Sikri Group. My name is Nicolay Moulin, and I am the CEO of Sikri. With me today, I have CFO of Sikri, Camilla Urdal. Good morning. If you have any questions, we are happy to answer these after the presentation. Please send the questions to the email address displayed on the screen. Q3 is typically affected by seasonality. Despite this, the Sikri segment delivers growth of 25% due to, among other things, the successful project for the parliament election. The Ambita segment revenue is highly correlated with a real estate transaction and has Q3 2020 was unusually strong. With this area, revenue was slightly below 2020 level comparing with a normal year. Example, 2019, growth in Q3 was 7%. Overall, Q3 growth was at 6%, and year to date growth was 11.4% for the Sikri Holding. The win rate for public bids in Q3 hits an all-time high at 83%, an impressive number that, of course, will be challenged by competitors. For Sikri Group, successful growth from M&A requires that we can create a strong common culture and build an organic organization that is capable of growing while keeping focus on market and customers. Through Q3, we have been able to balance running a successful integration project while also delivering business as usual. We are, though, well positioned into Q4 with a new organization that is prepared to continue growth and expand our services towards public sector, private industries, and consumers. We are also staged to continue growth through acquisition. Sikri AS has also undergone a recertification of as many as three ISO standards in Q3. The feedback from the auditor is that it's impressive to be certified on three standards in parallel, ISO 9001, quality management system, ISO 27001, risk management, and ISO 14001, environment. During the past few years, we have seen many examples of importance of data in avoiding or addressing crisis in society, both in Norway and in the other Nordic countries. We are clear about the central role data plays in society. Data drives value creation, job creation, improved public and private services, considering the increasing demographic challenges we are facing, as well as being an important success factor in developing a sustainable society and green economy. The Sikri Group was established with its offspring from delivery to public sector. We have developed a lot since our establishment and are further extending our reach into creating value, not only for public sector, but also for private industries and consumers, particularly in the cooperation and communications between these three. We have run an intensive integration planning project during Q3 and are now, post-Q3, ready to launch a new organization taking a clear position within the three areas, public sector, private industries, and consumers. Data is the common denominator, and we develop solution that ties these three together with the goal of delivering cohesive solutions and services to the society we all play a part in. Our mission to improve and automate collaboration between these three focus areas. We cooperate closely with central government and other partners to ensure a totality that is simple, secure, and efficient. An example that we in Q3 have automated is the application for consent from Arbeidstilsynet in Norway. The Elements eByggesak is automatically validated and returns a reply to the applicant without employees in Arbeidstilsynet needing to perform manual control in the system. This is an expansion that Direktoratet for byggkvalitet plans to implement in the municipality checklist, and we will be able to offer this automation to all Norwegian municipalities using services from both Sikri and Ambita. It makes me proud to see how people in our organization are embracing our strategy for both organic growth and growth through M&A. We feel strongly that we are proving that we are putting actions behind our words in becoming a Nordic powerhouse. We communicated clear financial aspirations in 2020, and we are well on our way to reaching our 2025 goals of NOK 1 billion in revenue. That does not mean, however, that we will be hitting the brakes. We still have the same goal of a 15%-25% organic growth in the Sikri segment. For the new Ambita segment, we need to come back with updated financial aspiration once we have completed the necessary strategic reviews. Although we are able to acquire a large, well-performing company, we will still continue to pursue further growth opportunities through M&A. We continue to win tenders in Sikri segment, with an 83% win rate in Q3. In the Ambita segment, there are first and foremost ongoing sales of various services, then also together with a number of partners. We won the Værnes Region with 5 municipalities and 15 option municipalities in one go, all moving to our Elements cloud platform. We will be delivering case management, building application, and political meeting applications to these customers. Boligmappa has also double-digit direct sales gaining through towards new groups, for example, appraisers. We are also seeing a strong retention of users of Boligmappa. Ambita is delivering Byggesøknaden and won a delivery to Sør-Varanger Municipality. We also won a contract delivering registration and interaction services to SEB for Ambita. All in all, Q3 was a successful quarter in terms of sales. We provide a range of coherent services within planning and construction. The product Byggesøknaden, Elements eByggesak, PixEdit, and Ambita Infoland are well connected and give builders, real estate agents, municipalities, and others access to digital services that are connected and automated. This provides a short route from application being sent until construction is completed. It provides direct benefits to each individual player, but also major social benefits. I believe that we are just seeing the beginning of digitalization and automation in these different industries, and that we, as Sikri Group, will play an even more important role in providing services that create fully digitized and automated processes throughout the value chain. Our citizen service also have a value for the public and private sector. Our next step is to integrate services from the public and private sector to more closely for both homeowners and residents. Boligmappa has the potential to play an important role for managing the main investment people make, home ownership. As each car has a service booklet, each home should have a comparable folder. Capturing all information on property history and condition is vital, as environmental changes will add pressure to requirements on property maintenance. Furthermore, it will be an important tool in battling black labor in the building and renovation industry. Boligmappa released their consumer-oriented web service as an iOS mobile application, followed by a design facelift for all devices. For professional users, the Boligmappa PRO suite has been revamped to meet the specific needs for project-based entrepreneurs, thereby opening a market Boligmappa has just marginally tapped into. Söderberg & Partners, the market leader in home and insurance, integrated Boligmappa in their new full digital self-declaration form, making Boligmappa's data available in 70% of property transactions in Norway. The podcast, Boligsnakk, is the latest addition in Boligmappa's marketing mix, which already has received positive feedback. The growth for Boligmappa in 2021 is significant, with 600 new B2B SaaS customers year to date, doubled monthly active users year to date, with an annual recurring revenue of NOK 30 million. Prognosesenteret has a solid position in the market for providing quality analysis and trend reports. The insight we contribute through our green data gives both businesses and consumers the opportunity to make wise decisions that reduce climate emissions. An example, a bank that considers the energy efficiency of a home as a criterion for granting a mortgage, where we provide the data as a basis. Post Q3, we have been fully focused on the integration of Ambita into the Sikri Group, identifying positive synergies between the two organizations, and structuring our effort in order to benefit customers, investors, employees, suppliers, and other stakeholders. As communicated, we acquired the Ambita Group. We had an ambition of synergies between NOK 20 million-NOK 40 million. We are pleased to see that we already have identified NOK 20 million in pure cost synergies that we'll start to see the effect of already from early 2022. As stated on the previous slide, we believe that the real synergies lies in how we are able to capitalize on existing technologies, combination of these, and of course, development of new innovative solutions. To ensure that we work as one company with common goals and to combine the strength of both companies, we have launched a new management team for the Sikri Group, comprised of seven women and five men, coming from both Sikri and Ambita. Camilla, will you please run us through the financial for the quarter? Thank you, Nicolay. 2021 has so far been an eventful year for us in Sikri, and we are delivering according to our ambitions. In pro forma terms, we have grown 11.4% year to date, and year-over-year, the total revenues that we manage have tripled. Growth year to date was 16.4% within the Sikri segment and 9.5% in the Ambita segment. Although our revenues are exposed to seasonality, especially within the Ambita segment, 80% of our revenues are recurring or recurring-like in nature, providing a solid base and predictability. Our profitability is strong, with an EBITDA of NOK 128 million year to date and a 21% margin. We're pleased with what we've been able to achieve in both segments during a period with integration activities and intensive sales efforts. We are delivering growth in the third quarter, which is a quarter where both segments are affected by seasonality. Ambita segment experienced a slight decline in Q3, only due to the real estate market in 2020, where it picked up significantly in the third quarter. If we were to compare with a normal year, as 2019, growth was actually 7%. It is also worth noting that our new areas in Ambita are growing at a higher rate: eTinglysing, real estate development, and Boligmappa, which is very exciting for us. Margins are improving despite normalizations of costs as the organization is becoming more efficient and leveraging earlier investments. Q3 integration efforts have not impacted operations negatively and have positioned the integrated company for future growth going forward. The Sikri segment delivered high growth in Q3 of 25% and year-to-date growth of 16.4%. We completed a successful project for the parliamentary election where we delivered training, installation, and hardware. As of September, our annual recurring revenue has increased by NOK 15 million from the same period last year, representing a 12% increase. Consulting revenues have grown by a full 42%, reflecting the high win rate this year, which will culminate in increased recurring revenue. In understanding the Sikri revenue, it is important to understand that the shift from traditional license purchases to cloud subscriptions has a short-term negative impact on revenue, while the long-term impact is very positive. Margins so far this year have also been impacted by this, and we have some hardware sales with lower margins. We are experiencing a shift from traditional license share sales with long-term maintenance and support agreements to a full subscription model where license fees are paid on a SaaS model over time. We've illustrated this with a customer contract won in December 2020, where we would have typically invoiced the customer upon contract signing and taken the license revenue at that point in time. In upcoming years, the customer would have paid a yearly maintenance and support fee accumulating to NOK 7 million of revenue over a 10-year period. Conversely, in a SaaS cloud model, all fees are paid month by month during the lifetime of the contract. This illustration shows that the long-term value of that revenue is quite a bit higher if you look at a 10-year perspective, and the break-even point actually is over 36 months. This explains a little the situation that we're in, where this happened a little sooner than we were ready for, but it is very positive for us in the long term. In understanding the revenue from the Ambita segment, it is important to be aware of the correlation with the real estate market. As a large share of the Ambita revenue stems from Infoland or Meglerpakken, revenues are significantly correlated with the number of properties put up for sale on the market, which is illustrated here. Therefore, this revenue is exposed to seasonality in that market. The Ambita segment grew by 9.5% year to date, both due to a strong real estate market, but also, as mentioned, due to growth in some of our other product areas. As mentioned, Q3 is a quarter impacted by seasonality in both segments. Despite that, we delivered 6% pro forma growth in Q3, a result we're pleased with in light of the consequences of COVID, which distorted the 2020 real estate transactions. Pro forma revenue was NOK 197.2 million, up from NOK 186.1 million in Q3 last year. We delivered adjusted EBITDA of NOK 33.2 million in Q3, which is a slight decrease from 2020. While the Ambita segment was able to compensate for some of the decline in revenue by sustainably lower costs, the Sikri segment was impacted by high bid activity, which is an investment connected to the increased win rate. The revenues in Q3 carried a lower gross margin as the delivery towards the election also consisted of some lower margin hardware sales. It is important to also mention that we have capitalized development costs of NOK 45 million year to date in pro forma terms, which is about 7.5% of revenue. This is more conservative than we have projected and is expected to increase in identified new development projects. In 2020, we were in total capitalizing approximately 9% of revenue. The main driver of the EBITDA improvement year to date is volume, increased revenue in both segments as mentioned. Costs are relatively stable year over year, although Sikri has grown and has some increase in personnel costs. Comparing the full pro forma results year to date against last year, we have delivered organic growth, as mentioned, of 11.4%. Personnel costs have increased due to growth in the number of FTEs and impact of share-based payments. We have also now made some accruals in Q3 for restriction and integration costs. While other OPEX was impacted by other acquisition and integration expenses one-offs, there is no real operational increase in other OPEX. Capitalization of development costs, as mentioned, was NOK 45 million, and that is 30 within the Ambita segment and 15 in Sikri. Adjusted EBITDA in pro forma terms increased by NOK 21 million year-over-year. Non-current assets largely relate to intangible assets. Goodwill comprises NOK 668 million, capitalized development NOK 360 million, and the remainder is trademarks and customer contracts. Our cash position is NOK 116.5 million, where we had an operational cash flow in Q3 of NOK 9.3 million. Net interest-bearing debt as of September is NOK 453.2 million, including debt financing and sellers' credits. That concludes the financials. Yes, do you want to take that point? I just want to say on November tenth, we launched a new website for Sikri Holding. You will find more information about us and of course, on investor relations on this site. Please feel free to contact us with any questions you may have. For now, we will answer any questions that we have received by email during this presentation. No? I have none. I would just thank you, say thank you to you all for listening in, and have a good day. Thank you.
Loading workspace