Welcome to our first quarter presentation for Sikri Holding. My name is Nicolay Moulin, and I am the CEO of Sikri. With me, I have Camilla Aardal, the CFO of Sikri. Sikri Holding has developed from a software house specializing in software and services towards the public sector to become a leading company, also within property data, property technology, and data economics in the Nordics. During Q1, we have been busy with an exciting acquisition completed on 1st of April, 2022. We acquired Metria AB. Acquisition in line with our M&A strategy, strengthening our position in the Nordics, providing direct synergies by opening a new customer market for our existing products. Cross-border cooperation is increasing, especially within the public sector. Mobility is increasing, and though it is important for digital solutions to be, cohesive also between the Nordic countries. We see a lot of exciting opportunities in combining Metria's data, services, and customers with the offerings from the rest of the group, and we'll be mobilizing an integration project during Q2. A little bit financial updates, Camilla. As of the 6th of May, 2022, Sikri Holding AS has applied for a change of venue from Euronext Growth to Euronext Oslo Børs. This process is expected to be clarified before the summer. Due to the ongoing process, we have to adhere to strict prospectus regulations, and this means that we unfortunately are unable to present a full set of historical pro forma figures, also in regards to quarterly comparisons. However, we have presented full-year pro forma for 2021 in the prospectus, also including Metria AB and anticipated IFRS impacts in converting Metria's financial reporting to IFRS. This will be published at a later date and should provide a good view on the group's financial results and position. For now, we will go through the Q1 actuals and present comparable figures where they are available. We'll come back to comparable figures as soon as this is possible. The group has reorganized its segments and business areas from the 1st of January, 2022 after completing the integration of Ambita into the Sikri Group. The group's financial reporting has, from the same date, been changed to reflect the new operating structure. Our services are delivered through four segments: public, private, consumer, and analysis. The public segment consists of Sikri AS, providing critical software solutions to the public sector for case processing, building applications, archiving, and document management. As of the 1st of January, 2022, Sureway AS and PixEdit AS were both merged into Sikri AS as part of the group's strategy of integrating previous acquisitions and further simplifying reporting and operating structure. The private segment consists of Ambita AS, offering digital solutions based on real estate data, providing customers with more efficient and transparent processes when investing in developing, buying, and selling property. The consumer segment consists of Boligmappa AS and Viridi AS, delivering a digital platform where property owners, through documentation and unique insights, can take control of the value, condition, and documentation of their property. We are investing for future growth, developing the platform to include new functionalities and prepare for future, new revenue models. Throughout all of the Sikri Group, analysis is a key part of our deliveries and offerings. While the analysis segment delivers specialized services within prognosis and analysis that allow the construction industry and real estate market to make better-informed decisions. The analysis segment consists of Prognosesenteret, and they delivered steadily this quarter and according to plan and are experiencing a positive boost from uncertainty in the construction market, driving an increased need for analysis and forecasting services provided by this segment. Revenue for the first quarter was 215 million NOK, up from 57 million NOK in Q1 2021. As we acquired Ambita in May 2021, most of this growth is of course due to the acquisition of Ambita, now included in the actual figures. We are pleased to see that the public segment consisting of Sikri AS grew by 8% in Q1, and recurring revenues grew by 14%. A large portion of the revenues in public segment are highly predictable and in the group as well, with 80% recurring revenues as a solid base for future growth. Within the public and consumer segments, ARR, Annual Recurring Revenue, is in total NOK 197 million. Adjusted EBITDA for Q1 was 44 million NOK, and one-off costs were only 800, 000 NOK, so profitability is good and improving from Q4, where EBITDA was 26 million NOK. We are also delivering on our strategic growth targets. An acquisition of Metria in April is expected to provide exciting opportunities in expanding our products to new customers, segments, and geographies. As mentioned, we're exposed to restrictions in regards to the ongoing approval process, and that means that we're unable to provide comparable figures for Q1 2021, as this was prior to our acquisition of Ambita. Therefore, in the following, we will make comparisons where it's possible and comment on what we're able. For the group, it then makes more sense for now to compare our Q1 results to the two previous quarters, as they included Ambita fully, although there are seasonal variations between quarters. Revenues are, however, 18% higher than the average of the two previous quarters. An adjusted EBITDA margin is at 20%. For Q1, as mentioned, revenue was 215 million NOK, including Ambita fully, but of course not Metria as of yet. Profitability is higher for the first quarter than the average during the last quarters due to growth in higher margin areas, improved ARR, and also synergies delivered through the integration of Sikri and Ambita. We capitalized development costs of 18.5 million NOK in Q1, which is a comparable level to H2 2021. For information, Metria delivered revenue of 428 million SEK in 2021 and 108 million SEK in Q1 2022. Metria reports according to Swedish GAAP and do not currently capitalize development costs. As mentioned, we are for 2022 reporting according to the new segment structure. The main change to the reporting structure is that Ambita segment or the old Ambita segment, consisting of Ambita AS and subsidiary companies, is split into the three segments: Private, Consumer, and Analysis. The other Elimination segment consists of group or holding costs like transaction costs and elimination of revenue and costs between group companies. As mentioned, as of the first of January, 2022, Sureway and PixEdit were both merged into Sikri AS as part of the group strategy of integrating previous acquisitions and further simplifying operating and financial and reporting structure. For public, we have comparable quarterly figures for 2021, and we report growth of 8% in total revenues for the first quarter. Recurring revenues grew by 14% for the quarter in total, with an ARR now at 163 million NOK. Churn is at 1.1%, measured as yearly value of lost subscriptions during Q1 in percentage of ARR. Consulting revenues were flat quarter-over-quarter as we were impacted by higher sick leave during Q1 as many other companies. As our win rate is still high and at 60% for the quarter, we expect to continue our high activity going forward. Based on a high level of wins during 2021, we have been able to develop our recurring revenue quarter-over-quarter. The ARR of 163 million NOK is an 18% increase against year-end 2020 and an increase of 11% from the end of Q1 2021 to the end of Q1 2022. We now have a total of 131 customers on our cloud solution, which is an increase of 109% from Q1 2021, and we have a 136% increase in the number of eByggesak customers. All in all, our win rates compared combined with a low churn of 1.1% means we're well-positioned to continue the steady growth in revenues in the public segment. Now, if we look at the old Ambita segment, which is the reported Ambita AS group and subsidiaries, the revenues in the Ambita segment are correlated with the real estate market, as we've presented before. This illustration shows monthly revenue and the number of properties put up for sale. During Q1, there was a reduction in properties put up for sale with 6.4% in Norway. The old Ambita Group was able to grow revenues by 5.5%. This is due to growth in new product areas and a lag in the real estate market where property information was ordered but fewer sales actually materialized. Some of the reason for this is uncertainty in the markets and also Avhendingsloven, which came into effect January 1st, causing some delays in property sales. However, our market share is still high, and from experience, the number of properties sold are generally evened out on a 12-month basis. In the following slides, we will present Q1 results per segment within the old Ambita group but without comparable figures as mentioned due to the current restrictions. The private segment did not exist in Q1 2021, as that was prior to the Sikri Group's acquisition of Ambita. Isolating Ambita AS a company, we can show 4% growth for this company or now segment compared to Q1 2021. We know that 1,600 fewer properties were put up for sale than in Q1 2021, and that the sale of vacation homes is down 20%. We are pleased with the growth of 4%, which is created by the introduction of new services, but also, as mentioned, to a lag in the sale of properties. With the introduction of Avhendingsloven in January, although properties were being planned for sales, the new restrictions combined with volatile markets meant that fewer properties were actually put up for sale or sold. All in all, private segment delivered strong results for Q1, and we continue to develop our solutions, such as our offering PropFinder, which was launched at year-end. We are eager to offer a broader range of services and cohesive services in the value chain between public sector, private companies, and consumers or citizens. Our results show that we are delivering on this strategy. The consumer segment consists of Boligmappa AS and Viridi AS, who are collaborating on further developing the Boligmappa solution. The revenue in this segment mainly consists of subscription revenue and ARR is at 34 million NOK going into Q2. B2B subscription-based licenses grew by 18% from Q4, and monthly active users grew with 16% in the same period. We have ambitious plans for the Boligmappa solution, and this is an investment area going forward. The analysis segment delivered strong results in Q1, where uncertainty in the marketplace, specifically within construction, has driven an increased demand for analysis and forecasting services. Finally, our financial position. Non-current assets are largely intangible assets where goodwill comprises approximately 50%. The rest is trademarks, customer base, and software technology. We capitalize development costs in Q1 of 18.5 million NOK, which is a slightly higher rate than for 2021 as a whole, but comparable to 2021's last two quarters. Current assets have increased by 120 million NOK since year-end, mostly due to operational cash flow of 100 million NOK in the first quarter. Public segment invoices about 60% of subscription revenues yearly, positively impacting cash flow in February and March. Total equity increased by 12 million NOK in Q1 due to positive results, but there have been no new equity issues impacting Q1. We raised 9.6 million NOK in December after a successful ESPP offering to employees, but the equity increase was accounted for at year-end. We're currently offering a new round of our ESPP program to also include our new colleagues in Metria to be concluded by the end of May. Current liabilities increased by 100 million NOK, mainly due to the mentioned upfront invoicing of subscriptions, where the commitment to deliver is recorded as a liability. As of the end of March, net interest-bearing debt, including lease liabilities, is 389 million NOK, and our equity ratio is at 45%. That concludes the financials, so let's also talk about some of what is moving and shaking in the organization. Thank you, Camilla. Our ambitious growth agenda has led us to a portfolio of strong and well-known products and brands. As a result, the Sikri Group has become a house of brands, with many strong brands that enjoy a high standing within their customer segment. The group offers a broad range of products and services within both public and private sector, and towards consumers. Customer satisfaction is a critical success factor for retaining customers and maintaining a high win rate. We strive to always deliver what we promise and to be close to our customers to ensure that we understand their needs, helping them to make transition from being operators to being controllers. Using our case management solution, we see a great interest in our new products, Element Wizard, that combines artificial intelligence and RPA to make more efficient solution for our users so they can focus on their core jobs. We are currently on a roadshow with the Sikri AS portfolio, visiting our customers in 13 different locations all over Norway, with large turnout from both governmental organizations and municipalities. Sikri delivers 4% growth year-over-year for Q1 in a declining real estate market. Not only are we able to defend our Infoland position, but we are developing and growing the new services, such as Tinglysning and Samhandling, Datatjenester and Eiendomsutvikling. At the same time, we're defining and improving our market position on the digital application market, and we have increased our turnover compared to last year, and we are working on expanding our area plans with great added value in the collaboration between the public and the private sector. An important focus for the private segment is on developing a new service and increasing our product footprint towards our customers, and we see that nine out of 10 customers have increased their use of our services during the past 12-month period. In terms of sales, this quarter has been the strongest in the history of Boligmappa, with over 70% higher sales in Q1 compared to last year first quarter. The growth was driven by two main factors. Firstly, we signed a contract via VVS-Eksperten, Norway's largest plumbing chain, signed a comprehensive deal for all their members' companies. Secondly, digital sales experienced a remarkable boost with all-time high, both in terms of revenue and the numbers of licenses sold. In regard to the market visibility, Boligmappa was invited as an expert co-commentator on TV shows as God Morgen Norge and TV 2 news channel, as well as Finansavisen, Dagsavisen, Dagbladet, and more. Totally 33 media stories during the first quarter. The boligmappa.no service was augmented with several new feature focusing on property value by integrating features from Viridi, such as price development and comparable properties in a homeowner's area. Analysis. Our primary market, the construction market, is currently experienced uncertainty due to a high growth of cost in essential building material. Such uncertainty has positive effect on the demand for our services and in contribution greatly to innovation in the service offering. In the last quarter, various deliveries related to understanding and managing construction cost growth in the market have been central. Working is being done systematically and with the Signal Hub data delivery platform transformation and is in line with plan. This is our main goal for the current year, to make analysis process, and not least, delivers further scalable. R&D projects. In Q1, the Sikri Group has joined several different R&D project that will clarify parts of the different processes in building. This will make it easier and more efficient for proposers, as a private, to communicate with the municipalities. Today's planning data is not available in a format that supports digital use in the construction case process, and this means that the municipality must spend a lot of resources on improving the quality of planning and proposal that comes from proposers. This is a great potential for gaining, in checking proposals for zoning plans for digital, both before they are sent to the municipalities and in the case process of the plan proposal. Sikri Group works together with Nois and the leaders of the project and Stjørdal kommune municipality in the Værnes region in the pilot. KS is the end client. The private and consumer segments are working together to combine the Boligmappa solutions with the sales process for properties, with the ambitions that all documentations from all sales process will be available in the home Boligmappa in the future. This will mean that even more valuable data on each home will be collected in one place, making work easier for realtors as well as homeowners. We are delivering on our ambition, ambitious growth targets and are very excited but by our new addition to the Sikri Group, Metria AB. Metria is a leading player in the Swedish market within geo information, property, and real estate information, and planning and survey. They have many similarities to the Ambita organization, but also representing a deep knowledge within geo information that we previously had to seek from external sources. The Metria business is stable and well established, and the recent growth journey is gaining traction, a journey we will continue to improve growth and profitability going forward. Metria represents a broad knowledge base and is well known for the expertise within many areas, and we acknowledge that we need to focus on building a strong sales culture in the organization, an area where Sikri has been successful and where we are sure that collaboration will be fruitful. We see a lot of exciting opportunities in combining Metria's data, services, and customers with the offering from the rest of the group and will be mobilizing an integration project during Q2, for example, exporting property data and services both ways, exporting Metria's geo data and services to Norway, exporting Sikri's portfolio to Sweden, exporting Boligmappa to Sweden, and using municipalities' footprint both ways. To summarize the quarter, we had a strong win rate of over 60% in the public segment Q1, and our annual recurring revenue is increasing in line with our expectation. The private segment, or rather Ambita AS, has delivered growth in a tough market, which we are very pleased with. Consumer is a high investment area and are delivering strong improvements in the most important KPIs. Finally, the analysis segment is experiencing increased demand for their services. We are looking forward with anticipation as our journey continues and especially in regards to exciting opportunities we will explore with our new colleagues in Metria. That concludes our presentation for today, and thank you for your attention.
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