Good morning everyone, and welcome to Skitude Group's third quarter presentation. I am Bent Grøver, the CEO, and with me today we have Ivar Blekastad, the CFO. Next slide, please. As this is the first quarterly presentation for the group since the listing, we have added a section on the strategy recap. Also there will be opportunities to ask questions to Ivar and myself, and we will do our utmost to answer those questions at the end of the presentation during the Q&A session. Next slide, please. For Skitude Group, third quarter, or Q3, is from November 1 to January 31. It has been a very busy quarter. At the end of November, we purchased the assets of Liftopia. Liftopia being a leading provider of online pre-sales of lift tickets and revenue management for lift operators in North America. The company also recruited Ivar Blekastad as the CFO of the Skitude Group before we listed on Euronext Growth on the 18th of December last year. On New Year's Eve, we acquired Spotlio, which is a Swiss-Spanish company with a very impressive list of clients among the large operators of the U.S. ski resorts. As for the numbers during Q3, we have raised NOK 229 million. We have grown the revenue to NOK 28.4 million for the quarter, and also, we've had a break-even EBITDA. Even after the acquisition of two companies, we have now a cash position at the quarter end of NOK 180 million. Now, it is important for me to put some context to the current conditions in the market. COVID, the pandemic, has caused a lot of problem for the whole world, but in particular the tourism industry. As part of that, the ski resort industry has also suffered. To what extent the industry has suffered, we don't know yet, and we also know that there's been different experiences from country to country, from region to region, and from resort to resort. However, my guess, my belief is that when we come to the end of the season, we will look back on perhaps the worst season for the ski resort industry on record. I would like to send my empathies and sympathy to our resort partners who have had problems during this period, and in particular our partners who have suffered during the lockdowns of the recent months. Now, in terms of the last six weeks after the third quarter, a new board of directors have been elected and they have appointed me as the CEO of the Skitude Group. Also we have launched Catalate. Next slide, please. Another one, please. Thank you. We acquired the assets of Liftopia and we retained the team from Liftopia, and they've been working hard to form a new company, Catalate. This company is ideally positioned to stay as a leading provider of pricing as a service, e-commerce services, and distribution services across the globe. We are very happy with the performance so far and we look forward to developing them further. Next slide, please. Spotlio, the company we acquired on New Year's Eve, started with the destination in mind. How to offer all products and services a destination has to offer in one place. As a result is an advanced software as a service platform, which is now chosen by the most demanding and large operators of U.S. ski resorts. We are very delighted to have Spotlio as part of the family. Next slide, please. I'm very excited to work with the board and with the company going forward, and I'm very enthusiastic about the prospect of being part of the digitization of the alpine resort industry. After 16 years abroad, I returned back to Norway and Investinor 10 years ago. Since day one of my employment at Investinor, I've been working with the ski resort industry. Actually, the first task I was set to do at Investinor was to start what eventually became Alpinfo. I'm also very pleased to have Ivar by my side. He brings a depth of competence and a breadth of experience from companies like Reitan, ABG, PwC and lastly, Questback. Next slide, please. Now we have Skitude, Skioo, Spotlio, Liftopia.com and Catalate as part of the umbrella, and we are listed on Euronext Growth. We have increased the shareholders by 1,200. As of yesterday, the market cap was NOK 510 million. Even though the company and the industry has suffered due to the COVID pandemic, we still believe in targeting 800 million NOK revenues by 2025. Next slide, please. For those of you who are new to Skitude Group, I will do a very brief recap of the strategy and the growth plan. The tourism is one of the world's largest industries, and it has suffered dramatically during the COVID pandemic. However, I do believe there's a pent-up demand for people spending their spare time and their spare liquidity, together with friends and family, away from home. I, for one, when the pandemic allows, will certainly take my family on a holiday. Of course, the numbers for this season will not be as in the presentation here. Prior to the COVID-19 pandemic, we have had various market reports that say that there are about 135 million active skiers per season who ski in over 2,000 resorts worldwide, spending roughly EUR 135 billion annually. Next slide, please. However, there's a problem, and that is, of the 400 million ski passes sold every year, only about 10% of them are sold online. The reason for this lack of digitization for customer transactions is due to the fact that not every ski resort has web shop, and there's a distinct lack of both web shops for ski resorts and also mobile apps where you can acquire these tickets. In addition, the antiquated form of information sharing in terms of paper maps or the abundance of queues, have caused a customer experience that Skitude is solving. We have what we think a meaningful offering to the ski resorts globally. Next slide, please. With the addition of Spotlio and Catalate, we have a very unique set of offerings to the industry. For the skiers, we enhance their experience through the lift tickets and special deals, the activity tracking they have, sharing, and also for gamification of the skiing itself, but also real-time resort information that they can gain from the apps to have a better experience whilst at the ski resorts. For the ski resorts, we provide a full suite of software solutions and software services like digital ticketing, white label apps, dynamic pricing, bundling, but also highly efficient distribution channels and marketplaces. Next slide, please. There are four key drivers driving our business. What Skitude Group is trying to do is to help more resorts attract more skiers to ski more often and to buy more of the services online. This is underlying for our organic growth, but also as we have a significant part of our growth plan being through M&A activities. One or more of these drivers are always present when we target the companies through the M&A process. Next slide, please. I just want to say a big thank you to our amazing ski resorts around the globe, and this is just a small selection. I also feel for a lot of these ski resorts who have suffered during the pandemic, but we are very grateful to be part of their journey for them to enhance their customer experience, to make them connect closer to their guests, and also to improve the journey for their guests before, during, and after visiting their resorts. Thank you. Now, over to Ivar. Next slide, please. Next slide, please. Here are the financial highlights for the quarter. As Bent previously mentioned, we raised NOK 229 million in capital. The net proceeds coming into the company from that was NOK 217 million. We also paid and spent money in the quarter. We paid approx NOK 46 million for the acquisitions of Catalate and Spotlio. We had net revenues of NOK 28 million and almost break even EBITDA of NOK -0.4. We had a positive cash flow for operations of NOK 7 million, and we ended the quarter with a very solid financial cash position of NOK 180 million. Looking a little bit forward into the Q4 and the full year, we expect around NOK 60 million in net revenues for the year and pro forma plus NOK 80 million. Next slide, please. I have a P&L on the next slide. The balance sheet and cash flow is in appendix. Before going into the P&L, I thought I should make some comments on the main numbers because we have done acquisitions, and we also done a listing process. If you look at the actuals, the -0.4 million EBITDA, that is affected by approx NOK 2 million in the non-recurring costs related to the listing process and also the acquisitions activities. Adjusted for this, the EBITDA was approx NOK 1.6 million in the quarter. If you look at the pro forma for Q3 in terms of revenue, there we have added November and December for Spotlio because we have only one month of Spotlio in the actuals. For the year to date Q3, we have also added Catalate and Spotlio for the first half and also Skitude Tech for July and August, since that was only taking in from September. Next slide, please. Here is P&L. Here we have Q3 on the left column, year-to-date Q3 on the next one. I have made some comments to them. The comparables here, we don't have a comparable for the exact same quarter last year. We have the last financial year, which was from July to April. That includes the whole winter season. It's at least quite representative for comparing the winter season this year. You can see here that the revenues has increased significantly since last year. Don't think I should comment anything else there. It's details. Of course, people can ask questions. Next slide, please. Q&A. I leave the word back to Bent. Thank you, Ivar. There's some questions here and I will go through them. The first one is, what can you say about further acquisition plans? We have a gross list of targets around the globe, small and large ones. We are now in the process of trying to allocate or to rank these and also to allocate how they would fit into the group as is. Some of these companies will sit within the group in terms of the umbrella. Others are more suited to fit within a Catalate or Spotlio or Skitude. This is something we'll come back to. Obviously, for the last two, three weeks when Ivar and I came into the company, the focus had been on trying to get to grips with the operations and reporting and get things forward. There's definitely a work on further acquisitions. There's a question here on is NOK 80 million the expected pro forma net revenues for the financial year, including Spotlio and Liftopia on a full year basis? Ivar, do you want to say something on that? It's rather NOK + 80 million. We are quite confident that we will be more than NOK 80 million. Yes, that includes the pro forma for all the entities. Thank you. There's a question here, "What is the total platform sales for Skitude in ski pass sales?" We have to come back to that, I think for the next quarter. The numbers do exist, but I think as we now have Skitude and Spotlio and Catalate, we want to try and at least compare apples and apples, and pears and pears. We can't provide any numbers now, but we expect to have more numbers on this for the next quarterly presentation, I think which is in 15th of June, in three months' time. Another question here is, "How is the pandemic affecting Q4 and into 2021, 2022?" Well, it's hard to say exactly. We have taken into account that there's not going to be much improvement going forward in our forecasts. If things do change, that could be a positive for Q4. For 2021 and 2022, our expectation is that the industry as a whole will grow more back to normal. We hope that most of the industrial world will be vaccinated and being a place where people can freely travel and enjoy themselves outdoors with friends and family. That's our assumption. There's another question here. "How has the market been through COVID-19? Have the destinations used the time to digitize, or do they not have the money for it?" I think this is twofold. One is that for the ski resorts that had an early lockdown, like Italy, Austria to some extent, France, we had a few ski resorts sign up early season, but as the lockdown came into effect, it has quietened down a bit, and I wonder if it's difficult for them to go full steam ahead on certain things. We do see that most ski resorts are planning for improving their digital platforms, and also we have evidence. Of course, we don't know what the industry as a whole has suffered, and we don't know what the number of ski days for all our customers are, or clients are. We have within Catalate, within North America, we have a same-store growth of 160%. If that is on a lower level of skier days or not, we do not know. We do know that for ski resorts in North America under the Catalate business, there's been a two and a half times increase in sales. I think that's the questions for now. I thank you all. It's been a pleasure to present to you all the first quarterly presentation for Skitude Group. We look forward to meeting you again in three months' time in middle of June. Thank you, and bye-bye.
Loading workspace