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Evry Asa Q1 2019 Presentation

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Evry Asa Q1 2019 Presentation EVRY ASA Q1 2019 PRESENTATION CEO PER HOVE CFO HENRIK SCHIBLER . Group highlights Agenda . Business update . Financial highlights . Concluding remarks . Q&A Group highlights REVENUE (NOKm) EBITA2 (NOKm) BACKLOG (NOKbn) 3 330 332 18.6 FINANCIALS ORGANIC GROWTH1 EBITA MARGIN2 Cash conversion (LTM) 3.6% 10.0% 97.0% . Continuing organic growth and stable EBITA margin improvements activities on track in Sweden . Utilization rate Q1’19 was 78.5% from more activities in Norway, offset by lower activity level in Sweden . Increased cash conversion in Q1’19 to 97.0%, up from 70.3% in Q1’18 BUSINESS . Financial Services continues to achieve revenue growth, driven by demand across all solution and service areas UPDATE . Established a Nordic consulting organisation with seven practices . Announced a Nordic initiative to leverage the growth potential based on data economy drivers . Signed the biggest public tender contract in Norway within RPA3 with the municipality of Stavanger . Karin Schreil and Johan Torstensson will join the company as, EVP Sweden and EVP DPS4, respectively in Q2’19 1) ADJUSTED FOR CURRENCY EFFECTS, ACQUISITIONS AND DIVESTMENTS 3) RPA = ROBOTICS PROCESS AUTOMATION 3 2) BEFORE OTHER INCOME AND EXPENSES 4) DPS = DIGITAL PLATFORM SERVICES EVRY #1 in customer satisfaction in Sweden General customer satisfaction in sourcing, Sweden (percent) 1. EVRY, 79 2. TCS, 79 3. Telenor 78 4. Accenture, 77 5. Salesforce, 73 6. Microsoft, 73 7. CGI, 72 8. SAP, 71 9. Wipro, 71 10. Atos, 71 11. Telia, 71 12. Capgemini, 70 13. Atea, 70 14. HCL, 67 15. DXC, 65 16. Fujitsu, 65 17. IBM, 65 18. Tieto, 60 19. Oracle, 53 4 SOURCE: WHITELANE AND PA CONSULTING (24 APRIL 2019) Business update Photo: EVRY Innovation Hub 5 Seven consulting practices supporting the customer journey Photo: EVRY Innovation Hub, interns 2018 Our 7 practices support needs throughout the entire customer journey Understanding Clarity of Enabling value Realizing Sustaining of possibilities direction creation potential performance Digital Experience Business Consulting AI, Analytics & Insight Application Innovation Business Applications Security & Risk Cloud & Infrastructure 7 Achieving more with less through Robotics automation of Public Services Understanding Clarity of Enabling value Realizing Sustaining of possibilities direction creation potential performance Leverage learning to Pilot run to design Increased build insight in requirements productivity for Robotics digital citizen capabilities Need to merge services – three munici- Automation of “New palities migration with Stavanger” Robotics (RPA) 8 Strengthening innovativeness to meet an unpredictable energy future Understanding Clarity of Enabling value Realizing Sustaining of possibilities direction creation potential performance De-regulation Co-innovation & changing lab piloted customer behavior Ramping up for increased Decision to innovation Strategic invest in effectiveness options – how «innovation to meet the lab as-a- future service» capabilities 9 Innlandskraft AS and EVRY establish EnergiLab! Managing Director for Innlandskraft, Maren Kyllingstad, says that the need for increased competition in a market that is in the process of being consolidated is an important reason for the collaboration with EVRY and EnergiLab. "We see that profitable customer growth must take place through the development of new products and services that support the core business stream“, says Kyllingstad "Our goal is that customers, as a consequence of EnergiLab, and our new way of working with innovation, will perceive our brand Eidsiva Energi and Gudbrandsdal Energi as exciting and forward-looking energy companies that offer “something extra ". Through the job done for phase 0, we are confident that EVRY will provide us with the necessary expertise and methodology to achieve this goal.“, adds Arne Grini, Head of Development and Service Delivery in Eidsiva Market. 10 PRESS-RELEASE 6 MAY 2019 The future of retail – AI enabled recommendation of the best wines Understanding Clarity of Enabling value Realizing Sustaining of possibilities direction creation potential performance Rapid shifts in Prototyping customer the future Increased end behaviour store customer satisfaction – Tomorrows “Impress the Wine Expert customer” Understanding gets AI- of new retail enabled trends 11 Nordic initiative to leverage data economy drivers Nordic initiative to leverage the growth potential based on data economy drivers and EVRY position KEY MODEL PRINCIPLES . Customer-centric applications CUSTOMERS MARKET Access through EVRY Market Units and partners FOCUSED . Value-adding data-driven services OPEN PLATFORM . Platform and eco-system for innovation and new business models Value-adding services through OPEN API mediation PLATFORM . Open for partnering (upstream & downstream) . Driven by API mediation DATA AND SERVICE ASSETS . Customer’s own data Sourced from EVRY and partners . Data integrated from external sources FLEXIBLE . Data managed by EVRY . Internal meta-data 13 Financial highlights Group financial highlights FINANCIAL EVRY GROUP NORWAY SWEDEN SERVICES Organic revenue growth Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 REVENUE Consulting 3 330 3 208 1 501 1 465 816 839 887 819 NOKm Services 7.6% ORGANIC 3.6% 0.5% 2.5% -2.8% -2.3% -3.8% 8.7% 4.7% GROWTH1 Application Services EBITA2 332 320 157 117 31 65 94 92 8.6% NOKm Digital EBITA Platform 2 10.0% 10.0% 10.4% 8.0% 3.8% 7.7% 10.6% 11.2% MARGIN Services 1.9% CASH CONVERSION FREE CASH FLOW (FCF) EPS2 BACKLOG Fulfilment Services 97.0% LTM Mar’19 NOK -62m Q1’19 NOK 0.50 Q1’19 NOK 18.6bn 31 Mar’19 -21.3% 1) ADJUSTED FOR CURRENCY EFFECTS, ACQUISITIONS AND DIVESTMENTS 2) BEFORE OTHER INCOME AND EXPENSES 15 * CASH CONVERSION, FCF, EPS AND BACKLOG ARE COMPARED TO Q1 2018 Continuing organic growth on Group level, but still challenges in Sweden 7.5% Organic 4.0% 3.6% 3.0% Organic growth1 0.5% 0.4% growth1 3.6% 3 330 3 208 2.5% -2.3% 8.7% 1 501 1 465 Revenue Revenue 12 912 split NOKm 3 413 NOKm 3 208 3 286 3 330 3 005 816 839 819 887 Year Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 FY’18 Year Q1’18 Norway Sweden Financial Q1’19 Services Norway Sweden Financial Other Services 16 1) ORGANIC GROWTH: ADJUSTED FOR CURRENCY EFFECTS, ACQUISITIONS AND DIVESTMENTS The ongoing change in product mix is according to plan 5% Consulting Services 33% 35% 33% 40% 7.6% Application 64% Services 8.6% 31% 27% 32% 23% Digital Platform Services 28% 1.9% 28% 29% 27% 31% Fulfilment Services 12% 8% 6% 8% -21.3% Q1 2018 Q1 2019 Norway Sweden Financial Services Organic revenue growth Q1 2019 Q1 2019 Q1 2019 Q1’19 17 Consulting Services Application Services Digital Platform Services Fulfilment Services Sweden diluting good momentum from the rest of the Group 13.7% 13.9% 12.3% 12.5% EBITA 10.0% 11.4% 10.0% margin1 EBITA margin development (%) -0.2p.p. 11.2% 11.0% 0.0p.p. 10.6% Financial Services 10.9% 10.1% 10.4% Norway 10.0% Group 9.8% 10.0% EBITA1 8.0% NOKm 1 582 1 569 475 7.7% 413 374 320 332 3.8% Sweden Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 FY ’18 FY ’17 Quarter/ Q1’17 Q1’18 Q1’19 year 18 1) EBITA: BEFORE OTHER INCOME AND EXPENSES Other income and expenses is front loaded in 2019, but in line with guidance OIE with P&L effect (NOKm) OIE with cash flow effect (NOKm) Sharebased options (STIP) 1 215 1 767 Payments related to 33 Other restructuring processes 195 Restructuring Transaction costs, IPO 241 and refinancing Transaction costs, IPO and refinancing 343 Payment related to former CEO Provisions to former CEO Payments related to IBM partner agreement 1 014 IBM partner agreement 560 15 368 941 661 375 51 1 229 82 26 22 78 21 545 595 557 250 88 5 75 84 46 15 14 Year FY 2016 FY 2017 FY 2018 Q1 2019 FY 2016 FY 2017 FY 2018 Q1 2019 19 Increase in cash conversion and high cash flow Cash conversion1 70.3% 78.3% 82.8% 86.2% 97.0% . LTM Cash conversion as of 31 March 2019 ended at 97.0%, compared to 70.3% as of LTM 31 March 2018 1 256 . Increase in cash conversion from reduced working capital LTM outflow and higher EBITDA relative to operational cash flow 2 950 997 FCF 887 before paid interests for LTM ended 31 March 2018 572 . Less negatively impacted by transition and transformation expenses related to the IBM partner agreement (reduced from Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 NOK 140m to NOK 46m) Quarter end on Yes Yes Yes No Yes weekend/ holiday 1) CASH CONVERSION: MEASURES HOW EBITDA IS CONVERTED INTO CASH AND IS DEFINED AS ADJUSTED OPERATIONAL CASH FLOW BEFORE PAID INTERESTS DIVIDED BY ADJUSTED EBITDA. IN ADDITION, CASH CONVERSION IS ALSO CALCULATED AFTER INVESTMENTS IN TANGIBLE OPERATING ASSETS AND IN-HOUSE DEVELOPED SOFTWARE AND SALE OF TANGIBLE ASSETS. 20 2) FREE CASH FLOW (FCF): IS DEFINED AS OPERATIONAL CASH FLOW ADJUSTED FOR CASH EFFECT OF OTHER INCOME AND EXPENSES LESS NET OPERATIONAL INVESTMENTS Net leverage of 3.19x LTM EBITDA Net leverage multiples1 3.19x Non-current lease liability NIBD 1 428 2.56x 2.63x 2.38x 2.26x 2.43x Net interest bearing liabilities 31 March 2019: . Total outstanding long-term debt NOK 6 145m . whereof NOK 1 428m was related to non- 4 689 4 807 4 589 current lease liabilities (due to IFRS 16) 4 247 4 104 . Cash position of NOK 475m . Net leverage excluding IFRS 16 was 2.43x Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 21 1) NET INTEREST BEARING DEBT/ ADJUSTED LTM EBITDA IFRS 16 implementation: implications .
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