Webstep As · OSL:WSTEP
Webstep As — Q2 2020 Earnings Presentation
20 slides from Webstep As's earnings presentation, Aug 26, 2020
Slide 1: Q2 and H1 2020
Q2 and H1 2020 Webstep ASA Oslo | 26 August 2020 Arne Norheim (CEO) Liv Annike Kverneland (CFO)
Slide 2: Agenda
Agenda 1. Q2 and H1 highlights 2. Business review 3. Financial review 4. Outlook 5. Q&A 2
Slide 3: Q2 and H1 highlights
Q2 and H1 highlights ● Revenue growth of 6.4% in Q2 and 2.6% in H1 ● Solid EBIT ● Continued strong market for IT expert services ● Reduced recruitment activity in Q2, back to normal in Q3 ● Strong growth in project deliveries (Solutions) ● Webstep Sweden with increased profitability ● The Board maint
Slide 4: Business review
Business review We
Slide 5: Steady operations and continued demand
BUSINESS REVIEW Steady operations and continued demand Expert Services Solutions ● Continued operations through the lock-down ● New contracts signed in Q2 - deliveries start ● Webstep experts critical resources for in Q4 customers ● Further development made in municipality ● Steady demand for IT con
Slide 6: Webstep as lead IT partner
BUSINESS REVIEW Webstep as lead IT partner Enova selected Webstep as lead IT partner for next 4 years. ● Agreement focused on digitizing the company and make Enova a data driven organization ● Webstep will act as a trusted advisor and ensure development of a cloud based platform ● New solution (name
Slide 7: Webstep supports the global COVID-19 response
BUSINESS REVIEW Webstep supports the global COVID-19 response ● A new digital app for peer-to-peer training related to COVID-19 protection equipment was delivered in April 2020 by Webstep senior consultants ● Webstep has been a trusted provider of services related to design, development and project
Slide 8: Organization and operations
BUSINESS REVIEW Organization and operations 54 Trondheim ● 414 employees at the end of Q2 2020 (+8) ○ Up 5 from year-end 2019 ○ Up 28 last 12 months ● Average number of employees in the quarter up 70 Bergen 5.9% from Q2 2019 ● COVID-19: (-3) Oslo 145 ○ Most of the employees worked from home Uppsala
Slide 9: Financial review
Financial review We
Slide 10: Key figures - Group
FINANCIAL REVIEW Key figures - Group Q2 Q2 Y/Y % H1 H1 Y/Y % Q2 and H1 highlights NOK million 2020 2019 growth 2020 2019 growth ● Revenue growth driven by headcount and hourly Sales revenues 172.4 162.0 6.4% 355.4 346.5 2.6% rates EBITDA 26.7 22.0 21.4% 43.2 44.3 (2.4%) ● Estimated negative effect of
Slide 11: Key figures - Norway
FINANCIAL REVIEW Key figures - Norway Q2 Q2 Y/Y % H1 H1 Y/Y % Q2 and H1 highlights NOK million 2020 2019 growth 2020 2019 growth ● Revenue growth driven by headcount and hourly Sales revenues 145.7 138.4 5.3% 301.1 300.0 0.3% rates EBIT 20.5 18.6 10.0% 31.1 38.2 (18.5%) ● Estimated negative effect of
Slide 12: Key figures - Sweden
FINANCIAL REVIEW Key figures - Sweden Q2 Q2 Y/Y % H1 H1 Y/Y % Q2 and H1 highlights NOK million 2020 2019 growth 2020 2019 growth ● Constant currency revenue growth Y/Y: Sales revenues 26.7 23.6 13.1% 54.3 46.4 17.1% ○ Decrease 0.5% in Q2 EBIT 2.8 1.0 176.2% 5.2 1.6 223.3% ○ Increase 6.5% in H1 EBIT m
Slide 13: Cash flow and net debt
FINANCIAL REVIEW Cash flow and net debt Q2 highlights ● Operating cash flow increase from negative NOK 6.4 ( ) ( ) million in Q2 2019 to positive NOK 14.1 million in 2020 ○ Temporary positive effect of NOK 8.7 million in payment terms of taxes ● Capex relates to office equipment ● Total lease liabilitie
Slide 14: Outlook
Outlook We
Slide 15: Outlook
Outlook ● Carefully optimistic market outlook ○ Signed order flow from Q2 builds a solid foundation for H2 ● Continued focus on retainment and recruitment: ○ Recruitment drive ongoing in all locations ○ Q3 headcount expected to be higher than Q2, but paused recruitment activities in Q2 will have a la
Slide 16: Q&A
Q&A We
Slide 17: Appendix
Appendix We
Slide 18: Top shareholders at August 2020
Top 20 shareholders at 8 August 2020 Shareholder name Shares % Type Country EMBRO EIENDOM AS 7,608,735 28.2% Ordinary Norway Virtus KAR International Small-Cap 3,119,279 11.6% Ordinary United States VERDIPAPIRFONDET ALFRED BERG GAMBA 1,556,645 5.8% Ordinary Norway JAKOB HATTELAND HOLDING AS 1,000,00
Slide 19: A diversified customer base
BUSINESS REVIEW A diversified customer base Top 10 customers represent 32.1% of total revenues – up from 26.2% in Q2 2019 19
Slide 20: Disclaimer
Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections abo