Cyanconnode Holdings Plc · LSE:CYAN
Cyanconnode — FY2024 Earnings Presentation
29 slides from Cyanconnode's earnings presentation, August 2024
Slide 1: World Leader in RF Mesh Smart Metering Communications
World Leader in RF Mesh Smart Metering Communications FY24 Results Presentation
Slide 2: Disclaimer
Disclaimer The information contained in this confidential document (“Presentation”) has been prepared by CyanConnode Holdings Plc (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation does not constitute a prospectus or
Slide 3: About CyanConnode
About CyanConnode • World leader in the design and development of Narrowband RF mesh networks for smart metering. Low cost and robust solution • Significant 250m unit smart meter opportunity in India and a target market of 243m units outside of India • Orders of 13.1m units (win rate of 30% followin
Slide 4: Smart Metering Solution
Smart Metering Solution Designed in UK, Manufactured in India Outdoor Gateway- RF antenna IP67 (meter) 4
Slide 5: Best Mix – Advanced Metering Infrastructure (AMI) Communication India
Best Mix – Advanced Metering Infrastructure (AMI) Communication India Fit-for-purpose metrics : Useful to select best mix of communication technologies MNO -> HES- >MDM Cellular 4G node Cellular-4G Gateway – Cellular backhaul Mesh node Urban & Suburban areas: Best fit : HYBRID RF Mesh Canopy + Cellu
Slide 6: Customers and Partners
Customers and Partners Blue-chip client base and partner eco-system validates technology offering Customers • Have delivered > 4.9 million endpoints (electricity End customers meters and streets lights) to date across > 20 Utilities customers globally. c. 10 million in backlog 25+ other Swedish and
Slide 7: MPWZ Indore: Impact
Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd (MPWZ) Indore: Impact Contract sizes – 75ku increased to 1.5m in the state via 3 partners. Original 75ku Billing Improvement deployed in 2018. Most recent 1mu order received in 2023 currently being C. 13p per consumer saving on Govt. Subsid
Slide 8: Status of Revamped Distribution Sector Scheme (RDSS) – July 2024
Status of Revamped Distribution Sector Scheme (RDSS) – July 2024 250 million smart meter opportunity Reform energy sector Pre-paid metering vs post-paid India smart meter Improves billing efficiency market set to grow at RDSS launched in 2022 CAGR of 34.6% to $3.2 Enhance overall power supply billio
Slide 9: India Deployment Status
India Deployment Status 222m 118m 13.2m 13.1m 3.2m 9.9m • Market leader in India, with 48% of all installed Radio Number of Number of Number of CyanConnode Frequency (RF) smart meters currently in service meters sanctioned meters Indian meters CyanConnode Shipped by remaining Indian Orders awarded t
Slide 10: Timelines & Project flow as per RDSS
Timelines & Project flow as per RDSS First 5% of the meters to Additional 45% of the Balance 50% of the be installed and Go-live to meters to be installed meters to be installed be achieved Followed by 93 months of FMS 7 months 11 months 9 months 27 months of implementation phase Prime bidder called
Slide 11: Additional business model – Digismart AMISP – One stop solution
Additional business model – Digismart AMISP – One stop solution Allows DigiSmart to bid directly on upcoming smart metering tenders (c. 110m meters) under the Revamped Distribution Sector Scheme Supply Contractor -1 (RDSS) on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis Meter-
Slide 12: FY24 results
FY24 results
Slide 13: Cash generation now close after rapid revenue growth
Cash generation now close after rapid revenue growth 35.0 Broker est c. £34m Backlog at 30.0 end FY24 covers >80% 25.0 of FY25 20.0 18.7 broker expectation £'000 15.0 11.7 9.6 10.0 6.4 5.0 2.5 0.0 FY20 FY21 FY22 FY23 FY24 FY25 Fourth consecutive year of revenue growth Market expectation of - YoY gro
Slide 14: FY24 Results – Highlights
FY24 Results – Highlights CyanConnode India FY22 highlights Financial Revenue Cash collection CyanConnode £18.7m £16.9m India entity YoY revenue YoY increase of positive EBITDA > growth of 60% 58% over FY23 £2m over FY23 Operational Post period 250% increase in number of modules shipped to 1.37m mod
Slide 15: FY24 Results – Statutory income statement
FY24 Results – Statutory CyanConnode income India FY22 statement highlights Year Year Financial Highlights 31-Mar 31-Mar 2024 2023 Cost increases to invest in growth to deliver contracted orders £'000 £'000 resulting in 60% revenue growth Continuing operations Revenue 18,730 11,732 Cost of sales (13
Slide 16: FY24 Results – Statement of financial position
FY24 Results – Statement CyanConnode of financial India FY22 highlights position 31-Mar 31-Mar 2024 2023 £'000 £'000 Non-current assets Intangible assets 3,759 3,433 Net assets decreased during the year largely as a result of an Goodwill 1,930 1,930 increase in current liabilities Property, plant an
Slide 17: FY24 Results – Cashflow statement
FY24 Results – Cashflow CyanConnode statement India FY22 highlights Year Year Mar-24 Mar-23 £000 £000 Net cash outflow from operating activities (see below) (2,859) (2,217) Investing activities Interest received 15 3 Purchases of property, plant and equipment (224) (31) Increase in cash used in inve
Slide 18: CyanConnode's Global Presence
CyanConnode’s Global Presence • New office in UAE • CyanConnode already operating in • India • UK • Sweden • Finland • Abu Dhabi • Dubai • Thailand • New business addressable markets – total est 243 million • Malaysia – 10.5 million • Indonesia – 34 million • Thailand – 47 million • Bangladesh – 18
Slide 19: Thank You
Thank You Awards & Recognition www.cyanconnode.com www.linkedin.com/company/cyanconnode-India www.twitter.com/Cyanconnode_Ind
Slide 20: Appendices
Appendices
Slide 21: Impact of CyanConnode's Omnimesh solution for GoI
Impact of CyanConnode’s Omnimesh solution for GoI Reduction in AT&C Losses: • Improved billing accuracy and real-time data collection help identify and mitigate energy theft and unauthorized usage. • Implementation in states like Madhya Pradesh (case Study by PFC on Indore), Assam, Tamil Nadu has sh
Slide 22: R&D projects during the year and since year end
R&D projects duringIndia CyanConnode the FY22 year and andhighlights since year end In-house development & deployment capability Capability for helping utilities understand data of software products e.g. Head-end systems better – reports, dashboards and data science that are critical to national inf
Slide 23: CyanConnode India Revenue and PAT
CyanConnode India Revenue and PAT CCI Revenue (In M GBP) 16.00 14.00 12.00 167% YoY Increase of 167% in revenue to c. £15M* in FY24 from £5.6M* in FY23, 10.00 increase 8.00 the highest annual revenue for the company to date 6.00 4.00 EBITDA in profit i.e. 14% (£2.2M*) in FY24 against loss of 5%
Slide 24: SATs, Go-Live and FMS
SATs, Go-Live and FMS • CyanConnode has passed multiple Site Acceptance Tests (SATs) across several key projects and has achieved "Go Live" status in one project. • CyanConnode is consistently meeting the desired SLAs as per the agreements across projects • This marks a crucial milestone that enable
Slide 25: HPSEB: Live Status
HPSEB: Live Status CyanConnode achieved a range of 4.2 KMs through regular RF nodes in Shimla, Himachal Pradesh reemphasizing that its Omnimesh architecture is the best solution for Smart Metering in India with best possible coverage of dense, hilly, agricultural & semi-urban areas while delivering
Slide 26: Additional Scope
Additional Scope Allows DigiSmart to bid directly on upcoming smart metering tenders under the Revamped Distribution Sector Scheme (RDSS) on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis DigiSmart now qualified to participate in tenders with an overall scope of 70-80 million sm
Slide 27: Aligned Economics
Aligned Economics Example of Potential Investment in CCI = Support Growth + Benefit from other AMI Platforms (% equity from each party may vary) CC Delivers: eg 50% Ords eg. 50% Ords AMI Funder Delivers: 1. Platform Staff 1 Director 1 Director 1. Potential Investment in CCI 2. Orders 2. 100% Prefere
Slide 28: Sustainability
Sustainability Potential impact on the environment due to reduction of manual reads 28
Slide 29: CSR
CSR CSR activities undertaken in India Partnership with Nanhi Kali: • Collaborated with Mahindra Group’s Nanhi Kali foundation to support the Digital Equality Programme. • Benefiting 700 girls in Gurugram, Haryana, by providing digital tools, resources, and literacy skills. Support to Local Governme