Webstep As · OSL:WSTEP
Webstep As — Q4 2020 Earnings Presentation
23 slides from Webstep As's earnings presentation, Feb 17, 2021
Slide 1: Q4 and Full Year 2020
Q4 and Full Year 2020 Webstep ASA Oslo | 17 February 2021 Trond K. Johannessen, Chair Save Asmervik, CEO Liv Annike Kverneland, CFO
Slide 2: Agenda
Agenda 1. Q4 highlights 2. New CEO appointed 3. Business review 4. Financial review 5. Outlook
Slide 3: Highlights from the quarter
Highlights from the quarter We
Slide 4: Q4 highlights
Q4 highlights ● Revenue growth of 6.6% in Q4 and 4.5% FY 2020 ● EBIT growth of 39.9% in Q4 and 1.8% in FY 2020 ● EBIT in Q4 impacted by one-off costs NOK 5.5m * ● Good recruiting quarter ● 4-Y contract of appr. NOK 100m signed with the Norwegian Courts Administration ● Solid financial position and po
Slide 5: Save Asmervik new Webstep CEO
Save Asmervik new Webstep CEO ● Employed by Webstep since 2011 ● Comes from the position as regional director of Webstep in Trondheim ● Proven innovation track record and strong results ● Masters degree from Norwegian University of Science and Technology (NTNU) and Executive Education from Columbia
Slide 6: Business review
Business review e) oOo OS GQ mh ge We
Slide 7: Go-to-market model
BUSINESS REVIEW Go-to-market model Delivery model Client Experts for hire Client run projects IT Expert Team-as-a-Service House Webstep run Projects & Solutions projects 7
Slide 8: Digital transformation of the Norwegian Courts Administration
BUSINESS REVIEW Digital transformation of the Norwegian Courts Administration ● New public customer for Webstep. ● Framework agreement with cross-disciplinary teams securing competence and capacity to realise the digitization strategy. ● The agreement is part of a digital transformation of the case
Slide 9: Developing better digital services for customers
BUSINESS REVIEW Developing better digital services for customers ● Framework agreement with Webstep covering digital consultancy services to improve digital services for banking customers. ● Long-term relationship with Webstep, based on a common understanding of the importance of culture, sustainabi
Slide 10: Developing new solution for 'Energimerkesystemet'
BUSINESS REVIEW Developing new solution for ‘Energimerkesystemet’ ● Enova selected Webstep as lead IT partner for next 4 years in 2020 ● New project launched within the overall agreement focusing on national regulations for energy classification of buildings ● Webstep will deliver the new solution by
Slide 11: Monitoring population metrics and demography changes
BUSINESS REVIEW Monitoring population metrics and demography changes ● Webstep has developed and launched Samla - a new automated reporting system to visualize key population metrics and changes in demography. ● Samla, the cloud based decision support tool, can serve as a digital solution to get imp
Slide 12: Organization and operations
BUSINESS REVIEW Organization and operations ● Strong local presence Trondheim 58 ○ Close to the Customer ○ Strategic Partner (+6) ○ Guiding and Support 65 Bergen ● Building Competence (-9) Oslo 152 ○ High quality competence events Uppsala 10 ○ Investing in the experts (+6) Haugalandet (+2) 3 ● 415 e
Slide 13: Financial review
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Slide 14: Key figures - Group
FINANCIAL REVIEW Key figures - Group Q4 Q4 Y/Y FY FY Y/Y Q4 highlights NOK million 2020 2019 change 2020 2019 change ● Revenue growth from own consultants driven by Sales revenues 188.4 176.8 6.6% 690.0 660.5 4.5% headcount and hourly rates EBITDA 14.3 12.0 19.4% 63.9 60.4 5.8% ○ Q4 NOK 164.9m (+7.7%
Slide 15: Key figures - Norway
FINANCIAL REVIEW Key figures - Norway Q4 Q4 Y/Y FY FY Y/Y Q4 highlights NOK million 2020 2019 change 2020 2019 change ● Revenue growth driven by headcount and hourly Sales revenues 158.5 152.2 4.1% 583.9 570.3 2.4% rates EBIT 8.8 6.9 27.0% 41.6 46.7 (10.9%) ● Return to growth in Oslo EBIT margin 5.5%
Slide 16: Key figures - Sweden
FINANCIAL REVIEW Key figures - Sweden Q4 Q4 Y/Y FY FY Y/Y Q4 highlights NOK million 2020 2019 change 2020 2019 change ● Constant currency revenue growth Y/Y: Sales revenues 29.9 24.7 21.2% 106.1 90.2 17.6% ○ Increase 10.1% in Q4 EBIT 2.1 0.9 138.7% 8.4 2.4 250.7% ○ Increase 6.4 % in 2020 EBIT margin
Slide 17: Cash flow and net debt
FINANCIAL REVIEW Cash flow and net debt Q4 highlights ( ) ( ) ● Q4 net cash flow of NOK -13.6m, including dividend payout of NOK 1.60 per share ● Operating cash flow increased from NOK 41.0m in 2019 to NOK 63.3m in 2020 ( ) ● Capex relates to office equipment ● Undrawn credit line of NOK 110m in Norway a
Slide 18: Outlook
Outlook
Slide 19: Outlook
Outlook ● Positive market outlook ○ New, significant contracts signed ○ High demand for Webstep consultants and solid order book for 2021 ● Strong recruiting drive across the organization ○ Expected headcount of approximately 430 end of Q1 ○ Reduced employee turnover ● Organic growth in existing loca
Slide 20: Appendix
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Slide 21: Top shareholders at February 2021
APPENDIX Top 20 shareholders at 12 February 2021 Shareholder name Shares % Type Country EMBRO EIENDOM AS 7,721,387 28.6% 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
Slide 22: A diversified customer base
APPENDIX A diversified customer base Top 10 customers represent 34.6% of total revenues – up from 30.7% in Q4 2019 22
Slide 23: 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