Codelab Capital As · OSL:CODE
Codelab Capital As — Q1 2023 Earnings Presentation
27 slides from Codelab Capital As's earnings presentation, May 25, 2023
Slide 1: CodeLab Capital 1Q 2023
G CodeLab api = 2023 OSLO, May 25%, 2023
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS This presentation (the "Presentation") has been produced by CodeLab Capital AS (the "Company", and together with its subsidiaries, the "Group") solely for information purposes. This Presentation may not be reproduced or redistributed, in whole or in part, to
Slide 3: Today's presenters
Today’s presenters CEO CFO Started as CEO 2021 of Codelab Capital (Former More than 16 years background from investment banking, PatientSky Group). More than 15 years of executive with primary focus on the TMT sector, working with M&A and international experience in Africa, Americas, Asia, capital m
Slide 4: Agenda
1. Business update 2. Financials 3. Q&A 4. Closing remarks & outlook 4
Slide 5: PatientSky Group changed to CodeLab Capital
PatientSky Group changed to CodeLab Capital The purpose of CodeLab Capital is to build and invest in next generation software, with focus on scalable growth and innovation. The Company will utilize its competence and experience from its history of M&A to selectively, and over time, evaluate investme
Slide 6: Before: Group Structure
Before Group Structure APP SaaS Norway Bridge the gap between Empowering Partners, Patients and Professionals to provide business and tech stakeholders new, better, faster and cheaper patient care in the future.
Slide 7: After: Holding Structure
After Holding Structure Future Investments APP SaaS Norway We are constantly evolving our strategies Bridge the gap between and goals to secure that Empowering Partners, Patients and Professionals to provide business and tech stakeholders we back and build top new, better, faster and cheaper patient
Slide 8: Introduction to CodeLab Capital
Introduction to CodeLab Capital CodeLab Capital ▪ Holding company ▪ Invest and support tech companies with strategy, capital and network ▪ Currently one investment being Uniscale The Purpose of the company ▪ Focus on establishing the new structure and support Uniscale At CodeLab Capital, our mission
Slide 9: CodeLab Capital - a history of challenging status quo
CodeLab Capital - a history of challenging status quo First mover 2014 2017 2018 2019 2020 2021 2022 2025 Divested 1H2023 Cloud Consolidation completed Own technology Intended consolidated by 2024 M&A Intended consolidated by end of 2025 Migration New industry Uniscale R&D -> GTM 2023 Cloud migratio
Slide 10: Simplified structure – less complexity, lower costs and more efficient
Simplified structure – less complexity, lower costs and more efficient To Holding Structure From Group Structure… …to Holding Structure PatientSky Group CodeLab Capital AS (Norway) (Holding) PatientSky AS (Norway) Uniscale AS Future PatientSky SaaS PatientSky Denmark PatientSky Finland PatientSky AP
Slide 11: What now?
What now? CodeLab Capital Currently one investment; Uniscale Potential capital market activities, Cash position future investments, dividends or CodeLab Capital will operate as a holding company, NOK ~120m pro forma other cash events or investment vehicle. For the short to medium term the only inves
Slide 12: Future: We build and invest in next generation technology
Future Step 1 Capital injection in Uniscale, making Uniscale a standalone operational company First phase for CodeLab Capital is to invest in Uniscale and have full focus Fully financed business plan, but with optionality to inject more capital for further scalability and utilization of potential, o
Slide 13: Uniscale
Uniscale 13
Slide 14: Bridge the gap between business and tech stakeholders
Future Our Vision Bridge the gap between business and tech stakeholders 14
Slide 15: High level introduction to Uniscale
High level introduction to Uniscale Uniscale Uniscale is a collaboration tool for software development. It is built on a technology based on components and modularity to reduce risk of complexity and lock-in. Uniscale is suitable for other software companies, making it easier for them to bridge the
Slide 16: Financials
Financials
Slide 17: The divestment of SaaS and App creates a completely new setup
The divestment of SaaS and App creates a completely new setup The transaction CodeLab Capital post transaction ▪ 20 April 2023, EG Norge acquired PatientSky SaaS Norway AS and ▪ Extraordinary dividend payout; putting the decision to continued exposure PatientSky APP AS for NOK 850m (enterprise value
Slide 18: Use of proceeds from divestment of SaaS and APP business
Use of proceeds from divestment of SaaS and APP business 909 244 ▪ Early redemption of bonds (NOK 225m) paid to bondholders 27th April, including accumulated interest and make whole fees of NOK 19m 30 497 ▪ Dividend payout by way of repayment of share premium of NOK 497m (NOK 2,50 per share) ▪ Cash
Slide 19: The cost structure of remaining business – excluding one offs
The cost structure of remaining business – excluding one offs 1Q23 cost base (NOKm) with declining profile on remaining business ▪ Lean setup with fewer FTEs and lower cost base 57,7 35,6 8,2 ▪ Cost base reduced through 1Q23 and is expected to continue to decrease, before scaling up again in line 7,
Slide 20: Codelab and Uniscale funding considerations
Codelab and Uniscale funding considerations Share issue of NOK 100m in Uniscale Additional funding can be considered ▪ Share issue in Uniscale of NOK 100m approved in the Board ▪ Sufficient liquidity on consolidated basis with current of Directors of Uniscale and CodeLab Capital business plan ▪ 100%
Slide 21: Finance summary
Finance summary ▪ Setting the foundation for another success ▪ Cost base to be taken down further, before scaling with correct setup ▪ Full focus on operational and commercial matters ▪ Reducing reporting quantity/frequency for the short term (still complying with requirements) 21
Slide 22: Q&A
Q&A
Slide 23: Outlook and final remarks
Outlook and final remarks ▪ We started 2023 with a landmark transaction, changing the company from having focus on developing EHR solutions in Norway to having full focus on supporting our investment in Uniscale with international ambitions ▪ CodeLab Capital has solid focus on setting the new struct
Slide 24: CodeLab Capital
G CodeLab Capital
Slide 25: Consolidated P&L
Consolidated P&L Reported financials Comments: Adjustments for the quarter is slightly higher due to the divestment of the Patientsky SaaS group Costs are generally lower in the group 25
Slide 26: Consolidated BS
Consolidated BS Reported financials Comments: Cash and cash equivalents up from Q4 as expected. All bonds have been repaid post balance sheet date. 26
Slide 27: Consolidated CF
Consolidated CF Comments: Change in receivables shows a positive development due incoming funds from half- year invoices Change in accrual items are higher, predominantly due to higher public duties payable, and prepayments from customers Financing cost consists mainly of bond interests. Bonds have