FINANCIAL REPORT Q3 2014
CRAYON GROUP HOLDING AS FINANCIAL REPORT Q3 2014 Crayon Group Holding AS • Sandakerveien 114A • Pb 4384 Nydalen, 0402 Oslo Tlf + 47 23 00 67 00 • Faks + 47 22 89 10 01 • Org.nr 997 602 234 • www.inmetacrayon.com Management commentary – Q3 2014 Financials Accumulated gross profit as of September 2014 was MNOK 578.1 compared to MNOK 542.3 for the same period in 2013 (7% YoY growth). Accumulated EBITDA as of September 2014 was MNOK 84.1, which is MNOK 21.6 below YTD 2013 figures (-20% YoY growth). The negative EBITDA differences vs last year is primarily explained by two principal factors; 1) Inmeta restructuring (YTD September 2014 EBITDA MNOK 13.0 below same period last year) and 2) start-up new countries contributing to a negative EBITDA of MNOK 6.6 YTD September 2014. Gross profit for Q3 2014 amounted to MNOK 163.7 compared to MNOK 158.6 for same period in 2013 (3% YoY growth), while EBITDA for Q3 2014 amounted to MNOK 16.1 which is MNOK 14.5 below 2013 figures. The net cash position end September/Q3 2014 was MNOK 133.3, compared to MNOK 303.2 end June/Q2 2014 (MNOK -169.9) and MNOK 225.3 at the beginning of the year (MNOK -92.0). The negative cash flow in Q3 2014 is largely related to changes in AR/AP (due to the seasonal nature of the Company’s business). Cash flows from investing activities in Q3 2014 amounted to an outflow of MNOK 23.2 (out of which MNOK 21.1 was related to the acquisition of Kryptos in India). Business review XSP was the fastest growing Business Area (BA) YTD September 2014, with a gross profit growth of 33% compared to the same period last year, followed by Licensing (14% YoY growth), SAM (28% YoY growth, approximately 37% YoY growth if excluding FAST business in UK) and Consulting (-8% YoY growth). Excluding BA Consulting, the accumulated YoY gross profit growth was around 20%. From a geographical segment perspective, Germany, UK and Finland were the fastest growing mature countries YTD September 2014 (YoY gross profit growth of 37%, 17% and 11%, respectively), followed by Sweden, Denmark and Norway (with respective gross profit growth of 11%, 8%, -1% compared to the same period last year). Growth in UK is largely explained by expanded scope of operation (Licensing business). The relatively newly established markets France and Middle East were experiencing triple digit growth (yet, growing from a small base). Combined gross profit YTD September 2014 for the countries established last 12 months (Netherlands, Austria, India, Singapore and Malaysia) represented a small share of the total business (<1%), yet with a positive development and strong recruitment growth (~70 employees in total). Crayon Group Holding AS • Sandakerveien 114A • Pb 4384 Nydalen, 0402 Oslo Tlf + 47 23 00 67 00 • Faks + 47 22 89 10 01 • Org.nr 997 602 234 • www.inmetacrayon.com Crayon Group Holding AS Condensed consolidated interim financial statements 30 September 2014 (Unaudited) Consolidated statements of comprehensive income (IFRS) 2014 Actual Q3 2013 Actual Q3 2014 Actual YTD 30.09 2013 Actual YTD 30.09 Operating income Raw materials and consumables Gross profit Payroll and related cost Other operating expenses EBITDA Extraordinary items Depreciation Depreciation of goodwill Profit before financials Interest expense Interest income from credit institutions Other financial income Other financial expenses Profit before taxes Taxes on ordinary profit Net profit 592 241 428 575 163 666 124 590 22 950 16 126 400 4 091 13 083 -1 447 16 054 4 163 13 859 22 581 -22 060 -2 041 -20 019 463 899 305 320 158 579 106 888 21 082 30 609 1 198 3 513 11 742 14 156 13 086 3 137 18 235 21 178 1 264 788 476 2 595 340 2 017 211 578 129 428 471 65 551 84 107 2 946 12 146 39 249 29 766 43 322 11 384 55 986 59 846 -6 032 -6 902 870 2 104 560 1 562 221 542 339 369 059 67 569 105 711 3 777 9 688 35 226 57 019 40 383 11 315 43 145 58 190 12 906 4 876 8 030 Comprehensive income: Profit for the period Currency translation Total comprehensive income -20 019 -1 256 -21 275 476 0 476 870 1 584 2 454 8 030 0 8 030 Crayon Group Holding AS Minority interest -21 310 35 612 -136 2 320 134 7 503 528 2014 Actual Q3 2014 Actual YTD 30.09 259 0 141 0 0 400 548 165 853 1 362 19 2 946 All amounts in NOK 1000 Specification: Extraordinary items All amounts in NOK 1000 Refinancing* General M&A activity Project Crystal Project Core Project Finger Total *Bond refinancing costs are accrued over 36 months Crayon Group Holding AS • Sandakerveien 114A • Pb 4384 Nydalen, 0402 Oslo Tlf + 47 23 00 67 00 • Faks + 47 22 89 10 01 • Org.nr 997 602 234 • www.inmetacrayon.com Consolidated statements of financial position (IFRS) All amounts in NOK 1000 30.09.2014 ASSETS Fixed assets Intangible assets Technology, software and R&D Concessions and investments Goodwill Contracts Deferred tax asset Total intangible assets Capital assets Property & equipment Other long term receivables Investments Total capital assets Total fixed assets Current assets Inventory (stock) Trade debtors Other debtors Bank deposits, cash in hand etc. Total current assets TOTAL ASSETS LIABILITIES AND EQUITY Shareholders equity Share capital Own shares Share premium Funds Minority Total shareholders equity DEBT Other long-term liabilities Senior debt to credit institutions (+bond) Junior debt to credit institutions Shareholder loan Sum Other long term debt Deferred tax Total other long-term liabilities Short-term liabilities Accounts payable Income taxes payable VAT & social security exp. Payable Sum Other short-term liabilities Total short-term liabilities TOTAL LIABILITIES AND EQUITY 31.08.2014 30.09.2013 31.12.2013 33 335 7 420 745 585 188 234 33 489 7 420 741 450 192 340 9 866 7 420 768 235 217 101 37 580 7 420 727 453 225 190 974 573 974 699 1 002 621 997 642 23 520 3 575 27 094 1 001 667 24 047 3 535 68 27 651 1 002 349 20 766 3 350 6 581 30 697 1 033 318 23 973 2 016 121 26 110 1 023 752 15 024 315 879 27 940 133 340 492 183 1 493 850 15 136 227 490 42 467 86 588 371 681 1 374 030 16 093 292 674 19 069 78 419 406 255 1 439 573 16 511 603 032 27 992 225 329 872 864 1 896 616 52 476 -214 262 315 4 608 3 435 322 620 52 476 -214 262 315 15 619 3 494 333 690 52 476 -202 262 378 -8 637 4 807 310 822 52 476 -202 262 378 7 477 4 924 327 053 645 751 612 202 2 565 46 711 695 027 2 706 52 608 667 517 240 006 65 340 314 652 42 460 67 473 729 930 242 092 68 701 314 652 48 414 57 021 730 880 275 382 -5 665 84 128 122 359 476 204 1 493 851 185 636 -6 181 73 699 119 671 372 824 1 374 030 231 366 -18 776 72 624 113 608 398 821 1 439 573 551 617 1 434 139 668 145 964 838 683 1 896 616 Crayon Group Holding AS • Sandakerveien 114A • Pb 4384 Nydalen, 0402 Oslo Tlf + 47 23 00 67 00 • Faks + 47 22 89 10 01 • Org.nr 997 602 234 • www.inmetacrayon.com Consolidated cash flow statements (IFRS) 2014 Q3 2013 Q3 2014 YTD 30.09 2013 YTD 30.09 -22 060 -2 085 17 174 11 891 -49 075 -77 172 -121 328 1 264 -4 632 15 255 9 949 62 709 -106 626 -22 080 -6 032 -9 921 51 395 31 938 4 862 -85 443 -13 201 12 906 -25 647 44 914 29 069 -55 393 -5 918 -70 -2 027 -21 223 -23 250 -4 706 -4 706 -9 454 -21 223 6 555 -75 -24 197 -12 172 -121 749 -133 920 Cash flow from financing activities Net interest paid to credit institutions New equity Change in subsidiaries Proceeds from issuance of interest bearing debt Repayment of interest bearing debt Change in other long term debt Net cash flow financing activities -69 559 2 277 650 000 -605 617 197 -22 703 -5 295 -18 825 -80 -24 200 -77 449 -13 684 -82 650 000 -624 442 -591 -52 565 1 325 122 202 -96 964 -3 643 9 236 Net change in cash and cash equivalents Cash and cash equivalents start of period Currency translation on cash and cash equivalents Cash and cash equivalents end of period -167 281 303 194 -2 574 133 340 -50 985 129 403 -89 962 225 329 -2 027 133 340 -124 754 203 173 All amounts in NOK 1000 Cash flow from operating activities Profit before tax Taxes paid Depreciation and amortisation Net interest to credit institutions Changes in invent., rec./payables Changes in other current balance assets Net cash flow from operating activities Cash flow from investing activities Acquisition of tangible fixed assets Cash payment acquisition Cash sales acquisition Purchase of own shares Net cash flow investing activities 78 419 Crayon Group Holding AS • Sandakerveien 114A • Pb 4384 Nydalen, 0402 Oslo Tlf + 47 23 00 67 00 • Faks + 47 22 89 10 01 • Org.nr 997 602 234 • www.inmetacrayon.com 78 419
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