OpenLimit. Technology Leader for Electronic Authentication, esignature and Long term Storage Solutions. Company Presentation

Transcription

1 OpenLimit Technology Leader for Electronic Authentication, esignature and Long term Storage Solutions Company Presentation

2 Company Profile Internationally leading provider of certified software for electronic signatures and identities as well as long term storage with preserved evidentiary value First company globally to develop and certify a signature software application according to the highest h security standard evaluation level (Common Criteria EAL 4+) Headquartered in Baar (Switzerland) and subsidiary in Berlin (Germany), currently 61 employees Publicly traded in Germany. Market capitalization of EUR 19 million (Xetra, May 3, 2012) Exclusive vendor to Siemens for the application software ( AusweisApp ) for the new ID card in Germany, also in cooperation with the Bundesdruckerei d for the eid server Exclusive, global cooperation partner of Fujitsu in the field of technologies for the long term maintenance of evidentiary values of electronic documents (certified product SecDocs ) OpenLimit Group Page 2

3 The OpenLimit Team Board of Directors Henry Dattler President, Founder René C. Jäggi Vice-President, Delegate Eduard Egloff Member Univ. Prof. DDr. Radu Popescu-Zeletin Member Management Team Marc Gurov Reinhard Stüber Armin Lunkeit Dirk Arendt Andreas Eulenfeld Christian Fuessinger Chief Executive Officer Sr. Vice-President Chief Development Officer Vice-President Corporate Communications Chief Sales Officer Chief Financial Officer The long term core team has been systematically expanded and strengthened over the last few years OpenLimit Group Page 3

4 Highlights g 2011 Financial Operational Strategic Sales up by 7% New eid server customers (e. g. KDRS, Datev, Atos Worldline ) Conclusion of OEM contract with Fujitsu EBITDA increased by 6% to EUR 960K First key account clients for v3.0 Middleware Strategic expansion of the product portfolio ( Qrypto product line) Net loss fell by 31% compared to the previous year Completion of various official certification processes New appointments to Board of Directors and Management In 2011 OpenLimit i reached dimportant strategicmilestones il to ensure long term, sustainable growth OpenLimit Group Page 4

5 What are the Strengths of OpenLimit as Technology Leader? Electronic Signature Individual Signatures Batch Signatures einvoicing / eforms Digitizationiti Projects Legally binding electronic signature has huge market potential eid German IDcard/ AusweisApp Health Card/ HPC Employee ID Card (V3) eid server/ eid service International eid projects EU Project STORK Flagship project new ID card wins EU ID Award OpenLimit i Base Components = Middleware Evidentiary Value Preserving Long term Storage Fujitsu SecDocs powered by OpenLimit First certification worldwide according to the CC ArchiSafe protection profile pending Other Developments & Multiplicators New products with Fujitsu Cloud computing authentication and data storage in the cloud Consumer products: QryptoMobile / QryptoVesta emobile eid solution (patent pending) Security technologies for Smart topics (smart home / city / grid) Transaction based revenue models Internationalization The OpenLimit middleware base components enable a multitude of application scenarios with strong business case in the public and private sectors OpenLimit Group Page 5

6 Reference Customers and Projects 2011 Customers s VAD Services (Value Added Distributors) eid Signature Digitization project in the public sector, Nuremberg City, State of Baden Württemberg, Registration Offices in Germany, CHEP Scan Service Providers SecDocs Substantial number of project opportunities in the pipeline OpenLimit Group Page 6 OpenLimit was able to acquire several key customers and to implement important projects in the strategic core field of high security technology

7 New Strategic Approach of OpenLimit High Security eg e.g. AusweisApp, eid Server, SecDocs, Smart Topics: OpenLimit established as technology leader; applications to meet the demand for high security, provability and legal compliance Sec curity New since 2011 Medium Security Standard Security QryptoVesta: Simple, cost effective signature solution for everyone (available since Q4 2011) QryptoMobile: hardened USB stick with security software and certificate for secure browsing, ing and storage of data including an info channel (available since Q3 2011) OpenLimit Group Page 7 Size of Market In 2011 OpenLimit expanded its product portfolio. Goal: to develop products that enable users to easily realize online security and thus enter into new markets

8 Fujitsu SecDocs powered by OpenLimit October 20, 2011: OpenLimit and Fujitsu sign OEM Agreement Global distribution by Fujitsu Participation in licensing revenues Scan Sign Evidentiary Value Preserving Storage April 27, 2012: OpenLimit and Fujitsu sign Exclusivity Agreement for a five year period Fujitsu contributes to past development expenses and participates i t in future development costs Minimum revenueguaranteeforthenextfiveyears Development of new technologies which remain to be defined Joint exploitation of patents Physical Documents Banks Public Authority Insurance Others Fujitsu SecDocs OpenLimit MigSafe OpenLimit OverSign Store on Server or in the Cloud Evidentiary Value Preserving Significant Savings Locate Quickly Enormous revenue potentialwiththe the world s first certifiedsolutionof of itskind OpenLimit Group Page 8

9 How Does OpenLimit Generate Revenues? Revenue Distribution % 9% Products & Licenses 45% Services Maintenance & Support 44% Miscelaneous Revenue Distribution % 12% Products & Licenses 45% Services Maintenance & Support 38% Miscelaneous Products & Licenses Single and volume licenses Transaction based: Pay per Signature, etc. Maintenance licenses Upgrades (product cycle ca. 1.5 years) Services Software development contracts Implementation, consulting and training services Software Maintenance & Support On avg % (net) of list price In general for a period of 1 3 years Hardware & Other Sources E.g. hardware such as HSM, smart cards, USB sticks Business model continues to develop towards licensing and transaction based revenues OpenLimit Group Page 9

10 Key Financials (in thousands) FY2010 (EUR) FY2011 (EUR) FY2011 vs. FY2010 HY1/2011 (EUR) HY2/2011 (EUR) 2011 HY2 vs. HY1 REVENUE 5'371 5'745 7% % TOTAL INCOME 7'827 8'050 3% % EBITDA % % EBIT 859 1'223 42% % FINANCIAL RESULT % % NET PROFIT / LOSS FOR THE PERIOD 1'638 1'129 31% % EMPLOYEES % % In the financial year 2011, a large part of the annual revenue and EBITDA was generated in the second half of the year, especially in the last quarter Exchange rate losses were substantially reduced as a result of switching the functional currency to EUR on OpenLimit Group Page 10

11 The OpenLimit Stock Share Price Development (12 Months) OpenLimit Holding AG SDAX Perf-Ind 1.14 OpenLimit OPENLIMIT Holding HLDG AG (O5H) Capital Raising Measure (Convertible Loan) Semi Annual Report Capital Increase OEM Contract with Fujitsu May 2011 Jun Jul Aug Sep Oct Nov Dec Jan Source: Bloomberg UBS AG Feb Mar Apr New Member of the Board Announced OpenLimit Version 3.0 Confirmed Compliant with German Signature Law Exclusivity Agreement with Fujitsu Turnaround in share price development with a 150% increase since the beginning of the year Annual Report 2011 published OpenLimit Group Page 11

12 The OpenLimit Stock Analyst Forecasts WKN / Symbol / ISIN: A0F5UQ / O5H / CH Stock Market / segement: Frankfurt / Regulated Market (General Standard) Initial Listing: August 2005 Number of Shares: 19'153'551 Type of Shares: Bearer Shares Nominal Value: CHF 0,30 Designated dsponsor: ICFK Kursmakler AG, Close Brothers Seydler Bank kag Free Float: 67% Analyst: First Berlin Equity Research GmbH, Montega AG Equity Research Analyst Date Revenue ( m) EBIT ( m) Net Income ( m) Rec. Target Price ( ) First Berlin May 7, (Simon 2012 Scholes) +30% +48% +40% NM NM 150% NM NM +164% Buy 2.00 Montega AG (Alexander Braun) May 3, % % % 0.2 NM % % 0.1 NM % % Buy 1.50 A positive outlook is also confirmed by analysts OpenLimit Group Page 12

13 Strategy and Outlook Focus on key competences Client Components: v3.x, AusweisApp, Qrypto product line Server technologies: SecDocs, eid server, signature / verification server Increase technological lead Development of new topics: Cloud Computing: OpenLimit technologies as service, authentication in the cloud Combining the OpenLimit technology portfolio with partners, in order to position novel solutions in the market New sectors in which data privacy and data security play a decisive role: e. g. Smart topics, emobile Developing new products with Fujitsu which remain to be defined Consumer products for continuous revenue growth: product line Qrypto Expansion of the sales organization, new focus on sales and establishing new partners Reinforcement of the sales team under the leadership of the newchief Sales Officer Focus on industrial customers Focus on strategic partnerships and new partners in the following areas: system integrators, document producers, scan service providers, information service providers, consulting companies, smart topics, desaster recovery International activities via strategic partners The overall objective is to develop and sell a universally applicableand certified authentication ti ti / signature solution in all essential markets OpenLimit Group Page 13

14 Illustration Roadmap& Growth Potential (Equity (q Research Forecasts Median in M) Revenue Operating Cost EBIT Reference projects with substantial upfront investments 6.4 Implementation AusweisApp; Focus on server products Installation eidserver; Completion OL v3 certification; first services; Distribution of the Qrypto product line (consumer product) SecDocs exclusivity and new projects; transaction revenue increases; Realignment of sales; Qrypto line established ecardin Germany established; network effect; emobile; new countries; Fujitsu SecDocs sold internationally; Smart topics As technological leader OpenLimit can be expected to benefit disproportionally from accelerating market growth OpenLimit Group Page 14

15 OpenLimit Investment Highlights g Only company worldwide offering a Common Critieria EAL 4+ IT security certified signature software Exclusive supplier of the application software ( AusweisApp ) for the new ID card in Germany. Since November 1st, 2010, rolled out to 6 8 million citizens annually. New international business opportunities will arise Thanks to cooperations with renowned partners and the technological advantage, OpenLimit is well positioned in growth markets like electronic identities and long term storage OpenLimit together with Fujitsu have the only certified solution for reliable long term storage of electronic documents worldwide OpenLimit s business model is shifting towards license and transaction based revenues with superior profit margins Data privacy and data security play an increasingly important role. Here, new business opportunities arise for OpenLimit and these business segments can be operated with the exclusive partner Fujitsu amongst others OpenLimit Group Page 15

16 Q&A Thank You For Your Attention OpenLimit Group Page 16

17 Appendix OpenLimit Group Page 17

18 Consolidated Income Statement CHANGE IN % IN EUR IN EUR Revenue 7% Company produced additions to software development 6% TOTAL INCOME 3% Costs of good sold 60% Personnel expenses 1% Depreciation & Amortization 24% Operational expenses 2% % INCOME FROM OPERATIONS 42% Financial income 83% Financial expenses 83% % INCOME BEFORE TAX 16% Tax income / expense 694% ( ) LOSS / PROFIT FOR THE PERIOD 31% OpenLimit Group Page 18

19 Consolidated Balance Sheet as of December 31, ASSETS CHANGE IN % IN EUR IN EUR NON CURRENT ASSETS 3% Intangible assets 5% Plant and equipment 29% CURRENT ASSETS 38% Trade and other receivables 51% Cash and cash equivalents 44% TOTAL ASSETS 22% EQUITY 2% Share capital 6% Reserves from capital contribution (2010: Share premium) 3% Reserve for share based payments 26% Accumulated loss 17% CURRENT LIABILITIES 103% Trade account payable and other liabilities 105% Tax liabilities 12% LONG TERM LIABILITIES 676% Pension plan 43% Convertible loan NM TOTAL EQUITY AND LIABILITIES 22% OpenLimit Group Page 19

20 Key Shareholders 67.48% 0.4% 11.13% 8.84% 6.79% 5.48% Heinrich Dattler René C. Jäggi Enuhill Portfolio Inc. Robert E. Züllig Free Float Other Board & Mgmt Members OpenLimit Group Page 20

21 Cautionary Statement Regarding Forward-Looking Statements Forward looking statements are given in this presentation which also contain predictions about forwardlooking events, trends, measures or goals. Such statements are indicated by formulations like "will" or "growing" and similar expressions. The forward looking statements mentioned in this document are based on the expectations of the company (including subsidiaries) at this time. As these forward looking statements aresubject to risks and uncertainty, this could cause the results and the plans and goals of OpenLimit Holding AG to deviate substantially from those which are explicitly or implicitly described in these forward looking statements. Factors which may cause these plans, measures and results to substantially deviate from the current expectations include: (i) the general political, economic and competitive situation on markets and in countries in which the company or its branch offices are active, as well as exchange rate leverage and other risks which are connected with foreign dealings; (ii) general technological developments, (iii) the capability of the company to develop and market new products and technologies, as well as acceptance of such products or technologies by customers of the company, including the resultant incapacity of the company to achieve forecast turnovers; (iv) the timed coordination oroccurrence occurrence (as well as non occurrence) occurrence) oftransactions and events which among other things do not fall within the sphere of influence of the company or its branches; (v) changes to the credit ratings of partners and customers; (vi) changes to the prices of products as well as their negative impact on the company s turnover and profit margins from these products or (vii) costs in connection with changes to legal regulations. OpenLimit Holding AG is not obliged to update or to revise these forward looking statements to take into account new information, future events or circumstances. OpenLimit and other brand or company names and their logos contained in this presentation are the property of their rightful owner. We herewith acknowledge all brand and company names and their respective logos OpenLimit Group Page 21

22 OpenLimit Holding AG Zugerstrasse 76b CH 6341 Baar Telephone Telephone Fax