Willkommen zur ordentlichen Generalversammlung der Myriad Group AG. Welcome to the Annual General Meeting of Myriad Group AG

Transkript

1 Willkommen zur ordentlichen Generalversammlung der Myriad Group AG Welcome to the Annual General Meeting of Myriad Group AG 29. Mai 2012 Hilton Hotel, Zurich-Airport 1

2 Presence of Board & Executive Management Present from the Board of Directors: Loek van den Boog, Chairman Erik Hansen, Vice Chairman Simon Wilkinson, Chief Executive Officer Present from the Executive Management Team: Simon Wilkinson, Chief Executive Officer James Bodha, Chief Financial Officer 2

3 Presence of other attendees Present: Martin Kennard, PricewaterhouseCoopers AG Roger Wirz, independent representative of shareholders, Wieduwilt & Wirz, attorneys-at-law Michael Meer, Secretary to the Board of Directors, taking the minutes 3

4 Agenda Presentation of Annual Report and Financial Statements 2011 James Bodha, Chief Financial Officer Market & Business Update Simon Wilkinson, Chief Executive Officer Agenda Items Loek van den Boog, Chairman 4

5 Annual Report and Financial Statements Myriad Group AG 2011 James Bodha CFO 5

6 2011, The Year In Review Consolidated our leadership in mobile software and invested in new platforms to support long-term growth opportunities Delivered revenue of $61m Secured key new contracts across both Divisions in growing addressable markets Enhanced Xumii platform selected by key partners in developing markets Increase in profit margins reflected management action taken to reduce costs Closing net cash of $20.7m 6

7 FY 2011 Key results Improved EBITDA margin despite lower revenue following Sagem contract termination in 2010 USD million FY 2010 FY 2011 Revenue Gross profit EBITDA EBITDA margin 11% 15% EBIT 3 (13.1) (8.7) Net result (32.9) (15.9) Notes: (1) Gross profit before amortisation, impairment and restructuring (2) Underlying EBITDA before exceptional items and restructuring costs of $6.3m ($7.0m restructuring costs and net income from sale of IP of $18.3m in FY2010) (3) EBIT before exceptional items (expenses or income) 7

8 Development of EBIT and Net Result EBIT $8.7m loss before exceptional income and charges EBITDA 1 USD million 8.9 Amortisation & Depreciation (17.6) EBIT before exceptional income & charges Openwave Settlement, net of legal fees Sagem Social Plan Costs Loss on liquidation of subsidiaries Restructuring EBIT Financial Expenses & Taxes Net result (8.7) 9.3 (10.5) (15.1) (15.9) (0.2) (4.8) (0.8) Notes: (1) Before restructuring costs and exceptional income/expenses 8

9 Intangible Assets Intangible assets reduced by $13.3m since 30 June ($11.3m vs. 31 Dec 2010) Intangible Assets as of 31 Dec 2011 USD million Goodwill Software licenses Intellectual property Capitalised Development TOTAL Notes: (1) Capitalised R&D of $2.2m offset by amortisation of $10.1m and impact of foreign exchange rates $5.4m in the period since 30 June

10 Order Backlog & Cash Balance Reduction in cash position reflecting payment of Sagem social plan costs USD million Dec 31, Dec 31, Order Backlog Cash Balance Net Cash Operating Cashflow (7.7) (4.0) Notes: (1) Cash and cash equivalents (2) Cash and cash equivalents less interest bearing loans Reduction in order backlog reflects shrinkage in browser device segment new lines of social messaging business carry no upfront booking Reduction in cash position reflects payments for Sagem restructuring costs and back office rationalisation 10

11 FY 2011 Segment Reporting Device Solutions driving revenue and profit USD million Device Solutions Mobile Services Myriad Group Licence revenue Service revenue Total revenue Gross profit Gross margin 75% 51% 70% EBITDA (6.4) 8.9 EBITDA margin 31% N/A 15% Notes: (1) Gross profit before amortisation, impairment and restructuring (2) EBITDA before restructuring costs and exceptional items 11

12 Summary of 2011 financial results Financial highlights: Revenue $61m Gross margin 70% EBITDA margin 15% Closing net cash of $20.7m Cost base rationalised through engineering refocus, continued shift to China and a major back-office rationalisation Reduced cost base by c. $8.5m annualised 12

13 Q&A 13

14 Market & Business Update Simon Wilkinson Chief Executive Officer 14

15 Highlights from 2011 New Customers Building Relationship Innovation Device Solutions Advanced social mobile solutions Pre-install run-time in to all set-top boxes Intelligence Hub: secure local analytics on mobile, tablet, TV Mobile Services Entry level social messaging into emerging markets Rollout social updates to MEA region base of 75m Alien Vue: apps on TV for the connected home experience 15

16 Synchronica Acquisition - Transaction Update Revised recommended offer tendered in March 2012 (comprising 100 Synch. for 4.83 Myriad shares) valuing Synchronica at 21.5m* Myriad s offer declared wholly unconditional on 16 April 2012 with over 80% of Synchronica shareholders acceptances Myriad management immediately appointed to the Synchronica Board and take control of the day to day business Over 90% of Synchronica shareholders accepted the revised offer by 30 April 2012 Compulsory acquisition notices for remaining shares issued on 4 May 2012, and offer extended to 15 June 2012 Synchronica delisted from TSX on 15 May 2012, and AIM on 16 May 2012 * Based on 4.01 CHF per Myriad share 16

17 New Powerhouse in Mobile Social Messaging Up-Sell Opportunity Expanded portfolio of web 2.0 messaging: , IM, Social Faster to Market Enhanced Client & Server R&D skills across multiple platforms: basic, feature & smart phones Global Scale Mass-market, Cloud based managed service platform 17

18 Powerhouse in Mobile Social Messaging 1.8bn Mobile Users 100+ Tier 1 Carriers 100M+ Units 25+ OEM >15m Users ~ 500 Engineers Addressable Market Pre-Installed on New Devices Industrial Strength Cloud Platform Technical Leadership 500m Mobile Users 30 Tier 1 Carriers 80M Units 20 OEM <1m Users ~350 Engineers SMS, MMS IM, Social Network 18

19 Over 100 Carrier and 25 OEM Relationships Globally Emerging Markets Developed Markets 19 Sources: Myriad & Synchronica

20 Significant Operational Cost Base Savings Development consolidation across multiple platforms (ex Nokia, Mobile Gateway & Xumii) Sales force strengthening and consolidation Back office consolidation: finance; IT; HR; offices Functional leadership consolidation 20

21 Growing our Business in 2012, and Beyond Scale & Distribution Trusted & Simple Long-term relationships with over 100 Tier 1 Carriers & 25 OEMs Addressable base of 1.8bn mobile users & pre-installed in 100m devices/year 1. New business: build volume in existing accounts & sign up new Consolidation customers 2. Opportunities High growth sector: Mobile Social global leadership - emerging market focus 3. Expand reach: Analytics (Market Research COs) & Connected Home (MSOs) 4. SMART cloud platform: social: mobile: analytics: rich-media: television Multi-technology engineering expertise & world-class management Rich product portfolio, sizeable R&D & independent of technology 21

22 Q&A 22

23 Agenda items and proposals to AGM Loek van den Boog Chairman 23

24 Agenda and Proposals 1. Annual Report, Group and Parent Company Accounts Appropriation of Annual Result for the Financial Year Reclassification of other Reserves (share premium) to Reserves from Capital Contributions 4. Discharge of the Members of the Board of Directors and of the Executive Management 5. Elections 5.1 Re-Election of the Board of Directors 5.2 Election of new Members of the Board of Directors 5.3 Re-Election of the Auditors Traktanden und Anträge 1. Jahresbericht, Jahresrechnung und Konzernrechnung Verwendung des Bilanzergebnisses des Geschäftsjahres Umklassierung von freien Reserven zu gesetzlichen Reserven aus Kapitaleinlagen 4. Entlastung der Mitglieder des Verwaltungsrates und der Geschäftsleitung 5. Wahlen 5.1 Wiederwahl des Verwaltungsrats 5.2 Wahl von neuen Mitgliedern des Verwaltungsrats 5.3 Wiederwahl der Revisionsstelle 24

25 Agenda Item 1 Voting Card 1 Annual Report, Group and Parent Company Accounts 2011 Traktandum 1 Stimmkarte 1 Jahresbericht, Jahresrechnung und Konzernrechnung 2011 The Board of Directors proposes approval Der Verwaltungsrat beantragt Genehmigung 25

26 Agenda Item 2 Voting Card 2 Appropriation of the Annual Result for the FY 2011 Traktandum 2 Stimmkarte 2 Verwendung des Bilanzergebnisses des GJ 2011 Accumulated loss brought forward: CHF -11,287,756 Net profit for 2011: CHF 7,125,010 Accumulated loss as of 31/12/2011: CHF -4,162,746 Verlustvortrag des Vorjahres: CHF Jahresgewinn 2011: CHF Bilanzverlust per 31. Dezember 2011: CHF The Board of Directors proposes to carry the accumulated loss forward Der Verwaltungsrat beantragt, den Bilanzverlust auf neue Rechnung vorzutragen 26

27 Agenda Item 3 Voting Card 3 Reclassification of other Reserves (share premium) to Reserves from Capital Contributions The Board of Directors proposes: a. Reclassification of other reserves (share premium) in the amount of CHF 10,673,989 to legal reserves (share premium) which will then amount to CHF 12,847,596. b. Renaming of legal reserves (share premium) in the amount of CHF 12,847,596 into legal reserves from capital contributions. Traktandum 3 Stimmkarte 3 Umklassierung von freien Reserven zu gesetzlichen Reserven aus Kapitaleinlagen Der Verwaltungsrat beantragt a. Umklassierung der freien Reserven other reserves (share premium) im Betrag von CHF zu den gesetzlichen Reserven legal reserves (share premium), womit diese dann gesamthaft CHF betragen. b. Umbennenung der gesetzlichen Reserven im Betrag von CHF von legal reserves (share premium) zu legal reserves from capital contributions (gesetzliche Reserven aus Kapitaleinlage). 27

28 Agenda Item 4 Voting Card 4 Discharge of the Members of the Board of Directors and of the Executive Management The Board of Directors proposes to approve the discharge of the members of the Board of Directors and of the Executive Management for the financial year Traktandum 4 Stimmkarte 4 Entlastung der Mitglieder des Verwaltungsrates und der Geschäftsleitung Der Verwaltungsrat beantragt, den Mitgliedern des Verwaltungsrates und der Geschäftsleitung für die Tätigkeit im Geschäftsjahr 2011 Entlastung zu erteilen 28

29 Agenda Item 5.1 Re-Election Board of Directors Voting Card 5 Traktandum 5.1 Wiederwahl Verwaltungsrat Stimmkarte 5 The Board of Directors proposes to reelect Mr. - Simon Wilkinson for another one-year term. Der Verwaltungsrat beantragt die Wiederwahl von Herr - Simon Wilkinson für eine weitere Amtsdauer von einem Jahr. 29

30 Agenda Item 5.2 Election new Members of the Board of Directors David Arnott Born 1969, British citizen Chief Financial Officer of Temonos Group AG since April Prior to joining Temenos, Mr. Arnott worked as Chief Financial Officer of Société Européenne de Communication in Luxembourg. He also held a number of senior finance positions within the Anglo American group, a mining and precious metals trading company. Prior to this, Mr. Arnott was a Management Consultant with Deloitte where he also qualified as a Chartered Accountant. Mr. Arnold holds a Bachelor of Sciences from the University of Southampton and a Master s Degree from the University of Freiburg. Traktandum 5.2 Wahl neue Mitglieder des Verwaltungsrats David Arnott Geboren 1969, Britische Staatsangehörigkeit Chief Financial Officer der Temonos Group AG seit April Vor seiner Tätigkeit bei Temenos war Herr Arnott Chief Financial Officer der Société Européenne de Communication in Luxemburg. Er war in Senior Management Positionen im Finanzbereich der Anglo American Group, einer Minen- und Edelmetall-Handelskette tätig. Zuvor war Herr Arnott als Management Consultant und Revisor für Deloitte tätig. Herr Arnott verfügt über ein Bachelor of Sciences der Universität von Southampton und über ein Master s Degree der Universität Freiburg. 30

31 Agenda Item 5.2 Election new Members of the Board of Directors Richard K. Schlauri Born 1959, Swiss citizen Vice President WW Outsourcing Services at Wincor Nixdorf International GmbH since February Prior to joining Wincor Nixdorf, he held various senior management positions within the Siemens Group from Earlier on Mr. Schlauri was working for Dell Computer Corporation in sales and general management positions from and held management positions with Unisys GmbH, Olivetti GmbH and Apple Computer GmbH from Mr. Schlauri holds a Bachelor of Sciences from FH Zurich. Traktandum 5.2 Wahl neue Mitglieder des Verwaltungsrats Richard K. Schlauri Geboren 1959, Schweizer Staatsangehörigkeit Vice President WW Outsourcing Services der Wincor Nixdorf International GmbH seit Februar Vor seiner Tätigkeit für Wincor Nixdorf war Herr Schlauri in verschiedenen Management Positionen innerhalb der Siemens Gruppe tätig ( ). Zuvor war er für Dell Computer Corporation in Verkaufs- und Management Positionen ( ) und für Unisys GmbH, Olivetti GmbH und Apple Computer GmbH in Management Positionen ( ) tätig. Herr Schlauri verfügt über ein Bachelor of Sciences der FH Zürich. 31

32 Agenda Item 5.2 Election new Members of the Board of Directors Traktandum 5.2 Wahl neue Mitglieder des Verwaltungsrats The Board of Directors proposes to elect Messrs. - David Arnott (Voting Card 6) - Richard K. Schlauri (Voting Card 7) for a one-year term Der Verwaltungsrat beantragt die Wahl der Herren - David Arnott (Stimmkarte 6) - Richard K. Schlauri (Stimmkarte 7) für eine Amtsdauer von einem Jahr. 32

33 Agenda Item 5.3 Voting Card 8 Re-election of the Auditors Traktandum 5.3 Stimmkarte 8 Wiederwahl der Revisionsstelle The Board of Directors proposes to reelect PricewaterhouseCoopers AG, Zurich, as auditors for a term of one year Der Verwaltungsrat beantragt, PricewaterhouseCoopers AG, Zürich, für eine weitere Amtsdauer von einem Jahr als Revisionsstelle wiederzuwählen 33

34 Thank you for your attendance 34