Visma ASA 1Q April 2006

Transcription

1 Visma ASA 1Q April 2006

2 First quarter 2006 Actual figures as reported 1Q 1Q (NOK millions) Growth Revenue ,5 % EBITDA ,8 % EBITDA % 13,8 % 12,8 % EBITA ,7 % EBITA % 12,6 % 11,5 % EBIT ,0 % EBIT % 10,2 % 9,1 % Net financial (2) (1) EBT ,5 % Net profit EPS, NOK 1,17 0,87 33,5 % Revenue growth of 25,5% and EBIT up 42% Organic growth of 11,6% (13,6% on constant currency). Best organic growth in the last five years EBITDA margin of 13,8% (12,8%) 2

3 Cash flow and EBITDA development NOKm Q03 1Q04 1Q05 1Q06 Net cash flow from operations EBITDA Net CF from operations after tax of NOKm 298 (257) DSO of 39 days (43 days) Positive contribution from invoicing of annual support & maintenance agreements 3

4 1Q development NOKm Q01 1Q02 1Q03 1Q04 1Q05 1Q06 Revenue EBITDA margin 20 % 18 % 16 % 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % Highest quarterly revenue ever Good EBITDA margin improvement over last year 21th consecutive quarter with improved EBITDA over the year before Strong seasonal trend in 1Q06 due to Easter vacation in April NOKm EBITDA development 1Q 2Q 3Q 4Q

5 1Q per line of business actual development 1Q Q 2005 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Visma Software 341,8 58,1 17,0 % 34,6 % 253,8 42,6 16,8 % Visma Services 183,5 21,1 11,5 % 11,5 % 164,6 15,4 9,4 % Visma F&P Services 62,1 7,9 12,8 % 25,2 % 49,6 6,9 13,9 % Visma ASA / Group (6,2) (5,0) Total 587,4 80,9 13,8 % 25,5 % 468,0 60,0 12,8 % Strong growth of 34,6% in Software Healthy EBITDA margin improvement in Services Improvement of EBITDA margin for the group from 12,8 % last year to 13,8% 5

6 1Q per line of business pro forma development 1Q Q 2005* Revenue Pro forma 2005 Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth local curr. margin Visma Software 341,8 58,1 17,0 % 11,1 % 13,3 % 307,8 50,3 16,3 % Visma Services 183,5 21,1 11,5 % 10,0 % 11,4 % 166,8 16,0 9,6 % Visma F&P Services 62,1 7,9 12,8 % 19,8 % 21,9 % 51,8 6,8 13,1 % Visma ASA / Group (6,2) (5,0) Total 587,4 80,9 13,8 % 11,6 % 13,6 % 526,4 68,2 13,0 % * Entities acquired during 2006 are added to the 2005 figures from the same time. Organic growth of 13,6% in local currencies. Strongest organic growth in last five years The solid organic growth in 4Q05 in Software continued into 1Q06 Especially strong organic growth in F&P services Very strong EBITDA margin improvement in Services 6

7 General comments about 1Q06 Strong organic revenue growth Solid margin improvement Healthy market conditions all over the Nordics Increasing demand for workflow solutions and automation Increasing demand for consultancy and implementation services, especially within the public sector and the retail sector Companies need to make investments to improve productivity Strong cash flow Visma has improved its market position through 1Q06 7

8 Equity and total assets (IFRS from 2005) NOKm Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % (10 %) (20 %) Equity Tot assets Equity % (16 %) 49 % 50 % 49 % 63 % 62 % 64 % 62 % 57 % 53 % NOKm 1Q06 1Q05 Net cash Shares in SuperOffice ASA Shares in Exense ASA Shares in Kvestor AS Shares in itet AS 9 0 Accounts rec. (ex. VAT) DSO 39 days 43 days 8

9 Visma Software per market 1Q Q 2005 Revenue Actual figures as reported Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth local curr. margin Norway 205,0 29,9 14,6 % 50,6 % 136,1 19,9 14,6 % Sweden 97,8 21,5 22,0 % 21,2 % 28,3 % 80,7 19,5 24,1 % Denmark 5,2 0,7 12,8 % 140,4 % 147,7 % 2,2 (2,7) (127,2 %) Finland 33,8 6,0 17,7 % (2,9 %) (0,3 %) 34,8 6,0 17,2 % Total 341,8 58,1 17,0 % 34,6 % 253,8 42,6 16,8 % Strong growth of 34,6% Major acquisitions driving growth this quarter are Vestfold Butikkdata AS, PX Business Solutions, Bizweb AS, Proceedo Solutions AB Organic growth in local currencies of 13,3% Investments in marketing & sales force 1Q06 Visma Softw are 9,9 % 1,5 % 60,0 % 28,6 % Norw ay Sw eden Denmark Finland 9

10 Visma Software revenue mix 1Q06 1Q06 % of total Growth 1Q05 % of total Actual figures as reported (NOK millions) New licenses 52 15,1 % 4,1 % 50 19,6 % Annual support & maintenance, hosting ,3 % 20,5 % ,2 % Consulting & implementation 63 18,5 % 52,1 % 42 16,4 % Hardware & software from others 55 16,0 % 176,5 % 20 7,8 % Increasing sales of 3rd party products SQL-databases, scanning, POS-hardware Increasing demand for consulting services Continued growth in annual support & maintenance revenue 16,0 % 18,5 % New licenses Consulting & implementation 1Q06 15,1 % 50,3 % Annual support & maintenance, hosting Hardw are & softw are from others 10

11 Visma Services per market 1Q Q 2005 Revenue Actual figures as reported Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth local curr. margin Norway 122,3 11,4 9,3 % 9,0 % 112,3 9,0 8,0 % Sweden 22,1 2,6 11,8 % 6,8 % 13,0 % 20,7 1,6 7,5 % Denmark 27,7 3,4 12,3 % 25,4 % 29,1 % 22,1 2,3 10,3 % Finland 11,4 3,7 32,6 % 19,7 % 22,9 % 9,5 2,6 27,2 % Total 183,5 21,1 11,5 % 11,5 % 164,6 15,4 9,4 % Strong organic growth of 11,4% in local currencies Especially strong performance in services Finland with EBITDA margin of 32,6% and organic growth of 22,9% Continued strong growth in Services Denmark Healthy margin improvement in Services Sweden 1Q06 Visma Services 6,2 % 15,1 % 12,0 % 66,7 % Norw ay Sw eden Denmark Finland 11

12 Management change in Visma Services Ada Kjeseth (56) will resign from her positions as MD for Visma Services Norway and Visma Services Division Marius Berg (42) has been appointed as new MD for Visma Services Norway Marius Berg comes from the COO position in Bluegarden A new divisional manager for Visma Services will most probably be internally recruited in Visma Ada Kjeseth will pursue management of her family business and investments We thank Ada Kjeseth for her contributions of 19 years of management of ØkonomiPartner/Visma Services Ada Kjeseth will continue as board member in Visma Services Norge AS 12

13 Visma F&P per market 1Q Q 2005 Revenue Actual figures as reported Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth local curr. margin Norway 42,4 3,8 8,9 % 26,7 % 33,5 3,0 9,0 % Sweden 18,7 4,1 21,9 % 17,2 % 24,2 % 15,9 4,2 26,6 % Denmark 1,0 0,1 6,6 % 442,9 % 460,3 % 0,2 (0,4) (198,7 %) Total 62,1 7,9 12,8 % 25,2 % 49,6 6,9 13,9 % Strong organic growth of 21,9% in local currencies Successful turnaround in Demark Margin in Norway lower because of loss in AjourIt Strong performance in Visma Collectors in Sweden Loss in Advantage Sweden as part of start-up and market-investment 1Q06 Vism a F&P Services 1,6 % 30,1 % 68,3 % Norw ay Sw eden Denmark 13

14 Outlook 2006 Visma expects to continue its steady progress Seasonality expectations: Easter vacation in 2Q06 compared with 1Q05 Hence somewhat lower revenue and results in 2Q compared to 1Q Continued positive business climate in all the Nordic markets 14

15 Sage Sage Group Plc has confirmed its offer to acquire Visma ASA for a cash consideration of NOK 125 per share. The offer period ends at 5.00 pm (CET) on 20 April 2006, unless extended The board of Visma has expressed that NOK 125 per share does not reflect fair value for Visma Sage has stated that they will not change their offered price despite input from both shareholders and the board of Visma ASA Hence, the board of Visma ASA has explored other possibilities: 15