1st quarter Simplified business Nordic growth

Transcription

1 1st quarter 2005 Simplified business Nordic growth

2 1Q 1Q Actual figures as reported (NOK millions) IFRS IFRS Growth Revenue ,3 % EBITDA ,6 % EBITDA % 12,8 % 13,3 % EBITA ,2 % EBITA % 11,5 % 11,6 % EBIT (3,2 %) EBIT % 9,1 % 10,1 % Net financial (1,4) 39 EBT Net profit EPS, NOK 0,87 1,50 Net CF from operations (14,5 %) All-time high quarterly revenue Healthy profits, no negative effects from IFRS Some revenue shifted to 2Q05 due to Easter About 10% growth in local currencies

3 Net cash flow from operations after tax NOKm Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 Net cash flow from operations High cash flow in 1Q due to invoicing of annual agreements In 1Q04 MNOK 40 from SuperOffice shares sale Tax payable from 2004 in Sweden paid in 1Q05

4 1Q per line of business actual development 1Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Visma Software 253,8 42,6 17 % 3 % 247,1 40,3 16 % Visma Services 164,6 15,4 9 % (2 %) 167,4 19,7 12 % Visma F&P Services 49,6 6,9 14 % 183 % 17,5 2,1 12 % Visma ASA / Group (5,0) (4,8) Total 468,0 60,0 13 % 8 % 432,1 57,4 13 % Some margin improvement in Software Software R&D expenses have not been capitalised Services most effected by Easter F&P Services with higher margins than expected

5 1Q per line of business pro forma development 1Q Q 2004* Pro forma 2004 Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Visma Software 253,8 42,6 17 % 0 % 253,3 40,2 16 % Visma Services 164,6 15,4 9 % (2 %) 167,4 19,7 12 % Visma F&P Services 49,6 6,9 14 % 14 % 43,5 1,2 3 % Visma ASA / Group (5,0) (4,8) Total 468,0 60,0 13 % 1 % 464,3 56,4 12 % * Entities acquired during 2005 are added to the 2004 figures from the same time. Pro forma margin improvement in Software -2% growth in Services will be compensated in 2Q 14% organic growth in F&P Services is better than expected

6 General comments about 1Q05 Performance was satisfactory Visma F&P Services performance is encouraging Increasing demand for software and services to integrate ERP-solutions through electronic commercial documents Increasing demand for consulting and services, price erosion has stopped Favourable economical climate

7 Equity and total assets (IFRS from 2005) NOKm Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % (10 %) (20 %) Equity Tot assets Equity % (16 %) 49 % 50 % 49 % 63 % 62 % 64 % 62 % 57 % NOKm 1Q05 1Q04 Net cash Shares in SuperOffice ASA Shares in Exense ASA Shares in Kvestor AS 11 7 Accounts rec. (ex. VAT) DSO 43 days 37 days Dividend MNOK 79 paid MNOK 144,5 in cash used on acquisitions

8 Visma Software per market 1Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Norway/DK 138,3 17,2 12 % (0 %) 138,6 20,9 15 % Sweden 80,7 19,5 24 % 2 % 79,3 12,8 16 % Finland 34,8 6,0 17 % 19 % 29,2 6,6 23 % Total 253,8 42,6 17 % 3 % 247,1 40,3 16 % Spectrum Software in Norway has been divested & internal re-organisation Very healthy margin improvement in Sweden due to strong performance in Visma SPCS Finland with fast revenue growth 31,8 % 1Q05 Visma Softw are 13,7 % 54,5 % Norw ay/dk Sw eden Finland

9 Visma Software, revenue mix 1Q05 1Q05 % of total Growth 1Q04 % of total Actual figures as reported (NOK millions) Visma Software Packages 50 19,6 % 1 % 49 20,0 % Annual license fee ,2 % 7 % ,1 % Consulting & implemation 42 16,4 % (8 %) 45 18,3 % Hardware & Software from others 20 7,8 % 6 % 19 7,6 % Recurring revenues from license fee and support agreements at all time high Consulting impacted by Easter 16,4 % 7,8 % 1Q05 19,6 % 56,2 % Visma Softw are Packages Consulting & implemation Annual license fee Hardware & Software from others

10 Comments on Visma Software Some margin improvement Healthy demand for products especially within integration and workflow Previous income recognition was already in line with IFRS Support/maintenance agreements recognised in 12 equal parts No capitalisation of R&D expenses IFRS is actually stricter and more specific than NGAAP Healthy prospect situation at the beginning of 2Q05

11 Visma Services per market 1Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Norway 112,3 9,0 8 % (3 %) 115,5 13,1 11 % Sweden 20,7 1,6 8 % (20 %) 26,0 2,5 10 % Denmark 22,1 2,3 10 % 39 % 15,9 1,6 10 % Finland 9,5 2,6 27 % (5 %) 10,0 2,5 25 % Total 164,6 15,4 9 % (2 %) 167,4 19,7 12 % Development in Norway as expected Sweden with negative growth due to internal restructuring Strong organic growth in Denmark Solid margins in Finland, no revenue decline in Euro 1Q05 Visma Services 5,8 % 13,4 % 12,6 % 68,2 % Norw ay Sw eden Denmark Finland

12 Comments on Visma Services The consulting intensive activities of Visma Services influenced by Easter Norway and Sweden are most effected Strong growth in Denmark Visma is the only non-auditor owned large accounting outsourcing company in Denmark Close co-operation with Visma Software in Denmark Accounting for real-estate brokers is a new fast growth sector in Services Norway

13 Visma F&P Services per market 1Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Norway 33,5 3,0 9 % 91 % 17,5 2,1 12 % Sweden 16,1 3,9 24 % Total 49,6 6,9 14 % 183 % 17,5 2,1 12 % Visma AjourIt in Norway dilutes margins with a small loss Strong margins in Visma Collectors in Sweden 15% organic growth in Sweden 32,5 % 1Q05 Visma F&P Services 67,5 % Norw ay Sw eden

14 Comments on Visma F&P Services Except AjourIt all units profitable AjourIt will probably break even later in % organic growth for the whole division is above expectation 14% EBITDA-margin was a positive surprise Visma will continue to develop and grow this new division

15 Outlook Q is seasonally weaker than 1Q Less so in 2005 due to no vacations in April Increase in prospects and order-reserve in most markets Shorter decision time compared to Visma expects to continue its steady progress Continued positive business climate and low interest rates are expected Capital markets day in Stockholm on September 6 Simplified business Nordic growth