Information meeting MARCH 6, The Digital Challenge 2013 results Strategy and outlook Goals for 2014

Transcription

1 Information meeting MARCH 6, 2014 The Digital Challenge 2013 results Strategy and outlook Goals for 2014

2 PERSONAL USAGE IS CONSTANTLY CHANGING... DIGITAL CHALLENGES SMARTPHONES 1.4 BN WORLDWIDE: 1 IN 7 PEOPLE TABLETS 2013 GROWTH: 58% 2013 SALES: 229M VS PC SALES: 187M APPS 1,000,000 APP STORE 850,000 GOOGLE PLAY PRIVATE CLOUD 320,000,000 ICLOUD USERS 200,000,000 DROPBOX USERS 2 Sources: IDC JDNET macg.co apple.com forbes.com

3 ... AND COMPANIES ARE TAKING ADVANTAGE CSA 2013 STUDY Enterprise software users innovation expectations 65 % BUSINESS INTELLIGENCE 58 % 49 % SAAS Software selection criteria SMARTPHONES TABLETS 1/3 of all COMPANIES and PUBLIC ENTITIES USE CLOUD SERVICES DIGITAL CHALLENGES CLOUD SALES (FRANCE)* in bn 2.8 bn 5 bn CSA 2013 STUDY 78 % 76 % 73 % SIMPLICITY SECURITY SERVICE QUALITY Source: Cegid / CSA study 2013 France Source: L express / PAC 2013 France +79% * Data from Markess International, May 2013, EuroCloud France general conference 3

4 ... THE CLOUD/SAAS CENTRAL TO CEGID S STRATEGY DIGITAL CHALLENGES 4 3* TOP 10 IN FRANCE 2012 REVENUE 2011/12 GROWTH 1 Capgemini (incl. Prosodie) FR 132M 8% 2 Salesforce.com US 41M 57% 3 ADP US 36M 41% 4 Google (incl. ITA Software as of Apr 11) US 35M 25% 5 = Cegid FR 26M 33% 5 = vision FR 26M 14% 7 Trace One FR 24M 15% 8 Oodrive FR 20M 43% 9 = Oracle US 18M 50% 9 = Microsoft US 18M 29% LEADING provider of SaaS PAC, Nov * B2B enterprise software TOP 20 IN EMEA 11* 2012 REVENUE 2011/12 GROWTH 1 Salesforce.com US 396M 38% 2 Google (incl. ITA Software as of Apr 11) US 350M 75% 3 Oracle US 190M 25% 4 Capgemini (incl. Prosodie) FR 132M 8% 5 SAP DE 116M 1350% 6 Cisco Systems US 110M 22% 7 Adobe Systems US 86M 48% 8 IBM US 84M 45% 9 ADP US 82M 28% 10 SunGard US 80M 8% 11 HP US 74M 164% 12 Microsoft US 58M 38% 13 Visma NO 56M 33% 14 vision FR 54M 17% 15 T-Systems DE 50M 25% 16 Sage UK 48M 33% 17 Citrix Systems US 44M 16% 18 Concur US 40M 43% 19 Linedata Services FR 38M 19% 20 Cegid FR 27M 29%

5 FLUCTUATING ECONOMIC CONTEXT 2013 RESULTS FRANCE Computer services producer price index vs. GDP (quarterly) WORLD Developed world and emerging markets Rebased 100 = Q Software sales Software sales - Programming, consulting and other IT businesses BIPE, INSEE data 5

6 CEGID PERFORMED REMARKABLY WELL IN THIS CONTEXT 2013 RESULTS SAAS +42 % BUSINESS SECTORS RETAIL HR IT SYSTEMS TAXATION PUBLIC SECTOR NEW BEHAVIOR NEW SOLUTIONS CLOUD 95,000 USERS +20,000 IN 2 YEARS SSRS +7 % CPAS, SMALL COMPANIES FINANCE MT&S CUSTOMER RELATIONSHIPS YOURCEGID ETAFI START YOURCEGID PUBLIC CHANNEL YOURCEGID FINANCE Y2 YOURCEGID HOSPITALITY MOBILE INTERNATIONAL GROWTH +13 % CUSTOMER PORTAL 50,000 USERS 6

7 7 BUSINESS MODEL SHIFTING TO HIGHER RECURRENT REVENUES VIA SAAS TRANSFORMATION RELATED HARDWARE AND SERVICES REFOCUSING OUR EXPERTISE CONSOLIDATED SALES EXCL. DISTRIBUTION AND MISC. ITEMS **rounded totals 205M* 6 % 19 % 41 % 30 % SaaS 38 Licenses Software maintenance 84 Services 61 M** x3 * MISC.: 7M * MISC.: 5M +20 % RESULTS 234M* 16 % 14 % 43 % 24 %

8 8 SAAS IS CEGID S DRIVING FORCE INVOICEABLE SAAS CONTRACT REVENUE (1) 25 M 37 M 01/ /2011 (1) SaaS, Portals rounded total as of January M 01/2014 INVOICEABLE SAAS CONTRACT REVENUE 11 % 52 M 01/ % ACCOUNTING PROFESSION OTHER FINANCE/TAXATION 25 % CAGR +39% New SaaS contract invoiceable revenue in 2013: 15M 14 % HR IT SYSTEMS +42% 2013 RESULTS 38M SALES (2) (2) SaaS sales: On Demand solutions, Portals, Consumption

9 SALES FULL YEAR* *Unadjusted scope SaaS 38.0M 26.9M +41.6% Licenses 33.7M 32.9M +2.3% Maintenance 101.2M 101.0M +0.2% Other 5.1M 5.4M -5.3% TOTAL SSRS 178.0M 166.2M +7.1% Professional services 55.6M 60.2M -7.6% Total SSRS and professional services 233.6M 226.4M +3.2% Hardware distribution and other 26.3M 31.7M -17.1% TOTAL 259.9M 258.1M +0.7% Of which recurrent 148.6M 138.5M +7.3% SAAS + 42 % HOLDING UP WELL STRONG INCREASE IN SSRS TOTAL 2013 RESULTS 57 % 9

10 GROSS MARGIN AND BREAKEVEN UNADJUSTED SCOPE IN M M +2.5% MIX EFFECT COST EFFECT 2013 RESULTS -0.6M Gross margin ratio 86.4% 87.9% GROSS MARGIN AVG. MONTHLY BREAKEVEN 10

11 SIGNIFICANT INCREASE IN EARNINGS 2013 RESULTS FULL-YEAR RESULTS Sales 259.9M 258.1M +0.7% EBITDA 69.1M 61.4M +12.5% Income from ordinary activities 31.1M 22.7M +37.0% Operating income 31.0M 22.8M +36.1% Net financial expense -2.2M -2.1M -6.4% Pre-tax income 28.8M 20.7M +39.1% Income taxes -9.8M -6.9M +42.9% Net income (Group share) 18.8M 12.6M +48.9% Cash flow from operating activities 62.8M 47.9M +31.1% STRONG INCREASE M 11

12 SIGNIFICANT INCREASE IN CASH FLOW 2013 RESULTS Cash flow generated by the business Cash flow from operating activities Capex M 62.8M 37.3M M 47.9M 37.1M x2.4 Cash flow before acquisitions, misc. and dividends Acquisitions and non-current financial assets 25.5M -2.7M 10.8M -4.9M Free cash flow after acquisitions Dividends 22.8M -9.2M 5.9M -9.3M 12

13 ROBUST FINANCIAL STRUCTURE 2013 RESULTS CONFIRMED LINE OF CREDIT (1) COVENANTS (2) In M as of December IMPROVED 2011 FINANCIAL DEBT 68.7 In M 12/31/ /01/14 07/01/15 07/01/ Total Amount used 60.0 Amount available Gearing 28% 2012: 38% 2013 Net debt/ebitda 84% 2012: 110% (1) Confirmed line of credit totaling 200M as of 12/31/2013, signed in November 2010 with 8 banks for an initial term of 5 years, extended to 7 years (30 June 2017) (2) Net debt / EBITDA < 3 (calculated based on average EBITDA over the previous two financial years); Gearing < 1

14 SHARE PRICE / DIVIDEND Nbr of shares traded/month Share price in SHARE BUYBACK PROGRAM 2013 RESULTS Shares held in treasury as of December 31, 2013 (including liquidity contract): 491,374 (5.32% of share capital) No acquisitions were made in fiscal 2013 Fiscal year Dividend per share * Jan janv Apr avr Jul juil Oct oct Jan janv avr.-10 Apr 10 juil.-10 Jul 10 oct.-10 Oct 10 janv.-11 Jan 11 avr.-11 Apr 11 juil.-11 Jul 11 oct.-11 Oct 11 janv.-12 Jan 12 avr.-12 Apr 12 juil.-12 Jul 12 oct.-12 Oct 12 janv.-13 Jan 13 avr.-13 Apr 13 juil.-13 Jul 13 oct.-13 Oct 13 janv.-14 Jan 14 Cegid Group France CAC 40 (Rebased) FTSE France / Software & Computer Services - SEC (Rebased) 14 Volume Share price 12/31/ Share price 12/31/ *dividend to be proposed to shareholders at May 12, 2014 Annual Meeting +68 % YIELD PER SHARE* 3.5% * SHARE PRICE AS OF 3/3/2014

15 HIGH-QUALITY PORTFOLIO AND MARKET POSITIONING STRATEGY AND OUTLOOK Cloud/SaaS companies & public sector Consulting services Collaboration & mobility for SMEs Taxation RH-DSN Retail Abroad GROWTH AN IMPRESSIVE PORTFOLIO OF SOLUTIONS Human Resources Manufacturing Quadra range. MATURITY MARKET COVERAGE IN FRANCE >500 4, ,000 START-UP DEVELOPED ,551,000 No. of employees No. of companies FINANCE TAXATION HUMAN RESOURCES MGMT. RETAIL HOSPITALITY PUBLIC 15 Accounting profession

16 MOBICLO AND INNOVATION STRATEGY AND OUTLOOK 16

17 A SECURE PRIVATE CLOUD SERVING BUSINESSES Cegid solutions CLOUD BUSINESSES PUBLIC SECTOR 400 CUSTOMERS STRATEGY AND OUTLOOK HUMAN RESOURCES FINANCE ETAFI PUBLIC SECTOR ACCOUNTING PROFESSION RETAIL MANUFACTURING WEB SERVICES Secure private cloud Cegid IBM Partner solutions KYRIBA BUSINESS SECTORS BY FUNCTION ACCOUNTING PROFESSION 1,100 FIRMS YOOZ BUSINESS OBJECT ORACLE NOVANCE SIDETRADE 17 QLIKVIEW

18 Film Cegid-IBM private cloud You can watch the film on Cegid TV

19 EXCELLENT CUSTOMER RELATIONSHIPS ARE A STRATEGIC PRIORITY STRATEGY AND OUTLOOK 2013 SATISFACTION From 86 % to 92.5 % CUSTOMER PORTAL CONNECTIONS 5,000 PER DAY 32,210 ANSWERS PROCESSED COMPLAINTS ~100% ANSWERED 48hr responses % in 48 hrs RECEIVED AND HANDLED 19

20 INTERNATIONAL RETAIL OFFERS A VECTOR OF NEW BUSINESS STRATEGY AND OUTLOOK + 63 % RETAIL 2013 NEW BUSINESS 70 NEW CLIENTS INDIRECT CHANNEL +60 % +60 % 75 COUNTRIES 25 LANGUAGES 10 SUBSIDIARIES 100 EMPLOYEES 40 PARTNERS 20

21 GENERATING NEW BUSINESS 2014 OBJECTIVES GOALS FOR 2014 INCREASED SALES FORCE 2013 NEW CUSTOMERS > to < 50 2,336 TOTAL 2, M NEW BUSINESS SALES 18% 313 Field & office-based sales HIRING 100 NEW PARTNERS 21

22 DEVELOPING INNOVATION AND OPTIMIZING R&D CAPEX 2014 OBJECTIVES MARKETING SOLUTIONS FUNCTION DEPLOYMENT R&D 514 STAFF R&D 14 SITES CHANGE IN DEVELOPMENT COSTS (CAPITALIZED)* SALES DEVELOPMENT FUNCTIONAL RESOURCES 1) LYON 2) PARIS 3) ANNECY 4) ROANNE 5) RENNES 6) AIX 7) ORLÉANS 8) STRASBOURG 9) NANCY 10) BORDEAUX 11) NANTES 12) LOUDUN 13) MAURITIUS 14) TUNISIA 13% 12% * % / consolidated sales

23 CONTINUE TO STEP UP INTERNATIONAL DEVELOPMENT / BUSINESS DEVELOPMENT 2014 OBJECTIVES CEGID PARTNER PRESENCE Russia Dubai ACCELERATION OF PUBLIC SECTOR BRAZIL ACCELERATION OF MT&S DOUBLE THE VAR NETWORK 2015 HR IT EXPANSION 23

24 SEEKING ACQUISITION OPPORTUNITIES 2014 OBJECTIVES Servant Soft (Taxation) Ccmx (CPAS / small companies / SaaS) Quadratus (CPAs / small companies) GTI /PMI (Manufacturing) INVESTMENTS MOBICLO INDUSTRY EXPERTISE INTERNATIONAL AS Infor (Retailing) Civitas (Public sector) Front RH (HR IT systems) VCS Timeless (Retailing) Visa Informatique (Public sector) TDA (Consulting& Management) TDA FRONT RH 24

25 ENGAGING CEGID S HUMAN RESOURCES 2014 OBJECTIVES KTB is an attitude. It brings out our desire to work together to serve our customers in a modern, innovative and youthful environment which encourages communication and well-being. CEGID FOUNDATION INTEGRATION EDUCATION HEALTH ENTREPRENEURSHIP CSR 25

26 POSITIVE MOMENTUM FOR CEGID STRATEGY AND OUTLOOK 26

27 MAY 2014 SHAREHOLDERS' MEETING MAY 2014 DIVIDEND JULY 2014 H1 RESULTS* CALENDAR The full year 2013 financial statements were approved by the Board of Directors on March 5, The Statutory Auditors have performed their audit and are preparing their reports to certify the financial statements. * after the market close 27

28 THANK YOU for your attention