Visual Management. 3 rd quarter We simplify your business

Transcription

1 Visual Management 3 rd quarter 2004 We simplify your business

2 3Q04 Visma group 3Q03 as reported Revenue % EBITDA % EBITDA % 15,5 % 14,1 % EBIT 27,3 18, % EBIT % 7,5 % 6,6 % Net financial -2 7 EBT Net profit EPS, NOK 0,45 0,46 44% growth in EBIT!, 38% growth in EBITDA! Highest quarterly margins ever Best 3Q ever

3 YTD3Q04 Visma group YTD3Q03 as reported Revenue % EBITDA % EBITDA % 13,6 % 13,7 % EBIT EBIT % 6,6 % 7,0 % Net financial EBT Net profit EPS, NOK 2,23 3,66 Op. Cashflow % Net cash flow from operations is up 41%

4 Visma Q3 development Q01 3Q02 3Q03 3Q04 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % Revenue EBIDTA margin EBITDA development MNOK Q 2Q 3Q 4Q

5 3Q per line of business, organic development 2004 actual / 2003 pro forma Actual 3Q04 Proforma 3Q03 Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin Visma Software ,2 30,0 22,2 % 13,5 % 4,2 % ,4 20,0 19 % 9,4 % Visma Services ,7 1,0 7,6 % 0,7 % 2,5 % 137 9,1-0,1 7 % -0,1 % Tot op. Units , ,5 % 8,6 % 3,5 % ,5 19,9 14 % 5,7 % Visma ASA 0-3,9-3,9 0-3,0-3,0 Total ,0 27,1 15,5 % 7,5 % 3,5 % ,5 16,9 13,3 % 4,8 % Improvement in organic growth 2% margin improvement due to cost synergy and organic growth All integration expenses are taken as normal operational expenses

6 3Q04 per line of business, 2004 actual / 2003 actual 3Q04 3Q03 Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin Visma Software ,2 30,0 22,2 % 13,5 % 45,2 % ,5 21,9 23 % 14,4 % Visma Services ,7 1,0 7,6 % 0,7 % 4,7 % 134 9,1 0,0 7 % 0,0 % Tot op. Units , ,5 % 8,6 % 26,3 % ,6 21,9 15 % 7,6 % Visma ASA 0-3,9-3,9 0-3,0-3,0 Total ,0 27,1 15,5 % 7,5 % 26,3 % ,5 18,9 14,1 % 6,6 %

7 General comments about 3Q04 Growth through acquisitions Revenue up 26% over 3Q03. Margins improved in acquired units 20% margin target in Software achieved Revenue decline stopped in Services, return to organic growth Improved revenue growth in Visma Software

8 Equity and total assets (MNOK) Q97 3Q98 3Q99 3Q00 3Q01 3Q02 3Q03 3Q04 80 % 60 % 40 % 20 % 0 % Equity Tot assets Equity % 39 % 61 % 42 % 74 % 57 % 71 % 71 % 63 % Net cash: MNOK 231 (309 in 3Q03) own shares, value MNOK 15 + value of shares in Superoffice ASA, MNOK 50 + value of shares in Exense ASA, MNOK 12 Accounts rec (net ex vat): MNOK 170 (146 in 3Q03) DSO: 37 days (41 days in 3Q03)

9 Sequential development Services (as reported) Revenue Seq Rev Growth EBITDA EBITDA margin Y-Y rev. growth 1Q02 170,6 23 % 22,1 13 % 2Q02 158,1-7 % 18,8 12 % 3Q02 140,4-11 % 11,4 8 % 28 % 4Q % 4,5 3 % 7 % 1Q % 17,3 10 % 6 % 2Q03 160,6-11 % 10,3 6 % 2 % 3Q03 134,3-16 % 9,1 7 % -4 % 4Q % 9 6 % 1 % 1Q % % 2 % 2Q % 14 9 % 0 % 3Q % 10,7 8 % 5 % Margin improvement Improved organic growth Cost synergy from integration Increased number of requests from prospective customers

10 Comments on Visma Services Brisk demand for Visma Electronic Services Scanning, workflow, electronic invoices, EDI Productivity improvement shared with customers Combined organic growth of 35% in 3Q04 in: Debt collection (Visma Collecta) Temp Services (Visma Personnel) Procurement Services (Visma Advantage) These units constitute 15% of revenues in 3Q04 New contracts will yield full effects in 2005

11 Visma Software per market 3Q04 3Q03 EBITDA Revenue EBITDA Revenue EBITDA margin growth Revenue EBITDA margin Norway + DK 124,5 27,3 22 % 45 % 85,9 19,9 23 % Sweden 69,6 17,1 25 % 39 % 50,2 11,8 24 % Finland 27,4 4,9 18 % 67 % 16,4 2,8 17 % Visma Software 221,5 49,3 22 % 45 % 152,5 34,5 23 % >20% margins achieved Positive trends in all markets

12 Visma Software, revenue mix, 3Q04 13 % 10 % 15 % Visma Software license sale Maintenance and support agreements Consulting and training Miscellaneous, SW & HW from others 62 % 3Q04 3Q04% Growth 3Q03 3Q03% Visma Software license sale 34 15,4 % 15,5 % 30 19,4 % Maintenance and support agreements ,5 % 37,7 % 99 64,9 % Consulting and training 30 13,5 % 115,9 % 14 9,0 % Miscellaneous, SW & HW from other 21 9,6 % 108,8 % 10 6,7 % Acquired units are more consulting intensive

13 Sequential development Software (as reported) Revenue Seq Rev Growth EBITDA EBITDA margin Y-Y rev. growth 4Q01 167,6 69 % 20,1 12 % 1Q02 140,2-16 % 23,6 17 % 2Q02 137,2-2 % % 3Q % 25,2 24 % 8 % 4Q % 30,1 20 % -11 % 1Q03 163,6 9 % 37,8 23 % 17 % 2Q03 160,9-2 % 33,4 21 % 17 % 3Q03 152,5-5 % 34,5 23 % 43 % 4Q % % 59 % 1Q % % 51 % 2Q % % 54 % 3Q % % 45 % Most profitable quarter ever in Visma Software, 42% growth in EBITDA over 3Q03 More consultancy yield larger revenue drop from 2Q compared to 2003 Strong, organic, sequential profit improvement over 2Q04 due to successful integration processes Very healthy software sales in both Sweden and Norway

14 IFRS in Visma IFRS will be applied from the 1st quarter of 2005 Comparable figures for 2004 will be presented Visma is in the processes of assessing what areas will be influenced by IFRS The most significant changes are expected within expensing of research and development, and concerning treatment of goodwill

15 Outlook for 4Q04 The general economy is healthy in all Nordic markets Signs of growth in ERP/CRM and ERPautomation investments More requests from prospective customers for both Visma Software and Services Visma will focus on organic growth Visma will still pursue strategic acquisitions