Second quarter Simplified business Nordic growth

Transcription

1 Second quarter 2005

2 2Q 2Q Actual figures as reported (NOK millions) IFRS IFRS Growth Revenue ,0 % EBITDA ,6 % EBITDA % 12,5 % 12,3 % EBITA ,2 % EBITA % 11,2 % 10,5 % EBIT ,9 % EBIT % 8,8 % 8,7 % Net financial 4-3 EBT ,4 % Net profit EPS, NOK 0,97 0,70 38,5 % All-time high quarterly revenue 10 % organic growth adjusted for currency effects Positive margin development

3 2Q development NOKm Q01 2Q02 2Q03 2Q04 2Q05 Revenue EBITDA margin 20 % 18 % 16 % 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % NOKm 70 EBITDA development Improvement in each quarter since Q 2Q 3Q 4Q

4 2Q per line of business actual development 2Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Visma Software 260,0 40,1 15 % 5 % 247,9 41,1 17 % Visma Services 160,0 14,4 9 % 12 % 142,6 12,1 8 % Visma F&P Services 53,4 9,5 18 % 202 % 17,7 1,8 10 % Visma ASA / Group (5,0) (4,8) Total 473,4 59,0 12 % 16 % 408,1 50,2 12 % Strong performance in Visma F&P Services Services back to healthy growth Weaker margins in Software due to extra spending on marketing

5 2Q per line of business pro forma development 2Q Q 2004* Revenue Pro forma 2004 Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth curr. adj. margin Visma Software 260,0 40,1 15 % 4 % 7 % 249,1 42,2 17 % Visma Services 160,0 14,4 9 % 12 % 14 % 142,6 12,1 8 % Visma F&P Services 53,4 9,5 18 % 14 % 16 % 46,9 2,2 5 % Visma ASA / Group (5,0) (4,8) Total 473,4 59,0 12 % 8 % 10 % 438,6 51,6 12 % * Entities acquired during 2005 are added to the 2004 figures from the same time. Highest organic growth since 2001 Solid margin improvement in Visma F&P Services Strong organic growth improvement in Visma Services, up from -2% in 1Q05. Partly due to the Easter effect

6 1H per line of business actual development 1H H 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Visma Software 513,8 82,7 16 % 4 % 495,0 81,4 16 % Visma Services 324,6 29,8 9 % 5 % 310,0 31,8 10 % Visma F&P Services 103,0 16,4 16 % 192 % 35,2 4,0 11 % Visma ASA / Group (9,9) (9,6) Total 941,4 119,1 13 % 12 % 840,2 107,6 13 % Easter effects cancelled out, still healthy growth, and margins at the same level as in 2004 Organic revenue growth of 4% (1H04 2%) Organic revenue growth of 6% adjusted for currency effects

7 General comments about 2Q05 Solid organic growth for the group Increasing demand for outsourcing services Especially strong demand for non-strategic procurement services and debt collection Increasing demand for workflow solutions Favourable economic climate

8 Equity and total assets (IFRS from 2005) NOKm Q97 2Q98 2Q99 2Q00 2Q01 2Q02 2Q03 2Q04 2Q05 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % -10 % -20 % Equity Tot assets Equity % -16 % 49 % 65 % 66 % 46 % 69 % 69 % 60 % 60 % NOKm 2Q05 2Q04 Net cash Shares in SuperOffice ASA Shares in Exense ASA Shares in Kvestor AS 12 7 Accounts rec. (ex. VAT) DSO 44 days 43 days MNOK 157 used on acquisitions in 2005

9 Visma Software per market 2Q Q 2004 Revenue Actual figures as reported Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth adj. curr margin Norway/DK 144,2 18,3 13 % 1 % 142,5 21,6 15 % Sweden 79,2 14,6 18 % (0 %) 5 % 79,4 12,8 16 % Finland 36,6 7,2 20 % 41 % 48 % 26,0 6,6 26 % Total 260,0 40,1 15 % 5 % 247,9 41,1 17 % Margin improvement in Finland over 1Q05 Normal seasonality in Sweden Limited growth in Norway due to spin-off of Spectrum from ,5 % 2Q05 Visma Software 14,1 % 55,5 % Norway/DK Sweden Finland

10 Visma Software, revenue mix 2Q05 2Q05 % of total Growth 2Q04 % of total Actual figures as reported (NOK millions) Visma Software Packages 50 19,2 % 4 % 48 19,4 % Annual license fee ,0 % 6 % ,6 % Consulting & implemation 42 16,0 % (8 %) 45 18,2 % Hardware & Software from others 28 10,8 % 30 % 22 8,7 % Recurring revenues 54% Consulting revenues will pick up in 2. half of 2005 Growth in retail and workflow solutions means increased sale of 3rd party products 10,8 % 16,0 % Visma Software Packages Consulting & implemation 2Q05 19,2 % 54,0 % Annual license fee Hardware & Software from others

11 Comments on Visma Software Healthy organic growth in competitive market Substantial investments in new products as e- commerce, workflow and retail solutions The Swedish companies have been renamed to Visma Re-branding campaign in 3Q

12 Visma Services per market 2Q Q 2004 Revenue Actual figures as reported Revenue EBITDA EBITDA Revenue Growth Revenue EBITDA EBITDA (NOK millions) margin Growth adj. curr margin Norway 108,5 6,9 6 % 9 % 99,6 6,9 7 % Sweden 22,2 3,6 16 % 7 % 13 % 20,8 2,9 14 % Denmark 20,0 1,4 7 % 44 % 52 % 13,9 1,1 8 % Finland 9,3 2,5 27 % 10 % 16 % 8,4 1,3 15 % Total 160,0 14,4 9 % 12 % 142,6 12,1 8 % Organic growth due to increased marketing and sales Sweden back on track Very strong growth in Denmark High margins and increasing growth in Finland 2Q05 Visma Services 5,8 % 12,5 % 13,9 % 67,8 % Norway Sweden Denmark Finland

13 Comments on Visma Services Better growth than expected Margins on plan Healthy market and increasing demand Even more sales activities in the 2nd half of 2005

14 Visma F&P Services per market 2Q Q 2004 Actual figures as reported Revenue EBITDA EBITDA Revenue Revenue EBITDA EBITDA (NOK millions) margin Growth margin Norway 36,4 5,1 14 % 106 % 17,7 1,8 10 % Sweden 17,0 4,4 26 % Total 53,4 9,5 18 % 202 % 17,7 1,8 10 % In Norway, 10% growth over 1Q, and margins improved from 9% to 14% Sweden has improved from 24% margins in 1Q to 26% margins in 2Q 21% organic growth in Sweden 31,9 % 2Q05 Visma F&P Services 68,1 % Norway Sweden

15 Comments on Visma F&P Services 16% organic growth in local currency 18% EBITDA-margin was better than expected Very good prospects for Visma F&P in the second half of 2005 Visma consider to expand Visma Advantage outside Norway

16 Outlook 2005 Visma expects to continue its steady progress Normal seasonality in 3Q means lower revenues compared to 2Q Continued positive business climate and low interest rates are expected Large re-branding and marketing campaign in Sweden during 3Q Capital markets day in Stockholm on September 13, Send an to if you wish to participate.