Visual Management 4Q01. From 150 to 1500 employees in 12 months

Transcription

1 Visual Management

2 Visual Management 4Q01 From 150 to 1500 employees in 12 months

3 Liinos 93,6% of shareholders have accepted offer by Visma!

4 Recap from 3Q presentation in October We expected improvements in 4Q Still uncertain market 4Q is the best quarter for Visma Software 1Q is the best quarter for Visma Services Higher expenses in 4Q Visma will continue Nordic expansion

5 What happened in 4Q? New software sales stronger than expected Nordic expansion as planned Services continues growth, but with increased expenses in preparation of 1Q. Revenues and net result better than market expectation Utilisation of tax loss from acquired units preserved cash and ensured much higher than expected EPS EBIT and EBITDA lower than expected

6 Comparable figures In 4Q00 Visma sold Marine division, and had extraordinary revenues of MNOK 650 and operating profit of MNOK companies audited for the first time according to Visma standards and accounting principles MNOK 5 in non-recurring personnel expenses in Software in Q4 Includes compensation to former CEO in SPCS ASA Reservations for social security tax on stockoptions in the money, and recognition of expenses on former bonus shares scheme in SPCS (Norway): MNOK 4 No cash effect in 2001

7 Revenue NOK Growth Growth 4Q01 3Q01 4Q00 3Q01-4Q01 4Q00-4Q01 Software ,9 % -1,3 % Services ,2 % 15,8 % Totally ,3 % 5,4 % Software lost MNOK 6 in revenues compared to 4Q00 due to NOK/SEK exchange rates Services equal to 3Q is normal seasonality

8 Seasonality Seasonality (Pro forma, all acquired units from ) Revenue, NOK mill. 0 1Q01 2Q01 3Q01 4Q01 Visma Softw are 136, ,5 Visma Services 115,3 94,4 109,5 107,7 Strong software sales in Q4 Services with MNOK 5-10 in reduced revenue due to vacations in December

9 Results, as reported Visma reported as reported incl. Marine incl. SPCS Revenue EBITDA EBITDA % 10 % EBIT 48,4 659 EBIT % 6 % Net financial 39,1 0 EBT 87,6 659 Tax 14,1 193 Net profit 73,5 466 EPS, NOK 2,52 28,07 Tax payable, MNOK11

10 Results 4Q01 Visma totally 4Q2000 as reported incl. SPCS incl. Marine Revenue 248,3 779 EBITDA 18,4 616 EBITDA % 7 % EBIT 9,3 608 EBIT % 4 % Net financial 9,7-1,7 EBT Tax Net profit EPS, NOK 1,10 24,28

11 Pro forma, per line of Business Full year 2001 Full year 2000 Includes acquired units from YTD 2000 excludes Marine & Exense, includes SPCS & Service Revenue EBITDA EBIT EBITDA EBT Revenue Revenue EBITDA EBIT EBITDA EBT margin Growth margin Visma Software 491,6 57,9 42,3 12 % 51,8-3 % 508,0 48,6 28,3 10 % 30,1 Visma Services 457,1 55,4 30,6 12 % 30,1 28 % 357,3 32,7 22,3 9 % 26,9 Tot op. Units. 948, ,9 12 % 81,9 10 % 865,3 81,3 50,6 9 % 57 Visma ASA 0,6-11, ,3 0,2-9,2-9,2-17,1 Total 949,3 101,9 61,5 11 % 98,2 10 % 865,5 72,1 41,4 8 % 39,9 Pro forma, acquired units included from Software lost MNOK 18 in revenues due to depreciation of SEK versus NOK

12 Per line of business 4Q2001 4Q2000 4q00 figures are proforma excluding Visma Marine Revenue EBITDA EBIT EBITDA EBT Revenue Revenue EBITDA EBIT EBITDA EBT margin Growth margin Visma Software 140,5 14,5 12,2 10 % 17,5-1 % 142,4 8,3 1,6 6 % 2,8 Visma Services 107,7 8 1,2 7 % 2,2 16 % 93 2,1-3,8 2 % -4,4 Tot op. Units. 248,2 22,5 13,4 9 % 19,7 5 % 235,4 10,4-2,2 4 % -1,6 Visma ASA 0,1-4,1-4,1-0,7 0-2,9-2,9-11 Total 248,3 18,4 9,3 7 % 19 5 % 235,4 7,5-5,1 3 % -13 Strong profit improvement in both Software and Services over 4Q2000

13 Balance sheet development Equity and total assets (MNOK) Q97 4Q98 4Q99 4Q00 4Q01 Equity Tot assets Equity % 53 % 71 % 69 % 55 % 62 % 80 % 60 % 40 % 20 % 0 % Net cash: MNOK 418 (716) Accounts rec., net, incl. VAT: MNOK 170 (122) Goodwill, acquired: MNOK 313 (58) Tax, payable: MNOK 16,5 (33,8)

14 Comments to the 4 th quarter Strong sales in software: Spill-over from Q3? Integration with SPCS successful Local, SME business less hurt by recession But, MNOK 8 in integration costs in 4Q 16% organic revenue growth in Services Demand is still healthy, and organic growth expected around 20% in 2002 Increased expenses due to build up of organisation in preparation for 1Q02 Infocon, KreativGruppen, Mynor, Regnskapskontoret Vest will be consolidated from

15 Visma, corporate structure, Jan-02 Visma ASA Holding company Visma Software ASA Holding company Visma Services ASA Holding company Norway Sweden Finland Norway Sweden Finland Distribution Sells to resellers SPCS AB Växjö Liinos Visma Serivces Norge SA Infocon Consulting Training, support Visma Software smaller companies Bjellefors Provider ASP center Visma Services UK Kreativ Gruppen Spectrum Direct sales EM-Data Vertical Markets Visma Software Denmark Visma Software UK Expansion funded by MEUR 85 (cash) sale of Visma Marine in 4Q00

16 Liinos Tender offer accepted by 94% of shareholders. Due diligence satisfactory Closing ultimo January Liinos is no 1. in selected verticals in Finland Software is Microsoft component/web/sql based. Same as Visma. 160 employees

17 Liinos 2001 PROFIT/LOSS OF LIINOS GROUP BY PERIODS UNDER REVIEW Thousand euro 1Q01 2Q01 3Q01 4Q INCOME STATEMENT Net income % growth Total operating expenses EBITDA % margin EBIT Financial income and expenses EBT Income taxes Net earnings

18 Liinos, balance sheet, assets. LIINOS GROUP Thousand euro BALANCE SHEET NON-CURRENT ASSETS Intangible assets Tangible assets Investments Total CURRENT ASSETS Short-term receivables Marketable securities Cash at bank and in hand Total TOTAL ASSETS

19 The next quarters

20 Opportunities for the survivors Consolidation will continue Fewer competitors Too many unprofitable companies and business ideas have been financed by venture capital Better access to competent employees Recovery from recession, but improvements will come gradually

21 1Q02 Strong quarter expected from Services Lower expenses in Software in 2002 Increased margins are expected Visma will continue expansion through strategic acquisitions Pan-Nordic ambitions will be achieved Visma continues product and business development in both Software and Services Through Liinos and maintenance agreements more than MNOK 250 will be added in cash.

22 Visma 2002 Less acquisitions compared to 2001 Critical mass has already been achieved, Focus on improving margins Pan-Nordic integration of the Visma group Realising synergies in the market Focus on brand name and marketing Continued focus on customer satisfaction

23 Dividends for 2001 The board of Visma will propose to the shareholders meeting that the company shall pay NOK 1,- per share as dividend Shareholders meeting March 12th.