Visual Management 2Q02
Consensus Q2 (Carnegie, Deutche, Enskilda, ABN, ABG, Handelsbanken, DnB, Danske, Fonds) Min Max Consensus Actual Net sales 274 306 292 EBITDA 34 37 35 EPS 0,40 1,10 0,60 Cost base is similar to Q1, lower revenues will normally mean lower EBITDA. (Q1, net sales: 311, EBITDA 41)
Q2 actual vs consensus Min Max Consensus Actual Net sales 274 306 292 295,3 EBITDA 34 37 35 37,6 EPS 0,40 1,10 0,60 1,20 Slightly lower sales and margins compared to 1Q are normal seasonality EPS much better than expected due to improved tax situation Currency translation reduces the net sales with about MNOK 5
2Q02 2Q01 Results Visma as reported group 295 210 + 40 % Revenue 37,6 23 + 63 % EBITDA 12,7 % 11,0 % EBITDA % 21 13 EBIT 7,1 % 6,2 % EBIT % 6,5 12,2 N et financial 27,4 25,2 EBT 39,6 17,3 N et profit 1,20 0,63 + 90 % EPS, N OK
1H02 1H01 Results 1H02 Visma as reported group 606 374 + 62 % Revenue 79 41,4 + 91 % EBITDA 13,0 % 11,1 % EBITDA % 46 25,5 EBIT 7,6 % 6,8 % EBIT % 13,5 23,2 N et financial 59,2 48,5 EBT 59,9 34 N et profit 1,79 1,2 + 49 % EPS, N OK
Per line of business 2001 pro forma 2002 actual figures 2001 pro forma 2Q2002 2Q2001 1 Q01 figures include all acquired untis Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin Visma Software 137,2 21,1 13 15 % 9,5 % -4 % 143,5 21,5 12,8 15 % 8,9 % 6,5 % 18 % Visma Services 158,1 18,8 10,2 12 % 134 11,3 5,0 8 % 3,7 % Tot op. Units. 295,3 39,9 23,2 14 % 7,9 % 6 % 277,5 32,8 17,8 12 % 6,4 % Visma ASA 0 -2,3 -2,3 0,2 -2,8 -2,8 Total 295,3 37,5 20,9 13 % 7,1 % 6 % 277,7 30 15 11 % 5,4 % Services with strong organic growth and margin improvement. Expenses very close to Q1 and which is normal seasonality
Pro line of business, 1. half 2002. 2002 actual figures 2001 pro forma 1H2002 1H2001 1 Q01 figures include all acquired untis Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin Visma Software 277 44,7 28,1 16 % 10,1 % -9 % 304 44,1 25,4 14 % 8,3 % 7,4 % 17 % Visma Services 329 40,9 24,3 12 % 281 29,7 14,3 11 % 5,1 % Tot op. Units. 606 85,6 52,4 14 % 8,6 % 4 % 585 73,8 39,7 13 % 6,8 % Visma ASA 0 -6,5 -6,5 0 -5,8 -5,8 Total 606 79 45,9 13 % 7,6 % 4 % 585 68 33,9 12 % 5,8 %
Visma Software per market, 2Q02 EBITDA Revenue EBITDA Revenue EBITDA margin growth RevenueEBITDA margin Norway +UK+DK 78,2 13,3 17 % 3 % 76 5,6 7 % Sweden 42,4 6,3 15 % 6 % 40 9,1 23 % Finland 16,6 1,5 9 % -40 % 27,5 6,9 25 % Visma Software 137,2 21,1 15 % -4 % 143,5 21,6 15 % Revenue increase in Sweden in spite of currency translations +5% growth in new licence sales in Norway, but focus on cost control to improve margins Slow market in Finland this year, GDP contraction, turn around expected next year. Strong cost-control this year.
EBITDA margin per division (2001 comparable, proforma figures) 18 % 16 % 14 % 12 % Software 10 % 8 % Services 6 % 4 % 2 % 0 % 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 EBITDA margin Visma group (2001, proforma comparable figures) 14 % 12 % 10 % 8 % 2001 2002 6 % 4 % 2 % 0 % 1Q 2Q 3Q 4Q
Comments on Visma Services Substantial expenses (MNOK 15 in internal hours) in centralised ERP/ASP project in 2002 Will create new business opportunities Very strong combined organic and external growth 67% total growth from 2Q01 18% organic growth achieved in the 1. half of 2002 EBITDA margins increased from 8% to 12% 1Q and 2Q more similar than 2001
Equity and total balance 1500000 80 % 60 % 1000000 40 % 500000 20 % 0 % b 0 -20 % -500000 -40 % 2Q97 2Q98 2Q99 2Q00 2Q01 2Q02 -26252 99269 150210 227272 517848 939514 Equity 163700 201304 232227 343686 1128691 1360086 Tot cap Equity % -16,04 % 49,31 % 64,68 % 66,13 % 45,88 % 69,08 % Net cash: MNOK 503 (644) Accounts rec (net ex vat): MNOK 134 (91) (Down from MNOK 160 in 1Q02) DSO: 41 days Equity at 69% increased from 62% in 1Q02 and from 46% in 2Q01
Avendo – a new software business unit Target market: Companies in Norway with 0-10 employees Close to 500 copies sold in Sweden since January 2002 SPCS AB will manage the operation in Norway Low start-up costs Experienced organisation > 100.000 customers in Sweden First release in Norway in November 2002 Based on standard Visma Technology Upgrade paths to the larger Visma products Aggressive pricing & marketing
Software & Services synergies Internet Visma Business Customer Inc Customer Inc - Management reports - Data entry, sales Visma Provider Visma Provider - Logistics, CRM functions ASP centre in Visma Business Visma Process Outsourcing Process Outsourcing Visma -Accounting - Payroll Outsource what you want - VAT - Tax, reporting Retain what you need
Lines of Business Domestic & Multi- Large project small outsourcing national Accounting N, S, DK N, S, F, N DK (Tax, vat incl.) Payroll N, S, F, DK N, S, F, DK (travel, expenses incl) Personnel N, DK N, DK (Temp & recruiting) Collecting N N (Invoice management)
Comments to the 2 nd quarter Satisfying results achieved in spite of a ”cautious” market Good performance in Software, close to 1Q Some effects from currency translations Finland is not yet achieving their target, but Norway and Sweden performs very well Continued growth in Services 5 acquisitions in 2Q: Bogholderi&Administration, Econova, PersonalPartner, Netaccount, AP Administration Balance sheet strengths No inventory, low DSO NO DEBT, net cash MNOK 503!
Guiding for the rest of 2002 Negative to neutral business climate, but plenty of opportunities for active, creative companies EBITDA margin of 16-19% in Software in FY2002 15-18% organic growth in Services in FY2002 11-12% EBITDA margin in Services in FY2002 4-5 acquisitions in Services per quarter Strong cash position and positive cash flow from operations to finance continued growth 3Q is normally lower on net sales, but personnel expenses are lower as well due to vacations
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