Visual Management Visual Management 4Q01 From 150 to 1500 - PowerPoint PPT Presentation

Visual Management

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

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

Recap from 3Q presentation in Recap from 3Q presentation in Recap from 3Q presentation in Recap from 3Q presentation in October October October 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

What happened in 4Q? What happened in 4Q? What happened in 4Q? 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

Comparable figures Comparable figures Comparable figures Comparable figures In 4Q00 Visma sold Marine division, and had extraordinary revenues of MNOK 650 and operating profit of MNOK 612 20 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 stock- options ”in the money”, and recognition of expenses on former bonus shares scheme in SPCS (Norway): MNOK 4 No cash effect in 2001

Revenue Revenue Revenue Revenue NOK Growth Growth 4Q01 3Q01 4Q00 3Q01-4Q01 4Q00-4Q01 141 41,9 % Software 99 142 -1,3 % 15,8 % Services 108 109 93 -1,2 % Totally 248 208 235 19,3 % 5,4 % Software ”lost” MNOK 6 in revenues compared to 4Q00 due to NOK/SEK exchange rates Services equal to 3Q is normal seasonality

Seasonality Seasonality Seasonality (Pro forma, all acquired units from 1.1.01) Seasonality Revenue, NOK mill. 300 250 200 150 100 50 0 1Q01 2Q01 3Q01 4Q01 136,1 116 99 140,5 Visma Softw are 115,3 94,4 109,5 107,7 Visma Services Strong software sales in Q4 Services with MNOK 5-10 in reduced revenue due to vacations in December

Results, as reported Results, as reported Results, as reported Results, as reported 2001 2000 as reported Visma incl. Marine reported incl. SPCS 831 1307 Revenue 83 688 EBITDA 10 % EBITDA % 48,4 659 EBIT 6 % EBIT % 39,1 0 Net financial 87,6 659 EBT 193 Tax 14,1 73,5 466 Net profit 2,52 28,07 EPS, NOK Tax payable, MNOK11

Results Results Results Results 4Q01 4Q2000 as reported Visma incl. SPCS totally incl. Marine 248,3 779 Revenue 18,4 616 EBITDA 7 % EBITDA % 9,3 608 EBIT 4 % EBIT % 9,7 -1,7 Net financial 19 606 EBT 203 Tax -11 30 403 Net profit 1,10 24,28 EPS, NOK

Pro forma, per line of Business Pro forma, per line of Business Pro forma, per line of Business Pro forma, per line of Business Full year 2001 Full year 2000 Includes acquired units from 1.1.01 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. 948,7 113 72,9 12 % 81,9 10 % 865,3 81,3 50,6 9 % 57 Visma ASA 0,6 -11,4 -11 16,3 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 1.1.01. Software ”lost” MNOK 18 in revenues due to depreciation of SEK versus NOK

Per line of business Per line of business Per line of business Per line of business 4Q2001 4Q2000 4q00 figures are pro fo rma excluding Vis ma 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

Balance sheet development Balance sheet development Balance sheet development Balance sheet development Equity and total assets (MNOK) 1200 80 % 1000 60 % 800 600 40 % 400 20 % 200 0 0 % 4Q97 4Q98 4Q99 4Q00 4Q01 Equity 90 134 193 533 634 Tot assets 170 189 280 963 1026 53 % 71 % 69 % 55 % 62 % Equity % 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)

th quarter Comments to the 4 th th th Comments to the 4 Comments to the 4 Comments to the 4 quarter quarter 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 1.1.02

Visma, corporate structure, Jan Visma, corporate structure, Jan Visma, corporate structure, Jan Visma, corporate structure, Jan- - -02 - 02 02 02 Visma ASA Holding company Visma Software ASA Visma Services ASA Holding company Holding company Norway Sweden Finland Norway Sweden Finland Distribution SPCS AB Växjö Liinos Visma Serivces SA Infocon Sells to resellers Norge Consulting Visma Software 10-12 smaller Bjellefors Training, support companies Provider Visma Services Kreativ Gruppen ASP center UK Spectrum Direct sales EM-Data Vertical Markets Visma Software Denmark Expansion funded by MEUR 85 (cash) Visma Software sale of Visma Marine in 4Q00 UK

Liinos Liinos Liinos 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

Liinos 2001 Liinos 2001 Liinos 2001 Liinos 2001 PROFIT/LOSS OF LIINOS GROUP BY PERIODS UNDER REVIEW Thousand euro 1Q01 2Q01 3Q01 4Q01 2001 INCOME STATEMENT Net income 3 209 3 571 3 092 3 625 13 497 18% growth Total operating expenses 2 671 2 850 2 374 2 784 10 679 EBITDA 779 890 880 972 3 521 26% margin EBIT 474 636 658 772 2 540 Financial income and expenses -126 54 -63 -71 -206 EBT 348 690 595 701 2 334 Income taxes 104 232 194 228 758 Net earnings 244 458 401 472 1 575

Liinos, balance sheet, assets. Liinos, balance sheet, assets. Liinos, balance sheet, assets. Liinos, balance sheet, assets. LIINOS GROUP Thousand euro 2 001 2 000 BALANCE SHEET NON-CURRENT ASSETS Intangible assets 1 922 2 965 Tangible assets 1 734 2 258 Investments 11 291 Total 3 667 5 514 CURRENT ASSETS Short-term receivables 1 885 1 980 Marketable securities 5 411 1 460 Cash at bank and in hand 4 047 3 888 Total 11 343 7 328 TOTAL ASSETS 15 010 12 842

The next quarters The next quarters The next quarters The next quarters

Opportunities for the survivors Opportunities for the survivors Opportunities for the survivors 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

1Q02 1Q02 1Q02 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.

Visma 2002 Visma 2002 Visma 2002 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

Dividends for 2001 Dividends for 2001 Dividends for 2001 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.