Visual Management 2Q02

Transcription

1 Visual Management 2Q02

2 Consensus Q2 (Carnegie, Deutche, Enskilda, ABN, ABG, Handelsbanken, DnB, Danske, Fonds) Min Max Consensus Actual Net sales EBITDA 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)

3 Q2 actual vs consensus Min Max Consensus Actual Net sales ,3 EBITDA ,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

4 Results 2Q02 2Q01 Visma as reported group Revenue % EBITDA 37, % EBITDA % 12,7 % 11,0 % EBIT EBIT % 7,1 % 6,2 % Net financial 6,5 12,2 EBT 27,4 25,2 Net profit 39,6 17,3 EPS, NOK 1,20 0, %

5 Results 1H02 1H02 1H01 Visma as reported group Revenue % EBITDA 79 41, % EBITDA % 13,0 % 11,1 % EBIT 46 25,5 EBIT % 7,6 % 6,8 % Net financial 13,5 23,2 EBT 59,2 48,5 Net profit 59,9 34 EPS, NOK 1,79 1, %

6 Per line of business 2001 pro forma 2002 actual figures 2001 pro forma 2Q2002 2Q2001 1Q01 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, % 9,5 % -4 % 143,5 21,5 12,8 15 % 8,9 % Visma Services 158,1 18,8 10,2 12 % 6,5 % 18 % ,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, % 5,4 % Services with strong organic growth and margin improvement. Expenses very close to Q1 and which is normal seasonality

7 Pro line of business, 1. half actual figures 2001 pro forma 1H2002 1H2001 1Q01 figures include all acquired untis Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin Visma Software ,7 28,1 16 % 10,1 % -9 % ,1 25,4 14 % 8,3 % Visma Services ,9 24,3 12 % 7,4 % 17 % ,7 14,3 11 % 5,1 % Tot op. Units ,6 52,4 14 % 8,6 % 4 % ,8 39,7 13 % 6,8 % Visma ASA 0-6,5-6,5 0-5,8-5,8 Total ,9 13 % 7,6 % 4 % ,9 12 % 5,8 %

8 Visma Software per market, 2Q02 EBITDA Revenue EBITDA Revenue EBITDA margin growth Revenue EBITDA 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.

9 EBITDA margin per division (2001 comparable, proforma figures) 18 % 16 % 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 Software Services EBITDA margin Visma group (2001, proform a com parable figures) 14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % 1Q 2Q 3Q 4Q

10 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

11 Equity and total balance Equity Tot cap Equity % -16,04 % 49,31 % 64,68 % 66,13 % 45,88 % 69,08 % b 2Q97 2Q98 2Q99 2Q00 2Q01 2Q02 80 % 60 % 40 % 20 % 0 % -20 % -40 % 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

12 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 > 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

13 Software & Services synergies Visma Business Internet Visma Provider ASP centre Customer Inc - Management reports - Data entry, sales - Logistics, CRM functions in Visma Business Visma Process Outsourcing -Accounting -Payroll - VAT - Tax, reporting Outsource what you want Retain what you need

14 Lines of Business Domestic & small Multinational Large project outsourcing Accounting (Tax, vat incl.) N, S, DK N, S, F, DK N Payroll (travel, expenses incl) N, S, F, DK N, S, F, DK Personnel N, DK N, DK (Temp & recruiting) Collecting N N (Invoice management)

15 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!

16 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 FY % organic growth in Services in FY % EBITDA margin in Services in FY 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