2Q02 Consensus Q2 (Carnegie, Deutche, Enskilda, ABN, ABG, - - PowerPoint PPT Presentation

2Q02

Visual Management

Consensus Q2

(Carnegie, Deutche, Enskilda, ABN, ABG, Handelsbanken, DnB, Danske, Fonds)

0,60 1,10 0,40 EPS 35 37 34 EBITDA 292 306 274 Net sales Actual Consensus Max Min

Cost base is similar to Q1, lower revenues will normally mean lower EBITDA. (Q1, net sales: 311, EBITDA 41)

Q2 actual vs consensus 1,20

0,60 1,10 0,40 EPS

37,6

35 37 34 EBITDA

295,3

292 306 274 Net sales

Actual

Consensus Max Min 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

Results

2Q02 2Q01

Visma as reported group Revenue

295

210 +40 %

EBITDA

37,6

23 +63 %

EBITDA %

12,7 % 11,0 %

EBIT

21 13

EBIT %

7,1 % 6,2 %

N et financial

6,5 12,2

EBT

27,4 25,2

N et profit

39,6

17,3

EPS, N OK

1,20

0,63 +90 %

Results 1H02 1H02 1H01

Visma as reported group Revenue

606

374 + 62 %

EBITDA

79

41,4 + 91 %

EBITDA %

13,0 % 11,1 %

EBIT

46

25,5

EBIT %

7,6 % 6,8 %

N et financial

13,5

23,2

EBT

59,2

48,5

N et profit

59,9

34

EPS, N OK

1,79

1,2 + 49 %

Per line of business 2001 pro forma

Services with strong organic growth and margin improvement. Expenses very close to Q1 and which is normal seasonality

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 % Visma Services 158,1 18,8 10,2 12 % 6,5 % 18 % 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

• 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 %

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 % Visma Services 329 40,9 24,3 12 % 7,4 % 17 % 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

• 6,5
• 6,5
• 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 Visma group

(2001, proforma comparable figures)

0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 1Q 2Q 3Q 4Q 2001 2002

EBITDA margin per division

(2001 comparable, proforma figures)

0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 18 % 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 Software Services

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

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

Equity and total balance

• 500000

500000 1000000 1500000

• 40 %
• 20 %

0 % 20 % 40 % 60 % 80 % Equity

• 26252

99269 150210 227272 517848 939514 Tot cap 163700 201304 232227 343686 1128691 1360086 Equity % -16,04 % 49,31 % 64,68 % 66,13 % 45,88 % 69,08 % 2Q97 2Q98 2Q99 2Q00 2Q01 2Q02

b

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

Internet

Customer Inc Customer Inc

• Management reports
• Data entry, sales
• Logistics, CRM functions

in Visma Business

Visma Visma Process Outsourcing Process Outsourcing

• Accounting
• Payroll
• VAT
• Tax, reporting

Visma Provider Visma Provider

ASP centre

Visma Business

Software & Services synergies Outsource what you want Retain what you need

N N Collecting

(Invoice management)

N, DK N, DK Personnel

(Temp & recruiting)

N, S, F, DK N, S, F, DK Payroll

(travel, expenses incl)

N N, S, F, DK N, S, DK Accounting

(Tax, vat incl.)

Large project

• utsourcing

Multi- national Domestic & small

Lines of Business

Comments to the 2nd 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

• pportunities 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

• perations to finance continued growth

3Q is normally lower on net sales, but personnel expenses are lower as well due to vacations