3Q02 General market comments Difficult business climate Especially - - PowerPoint PPT Presentation

3Q02

Visual Management

General market comments

Difficult business climate

Especially in Oslo and Stockholm

September did not contribute as much as usual to 3Q

July and August were summer-quiet, but normal

Visma has been cautious and cost- focused and achieved satisfactory profits in spite of the difficult market. Focus on cash-conservation and balance sheet control have contributed positively

Results

3Q02 3Q01

Visma as reported group Revenue

248

209 +19 %

EBITDA

33,2

23,4 +42 %

EBITDA %

13,4 % 11,2 %

EBIT

17,1 13,5

EBIT %

6,9 % 6,5 %

N et financial

5,3 6,5

EBT

22,4 20

N et profit

23,7

8,5

EPS, N OK

0,71

0,25 +184 %

YTD3Q02 YTD3Q01

Visma as reported group Revenue

854

583 + 46 %

EBITDA

112,2

64,7 + 73 %

EBITDA %

13,1 % 11,1 %

EBIT

63

39

EBIT %

7,4 % 6,7 %

N et financial

18,8

29,7

EBT

81,6

68,6

N et profit

83,7

43,5 + 92 %

EPS, N OK

2,51

1,44 + 74 %

Per line of business 2001 pro forma

Strong margin improvement in Software. Slower growth in Services

3Q2002 3Q2001

Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin

Visma Software 107 25,2 17,8 24 % 16,6 % -13 % 123 18,9 10,3 15 % 8,4 % Visma Services 140 11,4 2,7 8 % 1,9 % 0 % 140 16,6 8,5 12 % 6,1 % Tot op. Units. 248 36,6 20,5 15 % 8,3 %

• 6 %

263 35,5 18,8 13 % 7,1 % Visma ASA

• 3,4
• 3,4

0,2

• 1,5
• 1,5

Total 248 33,2 17,1 13,4 % 6,9 %

• 6 %

263,2 34 17,3 12,9 % 6,6 %

Pro line of business, 9 months 2002.

2002 actual figures 2001 pro forma

YTD 3Q 2002 YTD 3Q 2001

Revenue EBITDA EBIT EBITDA EBIT Revenue Revenue EBITDA EBIT EBITDA EBIT margin margin Growth margin margin

Visma Software 385 70 46 18 % 11,9 % -10 % 427 63 36 15 % 8,4 % Visma Services 469 52 27 11 % 5,8 % 11 % 421 46 23 11 % 5,4 % Tot op. Units. 854 122 72,9 14 % 8,5 % 1 % 848 109 58 13 % 6,9 % Visma ASA

• 10
• 10

1

• 7
• 7

Total 854 112 63 13 % 7,4 % 1 % 849 102 51 12 % 6,0 %

YTD EBITDA margin is 13% vs 12% in 2001

Visma Software per market, 3Q02

Full effects of cost-synergies in Norway from merger with SPCS +5% growth in new licence sales in Norway Decline in Sweden is due to currency translation. Margin improvement in Finland due to strong cost-control EBITDA Revenue EBITDA Revenue EBITDA margin growth RevenueEBITDA margin Norway + DK 54,7 14,6 27 %

• 2 %

55,7 2,6 5 % Sweden 39,3 8,9 23 %

• 9 %

43,3 9,5 22 % Finland 13,3 1,7 13 %

• 44 %

23,8 6,8 29 % Visma Software 107,3 25,2 23 %

• 13 %

122,8 18,9 15 %

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 % 5 % 10 % 15 % 20 % 25 % 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 Software Services

Comments on Visma Services

Disappointing growth and results:

Effects from reduced volume from IT sector Normal seasonality MNOK 15 on centralised ERP project in 2002

2nd half of 2002 is the most intensive face

• f automation and integration project

Will create new business opportunities for 2003

Integration of acquired companies are on track

Comments on Visma Software

Margins and profits higher than expected Organic growth in new license sales in both Norway and Sweden Visma Global and Salesoffice well received Margin improvement in Finland SPCS and Visma fully integrated, cost synergies are now visible

Net cash: MNOK 487 (473 in 2001)

+ shares in Superoffice for MNOK 17 + Visma Shares for MNOK 3,5 (108923 shares)

Accounts rec (net ex vat): MNOK 115 (103 in 2001)

(Down from MNOK 160 in 1Q02)

DSO: 42 days (45 days in 2001)

Equity and total assets 500000 1000000 1500000 0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % Equity 53455 107017 159344 232987 585491 955383 Tot assets 135884 175343 217040 316198 1031178 1341889 Equity % 39 % 61 % 73 % 74 % 57 % 71 % 3Q97 3Q98 3Q99 3Q00 3Q01 3Q02

Improve your business by Visma Services electronic

• utsourcing portal

Focus on core Business!

MyVisma.no

• Web based portal – 24:7 access to your business

information

• MyVisma.no lets you decide the extent to which you
• utsource your administration
• Allowing you to focus on building a successful enterprise
• Availability (on-line or browser)
• Flexible information (24:7)
• Less administration - focus on customer driven values
• High usability

• Web-based services (Browser and the internet)
• Visma Netaccount; accounting reports, sales accounts
• Visma Travel Expense; Travel expense
• Visma TimeEase; project, time collection
• Visma Prokasso / Visma WebTemp
• On-line services (Visma Business with ASP

technology)

• Visma On-Line; shared access / shared value
• Visma Compello; document scanning

MyVisma.no

Instant access to your day-to-day account information, reports and key figures.

MyVisma.no - Netaccount

• Less administration
• User friendly
• Reduces Travel Expense

administration cost up to 50%! Efficient administration of Travel Expenses. Seamless integration with the Pay-roll process and administrated by professionals.

MyVisma.no – Travel Expense

Efficient collection of time sheets. Fully integrated.

MyVisma.no – TimeEase

Introducing MyVisma.no - the outsourcing portal from Visma Services; Available from 21.10.2002 Press-conference at 9.00

MyVisma.no

Forecast 4Q02

Short term, general market improvement is not expected Normally, 4Q is a healthy for Software.

EBITDA margin targets (16-19%) will be achieved for 2002

Services will not achieve 15-18% organic growth for the full year 2002.

8-10% revenue growth is more likely Full year EBITDA margin is expected at 10-11%

Visma is a profitable and cash-flow positive company, At least MNOK 100 net profit after tax for 2002

Forecast 2003

Based on an assumption that the business climate continue as today, Visma targets are: Organic growth:

Software: 0-5% Services: 5-10%

EBITDA margins:

Software to improve by 2% over 2002 Services to improve by 1% over 2002