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

Visual Management

4Q01

From 150 to 1500 employees in 12 months

Visual Management

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

• perating 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-

• ptions ”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 Software

141

99 142

41,9 %

• 1,3 %

Services 108 109 93

• 1,2 %

15,8 %

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 Seasonality (Pro forma, all acquired units from 1.1.01)

Strong software sales in Q4 Services with MNOK 5-10 in reduced revenue due to vacations in December

Revenue, NOK mill.

50 100 150 200 250 300 Visma Softw are 136,1 116 99 140,5 Visma Services 115,3 94,4 109,5 107,7 1Q01 2Q01 3Q01 4Q01

Results, as reported Results, as reported Results, as reported Results, as reported 2001 2000

as reported Visma

• incl. Marine

reported

• incl. SPCS

Revenue

831 1307

EBITDA

83 688

EBITDA %

10 %

EBIT

48,4 659

EBIT %

6 %

Net financial

39,1

EBT

87,6

659

Tax 14,1

193

Net profit

73,5

466

EPS, NOK

2,52

28,07

Tax payable, MNOK11

Results Results Results Results

4Q01 4Q2000

as reported Visma

• incl. SPCS

totally

• incl. Marine

Revenue

248,3

779

EBITDA

18,4

616

EBITDA %

7 %

EBIT

9,3

608

EBIT %

4 %

Net financial

9,7

• 1,7

EBT

19

606

Tax

• 11

203

Net profit

30

403

EPS, NOK

1,10

24,28

Pro forma, per line of Business Pro forma, per line of Business Pro forma, per line of Business Pro forma, per line of Business

Pro forma, acquired units included from 1.1.01. Software ”lost” MNOK 18 in revenues due to depreciation of SEK versus NOK 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

Per line of business Per line of business Per line of business Per line of business

Strong profit improvement in both Software and Services over 4Q2000 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
• 2,9
• 2,9
• 11

Total 248,3 18,4 9,3 7 % 19 5 % 235,4 7,5

• 5,1

3 %

• 13

Balance sheet development Balance sheet development Balance sheet development Balance sheet development

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)

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

Comments to the 4 Comments to the 4 Comments to the 4 Comments to the 4 th

th th th quarter

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

Expansion funded by MEUR 85 (cash) sale of Visma Marine in 4Q00

Distribution Sells to resellers Consulting Training, support Provider ASP center Spectrum Direct sales EM-Data Vertical Markets Visma Software Denmark Visma Software UK

Norway

SPCS AB Växjö Visma Software

Sweden

Liinos

Finland Visma Software ASA Holding company

Visma Serivces Norge 10-12 smaller companies Visma Services UK

Norway

SA Bjellefors Kreativ Gruppen

Sweden

Infocon

Finland Visma Services ASA Holding company Visma ASA Holding company

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.