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
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
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
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.
0 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 0 EBT 87,6 659 Tax 14,1 193 Net profit 73,5 466 EPS, NOK
2,52
28,07Results Results Results Results
4Q01
4Q2000
as reported Visma incl. SPCStotally 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
Includ es acq uired units fro m 1.1.0 1 YTD 2 0 0 0 exclud es M arine & Exens e, includ es SPC S & 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
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 figure s a re pro fo rm a e xc luding Vis m a M a rine
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
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) 0 200 400 600 800 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 4thththth quarterquarterquarterquarter
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----02020202
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.
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
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
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
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
