VISMA

Om visma

Visma er et norsk selskap som tilbyr ERP programvare og outsourcing. Visma
har 1,749 ansatte og omsetningen i 2002 var på 1 152 millioner kroner.

Programvare
Visma Software leverer programvare for økonomistyring og logistikk med integrerte åpne løsninger for CRM, lønn, e-handel, og time/prosjektstyring. Programvare tilpasset spesielle bransjer, eksempelvis advokat, regnskapsbyrå, lokal forvaltning og contracting er også strategisk. I tillegg til programvare leveres konsulenttjenester, support, kurs og ASP-løsninger.Softwareområdet har egen representasjon i Norge, Sverige, Danmark og Finland. I tillegg distribueres programvare via distributører og forhandlere i Storbritannia, Tyskland, Russland,
Polen og de baltiske stater. Mer enn 130.000 installasjoner kjører en programvare fra Visma Software.


Outsourcing
Visma er leverandør av outsourcingstjenester innen regnskap, lønn, inkasso og bemanning. Vi tar ansvaret for ikke-strategiske, men finansielt kritiske forretningsprosesser, slik at våre kunder kan konsentrere seg om egen kjernevirksomhet. Ved hjelp av moderne teknologi, hjelper vi våre kunder med å finne de beste løsninger for å sikre optimal og effektiv drift. Visma Services er lokalisert i Norge, Sverige, Danmark og Finland.

VIS - RESULTS OF 1ST QUARTER 2005
12.04.2005 07:44

In the 1st quarter of 2005, Visma achieved revenues of MNOK
468 (432). The growth is mainly due to acquisitions during
the last 12 months. EBITDA in the 1st quarter was MNOK 60
(57), EBITA in the 1st quarter was MNOK 54 (50), EBIT was
42 (44) and EBT was 41 (70). In the first quarter of 2004,
Visma had a financial gain of MNOK 40 from sales of shares
in SuperOffice ASA.
The EBITDA-margin of 13% was at the same level as in the
1st quarter of 2004. Visma Software slightly improved
margins from 2004, while the new division Visma Financial &
Productivity Services achieved EBITDA-margins of 14%.
Considering the Easter vacation-time reducing available
workdays in March 2005 compared to March 2004, the achieved
revenue and profits are satisfactory.

Accounting principles
This report compares the company`s reported figures for the
corresponding period in 2004 (in brackets), and is prepared
according to IAS 34 (IFRS). Visma was one of the first
companies on the Oslo Stock Exchange to issue a complete
IFRS transition document. IAS 32 and IAS 39 are implemented
as of January 1, 2005. For further information about the
transition to IFRS, please refer to the IFRS transition
document released on March 18, 2005.

Comments on the results in the first quarter of 2005
The results in the first quarter are influenced by the
Easter vacation that fell within March in 2005. Considering
this seasonality effect the achieved results are
satisfactory. Both revenues and EBITDA improved organically
over the first quarter of 2004.
Visma has not capitalised any R&D expenses. IFRS (IAS 38)
is even more specific than NGAAP on what may be
capitalised, and Visma had no projects in the first quarter
to capitalise according to IFRS.
Net cash-flow from operations at MNOK 255 (299) is high,
but is somewhat lower than 2004, when Visma had MNOK 40 in
proceedings from sales of SuperOffice shares. Most tax
payable for 2004 fell within the first quarter of 2005, and
some maintenance agreements were invoiced late in the first
quarter of 2005 due to internal re-organisations.
Net cash was MNOK 257 at the end of the first quarter.
Dividend of MNOK 79 was paid during March and a total of
MNOK 144 was spent on acquisitions of companies and of
minority interests in partly owned companies. DSO (Days of
Sales Outstanding) was 43 days. DSO has increased from the
first quarter of 2004 due to the late invoicing of some
maintenance contracts. This will have no impact on the cash-
flow for the full year, and the effect will be neutralised
during the second quarter.

Visma Services
Visma Services had organic revenue increase of 20% compared
to the fourth quarter of 2004. Organic revenue growth
compared to first quarter of 2004 is -2%, and this is due
to the Easter effect. With the high percentage of
consulting revenue, Services is strongly influenced by this
seasonality. In local currencies the growth is about 0%.
Several units of Visma Services report increasing demand
for out-sourcing services. Services Norway has normal
development, and their revenue is according to
expectations. Revenue decline in Services Sweden is mostly
due to internal reorganisation and integration. Visma
Services Finland had flat revenue development in the local
currency, but achieved a solid margin of 27%. The organic
growth of 39% in Services Denmark is very encouraging. The
reason for the strong growth is that Services Denmark is
the only large accounting outsourcing company independent
of auditing firms. Multinational companies complying with
the US Sarbanes Oxley rules can no longer allow the
external auditor to provide accounting services. An
enterprising management team of Service Denmark acts on
this opportunity, and Services Denmark receives about 20
new multinational clients per month.
The first quarter for 2005 reporting is the first with a
full geographical break-down of Visma Services.

Visma Software
In the first quarter of 2005, Visma Software achieved
EBITDA-margins of 17% (16%) on revenue of MNOK 254 (247).
The revenue growth was only 3%, and this is partly
explained by the divesture of Spectrum Software AS.
Spectrum Software was a reseller owned by Visma, and to
remove potential channel conflicts the entity was sold at
the beginning of the quarter. Recurring revenues from
annual license and support agreements amounted to MNOK 143
in the first quarter, and this is 56,2% of the total
revenue. This is an all time high percentage. The Easter
had most negative effect on consulting and implementation
as there were fewer working days.
Expenses related to re-organisation in Denmark reduced
margins in Norway/Denmark, and margins are expected to
increase for the rest of the year. Margins in Software
Sweden showed a strong improvement. This is due to good
performance in Visma SPCS. In the second half of 2005 there
will be extra marketing activities as part of the re-
branding of all Swedish entities to the Visma brand-name.
Finland showed a healthy growth, but somewhat lower margins
due to integration of the newly acquired company Econet.
In all our markets there is growing demand for ERP
integration products as Visma Ecosystem and Visma Invoice
Manager. Visma will facilitate reduced cost-levels for
Nordic business and public sector through electronic
commercial documents and seamless integration between
different ERP-systems.

Visma Financial & Productivity Services
This unit was established as a separate division from the
first quarter of 2005. A strong result improvement over the
first quarter of 2004 and healthy organic revenue growth of
14% were achieved. Organically EBITDA-margins improved from
3% to 14%. All the entities of Visma F&P Services improved,
but the software training unit, Visma Ajourit, was still
not profitable in the first quarter. Visma Ajourit improved
over 2004, and during the rest of 2005 profit is expected.
The Swedish debt/invoice collecting unit, Visma Collectors,
exceeded expectations. At 12% EBITDA-margin in Visma
Personnel, the EBITDA is doubled from first quarter 2004.
The procurement services unit Visma Advantage had a total
revenue growth of 75% including the acquisition of Ibistic
Pool. Visma will continue developing the new F&P Services
division both through acquisitions and organically. The
progress is expected to continue during the rest of 2005
provided that the current business climate prevails.

The future
The Nordic business climate is positive, and with low
interest rates, the positive trends are expected to
continue for the rest of 2005. Visma will use its positive
cash-flow to continue consolidating the Nordic ERP and
outsourcing market.

For further information, contact:
Visma ASA, VP IR Liv Marit Lundby, phone +47 901 69 866

VIS - VISMA HAS SIGNED NEW CONTRACTS
12.04.2005 08:00

Visma Services Norge AS in Asker & Bærum has specialised in
a new line of business, concerning estate agent broker
accounting and has signed an agreement with Terra Aktiv
Eiendomsmegling AS concerning establishing an estate agent
broker accounting department. The agreement is intended
effective from 1 April 2005 and the value of the contract
is estimated to MNOK 36 over the next three years with an
option for renewal for periods of one year.

In addition, Visma Services Norge AS has signed a similar
agreement with Ring Eiendomsmegling AS, also concerning
establishing an estate agent broker accounting department.
This agreement is intended effective from 1 January 2005
and the value is estimated to MNOK 15 over the next three
years with an option for renewal for periods of one year.

For both Terra Aktiv Eiendomsmegling AS and Ring
Eiendomsmegling AS, the existing agreements regarding
outsourcing of accounting are continued. These agreements
are established to simplify business and achieve high
efficiency. Visma Services will co-operate with Terra Aktiv
Eiendomsmegling AS and Ring Eiendomsmegling AS on
implementation and establishment of the new department.


For more information, please contact:

Visma ASA, CEO Øystein Moan, phone: +47 23 15 80 00
Visma Services ASA, CEO Ada Kjeseth, phone: +47 90 06 08 34
Terra Aktiv Eiendomsmegling AS, CEO Ragnar Gullhaugen,
phone: +47 87 81 00
Ring Eiendomsmegling AS, CEO Hans Christian Børresen,
phone: +47 23 89 69 70

Visma skuffet

Tirsdag 12. april 2005 kl. 07:57
Skrevet av: Sigvald Sveinbjørnsson - iMarkedet

Visma, her ved toppsjef Øystein Moan, la frem svakere resultat for første kvartal enn det analytikerne hadde forventet. Påsken får skylden:
Visma kunne tirsdag morgen fremlegge sine kvartalsresultat for første kvartal.

Selskapet meldte om en omsetning på 468 millioner kroner, mot 432 millioner kroner samme periode i fjor. Det var ventet en omsetning på 471 millioner kroner viser en sammenstilling TDN Finans har foretatt.

Selskapets resultat før av- og nedskrivninger samt skatt og finans (EBITDA) endte på 60 millioner kroner mot 57 millioner kroner samme periode året før. Det var ventet 62 millioner kroner blant analytikerne.

Driftsresultatet endte på 42 millioner kroner, mot 44 millioner kroner samme periode året før. Det var ventet 47 millioner kroner fra analytikerne.

Resultat før skatt endte på 41 millioner kroner, mot 70 millioner kroner samme kvartal i fjor – som også inkluderer 40 millioner kroner i gevinst på salg av aksjer i SuperOffice. Det var ventet et resultat før skatt på 48 millioner kroner.

I meldingen skriver selskapet at hensyntatt at påsken kom i første kvartal, noe som førte til færre virkedager enn vanlig, er de godt fornøyd med omsetningen og resultat.

Visma(VIS) KURS 70,50



Visma ligger i en fallende trend, men tester nå gulvet i trendkanalen. Dette kan gi en reaksjon opp, mens det på sikt indikeres videre nedgang innenfor trendkanalen. Ga salgssignal fra en rektangelformasjon ved bruddet ned gjennom støtten ved 70.63 kr. Videre nedgang til 66.43 kr eller lavere er signalisert. Aksjen har motstand ved ca 71.30 kr. Aksjen anses samlet sett teknisk negativ på kort sikt.