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We Keep Our Customers

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We Keep Our Customers WE KEEP OUR CUSTOMERS ONE STEP AHE AD ANNUAL REPORT 2012 CONTENT 04 05 06 Timeline Key figures Comments from the group CEO 11 14 16 Staying one step ahead Bringing agility and efficiency Providing SMEs with a of the competition to large enterprises competitive edge 18 20 22 Providing leverage to small Solutions helping the public 360° solutions for retail businesses and start-ups sector meet the challenges chains and stores of tomorrow 24 27 30 Unlocking the potential Believing in a greener Visma Management of accounting practices outlook and footprint 32 45 46 Directors’ report Financial Consolidated information 2012 Annual Accounts 88 98 104 Parent company Corporate Auditor’s report annual accounts Governance 2 3 2006 2012 Revenue Revenue KEY FIGURES NOK 2 305 616 NOK 5 748 523 Employees Employees 2 512 5 385 PROFIT BY SEGMENT 2005 2011 Revenue Revenue NOK 1 906 614 NOK 5 141 908 Software 62% BPO Accounting & Payroll 15% Employees Employees Commerce Solutions 10% Retail 7% 2 347 4 501 Consulting 5% Hosting 3% 2004 2010 Revenue Revenue NOK 1 665 578 NOK 4 167 689 Employees Employees 2 097 4 442 REVENUE BY SEGMENT 2003 2009 Software 41% BPO Accounting & Payroll 28% Revenue Revenue Commerce Solutions 9% NOK 1 340 364 NOK 3 381 357 Retail 11% Consulting 8% Employees Employees Hosting 3% 1 758 3 758 2002 2008 Revenue Revenue NOK 1 151 840 NOK 3 045 613 KEY FIGURES Employees Employees 2012 2011 2010 2009 2008 1 749 3 092 (NOK 1 000) IFRS IFRS IFRS IFRS IFRS Operating revenues 5 748 523 5 141 908 4 167 689 3 381 357 3 045 613 2001 2007 Growth 12% 23% 23% 11% 12% EBITDA 1 114 343 934 104 815 103 684 179 555 395 Revenue Revenue Profit/(loss) after minority interests 414 264 307 519 374 405 275 370 297 027 NOK 831 299 NOK 2 723 213 Total assets 7 820 090 7 570 315 5 663 295 4 071 409 3 996 833 Current liabilities 1 770 997 1 884 110 1 328 543 1 071 555 1 384 773 Employees Employees Long-term liabilities 4 570 500 4 412 101 3 164 445 2 029 640 2 061 191 1 570 2 843 Equity 1 478 592 1 274 104 1 170 307 970 213 550 869 4 5 01 COMMENTS BY GROUP CEO 2012 AND BEYOND BY THE GROUP CEO After major acquisitions in 2011, 2012 was a year of consolidation. Revenue increased by 11.8%. EBITDA improved by 19.3% and net cash flow from operations improved by 29.6%. The largest acquisitions in 2012 were DI Systemer in Norway and Agda Lön in Sweden. Through these acquisitions, Visma further consolidated its market of ERP for accounting offices in Norway and payroll solutions in Sweden. At the end of 2012, Visma had more than 320 000 business our customers competitive through their more efficient administrative customers and more than 5 300 employees. While 2010 and 2011 and business processes. showed a strong rebound from the financial crisis, developments in 2012 were much more cautious as the financial markets, especially Visma introduced the Visma.net ERP system in 2012. This is a in Southern Europe, struggled with recession. 100% web-based ERP system delivered as SaaS (Software as a Service). Visma.net is a solution that will cover the market from 2012 was a year of limited economic growth in the markets in medium-sized enterprises to larger enterprises and will be Visma’s which Visma is active. The sovereign debt issues in Europe continued main product offering as ERP as other software solutions are moving for most of the year, but Visma still saw stable demand for its to the Internet. Visma saw strong growth in SaaS and this type of products and services throughout the year. However, trends are more revenue grew by 38.7% in 2012. positive at the beginning of 2013. The need to increase productivity means that companies will continue to invest in modern software Visma’s revenues increased by 11.8% in 2012 and EBITDA solutions. improved by 19.3% compared to the previous year. The EBITDA margin of 19.4% was higher than 2011 (18.2%). The margin expansion We also saw that more companies considered outsourcing is explained by successful integration of Mamut and Netvisor, accounting and payroll functions to reduce costs and make their strategic acquisitions of 2011. Visma has a strong focus on cash expenses more variable. The value proposition of Visma is to make flow and at 29.6% growth this developed much faster than both revenue and EBITDA. The value proposition of Visma is to make our customers competitive through their “ more efficient administrative and business processes. 6 7 01 COMMENTS BY GROUP CEO INCREASED PRODUCTIVITY An explanation for the fast growth in cash flow is an increasing com- Visma has as only one of two Scandinavian companies become ponent of recurring revenue from SaaS and maintenance agreements a member of the NPS forum, a US-based organisation promoting MEANS INVESTING IN MODERN on software licences. While revenue is recognised over 12 months NPS and customer satisfaction. Visma’s mission is to help Northern going forward, the cash is up front. Especially with increasing SaaS European companies and government bodies maintain their com- revenue, the strong cash-flow trend is expected to continue. petitive edge through the automation of administrative processes. SOLUTIONS Even with higher labour costs and a high tax level, Northern European This healthy performance is partly explained by the well diversified companies have achieved world-class productivity through their business of Visma, with more than 320 000 companies/organisations investments in modern ERP, HRM and CRM solutions. Particularly as its customers. This includes small and large enterprises, customers the Norwegian cost level puts a great deal of pressure on Norwegian in private, non-profit and government organisations, and customers non-oil-related businesses. in any key vertical segments like retail. Visma supplies must-have products of high quality at relatively low cost. Visma´s vision is cost- In addition to increased automation of administrative tasks, there effectively to provide Nordic CFOs with all the productivity-enhancing will be fast acceleration towards off-shoring of many tasks. To be tools and services that are important to their business. able to deliver competitively priced products and services Visma is building up off-shoring centres in Romania, Poland and Lithuania. Visma concentrates its operations to the Scandinavian and Dutch markets. This focus has made it possible to achieve strong market After a year of consolidation, 2013 will be a year of renewed focus positions, high brand awareness, operational efficiencies and com- on growth – both organic and through acquisitions – and further petitiveness. Visma´s ambition is to be the national and regional launch of SaaS offerings. leader in its product categories in order to achieve a local scale that also results in competitive advantage versus global competitors. The economies in which Visma operates are in relatively good Rather than over-extending and spreading resources too thin, health, and Visma will act on growth opportunities while simul- Visma tries to be the strongest and most profitable supplier in the taneously controlling costs. Customer satisfaction and retention, few markets in which we operate. as well as acquisition of new customers, will be main themes for Visma in 2013. There are still a multitude of growth opportunities, and the current market size allows for at least a doubling of Visma. Investments in product development and innovation are key success factors for Visma. Willingness to invest in these areas will continue. Visma has maintained development at high levels throughout 2012, and R&D spend was 13.7% of the Software Division’s revenue. Visma launched several new product families in 2012, particularly within SaaS. Øystein Moan In 2012, Visma concentrated strongly on customer satisfaction and implemented a group-wide NPS (Net Promoter Score) programme. With this programme, Visma attempts to ask all its customers at least once a year about the likelihood of their recommending Visma to others. Through this research, Visma learns what customers appreciate and what they disapprove of, and Visma takes corrective CEO action based on this knowledge. Visma 8 9 02 ONE STEP AHEAD LARGE ENTERPRISES SMALL AND MEDIUM ENTERPRISES SMALL BUSINESSES AND start-UPS STAYING ONE STEP PUBLIC SECTOR AHEAD OF THE Retail COMPETITION ACCOUNTING PRACTICES Providing solutions that keep our customers one step ahead of their competition. In optimising for efficiency the goal posts are constantly being moved. There will always be parts of an operation that can be performed more efficiently – or automated altogether. In a highly innovative field, what is best practice today may well be outdated tomorrow. 10 02 ONE STEP AHEAD At Visma, this is what drives us. We live for providing solutions and services that are of such high quality that they turn our customers’ business and administrative processes into competitive advantages. That means offering world-leading solutions today, as well as tapping into the possibilities of the technology of tomorrow. Pursuing efficiency at a crucial time for businesses in Northern Europe Despite operating in a healthy macro-economic environment, efficiency is more important than ever for businesses in Northern Europe. The uncompromising challenges of the emerging markets are pushing local businesses to finding new ways of getting more out of their resources. For companies operating in a high-cost and highly regulated market, and with a shortage of specialised labour, it is crucial to level the playing field with robust and efficient busi- ness processes.
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