Vitec 2014 in 30 sec. 23 % Return on Equity. + 13 % Profit after financial items. 54,7 MEuro Net sales. 0,97 Euro 14 %



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Transkript:

Vitec 2014 in 30 sec + 13 % Profit after financial items 23 % Return on Equity Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. 54,7 MEuro Net sales 14 % 0,97 Euro Operating margin Earnings per share 0,37 Euro *Dividend per share *Proposal by the Board

Vitec at a glance Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. Software Company with industry-specific solutions Number of Employees 400, 55 % in Sweden Seven Business Areas (vertical markets) Estate Agents Property Energy Media Finance & Insurance Auto Health Listed on Nasdaq OMX Stockholm (Small Cap) More then 2 000 shareholders Market cap 750 Mkr

Our Offering Unique solutions Industry-specific Business Systems that are more cost effective than general solutions Software Specialist Services SaaS, Support and Maintenance Agreements Mission Offer customers a profitable and modern Business Support through value-creating Software and Services.

About Vitec Vision Being a growth company within the mature segment of the software industry Mission Consolidate and professionalize vertical segments in the software industry Business concept Provide mission-critical proprietary software enabling our customers to maximize their opportunities to develop and secure their business.

Vertical Market Orientation is our Business Strategy Sub-Contractors Low dependency on third party vendors; in-house development predominates Customers Markets with a couple of hundred up to several thousand customers. Not Billion customer markets. High Entry Barriers Business Critical systems with high replacement costs and long lead times for development Customer s Options Limited and less cost effective solutions from generalists and/or consultants The Competition Small competitors with limited resources for growth; at times lacking professional leadership

Our Strategy for Growth 3 - Grow Realize additional acquisitions in existing niches and grow organically. 1 - Acquire Identify and investigate niched acquisition targets together with negotiation and acquisition. Capital 2 - Refine Create improvements in operations and establish strategic focus. Positive Cash-Flow

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 60,00 50,00 Net sales (MEuro) Milestones History of Strong Growth 40,00 30,00 Klicka 20,00 på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen 10,00 visar. Bilden placeras alltid under den grå fliken. 0,00 1985 Vitec is founded 1998 Listed on Aktietorget. 1998 2002 Acquisition of companies within Property Management 2002 Year of the IT Bubble Vitec provides the first dividend (28 cent) 2003 Strategy for growth and Acquisitions is formalized Vitec completed 16 company acquisitions and 9 acquisitions of product rights or assets. 2014 Net sales is 54,7 MEuro (Dividend of 0,37 Euro*) * Proposition from the Board

Brand and product Strategy Acquired companies are subsequently fused to one brand Acquisitions Acquisitions Acquisitions If acquired products are competing in same marketplace - preserved as legacy systems and maintained, though gradually reduced cost - gradually integrated by releasing new common components during a 5-7 years period

A Selection of Customers

(MEuro) Growth realized both through acquisitions and organic growth Net sales Growth 60,00 Health 50,00 40,00 Auto Finance & Insurance Capitex 3L System Estate Agent 30,00 20,00 Media Energy Real Estate 25%/år 10,00 0,00 2007 2008 2009 2010 2011 2012 2013 2014

(MEuro) 8,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 29 %/year Profit before tax (EBT) Strong EBT Growth 0,0 2007 2008 2009 2010 2011 2012 2013 2014

Growth with maintained profitability 30% 25% 20% 15% 10% 5% 0% 2007 2008 2009 2010 2011 2012 2013 2014 Dividend on employed capital Dividend on Equity

Transfer agreement House /condominium Business Area Estate Agents

Business Area Property Management Rental coupon Lägenhets nr 12427 Tenant pages Search for available apartments Maintenance planning Technical management Mobile service orders and energy statistics

TSO Transmission system operator Business Area Energy

Locations and Employees Year Location Employees 1985 Umeå 42 1998 Stockholm 51 2000 Malmö 4 2001 Göteborg 35 2003 Västerås 13 2005 Linköping 13 2009 Östersund 4 2010 Kalmar 64 2011 Norway 39 2014 Finland 46 2014 Norway 17 2014 Denmark 75 Sum 400 UMEÅ ÖSTERSUND TAMMERFORS VÄSTERÅS OSLO STOCKHOLM LINKÖPING GÖTEBORG KALMAR MALMÖ ODENSE

Group Management Lars Stenlund President (CEO) Olov Sandberg exec.vice President IRO Lars Eriksson exec.vice President M&A, BD Patrik Fransson exec.vice President COO Jerker Vallbo CIO/CTO Maria Kröger CFO Johan Nyström IT Karin Larsson HR Estate Agents Sweden Richard Larsson Estate Agents Norway Erik Hansen Property Johan Kull Media Linda Tybring Finance & Insurance Linda Tybring Energy Niklas Berg Finance Denmark Kim Nørgaard Andreasen Health Ilari Laaksonen AutoData Svein Roger Westengen

Board of Directors Crister Stjernfelt Chairman Anna Valtonen Kaj Sandart Jan Friedman Birgitta Johansson- Hedberg

Strategy for continued Growth Strategy Business Models with Recurring Revenue Niche Focus Delimited Niches with potential Possibility to become Market Leader Organic och Acquisition focused Growth Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. Acquisition Targets Target Companies: 10-100 MSEK turnover Niched Software Company New Niche optionally supplement Profit per share critical factor Price approx. 5-7 times depending on Equity Next: Nytt tillväxtmål fortsatt expansion

Business Goals Financial Goals Profit Margin 15 % Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. Dividend policy 1/3 of the profit will be distributed to shareholders

Acquisition exploration Time in funnel 1-6 Yr. Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. Search area Nordic countries primarily Search for companies In new niches - or existing Profitable companies, no turnaround, recurring revenue 100 companies on list with accumulated turnover exceeding 4 000 MSEK On average two acquisitions per year- bigger and more frequent recently Invests currently approximately 2 manyear/yr. in exploration, building relations, negotiations and executing transactions.

Ownership Structure Number of Shares Number of A-shares Number of B-shares Capital % Votes % Lars Stenlund 364 000 58 543 7,2 28,3 Olov Sandberg 364 000 14 999 6,4 27,9 Jerker Vallbo 72 000 31 750 1,8 5,7 Thomas Eklund 349 288 5,9 2,7 Grenspecialisten förvaltning AB 232 227 3,9 1,8 Nordea fonder 206 700 3,5 1,6 Fidelity Low-Priced Stock Fund 202 300 3,4 1,5 Handelsbanken Fonder 197 727 3,4 1,5 Nils-Eric Öquist 193 163 3,3 1,5 SEB Sverigefond Småbolag 168 985 2,9 1,3 Avanza Pension (FRV) 168 398 2,9 1,3 Länsförsäkringar Småbolag 165 469 2,8 1,3 Didner & Gerge Fonder AB 163 000 2,8 1,2 Rambas 133 700 2,3 1,0 Other owners 2 793 089 47,5 21,4 TOTAL 800 000 5 079 338 100% 100% Number of shares based on ownership 2014-12-31

Value creation for shareholders

Year End Report Delårsrapport January -januari-juni December 2014 2012 INCREASED PROFITS AND HIGHER DIVIDEND NET SALES 54,7 MEuro (41,3) PROFIT BEFORE TAX 7,2 MEuro (4,2) OPERATING MARGIN 14 % (11) EARNINGS PER SHARE BEFORE DILUTION 0,97 Euro (0,64) CASH-FLOW FROM OPERATIONS 14,4 MEuro (4,8) THE BOARD PROPOSES A DIVIDEND OF 0,37/share (0,31)

Interim Report Delårsrapport October -januari-juni December 2014 2012 STRONG EARNINGS IMPROVEMENT NET SALES 14,8 MEuro (9,6) PROFIT BEFORE TAX 2,0 MEuro (1,5) OPERATING MARGIN 16 % (10) EARNINGS PER SHARE BEFORE DILUTION 0,36 Euro (0,15) CASH-FLOW FROM OPERATIONS 4,24 MEuro (0,31)

Income Statement January December 2014 Revenue distribution Income Statement (MEuro) Jan-Dec 2014 Jan-Dec 2013 OPERATING REVENUE License revenues 2 770 2 363 76 % (71) Recurring revenues 41 426 29 151 Service revenues 9 777 9 221 NET SALES 54 662 41 292 WORK PERFORMED FOR OWN ACCOUNT 5 140 2 675 Depreciation -6 258-3 496 Other costs -50 924-36 236 OPERATING EXPENSES -52 042-39 732 18 % OPERATING PROFIT BEFORE ACQUISITION COSTS 8 072 4 527 Financial items + acquisition costs -901-298 1 % 5 % INCOME AFTER FINANCIAL ITEMS 7 172 4 230 Tax -1 720-871 Recurring Services Licenses Others NET INCOME 5 452 3 359 EARNINGS PER SHARE (Euro/share) 0,97 0,64

Cash flow January December 2014 3,00 2,50 2,00 1,50 1,00 0,50 0,00 Cash earnings per share (Euro/share) 2008 2009 2010 2011 2012 2013 2014 Cash flow (MSEK) OPERATING EQUITY Jan-Dec 2014 Jan-Dec 2013 Profit before tax 7 621 4 527 Adjustments for items not included in cash flow 6 258 3 533 Interests and taxes -188-2 338 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING CAPITAL 13 691 5 723 Change in working capital 683-961 CASH FLOW FROM OPERATING ACTIVITIES 14 374 4 762 Cash flow from investing activities -23 236-6 438 Cash flow from financing activities 14 395-3 313 CASHFLOW 5 333-4 989 Cash and cash equivalents at beginning of period 2 369 7 587 CASH INCLUDING SHORT-TERM INVESTMENTS AT END OF PERIOD 7 902 2 369

Balance December 31, 2014 6 5 4 3 2 1 0 Owners equity per share (Euro) 2008 2009 2010 2011 2012 2013 2014 Balance (MEuro) 2014-12-31 2013-12-31 FIXED ASSETS Goodwill 21 211 14 404 Capitalised development expenditure 8 507 5 360 Product rights 28 161 8 893 Equipment and furniture 3 199 2 146 CURRENT ASSETS Current assets 15 835 9 604 Cash 7 902 2 369 TOTAL ASSETS 85 878 43 109 EQUITY 28 903 18 845 NON-CURRENT LIABILITIES AND PROVISIONS 26 780 9 179 CURRENT LIABILITIES 30 195 15 085 TOTAL EQUITY AND LIABILITIES 85 878 43 109

Net sales and recurring portion by quarter 18,0 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Net sales (MEuro) Recurring portion (%) Q4-11 Q4-12 Q4-13 Q4-14 100 % 90 % 80 % 70 % 60 % 50 % 40 %

Net sales and operating margin per quarter Net sales (MEuro) Operating margin (%) 18,0 30 % 16,0 14,0 12,0 25 % 20 % 10,0 8,0 6,0 15 % 10 % 4,0 2,0 0,0 Q4-11 Q4-12 Q4-13 Q4-14 5 % 0 %

Relation between Recurring portion and Operating margin Recurring portion (%) Operating margin (%) 85% 18% 80% 75% 70% 65% 60% 55% 50% Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 16% 14% 12% 10% 8% 6% 4% 2% 0%

Net sales & Operating Profit/Business Unit January - December Net sales January - December (MEuro) Operating Profit January - December (MEuro) 18,00 16,00 14,00 2013 2014 3,0 2,5 2013 2014 12,00 2,0 10,00 8,00 1,5 6,00 1,0 4,00 2,00 0,5 0,00 Estate Agents Real Estate Man Media Energy Health Auto Finance & Insurance 0,0 Estate Agents Real Estate Man Media Energy Health Auto Finance & Insurance

Profit, Dividend and Valuation 1,00 0,90 Profit (Euro)/share Dividend (Euro)/share 20,00 18,00 Price (Euro/share) Price/Earnings 0,80 16,00 15 15 15 0,70 14,00 13 0,60 12,00 11 11 11 0,50 0,40 * 10,00 8,00 8 9 6 0,30 6,00 0,20 4,00 0,10 2,00 0,00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 0,00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Proposal from the Board

Financial Calendar Coming Reports May 6 2015, 13:00 CET Interim Report January Mars 2015 + Annual meeting July 13 2015, 08:30 CET Interim Report January June 2015 Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under den grå fliken. Contact: Lars.Stenlund@vitecsoftware.com, President/CEO Maria.Kroger@vitecsoftware.com, CFO Email: ir@vitec.se