Presentation of the Special General Shareholders' Meeting ...

Presentation Presentation 9 Months9 Months Results 2003 Results 2003

Extra-Ordinary Shareholders’ Meeting November 24, 2003 - Kontich

- Market position consolidated in difficult economic circumstances

- Margins remain under pressure Lower margins due to general price pressure and the later

recognition of licence revenue due to delay in the delivery of the new Retail product suite

Quarterly : Revenue EvolutionQuarterly : Revenue Evolution

Annually : EBIT EvolutionAnnually : EBIT Evolution

REPORTINGREPORTING

Financial information available on website www.realsoftware.be INVESTOR RELATIONS

A. HeadlinesA. Headlines - Theo Dilissen- Theo Dilissen

B. Financial resultsB. Financial results - Philip De Tavernier- Philip De Tavernier

C. Outlook + Debt RestructuringC. Outlook + Debt Restructuring - Theo Dilissen- Theo Dilissen

PROGRAMPROGRAM

A. Headlines A. Headlines

Q1 Q2 Q3 Q4

‘‘Seasonality’Seasonality’

Key figures YTDKey figures YTD

• Comparable to 3Q03 YTD figures

• Market and turnover position consolidated

• Margins remain under pressure

KEY FIGURES

In m € 3Q03 YTD 3Q03 YTD -(1) 3Q02YTD (1)

Turnover 125,1 128,6 -3,5Operating result (EBIT) 2,0 8,6 -6,6EBIT margin (%) 1,6% 6,7% -5,1%Net ordinary group result (excl. goodwill depr.) -4,6 -0,2 -4,4

3Q02 YTD2003 2002

Key figures 3Q03 versus 3Q02Key figures 3Q03 versus 3Q02

KEY FIGURES2003 20023Q03 3Q02(1) 3Q03-3Q02

In m €Turnover 40,1 39,4 0,7Operating result (EBIT) -1,5 1,3 -2,8EBIT margin (%) -3,7% 3,3% -7%Net ordinary group result (excl. Goodwill depr.) -3,5 -0,9 -2,6

• Revenues slightly higher

• Margins remain under pressure

• Business & Government and “Infrastructure” record higher revenues

• Turnover decrease in Industry and Banking & Insurance

• Stable revenues in Retail division

• Lower revenues of international activities

Market Position ConsolidatedMarket Position Consolidated

Turnover: € 125,1 m, 2,7 % lower than comparable 3Q02 YTD, in line with market decrease

• General price pressure in the market

• Retail : later recognition of licence revenue due to the delay in the delivery of the new Retail product suite

Margins Margins remain remain under Pressureunder Pressure

EBIT : € 2,0 m > € 6,6 m lower than 3Q02 YTD

Prospects 2003Prospects 2003

• Another difficult fourth quarter in 2003, budgets under further pressure

• As a result of the difficult economic climate and in the light of the recent events The Group prefers to not give any specific

perspectives for FY2003

• But October is encouraging

Prospects 2003: October is encouragingProspects 2003: October is encouragingAverage Monthly Revenue 2003

Avg Q1 Avg Q2 Avg Q3 Oct

In m €

Average Monthly EBIT 2003

Avg Q1 Avg Q2 Avg Q3 Oct

In m €

Group Turnover by DivisionGroup Turnover by Division

• Banking & Insurance : “traditional license-driver”, decrease in system integration and licenses income due to unfavorable

market conditions in banking sector

Turnover per division Banking & Business &In m € Insurance Governm.System integration 10,0 17,8 29,4 5,1 28,1 -0,1 90,3Software products and maintenance 4,4 2,5 1,8 6,1 1,1 0,6 16,5Infrastructure 2,9 3,1 0,9 4,5 0,7 6,4 18,4Total 17,3 23,3 32,1 15,7 29,9 6,9 125,1% of Total 14% 19% 26% 13% 24% 6% 100%

TOTALIndustry Retail Internat. Infrastr.

3Q03 YTD2003

Turnover per division Banking & Business &In m € Insurance Governm.System integration 11,6 18,4 32,1 6,2 30,0 0,9 99,4Software products and maintenance 4,5 2,0 1,3 5,4 2,8 0,0 16,1Infrastructure 2,0 2,1 0,6 3,9 1,5 3,1 13,1Total 18,2 22,5 34,0 15,6 34,3 4,1 128,6% of Total 14% 18% 26% 12% 27% 3% 100%

Infrastr. TOTALIndustry Retail Internat.

3Q02 YTD (1)2002

Turnover per division Banking & Business &In m € Insurance Governm.System integration -1,7 -0,7 -2,8 -1,1 -1,9 -1,0 -9,1Software products and maintenance -0,1 0,5 0,5 0,7 -1,7 0,6 0,4Infrastructure 0,9 1,0 0,4 0,6 -0,7 3,2 5,3Total -0,9 0,8 -1,9 0,1 -4,4 2,8 -3,4

3Q03 YTD - 3Q02 YTD (1)

• Business & Government : solid performance, turnover increase of € 0,8 m, lower income of system integration totally compensated

by higher licenses sales

3Q03 YTD2003

3Q02 YTD (1)2002

3Q03 YTD - 3Q02 YTD (1)

• Industry : less income from system integration, higher licenses sales = implementation of strategic model

3Q03 YTD2003

3Q02 YTD (1)2002

3Q03 YTD - 3Q02 YTD (1)

• Retail : revenues in line with 3Q02 YTD, migration to new product suite, impact on results as from second half (stronger

rules for revenue recognition)

3Q03 YTD2003

3Q02 YTD (1)2002

3Q03 YTD - 3Q02 YTD (1)

• International activities : largest part is professional services, turnover down € 4,4 m due to bad economic climate

3Q03 YTD2003

3Q02 YTD (1)2002

3Q03 YTD - 3Q02 YTD (1)

• Infrastructure : turnover increase of € 2,8 m

3Q03 YTD2003

3Q02 YTD (1)2002

3Q03 YTD - 3Q02 YTD (1)

Statements of Operations: Revenues & Statements of Operations: Revenues & EBITEBIT

€ M 9 Months 2003

9 Months 2002 (1)

+/- EBIT ***

Revenue

Banking & Insurance 17.3 18.2 -0.9 *

Industry 32.1 33.8 -1.7 ***

Business & Government

23.3 22.7 +0.6 **

Retail 15.7 15.6 +0.1 -

Infrastructure 6.9 4.1 +2.8 ***

International 29.9 34.3 -4.4 **

Total Revenue 125.1 128.6 -3.4

EBIT 2.0 8.6 -6.6

EBIT % 1.6% 6.7% -5.1%

Cash situationCash situation

• Cash flow YTD 2003

Recurring cash increase +€ 3.7 m Non-recurring cash outflows - € 6.5 m

• (pre-2002 legacy) Net decrease cash - € 2.8 m

• Social Security (RSZ) 6 month payment plan Q3 (from December 2003)

• All other operational financial commitments are being honoured

• Diligent working capital management

Sale of FSS Sale of FSS

• Letter of Intent for Management buy-out of FSS

• Purchase price : € 2.4m- cash - compensation claims

• Lock-up shares lifted

• Closing transaction by end of 2003

• Impact on current result immaterial

• Impact on net result – € 6 m (mainly goodwill)

• Landbouwkrediet

• Bank van de Post

• De Post

• BRICO

• SECO

• Communauté Française

• Crédit Agricole

• P&V

• DVV

• DHL

• Calcutta

• Berry Yarns

• Nextira One

• Honda

• Concordia

• Umicore

New customersNew customers

Banking & Insurance Industry

• Telenet• Free Record Shop• VRT• De Post• Intratuin• De Koninck• Gemeente Roosendaal• Ministerie van Sociale Zaken• Ministerie van

Volksgezondheid• Reynaers • Rode kruis

New customersNew customers

Business & Government Retail

• Van de Velde – Marie Jo• Dekamarkt• Volmar Hoogvliet• Delhaize• Jules• Etam• Frice• AKO• BONI

Banking & InsuranceBanking & Insurance

BANKING & INSURANCE

ActivitiesActivities

CustomersCustomers

TurnoverTurnoverFiguresFigures

Luxemburg : Private banking (Portfolio management + Back Office Systems)

Belgium : Professional Services, leasing

The Netherlands : leasing

Banks, Insurance companies, Financial institutions, Leasing companies

Services Products Infrastructure Total

3Q02 YTD 3Q03 YTD

CustomersCustomers

Portfolio Portfolio compositioncomposition

Luxemburg : Private banking (Portfolio management + Back Office Systems)

Belgium : Professional Services, leasing

The Netherlands : leasing

Banks, Insurance companies, Financial institutions, Leasing companies

25% 26%

3Q02 YTD 3Q03 YTD

Services Products Infrastructure

MarketMarket

OutlookOutlook

PersonnelPersonnel Number: 183 Productivity Rate: 81 %

DealsDeals3Q033Q03

PipelinePipeline +

Extension of existing contracts

AOF Archiving

SecurityServices VarE-Docs

Document Management

LeasingManagement

Business & GovernmentBusiness & Government

GOVERNMENT

CustomersCustomers

Midsized companies: software products and development + projects

Government: professional services, software products and development + projects

Home market: government, mid-sized

3Q02 YTD 3Q03 YTD

CustomersCustomers

Midsized companies: software products and development + projects

Government: professional services, software products and development + projects

Home market: government, mid-sized

9% 11%9%13%

3Q02 YTD 3Q03 YTD

MarketMarket

OutlookOutlook

DealsDeals3Q033Q03

PipelinePipeline ++

Government

Oracle Project

Hardware

ScopeDefinition (Progress)

Java Project

Extasy/ProgressImplementation

Project RF/Barcoding

Fimacs Projects

E-Smart Implementation

Mimix + i-Series Hardware

Network support

Microsoft Business Solutions Navision

Implementation

Business

RetailRetail

CustomersCustomers

P.O.S (Point of Sales), Front & Backstore automation, Central Office,

Datawarehouse, Intranet

3Q02 YTD 3Q03 YTD

RetailRetail

CustomersCustomers

P.O.S (Point of Sales), Front & Backstore automation, Central Office,

Datawarehouse, Intranet

3Q02 YTD 3Q03 YTD

RetailRetail

MarketMarket

OutlookOutlook

DealsDeals3Q033Q03

PipelinePipeline ++

Collaborative CRP system

Partnership FINLAND

Product Development

Software development Webstore

Start of Roll-outs

IndustryIndustry

INDUSTRY

IndustryIndustry

CustomersCustomers

Niches : Enterprise Asset Management, Logistics, Textile, ERP

Production companies and transport companies

3Q02 YTD 3Q03 YTD

IndustryIndustry

CustomersCustomers

Niches : Enterprise Asset Management, Logistics, Textile, ERP

Production companies and transport companies

4% 6%2% 3%

3Q02 YTD 3Q03 YTD

IndustryIndustry

MarketMarket

OutlookOutlook

DealsDeals3Q033Q03

PipelinePipeline ++

ICT Services

Enterprise Asset Management

Axapta Implementation ICT Services

Textile Solution

International activitiesInternational activities364 people

3Q02 YTD 3Q03 YTD

8%4%4% 2%

3Q02 YTD 3Q03 YTD

InfrastructureInfrastructure9 people

3Q02 YTD 3Q03 YTD

B. Financial results B. Financial results

TopicsTopics

• Statements of Operations Revenues & EBIT Net Result from Operations Net Result

• Balance Sheet Assets Liabilities

• Cash Flow Statement

Statements of Operations: Revenues & Statements of Operations: Revenues & EBITEBIT

€ M 9 Months 2003

9 Months 2002 (1)

+/- EBIT ***

Revenue

Banking & Insurance 17.3 18.2 -0.9 *

Industry 32.1 33.8 -1.7 ***

Business & Government

23.3 22.7 +0.6 **

Retail 15.7 15.6 +0.1 -

Infrastructure 6.9 4.1 +2.8 ***

International 29.9 34.3 -4.4 **

Total Revenue 125.1 128.6 -3.4

EBIT 2.0 8.6 -6.6

EBIT % 1.6% 6.7% -5.1%

Statements of Operations: Net Result Statements of Operations: Net Result from Operationsfrom Operations

€ M 9 Months

9 Months 2002 (1)

EBIT 2.0 8.6 -6.6

Financial Income 0.3 0.5 -0.2

Financial Expense on Debt -5.3 -6.2 +0.9

Amortisation Goodwill -6.5 -7.3 +0.8

Other -0.3 -0.2 -0.1

Net Result from Operations before Tax

-9.8 -4.6 -5.2

- Amortisation Goodwill +6.5 +7.3 -0.8

Income Tax -1.3 -2.4 +1.1

Minorities & Equity Method 0.0 -0.4 +0.1

Net Result exclud. Amortisation Goodwill

-4.6 -0.2 -4.4

Statements of Operations: Net ResultStatements of Operations: Net Result

€ M 9 Months

9 Months 2002 (1)

Net Result exclud. Amortisation Goodwill

-4.6 -0.2 -4.4

Extra-Ordinary Income 1.7 3.3 -1.6

Extra-Ordinary Loss -2.3 -3.5 +1.2

Amortisation Goodwill -6.5 -7.3 +0.8

Net Result -11.7 -7.6 -4.1

Balance sheet: AssetsBalance sheet: Assets€ M Sep 30

2003Dec 31

2002 (1)+/-

Fixed Assets 119.6 126.8 -7.2

Intangibles 0.8 0.6 +0.2

Goodwill 110.3 116.4 -6.1

Plant, Property & Equipment

8.0 8.7 -0.7

Financial Fixed Assets 0.5 1.1 -0.6

Current Assets 67.3 78.5 -11.2

Cash & Cash Equivalents

6.6 9.5 -2.9

Receivables < 1 Year 50.3 64.1 -13.8

Receivables > 1 Year 1.6 0.8 +0.8

Inventory & WIP 2.9 2.8 +0.1

Prepaid Developm Cost 3.9 0.0 +3.9

Other Prepaid Expenses

2.0 1.3 +0.7

Total Assets 187.0 205.3 -18.3

Balance sheet: LiabilitiesBalance sheet: Liabilities€ M Sep 30

2003Dec 31 2002

(1)+/-

Equity in Extended Defin.

-2.1 9.7 -11.8

Stockholders’ Equity -117.2 -105.4 -11.8

Subordinated Debt 115.1 115.1 -0.0

Long Term Liabilities 124.7 127.1 -2.4

Minorities Interest 0.8 0.8 +0.0

Provisions & Deferred Taxation

9.5 11.6 -2.1

Long Term Debt 102.8 103.1 -0.3

Other Debt 11.6 11.6 +0.0

Current Liabilities 64.3 68.5 -4.2

Short Term Financial Debt 9.1 9.9 -0.8

Accounts Payable 18.9 26.0 -7.1

Accrued Expenses 5.2 2.8 +2.4

Deferred Revenue 4.5 2.3 +2.2

Other Liabilities 26.6 27.6 -1.0

Total Liabilities 187.0 205.3 -18.3

Cash Flow StatementCash Flow Statement

€ M 9 Months 2003

Net Result -11.7

Depreciation +1.7

Amortisation Goodwill +6.5

Provisions -2.1

Net Cash Flow -5.2

Change in Working Capital +3.9

Net Cash used by Operations -1.3

Net Cash used in Investing Activities -1.3

Net Cash provided by Financing Activities -0.2

Other -0.1

Increase/Decrease Cash -2.9

Cash Flow StatementCash Flow Statement

€ 000 30/09 YTD 30/09 YTD 30/09 YTDRecurring Non-recurring TOTAL

Net Cash Flow

Operating Cash Inflow 126.622 0 126.622Operating Cash Outflow -123.068 0 -123.068Operating Cash Flow 3.554 0 3.554

Financial Charges -5.660 0 -5.660Taxes on Operational Result -1.296 0 -1.296Exceptional Items 0 -2.138 -2.138Other 437 0 437

TOTAL NET CASH FLOW -2.964 -2.138 -5.102

Movement amounts receivable < 1 year 13.784 0 13.784Movement prepaid development cost -3.924 0 -3.924Movement accounts payable -7.095 0 -7.095Movement Taxes payable -6 -2.055 -2.061Movement salaries and social security payable 3.250 -547 2.703Movement interest payable 3.449 0 3.449Other -1.258 -1.785 -3.043TOTAL CHANGE IN WORKING CAPITAL 8.199 -4.387 3.812

NET CASH FLOW OPERATING ACTIVITIES 5.234 -6.524 -1.290

NET CASH FLOW INVESTMENT ACTIVITIES -1.300 0 -1.300

NET CASH FLOW FINANCING ACTIVITIES -200 0 -200Conversion -100 0 -100

NET INCREASE/(DECREASE) CASH 3.634 -6.524 -2.890

C. OutlookC. Outlook + +

Debt Restructuring Debt Restructuring

Prospects 2003Prospects 2003

• Another difficult fourth quarter in 2003, budgets under further pressure

• As a result of the difficult economic climate and in the light of the recent events The Group prefers to not give any specific

perspectives for FY2003

• But October is encouraging

Debt RestructuringDebt Restructuring

• The company confirms the krijtlijnen/principles/guidelines of the debt restructuring

• Should constitute basis for the group’s short term continuity + long term development

• Negotiations with the banks will be continued by the new Board of Directors, appointed by the Special Shareholders meeting of November 24th 2003

• Therefore, the current moratorium for the intrest and capital payments will be postponed to March 15th 2004

Debt RestructuringDebt Restructuring “Krijtlijnen”/Guidelines/Principles “Krijtlijnen”/Guidelines/Principles

Current New Payments 2006 & onwards

Capital repayments 2006-2013 (8x5m€)Interest payments : from 2006 (3,7m)

Waived

Convertible à 0,33 €

Capital repayment in 2013Interest payments : from 2006 (1 m €)

Debt restructuring 198 m €m €

SubordinatedBullet

99 m €

Convertible34 m €

Bullet Loan 25 m €

Senior Loan40 m €

Senior98 m €

Retour à meilleure fortune ?

When ?

Normalized going concern

Presentation Presentation 9 Months9 Months Results 2003 Results 2003

Extra-Ordinary Shareholders’ Meeting November 24, 2003 - Kontich

- Market position consolidated in difficult economic circumstances

- Margins remain under pressure Lower margins due to general price pressure and the later

recognition of licence revenue due to delay in the delivery of the new Retail product suite

Presentation of the Special General Shareholders' Meeting ...

Documents

Transcript of Presentation of the Special General Shareholders' Meeting ...

2012 Annual and Special Meeting of Shareholders

SHAREHOLDERS ANNUAL GENERAL AND SPECIAL MEETING 2010 SEPTEMBER 16, 2010.

NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS … · 2018. 8. 26. · NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that the annual and special

MediaTek Inc. 2016 Annual General Shareholders’ Meeting ... · 2016 Annual General Shareholders’ Meeting Minutes 1. Time: 9:00 a.m., June 24, 2016 2. ... special contribution

2014 Annual & Special Meeting of Shareholders

Notice of Special Meeting of Shareholders and Information ...

SPECIAL SHAREHOLDERS MEETING OF …ir.bmfbovespa.com.br/enu/2348/20150326_Management... · SPECIAL SHAREHOLDERS MEETING TO BE HELD ON 04/13/2105 – SECOND CALL São Paulo, March

Notice of Annual and Special Meeting of Shareholders and ... · Notice of Annual and Special Meeting of Shareholders and Management Information Circular Meeting Date: June 25, 2020

INVESTORE PROPERTY LIMITED SPECIAL MEETING OF SHAREHOLDERS · INVESTORE PROPERTY LIMITED SPECIAL MEETING OF SHAREHOLDERS Notice is given that a Special Meeting of Shareholders of

NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS … · 2019-05-17 · NOTICE IS HEREBY GIVEN THAT an Annual and Special Meeting(the “Meeting ”) of the shareholders of Questerre

SPECIAL SHAREHOLDERS’ MEETING - NZX shareholders meeting Shareholder discussion Other business Resolutions Issue of $10m of new shares On-Market share buyback. EXECUTIVE CHAIRMAN’S

TIBB Special Meeting of Shareholders

Hudbay's Annual and Special Meeting of Shareholders

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS AND … · 2015. 11. 21. · NOTICE OF SPECIAL MEETING OF SHAREHOLDERS . AND . MANAGEMENT INFORMATION CIRCULAR dated December 22, 2014 .

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS · The Board has determined ... Notice of Special Meeting means this notice of meeting. ... Inland Revenue

CGX Energy Annual & Special Meeting of Shareholders

Special Shareholders’ Meeting Itronics Inc. March 31, 2006.

050708 Kinross AGM v5 - WEBCAST€¦ · Annual & Special Meeting of Shareholders May 7, 2008 Annual & Special Meeting of Shareholders May 7, 2008 generating value… Cautionary Statement

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS MANAGEMENT INFORMATION CIRCULAR … · 2018-12-06 · NOTICE OF SPECIAL MEETING OF SHAREHOLDERS to be held on Tuesday, January 8, 2019 and

CARGOJET INC. ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO … · CARGOJET INC. NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that an annual and special