Qurius Algemene Vergadering van Aandeelhouders Vrijdag 27 mei 2011
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Agenda 1 2 3a 3b 4 5 6
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Opening en mededelingen Verslag Raad van Bestuur over het 2010 en toekomstvisie Vaststelling van de jaarrekening 2010* Taalkeuze jaarrekening en jaarverslag* Décharge leden Raad van Bestuur* Décharge leden Raad van Commissarissen* Benoeming van BDO Audit & Assurance B.V. tot accountant van de vennootschap* Toelichting op het vennootschapsbeleid ten aanzien van donaties aan de reserves en dividenduitkeringen
*= Voting item(s) 2
Agenda (vervolg) 8
Aanpassing regeling voor aandelenparticipatie voor het management, inbegrepen toestemming voor de Raad van Commissarissen A aandelen uit te geven alsmede rechten te verlenen hierop in te schrijvan als onderdeel van de aandelenparticipatieregeling en, voorzover vereist, uitsluiting van claim-rechten* 9 Statutenwijziging* 10 Corporate governance 11 Uitbreiding van de bevoegdheid van de Raad van Commissarissen ten aanzien van het aandelen inkoopprogramma* 12a Uitbreiding van de bevoegdheid van de Raad van Bestuur tot uitgifte en inkoop van aandelen* 12b Uitbreiding van de bevoegdheid van de Raad van Bestuur claimrechten uit te sluiten of te beperken* 13 Rondvraag en sluiting *= Stemming(en) 3
Current item 1 2 3a 3b 4 5 6
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Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 4
Current item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 5
Overview 1. Kernpunten financiële verslaggeving 2. Omzet per productcategorie 3. Herstructurering en kostenontwikkeling 4. Infor verkoop / Acquisitie Evidanza BI 5. Debiteuren en werkkapitaal 6. Enkele ratio’s 7. Conclusie 6
Selectie financiële informatie Omzet €98.5 miljoen
EBITDA voor herstr. €0.237 miljoen
(2009: €117.2 miljoen)
(2009: €5.3 miljoen)
Bruto marge 69%
Herstructurering en afschrijving €3.8 miljoen
(2009: 67%)
(2009: €4.2 miljoen)
Loonkosten €56.3 miljoen
EBIT - €7.1 miljoen
(2009: €62,8 miljoen)
(2009: - €3.3 miljoen)
Nettowinst - €8.1 miljoen (2009: - €9.0 miljoen)
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Selectie financiële informatie Vorderingen
€19.9 miljoen
(2009:
€31.7 miljoen)
Gemiddelde duur openstaande vorderingen 66 dagen (2009: 72 dagen) Financiering NIBC €11.6 miljoen (2009:
8
€13.5 miljoen)
Kaspositie
€8.2 miljoen
(2009:
€9.6 miljoen)
Omzet- en marge-ontwikkeling 2010
2009
10.873 16.074 60.008 11.510 98.465
13.042 19.111 74.691 10.357 117.201
Kosten verkoop
33.958
38.628
Bruto marge
64.507 66%
78.573 67%
18.000 16.000 14.000 12.000
Software licenses
10.000
Maintenance
8.000
Software licenties Onderhoud Diensten Hardware
Services
6.000
Hardware
4.000
2.000 0 Q1
Q2
Q3
Q4
Omzetdaling gevolg van: • • • •
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Verkoop Infor activiteiten Nasleep economische recessie Aanhoudend krappe ICT budgets (m.n. klanten in retail / distributie) Prijsdruk
De transitie is zichtbaar …. Declarabele uren per professional
Kostenbasis Qurius
(excl. infor) 18.000 16.000 14.000 12.000 10.000 8.000 6.000 4.000 2.000 0
13.914
13.995
14.352
excl. infor, in %
11.692
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
Omzet per professional stijgd: - toename declarabiliteit - hoger gemiddeld tarief
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Afname personeelskosten t.o.v. voorgaande jaar
excl. Infor x 1.000
Staff costs
Other operating expenses
Kostendaling: - minder staffunctionarissen - lagere kantoorkosten
14% 12% 10% 8% 6% 4% 2% 0% Q1 2010
Q2 2010
Q3 2010
Q4 2010
YoY staff costs reduction
Personeelskostenreductie t.o.v. 12 maanden eerder: - elk kwartaal van 2011 lager dan dat van 2009
Herstructurering 2.500 2.000 1.500 in profit and loss 1.000
cash flow effect
500 0
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Alle herstructuringslasten uit eigen middelen gefinancierd Voorzien geen hoge herstructureringskosten Inbegrepen kasuitgaven in 2010 ingevolge het herstructureringsprogramma
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Verkoop Infor acitiveiten (30 juni 2010) Infor activiteiten: bijvangst van de Watermark transactie (2006); Maakt geen deel uit van Qurius’ toekomstige strategie Betreft Duitsland, Spanje en 100% van Qurius Italië 55 fte’s (15 Duitsland, 5 Spanje, 35 Italië) Jaarlijkse omzet ca. € 10 mln, met jaarlijkse EBIT van € 2 mln. (2009). Opbrengst verkoop: € 4 mln. (excl. werk kapitaal). Infor effect op de V&W rekening 2010: - Operationeel effect 1HY: omzet € 5.8 mln; EBIT € 1.2 mln - Verkoop Infor 30.6. Overig Inkomen: € 3.0 mln. (gelijk aan verkoopopbrengst minus boekwaarde)
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Infor verkoopopbrengst aangewend om de Evidanza activiteiten te verwerven Leverancier van BI software / tools in Duitsland (Regensburg) Consultants groep bestaande uit 12 fte’s en 40 klanten Hoge tarieven en hoge marge BI consultancy Initiële investering van € 920K en totale verwachte opbrengst van € 430K Omzet op jaarbasis (2010) € 2.1 mln met EBIT van € 205K
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Handelsdebiteuren Totale omzet in Euro (miljoenen) Handesdebiteuren in Euro (miljoenen) Gemiddelde aantal dagen openstaande facturen 1 dag is gelijk aan 300K in kas
2010 98,5 19,9
2009 117,2 31,7
66
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Dagen teruggebracht tot 66 (zeer sterke verbetering!) Dagen gecorricigeerd voor onderhoudsfacturen die veel lager zijn (55 dagen)
Handelsdebiteruen reductie van € 11,8 M : € 7,0 miljoen gevolg van verminderde acititeiten, en € 4,8 miljoen direct resultaat van beter werkkapitaal management. Significante verbetering overstanden: 30 days of meer overstand 19% (2009: 25%)
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Ratio’s 2010
2009
41%
43%
11.625
13.500
Kas
8.197
9.591
Netto schuld
3.428
3.909
Solvabiliteit NIBC schuld
Solvabiliteit vna 41% geeft financiële robuustheid aan: Ordina 51% Unit 4 Agresso 38% Ctac 37%
Laag niveau handelsdebiteuren (66 dagen) geeft operationële efficiency aan: Ordina DSO 56 Unit 4 Agresso DSO 76 Ctac DSO 77
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CONCLUSIE Herstructurering op de goede weg: maar nog veel werk te verzetten Effecten van herstructuringen zijn meetbaar: verdere verbetering van resultaten is een vereiste Eerste tekenen van herstel in Q1, 2011: sommige van onze markten herstellen sneller dan andere (Geografisch / Branches / Producten)
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Inspirience Center
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3 Year Plan
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Bereikt in 2010 • Managementproblemen in België & VK opgelost • Financiële problemen in Spanje opgelost en zichtbaarheid in de markt vergroot • Aantal kantoren in Duitsland teruggebracht, activiteiten in lijn gebracht, synergie toegenomen • Ingrijpende herstructuring in Nederland • Samenwerking met Microsoft om compleet aanbod te leveren • Shortlist van strategische partners 22
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25
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Benchmark voor best in class • Perfecte software oplossingen en eigen producten • Sterke consultancy en implementatie capaciteiten • Efficiënte en betrouwbare systemen • Continu in dialoog met de markt • Investeren in competenties en cultuur
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Qurius duurzaamheid: PPP Eind 2014: 100% duurzaam: • Dozijn concrete MVO projecten geïnitieerd (Het Nieuwe Werken, CO2 reductie, diversiteit, etc.) • Ontwikkeling van duurzame producten • MVO rapport 2010 volgens wereldstandaard • Stakeholder dialoog • www.theprideofqurius.nl 28
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Goal!
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The Qurius Universe
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• • • • •
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Q-Member ParkVision Q-ICT Q-Maritime Q-Prism’AX
Qiptree agenda • • • • • •
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Hefboom via het internationale netwerk Kantoorautomatisering voor klanten Ontwikkeling nieuwe standaardproducten Microsoft certificatie voor alle producten Inclusief cloud oplossingen Qurius is volwaardig ontwikkelaar standaardsoftware
• Gezamenlijke marktbenadering: geografisch & functioneel • Elkaars producten delen en verkopen • Vergroting kennisbasis (grootste Microsoft partner) • Delen van capaciteit (b.v. in lage lonen landen) • Geïntegreerde marketing, optimalisatie websites • Samen optrekken in sectoren (b.v. afvalverwerking) • Gemeenschappelijke ontwikkeling technologiën (CRM, BI, etc.) 35
Vooruitzicht 2011 • Langzaam herstel middensegment, verbeteringen eerst na Q3 • Geleidelijk herstel verkopen van Qurius verwacht • Microsoft zoekt schaalvergroting van partners met AX productlijn, vereist grotere partners (als Qurius) Microsoft snijdt in licenties voor partners • Toename Qurius investeringen in R&D (Qiptree) • New directeur maakt Duitsland gereed voor groei • Permanente synergievoordelen van Prodware partnership 36
2011 in het kort:
Jaar van strategische investeringen en versnelling van gezonde en winstgevende groei.
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Vragen
38
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 39
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 40
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 41
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 42
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 43
Current Item 1 2 3a 3b 4 5 6
7
Opening and announcements Report of the Executive Board for the financial year 2010 and its vision of the future Adoption of the Annual Accounts 2010* Language Annual Accounts and Annual report* Release from liability of the members of the Executive Board* Release from liability of the members of the Supervisory Board* Appointment of BDO Audit & Assurance B.V. as auditor of the Company* The Company’s policy on additions to reserves and on dividends
*= Voting item(s) 44
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 45
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 46
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 47
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 48
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 49
Current item 8
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP and to - the extent required - exclude pre-emptive rights* 9 Amendment of the Company’s articles of association* 10 Corporate governance 11 Extension of the authority of the Executive Board to have the Company acquire its own shares* 12a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* 12b Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights* 13 Closing and roundtable *= Voting item(s) 50
Rondvraag & sluiting
51
Stemresultaten
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3a
Agenda item Adoption of the Annual Accounts 2010
For 44646501
% 99,98%
Against 9950
% 0,02%
Total 44656451
Abstains 2001
3b
Language Annual Accounts and Annual report
43915199
98,34%
743253
1,66%
44658452
0
4
Release from liability of the members of the Executive Board
43915501
99,98%
9950
0,02%
43925451
733001
5
Release from liability of the members of the Supervisory Board
43915501
99,98%
9950
0,02%
43925451
733001
6
Appointment of BDO Audit & Insurance B.V. as auditor of the Company
32581910
100%
1
0%
32581911
12076541
8i and 8ii a
Amendment ILP, including the required authorisation of the Executive Board to issue class A shares and to grant rights to subscribe for class A shares under the ILP
43862379
99,86%
61072
0,14%
43923451
735001
8ii b
Exclude pre-emptive rights to the extent required regarding aforementioned authorisation (multiple choice)
40562377
99,85%
61073
0,15%
40623450
4035002
9.
First voting item Amendment of the Company’s articles of association
38813500
99,97%
9950
0,03%
38823450
5835002
9.
Second voting item Amendment of the Company’s articles of association
38813501
99,97%
9950
0,03%
38823451
5833001
11
Extension of the authority of the Executive Board to have the Company acquire its own shares
38813500
99,97%
9950
0,03%
38823451
5833002
12a
Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares
35512680
99,97%
10469
0,03%
35523149
9135303
12b
Extension of the authority of the Executive Board to restrict or exclude pre-emptive rights
35512980
99,97%
10469
0,03%
35523449
9135003
Qurius Algemene Vergadering van Aandeelhouders Vrijdag 27 mei 2011
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