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Presentation  9 Months  Results 2003 Extra-Ordinary Shareholders’ Meeting  November 24, 2003 - Kontich <ul><li>Market posi...
Quarterly : Revenue Evolution Annually : EBIT Evolution REPORTING Financial information available on website  www.realsoft...
A. Headlines - Theo Dilissen B. Financial results -  Philip De Tavernier C. Outlook + Debt Restructuring - Theo Dilissen P...
A. Headlines
Q1 Q2 Q3 Q4 ‘ Seasonality’
Key figures YTD <ul><li>Comparable to 3Q03 YTD figures </li></ul><ul><li>Market and turnover position consolidated </li></...
Key figures 3Q03 versus 3Q02 <ul><li>Revenues slightly higher </li></ul><ul><li>Margins remain under pressure </li></ul>
<ul><li>Business & Government and “Infrastructure” record higher revenues </li></ul><ul><li>Turnover decrease in Industry ...
<ul><li>General price pressure in the market </li></ul><ul><li>Retail : later recognition of licence revenue due to the de...
<ul><li>Another difficult fourth quarter in 2003, budgets under further pressure  </li></ul><ul><li>As a result of the dif...
Prospects 2003: October is encouraging
Group Turnover by Division     <ul><li>Banking & Insurance : “traditional license-driver”, decrease in system integration ...
Group Turnover by Division     <ul><li>Business & Government : solid performance, turnover increase of € 0,8 m, lower inco...
Group Turnover by Division     <ul><li>Industry : less income from system integration, higher licenses sales = implementat...
Group Turnover by Division     <ul><li>Retail : revenues in line with 3Q02 YTD, migration to new product suite, impact on ...
Group Turnover by Division     <ul><li>International activities : largest part is professional services, turnover down € 4...
Group Turnover by Division     <ul><li>Infrastructure : turnover increase of € 2,8 m </li></ul>
Statements of Operations: Revenues & EBIT -5.1% -6.6 -3.4 -4.4 +2.8 +0.1 +0.6 -1.7 -0.9 +/- ** *** - ** *** * EBIT *** Rev...
<ul><li>Cash flow YTD 2003  </li></ul><ul><ul><li>Recurring cash increase +€ 3.7 m </li></ul></ul><ul><ul><li>Non-recurrin...
<ul><li>Letter of Intent  for Management buy-out of FSS  </li></ul><ul><li>Purchase price : € 2.4m </li></ul><ul><li>- cas...
<ul><li>Landbouwkrediet </li></ul><ul><li>Bank van de Post </li></ul><ul><li>De Post </li></ul><ul><li>BRICO </li></ul><ul...
<ul><li>Telenet </li></ul><ul><li>Free Record Shop </li></ul><ul><li>VRT </li></ul><ul><li>De Post </li></ul><ul><li>Intra...
Banking & Insurance BANKING & INSURANCE
Banking & Insurance Activities Customers Turnover Figures Luxemburg : Private banking (Portfolio management + Back Office ...
Banking & Insurance Activities Customers Portfolio composition Luxemburg : Private banking (Portfolio management + Back Of...
Banking & Insurance Market Outlook Personnel Number: 183 Productivity Rate: 81 % Deals 3Q03 Pipeline + Extension of  exist...
Business & Government GOVERNMENT
Business & Government Activities Customers Turnover Figures Midsized companies: software products and development + projec...
Business & Government Activities Customers Turnover Figures Midsized companies: software products and development + projec...
Business & Government Market Outlook Personnel Number: 328 Productivity Rate: 82 % Deals 3Q03 Pipeline ++ Oracle Project H...
Retail
Retail Activities Customers Turnover Figures P.O.S (Point of Sales), Front & Backstore automation, Central Office,  Datawa...
Retail Activities Customers Turnover Figures P.O.S (Point of Sales), Front & Backstore automation, Central Office,  Datawa...
Retail Market Outlook Personnel Number: 280 Productivity Rate: 65 % Deals 3Q03 Pipeline ++     Collaborative CRP system li...
Industry INDUSTRY
Industry Activities Customers Turnover Figures Niches : Enterprise Asset Management, Logistics, Textile, ERP Production co...
Industry Activities Customers Turnover Figures Niches : Enterprise Asset Management, Logistics, Textile, ERP Production co...
Industry Market Outlook Personnel Number: 359 Productivity Rate: 84 % Deals 3Q03 Pipeline ++ ICT Services Enterprise Asset...
International activities 364 people
Infrastructure 9 people
B. Financial results
Topics <ul><li>Statements of Operations </li></ul><ul><ul><li>Revenues & EBIT </li></ul></ul><ul><ul><li>Net Result from O...
Statements of Operations: Revenues & EBIT -5.1% -6.6 -3.4 -4.4 +2.8 +0.1 +0.6 -1.7 -0.9 +/- ** *** - ** *** * EBIT *** Rev...
Statements of Operations: Net Result from Operations -0.8 +7.3 +6.5 - Amortisation Goodwill -5.2 -4.6 -9.8 Net Result from...
Statements of Operations: Net Result +0.8 -7.3 -6.5 Amortisation Goodwill -4.4 -0.2 -4.6 Net Result exclud. Amortisation G...
Balance sheet: Assets -18.3 205.3 187.0 Total Assets +0.8 0.8 1.6 Receivables > 1 Year +3.9 0.0 3.9 Prepaid Developm Cost ...
Balance sheet: Liabilities +2.4 2.8 5.2 Accrued Expenses -2.4 127.1 124.7 Long Term Liabilities +2.2 2.3 4.5 Deferred Reve...
Cash Flow Statement -0.1 Other -1.3 Net Cash used in Investing Activities 9 Months 2003 €  M -2.9 Increase/Decrease Cash -...
Cash Flow Statement
C. Outlook  +  Debt Restructuring
<ul><li>Another difficult fourth quarter in 2003, budgets under further pressure  </li></ul><ul><li>As a result of the dif...
<ul><li>The company confirms the krijtlijnen/principles/guidelines of the debt restructuring   </li></ul><ul><li>Should co...
Debt Restructuring   “Krijtlijnen”/Guidelines/Principles Retour à meilleure fortune ? When ? Normalized going concern
Presentation  9 Months  Results 2003 Extra-Ordinary Shareholders’ Meeting  November 24, 2003 - Kontich <ul><li>Market posi...
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  1. 1. Presentation 9 Months Results 2003 Extra-Ordinary Shareholders’ Meeting November 24, 2003 - Kontich <ul><li>Market position consolidated in difficult </li></ul><ul><li>economic circumstances </li></ul><ul><li>Margins remain under pressure </li></ul><ul><li>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 </li></ul>
  2. 2. Quarterly : Revenue Evolution Annually : EBIT Evolution REPORTING Financial information available on website www.realsoftware.be INVESTOR RELATIONS
  3. 3. A. Headlines - Theo Dilissen B. Financial results - Philip De Tavernier C. Outlook + Debt Restructuring - Theo Dilissen PROGRAM
  4. 4. A. Headlines
  5. 5. Q1 Q2 Q3 Q4 ‘ Seasonality’
  6. 6. Key figures YTD <ul><li>Comparable to 3Q03 YTD figures </li></ul><ul><li>Market and turnover position consolidated </li></ul><ul><li>Margins remain under pressure </li></ul>
  7. 7. Key figures 3Q03 versus 3Q02 <ul><li>Revenues slightly higher </li></ul><ul><li>Margins remain under pressure </li></ul>
  8. 8. <ul><li>Business & Government and “Infrastructure” record higher revenues </li></ul><ul><li>Turnover decrease in Industry and Banking & Insurance </li></ul><ul><li>Stable revenues in Retail division </li></ul><ul><li>Lower revenues of international activities </li></ul>Market Position Consolidated Turnover: € 125,1 m, 2,7 % lower than comparable 3Q02 YTD, in line with market decrease
  9. 9. <ul><li>General price pressure in the market </li></ul><ul><li>Retail : later recognition of licence revenue due to the delay in the delivery of the new Retail product suite </li></ul>Margins remain under Pressure EBIT : € 2,0 m > € 6,6 m lower than 3Q02 YTD
  10. 10. <ul><li>Another difficult fourth quarter in 2003, budgets under further pressure </li></ul><ul><li>As a result of the difficult economic climate and in the light of the recent events </li></ul><ul><ul><li>The Group prefers to not give any specific perspectives for FY2003 </li></ul></ul><ul><li>But October is encouraging </li></ul>Prospects 2003
  11. 11. Prospects 2003: October is encouraging
  12. 12. Group Turnover by Division     <ul><li>Banking & Insurance : “traditional license-driver”, decrease in system integration and licenses income due to unfavorable market conditions in banking sector </li></ul>     
  13. 13. Group Turnover by Division     <ul><li>Business & Government : solid performance, turnover increase of € 0,8 m, lower income of system integration totally compensated by </li></ul><ul><li>higher licenses sales </li></ul>
  14. 14. Group Turnover by Division     <ul><li>Industry : less income from system integration, higher licenses sales = implementation of strategic model </li></ul>
  15. 15. Group Turnover by Division     <ul><li>Retail : revenues in line with 3Q02 YTD, migration to new product suite, impact on results as from second half (stronger rules for revenue recognition) </li></ul>
  16. 16. Group Turnover by Division     <ul><li>International activities : largest part is professional services, turnover down € 4,4 m due to bad economic climate </li></ul>
  17. 17. Group Turnover by Division     <ul><li>Infrastructure : turnover increase of € 2,8 m </li></ul>
  18. 18. Statements of Operations: Revenues & EBIT -5.1% -6.6 -3.4 -4.4 +2.8 +0.1 +0.6 -1.7 -0.9 +/- ** *** - ** *** * EBIT *** Revenue 128.6 125.1 Total Revenue 8.6 2.0 EBIT 6.7% 1.6% EBIT % 34.3 29.9 International 4.1 6.9 Infrastructure 15.6 15.7 Retail 22.7 23.3 Business & Government 33.8 32.1 Industry 18.2 17.3 Banking & Insurance 9 Months 2002 (1) 9 Months 2003 € M
  19. 19. <ul><li>Cash flow YTD 2003 </li></ul><ul><ul><li>Recurring cash increase +€ 3.7 m </li></ul></ul><ul><ul><li>Non-recurring cash outflows - € 6.5 m </li></ul></ul><ul><ul><ul><li>(pre-2002 legacy) </li></ul></ul></ul><ul><ul><li>Net decrease cash - € 2.8 m </li></ul></ul><ul><li>Social Security (RSZ) </li></ul><ul><ul><li>6 month payment plan Q3 (from December 2003) </li></ul></ul><ul><li>All other operational financial commitments are being honoured </li></ul><ul><li>Diligent working capital management </li></ul>Cash situation
  20. 20. <ul><li>Letter of Intent for Management buy-out of FSS </li></ul><ul><li>Purchase price : € 2.4m </li></ul><ul><li>- cash </li></ul><ul><li>- compensation claims </li></ul><ul><li>Lock-up shares lifted </li></ul><ul><li>Closing transaction by end of 2003 </li></ul><ul><li>Impact on current result immaterial </li></ul><ul><li>Impact on net result – € 6 m (mainly goodwill) </li></ul>Sale of FSS
  21. 21. <ul><li>Landbouwkrediet </li></ul><ul><li>Bank van de Post </li></ul><ul><li>De Post </li></ul><ul><li>BRICO </li></ul><ul><li>SECO </li></ul><ul><li>Communauté Française </li></ul><ul><li>Crédit Agricole </li></ul><ul><li>P&V </li></ul><ul><li>DVV </li></ul><ul><li>DHL </li></ul><ul><li>Calcutta </li></ul><ul><li>Berry Yarns </li></ul><ul><li>Nextira One </li></ul><ul><li>Honda </li></ul><ul><li>Concordia </li></ul><ul><li>Umicore </li></ul>New customers Banking & Insurance Industry
  22. 22. <ul><li>Telenet </li></ul><ul><li>Free Record Shop </li></ul><ul><li>VRT </li></ul><ul><li>De Post </li></ul><ul><li>Intratuin </li></ul><ul><li>De Koninck </li></ul><ul><li>Gemeente Roosendaal </li></ul><ul><li>Ministerie van Sociale Zaken </li></ul><ul><li>Ministerie van Volksgezondheid </li></ul><ul><li>Reynaers </li></ul><ul><li>Rode kruis </li></ul>New customers Business & Government Retail <ul><li>Van de Velde – Marie Jo </li></ul><ul><li>Dekamarkt </li></ul><ul><li>Volmar Hoogvliet </li></ul><ul><li>Delhaize </li></ul><ul><li>Jules </li></ul><ul><li>Etam </li></ul><ul><li>Frice </li></ul><ul><li>AKO </li></ul><ul><li>BONI </li></ul>
  23. 23. Banking & Insurance BANKING & INSURANCE
  24. 24. Banking & Insurance Activities Customers Turnover Figures Luxemburg : Private banking (Portfolio management + Back Office Systems) Belgium : Professional Services, leasing The Netherlands : leasing Banks, Insurance companies, Financial institutions, Leasing companies
  25. 25. Banking & Insurance Activities Customers Portfolio composition Luxemburg : Private banking (Portfolio management + Back Office Systems) Belgium : Professional Services, leasing The Netherlands : leasing Banks, Insurance companies, Financial institutions, Leasing companies
  26. 26. Banking & Insurance Market Outlook Personnel Number: 183 Productivity Rate: 81 % Deals 3Q03 Pipeline + Extension of existing contracts AOF Archiving Security Services VarE-Docs Document Management Leasing Management
  27. 27. Business & Government GOVERNMENT
  28. 28. Business & Government Activities Customers Turnover Figures Midsized companies: software products and development + projects Government: professional services, software products and development + projects Home market: government, mid-sized
  29. 29. Business & Government Activities Customers Turnover Figures Midsized companies: software products and development + projects Government: professional services, software products and development + projects Home market: government, mid-sized
  30. 30. Business & Government Market Outlook Personnel Number: 328 Productivity Rate: 82 % Deals 3Q03 Pipeline ++ Oracle Project Hardware Scope Definition (Progress) Java Project Extasy/Progress Implementation Project RF/Barcoding Fimacs Projects E-Smart Implementation Mimix + i-Series Hardware Network support Microsoft Business Solutions Navision Implementation Government Business
  31. 31. Retail
  32. 32. Retail Activities Customers Turnover Figures P.O.S (Point of Sales), Front & Backstore automation, Central Office, Datawarehouse, Intranet
  33. 33. Retail Activities Customers Turnover Figures P.O.S (Point of Sales), Front & Backstore automation, Central Office, Datawarehouse, Intranet
  34. 34. Retail Market Outlook Personnel Number: 280 Productivity Rate: 65 % Deals 3Q03 Pipeline ++ Collaborative CRP system live Partnership FINLAND Product Development Software development Webstore Start of Roll-outs
  35. 35. Industry INDUSTRY
  36. 36. Industry Activities Customers Turnover Figures Niches : Enterprise Asset Management, Logistics, Textile, ERP Production companies and transport companies
  37. 37. Industry Activities Customers Turnover Figures Niches : Enterprise Asset Management, Logistics, Textile, ERP Production companies and transport companies
  38. 38. Industry Market Outlook Personnel Number: 359 Productivity Rate: 84 % Deals 3Q03 Pipeline ++ ICT Services Enterprise Asset Management Axapta Implementation ICT Services RITM Textile Solution
  39. 39. International activities 364 people
  40. 40. Infrastructure 9 people
  41. 41. B. Financial results
  42. 42. Topics <ul><li>Statements of Operations </li></ul><ul><ul><li>Revenues & EBIT </li></ul></ul><ul><ul><li>Net Result from Operations </li></ul></ul><ul><ul><li>Net Result </li></ul></ul><ul><li>Balance Sheet </li></ul><ul><ul><li>Assets </li></ul></ul><ul><ul><li>Liabilities </li></ul></ul><ul><li>Cash Flow Statement </li></ul>
  43. 43. Statements of Operations: Revenues & EBIT -5.1% -6.6 -3.4 -4.4 +2.8 +0.1 +0.6 -1.7 -0.9 +/- ** *** - ** *** * EBIT *** Revenue 128.6 125.1 Total Revenue 8.6 2.0 EBIT 6.7% 1.6% EBIT % 34.3 29.9 International 4.1 6.9 Infrastructure 15.6 15.7 Retail 22.7 23.3 Business & Government 33.8 32.1 Industry 18.2 17.3 Banking & Insurance 9 Months 2002 (1) 9 Months 2003 € M
  44. 44. Statements of Operations: Net Result from Operations -0.8 +7.3 +6.5 - Amortisation Goodwill -5.2 -4.6 -9.8 Net Result from Operations before Tax +1.1 -2.4 -1.3 Income Tax -4.4 -0.2 -4.6 Net Result exclud. Amortisation Goodwill +0.1 -0.4 0.0 Minorities & Equity Method -0.1 -0.2 -0.3 Other +0.8 -7.3 -6.5 Amortisation Goodwill +0.9 -6.2 -5.3 Financial Expense on Debt -0.2 0.5 0.3 Financial Income -6.6 8.6 2.0 EBIT +/- 9 Months 2002 (1) 9 Months 2003 € M
  45. 45. Statements of Operations: Net Result +0.8 -7.3 -6.5 Amortisation Goodwill -4.4 -0.2 -4.6 Net Result exclud. Amortisation Goodwill -4.1 +1.2 -1.6 +/- 9 Months 2002 (1) 9 Months 2003 € M -7.6 -11.7 Net Result -3.5 -2.3 Extra-Ordinary Loss 3.3 1.7 Extra-Ordinary Income
  46. 46. Balance sheet: Assets -18.3 205.3 187.0 Total Assets +0.8 0.8 1.6 Receivables > 1 Year +3.9 0.0 3.9 Prepaid Developm Cost -11.2 78.5 67.3 Current Assets -2.9 9.5 6.6 Cash & Cash Equivalents +/- Dec 31 2002 (1) Sep 30 2003 € M +0.7 1.3 2.0 Other Prepaid Expenses +0.1 2.8 2.9 Inventory & WIP -13.8 64.1 50.3 Receivables < 1 Year -0.6 1.1 0.5 Financial Fixed Assets -0.7 8.7 8.0 Plant, Property & Equipment -6.1 116.4 110.3 Goodwill +0.2 0.6 0.8 Intangibles -7.2 126.8 119.6 Fixed Assets
  47. 47. Balance sheet: Liabilities +2.4 2.8 5.2 Accrued Expenses -2.4 127.1 124.7 Long Term Liabilities +2.2 2.3 4.5 Deferred Revenue -11.8 -105.4 -117.2 Stockholders’ Equity -0.0 115.1 115.1 Subordinated Debt -11.8 9.7 -2.1 Equity in Extended Defin. -18.3 205.3 187.0 Total Liabilities -7.1 26.0 18.9 Accounts Payable -4.2 68.5 64.3 Current Liabilities +/- Dec 31 2002 (1) Sep 30 2003 € M -1.0 27.6 26.6 Other Liabilities -0.8 9.9 9.1 Short Term Financial Debt +0.0 11.6 11.6 Other Debt -0.3 103.1 102.8 Long Term Debt -2.1 11.6 9.5 Provisions & Deferred Taxation +0.0 0.8 0.8 Minorities Interest
  48. 48. Cash Flow Statement -0.1 Other -1.3 Net Cash used in Investing Activities 9 Months 2003 € M -2.9 Increase/Decrease Cash -0.2 Net Cash provided by Financing Activities -1.3 Net Cash used by Operations +3.9 Change in Working Capital -5.2 Net Cash Flow -2.1 Provisions +6.5 Amortisation Goodwill +1.7 Depreciation -11.7 Net Result
  49. 49. Cash Flow Statement
  50. 50. C. Outlook + Debt Restructuring
  51. 51. <ul><li>Another difficult fourth quarter in 2003, budgets under further pressure </li></ul><ul><li>As a result of the difficult economic climate and in the light of the recent events </li></ul><ul><ul><li>The Group prefers to not give any specific perspectives for FY2003 </li></ul></ul><ul><li>But October is encouraging </li></ul>Prospects 2003
  52. 52. <ul><li>The company confirms the krijtlijnen/principles/guidelines of the debt restructuring </li></ul><ul><li>Should constitute basis for the group’s short term continuity + long term development </li></ul><ul><li>Negotiations with the banks will be continued by the new Board of Directors, appointed by the Special Shareholders meeting of November 24th 2003 </li></ul><ul><li>Therefore, the current moratorium for the intrest and capital payments will be postponed to March 15th 2004 </li></ul>Debt Restructuring
  53. 53. Debt Restructuring “Krijtlijnen”/Guidelines/Principles Retour à meilleure fortune ? When ? Normalized going concern
  54. 54. Presentation 9 Months Results 2003 Extra-Ordinary Shareholders’ Meeting November 24, 2003 - Kontich <ul><li>Market position consolidated in difficult </li></ul><ul><li>economic circumstances </li></ul><ul><li>Margins remain under pressure </li></ul><ul><li>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 </li></ul>
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