www.realdolmen.com




                              Van idee tot economische realiteit

                                 ...
SUMMARY
        Single-source provider of integrated ICT solutions

        Active in Benelux and France

        Emplo...
www.realdolmen.com




                              Van idee tot bedrijf




FEBRUARY 17, 2010 | SLIDE 3
HISTORY
        1997
        Listing on EuroNext
        Brussels

                                        2004 – 2007
   ...
From: Segers Bruno
Sent: woensdag 12 december 2007 22:52
To: Abdo Ashley
Subject: Diesel Romeo honeymoon hotel

Ashley,

A...
Timeline
                                            Diesel Project
                                        14-21 December...
KEY MILESTONES – FROM PROJECT TO NV

                              Announcement of the tender offer
        December 21, ...
REALDOLMEN HAS A CLEAR VISION AND MISSION
        Vision: To be the reference in the local market for
         integrated...
REALDOLMEN HAS MORE THAN 10000 MANYEARS OF EXPERIENCE
                                                    BILLABLE YEARS O...
REALDOLMEN HAS EXTENDED GEOGRAPHICAL REACH

  Headcount
      Belgium                 1242
      France                 ...
REALDOLMEN HAS A SINGLE-SOURCE OFFERING

                                                                             Busi...
A SOLID AND REFERENTIAL CUSTOMER BASE IN BOTH THE
 MID-MARKET AND LARGE ACCOUNTS
                                 Governme...
STRONG PARTNERSHIPS




FEBRUARY 17, 2010 | SLIDE 13
GOOD REVENUE SPREAD ACROSS SECTORS



      Services                 Services
                                          Go...
COMPLEMENTARY SHAREHOLDER OWNERSHIP
                                                                                      ...
www.realdolmen.com




                               Van bedrijf tot economische realiteit




FEBRUARY 17, 2010 | SLIDE ...
ONE OF THE TOP INDEPENDENT ICT SUPPLIERS IN
       BELGIUM
           Microsoft                                           ...
CROSS-SELLING PIECHART *

                                                   8%           1%

                            ...
A TRUE SINGLE-SOURCE SUPPLIER
                                                                          Professional Servi...
€40,5 mio
 TURNOVER FY 2008/09                                                    10,1% margin



                        ...
REALDOLMEN P&L (FY 2008/2009)


         Single source provider delivering high margin Services
          supported by lo...
TURNOVER YTD Q3 2008/09 TO YTD Q3 2009/10                       €30,1
                                                    ...
MARGINS H1 2008/09 TO H1 2009/10
                                                        11,6%



                        ...
H1 NET PROFIT BREAKDOWN
         REBIT                    Non recurring            Financial Result                  Taxes...
CASH/DEBT POSITION (H1)
                   €73,7
                    mio


                   €16,7
                    mi...
REALDOLMEN BALANCE SHEET (SEPTEMBER 2009)
Balance Sheet Summary
(in k€)                                30/03/2009       S...
TAX ASSET
        2007/08: Legal merger with Dolmen Computer
         Applications NV allows faster utilization of unused...
SUCCESFULL MERGER
        In line with our single-source model we now have an
         integrated sales force

        M...
GROWTH STRATEGY
        Strategy remains unchanged – pursuit of organic growth
         with small acquisitions where app...
SUMMARY & OUTLOOK
        Revenue & Results are in line with forecasts
          The company has continued to invest in ...
SIMPLE for the for partners
                                GREEN
                                 HOME
                  ...
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VFB en Merit capital presentatie 18/2/2010 door Bruno Segers

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VFB en Merit capital presentatie 18/2/2010 door Bruno Segers

  1. 1. www.realdolmen.com Van idee tot economische realiteit VFB – Merit Capital Aarschot, 18 februari 2010 Deze presentatie staat online op FEBRUARY 17, 2010 | SLIDE 1 http://www.slideshare.net/realdolmen
  2. 2. SUMMARY  Single-source provider of integrated ICT solutions  Active in Benelux and France  Employing almost 1600 professionals  Succesfull merger of Real with Dolmen in 2008, with benefits coming through  FY2008/09 : €265,6m revenue / €18,4m Ebitda  HY 2009/10: €111,6m revenue / € 3,7m Ebitda  YTD Q3 2009/10: €170,7m revenue  Strong cash position of €39,3 m with positive cash flow generation of €6,2m in H1  €56m tax asset of which €20m recognized  Strong market position, good spread of customers and sound financial structure FEBRUARY 17, 2010 | SLIDE 2
  3. 3. www.realdolmen.com Van idee tot bedrijf FEBRUARY 17, 2010 | SLIDE 3
  4. 4. HISTORY 1997 Listing on EuroNext Brussels 2004 – 2007 Restructuring 2007 - 2008 1986 Establishing solid Growth and return to Start of Real Software platform for growth sound operations NV 2007 2001 – 2004 €75 mio convertible bond Distressed situation Acquisition Axias September 2008 Investment by Gores Merger 1982 2004 2007 Start of Dolmen NV out of Acquisition JConsults Acquisition NEC Philips Colruyt IT department 1999 Listing on EuroNext Brussels FEBRUARY 17, 2010 | SLIDE 4
  5. 5. From: Segers Bruno Sent: woensdag 12 december 2007 22:52 To: Abdo Ashley Subject: Diesel Romeo honeymoon hotel Ashley, As discussed. All details about Hotel De Schelde via this link http://www.hoteldeschelde.nl/nl/ As it‟s only in Dutch a few additional comments I know this hotel, small, modest and cheap (Jef will like this) It‟s not in Belgium (they will not know us) It‟s 1 hour drive from Brussels and 1 hour drive from Antwerp They have wireless They have a few meeting rooms We can eat, swim, drink, sauna and go for bowling If we don‟t have a solution for big problems we can go for a beachwalk to catch fresh air They still have 10 rooms available this Friday and/or Saturday We can meet and work there We can work and meet full days while our partners (even children) could enjoy the environment (if we decide to do this) Jef and Francois could join us Saturday night for dinner Etc … I took an option for at least 10 rooms this Saturday. Ideally we should bring the new mgt team and the merger taskforce together in this warroom concept. We will save a lot of money and time while we start building the Newco Mgt Team in one go. Think about it. Bruno PS If needed some of us can go there as from Friday night to prepare while we start formally Saturday at 10 AM and end Sunday night at … FEBRUARY 17, 2010 | SLIDE 5
  6. 6. Timeline Diesel Project 14-21 December 2007 December 14-19 Complete Business Plan & NewCo Presentation Complete Draft Prospectus Complete Antitrust Filing December 19 3pm Present to Board Diesel – Obtain Support Letter 8pm Present Board Romeo – Approve Prospectus December 20 AM Present Draft Prospectus and Industrial Project to CBFA December 21 AM Public Announcement of Deal by CBFA 9am Work’s Counsel Briefings 10am Press Conference 12pm Analysts 3pm Associates December 25 Enjoy Christmas with Families FEBRUARY 17, 2010 | SLIDE 6
  7. 7. KEY MILESTONES – FROM PROJECT TO NV Announcement of the tender offer  December 21, 2007 and subsequent merger CBFA approval and publication of the  February 20, 2008 prospectus  March 5, 2008 Closing of the tender acceptance period Successfull closing of the tender  March 26, 2008 offer with 82,45% Dolmen shares tendered Extraordinary General Assembly of  September 1, 2008 Shareholders to approve the merger FEBRUARY 17, 2010 | SLIDE 7
  8. 8. REALDOLMEN HAS A CLEAR VISION AND MISSION  Vision: To be the reference in the local market for integrated solutions supporting the complete ICT- lifecycle.  Reference: be the preferred & trusted choice for customers, partners and employees  Local: proximity to our customers in the Benelux and France  Integrated solutions: complete ICT offering covering the full lifecycle, including infrastructure, applications and communications  Complete ICT-lifecycle: supporting all plan-build-operate activities  Mission: We make ICT work for your business. FEBRUARY 17, 2010 | SLIDE 8
  9. 9. REALDOLMEN HAS MORE THAN 10000 MANYEARS OF EXPERIENCE BILLABLE YEARS OF EMPLOYEES PER AGE SERVICE CATEGORY 5033 3271 EDUCATION 81% 19% 80% 20% FEBRUARY 17, 2010 | SLIDE 9
  10. 10. REALDOLMEN HAS EXTENDED GEOGRAPHICAL REACH Headcount  Belgium 1242  France 286  Luxemburg 71  Total 1599 Belgium Luxemburg France FEBRUARY 17, 2010 | SLIDE 10
  11. 11. REALDOLMEN HAS A SINGLE-SOURCE OFFERING Business Solutions  Turnkey Solutions  Service Oriented Architecture  Enterprise Resource  Unified Communications Planning  Supply Chain Mgmt  Customer Relationship  CAD/GIS Management  Mobility  Business Intelligence  Enterprise Asset Mgmt  ECM/WCM  Clinical Trial Mgmt Systems  Web Solutions Solutions built with own software or on top of 3rd party platforms. In this area we sell services and products (such as 3rd party software or own IP) under the form of licenses. Professional Services  Development  Networking  Outsourcing  Testing  Managed Services  Support & Helpdesk  Project Management  Security  Training Services  Enterprise Application Integration  Business Process  Service Oriented Architecture Management Encompasses services (both development and infrastructure competences) and products (own IP under the form of courseware, development methodologies, project management methodologies, building blocks, etc). Infrastructure Products  Data Center  IP Communications  Front-end  Voice Over IP  Networking  Security Hardware products and software licenses FEBRUARY 17, 2010 | SLIDE 11
  12. 12. A SOLID AND REFERENTIAL CUSTOMER BASE IN BOTH THE MID-MARKET AND LARGE ACCOUNTS Government/Healthcare/Education Logistics and Distribution Industry Services Life Science FEBRUARY 17, 2010 | SLIDE 12
  13. 13. STRONG PARTNERSHIPS FEBRUARY 17, 2010 | SLIDE 13
  14. 14. GOOD REVENUE SPREAD ACROSS SECTORS Services Services Government (Financial) (Other) / Healthcare 7% 19% / Education 33% Industry 29% Telecom Distribution 3% / Logistics / Energy 9% FEBRUARY 17, 2010 | SLIDE 14
  15. 15. COMPLEMENTARY SHAREHOLDER OWNERSHIP Institutionals (2) Cegeka 5% 4% Reverse stock split Consolidation of shares Fam. Colruyt (3) to benefit shareholders 16% by reducing stock volatility and allowing the stock price to The Gores Group better reflect value (1) changes 28% Free Float 47% Notes These figures represent the shareholdings on a non-diluted basis, i.e. without taking into account the possible conversion of warrants, convertible bonds or other financial instruments which may result in the creation of RealDolmen shares. They are based on the shareholder's declarations made in accordance with the applicable transparency legislation, which are also made available on this website. (1) Includes stock held by Gores (Real Holdings LLC) and KBC Financial Products. Further to the issuance of the 2007 Convertible Bond, Real Holdings LLC and KBC Financial Products have entered into a stock loan agreement according to which KBC FP has currently borrowed up to 40 million shares for up to 3 years. According to their most recent declarations, Gores and KBC Financial Products respectively hold 20,46% and 7,51% of the issued share capital. (2) “Institutionals” includes Fortis Investment Management NV, holding 3,00% of the issued share capital, Deutsche Bank AG, holding 2.64% of the issued share capital, and KBC (other than KBC Financial Products, which is already taken into account under (1)), holding 0,20% of the issued share capital. (3) “Fam. Colruyt” refers to a number of related parties that made a joint declaration, the details of which are available on this website. FEBRUARY 17, 2010 | SLIDE 15
  16. 16. www.realdolmen.com Van bedrijf tot economische realiteit FEBRUARY 17, 2010 | SLIDE 16
  17. 17. ONE OF THE TOP INDEPENDENT ICT SUPPLIERS IN BELGIUM Microsoft 34.00% Belgacom 31.00% HP 30.00% IBM 19.00% Cisco 14.00% Oracle 10.00% SAP 10.00% Telenet 7.00% RealDolmen 6.00% Mobistar 6.00% Siemens IT Solutions 5.00% Sun 4.00% Econocom 4.00% Cronos 4.00% Accenture 4.00% Atos Origin 4.00% Siemens Enterprise 4.00% Avaya 3.00% Xerox 3.00% Verizon 3.00% Results are based on a Data News survey amongst 1.100 Belgian companies inquiring about their top 3 most important suppliers. © Data News, May 2009. FEBRUARY 17, 2010 | SLIDE 17
  18. 18. CROSS-SELLING PIECHART * 8% 1% 27% 24% 40% 1 domain 2 domains 3 domains 4 domains 5 domains * Based on RealDolmen Top 300 customers (situation Nov „09) FEBRUARY 17, 2010 | SLIDE 18
  19. 19. A TRUE SINGLE-SOURCE SUPPLIER Professional Services  Creating a concept for the  Managed Services Applications: maintenance @ntry application future integrated IT vision (VB6)  Making a data integration  Project Management regarding Enterprise Application Integration study  Enterprise Application Integration from Scribe to Microsoft Bizztalk  Better alignment &  server prioritizing the needs of the different epartments by commencing Infrastructure Products PortfolioManagement  Only software licensing: Microsoft Academic Contract  Microsoft Software Advisor Partner  Building BI platform  Integration of WebPortal with Business Solutions MS Dynamics CRM  MOSS 2007 (intranet Vlerick & student portal Eduweb)  Microsoft CRM (E-HRM,XRM, helpdesk & case mgt)  BI SQL 2005 (datawarehouse & reporting tool)  Maintain the different processes  Take care of the proper  Operational & Strategic infrastructure Program Management  Technical architecture both applicative & infrastructural  Custom made applications Professional Services  Technical projects such as  Day-to day operational IT resources (even in Fost Plus IT management) migration / conversion /  Project & T&M consultancy/development/project management consolidation  Standardize, virtualize, consol idate & secure IT infrastructure Infrastructure Products  Datacenter fully based on HP Hardware  PC‟s, Laptops, …  Multifunctionals + integration  Managed Services on the  Licences Microsoft/McAfee/VMware/… infrastructural & Applicative platform  Change management  Hosting & housing of the IT Business Solutions development / testing &  Microsoft AX Finance production environment  CRM (Microsoft) /ECM (Sharepoint) FEBRUARY 17, 2010 | SLIDE 19
  20. 20. €40,5 mio TURNOVER FY 2008/09 10,1% margin Business Solutions FY 2008/09 €265,6 mio 6% margin €142m 10,5% margin Professional FY 2008/09 Services FY FY 2007/08 2008/09 Total Group €83,1mio 4,2% margin Infrastructure Products FY FY 2007/08 2008/09 FEBRUARY 17, 2010 | SLIDE 20
  21. 21. REALDOLMEN P&L (FY 2008/2009)  Single source provider delivering high margin Services supported by lower margin Infrastructure products Infra Professional Business FY 2008/2009(in k€) Products Services Solutions Corporate Total Total Group REVENUE 83.1 142 40.5 265.6 As % of total Revenue 31% 54% 15% 100% Total Group REBIT FY 3.5 14.9 4.1 -6.6 15.9 As % of Revenue 4.2% 10.5% 10.1% -2.5% 6% FEBRUARY 17, 2010 | SLIDE 21
  22. 22. TURNOVER YTD Q3 2008/09 TO YTD Q3 2009/10 €30,1 €27,8 mio mio Business Solutions Q3 Q3 2008/09 2009/10 €201,4 €106,9 mio €170,7 mio €93,5 mio mio Professional Q3 2008/09 Services Q3 2009/10 Q3 Q3 2008/09 2009/10 Total Group Services €64,4 mio €49,3 mio Infrastructure Products Q3 Q3 2008/09 2009/10 FEBRUARY 17, 2010 | SLIDE 22
  23. 23. MARGINS H1 2008/09 TO H1 2009/10 11,6% 8,6% 6,3% 3,5% 2,9% 2,3% H1 H1 H1 H1 H1 H1 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 -1,6% -1,5% H1 H1 Infrastructure Professional Business 2008/09 2009/10 Products Services Solutions Corporate 5,6% 3,2% H1 H1 2008/09 2009/10 FEBRUARY 17, 2010 | SLIDE 23 Total Group
  24. 24. H1 NET PROFIT BREAKDOWN REBIT Non recurring Financial Result Taxes Net Profit -€3,9 mio -€0,9 mio +€0,7 mio +€0,2 mio -€3,7 mio €7,4 mio €3,5 mio €2,0 mio H1 H1 H1 2008/09 2009/10 2008/09 H1 H1 2009/10 2008/09 €-0,4 H1 €-0,6 H1 2008/09 mio mio 2009/10 €-1,4 H1 2009/10 H1 €-1,7 mio €-2,3 2009/10 mio H1 mio 2008/09 €-2,6 €-3,3 mio mio OUTLOOK: OUTLOOK: Improved margins in H2 OUTLOOK: OUTLOOK: Further reduction compared to H1, but Some optimization still Impact of Bond Buy following retroactive lower than H2 to be completed Back merger of operational €23,6 mio DTA 2008/2009 units in BE FEBRUARY 17, 2010 | SLIDE 24
  25. 25. CASH/DEBT POSITION (H1) €73,7 mio €16,7 mio €54,9 €55,0 mio mio €39,3 €16,6 €36,6 €57,0 €18,4 mio €33,1 mio mio mio mio mio €36,5 €38,4 mio mio March ‘08 March ‘09 September ‘09 2,0 1,2 1,16 Net debt Ebitda (1) Cash (2) Convertible debt (July 2012) Other debt (1) Last Twelve Months (LTM) Ebitda (2) Cash = Cash + Assets held for trading FEBRUARY 17, 2010 | SLIDE 25
  26. 26. REALDOLMEN BALANCE SHEET (SEPTEMBER 2009) Balance Sheet Summary (in k€) 30/03/2009  Strong cash position with limited Assets leverage and strong Cash flows Goodwill 97.714  Net debt of €15.7m Property, plant & equipment 21.779  Cash position of €39.3m exceeds Deferred tax assets 20.604 working capital needs of company Inventories 3.128  €20,6m tax asset recognized based on Trade & other receivables 72.907 5 year projection of taxable earnings in Cash and equivalents 39.296 RealDolmen NV and a tax loss carry forward of €170m Other 898  Debt of €54,9m consists mainly of Total Assets 256.326 Convertible bond valued at €38.4m under IAS 32. Senior unsecured CB Equity and liabilities issued in July 2007 over 5 years with Equity 128.838 5,25 % yield ( of which 2% semi annual Debt 54.970 coupon). Conversion price €50. Retirement benefit obligations 4.028  Goodwill results mainly from Provisions 3.273 acquisitions ( Dolmen NV ( €63m) and Trade and other payables 63.196 Axias ( €5m)). Remainder (€28m) Current and deferred tax liabilities 2021 relates to former acquisitions of our Other liabilites 0 international operations. Total equity and liabilities 256.326 FEBRUARY 17, 2010 | SLIDE 26
  27. 27. TAX ASSET  2007/08: Legal merger with Dolmen Computer Applications NV allows faster utilization of unused tax loss carry forward in RealDolmen NV  2008/09: Conservative projection 5 years taxable profit considering economic environment Tax loss Deferred tax in mio€ carry forward asset (1) Tax rate Tax loss carry forward December 2007 275,0 Estimated tax loss surviving merger Dolmen NV 170,0 56,1 33,0% Deferred tax asset recognized in March 2008 -53,3 -17,6 33,0% Additional DTA recognized in March 2009 -7,8 -2,6 33,0% Remaining unused tax losses for future years 108,9 35,9 33,0% (1) assuming tax rate of 33% FEBRUARY 17, 2010 | SLIDE 27
  28. 28. SUCCESFULL MERGER  In line with our single-source model we now have an integrated sales force  Migration onto a single administrative platform has been achieved  ISO9001 recertification finalizes integration with visible positive REBIT impact  Cross-selling opportunities are being converted  Synergy benefits coming through in line with expectations FEBRUARY 17, 2010 | SLIDE 28
  29. 29. GROWTH STRATEGY  Strategy remains unchanged – pursuit of organic growth with small acquisitions where appropriate  Operate a streamlined organization with optimal framework for growth following optimization & integration projects  Current economic environment presents opportunities to continue to build market share through carefully chosen bolt-on acquisitions FEBRUARY 17, 2010 | SLIDE 29
  30. 30. SUMMARY & OUTLOOK  Revenue & Results are in line with forecasts  The company has continued to invest in its long term growth  Financial structure is stronger than ever  Lower turnover and exceptionals have put pressure on REBIT margins  Integration synergies and optimization efforts are taking effect  Anticipate difficult market to continue, even if H2 margins will improve compared to H1 2009/10  RealDolmen is now positioned as an integrated and sustainable platform for growth FEBRUARY 17, 2010 | SLIDE 30
  31. 31. SIMPLE for the for partners GREEN HOME SHOWCASE environment CAMPUSemployees our customers for all ROCK-SOLID PASSION for ICT FEBRUARY 17, 2010 | SLIDE 31

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