NORMAN ASA. 2. kvartal 2002 / 2 nd Quarter 2002

Transkript

1 NORMAN ASA 2. kvartal 2002 / 2 nd Quarter 2002 Lysaker, 11. juli 2002 / 11 th July 2002

2 Norman med 25% vekst og 22% EBITDA margin Norman ASA hadde driftsinntekter på NOK 61,7 millioner i 2. kvartal Dette er en økning på 25% sammenlignet med 2. kvartal EBITDA for Norman i kvartalet ble NOK 13,7 millioner, en margin på 22%, hvilket er en økning fra NOK 7 millioner i tilsvarende periode i fjor. Andre kvartal er det beste kvartalet som Norman noensinne har levert. I dette kvartalet har begge våre forretningsområder hatt en sterk vekst og en meget sterk EBITDA margin, sier administrerende direktør Henning Hansen. Vi er spesielt fornøyde med at Ibas igjen leverer vekst på linje med 2001 og at forretningsområdet viruskontroll ytterligere har forbedret sin vekst. Viruskontroll med 25% organisk vekst og 23% EBITDA margin Det største forretningsområdet i Norman, viruskontroll, hadde en omsetning på NOK 43,6 millioner i 2. kvartal. Sammenlignet med omsetningen i 2. kvartal 2001 er dette en økning på 25%. EBITDA i perioden var NOK 10,2 millioner hvilket representerer en margin på 23%. Det er spesielt de europeiske landene utenfor Skandinavia som har bidratt til den sterke veksten, og foruten salg av løsninger til SMB-markedet har selskapet også signert nye ISP-avtaler som har gitt gode resultater. Det er sjette kvartalet på rad at Norman leverer sekvensiell høyere organisk vekst og inntjening innen forretningsområdet viruskontroll. Andre kvartal har vært meget utfordrende for hele antivirusbransjen. De ulike variantene av Klez-viruset har vært de verste virus som noen gang har spredd seg og på det meste var hver 30. epost som ble sendt infisert med dette viruset. Viruset benyttet spesielle teknikker for å fjerne antivirusprogramvare på servere og arbeidsstasjoner og benyttet teknikker for massmailing som var meget effektive. Etter et relativt virusfritt 1. kvartal var Klez-viruset et sikkert tegn på at trusselbildet hva gjelder angrep via virus ikke er blitt mindre i Det viste samtidig viktigheten av å ha effektiv beskyttelse mange steder i infrastrukturen. I tillegg fikk Norman sin syttende 100% award fra den uavhengige testorganisasjonen Virus Bulletin. Selskapet er dermed blant de tre beste leverandørene hva gjelder resultater fra denne eksterne testorganisasjonen. Ibas med sterk vekst utenfor Norden, EBITDA margin på 20% Ibas hadde i 2. kvartal en omsetning på NOK 18,1 millioner. Dette representerer en organisk vekst på 25% sammenlignet med tilsvarende periode i fjor. EBITDA var NOK 3,6 millioner for denne perioden hvilket utgjør en margin på 20%. Veksten kommer i all hovedsak fra de ikke-nordiske landene i Europa. Etableringer som ble gjort i Singapore og Frankrike har gått bedre enn forventet, og begge disse landene leverte positive bidrag. I tillegg har Ibas vært engasjert i forbindelse med Pirelli Tower ulykken i Milano hvor et småfly ødela store deler av et kontorbygg. Ved hjelp av Ibas kompetanse og teknologi ble informasjonen på ca. 30 servere og arbeidsstasjoner rekonstruert. Både dataetterforskning og -sletting har også fortsatt sin gode utvikling i 2.kvartal. Kapitalsituasjonen Norman økte kontantbeholdningen fra NOK 48 millioner til NOK 55 millioner i 2. kvartal Selskapet har ingen rentebærende gjeld. I kvartalet ble kundefordringer redusert fra 35 til 32 dager. Fremtidsutsikter Markedet for Normans produkter og tjenester er fortsatt bra, og selskapet har som målsetning å vokse mer enn markedet. Dette vil, ifølge analyser fra de ledende analyseselskaper, vokse med 14-15% i Selskapet vil fortsette sitt sterke fokus på lønnsomhet. For tredje kvartal forventes det en lavere omsetning p.g.a sesongsvingninger i forretningsområdene, men en fortsatt god margin. For 2002 oppjusterer Norman sine vekstforventningene til 20% med en EBITDA margin på minst 20%. Vedlagt følger et sammendrag av resultatregnskap og balanse for 2. kvartal For ytterligere informasjon, kontakt Svein Ramsay Goli, styreformann (mob ) eller Henning Hansen, administrerende direktør (tel ; mob ) /

3 Norman with 25% revenue growth and 22% EBITDA margin Norman ASA had net revenues of NOK 61.7 million in the 2 nd quarter This was an increase of 25% compared to the 2 nd quarter EBITDA for Norman this quarter was NOK 13.7 million, a margin of 22% and an increase from NOK 7 million in the same period last year. The 2 nd quarter was the best quarter that Norman has ever delivered. In this quarter, both of our business units have had a strong revenue growth and very high EBITDA margin, says Henning Hansen, President & CEO of Norman ASA. We were especially satisfied that Ibas was again able to deliver revenue growth in line with 2001, and that virus control was able to improve its growth further. Virus control with 25% organic growth and 23% EBITDA margin Virus control, Norman s largest business unit, had net revenues of NOK 43.6 million in the 2 nd quarter, an increase of 25% compared to 2 nd quarter EBITDA for the quarter was NOK 10.2 million, a margin of 23%. It was especially the European countries outside Scandinavia that have contributed to this strong growth, and as well as sales to the SMB market, new ISP agreements have also been signed that will give good results. This is the sixth quarter in a row where Norman s virus control business unit has delivered consecutively higher organic revenue growth and profitability. The 2 nd quarter has been an extremely challenging one for the whole anti-virus sector. The various forms of the Klez virus have caused the worst virus proliferation ever, and at its height, one in every 30 s that was being sent was infected with this virus. The virus used special techniques to remove anti-virus software from servers and workstations, as well as massmailing methods that proved to be very effective. After a relatively virus-free 1 st quarter, the Klez virus is a sure sign that the threat of virus attack is no less in It also shows the importance of having virus protection covering many parts of the infrastructure. In addition, Norman received its seventeenth 100% award from Virus Bulletin, the independent test organisation. Norman is therefore one of the three best vendors when it comes to awards from this external test organisation. Ibas with strong growth outside the Nordic countries, and 20% EBITDA margin In the 2 nd quarter, Ibas had net revenues of NOK 18.1 million, an organic growth of 25% compared to the same period last year. EBITDA was NOK 3.6 million, a margin of 20%. This growth has come mainly from Europe outside of the Nordic countries. The new investments in Singapore and France have given better results than expected and both of these countries were profitable in the 2 nd quarter. In addition, Ibas was engaged to provide services in connection with the Pirelli Tower incident in Milan where a small plane destroyed large parts of an office building. Using Ibas competence and technology, information on about 30 servers and workstations could be recovered. Both computer forensics and ExpertErasure have continued their good development during the 2 nd quarter. Financial situation Norman increased its cash balances from NOK 48 million to NOK 55 million in the 2 nd quarter The company has no interest-bearing debt and during the quarter the number of days outstanding in accounts receivables was reduced from 35 to 32. Future expectations The market for Norman s products and services continues to be good and the company has the aim of outperforming market growth rates which according to the leading research companies are forecast to be 14-15% in The company will continue its strong focus on profitability. In the 3 rd quarter it is expected that revenue will be lower because of seasonal factors, but with a good margin. For 2002 as a whole, Norman is upgrading its growth expectations to 20% with an EBITDA margin of at least 20%. Enclosed is a summary of the preliminary financial statements for the 2 nd quarter For further information, please contact Svein Ramsay Goli, Chairman of the Board (mobile ) or Henning Hansen, President & CEO, (office ; mobile ) /

4 Norman ASA Consolidated income statements (only annual figures are subject to statutory audit) Net revenues Cost of materials Personnel costs Other operating expenses Loss on receivables Sub-total EBITDA for continuing activities (earnings before interest, tax, depreciation, amortisation) EBITDA margin % % % % % Depreciation/amortisation Operating result for continuing activities Net financial items (see note 1) Result before tax for continuing activities Result before tax for discontinuing activities (see note 2) Result before tax Tax charge/(credit) for continuing activities Tax charge/(credit) for discontinuing activities Minority interest Result after tax Earnings per share + kr 0,87 - kr 0,80 + kr 1,50 - kr 1,79 - kr 4,96

5 Income statement analysis of Norman ASA s continuing activities by business unit Virus control business unit: Net revenue Cost of materials R&D costs Sales costs Marketing costs G&A costs Loss on receivables Sub-total EBITDA EBITDA margin % % % % % Depreciation/amortisation Operating result Ibas business unit:: Net revenue Cost of materials Ibas production costs R&D costs Sales costs Marketing costs G&A costs Loss on receivables Sub-total EBITDA EBITDA margin % % % % % Depreciation/amortisation Operating result The corporate costs, which were separately classified during 2001, are now being allocated to the virus control and the Ibas business units, and the comparative figures for 2001 presented above have been restated for this.

6 Norman ASA Consolidated balance sheets (only annual figures are subject to statutory audit) (Figures in NOK 000) 30 Jun Jun Dec 01 Long term assets Intangible assets Goodwill Tangible fixed assets Deferred tax asset Current assets Inventory Accounts receivable Other short term receivables Cash Total assets Equity Share capital Own shares Share premium reserve Other paid in capital Other equity Minority interest Long term liabilities Pension liabilities Other long term liabilities Deferred income long term Deferred tax liability Current liabilities Bank overdraft Accounts payable Taxes payable Payroll tax, VAT, social tax etc Deferred income - current Other current liabilities Restructuring reserve related to discontinued activities Total liabilities and equity Consolidated statement of equity (only annual figures are subject to statutory audit) (Figures in NOK 000) 30 Jun Jun Dec 01 Opening balance Share issue (less: share issue expenses) Result after tax Foreign exchange adjustment Minority interest Closing balance

7 Norman ASA Consolidated cashflow statement (only annual figures are subject to statutory audit) (Figures in NOK 000) 1H02 1H Cashflow from operating activities Result before tax Restructuring costs (net of payments) Depreciation / amortisation Loss on receivables (Profit)/loss on sale of fixed assets Payment of tax Other items Changes in assets & liabilities (net of the effects of the purchase of companies) Accounts receivable Inventory Other operating assets / liabilities Accounts payable Net cashflow from operating activities Cashflow from investing activities Payments for purchase of long term assets Receipts from sale of long term assets Payments for shares in subsidiaries (net of cash acquired) Net cashflow from investing activities Cashflow from financing activities Receipts from share issue after expenses Changes in bank overdraft & loans Net cashflow from financing activities Effect of foreign exchange rate changes Net changes in cash & cash equivalents Cash & cash equivalents as at period start Cash & cash equivalents as at period end Lysaker, 11 th July 2002 The Board of Directors of Norman ASA Svein Ramsay Goli Chairman About Norman ASA Norman ASA is one of the world s leading companies within the field of information security. Norman offers high-quality products and services within the areas of virus control, personal firewall, encryption, data recovery, data erasure and computer forensic. Today, there are more than 12 million users of Norman`s products worldwide. Norman has 200 employees and is represented by subsidiaries and strategic alliances in USA, Europe and Asia/Pacific. The company has a main listing on the Oslo Stock Exchange and its head office is at Lysaker outside Oslo.

8 Norman ASA Notes to the consolidated financial statements Note 1: Net financial items (only annual figures are subject to statutory audit) Interest income Interest expenses Financial items - other Net financial items Note 2: Result before tax for discontinuing activities (only annual figures are subject to statutory audit) Net revenues Cost of materials Personnel costs Depreciation/amortisation Other operating expenses Loss on receivables Total operating expenses Operating result before tax for security solution activities Restructuring costs: Write-off of intangible assets Write-off of other assets Accrual for winding up costs Total restructuring costs Result before tax for discontinuing activities Norman discontinued its Security Solutions operations with accounting effect from 30 th September The resulting restructuring costs related mainly to the write off of product rights and other assets as well as the winding up of the three Security Solutions companies in the Czech Republic, Australia and Germany. Other notes to the consolidated financial statements. 1. Discontinuing activities are shown in the consolidated income statement using the one-line method, but are not classified separately in either the consolidated balance sheet or consolidated cash-flow statement. 2. This quarterly report has been prepared in accordance with the same accounting principles that are set out in the annual report for In the opinion of the company s management and board, there are no other significant note disclosures required in accordance with the draft Norwegian accounting standard for quarterly reports that was issued in November 2001.