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Basware Financial Results Q4/2009 and full year 2009 CEO Ilkka Sihvo and CFO Mika Harjuaho

Basware Financial Results Q4/2009 and full year 2009 CEO Ilkka Sihvo and CFO Mika Harjuaho. January 26, 2010. Contents. Q4/2009 in Brief 1-12/2009 in Brief Business Review of Q4/2009 Financial Review of Q4/2009 Financial Review of 1-12/2009 Future Outlook. Basware in Brief.

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Basware Financial Results Q4/2009 and full year 2009 CEO Ilkka Sihvo and CFO Mika Harjuaho

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  1. Basware Financial Results Q4/2009 and full year 2009 CEO Ilkka Sihvo and CFO Mika Harjuaho

    January 26, 2010
  2. Contents Q4/2009 in Brief 1-12/2009 in Brief Business Review of Q4/2009 Financial Review of Q4/2009 Financial Review of 1-12/2009 Future Outlook
  3. Basware in Brief Headquarters in Espoo, Finland and altogether10subsidiaries in Europe, in the US and Asia-Pacific Approximately 1 000 000 usersglobally in 1500+ largeorganizations Net sales 92 654 thousand at the end of December 2009 (86 098 thousand) 761 employees at the end of December 2009 (731) Breakthrough to GlobalLeader
  4. Q4/2009 in Brief Excellentperformance in recession Operating profit over 15 percent and at the last year’s level Growth of EPS 24.0 percent Fixed costs tightly managed Automation Services grew strongly by 162.3% Maintenance grew by 13.3% International operations’ share of net sales continued to grow, growth 6.0% Major deals in North America in Q4
  5. 1-12/2009 in Brief Excellentperformance in recession Record-high profitability EUR 11.8 M and at 12.8%, growth 36.2% Growth of EPS 41.3% Growth of net sales 7.6% Strong operating cash flow at EUR 14.7 M Automation Services grew by 72.0% Maintenance grew by 18.7% International operations’ share of net sales continued to grow, growth 12.6% Order backlog EUR 14.6 Million, several new largeAutomation Services deals
  6. Highlights of Q4/2009 Large Scan and Capture deal in North America in health care sector Major Connectivity deal with Veolia Environmental Services in UK Growth of Automation Services 162.3% Basware strategy update for 2010-2012 Large Invoice Automation deals in North America in energy, retail and health care sectors Connectivity and Basware Invoice Processing solution deal to one of the world's largest manufacturers of building materials

  7. Business Review of Q4/2009

    CEO Ilkka Sihvo
  8. 2010 market estimate up-dates
  9. Reporting Licensesales Enterprise Purchase to Pay and Financial Management Software Professional Services Maintenance Automation Services SaaS Connectivity (e-invoicing, Scan&Capture) FinlandFinnish, Russian, Asia-Pacific(excl. Australia) and headquarteroperations ScandinaviaDenmark, Norway and Sweden EuropeFrance, Germany, The Netherlands, UK OtherNorth-America, Australia
  10. Segment: Finland Q4/2009
  11. Segment: Finland Q4/2009 New dealswithe.g. FenetOy, ParmarineOy, EutellerOy, NurmijärvenSähköOy, UB Securitas Oy (United Bankers) Profile Segmentconsists of Finnish, Russian, Asia-Pacific (excluding Australia)operations and headquarterfunctions Altogether 14 resellers in the segment Number of personnel 460 (426) Highlights Strongresults in economicdownturn Successful scan and capture launch in Finland, large deals
  12. Segment: Scandinavia Q4/2009
  13. Segment: Scandinavia Q4/2009 Highlights and New dealswithe.g. Public sectorbreakthrough in Denmark Folketinget ArcticSecurities Tun Media AS Norgesvassdrags- ogenergidirektorat Rieber & Son Profile Centrallymanagedunits in Sweden, Norway and Denmark The segmentsells Enterprise Purchase to Paysolutions Mainlydirectsales Number of personnel 130 (146)
  14. Segment: Europe Q4/2009
  15. Segment: Europe Q4/2009 Profile Segmentconsists of units in Germany, France, The Netherlands and UK Segmentsells Enterprise Purchase to Paysolutions Altogether 35 resellers in the segment Number of personnel 119 (127) Highlights and new dealswithe.g. Successful Connectivity launch in UK Major Connectivity deal with Veolia Environmental Services in UK ABB Egypt and SaudiArabia
  16. Segment: Other Q4/2009
  17. Segment: Other Q4/2009 Large Invoice Automation deals in North America in energy, retail and health care sectors Large Scan and Capture deal in North America in health care sector Profile Segmentconsistsunits in North-America and Australia Altogether 10 resellers in the segment Number of personnel 48 (29) Highlights and new deals
  18. BaswareAutomation Services
  19. BaswareConnectivity Services Basware Connectivity is a new set of services which enable suppliers and buyers of all sizes and maturity to transact electronically Launched on the markets early 2009, clear demand for the solution New customers in all important markets including North America Baswarestrong player in connectivity markets Competitors local or small by transaction volumes Major success in2009extending Basware’s competitiveness and ensuring recurring revenue stream

  20. Financial Review of Q4/2009 and 1-12/2009

    CFO Mika Harjuaho
  21. Key Financials 2005-2009 tEUR tEUR
  22. Q4/2009 and 1-12/2009 in Brief
  23. Development of Quarterly Net Sales
  24. Development of Quarterlyprofit
  25. Net SalesbyOperation Q4/2009 Maintenance, growthof 13.3% License sales, decrease of 4.1% Professional Services, decrease of 18.0% Automation Services, growthof 162.3% Licenses = License sales of software products Professional Services = Former consulting, includes also Maintenance and Automation Services related consulting Maintenance= Continuous, annually charged fees (18-20% of license sales) Automation Services = Software as a Service, einvoicing, scan and capture
  26. Net Sales byOperation 2009 Maintenance, growthof 18.7% License sales, decrease of 8.1% Professional Services, growth of 2.1% Automation Services, growthof 72.0% Licenses = License sales of software products Professional Services = Former consulting, includes also Maintenance and Automation Services related consulting Maintenance= Continuous, annually charged fees (18-20% of license sales) Automation Services = Software as a Service, einvoicing, scan and capture
  27. Net SalesbyPrimarySegment Q4/2009
  28. OperatingProfitbyPrimarySegment Q4/2009 Cumulativecorrection for transferpricingmodel in H2. Relates to acquired business in Australia in Q3/2009.
  29. Net Sales byPrimarySegment 1-12/2009
  30. OperatingprofitbyPrimarySegment 1-12/2009
  31. Development of Profit Q4/2009 and 1-12/2009
  32. Products R&D expenses EUR 14 781 thousand (EUR 15 518 thousand) Decrease of 4.7 percent 16.0 percent of net sales (18.0%) EUR 1 454 thousand of costscapitalized i.e. 9.8% Productsunitpersonnel 195 (171) Units in Finland and India Futurerecruitments in India R&D expenses 16.0% of net sales 25.6% of personnel
  33. Personnel In total 761 (731) employees at the end of December 2009 47.4 percentabroad Averageage 36.6 years Education Personnelgroups
  34. Finance and Investments Total assets on the balance sheet EUR 87 287 thousand (EUR 81 909 thousand) Cash and cash equivalents EUR 12 210 thousand(EUR 8 777 thousand) Cash flow from operations EUR 14 732 thousand (EUR 8 331 thousand) Equity ratio 64.8% (59.5%) Gearing -5.3% (9.3%) Total gross investments EUR 7 448 thousand (EUR 12 476 thousand) Includes capitalized R&D costs and acquisitions
  35. Share and Shareholders Number of shareholders 16 480 (17 120) at the end of December 2009 Share price development during January–December 2009: Average price of the share EUR 10.79 (EUR 7.53) Highest EUR 14.66 (EUR 10.45), lowest EUR 6.60 (EUR 6.00) Closing price EUR 14.52 (EUR 6.59) Traded shares 2 038 565 (2 298 467) 17.9% (20.1%) of all shares Market capitalization EUR 165 206 004 (EUR 75 301 011) Basware’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.36 per share (2008: EUR 0.23) be paid for 2009.

  36. Future Outlook

    CEO Ilkka Sihvo
  37. Industry and Basware Outlook 2010 Uncertainty in worldeconomy Market forecasts updated towards the end of 2009 expect the software market to increase by 9.2 percent in 2010 in the United States and by 5.5 percent in Western and Central Europe.  The entire IT market is expected to grow by 6.6 percent in the United States and by 4.0 percent in Western and Central Europe in 2010. Competitive position strong, Automation Services supporting overall product offering. The company's long-term target is to grow annually more than 50% in SaaS, Connectivity Services and e-invoicing. Target is to become one of the leading e-invoicing companies in the world. A program to invest in the growth of Basware Automation Services (SaaS, e-invoicing service and Scan and Capture) has been initiated as of the beginning of 2010 Automation Services orderbacklog: EUR 14 630 thousand
  38. Industry and Basware Outlook 2010 Strategic growth markets are North America, Germany, UK and France based on market size and opportunities. In Finland and Scandinavia, the focus is on profitability, and moderate growth is supported by the company's expanded product portfolio and the development of the service business. The number of the Group's personnel will increase mainly in Automation Services and R&D activities during the year. The number of personnel will increase the most in India, which will enable growth with a more moderate increase in costs. Additional investments required by growth will be moderately realized, provided that net sales and profitability have realized in accordance with expectations. Review of acquisition possibilities continues: Automation Services, distribution channel and product portfolio Basware expects its net sales to develop positively on the level of 2009. Operating profit (EBIT) for 2010 is expected to be from 10 to 15 percent of net sales.
  39. Next interim report on April 15, 2010Analyst and press briefing takes place on April 15, 2010 at 11.00 in Hotel Kämp, Pohjoisesplanadi 29, Helsinki, Finland. Welcome!
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