EBIT was MNOK 13,1, up from MNOK 12,1 in Q1/04. This equals a growth in revenues of 11,8% and an improvement of EBIT of 8,7% compared to the same period last year. Pre-tax profit was MNOK 13,7 (12,1), equal to a profit margin of 21,6%. As the Easter holidays were in March this year, the company had fewer days of sales than in the same period last year.

The company has hired a new managing director in SuperOffice Norge AS. The new managing director is Åsmund Olav Fodstad (34) who comes from TANDBERG ASA. Has started in TANDBERG ASA in 1997 and has held positions as Key Account Manager, Country Manager Norway and Regional Director Northern-Europe. For the last 2 years he has been Vice President for Asia Pacific, where he has generated significant revenues for TANDBERG. SuperOffice is very pleased to have Fodstad as a member of the team. He will start in his new position on August 1st 2005. 

Comments to the operation
The company’s key business areas – being revenues from licenses and maintenance – continue to show growth and the company is experiencing increasing interest from the market. During the period the company has hired several new salespeople who all have participated in the company’s education program SuperOffice Academy.

Extended partner program
During the quarter the company has worked on a development of a new partner concept which mainly will be used to establish partnerships with larger system integrators in all markets. The goal is that an increasing share of services within integration, customization and implementation of larger projects will be done by partners. The company is still experiencing growing interest from larger customers and new partners will play an important role related to the company’s ability to deliver more projects with a higher degree of customization. The new concept will be introduced during Q2 and Q3 2005 and the company seeks to establish 1-3 solid new system integration partners in all markets. The new partners will have technology competence and experience both on the IBM and Microsoft platforms.

Acquisition of Team Brendel
After a final financial due diligence, a final agreement to acquire Team Brendel was signed on March 14th 2005. Final transaction value ended at CHF 3.158.000 (MNOK 16,7) in cash for 100% of the shares in Team Brendel AG, in addition to a limited earn-out element for the years 2005, 2006 and 2007. The acquisition has been well received both by Team Brendel employees and customers. Team Brendel’s salespeople and consultants have in Q1/05 participated in the education program on the SuperOffice products.

OEM partnerships
The company has continued its work related to developing the existing OEM agreements with DATEV, Bilinfo og SAP. In Q1/05 the company entered into a new OEM agreement with the Danish software company C&B Systemer. The company has a market leading position within system development within sales, consulting and marketing of real estate in Denmark. The agreement means that C&B Systemer will market, sell and deliver the SuperOffice CRM application as an integrated part of their offering to companies in the real estate market. The solution will be 100% integrated with C&B’s other solutions and will be marketed under the name “C&B SalgsstyringsSystem”. The solution will be offered with a monthly price per user license in a hosted environment or implemented in the IT environment of the customer. C&B Systemer today has more than 1.000 installations in Denmark.

Future expectations
For 9 consecutive quarters SuperOffice ASA has showed growth in both revenues and profits.

The company believes the CRM market will show a positive development in 2005. In the time to come the company will remain focused on increasing license revenues as well as on establishing new system integrator partnerships in all markets. The company’s target for Q2/05 is to achieve better figures than in Q1/05.

2005 Q1 Financal statement

2005 Q1 Presentation

Transistion to IFRS document