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Intentia in FranceBest in France Case StudyJune 13, 2005
Alexandre BerthierVesselina Popova
Bettina FreieAdel Benazzouz
Michelle Labarthe
Page 2
Executive Overview
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 3
Intentia Business Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 4
The Intentia Proposition
Intentia is the intelligent choice for organizations that operate in complex supply chains with resource constraints and want to improve the way they make, move and maintain their products.
100% of resources are dedicated to this market
100% of software is designed for this market
100% of experience is in servicing this market
Intentia customers benefit from over 20 years M3 enterprise sector experience, a modern technology infrastructure and a supplier committed to delivering value every time.
Page 5
Company Objectives
To provide enterprise wide software and service solutions to M3 businesses that enable them to compete more effectively, increase their productivity, and grow their businesses profitably.
To become the leading provider of enterprise applications for M3 businesses in targeted geographies and specific industries.
To achieve these objectives via a planned expansion of organic growth and acquisitions with profitable operating performance
Page 6
Intentia Positioning
Make, move, maintain (M3) activities
Flexible, M3 prepackaged solutions
Resource-constrained organizations
Complex business processes
Make it happen, every time
Financially stable supplier
20 years of experience
Modern technology
Page 7
Company Strategy
To continue to deliver increasing value and superior service to their existing customers
To focus new business resources on those industries, geographies, and channels to market with the greatest potential (e.g., France)
To continue to invest 12–15 percent of total revenues in development to maintain technological leadership
Page 8
Strategy Plan: Three Phases
Profit
Growth
Market Share
Stay in the game
Play the game
Win the game
2004
ti
me
Page 9
Goals for 2005
Increase of operating profit by end of 2005
Target best-in-class across all key metrics
Grow in 2005 in comparison to 2004
Create a world-class company with outstanding people
Become an M3 leader within specific industries
Page 10
Intentia International AB
Created in Stockholm,1984
Turnover of €330.7 million in 2004
Curent Market Capitalisation of €284.15 millions
2371 Employees in 40 Countries
More than 3000 Customers Worldwide
SIN: SE0000349243 Ticker: INT-B Sector DJ: Tech – Software Market Cap based on close price on 06/07/2005 of 15.5SEK
Page 12
On a regional basis, Europe accounted for more than 80% of total revenues, and Asia Pacific accounted for approximately 14% of total revenues, up from 12% in 2003.
38.6%
23.2%
18.9%
14.0%
4.6% 0.7%
Northern Europe
Central Europe
Southern Europe
Asia Pacif ic
Americas
Other
Revenues by Region
Page 13
Market Share from Sales in France 2003
Page 14
Strong turnaround in 2004
• New investors injected over $85 million
• New senior management team CEO, CFO, CMO
• Strengthened Board : Romesh Wadhwani (Symphony), Paul Wahl ( ex Siebel and SAP)
• Strong cash position of $70 million (Q3 2004)
• Solid equity to asset ratio of 33% (Q3 2004)
• Positive EBITDA (Q3 2004)
Page 15
(SEK million) 2004 2003
AssetsLiquid funds 499.7 294.1Accounts receivable 866.6 870.1Other current assets 321.6 285.5Tangible assets 116.9 164.4Financial assets 283.1 298.4Goodwill 197.1 262.2Capitalized product development 381.3 342.9
Total assets 2,666.3 2,517.6Liabilities and stockholders' equity
Interest-bearing liabilities 225.8 236.0Convertible notes 70.4 71.1Provisions 37.6 36.5Other liabilities 1,387.9 1,332.6Minority interests 7.9 9.8Stockholders' equity 936.7 831.6
Total liabilities and stockholders' equity 2,666.3 2,517.6
December 31
Intentia begins 2005 in a much stronger financial position as a result of improved operating performance and a SEK 205.6 million increase in cash.
Stronger Financial Position
Page 16
(SEK million) Q1 Q2 Q3 Q4
2004 key performance indicatorsRevenue per employee (TSEK) 233 289 238 372Professional services margin 7.2% 17.9% -18.0% 23.4%Operating margin -17.4% 1.7% -50.9% 15.7%Profit margin -18.9% -1.0% -50.3% 10.2%Adjusted EBITDA margin -11.0% 5.1% -17.8% 16.6%
2003 key performance indicatorsRevenue per employee (TSEK) 247 259 206 289Professional services margin 12.9% 14.8% -0.2% 8.4%Operating margin -11.1% -4.9% -13.0% -3.2%Profit margin -14.7% -7.7% -11.7% -18.3%Adjusted EBITDA margin -6.6% -1.8% -11.2% 2.2%
In the fourth quarter of 2004 all key performance indicators were at their highest levels in eight quarters
Key Performance Indicators
Page 17
Efficiency Measures
July–September SEK million 2004 2003 2002
Change in revenue per employee 13% -13% -15%Change in service cost and indirect expenses1) -7% -16% -5%Service margin 1) 16% 3% 16%EBITDA 1) 4 -28 -30
1) 2004 figures before restructuring charges for comparison
Even Q3, traditionally the weakest quarter of the year, reports a positive EBITDA in 2004, adjusted for restructuring costs
Page 18
Strong Shareholder Base, Shares Vision and Long-Term View
Stockholders Percentage of CapitalSymphony Technology Group 24.9Tennenbaum Capital Partners 11.4Eureka Funds 6.4Total three major owners 42.7
Four major shareholders at the end of September 2004 hold more than 40 percent of Intentia’s capital
Page 19
Intentia Business
Company Products and Clients Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 20
More than 4000 clients around the worldSome Examples
Page 21
More than 300 clients in France
Some examples
Page 22
Customer Industry Sector Detail
Distribution
– Professional Wholesale
– FMCG Distribution
Fashion
– High Fashion
– Contract Manufacturer, Cut and Sew
– Design, Source and Distribute
Asset and Maintenance
– Field Service
– Depot Service
– Enterprise Asset Management
– Third-Party EAM
Food and Beverage
– Meat and Poultry
– Dairy
– Fresh Fruit and Vegetables
– Bakery
Page 23
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 24
International Strategy
Presence in 40 countries covering 5 continents
Growth by acquisitions (Europe) or build from scratch (Asia)
Southern Europe is managed from France
Intentia France represents 18.3% of the group’s total sales in 2003
Significant potential justifying a French presence
Launch of R&D offshore in India to produce at lower costs plus a new customer support center (in 2005)
Partnership with IBM and Symphony
Increase of the number of dedicated people to those activities without increasing costs associated
R&D internal department will still conduct the high-added value work
Reduction of staff in Scandinavia
Page 25
More than 550 employees in southern Europe :
Generating 19% of group’s total sales in 2004
560 Customers
25 Solutions Managers
300 Technical Consultants
15 Developers
50 I-Support Consultants (hot-line)
•Madrid
Intentia in Southern Europe
Page 26
Intentia InternationalBertrand Sciard, Chief Executive Officer
Chief Financial Officer
Arthur Gitajn
General Counsel
Niklas Björkqvist
Human Resources
Claes Bille
Executive Vice President
Johan Berg
Chief Information Officer
Malin Laudon
Chief Marketing Officer
Allan Davies
Research & Development
ANZAsiaAmericas Europe, Middle East and Africa (EMEA)
Franck Cohen
IRD
Henrik Billgren
Americas
David Rode
Northern Europe
Markus Jakobson
Central Europe
Cormac Watters
Southern Europe
René Samama
Asia
David Hope
Australia/ New Zealand
Linus Parker
Page 27
Organisational Chart of Intentia Southern Europe
Region SERene Samama
MARKETING
IT
RESSOURCES HUMAINES
SOLUTION DESIGNER
FINANCE
I-SUPPORT
Directeur Services
StéphaneJacquemet
Directeur New Business
Fréderic Champalbert
Directeur Account
Management
Renaud Vadon
France, Belgique Francophone,
Suisse Francophone,Italie Espagne, Portugal
Directeur New Business
Jordi Salvador
Directeur Account
Management
Jordi Salvador
Directeur Services
Jordi Salvador
OFFICE SUPPORT
Vincent Courtier
Agnès Bravo
Joan Sole
Marc Houx
Odile Rouxel
Alain Roche
HW France
Patrick Benittah
Page 28
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 29
Constraints in France
The previous company GTI was more a family run business thus cultural adaptations had to be made (procedures, strong focus on P&L)
Although the rumor says social protection is very much important in France, it actually costs less to fire someone compared to EU countries
– France: 1/3 month of salary per year of employment within the company
– Italy: 1 month of salary per year of employment within the company
– Portugal and Spain: between 1.5 and 3 months of salary per year of employment within the company
Until recently no partnership (vs. SAP for example) so clear lack of resources in France
Page 30
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France Key Constraint Costs
Key Benefit Numbers
Page 31
Recruitment and Selection
High tech company means two ways of recruiting:
1. Directly by the HR department which is the most common approach
2. With the help of an external consulting firm for very specialized technical profiles, sales persons and management (hunting)
Although there is no assessment center, each candidate has to pass an English test –oral and written
Each selected candidate must receive approval from upper management total number of employees is under control at the company level
No recruitment problems due to the high level of the French education system
Before: young graduates, internal and external mobility, learning on-the-job
Now: industrialization and standardization
Page 32
Compensation
Profit-sharing scheme divided in two parts
1. French law says that above 50 employees it is mandatory to share parts of the profits (aka Participation). The company has no power on the split.
2. Another part can represent 2 to 3 months of salary and is totally in the hands of Intentia regarding the split, the amount etc…(aka Interessement). It’s however a company agreement.
On top of the usual insurance coverage (Social Security), an additional insurance (mutuelle) is added to even better cover medical reimbursements
Laptops and cell phones for everyone
5 weeks of vacation for everyone plus 12 days due to the 35-hour week (2005 numbers)
Maternity and paternity leave, renting aid, heavy home work aid
Page 33
Compensation Key Figures
Participation and Intéressement Evolution
0
500
1000
1500
2000
2500
1997 1998 1999 2000 2001 2002 2003 2004
Years
€ T
ho
usa
nd
s
Participation (€ 000)
Intéressement (€ 000)
•Salary increases always follow the path: recommendation by managers approval by France steering committee approval by the group
• Costs are controlled at a group level
Revenues (M€)
0
10
20
30
40
50
60
70
80
1997 1998 1999 2000 2001 2002 2003 2004
Years
M€ Revenues (M€)
Page 34
The Award Program One of the top 10 reasons most cited by employees when leaving
companies is their perception that the company did not recognise and value his/her performance and contribution.
It is an important human need to know one’s contribution is valued.
Compensation plans are an important element in awarding performance but they also have some drawbacks:
– They lack immediacy as they are based on performance over a defined period, usually a year.
– Do not account for the ongoing incidents of good performance.
– Comp plans are structured and formal and can lack the personal element.
– Monetary awards are not the only tool in recognising performance and contribution.
Two key principles underpinning their Total Rewards philosophy are the desire to retain the best and to recognise performance and contribution. An Award program is an additional tool to deliver on these principles.
Page 35
Why Have an Award Program?
Award programs are about the recognition of performance and contribution.
They range from the informal verbal recognition of a job well done to the more formal giving of a tangible non monetary award.
The ultimate objective of an Award program is to engender an inherent culture where strong performance and contribution is recognised and celebrated.
This culture should encompass both the purely verbal recognition as well as the tangible award.
The motivational factors of knowing one is valued and appreciated cannot be underestimated.
The Award program can become a very important and potent tool for management
Page 36
Considerations
The Award program should articulate and reflect the underlying principles. That is, creating a culture where performance is recognised.
It should be immediate. In other words, the recognition, be it verbal or a more formal award, should be given as close as possible to the event that triggered it.
The program should be simple and clear.
The awards should be non-monetary.
Reinforce the principle that recognition of a job well done is not dependent on the giving of a tangible award. A verbal thank you can be as meaningful as a tangible award.
For higher levels of contribution and performance public recognition and celebration are important to the individual concerned and demonstrates to others the behaviours and actions that are valued by Intentia.
Page 37
Perfect Partner Award (‘On the Spot’)
The purpose of this award is to enable management to immediately recognise and commend behaviours and actions that support the achievement of business objectives. Underlying principles:
– Immediate
– Local management ownership
– Highlights and reinforces the behaviours that drive Intentia’s success.
– Employees can nominate colleagues
The level of the award should be nominal e.g.
– Verbal or written recognition of the individual and the behaviour/action
– Intentia merchandise e.g. t-shirts, bags, etc
– Each Business Group (BG, e.g. Southern Europe) would need to determine the appropriate award type
Page 38
Successful Project Completion - Award
On completion of every project a review will be conducted, by management, to determine the success of the project in terms of:
– Financials (revenue and variance)
– Project quality
– Customer satisfaction (customer feedback)
For projects deemed successful, all project participants, along with their spouses, will be taken to dinner by Intentia.
This provision of the Award program also applies to IRD projects.
Page 39
New Deal Celebration
Each and every new deal should be celebrated at the BU level.
– Diploma
– Bottle of Champagne.
– Permanent memento.
Any deal above €500k in licence revenue should be celebrated at the BG level.
– Diploma
– Gift Presented by the BG Manager
– All BUs should be encouraged to recognise the sale.
– Article on the BG Wire homepage
Any deal above €1m should be recognised at the GO level.
– Diploma
– Gift presented by GO Sales Director.
– Deal recognised globally on the Wire (personalised)
Page 40
BG Specific Initiative
From time to time BGs will introduce a specific business initiative to improve business performance.
In many cases successful achievement of such initiatives may be handled as Strategic Objectives within the comp plans.
However, this may not always be appropriate or desireable.
In such cases it may make sense to include the initiative within the context of the overall Award program.
Any awards provided must be consistent with the standard awards provided under the program.
Page 41
Top Performers Award
Annual event for the company very top performers in all functional areas:
– Sales
– Services
– IRD
– Corporate Services
– Also a number of wild card nominations
Page 42
Communication
In the giving of an award how it is communicated to the individual has an important bearing on how the individual perceives the award and the level of pride/satisfaction they take in it.
Communication to the wider population is also very important:
– Individuals will know that their contribution has been publicised and recognised across the organisation.
– Allows others to celebrate success and congratulate those who have been awarded.
– It is an opportunity to reinforce the behaviours and actions that management require.
The Awards given for successful project completion and New Deals will be published on the Wire on a monthly basis.
The Perfect Partner Awards and any BG Initiative award will be published on the BG Wire page.
Page 43
Training
Mostly done internally for most technical subjects by the Intentia University
Training standardized within the group
Trainings are conducted locally, but more specialized ones might take place in other countries
Special trainings such as languages or supply chain management are done by external companies
Training represents 5% of the total personnel costs of the French subsidiary
Training subjects examples: Movex Operations, Movex Finance, Movex for Beginners, Java, API Programming, Source Code
Page 44
Evaluation Objectives (excerpt from original HR documents)
« Objectif
L’objectif de l’entretien de fin d’année est de :
Définir un profil structuré de vos compétences, opportunités d’évolution et domaines dans lesquels une formation vous serait utile.
Établir des objectifs à court et long terme
Satisfaire les besoins de l’entreprise en personnel compétent
Créer une relation ouverte et confiante entre vous et votre responsable.
Procurer au responsable un feed-back sur son style de management et exprimer vos attentes vis-à-vis de ce responsable
Évaluer les objectifs de l’an dernier et vos performances. »
Page 45
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs Key Benefit Numbers
Page 46
Hiring
Intentia expands through organic growth and acquisitions. It came to France through acquiring the French company GTI in 1995. This acquisition reduced the costs incurred when a business is built from scratch in a new country and after it started the hiring of new labour force related to the development of the main activity of the French office – sales.
The hiring costs include publishing of announcements for job positions in news papers and internet.
When recruitment of personnel for high managerial positions is demanded, the company uses hunting.
Page 47
Payment
Salaries. The major part of the expenses of Intentia are the salaries of the employees. In terms of salaries the costs are higher than in other countries from Southern Europe.
For comparison we are showing the average salary of a business consultant including VC + Social costs
Note: The salary in a small structure is significantly higher as there is one employee in charge of the business development of the office more experienced staff (salaries are comparable to France)
Bonuses. Each year the employees receive the amount of 2 to 3 monthly gross salaries as additional compensation for their contribution to the profits that the company have realized. This is only true for France.
Country France Italy Portugal Spain Salary in % 100% 123,5% 73,1% 90,6%
Page 48
France Italy Portugal Spain 48% 38% 25% 20%
Payment
Social security charges. The social security charges that the company pays to the state for each employee in France are one of the highest in Europe.
Royalties. The function of the French office is to distribute the products which are developed in Sweden. Thus, it pays more than half a product price of royalties to the Swedish office.
Page 49
Training
A major input, tightly related to the performance of the office is the employees’ up-to-date knowledge.Intentia allocates 5% of the total gross salary of an employee for training.
Due to the nature of the products, the company uses internal training system for technical staff and sales force. Some employees are trained to be trainers later on.
External training systems are also available. For example – leadership programs.
The compensation that the company offers upon dismissing is one-third monthly salary. For comparison in Spain this number is 1,5 month, and in Portugal between 1,5 and 3 months
Dismissing
Page 50
Communication
English is the official language in Intentia and employees are expected to be operational in it. During the job interviews every candidate passes a mandatory English language test.
Cultural differences. The HR department considers that there are not major cultural differences between the management in the different offices and there is exchange of people between the offices.
Centralization. The policy of the company is directed toward centralization, but according to its managers the procedures are much less rigid than in other similar companies and the formalization and justification of expenses are much more flexible.
Products. All products are translated in the language of the country in which they are sold.
Page 51
Integration of the French Managers Into The Organization Bertrand Sciard became a CEO of Intentia International in Sweden
when Bjorn Algkvist, the former CEO of the group decided to concentrate on the strategy of the company as a shareholder
Bertrand Sciard has rich experience acquired as an Executive VP of GEAC, responsible for the activities in the regions of Europe, Middle East, Africa and Asia Pacific, as a CEO of Presys and after occupying different positions at IBM
Page 52
Intentia Business
Company Products and Clients
Why did Intentia Come to France?
Constraints in France
Adaptation to France
Key Constraint Costs
Key Benefit Numbers
Page 53
Strong market concentration, profitability depends heavily on market share
Market share
Top 3 30%
Top 10 52%
Top 20 70%
Top 40 85%
Top 60 100%
Intentia is one of the big players: SAP >10%, Intentia and Peoplesoft/JD Edwards >5% and one of only few profitable companies
Key benefits of being in France
Page 54
Market situation (global) : Crisis since 2001
Croissance annuelle du marché des logiciels (tous segments)
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
1997 1998 1999 2000 2001 2002 2003
Croissance 2003 en USD
due aux effets de change
Sources: IBM et Ovum p 2003
Page 55
Consequences of the crisis:
– Strong competition: Take-over of competitors‘ market shares is only way to grow
– Market concentration: Alliances and take-overs (e.g. PeopleSoft /J.D.Edwards) , the 10 biggest players accounted for 72% in 2000 and for 85% in 2002
– 2/3 of players make losses
– Battle for mid-market between SAP and pure ERP players such as Intentia
– Small players survive in niche-segments
Page 56
Europe Nord Ouest
8%
Europe Centrale
11%
Asie
12%Autres
16%
Europe du Nord
37%
France
7%
Europe du Sud
(hors F.)
6%Amériques
3%
Europe du Sud
(hors F.)
4%
Amériques
5%
Europe Nord Ouest
10%
Europe Centrale
11%Asie
9%
Autres
11%
Europe du Nord
38%
France
12%
Intentia France as compared to the Intentia Group (1)
Proportion of Sales Proportion of Employees
•With just 7% of employees Intentia France contributes 12% to the sales of the group
•The figures indicate a high level of PRODUCTIVITY which allows the French subsidiary to be profitable despite the rough market
environment.
Page 57
Intentia France as compared to the Intentia Group (2)
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
0
50
100
150
200
250
300
350
400
450
Q1 04
Q 103
2003
2002
-14,00
-12,00
-10,00
-8,00
-6,00
-4,00
-2,00
0,00
2,00
4,00
6,00
-30
-25
-20
-15
-10
-5
0
5
10
15
Q1 04
Q 103
2003
2002
Sales of the Intentia Group
Results of the Intentia Group
Intentia France was the most profitable part of the company in 2003
Page 58
2001 2002 2003 Var. Résultat d'exploitation 15 450 12 637 6 779 -46,4%
En % du CA 20,6% 17,1% 11,5%Résultat financier 626 469 629 34,1%Résultat courant 16 076 13 106 7 408 -43,5%Résultat net comptable 7 648 7 825 4 144 -47,0%
En % du CA 10,2% 10,6% 7,1%
Intentia France: Positive net result and cash flow despite significant decrease of sales
en k€ 2001 2002 2003 CumulProduit total 75 734 73 511 58 252 207 497 Résultat économique brut 26 332 24 905 15 064 66 301- Droits, Charges div. et var. du BFR -8 682 -8 362 -9 220 -26 264- Investissements d'exploitation -579 -209 -133 -921= DAFIC (A) 17 071 16 334 5 711 39 116+/- Flux financiers et fiscaux 13 125 4 591 2 603 20 319= Cash-flow opérationnel 3 946 11 743 3 108 18 797- Investissements financiers nets 45 -8 -10 27= Solde de financement 3 901 11 751 3 118 18 770 Variation de l'endettement net -3 901 -11 751 -3 118 -18 770
Trésorerie nette en fin d'exercice 14 294 26 045 29 163
Cash flow
Net profit
Page 59
Intentia France: Development No. of Employees, Turnover
Development of Headcount 1997 1998 1999 2000 2001 2002 2003
No. of employees beginning of year 84 133 205 229 242 289 286
Increase 51 97 64 48 77 32 16
Decrease 2 25 40 35 30 35 48
No. Of employees end of year 133 205 229 242 289 286 254
Development % 54% 12% 6% 19% -1% -11%
Average (beginning + ending) /2 109 169 217 236 266 288 270
Turnover (% of average no.) 1,8% 14,8% 18,4% 14,9% 11,3% 12,2% 17,8%
Profitability could only be retained by a reduction of the workforce
Remaining workforce is required in order to be prepared for the expected market turn around
Page 60
Expected positive evolution of the French mid-market segment: Facts & Figures
2003 2006
TCAM (%)CA (M€) Poids
CA (M€)
Poids
ERP suppliers 422,5 26,2% 567,5 29,0% +10,0
Best of Breed suppliers
600,0 37,1% 685,0 35,2% +4,5
Technology and infrastructure suppliers
592,5 36,7% 697,5 35,8% +5,5
MM Market Editors 1615,0 100,0% 1950,0 100,0% +6,5
Page 61
Responsibilities: Due to the importance of the French market and its central location in Southern Europe, Intentia France manages and consolidates the whole Southern European region (i.e. Spain, Portugal, Italy)
Government assistance: not applicable
Impact of location for transportation: not applicable as the product consists of software and services and Intentia France serves the French market only
Cultural adaptation of products: not applicable for ERP software and related services except for language adaptation
Location Characteristics
Page 62
Action plan of Intentia Group as response to financial difficulties
Entrance of major new investor Symphony Technology Group triggers important changes
– Influence on management
– Change of CEO in May 2004
– With Bertrand Sciard, a French becomes successor of Björn Algkvist cultural mediator between the Swedish culture of consensus and decentralisation and the very profit-oriented American way of management
– In July 2004 approvement of plan to streamline the organization, to focus on development and customer support and to orient the company towards higher growth potential markets
Page 63
We Thank
Agnès BRAVO, General Secretary, [email protected]
Stéphanie LONGATTE, HR Manager, [email protected]
Page 64
Our Team
Alexandre Berthier, HEC MBA
Bettina Freie, HEC MBA
Adel Benazzouz, HEC MBA
Vesselina Popova, HEC MBA
Michelle Labarthe, HEC MBA
