Annual General Meeting of Shareholders 2012 24 May, 2012.

Annual General Meeting ofShareholders 2012

24 May, 2012

Agenda

1. Opening and remarks2. Report of the Executive Board on 20113. Adoption annual report book year 2011*4. Release from liability members Executive

Board*5. Release from liability members Supervisory

Board*6. Appointment member Supervisory Board*7. Appointment BDO Audit & Assurance BV as

accountant of the company *8. Dividend policy

* Voting item2

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Cast Your Votes

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* Voting item4

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* Voting item5

Financial analysis and backgrounds

1. Financial key figures2. Revenue and cost development3. EBITDA development4. Long term development5. Working capital6. Ratios7. Conclusions

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Financial key figures

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(millions €)2010

Annual Report

2010Comparabl

e*2011

Revenue 81.7 75.1 74.5

Employee expenses 46.5 44.1 38.6

EBIT -6.9 -7.5 -2.1

Discontinued activities -0.7 -0.1 -5.3

* Excluded Infor and German hardware activities

Financial key figures

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(millions €)2010

Annual Report

2010Comparabl

e*2011

Account receivable 18.1 14.8 15.2

DSO 66 days 61 days 53 days

NIBC debt 11.6 11.6 8.5

Cash position 8.2 8.2 7.8

* Excluded Infor and German hardware activities

Revenue and cost development

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• Comparable revenues in 2011 0.8% lower as in 2010:• More impact of holydays in third quarter• Effects of the economic recession• ICT budgets narrow and pressure on prices

• Comparable cost level 13% lower

Q1 Q2 Q3 Q40

5,000

10,000

15,000

20,000

25,000

Revenues

Q1 Q2 Q3 Q40

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Employee expenses and OPEX

20102011

EBITDA development

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• In each quarter a strong increase in EBITDA due to significant lower costs with a limited decrease of revenues

Q1 Q2 Q3 Q4

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

EBITDA

20102011

Latest Twelve Months: Revenue and EBITDA

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Margin improvement of 2011 compared to 2010: clearly thanks to cost control and cost reductions, restructuring and improvement of operational efficiency (occupancy, sharing resources internationally, etc.)

Non-operational cash out-flow

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In 2010 and 2011 a total of € 12.5 million has been spent on capital reinforcement and strategy change of Qurius.

(× 1000 €) 2011 2010

Interest and redemption NIBC 3,551 2,332

Restructuring costs 1,452 1,894

Investments in software development

2,326 978

Total 7,329 5,204

Working capital

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Debtors increase year end 2011 due to higher December revenueAverage DSO over 2011 improved from 61 to 53 daysImprovement overdue debtors

Comparable working capital 2011 2010

Revenu (€ x mln.) 74.5 75.1

Accounts payable (€ x mln.) 15.2 14.8

Debtors overdue (€ x mln.) 5.8 6.2

DSO (days sales outstanding) 53 61(1 day represents some € 300.000 in cash)

Ratios

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(× 1000 €) 2011 2010

Solvability 42% 41%

NIBC debt 8,500 11,625

Cash position 7,766 8,197

Net debt position 734 3,428

Solvability :Ordina: 63%Unit 4, Agresso: 43%Ctac: 16%

Days Sales Outstanding (DSO) gives an indication of operational efficiency:

Ordina: 58 dagenUnit 4, Agresso: 67 daysCtac: 74 days

Conclusions

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In 2011 the financial performance of the continued business activities has been improved:

• Cost base decreased with euro 5.5 mln.• Performance increased with euro 5.4 mln.• Cash flow is positive (euro 0.740 mln.)• Debt burdon decreased with euro 3.1 mln.

Looking back

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• Context: restructuring in a changing market• April 2010: paradigm shift already recognised

and put down in vision document• Summer 2010: start of three year plan (2010–

2013)• Restructuring: management, portfolio, country

operaties, finance• 2010: start of the process• 2011: process in full swing• Change is easy, changing is not!

The look from an outsider

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• Adriaan Meij (AME Research):• “I do appreciate the shift in strategy that Qurius is

making. Without it, the company would be bankrupt by now. The process is so radical that it can’t be measured from quarter to quarter. It has even not widely been recognised that 2011 was already far less bad as 2010. In my latest report on Qurius I presume a further decrease in revenues while a turning point is to appear in the profitability of the company. Severe conditions have to be met. Whereas it is not only about money, but also the spirit in the workshops and whether new products meet enough demand to be profitable.”

2011: Market changes fast, economy unsure

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• Strong technology push: consumerisation, online, more functionalities in standard software

• Resellers (VARs) under pressure; Business software (ERP): replacement market

• Opportunities for larger IT suppliers (SI’s en ISV’s)

• Clients require an integrated solution• Microsoft focusses on larger partners• European economic outlook: unsure (except

Germany)• Change is imperative

Vision and strategy in short

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• Three pillars: Sustainability, Innovation, New Way of Business

• From back office to front office (currently: administrative processes)

• From back door to front door (currently: client´s partner)

• From boring to sexy (currently: in culture and propositions)

• Pitch on alliance with Prodware (mass and power)

• Pitch on development of own products (IP)• Pitch on innovation (distinctive and future proof)• Operational excellence (top customer service &

marge)

Vision and strategy in short

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Re-invent Qurius! From reseller of business software to ‘integrated social enterprise partner’

Social enterprise is the company of these days:-Imbedded in a business eco-system-6 C’s from Google: community, conversation, content, creative, 1st Choice, top customer service

2011: process in full swing (1)

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• Alliance with Prodware (July)• Focus on United Kingdom, Netherlands,

Germany and Czech Republic• Launch of QIPtree• Increasingly non-administrative projects• Seven client dialogues sustainable partnership• Continued with Corporate Social Responsibility

(CSR policy) and reports according the world standard (GRI-reporting)

2011: process in full swing (2)

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• Vision strategy structure plan plateau planning

• Innovations: Qurius online, virtuele reality (AR), test tool, NAV-Kinect, Yammer

• Investment in training and technical competences (Microsoft and others)

• Establishment Qurius Business Consulting• Twice as much near shore software production

in Czech• During the restructuring, the window remains

open (large, new projects)

Developments in the Netherlands

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• 310 employees (292 fte)• Mark Cockings general manager (starting in

2012)• Products via internet (Qurius online, preferred

partner Microsoft CRM online)• First virtual reality projects (Augmented Reality,

AR)• Improved operations, positive EBIT (before

restructuring costs)• Development of IT-model (Qanvas) to be rolled

out throughout the entire group

Developments in the United Kingdom

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• 45 employees (39 fte) and growing• From supplier of business software to partner

offering comprehensive business solutions, not just IT

• Waste management and Recycling, Distribution, Holiday Parks

• Profitable

Developments in Germany

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• 160 employees (154 fte)• Healthy contribution from the separate entity

Business Information (30 employees)• Strong development in Retail and products via

internet• Large projects: extra capital requirement

(upfront financing, guarantees)• Longer initial project phase as foreseen• Loss making• Extra attention required for project

management

Developments in the Czech Republic

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• 21 employees• Rendered services to both Qurius and Prodware• Specialism: business software (AX en NAV),

mobile devices (tablet, smartphone, BizTalk)• Two Dutch senior managers

Sustainability

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CSR also integral part of the 2011 annual report, (including the leading Global Reporting Initiative table)• Introduction of the New Way of Working is

behind schedule, but can be caught up• Diversity of employees amply achieved• External dialogues amply achieved• CO2 reduction mixed: results on mobility

insufficient, building and technology over-achieved

Strategic alliance with Prodware

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• Pragmatic approach: synergy quick wins• Mutual deployment of staff on projects• Active deployment specialists from Prodware

Israel• Swift transaction Qurius Belgium and Spain• Joint market research and development• Joint international acquisition projects• Joint customers• Approaching partners jointly• Joint training and development of specialists

2012

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• Unsure market circumstances in the Netherlands and United Kingdom, managing German operations more tightly

• Ongoing reinforcement alliance with Prodware• Continue with innovations and QIPtree• Renew Qurius to become a sustainalbe,

comprehensive partner for (upper)-mid market companies

• And don’t forget passion: our world cannot do without ICT

Questions

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* Voting item41

Agenda (continued)

9. Corporate Governance10.Authority to acquire own shares*11.- a Extension of the authority of the

Executive Board to issue shares or to grant rights to acquire shares*

11.- b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights *

12. Closing and roundtable

* Voting item42

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* Voting item47

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* Voting item49

Thank you for comingand for your commitment

Annual General Meeting of Shareholders 2012 24 May, 2012.

Documents

cash slide

lower slide

cost development

ebitda development

comparable revenues

software development

financial key figures

prices comparable cost