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Formpipe Software
Quarterly Report • Feb 14, 2025
3159_10-k_2025-02-14_9376795a-451f-4ddf-ab55-8660f446201e.pdf
Quarterly Report
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| 2024 | 2023 | Δ | |
|---|---|---|---|
| Net sales of SEK | 141 m | (136 m) | 3% |
| Recurring revenues of SEK | 111 m | (101 m) | 10% |
| which corresponds to % of net sales | 79 % | (74 %) | |
| EBITDA SEK | 25 m | (33 m) | -24% |
| EBITDA margin | 18 % | (24 %) | |
| EBIT-adj. | 7 m | (17 m) | -58% |
| EBIT-adj. marginal | 5% | (13%) | |
| EBIT | 3 m | (17 m) | -85% |
| EBIT margin | 2 % | (13 %) | |
| Net profit SEK | 3 m | (19 m) | -83% |
| Net profit margin | 2 % | (14 %) | |
| EPS before dilution SEK | 0,06 | (0.34) | -83% |
| Cash flow from operating activities SEK | 47 m | (75 m) | -38% |
| ACV SEK | 14 m | (9 m) | 52% |
| ARR SEK | 459 m | (405 m) | 13% |
ACV SEK 14 m (9 m) ARR SEK 459 m (405 m)
| 2024 | 2023 | Δ | ||||||
|---|---|---|---|---|---|---|---|---|
| Net sales of SEK | 529 m | (525 m) | 1% | |||||
| Recurring revenues of SEK | 428 m | (383 m) | 12% | "SaaS revenue "Continued positive |
||||
| which corresponds to % of net sales | 81 % | (73 %) | profitability trend" | |||||
| EBITDA SEK | 104 Mkr | (115 m) | -9% | increased by 27%" | ||||
| EBITDA margin | 20 % | (22 %) | ||||||
| EBIT-adj. | 35 m | (50 m) | -30% | Christian Sundin, Magnus Svenningson, |
||||
| EBIT-adj. marginal | 7 % | (10%) | CEO Formpipe CEO Formpipe |
|||||
| EBIT | 25 Mkr | (49 Mkr) | -50% | |||||
| EBIT margin | 5 % | (9 %) | ||||||
| Net profit SEK | 17 Mkr | (37 Mkr) | -54%. | |||||
| Net profit margin | 3 % | (7 %) | ||||||
| EPS before dilution SEK | 0,32 kr | (0,68 kr) | -54%. | |||||
| Cash flow from operating activities SEK | 109 Mkr | (117 Mkr) | -7% | |||||
| ACV SEK | 39 Mkr | (39 Mkr) | 1% | |||||
| ARR SEK | 459 Mkr | (405 Mkr) | 13% | |||||
| Oct-Dec | Jan-Dec | |||||||
| (SEK Million) | 2024 | 2023 | 2024 | 2023 | ||||
| Net sales | 140,9 | 136,2 | 528,9 | 525,2 | ||||
| whereof recurring revenue | 110,7 | 101,0 | 428,4 | 382,8 | ||||
| EBITDA | 25,0 | 33,0 | 104,3 | 114,6 | ||||
| Margin, % | 17,7% | 24,2% | 19,7% | 21,8% | ||||
| EBIT - excluding items affecting comparability | 7,3 | 17,3 | 35,3 | 50,3 | ||||
| Margin, % | 5,2% | 12,7% | 6,7% | 9,6% | ||||
| 2024 | 2023 | Δ | |||||
|---|---|---|---|---|---|---|---|
| Net sales of SEK | 529 m | (525 m) | 1% | ||||
| Recurring revenues of SEK | 428 m | (383 m) | 12% | "SaaS revenue "Continued positive |
|||
| which corresponds to % of net sales | 81 % | (73 %) | profitability trend" | ||||
| EBITDA SEK | 104 Mkr | (115 m) | -9% | increased by 27%" | |||
| EBITDA margin | 20 % | (22 %) | |||||
| EBIT-adj. | 35 m | (50 m) | -30% | Christian Sundin, Magnus Svenningson, |
|||
| EBIT-adj. marginal | 7 % | (10%) | CEO Formpipe CEO Formpipe |
||||
| EBIT | 25 Mkr | (49 Mkr) | -50% | ||||
| EBIT margin | 5 % | (9 %) | |||||
| Net profit SEK | 17 Mkr | (37 Mkr) | -54%. | ||||
| Net profit margin | 3 % | (7 %) | |||||
| EPS before dilution SEK | 0,32 kr | (0,68 kr) | -54%. | ||||
| -7% | |||||||
| Cash flow from operating activities SEK | 109 Mkr | (117 Mkr) | |||||
| ACV SEK ARR SEK |
39 Mkr 459 Mkr |
(39 Mkr) (405 Mkr) |
1% 13% |
||||
| Oct-Dec | Jan-Dec | ||||||
| (SEK Million) | 2024 | 2023 | 2024 | 2023 | |||
| Net sales | 140,9 | 136,2 | 528,9 | 525,2 | |||
| whereof recurring revenue | 110,7 | 101,0 | 428,4 | 382,8 | |||
| EBITDA | 25,0 | 33,0 | 104,3 | 114,6 | |||
| Margin, % | 17,7% | 24,2% | 19,7% | 21,8% | |||
| EBIT - excluding items affecting comparability | 7,3 | 17,3 | 35,3 | 50,3 | |||
| Margin, % | 5,2% | 12,7% | 6,7% | 9,6% | |||
| EBIT | 2,6 | 17,3 | 24,6 | 48,8 |
the two versions, the original Swedish version shall take precedence. The information was submitted for publication, at 08.15 CET 14 February 2025.
Strong SaaS growth in both Lasernet and Public, cost review in Lasernet.
We finish off the year with continued strong SaaS growth, with quarterly SaaS revenues increasing by 27% to SEK 46 million (SEK 36 million) for Formpipe as a whole, which is in line with our long-term goals. ARR grows by 13% to SEK 459 million (SEK 405 million). Quarterly turnover amounted to SEK 141 million (SEK 136 million). Delivery revenues have gradually recovered during the year and amounted to SEK 27 million for the quarter (SEK 29 million). Public's delivery business is improving and is approaching levels we are satisfied with. Considering the continued stable development during the year, the Board proposes a dividend of SEK 0.50, in line with the previous year.
Our adjusted EBIT for the quarter was SEK 7 million (SEK 17 million) excluding one-off items of SEK 4.7 million and is not in line with expectations. To ensure profitable growth going forward, we have implemented cost-saving measures, including a reduction in staff within the Lasernet business area by about a dozen people, which will incur one-off costs in Q1 2025.
Cost focus within Lasernet (Private)
Over the years, we have built and expanded Lasernet as a partner-driven business around Microsoft Dynamics and the Bank & Finance ERP system Temenos. This business area now generates SEK 223 million in revenues, and given the cost-saving measures we have now implemented, Lasernet's profitability will gradually improve during the year. SaaS growth within Lasernet remained strong, at 28%. We are now exploring new expansion opportunities, especially within other ERP ecosystems, such as IFS, SAP, and Infor, where Lasernet can become a central part of the company's document generation. An example is the deal with IFS user Munters, which we won during the quarter. Lasernet's ACV grew by SEK 8.3 million (SEK 5.7 million) as we closed 23 new deals, including with Bankinter and Kent.
Public
In 2024, we initiated comprehensive changes to our operations towards the public sector, Public. We have worked on our delivery business to increase both capacity and utilization, which we see results from in the autumn in the form of increased turnover in the consulting organization. Public has also continued to see strong SaaS growth of 24%. We have made a few cross-border sales with TAS and Adoxa to Sweden, while also winning new business with the Competence Secretariat in Denmark and the Swedish Armed Forces.
We continue to work on transitioning from developing and selling a number of products to a product platform with more common features. This gives us advantages in the form of increased resources for developing new functionality and applying modern product development technologies. We are now at a point where it is time to start bringing new offerings, such as more Microsoft integrations and AI, to the market. During Q1, this will be done on a small scale to a few selected customers, to be offered to a larger part of our customer base later in the year.
During the fall, business area Public was hit by a cyberattack, which we now believe we can put behind us. The criminal activity behind such attacks is a major societal problem that has caused us significant costs and disrupted the work within the organization. However, we have gained valuable experiences to take with us as we continue to develop our offering to our demanding customers.
With this, we leave an intense and educational year behind us. I would like to thank the Formpipe team for a great effort during the year and our customers, partners, and owners for the trust to work together.
Magnus Svenningson, CEO Formpipe
Financial Information
October – December 2024
Net sales for the period increased by 3 % compared to previous year and totalled to SEK 140.9 million (136.2 million). Software revenue increased by 6 % from the previous year and totalled to SEK 113.5 million (101.1 million).
Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK 110.7 million (101.0 million), which is equivalent to 79 % of net sales (74 %). Exchange rate effects have affected net sales by SEK 0.0 million in comparison with the previous year.
January – December 2024
Net sales for the period are the same compared to previous year and totalled to SEK 528.9 million (525.2 million). Software revenue increased by 8 % from the previous year and totalled to SEK 333.8 million (310.5 million).
Total recurring revenue for the period increased by 12 % from the previous year and totalled to SEK 428.4 million (382.8 million), which is equivalent to 81 % of net sales (73 %). Exchange rate effects have affected net sales positively by SEK 0.3 million in comparison with the previous year.
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
October – December 2024
The operating costs for the period totalled to SEK 133.6 million (119.0 million). Personnel costs totalled to SEK 77.7 million (72.3 million). Selling expenses totalled to SEK 17.0 million (15.4 million). Other costs totalled to SEK 34.3 million (32.6 million). Items affecting comparability related to the cyberattack incident amounted to 4.7 million (0.0 million).
Financial Information
Exchange rate effects have increased expenses by SEK 0.4 million in comparison with the previous year.
January – December 2024
The operating costs for the period totalled to SEK 493.6 million 474.8 million). Personnel costs totalled to SEK 289.8 million (286.3 million). Selling expenses totalled to SEK 61.2 million (61.9 million). Other costs totalled to SEK 128.5 million (119.2 million). Items affecting comparability related to the restructuring costs and the cyberattack incident amounted to 10.8 million (0.0 million). Exchange rate effects have increased expenses by SEK 0.8 million in comparison with the previous year.
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
October – December 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 25.0 million (33.0 million) with an EBITDA margin of 17.7 % (24.2 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK 7.3 million (17.3 million) with an adjusted operating margin of 5.2 % (12.7 %). Operating profit (EBIT) totalled to SEK 2.6 million (17.3 million) with an operating margin of 1.8 % (12.7 %). Net profit totalled to SEK 3.2 million (18.6 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.2 million in comparison with the previous year.
January – December 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 104.3 million (114.6 million) with an EBITDA margin of 19.7 % (21.8 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK 35.3 million (50.3 million) with an adjusted operating margin of 6.7 % (9.6 %). Operating profit (EBIT) totalled to SEK 24.6 million (48.8 million) with an operating margin of 4.6 % (9.3 %). Net profit totalled to SEK 17.1 million (36.9 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.5 million in comparison with the previous year.
Sales and EBITDA margin, mSEK
Cash equivalents
Cash and cash equivalents at the end of the period amounted to SEK 46.5 million (39.7 million). The company's total bank overdraft facility amounts to SEK 50.0 million. At the end of the period it was not utilized (- million). The total accessible funds therefore amount to SEK 96.5 million (89.7 million).
The group had interest-bearing debt at the end of the period totalling to SEK 25.0 million (37.8 million), whereof SEK 12.5 million (15.3 million) refers to lease debts according to IFRS 16.
The group's net cash position thereby totalled to SEK 21.6 million (1.9 million), which corresponds to a net cash position of SEK 35.3 million (8.1 million) excluding IFRS 16-related debt.
Financial Information
During the year, dividends of SEK 27.1 million (SEK million) has been paid out.
Deferred tax asset
By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 1.1 million (SEK 3.2 million).
Equity
Equity at the end of the period amounted to SEK 486.2 million (479.4 million), which was equivalent to SEK 8.96 (8.84) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK 15.3 million (0.5 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 57 % (57 %).
Cash flow from operating activities
Cash flow from operating activities for the period January - December totalled to SEK 109.4 million (117.2 million).
Investments and acquisitions
Total investments for the period January – December amounted to SEK 62.7 million (65.3 million).
• Investments in intangible assets totalled to SEK 56.9 million (57.6 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 3.0 million (7.7 million).
- Acquisitions of subsidiaries amounted to SEK 2.8 million (- million).
Financing
During the period, dividends were paid to the company's shareholders amounting to SEK 27.1 million (- million).
During the period January – December the company amortized SEK 10.0 million (10.0 million).
The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period ( million). Leasing related liabilities amounted to SEK 12.5 million (15.3 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 25.0 million (37.8 million).
Dividend
The Board of Directors proposes that the Annual General Meeting to be held on April 29, 2025, resolve to distribute a dividend of SEK 0.50 (SEK 0.50) per share, distributed over two payment instalments, resulting in a total dividend of SEK 27.1 million (SEK 27.1 million). The record date for the dividend will be communicated in connection with the notice of the Annual General Meeting.
In support of its proposal for the appropriation of profits, the Board has, in accordance with Chapter 17, Sections 2–3 of the Swedish Companies Act, assessed the parent company's and the group's consolidation needs, liquidity, and overall financial position, as well as their ability to meet their obligations in the long term.
Data and information become more and more important for the financial development: it is the foundation for many new products and services, which leads to productivity and resource efficiency gains in all sectors of the economy. Being able to take advantage of the possibilities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, process and present data are extensive.
Formpipe's products are used to create, store, distribute, automate, relocate, archive and manage information, data and metadata regarding e.g. scanned documents, e-mail, reports, records, business documents or information from other source systems. The goal is to be able to refine and analyze content from one or more sources, to thereby provide the right insights by the right people receiving relevant information when they need it. It is in the Content Services (previously Enterprise Content Management) market that Formpipe has grown to become a market leader in the public sector and a strong challenger in the private sector where we digitalize and streamline customer communication in sectors such as retail, finance and manufacturing.
The growth in the market is fuelled in large part by the organizational and corporate-wide need to streamline operations and meet legal requirements and regulations. To be able to get the value out of the collective amount of information at companies and organizations, applications and services are needed – in order to securely – collaborate, search, analyze, process and distribute data and content. Growth drivers tend to gain strength as the amount of data and information increases.
Gartner's forecast for the global market is an average annual growth (CAGR) of 10 percent in 2020-2024. The Content Services market is estimated to be USD1 11 billion in system revenue.
An important part of the change of the Content Services market is also that the development is moving increasingly towards cloud-based solutions, where the customers pay for what is used and where costs for development, operations, maintenance, upgrade and support are included in the running agreement. The transition to SaaS is taking place very quickly now and Gartner estimates that the SaaS revenues will reach up to 60 percent of the total sales of software in 20242 .
This development is well in line with Formpipe's reality where growing numbers of the Company's customers choose to shift to Formpipe's cloud services for the standard products and with the Company's development of service modules that can process information both from Formpipe's existing systems and other systems.
Private sector
In the private sector, the business revolves around the product Lasernet. Through a certified partner network, Formpipe addresses the global market for ERP and banking systems. The most common purchase of Lasernet and Formpipe's complementary offering Autoform DM takes place when implementing, or upgrading to, Microsoft Dynamics 365 in industries such as manufacturing, retail and utilities and Temenos Transact and Infinity in banking and finance. The partner network thus primarily consists of implementation partners of these systems and constitutes a sales and delivery channel for Formpipe's offering.
The growth of Formpipe's business in the private sector is based on being included in more and more of Microsoft's and Temenos' business and offering Lasernet and Autoform DM as SaaS. In the Dynamics market, this is done via a globally certified partner network and with Temenos through a strengthened partner relationship.
1 Enterprise Application Software Forecast Q420, Gartner, Inc. 2020
2 Market Trends: Cloud Shift — 2020 Through 2024, Gartner, Inc. 2020
Market
Public sector
Hundreds of authorities, municipalities, universities and state- and municipally owned companies today build their public administration around Formpipe's products. Based on Formpipe's market share for its platforms in Denmark and Sweden, the business is growing mainly through additional sales of add-ons to these, which are primarily co-created in customer projects. Customers' needs revolve around the requirements for a more efficient, innovative and data-driven business.
The focus for these add-ons is on business processes linked to record keeping, such as archiveproof and secure digital signatures or an application for collaboration on meeting documents for municipal politicians. In the Swedish public sector, Formpipe has a stable customer base in municipalities, regions and authorities.
In the Swedish public sector, up to SEK 45 billion is invested in IT every year.
The Swedish government's ambition is for state authorities, municipalities and regions to be the best in the world at using the opportunities of digitalisation to create an efficient public sector - a simpler everyday life for private individuals and companies, more jobs and increased welfare. Digital solutions and automation are an important component for meeting the growing welfare needs and at the same time increasing the service to the citizens.
Formpipe is also a leading supplier of digital government software in the Danish public sector. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens.
Nothing to report.
Directed share issue in connection with acquisition
Formpipe has decided on a directed share issue of 40,296 shares in connection with the acquisition of Dictymatec SARL. The reasons for the share issue and the deviation from the shareholders' preferential rights are that in connection with the acquisition, the Company has undertaken to make payment partly in the form of newly issued shares in the Company.
The share issue resulted in that the number of shares and votes increased by 40,296 and the share capital increased by SEK 4,029.60.
Formpipe announces change of CFO
Chief Financial Officer Joakim Alfredson will leave his position and Formpipe at the end of the first quarter 2025. Mr Alfredson has been with the company for 17 years and has been a member of the Group Management. A recruitment process will be initiated to appoint a successor.
Cybersecurity incident in Formpipe's Danish operations
Formpipe's Danish subsidiary, Formpipe A/S, has identified a cybersecurity incident affecting some of the company's internal servers in Denmark. The incident has had a limited impact on operations
New CFO
Sophie Reinius started on October 21 and will work alongside the former CFO, Joakim Alfredson, for the handover. She reports to Formpipe's CEO and Group President, Magnus Svenningson
Profit warning and cost measures
Formpipe announced a profit warning and a savings and cost cutting program within the business area Lasernet.
Employees
The number of employees at the end of the reporting period totalled to 272 persons (263 persons).
Risks and uncertainty factors
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
Transactions with related parties
No related party transactions have occurred during the period.
Accounting policies
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.
The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
About Formpipe
Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of information-intensive business processes, e-archives, data quality and smart management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA, Germany and France. The Formpipe share is listed on Nasdaq Stockholm.
Calendar for financial information
| April 29, 2025 | Interim report Jan-Mar |
|---|---|
| April 29, 2025 | Annual meeting 2025 |
| July 15, 2025 | Interim report Jan-Jun |
| October 24, 2025 | Interim report Jan-Sep |
This interim report has not been subject to review by the company´s auditors.
The annual report will be available on Formpipe´s website, www.formpipe.com, during week 14.
The annual General Meeting will be held at the company´s premises at Sveavägen 168, on April 29, 2025.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700 E-mail: [email protected]
Stockholm February 14, 2025
Formpipe Software AB The Board of Directors and the Managing Director Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
| Financial Tables | ||||
|---|---|---|---|---|
| Oct-Dec | Jan-Dec | |||
| (SEK 000) | 2024 | 2023 | 2024 | 2023 |
| Net Sales | 140 903 | 136 221 | 528 945 | 525 157 |
| Sales expenses | -17 015 | -15 413 | -61 250 | -61 919 |
| Other costs | -34 328 | -32 569 | -128 538 | -119 210 |
| Personnel costs | -77 718 | -72 319 | -289 847 | -286 296 |
| Capitalized work for own account | 13 137 | 17 052 | 55 026 | 56 877 |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
24 979 | 32 973 | 104 336 | 114 609 |
| Items affecting comparability | -4 703 | - | -10 763 | -1 465 |
| Depreciation/amortization | -17 699 | -15 722 | -69 011 | -64 299 |
| Operating profit/loss (EBIT) | 2 577 | 17 251 | 24 562 | 48 845 |
| Financial income and expenses | 849 | -106 | -280 | -2 062 |
| Exchange rate differences | -313 | 1 829 | -3 020 | -1 123 |
| Tax | 85 | -336 | -4 169 | -8 747 |
| Net profit for the period | 3 198 | 18 637 | 17 093 | 36 913 |
| Of which the following relates to: | ||||
| Parent company shareholders | 3 198 | 18 637 | 17 093 | 36 913 |
| Other comprehensive income | ||||
| Translation differences | 5 601 | -15 027 | 15 313 | 511 |
| Other comprehensive income for the period, net after tax | 5 601 | -15 027 | 15 313 | 511 |
| Total comprehensive income for the period | 8 799 | 3 611 | 32 406 | 37 424 |
| Of which the following relates to: | ||||
| Parent company shareholders | 8 799 | 3 611 | 32 406 | 37 424 |
| EBITDA margin, % | 17,7% | 24,2% | 19,7% | 21,8% |
| EBIT margin, % | 1,8% | 12,7% | 4,6% | 9,3% |
| Profit margin, % | 2,3% | 13,7% | 3,2% | 7,0% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
||||
| - before dilution | 0,06 | 0,34 | 0,32 | 0,68 |
| 0,06 | 0,34 | 0,32 | 0,68 | |
| - after dilution | ||||
| Average no. of shares before dilution, in 000 Average no. of shares after dilution, in 000 |
54 258 54 258 |
54 218 54 218 |
54 241 54 241 |
54 218 54 218 |
| Financial Tables | ||
|---|---|---|
| 31 Dec | ||
| (SEK 000) | 2024 | 2023 |
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | ||
| Capitalized expenditure | 172 571 | 166 722 |
| Goodwill | 458 206 | 441 319 |
| Other intangibel assets | 5 052 | 8 435 |
| Intangible assets | 635 829 | 616 476 |
| Tangible assets | ||
| Other equipment & furnitures Tangibel assets |
20 191 20 191 |
22 209 22 209 |
| Financial assets | ||
| Other financial assets | 1 846 | 1 714 |
| Other non-current receivables | 209 | 1 428 |
| Financial assets | 2 055 | 3 142 |
| Non-current receivables Deferred tax assets |
1 080 | 3 200 |
| Non-current receivables | 1 080 | 3 200 |
| Non-current assets | 659 155 | 645 027 |
| Current assets (excl. cash equivalents) Current receivables |
||
| Trade receivables | 110 517 | 103 394 |
| Current tax assets | 7 311 | 10 071 |
| Other receivables | 3 | 42 |
| Prepaid costs and accrued income | 30 760 | 37 692 |
| 148 590 | 151 199 | |
| Cash equivalents | 46 523 | 39 740 |
| TOTAL ASSETS | 854 269 | 835 966 |
| 31 Dec | ||
|---|---|---|
| (SEK 000) | 2024 | 2023 |
| EQUITY | ||
| Share capital | 5 426 | 5 422 |
| Other paid-in capital | 230 325 | 229 178 |
| Revaluation reserves | 65 302 | 49 990 |
| Retained earnings including profit for the year | 185 117 | 194 854 |
| Equity | 486 170 | 479 443 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Liabilities to credit institutions | 2 500 | 12 500 |
| Deferred tax liabilities | 40 566 | 40 502 |
| Non-current leasing liabilities | 6 315 | 8 053 |
| Non-current liabilities | 49 381 | 61 055 |
| Current liabilities | ||
| Liabilities to credit institutions | 10 000 | 10 000 |
| Current leasing liabilities | 6 149 | 7 282 |
| Trade liabilities | 35 630 | 36 672 |
| Other liabilities | 14 576 | 11 763 |
| Accrued expenses and deferred income | 252 362 | 229 752 |
| Current liabilities | 318 718 | 295 468 |
| Liabilities | 368 099 | 356 523 |
| 854 269 | 835 966 | |
| TOTAL EQUITY AND LIABILITIES |
| Financial Tables | |||||
|---|---|---|---|---|---|
| Equity attributable to the parent company's shareholders Other |
Profit/loss | ||||
| Share | contributed | Other | brought | ||
| (SEK 000) | capital | capital | reserves | forward | Total |
| Balance at January 1, 2023 | 5 422 | 229 178 | 49 478 | 157 941 | 442 019 |
| Comprehensive income | |||||
| Net profit for the period | - | - | - | 36 913 | 36 913 |
| Other comprehensive income items | - | - | 511 | - | 511 |
| Total comprehensive income | - | - | 511 | 36 913 | 37 424 |
| Balance at June 30, 2023 | 5 422 | 229 178 | 49 990 | 194 854 | 479 443 |
| Balance at January 1, 2024 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 |
| Comprehensive income | |||||
| Net profit for the period | - | - | - | 17 093 | 17 093 |
| Other comprehensive income items | - | - | 15 313 | - | 15 313 |
| Total comprehensive income | - | - | 15 313 | 17 093 | 32 406 |
| Transaction with owners | |||||
| Incentive program regulated by equity instruments | - | - | - | 289 | 289 |
| Dividend | - | - | - | -27 119 | -27 119 |
| Share issue | 4 | 1 147 | - | - | 1 151 |
| 4 | 1 147 | - | -26 830 | -25 679 | |
| Total transaction with owners Balance at June 30, 2023 |
5 426 | 230 325 | 65 302 | 185 117 | 486 170 |
| (SEK 000) | Oct-Dec 2024 |
2023 | Jan-Dec 2024 |
2023 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Operating profit/loss (EBIT) | 2 577 | 17 251 | 24 562 | 48 845 |
| Items not affecting cash flow - Depreciation |
17 699 | 15 722 | 69 011 | 64 299 |
| - Other items | -1 229 | 6 051 | 789 | 6 398 |
| Other items affecting liquidity | ||||
| Interest revenue | 1 348 | 544 | 2 113 | 712 |
| Interest expense | -664 | -587 | -2 558 | -2 739 |
| Realized currency effects Income tax paid (-) / reimbursed (+) |
-1 288 | 2 057 | -3 946 | -1 905 |
| Cash flow from operating activities | -768 17 674 |
11 054 52 092 |
-181 89 792 |
3 339 118 950 |
| before working capital changes (* | ||||
| Increase (-) / decrease (+) work in progress | 2 183 | 1 113 | 167 | 1 092 |
| Increase (-) / decrease (+) trade receivables | -28 354 | -19 474 | -2 525 | -20 990 |
| Increase (-) / decrease (+) other current receivables | 11 537 | -1 670 | 8 284 | -428 |
| Increase (+) / decrease (-) trade payables | 13 386 | 12 217 | -2 210 | 2 532 |
| Increase (+) / decrease (-) current liabillities | 30 306 | 30 820 | 15 875 | 16 079 |
| Cash flow from changes in working capital (* | 29 058 | 23 007 | 19 591 | -1 714 |
| Cash flow from operating activities (* | 46 732 | 75 099 | 109 383 | 117 237 |
| Cash flow from investing activities | ||||
| Investment in intangible assets | -13 462 | -17 144 | -56 850 | -57 628 |
| Investment in tangible assets | 359 | -7 119 | -4 210 | -8 671 |
| Investment in financial assets Investment in subsidiaries |
317 0 |
227 -0 |
1 163 -2 821 |
965 - |
| Cash flow from investing activities | -12 786 | -24 036 | -62 718 | -65 334 |
| Cash flow from financing activities | ||||
| New share issue | - | - | 4 | - |
| Repayment of loans | -2 500 | -2 500 | -10 000 | -10 000 |
| Change in bank overdraft facility | - | -3 824 | - | - |
| Repayment of leasing liabillities | -1 879 | -2 313 | -7 194 | -8 375 |
| Dividend paid Cash flow from financing activities (* |
-13 565 -17 944 |
- -8 636 |
-27 119 -44 309 |
- -18 375 |
| Chas flow for the period | 16 002 | 42 427 | 2 356 | 33 528 |
| 1 858 | -2 687 | 4 427 | 1 431 | |
| Currency translation differences for cash | ||||
| Cash and cash equivalent at the beginning of the period Cash and cash equivalent at the end of the period |
28 663 46 523 |
1 39 740 |
39 740 46 523 |
4 781 39 740 |
| (SEK 000) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|
| SaaS | 28 113 | 32 135 | 33 679 | 36 062 | 38 373 | 41 716 | 43 896 | 45 928 |
| Support and maintenance | 60 115 | 62 339 | 65 454 | 64 888 | 63 489 | 65 057 | 65 182 | 64 809 |
| Recurring revenue | 88 228 | 94 474 | 99 133 | 100 951 | 101 861 | 106 773 | 109 078 | 110 737 |
| License | 2 836 | 7 924 | 1 929 101 062 |
6 070 107 021 |
1 318 103 180 |
3 628 110 401 |
850 109 928 |
2 716 |
| 113 453 | ||||||||
| Software revenues | 91 064 | 102 398 | ||||||
| Deliveries | 36 571 | 35 086 | 22 754 | 29 200 | 22 120 | 22 345 | 20 068 | 27 450 |
| Net sales | 127 635 | 137 484 | 123 816 | 136 221 | 125 299 | 132 746 | 129 997 | 140 903 |
| Sales expenses | -15 926 | -16 340 | -14 241 | -15 413 | -13 549 | -15 709 | -14 977 | -17 015 |
| Other costs | -27 661 | -30 480 | -28 500 | -32 569 | -29 779 | -32 975 | -31 456 | -34 328 |
| Personnel costs | -73 352 | -75 321 | -65 304 | -72 319 | -74 203 | -72 469 | -65 456 | -77 718 |
| Capitalized development costs | 12 651 | 13 740 | 13 434 | 17 052 | 13 551 | 13 517 | 14 821 | 13 137 |
| Total operating expenses | -104 288 | -108 401 | -94 610 | -103 249 | -103 981 | -107 636 | -97 068 | -115 924 |
| EBITDA % |
23 348 18,3% |
29 083 21,2% |
29 206 23,6% |
32 973 24,2% |
21 319 17,0% |
25 110 18,9% |
32 929 25,3% |
24 979 17,7% |
| Items affecting comparability | - | - | -1 465 | - | - | - | -6 061 | -4 703 |
| Depreciation/amortization EBIT |
-16 283 7 065 |
-16 142 12 941 |
-16 153 11 588 |
-15 722 17 251 |
-16 865 4 454 |
-17 189 7 921 |
-17 259 9 610 |
-17 699 2 577 |
Financial Tables
| Financial Tables | ||||||||
|---|---|---|---|---|---|---|---|---|
| The Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management. |
||||||||
| The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs. |
||||||||
| In the Group's follow-up on the segments, the intercompany invoicing (revenues and costs) is presented as a net because of the substantial invoicing within the segments related to royalties to IP owning entities. The line Intercompany net includes de intercompany revenues and costs netted out to reflect a more accurate view of the segments. |
||||||||
| Oct-Dec 2024 | Jan-Dec 2024 | |||||||
| (SEK 000) | Public | Lasernet | Other | Group | Public | Lasernet | Other | Group |
| SaaS | 11 421 | 34 507 | - | 45 928 | 43 983 | 125 929 | - | 169 912 |
| Support & Maintenance | 45 525 | 18 385 | 899 | 64 809 | 182 023 | 73 755 | 2 759 | 258 536 |
| Recurring revenue | 56 946 | 52 892 | 899 | 110 737 | 226 005 | 199 684 | 2 759 | 428 449 |
| License | 1 807 | 909 | - | 2 716 | 4 836 | 3 676 | - | 8 513 |
| Sofware revenue | 58 753 | 53 801 | 899 | 113 453 | 230 842 | 203 361 | 2 759 | 436 962 |
| Delivery | 22 015 | 5 435 | -0 | 27 450 | 72 716 | 19 268 | -0 | 91 984 |
| Net sales | 80 768 | 59 236 | 899 | 140 903 | 303 558 | 222 628 | 2 759 | 528 945 |
| Sales expenses | -4 410 | -12 605 | - | -17 015 | -16 145 | -45 105 | - | -61 250 |
| Other costs | -17 530 | -13 647 | -3 151 | -34 328 | -68 217 | -47 087 | -13 235 | -128 538 |
| Personnel costs | -44 457 | -28 578 | -4 683 | -77 718 | -169 842 | -106 984 | -13 021 | -289 847 |
| Capitalized work for own account | 9 635 | 3 501 | - | 13 137 | 41 076 | 13 950 | - | 55 026 |
| EBITDA | 24 006 | 7 907 | -6 935 | 24 979 | 90 430 | 37 403 | -23 497 | 104 336 |
| % | 29,7% | 13,3% | -771,3% | 17,7% | 29,8% | 16,8% | -851,6% | 19,7% |
| Items affecting comparability | -4 703 | - | - | -4 703 | -7 747 | - | -3 016 | -10 763 |
| Depreciation/amortization | -12 007 | -5 228 | -464 | -17 699 | -46 387 | -20 560 | -2 063 | -69 011 |
| EBIT | 7 297 | 2 679 | -7 399 | 2 577 | 36 296 | 16 842 | -28 576 | 24 562 |
| % | 9,0% | 4,5% | -822,9% | 1,8% | 12,0% | 7,6% | -1 035,8% | 4,6% |
| Oct-Dec 2023 | Jan-Dec 2023 | |||||||
| (SEK 000) | Public | Lasernet | Other | Group | Public | Lasernet | Other | Group |
| SaaS | 9 202 | 26 860 | - | 36 062 | 31 916 | 98 074 | - | 129 989 |
| Support & Maintenance | 44 883 | 19 121 | 884 | 64 888 | 172 717 | 76 729 | 3 351 | 252 796 |
| Recurring revenue | 54 085 | 45 981 | 884 | 100 951 | 204 633 | 174 802 | 3 351 | 382 786 |
| License | 3 860 | 2 211 | - | 6 070 | 10 768 | 7 990 | - | 18 759 |
| Sofware revenue | 57 945 | 48 192 | 884 | 107 021 | 215 401 | 182 793 | 3 351 | 401 545 |
| Delivery | 24 593 | 4 607 | -0 | 29 200 | 105 268 | 18 344 | -0 | 123 612 |
| Net sales | 82 538 | 52 799 | 884 | 136 221 | 320 669 | 201 137 | 3 351 | 525 157 |
| Sales expenses | -4 276 | -11 136 | - | -15 413 | -18 827 | -43 092 | - | -61 919 |
| Other costs Personnel costs |
-15 420 -44 519 |
-12 655 -25 342 |
-4 494 -2 458 |
-32 569 -72 319 |
-59 488 -173 097 |
-45 428 -102 585 |
-14 294 -10 614 |
-119 210 -286 296 |
| Oct-Dec 2023 | Jan-Dec 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Lasernet | Other | Group | Public | Lasernet | Other | Group |
| SaaS | 9 202 | 26 860 | - | 36 062 | 31 916 | 98 074 | - | 129 989 |
| Support & Maintenance | 44 883 | 19 121 | 884 | 64 888 | 172 717 | 76 729 | 3 351 | 252 796 |
| Recurring revenue | 54 085 | 45 981 | 884 | 100 951 | 204 633 | 174 802 | 3 351 | 382 786 |
| License | 3 860 | 2 211 | - | 6 070 | 10 768 | 7 990 | - | 18 759 |
| Sofware revenue | 57 945 | 48 192 | 884 | 107 021 | 215 401 | 182 793 | 3 351 | 401 545 |
| Delivery | 24 593 | 4 607 | -0 | 29 200 | 105 268 | 18 344 | -0 | 123 612 |
| Net sales | 82 538 | 52 799 | 884 | 136 221 | 320 669 | 201 137 | 3 351 | 525 157 |
| Sales expenses | -4 276 | -11 136 | - | -15 413 | -18 827 | -43 092 | - | -61 919 |
| Other costs | -15 420 | -12 655 | -4 494 | -32 569 | -59 488 | -45 428 | -14 294 | -119 210 |
| Personnel costs | -44 519 | -25 342 | -2 458 | -72 319 | -173 097 | -102 585 | -10 614 | -286 296 |
| Capitalized work for own account | 12 513 | 4 539 | - | 17 052 | 40 295 | 16 582 | - | 56 877 |
| EBITDA | 30 837 | 8 204 | -6 067 | 32 973 | 109 553 | 26 614 | -21 557 | 114 609 |
| % | 37,4% | 15,5% | -686,1% | 24,2% | 34,2% | 13,2% | -643,4% | 21,8% |
| Items affecting comparability | - | - | - | - | - | - | -1 465 | -1 465 |
| Depreciation/amortization | -10 727 | -4 264 | -731 | -15 722 | -43 240 | -18 171 | -2 888 | -64 299 |
| EBIT | 20 109 | 3 940 | -6 798 | 17 251 | 66 313 | 8 442 | -25 910 | 48 845 |
| % | 24,4% | 7,5% | -768,7% | 12,7% | 20,7% | 4,2% | -773,3% | 9,3% |
| Financial Tables | ||||||||
|---|---|---|---|---|---|---|---|---|
| Oct-Dec 2024 | Jan-Dec 2024 | |||||||
| (Mkr) | Public Private | Other | Group | Public Private | Other | Group | ||
| ARR In - SaaS | 52,9 | 133,4 | - | 186,3 | 50,3 | 109,4 | - | 159,6 |
| ARR In - Support & Maint. | 176,4 | 71,7 | 2,5 | 250,6 | 171,9 | 71,4 | 2,3 | 245,6 |
| ARR In - FX | 1,8 | 6,2 | - | 8,0 | 3,1 | 9,2 | - | 12,3 |
| ARR - Acq. SaaS | - | - | - | - | - | 1,2 | - | 1,2 |
| ARR - Acq. Support & Maint. | - | - | - | - | - | 0,7 | - | 0,7 |
| ARR In - Acquired | - | - | - | - | - | 2,0 | - | 2,0 |
| ARR In* | 231,1 | 211,2 | 2,5 | 444,9 | 225,2 | 192,0 | 2,3 | 419,5 |
| ACV - SaaS | 1,9 | 10,6 | - | 12,5 | 4,1 | 31,5 | - | 35,6 |
| ACV - Support & Maintenance | 3,3 | -2,3 | 0,6 | 1,6 | 6,9 | -3,9 | 0,8 | 3,8 |
| ACV - Net | 5,1 | 8,3 | 0,6 | 14,1 | 11,0 | 27,6 | 0,8 | 39,4 |
| ARR Out - SaaS | 55,2 | 146,9 | - | 202,1 | 55,2 | 146,9 | - | 202,1 |
| ARR Out - Support & Maint. | 181,1 | 72,6 | 3,1 | 256,8 | 181,1 | 72,6 | 3,1 | 256,8 |
| ARR Out | 236,3 | 219,5 | 3,1 | 458,9 | 236,3 | 219,5 | 3,1 | 458,9 |
| Oct-Dec 2023 | Jan-Dec 2023 | |||||||
| (Mkr) | Public Private | Other | Group | Public Private | Other | Group | ||
| ARR In - SaaS | 48,1 | 106,4 | - | 154,4 | 36,1 | 88,9 | - | 125,0 |
| ARR In - Support & Maint. | 174,6 | 77,1 | 2,4 | 254,1 | 166,0 | 75,2 | 3,0 | 244,3 |
| ARR In - FX | -4,1 | -8,4 | - | -12,5 | -1,0 | -2,1 | - | -3,1 |
| ARR In | 218,5 | 175,1 | 2,4 | 396,0 | 201,1 | 162,0 | 3,0 | 366,2 |
| ACV - SaaS | 3,1 | 7,9 | - | 11,0 | 14,6 | 21,9 | - | 36,5 |
| ACV - Support & Maintenance | 0,4 | -2,2 | -0,1 | -1,8 | 6,4 | -3,1 | -0,7 | 2,5 |
| ACV - Net | 3,6 | 5,7 | -0,1 | 9,2 | 21,0 | 18,8 | -0,7 | 39,1 |
| ARR Out - SaaS | 50,3 | 109,4 | - | 159,6 | 50,3 | 109,4 | - | 159,6 |
| ARR Out - Support & Maint. | 171,9 | 71,4 | 2,3 | 245,6 | 171,9 | 71,4 | 2,3 | 245,6 |
| ARR Out | 222,1 | 180,8 | 2,3 | 405,3 | 222,1 | 180,8 | 2,3 | 405,3 |
| Oct-Dec 2023 | Jan-Dec 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public Private | Other | Group | Public Private | Other | Group | ||
| ARR In - SaaS | 48,1 | 106,4 | - | 154,4 | 36,1 | 88,9 | - | 125,0 |
| ARR In - Support & Maint. | 174,6 | 77,1 | 2,4 | 254,1 | 166,0 | 75,2 | 3,0 | 244,3 |
| ARR In - FX | -4,1 | -8,4 | - | -12,5 | -1,0 | -2,1 | - | -3,1 |
| ARR In | 218,5 | 175,1 | 2,4 | 396,0 | 201,1 | 162,0 | 3,0 | 366,2 |
| ACV - SaaS | 3,1 | 7,9 | - | 11,0 | 14,6 | 21,9 | - | 36,5 |
| ACV - Support & Maintenance | 0,4 | -2,2 | -0,1 | -1,8 | 6,4 | -3,1 | -0,7 | 2,5 |
| 5,7 | -0,1 | 9,2 | 21,0 | 18,8 | -0,7 | 39,1 | ||
| 109,4 | - | 159,6 | ||||||
| ACV - Net ARR Out - SaaS |
3,6 | |||||||
| ARR Out - Support & Maint. | 50,3 171,9 |
109,4 71,4 |
- 2,3 |
159,6 245,6 |
50,3 171,9 |
71,4 | 2,3 | 245,6 |
In order to strengthen Formpipe's expertise and capacity in France and Southern Europe, the Private business area acquired Dictymatec SARL on May 1st. The acquisition involves 100% of the shares in Dictymatec SARL and has impacted the Group's balance sheet and cash flow as follows at the time of acquisition. Since the acquisition date, Dictymatec SARL has contributed SEK 4.6 million in revenue and SEK 0.6 million in operating profit before depreciation and one-time acquisition-related costs (EBITDA). If the acquisition had occurred on January 1, 2024, Dictymatec would have contributed SEK 7.6 million in revenue and SEK 0.8 million in EBITDA.
Goodwill has arisen from the acquisition and consists of synergies and personnel. Adjustments to the reported value are represented by acquired excess values regarding customer relationships, technology, and brand. The effect of deferred tax has also been taken into account in this adjustment. No part of the reported goodwill is expected to be deductible for income tax purposes.
The acquisition analysis is subject to final adjustment no later than one year after the acquisition date. The final adjustment of the acquisition analysis was made as of December 31, 2024, which resulted in an increase in goodwill by SEK 0.3 million
| (SEK '000) | Fair value |
|---|---|
| Tangible assets | 107 |
| Intangible assets | 469 |
| Finansiella tillgångar | 12 |
| Trade and other receivables | 3 034 |
| Cash and cash equivalents | 1 721 |
| Trade payables and other liabilities | 4 211 |
| Deferred tax | -117 |
| Acquired net assets | 9 437 |
| Goodwill | 3 539 |
| Total purchase price | 12 975 |
| - Existing cash in the acquired business | -1 721 |
| Changes to group cash at acquisition | 11 254 |
| Financial Tables | |||||
|---|---|---|---|---|---|
| 2020-01-01 | 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | |
| 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
| Shares outstanding beginning of the period | 53 173 907 | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 |
| Share issue | 0 | 0 | 0 | 0 | 40 296 |
| Share issue from warrant programme | 290 000 0 |
262 150 0 |
252 800 238 968 |
0 0 |
0 0 |
| Shares outstanding at the end of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
| Jan-Dec | |||||
| 2024 | 2023 | ||||
| Employees at end of period Net sales, SEK 000 |
272 | 263 | |||
| EBITDA, SEK 000 | 528 945 104 336 |
525 157 114 609 |
|||
| EBIT, SEK 000 | 24 562 | 48 845 |
| Jan-Dec | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Employees at end of period | 272 | 263 | |
| Net sales, SEK 000 | 528 945 | 525 157 | |
| EBITDA, SEK 000 | 104 336 | 114 609 | |
| EBIT, SEK 000 | 24 562 | 48 845 | |
| Net profit for the period, SEK 000 | 17 093 | 36 913 | |
| EBITDA margin, % | 19,7% | 21,8% | |
| EBIT margin, % | 4,6% | 9,3% | |
| Profit margin, % | 3,2% | 7,0% | |
| Return on equity, %* | 3,5% | 8,0% | |
| Return on working capital, %* | 5,3% | 10,3% | |
| Equity ratio, % | 57% | 57% | |
| Equity per outstanding share at the end of the period, SEK | 8,96 | 8,84 | |
| Earnings per share - before dilution, SEK | 0,32 | 0,68 | |
| Earnings per share - after dilution, SEK Share price at the end of the period, SEK |
0,32 22,90 |
0,68 27,10 |
| Financial Tables | ||||
|---|---|---|---|---|
| Oct-Dec | Jan-Dec | |||
| (SEK 000) | 2024 | 2023 | 2024 | 2023 |
| Net sales | 47 150 | 44 845 | 169 958 | 164 699 |
| Operating expenses | ||||
| Sales expenses | -2 880 | -2 626 | -8 729 | -11 309 |
| Other costs | -13 196 | -17 953 | -64 975 | -63 693 |
| Personnel costs | -28 080 | -5 642 | -81 300 | -70 971 |
| Depreciation/amortization | -2 481 | -2 692 | -9 928 | -10 820 |
| Total operating expenses | -46 638 | -28 912 | -164 932 | -156 792 |
| Operating profit/loss | 513 | 15 933 | 5 026 | 7 907 |
| Result from participations in group companies | 4 473 | - | 22 685 | 23 266 |
| Other financial items Tax |
-5 986 | 6 155 | -6 936 | -54 |
| -3 073 | 281 | -3 073 | -665 | |
| Net profit for the period | -4 073 | 22 370 | 17 701 | 30 454 |
| 31 Dec | ||||
| (SEK 000) | 2024 | 2023 | ||
| Intangible assets | 23 702 | 32 111 | ||
| Tangible assets | 2 558 | 1 283 | ||
| Financial assets Deferred tax asset |
345 422 | 346 671 | ||
| Current assets (excl. cash equivalents) | - 78 942 |
2 215 63 857 |
||
| Cash and bank balances | 41 913 | 36 325 | ||
| TOTAL ASSETS | 492 537 | 482 463 | ||
| Restricted equity | 23 117 | 23 113 | ||
| Non-restricted equity | 219 331 | 227 603 | ||
| 31 Dec |
|---|
| Intangible assets 23 702 32 111 |
| Tangible assets 2 558 1 283 |
| Financial assets 345 422 346 671 |
| Deferred tax asset - 2 215 |
| Current assets (excl. cash equivalents) 78 942 63 857 |
| Cash and bank balances 41 913 36 325 |
| TOTAL ASSETS 492 537 482 463 |
| Restricted equity 23 117 23 113 |
| Non-restricted equity 219 331 227 603 |
| Total equity 242 448 250 716 |
| Long-term liabilities 2 922 13 209 |
| Current liabilities 247 167 218 538 |
| TOTAL EQUITY AND LIABILITIES 492 537 482 463 |
| (SEK 000) | 2024 | 2023 |
|---|---|---|
Definitions
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
Software revenue
The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.
Recurring revenue
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Annual recurring revenue (ARR)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.
Annual Contract Value (ACV)
Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).
ARR OUT
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
FX effect
Revaluation of ARR IN to the closing balance exchange rates.
Fixed operating expenses
Other costs and personnel costs.
Operating expenses
Sales costs, other costs, personnel costs, capitalized development and depreciation.
EBITDA
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.
EBITDA-adj.
EBITDA exclusive capitalized work for own account.
Items affecting comparability
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and writedowns.
EBIT
Operating profit/loss.
EBIT-adj.
Operating profit/loss excluding items affecting comparability.
Operating margin before depreciation and amortization (EBITDA margin)
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin before depreciation and amortization (EBITDA-adj. margin)
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin (EBIT margin)
Operating profit/loss as a percentage of net sales.
Adjusted operating margin (EBIT-adj. margin)
Operating profit/loss excluding items affecting comparability, as a percentage of net sales.
Profit margin
Net profit/loss after tax as a percentage of sales at the end of the period.
Earnings per share - before dilution
Net profit/loss after tax divided by the average number of shares during the period.
Earnings per share - after dilution
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity per share
Equity at the end of the period divided by the number of shares at the end of the period.
Return on equity
Profit/loss after tax as a percentage of average equity.
Return on working capital
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net interest-bearing debt
Interest bearing debts minus cash and cash equivalents.
Equity ratio Equity as a percentage of the balance sheet total.
Ordering financial information
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Joakim Alfredson [email protected]