Annual Report • Jan 25, 2024
Annual Report
Open in ViewerOpens in native device viewer
Net sales, October - December 2023
10 %
Net sales growth, October - December 2023
Cash flow for the period, October - December 2023
| OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|
|---|---|---|---|---|
| Net sales, MSEK | 116.9 | 106.6 | 416.9 | 363.0 |
| EBIT, MSEK | 4.9 | 7.7 | 40.9 | 18.8 |
| EBIT-margin, % | 4.2 | 7.2 | 9.8 | 5.2 |
| Earnings per share before/ after dilution, SEK | 0.05 | 0.34 | 1.62 | 0.92 |
| Cash flow from operating activities, MSEK | 27.4 | 43.3 | 75.0 | 49.8 |
| Return on equity 12 months, % | 26.4 | 16.6 | 26.4 | 16.6 |
| Return on capital employed 12 months, % | 40.1 | 27.4 | 40.1 | 27.4 |
| Cash flow from operations / per share, SEK | 1.48 | 2.33 | 4.06 | 2.68 |
| Equity per share, SEK | 6.27 | 6.29 | 6.27 | 6.29 |
I have now been at MSAB for three months and after discussions with customers, employees and partners, I can confirm that we have a stable market position with sought-after products and solutions for mobile forensics. The launch of XRY Pro in 2023 demonstrates this, where we have strengthened our position with existing customers and gained a number of new customers.
With a good 2023, we have a stable financial foundation to stand on. During the fourth quarter, net sales reached SEK 116.9 million and a total of SEK 416.9 million for the year. This represents a currency-adjusted revenue growth of 11%, which strengthens our financial and market position.
Going forward, it is important that we focus on development in areas such as modernization, efficiency and market adaptation to ensure our long-term growth. We also need to focus on making our organization more customer centric. During the past quarter, we have therefore initiated measures to strengthen our leadership culture with a focus on growth and change.
My discussions with customers in different markets have highlighted their challenges related to management of large amounts of data, cloud adoptions, and technical complexity in digital forensics. We see these challenges as future opportunities that require us to continuously adapt and develop our services in tune with the customer's needs. Our priority is to efficiently allocate resources and investments to develop and broaden our product offering across the entire digital forensics value chain. In addition to that, we will also focus on developing and adapting our sales organization to correlate with how we see the industry developing in the future.
Another focus area is communication with the market. We need to provide more clarity on what we do for our customers, both today and in the long term. It should be clear where we focus and how well we deliver on our plans. We have also started to review how our business models are translated into our financial reporting.
Overall, 2023 was a year with good growth but also a year of major changes. We are now facing a period where continued modernization and building capacity is crucial. It is a challenging but exciting road ahead where our upcoming strategy will serve as a guiding star.
Stockholm, January 2024
Peter Heuman CEO MSAB
Consolidated net sales increased 10 percent during the period to SEK 116.9 (106.6) million. Adjusted for currency fluctuations, growth was 8 percent.
Sales of license renewals increased 5 percent compared with the corresponding period last year, while new sales increased 15 percent. In terms of both license renewals and new sales, it was EMEA that stood out in a positive light. Continuing efforts in North America contributed to a couple of larger orders during the quarter. XRY Office remained the primary source for income growth, where our new product packaging XRY Pro has been well received by the market.
Cost of goods for resale amounted to SEK 10.2 (24.2) million. There were no sales of hardware only during the period. Cost of goods for resale was impacted in part by currency effects and varies as a rule with the product mix. The gross margin for the quarter amounted to 91 percent.
Other external expenses amounted to SEK 23.5 (18.7) million. Expenses of a non-recurring nature reached SEK 7 million for the period. Other administrative expenses continued to decline as they did in previous quarters when compared with corresponding quarters the previous year.
Personnel expenses amounted to SEK 74.4 (52.6) million. Restructuring expenses during the period amounted to SEK 9 million. Salary revision, new hires and the closure of the EU project Formobile are other factors that affected the comparison with the previous period.
Depreciation amounted to SEK 3.8 (3.3) million.
EBIT for the quarter was SEK 4.9 (7.7) million, corresponding to an EBIT margin of 4.2 (7.2) percent. EBIT adjusted for restructuring expenses and other posts of a non-recurring nature amounted to SEK 20.9 million, corresponding to an EBIT margin of 18 percent.
Net financial income/expense amounted to SEK -2.9 (-0.2) million for the quarter. Net financial income/expense consists primarily of revaluation of cash and cash equivalents in foreign currencies where USD, EUR and GBP are the Group's largest translation currencies for consolidated sales, while SEK is the largest currency for the Company's expenses.
Profit/loss for the quarter amounted to SEK 0.9 (6.3) million.
Cash flow for operating activities amounted to SEK 27.4 (43.3) million for the period. Cash flow before changes in working capital contributed SEK 2.6 (11.1) million to the positive cash flow and the change in working capital of SEK 24.8 (32.2) million. Focus on cash flow and expense control continues.
Investment for the period amounted to SEK 0.4 (0.0) million.
On 31 December 2023, there were 211 (187) employees. The average number of employees for the period was 212 (190).
Net sales for the Parent Company amounted to SEK 86.0 (80.2) million for the period. EBIT for the period amounted to SEK -0.6 (5.0) million.
Consolidated net sales for the period increased 15 percent to SEK 416.9 (363.0) million. Adjusted for currency fluctuations, growth amounted to 11 percent.
New sales increased 16 percent while license renewals increased 14 percent compared to the previous year. All regions demonstrated growth in new sales compared with the previous year. Europe and Asia demonstrated growth in license renewals, while North America and Oceania experienced a temporary trend where multi-year licenses were sold during the previous year.
The weakening of the Swedish krona vis-á-vis USD, EUR and GBP affected expense levels in Swedish kronor during the period.
Cost of goods for resale amounted to SEK 40.0 (56.8) million. The gross margin for the period amounted to 90 percent, an increase over the previous year's gross margin of 84 percent. Cost of goods for resale were affected in part by currency fluctuations and varies as a rule with the product mix, which consisted of a lower proportion of hardware compared with the previous year.
Other external costs amounted to SEK 75.7 (70.0) million. Expenses of a non-recurring nature amounted to SEK 11 million during the period. Other administrative expenses declined compared to the previous year.
Personnel expenses were SEK 245.2 (204.2) million. Restructuring expenses during the period amounted to SEK 16 million. Salary revision, new hires and the closure of the EU project Formobile are other factors that affected the comparison with the previous period.
Depreciation amounted to SEK 15.2 (13.1) million.
EBIT for the period amounted to SEK 40.9 (18.8) million, corresponding to an EBIT margin of 9.8 (5.2) percent. EBIT adjusted for restructuring
expenses and other posts of a non-recurring nature amounted to SEK 67.7 million, corresponding to an EBIT margin of 16 percent.
Net financial income/expense amounted to SEK -2.2 (2.7) million for the period. Net financial income/expense consists primarily of revaluation of cash and cash equivalents in foreign currencies and was positively affected by the weakening of the Swedish krona visá-vis USD and EUR, the Group's two largest translation currencies, and GBP.
Profit/loss after tax amounted to SEK 30.0 (17.1) million for the period.
Cash flow from operating activities amounted to SEK 75.0 (49.8) million for the period. Operating activities contributed SEK 42.6 (26.4) million to the positive cash flow, while the change in working capital contributed SEK 32.4 (23.4) million.
Total cash flow for the period amounted to SEK 31.2 (36.1) million, including dividends paid in the second and fourth quarter totalling SEK 27.7 million.
Investments for the period amounted to SEK 0.6 (1.7) million.
Cash and cash equivalents at the end of the period amounted to SEK 132.9 (104.4) million.
On 31 December 2023, there were 211 (187) employees. The average number of employees for the period was 200 (190).
The parent company's net sales for the period amounted to SEK 314.6 (273.2) million. The operating profit for the period amounted to SEK 26.2 (12.3) million.
October - December 2023
January - December 2023
Licence renewal New sales Training
2022
MSEK
Professional Services
The total order intake showed healthy growth in all regions during the fourth quarter of 2023 and sales increased by 10% compared to the corresponding period last year. Sales for 2023 increased by 15% compared to 2022.
During the last few years, the digital forensics industry has seen several consolidations between competitors and it is clear that customers are faced with an increasing complexity of forensic technologies and are actively looking for alternatives to ensure they have the best possible solutions for their work.
Both existing and new customers have shown strong interest in MSAB's XRY Pro product which was launched during 2023 with top end exploits for digital forensic users. Sales in existing customer segments have increased and reinforced the MSAB market position as a top tier provider in forensic labs worldwide.
MSAB has a clearly differentiated market offering in XRY Pro, contributing to strengthening MSAB's market position. The company expects this positive shift in market perception to continue in 2024 with several newly launched unique features such as 'RAM Dumping'.
EMEA markets demonstrated growth during the fourth quarter and throughout the year, particularly in Europe and the UK which continued to perform well with significant year on year growth. Government budget challenges in Germany due to recent legal rulings meant that many existing customer budgets were
put on hold in Q4, the outcome of which will be seen in 2024. In Italy there is significant interest from multiple law enforcement agencies, with corresponding increases in sales year on year.
In the USA MSAB signed two major federal level deals in Q4. The first was an order from a federal agency to upgrade their forensic IT infrastructure to XRY Pro. The second from a long-time customer for the existing product range. Canada saw significant growth in Q4 sales from existing framework agreements.
Fourth quarter sales in the region were solid, primarily due to larger sales volumes to the Australian government. The fourth quarter was in general positive for both Australia and New Zealand contributing to a solid year of growth. In India there are positive indications of sales growth with an increased number of orders and customers.
This report has been prepared for the Group in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. Information as per IAS 34 is reported in notes and in other places throughou the report. The accounting principles adopted by the Group and the Parent Company are consistent with the accounting principles used to prepare the most recent annual report. For current financial assets and liabilities, the reported value is a reasonable estimate offair value.
The basic principle is that the Group reports revenue in the way that best reflects the transfer of control of the promised products and services to the customer. This takes place through the five step model defined under IFRS 15. The Company has two types of income: product sales, and training and other services.
Through its operations, the Group is exposed to risks and uncertainty factors. These risks and uncertainties are the same for the Parent Company and the Group. Freight and commodity prices have affected the Company's expenses, and uncertainty regarding prices and delivery times remain. The Company has been impacted marginally by a shortage of certain components.
Significant risks and uncertainty factors are described in the 2022 Annual Report on page 38 and in Note 4 on pages 50-51.
MSAB is not dependent on certain seasons in the usual sense of the term. However, the majority of the Company's customers have a purchasing pattern that follows their budget period. Budget periods differ between countries, but most common in MSAB's largest markets is that they follow the calendar year or end on 30 September.
Historically, this is reflected in sales such that the second half-year is stronger than the first.
Related party transactions consist primarily of intra-Group transactions. The same applies for the Parent Company. These are described in the 2022 Annual Report on page 60, Note 25.
This interim report has not been reviewed by auditors.
The AGM will take place in Stockholm on Tuesday, 14 May 2024. A notice to convene the AGM will be published on MSAB's website in good time before the meeting. Shareholders who wish to have a matter considered at the AGM must submit a written request to the Board latest Tuesday, 26 March 2024.
In order to ensure maximum financial flexibility, the Board of Directors intends to get back regarding dividend for 2023 in conjunction with the notice to attend the Annual General Meeting for 2024 at the latest.
| Annual report 2023 | 2024-04-26 |
|---|---|
| Interim report January-March 2024 | 2024-04-30 |
| AGM 2024 | 2024-05-14 |
| Interim report April- June 2024 | 2024-07-19 |
| Interim report July-September 2024 | 2024-10-29 |
| Year-end report 2024 | 2025-01-28 |
| 2023 | 2022 | 2021 | 2020 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
| Net sales, MSEK | 116.9 | 108.0 | 104.7 | 87.4 | 106.6 | 93.7 | 87.1 | 75.6 | 108.5 | 89.6 | 64.6 | 70.4 | 66.7 |
| EBIT, MSEK | 4.9 | 25.1 | 2.7 | 8.2 | 7.7 | 8.7 | 2.7 | -0.2 | 16.2 | 24.0 | -1.9 | 6.0 | -4.0 |
| EBIT-margin, % | 4.2 | 23.2 | 2.6 | 9.3 | 7.2 | 9.2 | 3.1 | -0.3 | 15.0 | 26.7 | -2.9 | 8.5 | -6.0 |
| Earnings after tax, KSEK | 0.9 | 19.5 | 2.9 | 6.7 | 6.3 | 6.8 | 2.7 | 1.4 | 12.7 | 18.6 | -2.9 | 6.5 | -7.0 |
| Earnings per share, SEK | 0.05 | 1.06 | 0.16 | 0.36 | 0.34 | 0.37 | 0.15 | 0.07 | 0.69 | 1.00 | -0.16 | 0.35 | -0.38 |
| Cash flow from operating activities, MSEK | 27.4 | 1.9 | 21.7 | 24.0 | 43.3 | 0.0 | 1.0 | 5.5 | 10.5 | -10.8 | 1.1 | 9.4 | 47.2 |
| Return on equity, % | 0.8 | 16.2 | 2.8 | 6.2 | 6.1 | 7.2 | 3.4 | 1.4 | 14.1 | 21.2 | -4.3 | 7.8 | -8.5 |
| Return on capital employed, % | 5.1 | 21.9 | 4.5 | 8.9 | 9.6 | 11.5 | 6.0 | 2.9 | 20.3 | 27.7 | -2.1 | 10.8 | -4.3 |
| Equity ratio, % | 41.6 | 45.6 | 41.4 | 43.2 | 40.2 | 50.7 | 47.4 | 45.8 | 43.9 | 44.4 | 38.5 | 49.7 | 46.8 |
| Cash flow from operations/per share, SEK | 1.48 | 0.10 | 1.17 | 1.30 | 2.33 | 0.00 | 0.05 | 0.30 | 0.60 | -0.60 | 0.10 | 0.50 | 2.56 |
| Equity per share, SEK | 6.27 | 7.02 | 5.99 | 6.65 | 6.29 | 6.02 | 5.41 | 5.02 | 4.90 | 4.20 | 3.10 | 5.30 | 4.78 |
| MSEK | OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|---|---|---|---|---|
| Net sales | 116.9 | 106.6 | 416.9 | 363.0 |
| Operating income | 116.9 | 106.6 | 416.9 | 363.0 |
| Cost of goods sold | -10.2 | -24.2 | -40.0 | -56.8 |
| Other external costs | -23.5 | -18.7 | -75.7 | -70.0 |
| Personnel costs | -74.4 | -52.6 | -245.2 | -204.2 |
| Depreciation of fixed assets | -3.8 | -3.3 | -15.2 | -13.1 |
| Total operating cost | -112.0 | -98.9 | -376.1 | -344.2 |
| Operating profit - EBIT | 4.9 | 7.7 | 40.9 | 18.8 |
| Financial income | 1.0 | 2.2 | 5.6 | 9.5 |
| Financial expenses | -3.9 | -2.4 | -7.9 | -6.8 |
| Profit/loss before tax | 2.0 | 7.5 | 38.7 | 21.5 |
| Tax | -1.1 | -1.2 | -8.7 | -4.3 |
| Net profit/loss after tax | 0.9 | 6.3 | 30.0 | 17.1 |
| Attributable to owners of the Parent Company | 0.9 | 6.3 | 30.0 | 17.1 |
| Earnings per share, SEK | 0.05 | 0.34 | 1.62 | 0.93 |
| MSEK | OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|---|---|---|---|---|
| Net profit/loss after tax | 0.9 | 6.3 | 30.0 | 17.1 |
| Currency translation differences | -5.4 | -1.2 | -2.5 | 8.2 |
| Total comprehensive income | -4.5 | 5.1 | 27.5 | 25.3 |
| Comprehensive income for the period attributable to the share | ||||
| holders of the parent company | -4.5 | 5.1 | 27.5 | 25.3 |
| MSEK | 31 DEC 2023 | 31 DEC 2022 |
|---|---|---|
| ASSETS | ||
| Tangible assets | 1.3 | 1.5 |
| Assets with right to use | 47.6 | 59.4 |
| Total non-current assets | 48.9 | 60.9 |
| Inventories | 9.1 | 8.7 |
| Accounts receivable - trade | 72.9 | 97.1 |
| Other current assets | 14.6 | 17.6 |
| Cash and cash equivalents | 132.9 | 104.4 |
| Total current assets | 229.4 | 227.8 |
| TOTAL ASSETS | 278.3 | 288.8 |
| EQUITY AND LIABILITIES | ||
| Equity | 115.9 | 116.1 |
| Total equity | 115.9 | 116.1 |
| Long term leasing liabilities related to assets with right to use | 32.2 | 41.9 |
| Total long term liabilities | 32.2 | 41.9 |
| Accounts payable - trade | 6.7 | 12.3 |
| Current tax liability | 2.4 | 7.4 |
| Leasing liabilities related to assets with right to use | 13.3 | 13.6 |
| Other current liabilities | 107.7 | 97.4 |
| Total current liabilities | 130.2 | 130.8 |
| TOTAL EQUITY AND LIABILITIES | 278.3 | 288.8 |
| MSEK | 31 DEC 2023 | 31 DEC 2022 |
|---|---|---|
| Opening balance | 116.1 | 90.8 |
| Profit/loss for the period | 27.5 | 25.3 |
| Dividend | -27.7 | - |
| Equity at the end of the period | 115.9 | 116.1 |
| MSEK | OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|---|---|---|---|---|
| Profit after paid tax and non-cash items | 2.6 | 11.1 | 42.6 | 26.4 |
| Working capital changes | 24.8 | 32.2 | 32.4 | 23.4 |
| Cash flow from operating activities | 27.4 | 43.3 | 75.0 | 49.8 |
| Investments in fixed assets | -0.4 | -0.0 | -0.6 | -1.7 |
| Cash flow from investing activities | -0.4 | -0.0 | -0.7 | -1.7 |
| Dividend paid to shareholders | -9.2 | - | -27.7 | - |
| Amortization of leasing liability | -3.7 | -3.5 | -15.4 | -12.0 |
| Cash flow from financing activities | -13.0 | -3.5 | -43.1 | -12.0 |
| CASH FLOW FOR THE PERIOD | 14.1 | 39.8 | 31.2 | 36.1 |
| Cash at the beginning of the period | 124.8 | 66.6 | 104.4 | 66.0 |
| Exchange rate difference in cash | -6.0 | -2.0 | -2.7 | 2.3 |
| Cash at the end of the period | 132.9 | 104.4 | 132.9 | 104.4 |
| EMEA & Latin America |
North America | Asia | Total | |||||
|---|---|---|---|---|---|---|---|---|
| MSEK | OKT - DEC 2023 |
OKT - DEC 2022 |
OKT - DEC 2023 |
OKT - DEC 2022 |
OKT - DEC 2023 |
OKT - DEC 2022 |
OKT - DEC 2023 |
OKT - DEC 2022 |
| Product sales | 53.6 | 41.9 | 44.5 | 48.7 | 5.5 | 7.9 | 103.6 | 98.4 |
| Training & other services | 8.4 | 4.8 | 3.3 | 2.4 | 1.6 | 1.0 | 13.3 | 8.1 |
| Total | 62.0 | 46.6 | 47.8 | 51.0 | 7.1 | 8.9 | 116.9 | 106.6 |
| Recognized at a certain point in time | 52.6 | 39.7 | 42.6 | 46.7 | 5.6 | 7.6 | 100.8 | 94.0 |
| Recognized over time | 9.4 | 6.9 | 5.2 | 4.3 | 1.5 | 1.4 | 16.1 | 12.6 |
| Total | 62.0 | 46.6 | 47.8 | 51.0 | 7.1 | 8.9 | 116.9 | 106.6 |
| EMEA & Latin America |
North America | Asia | Total | |||||
|---|---|---|---|---|---|---|---|---|
| MSEK | JAN - DEC 2023 |
JAN - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
| Product sales | 210.5 | 155.5 | 125.8 | 131.8 | 33.3 | 37.1 | 369.6 | 324.5 |
| Training & other services | 30.0 | 24.4 | 11.3 | 11.3 | 6.1 | 2.7 | 47.4 | 38.5 |
| Total | 240.5 | 180.0 | 137.1 | 143.2 | 39.4 | 39.8 | 417.0 | 363.0 |
| Recognized at a certain point in time | 204.3 | 152.4 | 116.3 | 124.5 | 33.3 | 34.1 | 353.9 | 311.0 |
| Recognized over time | 36.2 | 27.6 | 20.8 | 18.7 | 6.1 | 5.8 | 63.1 | 52.0 |
| Total | 240.5 | 180.0 | 137.1 | 143.2 | 39.4 | 39.8 | 416.9 | 363.0 |
| MSEK | OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|---|---|---|---|---|
| Net sales | 86.0 | 80.2 | 314.6 | 273.2 |
| Operating income | 86.0 | 80.2 | 314.6 | 273.2 |
| Cost of goods sold | -10.2 | -24.2 | -40.0 | -56.8 |
| Other external costs | -15.8 | -10.8 | -50.6 | -46.8 |
| Personnel costs | -57.3 | -37.3 | -184.8 | -145.8 |
| Depreciation of fixed assets | -3.2 | -2.9 | -13.0 | -11.4 |
| Operating cost | -86.6 | -75.2 | -288.5 | -260.9 |
| Operating profit - EBIT | -0.6 | 5.0 | 26.2 | 12.3 |
| Net financial items | -3.0 | -0.1 | -2.8 | 2.8 |
| Profit/loss before tax | -3.6 | 4.9 | 23.3 | 15.1 |
| Tax | 0.7 | -3.3 | -5.1 | -3.3 |
| Net profit/loss after tax | -3.0 | 1.6 | 18.3 | 11.8 |
| MSEK | OCT - DEC 2023 |
OCT - DEC 2022 |
JAN - DEC 2023 |
JAN - DEC 2022 |
|---|---|---|---|---|
| Net profit/loss after tax | -3.0 | 1.6 | 18.3 | 11.8 |
| Total comprehensive income | -3.0 | 1.6 | 18.3 | 11.8 |
| MSEK | 31 DEC 2023 | 31 DEC 2022 |
|---|---|---|
| ASSETS | ||
| Tangible assets | 0.9 | 0.9 |
| Assets with right to use | 44.2 | 53.9 |
| Shares in group companies | 0.4 | 0.4 |
| Total fixed assets | 45.5 | 55.2 |
| Inventories | 9.1 | 8.7 |
| Accounts receivable - trade | 31.6 | 24.3 |
| Other current assets | 37.8 | 39.9 |
| Cash and cash equivalents | 48.2 | 61.1 |
| Total current assets | 126.7 | 134.0 |
| TOTAL ASSETS | 172.1 | 189.3 |
| EQUITY AND LIABILITIES | ||
| Share capital | 3.8 | 3.8 |
| Share premium | 20.3 | 20.3 |
| Restricted equity | 24.1 | 24.1 |
| Statutory reserve | 7.8 | 7.8 |
| Profit brought forward | 27.9 | 37.3 |
| Non-restricted equity | 35.7 | 45.1 |
| Total equity | 59.8 | 69.2 |
| Long term leasing liabilities related to assets with right to use | 30.9 | 38.4 |
| Total long term liabilities | 30.9 | 38.4 |
| Accounts payable - trade | 5.5 | 10.0 |
| Current tax liability | 0.0 | 6.2 |
| Short term leasing liabilities related to assets with right to use | 11.2 | 11.5 |
| Other current liabilities | 64.7 | 53.9 |
| TOTAL EQUITY AND LIABILITIES | 81.4 | 81.7 |
| SUMMA EGET KAPITAL OCH SKULDER | 172.1 | 189.3 |
MSAB presents certain financial metrics in the interim report that are not defined under IFRS. The company believes that these metrics provide valuable supplementary information to investors and the company's management as they allow for evaluation of the company's performance. Because not all companies calculate financial measures in the same way, these are not always comparable with metrics used by other companies. These financial metrics should therefore not be regarded as replacements for metrics defined in accordance with IFRS. The table below presents the alternative key figures that have been deemed relevant.
The key figures are based on reports on earnings, financial position, change in equity and cash flow. In cases where the key figures cannot be directly derived from the above reports, the derivation and calculation of these are shown below.
| ALTERNATIVE METRICS | DEFINITIONS AND CALCULATIONS |
|---|---|
| Cash flow from operating activities per share |
Cash flow from operating activities in relation to average outsatnding shares before/after dilution. |
| Capital employed / Average capital employed |
Capital employed calculated as total assets less non-interest-bearing liabilities. Average capital employed is calculated as capital employed over a 12 months-period. Capital employed at beginning of period plus capital employed at end of period divided by two |
| Earnings per share * | Profit/loss after tax in relation to average number of outstanding shares before/after dilution |
| Equity per share | Equity in relation to outstanding shares at the end of the period |
| Equity ratio % | Equity in relation to total assets |
| Net financial items | Net of financial income and expenses |
| Operating margin (EBIT margin) % | EBIT in relation to net sales |
| Operating profit (EBIT) | Earnings before interest and taxes |
| Return on capital employed 12 months % |
EBIT plus financial items in relation to average capital employed. |
| Return on equity 12 months % | Profit/loss after tax in relation to average adjusted equity. Equity at the beginning of the peri od plus equity at the end of the period divided by two. |
| Revenue growth % | Net sales current period in relation to same period previous year |
* Defined in accordance with IFRS
| 2023 | 2022 | 2021 | 2020 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Total assets, MSEK | 278.3 | 284.0 | 267.4 | 284.5 | 288.8 | 219.2 | 210.9 | 202.2 | 206.5 | 174.0 | 149.1 | 177.4 | 188.7 |
| Accounts payables, MSEK | -6.7 | -4.9 | -8.7 | -3.8 | -12.3 | -7.8 | -5.8 | -3.9 | -11.0 | -7.1 | -5.5 | -5.2 | -6.0 |
| Tax liabilities, MSEK | -2.4 | -2.5 | -1.6 | -1.9 | -7.4 | -9.0 | -7.5 | -7.5 | -9.9 | -5.3 | -1.1 | -2.0 | -1.1 |
| Leasing liabilities related to assets with | |||||||||||||
| right to use | -45.6 | -48.5 | -51.9 | -52.2 | -55.5 | -7.9 | -10.8 | -13.3 | -10.0 | -10.6 | -13.3 | -16.3 | -27.0 |
| Other liabilities, MSEK | -107.7 | -98.6 | -94.6 | -103.8 | -97.4 | -83.3 | -86.7 | -84.8 | -85.0 | -73.8 | -71.8 | -75.8 | -66.3 |
| Capital employed, MSEK | 115.9 | 129.5 | 110.6 | 122.8 | 116.1 | 111.1 | 100.0 | 75.0 | 90.6 | 77.2 | 57.5 | 78.2 | 88.3 |
| Average capital employed, MSEK | 116.0 | 120.3 | 105.3 | 98.9 | 103.3 | 94.2 | 78.8 | 76.6 | 89.5 | 87.4 | 67.4 | 75.2 | 82.2 |
The information in this report is such that MSAB, Corporate ID number 556244-3050, is required to disclose in accordance with the EU's Market Abuse Regulation. This report is published in Swedish and English versions. In the event of discrepancies between the two reports, the Swedish version shall apply. The information in this report was submitted for publication on January 25, 2024 at 08:00.
This report as well as previous financial reports and press releases are available on the Company's website www.msab.com.
Tony Forsgren Chief Financial Officer
Address: Box 17111 SE-104 62 Stockholm Sweden
| Web: | www.msab.com |
|---|---|
| Tel: | +46 8739 0270 |
| Fax: | +46 8730 0170 |
| Org nr: | 556244-3050 |
| VAT nr: | SE556244305001 |
MSAB is a world leader within digital forensics for extraction and analysis of data from seized mobile phones, tablets, and similar. The Company develops high quality, intuitive software that has become the de facto standard at many authorities and organisations for the purpose of securing evidence in criminal investigations. The products can be complemented with tools for administration and reporting, as well as a wide range of training with certification for legally sound mobile forensics. The Company develops innovative approaches that facilitate faster, simpler, and more efficient ways to secure evidence and in ways that create a high degree of value for the justice system. MSAB has clear growth strategies combined with a business model that entails scalability and a high degree of recurring revenue through license renewals.
MSAB operates within a market that is developing rapidly. Through long-term investment in product development, market presence and organic strength, MSAB is able to strengthen its market position. The Company's belief is that the need for professional tools for extracting and analysing data from digital devices will continue to increase. MSAB is mainly focused on organic growth but in some cases evaluates acquisitions.
Through its direct sales and distributors on various markets, MSAB is represented in more than 100 countries globally.
MSAB assists law enforcement authorities - the police, military, migration, corrections, customs, and others - carry out their missions. Typical users of MSAB's products are experts within digital forensics, investigators, analysts, and police officers in the field.
MSAB is represented in 18 countries and serves customers on all continents through its sales offices and via distributors.
The Company offers systems that extract and analyse data from digital devices such as mobile phones, tablets, and vehicles, as well as products that can unlock digital devices, extract information and then decrypt it.
The Company's business concept is to supply solutions that help law enforcement agencies stremaline their work to secure evidence from digital devices. Hence the Company through its solutions strives to create a more legally secure society where more crimes are solved and prevented, which in turn means that the Company's entire existence is a major contribution to a sustainable society. Because the Company essentially develops software, its impact on the environment is limited. MSAB strives to ensure the Company complies with the environmental requirements in the different markets where the Company operates.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.