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Byggfakta Group Nordic HoldCo
Quarterly Report • May 3, 2023
2889_10-q_2023-05-03_aeec070d-d33f-4124-90cc-5855ab516766.pdf
Quarterly Report
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Q1
Interim report 1 January–31 March 2023
"Annual recurring revenue exceeds SEK 2 billion"
Interim report January–March 2023
January–March
- Net sales increased 14.6% to MSEK 600 (524), of which organic growth amounted to 3.8%
- ARR increased 18.8% to MSEK 2,003 (1,687), of which organic growth comprised 6.6%
- Adjusted EBITDA was MSEK 193 (174), corresponding to an adjusted EBITDA margin of 32.2% (33.1)
- EBIT was MSEK 32 (19), including items affecting comparability of MSEK -19 (-22)
- Profit/loss for the period totalled MSEK -16 (11).
- Basic and diluted earnings per share amounted to SEK -0.08 (0.05)
- Cash flow from operating activities totalled MSEK 182 (145)
- Byggfakta Group has acquired approximately 73% of the shares in the Norwegian company 4CastGroup AS, which is the Nordic leader in market analysis and forecasting for the construction and civil engineering market. 4CastGroup turnover for 2022 was approx. MNOK 86. Total purchase consideration was MSEK 487 of which MSEK 161 as a contingent earnout
- Net debt at the end of the period in relation to adjusted EBITDA for the latest twelve-month period increased to 3.5x (3.3), primarily as a result of acquisitions completed in the period. Exclusion of the acquisitions of 4CastGroup AS would have resulted in net debt in relation to adjusted EBITDA decreasing to 3.2x.
| Jan–Mar | Jan–Mar | Jan–Dec | rolling | |
|---|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
2023 | 2022 | 2022 | 12 months |
| Net sales | 600 | 524 | 2,213 | 2,289 |
| Organic growth (%) | 3.8 | 7.1 | 6.1 | – |
| Adjusted EBITDA | 193 | 174 | 761 | 781 |
| Adjusted EBITDA margin (%) | 32.2 | 33.1 | 34.4 | 34.1 |
| Items affecting comparability2 | -19 | -22 | -4 | 0 |
| EBITDA | 174 | 152 | 758 | 780 |
| Operating profit (EBIT) | 32 | 19 | 223 | 235 |
| Profit for the period | -16 | 11 | 130 | 120 |
| Basic and diluted earnings per share (SEK) | -0.08 | 0.05 | 0.58 | 0.46 |
| Cash flow from operating activities | 182 | 145 | 486 | 523 |
| Net debt/adjusted EBITDA, multiple | 3.5 | 3.3 | 3.2 | 3.5 |
| Share of subscription revenue (%) | 83.8 | 0 85.3 |
0 84.7 |
84.3 |
| ARR, (Annual Recurring Revenue)3 | 2,003 | 1,687 | 1,907 | 2,003 |
| ARR, organic growth YoY (%)3 | 6.6 | 8.0 | 6.9 | 6.6 |
| NRR (%), (Net Retention Rate)3 | 84.9 | 85.5 | 85.3 | 84.8 |
Financial performance measures1
1For further information, refer to definitions and the alternative performance measures section for the derivation of the calculation.
2Refer to Note 6 for additional information.
3Historical data at Group level has been amended due to reclassification between direct and subscription revenues as well as due to new and renewal sales, but also due to the inclusion of historical acquisitions.
Annual recurring revenue exceeds SEK 2 billion
In many ways, 2023 has begun much the same way as 2022 ended. Byggfakta Group continues to grow, organically as well as via acquisitions, in an operating environment with continued macroeconomic challenges and reached a new milestone in the first quarter, posting more than SEK 2 billion in annual recurring revenue (ARR) for the first time.
Sales initiatives bear fruit
The positive new sales trend noted in the second half
of 2022 has continued in the first quarter of 2023. We posted ARR growth of 6.6%, which was mainly driven by the UK, US and Continental Europe as well as by a sequential improvement in the Nordic market. Subscription sales are thus progressing in line with our expectations and have not suffered any real impact from the construction industry. The investments we have made in the UK sales organisation are now bearing fruit and clear signs have emerged of similar trends in the Nordic region and Australia, but which are later in phase relative to the UK.
Organic growth in the period amounted to 3.8% as a result of weak ARR growth in the first six months of last year and somewhat weaker direct sales of products and services not included in subscriptions in the beginning of 2023. We are noting a continued high retention rate among our subscription customers, which shows how important our services are to customers – particularly in more challenging times. In combination with robust new sales, this means we are continuing to strengthen our leading market position.
Adjusted EBITDA for the quarter totalled MSEK 193, up just over 10% year-on-year. The adjusted EBITDA margin was 32.2%, and was driven by the strong underlying trend on the subscription side and an improved price mix in the subscription base but slightly weaker direct sales and continued investments in the sales organisation. The solid results, combined with the attractive working capital profile, generated strong cash flow of MSEK 182. Operating profit amounted to MSEK 32 (19) and included items affecting comparability of MSEK -19 (-22).
Organic growth is the key to profitability
The scalability of our business model means that high organic growth is key for reaching our EBITDA target of 40%. This explains the importance of our investments in increasing sales and why it is so satisfying to note that our previous and ongoing investments are slowly but surely yielding results.
Rapid growth requires increased integration
Integration is also ongoing with a focus on our customer offering, product and technology development, sales management and customer care. Major advances have been achieved in building shared management processes, internal communication channels, and in developing the value proposition to our global teams with a focus on learning and skills development. The enthusiasm with which our shared change agenda has been received by our teams from Ljusdal to Lisbon and from Jakarta to Chicago is something I find highly gratifying. Byggfakta Group is now really starting to leverage the advantages of being a global player within our niche.
The Byggfakta family has also increased in size through acquisitions, two of which were completed during the quarter and a third just after its end. 4CastGroup, the Norwegian-Swedish market leader in market analysis for the construction industry, is now part of Byggfakta Group. Through this
acquisition, we have strengthened our customer offering in analysis in the Nordic market, at the same time as 4CastGroup's software portfolio and extensive analysis expertise has substantial potential in all our existing markets.
The second acquisition was completed in the UK when Schumann International joined Byggfakta Group. Schumann is a construction specification consultancy and a leading user of our specification products. The acquisition of Schumann strengthens our capabilities in consultative sales in a market where the ever-increasing regulatory complexity drives an increased need for expertise among our customers. The third acquisition, Pantera Technologies, further boosts our capabilities and presence in the US market for e-Tendering products.
We are continuing on the chosen path
Looking ahead, it is clear that we shall continue on our chosen path. We intend to continue to grow, both organically and through acquisitions, and our ambition is to consistently deliver stable earnings regardless of vagaries in our operating environment. We are deeply committed to together continuing to build Byggfakta Group into an even stronger global player and a world-leading company. It is inspiring to go to work!
Dario Aganovic
CEO Byggfakta Group
Byggfakta Group in short
Byggfakta Group is a major actor at the core of the construction ecosystem. The Group has long experience and, after the last few years of international expansion, is a leading global software and information company within the construction sector, with proprietary cloud-based services. The business model supports strong cash flows driven by prepaid subscriptions that, in combination with a high retention rate, new sales and acquisitions, generate strong growth.
Our platform services connect actors in the construction industry's value chain to maximise customer sales and enhance their efficiency. Byggfakta Group's core offering consists of four product areas adapted to different stakeholders in the construction industry: Project information, Specification, Product information and e-Tendering.
We have a broad customer base consisting of over 50,000 customers globally, which we manage via our five operating segments. The segments consist of Construction solutions – Nordic, Construction solutions – UK & International, Construction solutions – Continental Europe, Construction solutions – APAC & US, and Healthcare & Media. Our offering consists of software and information concerning more than 1.3 million ongoing construction projects and over 165,000 construction products.
Our vision, mission and strategy
Byggfakta Group's vision is to become the leading software and information company in the construction sector in our markets.
Byggfakta Group's mission is to leverage unique, business-critical information to connect buyers and sellers across the entire construction industry value chain and to be core of the construction ecosystem. The information streamlines the construction industry and is delivered through a user-friendly software platform that provides the customer with unique market analyses and insights, and supports improved and faster decision making, which, taken together, creates substantial sales opportunities and competitive advantages.
Byggfakta Group's growth plan is built on strategic initiatives focusing on product launches in core markets, cutting-edge sales expertise in various units, increased revenue per customer, continued local market consolidation, entrance into new markets and expansion of the value offering through acquisitions.
Strategic competitive advantages
Byggfakta Group's long experience from the industry and strategic initiatives in recent years have created clear competitive advantages, which form the basis for the Group's growth strategy.
1. De facto industry standard: Players across the construction ecosystem need Byggfakta Group's sales lead platform to maintain their competitiveness.
2. State of the art software: Byggfakta Group's portfolio of software platforms are adapted for complex decision-making processes in the construction ecosystem.
3. Unique content: Byggfakta Group provides a unique data set and intelligence collection process that is next to impossible to recreate.
4. Customer Engagement: Intuitive user experience (UX) and analytics functionality integrated in customers' workflows.
Growth strategy
Byggfakta Group has designed its growth strategy based on the Group's financial targets of double digit organic and profitable growth complemented by strategic acquisitions.
1. Launch the existing product portfolio in all markets.
2. Cross-selling of existing products to existing customers.
3. Up-sell/upgrade new features (e.g. SMART) to existing customers.
4. Implementation of Byggfakta Group's sales model throughout the Group with focus on newly acquired companies, and benefit from internal exchange of experiences through "best practice."
5. Make acquisitions to establish the Group in new markets and expand the offering through complementary services, software and functionality.
Financial targets
Byggfakta's Board has adopted the following financial targets:
Growth
Byggfakta has a target of achieving annual organic sales growth of at least 10%, driven by double-digit organic ARR growth. Byggfakta also has a target of completing strategic acquisitions financed through the company's strong cash flow, entailing an additional increase in annual sales growth of 5–15% in the medium term.
EBITDA margin
Byggfakta has a target of achieving an EBITDA margin of at least 40% in the medium term.
Capital structure
Byggfakta has a target of maintaining net indebtedness relative to EBITDA below a multiple of 3.0, excluding the temporary impact of acquisitions.
Dividend policy
Byggfakta does not intend to distribute any dividend in the short to medium term since the company intends to utilise all of its excess cash flow for strategic acquisitions.
Sustainability
Our sustainability vision entails leveraging our position as the leading software and information company within the construction industry to actively support the sector's response to the climate emergency. Byggfakta Group shall be the market leader in managing our corporate environmental and social impact in the construction industry.
We place a great focus on meeting our internally set ESG targets (Environmental, Social and Governance). The sustainability drivers of the company are: supporting the industry in delivering Net Zero carbon buildings and becoming a company with Net Zero carbon emissions.
From an environmental perspective, over and above the existing metrics for scope 1 and 2, Byggfakta Group has started to compile carbon emission data pursuant to scope 3 of the Greenhouse Gas Protocol. Byggfakta Group aims to be a net-zero emissions company by 2030. Byggfakta Group has already implemented a number of Group policies for energy and transportation, which have helped reduce our emissions every quarter since the base year 2019.
The Group's preparation for the upcoming CSRD legislation is a major focus for Byggfakta Group. While the new directive is expected to enter force from 2024, Byggfakta Group intends to start compiling the data required under the CSRD in 2023, as it is in line with the Group's net zero strategy. For more information about sustainability work at Byggfakta Group, please refer to the company's 2022 Annual and Sustainability Report.
Financial overview
First quarter 1 January–31 March
Net sales
Net sales increased 14.6% to MSEK 600 (524) in the quarter. Organic growth amounted to 3.8%. Acquisitionrelated growth amounted to 6.5% and exchange-rate fluctuations had an impact of 4.3%. The share of subscription revenue amounted to 83.8% (85.3). ARR increased 18.8% to MSEK 2,003 (1,687), of which 6.6% was organic.
Adjusted EBITDA
Adjusted EBITDA totalled MSEK 193 (174) and the adjusted EBITDA margin was 32.2% (33.1). The adjusted EBITDA margin was positively impacted by acquisitions and an underlying positive trend in many of the operating segments. However, this was offset by growth-focused organisational investments, mainly in sales and capacity for integrating acquired entities. Moreover, slightly weaker direct sales in the first quarter of 2023 compared with last year also adversely impacted the adjusted EBITDA margin. Adjusted EBITDA excludes items affecting comparability.
EBITDA
EBITDA totalled MSEK 174 (152) and the EBITDA margin was 29.1% (28.9). EBITDA was impacted by items affecting comparability of MSEK -19 (-22), mainly attributable to transaction and integration costs in conjunction with acquisitions and remeasurement of contingent earnouts. For further information, refer to Note 6 Items affecting comparability.
Operating profit (EBIT)
Operating profit (EBIT) totalled MSEK 32 (19) in the quarter and the operating margin was 5.2% (3.6). Depreciation of tangible assets amounted to MSEK 13 (11). Amortisation of intangible assets amounted to MSEK 130 (122), mainly related to the amortisation of customer relationships and information databases from completed acquisitions. Operating profit (EBIT) included items affecting comparability of MSEK -19 (-22), mainly attributable to transaction and integration costs in conjunction with acquisitions and remeasurement of contingent earnouts.
Financial items
Net financial items amounted to MSEK -37 (-26). Financial expenses for the quarter amounted to MSEK -39.0 (-44,) and pertained mainly to interest expense on borrowings of MSEK -28 (-13) and fair value changes on interest-rate swap of MSEK -6 (–). Interest-rate swaps have been used to hedge around half of the loans and the remainder are subject to floating interest rates. Interest expenses in the quarter were impacted by increased market interest rates and that the company, in conjunction with acquisitions, utilised MSEK 150 of the revolving credit facility with Skandinaviska Enskilda Banken AB (publ), DNB Sweden AB and Nordea Bank Abp. Financial income amounted to MSEK 2 (18).
Tax
Tax for the quarter amounted to MSEK -10 (18), of which MSEK -30 pertained to current tax and MSEK 20 pertained to deferred tax. Generally higher interest rates entailed that limit on interest deduction affected tax for the period and resulted in an increased tax expense of MSEK -15 and in adjustments of tax from previous years, mainly 2021, which led to a reduced tax expense of MSEK 6.
Profit/loss for the period
Profit/loss for the period totalled MSEK -16 MSEK (11). Basic and diluted earnings per share amounted to SEK -0.08 (0.05).
Cash flow
Cash flow from operating activities totalled MSEK 182 (145) Cash flow before changes in working capital amounted to MSEK 127 (106) and changes in working capital totalled MSEK 55 (40). Increased operating
receivables impacted cash flow by MSEK -18 (-10). Decreased operating liabilities impacted cash flow by MSEK - 11 (-10). Deferred income impacted cash flow by MSEK 88 (59).
Cash flow from investing activities totalled MSEK -371 (-38), and comprised acquisitions of subsidiaries of MSEK -317 (-6) as well as investments in tangible assets of MSEK -17 (-4), primarily related to the new head office in Ljusdal, and intangible assets of MSEK -36 (-29), mainly pertaining to the development of the company's IT platforms.
Cash flow from financing activities totalled MSEK 113 (-21). During the quarter, the company drew a further MSEK 150 of its credit facility. The buyback of own shares had an impact on cash flow of MSEK -24 (–).
Reported cash flow for the period amounted to MSEK -76 (86).
Significant events during the first quarter
Buyback of own shares
On 25 July 2022, the Board of Byggfakta Group Nordic HoldCo AB (publ) announced its decision to utilise the authorisation granted by the Annual General Meeting held on 24 May 2022 to buy back own shares in order to enable delivery of shares to participants in the long-term incentive programme for senior executives and key individuals in Byggfakta Group (LTI 2022/2025). On 31 March 2023, the company held 2,200,000 treasury shares.
Acquisition of 4CastGroup AS and Schumann International
Byggfakta Group has acquired approximately 73% of the shares in the Norwegian company 4CastGroup AS. Through its subsidiaries Prognosesenteret AS in Norway and Prognoscentret AB in Sweden – 4CastGroup is the Nordic leader in market analysis and forecasting for the construction and civil engineering market. From March 2023, 4CastGroup AS is fully consolidated in Byggfakta Group. The company will be fully consolidated as binding put/call option agreements are in place for the acquisition of the remaining part of the company. 4CastGroup turnover for 2022 was approx. MNOK 86. Total purchase consideration was MSEK 487 of which MSEK 161 as a contingent earnout.
In January 2023, Byggfakta Group's subsidiary NBS acquired all of the shares in the specification consultancy Schumann International. Schumann is a leading name in specification consultancy, providing expertise to architects, design teams, real estate-developers and construction product manufacturers for over 35 years, mainly in the UK. From February 2023, Schumann International is fully consolidated in Byggfakta Group. Schumann International turnover for 2022 was approx. MGBP 0.6. Total purchase consideration was MGBP 0.6.
Working capital
Net working capital totalled MSEK -667 (-605) at the end of the period. Inventories increased MSEK 3, accounts receivable increased MSEK 32 and other current receivables increased MSEK 18 compared with 31 December 2022. Trade payables increased MSEK 1 and deferred income increased MSEK 100 as a result of acquisitions and increased business volumes. Other current liabilities increased MSEK 13.
| 31 Mar | 31 Dec | |
|---|---|---|
| MSEK | 2023 | 2022 |
| Inventories | 18 | 15 |
| Accounts receivable | 530 | 498 |
| Other current receivables | 130 | 112 |
| Trade payables | -64 | -63 |
| Deferred income | -1,009 | -909 |
| Other current liabilities | -272 | -259 |
| Net working capital | -667 | -605 |
Financial position
At the end of the period, net borrowings totalled MSEK 2,770 (2,437). During the quarter, the company drew a further MSEK 150 of its credit facility. Lease liabilities totalled MSEK 139 (60), primarily as a result of a new office in Portugal, the acquisition of 4CastGroup AS and an extension of the office lease in Indonesia. Cash and cash equivalents amounted to MSEK 275 (346) compared with 31 December 2022.
| MSEK | 31 Mar | 31 Dec |
|---|---|---|
| Liabilities to credit institutions | 2023 2,906 |
2022 2,723 |
| Lease liabilities | 139 | 60 |
| Cash and cash equivalents | -275 | -346 |
| Net borrowings | 2,770 | 2,437 |
Equity amounted to MSEK 8,261 (8,276) and the equity/assets ratio was 60.5% (63.2) compared with 31 December 2022. Intangible assets amounted to MSEK 12,264 (11,812), comprising goodwill of MSEK 8,890 (8,542) and other intangible assets of MSEK 3,374 (3,271) primarily consisting of brands, information databases and capitalised development expenditure of MSEK 1,089 (1,082) and customer relationships of MSEK 2,285 (2,189).
Net debt at the end of the period in relation to reported adjusted EBITDA for the latest twelve-month period was 3.5x (3.3). Exclusion of the acquisitions of 4CastGroup AS would have resulted in net debt in relation to adjusted EBITDA would have been 3.2x.
Number of employees
The number of employees at the end of the period was 1,908 (1,836), which is a year-on-year increase of 72 employees. In addition to these employees, the company engages external consultants, primarily in the fields of data collection and IT.
Significant events after the reporting date
On 3 April 2023, through its subsidiary BCI Central, Byggfakta Group acquired all shares in the American company Pantera Global Technology, Inc. (Pantera) for a purchase consideration of MUSD 8.2. Pantera's offering focuses on procurements in the commercial construction sector. In 2022, Pantera had sales of approximately MUSD 1.8 with a strong EBITDA margin. Over 80% of the company's total revenue comprises subscription revenue.
On 21 April 2023, Byggfakta Group announced the appointment of Max Lagerstedt as the new CEO for the operating segment Construction Solutions – Nordic.
Parent Company
Byggfakta Group Nordic HoldCo AB (Corp. Reg. No. 559262-7516) with its registered office in Ljusdal, Ljusdal Municipality, only operates holding operations and Group-wide functions. The Parent Company had 13 (13) employees at the end of the period.
Net sales amounted to MSEK 13 (13) during the period. Profit/loss for the period totalled MSEK 75 (-8), mainly related to interest on internal loans and internal allocations. Cash and cash equivalents amounted to MSEK 90 (0).
Operating segment reporting
Construction solutions – Nordic
The operating segment consists of operations in Sweden, Denmark, Norway and Finland that offer a product portfolio consisting of several products for the construction sector such as project information, product information, specification information, analysis, e-Tendering, property information and construction media.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
2023 | 2022 | 2022 |
| Net sales | 188 | 173 | 706 |
| Organic growth (%) | 1.6 | 5.7 | 4.7 |
| Adjusted EBITDA | 64 | 62 | 275 |
| Adjusted EBITDA margin (%) | 34.2 | 35.6 | 38.9 |
| Items affecting comparability | -9 | -2 | 8 |
| EBITDA | 56 | 60 | 283 |
| Share of subscription revenue (%) | 82.1 | 80.0 | 81.6 |
| ARR | 590 | 495 | 525 |
| ARR, organic growth YoY (%)1 | 4.6 | 6.1 | 3.9 |
| NRR (%)1 | 83.7 | 80.3 | 83.7 |
1 ARR, including its components, has been adjusted in all historic periods for discontinued operations within Property in Denmark.
First quarter 1 January–31 March
Net sales
Net sales increased 8.7% to MSEK 188 (173). Organic growth amounted to 1.6% (5.7), as a result of a weaker trend for organic ARR growth in 2022 and weaker direct sales in Sweden, Denmark and Finland in the quarter. Acquisition-related growth amounted to 4.3% (9.8), exchange-rate fluctuations had a positive impact of 2.1% (2.8) and Group-wide and eliminations had an impact of 0.6% (0.6). The share of subscription revenue amounted to 82.1% (80.0), impacted by a year-on-year lower share for direct sales in the quarter.
ARR increased to MSEK 590 (495) as a result of an increasing retention rate for subscription services and due to acquisitions. Quarter-on-quarter, organic ARR growth increased from 3.9% to 4.6% as a result of implemented improvements and a larger sales force.
Adjusted EBITDA
Adjusted EBITDA amounted to MSEK 64 (62). The adjusted EBITDA margin decreased to 34.2% (35.6) as a result of lower direct sales and higher expenses, primarily driven by new employees. Staffing has been increased in the sales force during the quarter with the ambition of accelerating organic growth in 2023.
EBITDA
EBITDA amounted to MSEK 56 (60) and included items affecting comparability of MSEK -9 (-2), primarily attributable to transaction costs in conjunction with the acquisition of 4CastGroup AS.
Construction solutions – UK & International
The operating segment consists of operations mainly in the UK and Ireland that offer a product portfolio consisting of several products for the construction sector such as project information, product information and specification information.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
20231 | 2022 | 2022 |
| Net sales | 162 | 155 | 638 |
| Organic growth (%) | 9.6 | 14.1 | 9.6 |
| Adjusted EBITDA | 72 | 65 | 278 |
| Adjusted EBITDA margin (%) | 44.3 | 42.0 | 43.6 |
| Items affecting comparability | -1 | -10 | -12 |
| EBITDA | 71 | 55 | 266 |
| Share of subscription revenue (%) | 92.0 | 96.0 | 92.2 |
| ARR2 | 626 | 543 | 601 |
| ARR2 , organic growth YoY (%) |
9.4 | 10.7 | 9.9 |
| NRR2 (%) |
90.9 | 90.9 | 91.1 |
1During the period, the business segment NBS Supplier and Specifier Australia was moved to Construction solutions – APAC & US, which affects year-on-year comparability.
2 The historical figures for the operating segment Construction solutions – UK & International have been restated due to the movement of the business segment NBS Supplier and Specifier Australia to Construction solutions – APAC & US.
First quarter 1 January–31 March
Net sales
Net sales increased 4.5% to MSEK 162 (155). Organic growth amounted to 9.6% (14.1), as a result of solid new sales and stable subscription renewals. Acquisition-related growth amounted to 0.6% (227.9), exchange-rate fluctuations had an impact of 1.4% (27.4) and Group-wide and eliminations had an impact of -1.2% (5.9). The share of subscription revenue decreased to 92.0% (96.0), as a result of new acquisitions with a higher share of direct sales. ARR increased to MSEK 626 (543), of which 9.4% (10.7) was organic, as a result of a continued healthy trend for sales of subscriptions.
Adjusted EBITDA
Adjusted EBITDA amounted to MSEK 72 (65) and the adjusted EBITDA margin was 44.3% (42.0). The margin improvement resulted from economies of scale in the business model and shows that the sales force investments strengthen EBITDA over time.
EBITDA
EBITDA amounted to MSEK 71 (55) and included items affecting comparability of MSEK -1 (-10).
Construction solutions – Continental Europe
The operating segment consists of operations in Portugal, Spain, Switzerland, Czech Republic, Slovakia and Austria that offer a product portfolio consisting of several products for the construction sector such as project information, product information and e-Tendering.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
2023 | 2022 | 2022 |
| Net sales | 112 | 96 | 407 |
| Organic growth (%) | 6.2 | 2.5 | 4.7 |
| Adjusted EBITDA | 31 | 29 | 124 |
| Adjusted EBITDA margin (%) | 27.7 | 30.0 | 30.5 |
| Items affecting comparability | – | -4 | -8 |
| EBITDA | 31 | 25 | 116 |
| Share of subscription revenue (%) | 86.8 | 89.2 | 87.0 |
| ARR1 | 390 | 324 | 388 |
| ARR1 , organic growth YoY (%) |
9.1 | 7.0 | 12.3 |
| NRR1 (%) |
87.8 | 85.6 | 90.0 |
1ARR in Construction solutions – Continental Europe has changed historically due to changes in classifications between direct revenue and subscription revenue.
First quarter 1 January–31 March
Net sales
Net sales increased 16.8% to MSEK 112 (96). Organic growth amounted to 6.2% (2.5) driven by strong performance in Portugal and a weaker performance in Switzerland. For the quarter, acquisition-related growth amounted to 0.0% (25.3), exchange-rate fluctuations had a positive impact of 8.6% (6.7) and Group-wide and eliminations had an impact of 1.9% (0.2). The share of subscription revenue increased to 86.8% (89.2) as a result of a higher share of direct revenue. ARR increased to MSEK 390 (324), of which 9.1% was organic growth, mainly driven by strong new sales and improved renewal rates in the operations in Portugal and Spain.
Adjusted EBITDA
Adjusted EBITDA amounted to MSEK 31 (29). The adjusted EBITDA margin dipped to 27.7% (30.0), and was mainly attributable to increases in personnel, sales and marketing costs. The comparative period for 2022 included some non-recurring adjustments that improved EBITDA for 2022.
EBITDA
EBITDA totalled MSEK 31 (25) and does not include any items affecting comparability (MSEK -4).
Construction solutions – APAC & US
The operating segment consists of operations in Australia, New Zealand, Asia and the US that offer a product portfolio consisting of several products for the construction sector such as project information, product information, specification information, e-Tendering and construction media.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
20231 | 2022 | 2022 |
| Net sales | 116 | 78 | 362 |
| Organic growth (%) | -3.4 | – | – |
| Adjusted EBITDA | 28 | 17 | 69 |
| Adjusted EBITDA margin (%) | 24.0 | 21.4 | 19.1 |
| Items affecting comparability | -6 | -3 | 23 |
| EBITDA | 22 | 13 | 92 |
| Share of subscription revenue (%) | 80.4 | 93.7 | 86.6 |
| ARR2 | 368 | 297 | 366 |
| ARR2 , organic growth YoY (%) |
2.0 | – | 1.6 |
| NRR2 (%) |
73.1 | – | 73.2 |
1During the period, the business segment NBS Supplier and Specifier Australia was moved from Construction solutions – UK & International to Construction solutions – APAC & US, which affects year-on-year comparability.
2 The historical figures for the operating segment Construction solutions – APAC & US have been restated due to the movement of the business segment NBS Supplier and Specifier Australia from Construction solutions – UK & International.
First quarter 1 January–31 March
Net sales
Net sales increased 49.5% to MSEK 116 (78). Organic growth amounted to -3.4% (–).
A favourable trend continued in the USA, both for new sales and for subscription renewals. Performance in other markets has been weak, mainly due to an earlier shortage in sales capacity which has now been rectified. Gradual improvement is expected in coming quarters as new sales personnel reach their full capacity. Acquisition-related growth amounted to 27.7% (–), exchange-rate fluctuations had a positive impact of 10.5% (–) and Group-wide and eliminations had an impact of 0.5% (–). Growth was also negatively impacted by the restructure/integration of NBS Australia as well as the cost savings implemented in 2022.
The share of subscription revenue decreased to 80.4% (93.7), as a result of acquisitions in the US with a higher share of direct sales. ARR increased to MSEK 368 (297), of which 2.0% was organic, as a result of new recruitments to the sales force. The ambition is to accelerate organic growth back to historical levels, primarily in Australia. The markets in Asia and the US are classified as growth markets and the primary objective is to achieve high sales growth.
Adjusted EBITDA
Adjusted EBITDA amounted to MSEK 28 (17). The adjusted EBITDA margin rose to 24.0% (21.4), partially as a result of higher margins in newly acquired entities and through efficiency gains introduced in 2022.
EBITDA
EBITDA amounted to MSEK 22 (13) and included items affecting comparability of MSEK -6 (-3), primarily attributable to integration costs and transaction costs for entities acquired in the US.
Healthcare & Media
The operating segment comprises operations in the Nordic region developed for the healthcare sector and niche media.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated |
2023 | 2022 | 2022 |
| Net sales | 34 | 32 | 144 |
| Organic growth (%) | 1.3 | 15.1 | 6.5 |
| Adjusted EBITDA | 0 | 4 | 17 |
| Adjusted EBITDA margin (%) | 0.8 | 12.2 | 11.8 |
| Items affecting comparability | – | – | – |
| EBITDA | 0 | 4 | 17 |
| Share of subscription revenue (%) | 53.7 | 60.2 | 53.4 |
| ARR1 | 29 | 28 | 27 |
| ARR, organic growth YoY (%) | 4.6 | 3.6 | -1.8 |
| NRR (%) | 85.8 | 82.8 | 79.6 |
1 Historic data for the operating segment Healthcare & Media has been restated to include the historic acquisition of Familjehemsbanken, which was completed in Q1 2022.
First quarter 1 January–31 March
Net sales
Net sales increased 6.4% to MSEK 34 (32). Net sales were impacted negatively by some postponements of magazine issues. Organic growth amounted to 1.3% (15.1), primarily due to lower direct sales. Acquisition of a smaller trade fair company had an impact of 5.6% (0.9), exchange-rate fluctuations had no impact (–), and Group-wide and eliminations had an impact of -0.5% (-0.4). The share of subscription revenue amounted to 53.7% (60.2), impacted by acquisitions without subscription revenue. ARR amounted to MSEK 29 (28) and organic ARR growth increased to 4.6%.
Adjusted EBITDA
Adjusted EBITDA amounted to MSEK 0 (4). The adjusted EBITDA margin was 0.8% (12.2). Operations in niche media remained negatively impacted in the quarter by rising personnel costs and marketing initiatives in media.
EBITDA
EBITDA totalled MSEK 0 (4) and does not include any items affecting comparability MSEK (–).
Other information
Seasonal effects
Byggfakta Group is not affected by any significant seasonal variations.
Forward-looking information
Byggfakta Group does not provide forecasts.
The share and shareholders
The Parent Company's share has been listed on Nasdaq Stockholm since 15 October 2021 and is part of the Large Cap segment.
The company's ten largest shareholders, as of 31 March 2023, are shown in the table below.
| Shareholder | Share | Votes and capital |
|---|---|---|
| Funds managed by Stirling Square Capital Partners | 86,947,730 | 39.76% |
| Bock Capital Investors EU Luxembourg Tricycle II Sarl | 58,395,888 | 26.71% |
| First Swedish National Pension Fund | 14,928,956 | 6.83% |
| AMF Pension & Funds | 10,416,667 | 4.76% |
| Didner & Gerge Funds | 5,274,990 | 2.41% |
| Third Swedish National Pension Fund | 4,969,692 | 2.27% |
| Nordnet Pensionsförsäkring | 4,828,506 | 2.21% |
| La Financière de l'Echiquier | 3,391,868 | 1.55% |
| Danica Pension | 3,327,822 | 1.52% |
| Norges Bank | 2,678,208 | 1.22% |
The undersigned certifies that this interim report provides a true and fair account of the Parent Company's operations, financial position and performance, and that it describes the material risks and uncertainties faced by the Parent Company and the Group companies.
Stockholm, 3 May 2023
Dario Aganovic
CEO Byggfakta Group
| Jan–Mar | Jan–Mar | Jan–Dec | ||
|---|---|---|---|---|
| MSEK | Not | 2023 | 2022 | 2022 |
| e | ||||
| Net sales | 5 | 600 | 524 | 2,213 |
| Other operating income | 6 | 4 | 4 | 65 |
| Capitalised work on own account | 26 | 20 | 78 | |
| 629 | 548 | 2,357 | ||
| Other external expenses | 6 | -157 | -127 | -548 |
| Personnel costs | -291 | -267 | -1,043 | |
| Amortisation of intangible assets | -130 | -122 | -488 | |
| Depreciation of tangible assets | -13 | -11 | -47 | |
| Other operating expenses | 6 | -6 | -3 | -8 |
| -598 | -529 | -2,134 | ||
| Operating profit (EBIT) | 32 | 19 | 223 | |
| Financial income | 2 | 18 | 50 | |
| Financial expenses | -39 | -44 | -93 | |
| Net financial items | -37 | -26 | -43 | |
| Profit/loss before tax | -5 | -7 | 180 | |
| Tax | -10 | 18 | -50 | |
| Profit/loss for the period | -16 | 11 | 130 | |
| Other comprehensive income | ||||
| Items that may be reclassified to profit/loss for the period: | ||||
| Exchange rate differences upon translation of foreign | ||||
| operations | 23 | 72 | 266 | |
| Other comprehensive income for the period | 23 | 72 | 266 | |
| Comprehensive income for the period | 7 | 83 | 396 | |
| Profit/loss for the period attributable to: | ||||
| Parent Company shareholders | -16 | 11 | 128 | |
| Non-controlling interests | 0 | 0 | 3 | |
| Profit/loss for the period | -16 | 11 | 130 | |
| Basic and diluted earnings per share, SEK | -0.08 | 0.05 | 0.58 | |
| Comprehensive income for the period attributable to: | ||||
| Parent Company shareholders | 7 | 83 | 394 | |
| Non-controlling interests | 0 | 0 | 3 | |
| Comprehensive income for the period | 7 | 83 | 396 |
Consolidated report of comprehensive income in summary
Consolidated balance sheet in summary
| MSEK | Note | 31 Mar 2023 | 31 Dec 2022 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Goodwill | 4 | 8,890 | 8,542 |
| Other intangible assets | 4 | 3,374 | 3,271 |
| Tangible assets | 143 | 127 | |
| Right-of-use assets | 140 | 57 | |
| Participations in associated companies | 1 | 1 | |
| Deferred tax assets | 65 | 65 | |
| Derivatives | 3 | 28 | 34 |
| Other non-current receivables | 14 | 13 | |
| Total non-current assets | 12,654 | 12,108 | |
| Current assets | |||
| Inventories | 18 | 15 | |
| Accounts receivable | 530 | 498 | |
| Tax assets | 54 | 33 | |
| Other receivables | 130 | 113 | |
| Cash and cash equivalents | 275 | 346 | |
| Total current assets | 1,007 | 1,005 | |
| Total assets | 13,661 | 13,113 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital* | 53 | 53 | |
| Other contributed capital | 8,128 | 8,128 | |
| Translation reserve | 278 | 255 | |
| Retained earnings including profit/loss for the period | -213 | -174 | |
| Equity attributable to Parent Company shareholders | 8,245 | 8,262 | |
| Non-controlling interests | 16 | 14 | |
| Total equity | 8,261 | 8,276 | |
| Non-current liabilities | |||
| Deferred tax liability | 665 | 648 | |
| Liabilities to credit institutions | 2,898 | 2,713 | |
| Contingent earnouts | 3 | 164 | 5 |
| Provisions for pensions | 4 | 4 | |
| Lease liabilities | 124 | 55 | |
| Other non-current liabilities | 2 | 1 | |
| Total non-current liabilities | 3,857 | 3,424 | |
| Current liabilities | |||
| Liabilities to credit institutions | 7 | 11 | |
| Lease liabilities | 15 | 6 | |
| Contingent earnouts | 3 | 46 | 72 |
| Trade payables | 64 | 63 | |
| Deferred income | 5 | 1,009 | 909 |
| Tax liabilities | 129 | 94 | |
| Other current liabilities | 120 | 110 | |
| Accrued expenses | 153 | 149 | |
| Total current liabilities | 1,543 | 1,413 | |
| Total equity and liabilities | 13,661 | 13,113 | |
* The company holds 2,200,000 treasury shares.
Condensed consolidated statement of changes in equity
| Note MSEK |
31 Mar 2023 | 31 Mar 2022 | 31 Dec 2022 |
|---|---|---|---|
| Opening balance | 8,276 | 7,939 | 7,939 |
| Profit for the period | -16 | 11 | 130 |
| Other comprehensive income for the period | 23 | 72 | 266 |
| Comprehensive income for the period | 7 | 83 | 396 |
| Of which attributable to Parent Company shareholders | 7 | 83 | 394 |
| Of which attributable to non-controlling interests | 0 | 0 | 3 |
| Transactions with owners | |||
| Costs for new share issue, etc. | – | -7 | -7 |
| Dividend | – | – | -1 |
| Buyback of own shares | -24 | – | -58 |
| Incentive programme | 0 | – | 1 |
| Transactions with non-controlling interests | 1 | 5 | 5 |
| Total transactions with owners | -23 | -2 | -60 |
| Of which attributable to Parent Company shareholders | -24 | -7 | -64 |
| Of which attributable to non-controlling interests | 1 | 5 | 4 |
| Closing balance | 8,261 | 8,020 | 8,276 |
Condensed consolidated statement of cash flows
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| Not MSEK e |
2023 | 2022 | 2022 |
| Operating activities | |||
| Operating profit (EBIT) | 32 | 19 | 223 |
| Adjustments for items that do not affect cash flow | 147 | 126 | 481 |
| Interest received | 0 | 1 | 2 |
| Interest paid | -33 | -13 | -72 |
| Income tax paid | -20 | -28 | -124 |
| Cash flow from operating activities before changes in working capital |
127 | 106 | 509 |
| Cash flow from changes in working capital | 55 | 40 | -23 |
| Increase/decrease in inventories | -3 | -0 | -6 |
| Increase/decrease in operating receivables | -18 | -9 | -43 |
| Increase/decrease in operating liabilities | -11 | -10 | -29 |
| Increase/decrease in deferred income | 88 | 59 | 55 |
| Cash flow from operating activities | 182 | 145 | 486 |
| Investing activities Acquisitions of subsidiaries, after adjustments for acquired cash 4 and cash equivalents |
-317 | -6 | -370 |
| Acquisition of tangible and intangible assets | -53 | -32 | -170 |
| Sales of tangible and intangible assets | – | 0 | 2 |
| Change in other non-current receivables | -1 | -1 | -1 |
| Cash flow from investing activities | -371 | -38 | -539 |
| Financing activities | |||
| Buyback of own shares | -24 | – | -58 |
| Costs for new share issue | 0 | -7 | -7 |
| Dividend | – | – | -1 |
| Borrowings | 150 | – | 546 |
| Repayment of loans | -0 | -0 | -281 |
| Paid arrangement fees | – | – | -3 |
| Repayment of lease liabilities | -14 | -9 | -41 |
| Repayment of other non-current liabilities | 0 | -5 | -5 |
| Cash flow from financing activities | 113 | -21 | 151 |
| Cash flow for the period | -76 | 86 | 99 |
| Cash and cash equivalents at beginning of period | 346 | 218 | 218 |
| Exchange rate differences | 5 | 7 | 29 |
| Cash and cash equivalents at the end of the period | 275 | 312 | 346 |
Condensed Parent Company income statement and statement of comprehensive income
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| MSEK | 2023 | 2022 | 2022 |
| Net sales | 13 | 13 | 46 |
| Other operating income | 0 | 0 | 0 |
| Other external expenses | -9 | -7 | -20 |
| Personnel costs | -12 | -12 | -49 |
| Other operating expenses | -0 | -0 | -1 |
| Operating profit (EBIT) | -8 | -7 | -23 |
| Profit/loss from financial items: | |||
| Interest income and similar profit/loss items | 151 | 17 | 146 |
| Interest expense and similar profit/loss items | -70 | -18 | -171 |
| Profit/loss after financial items | 81 | -1 | -51 |
| Group contribution | – | – | 49 |
| Profit/loss before tax | 74 | -8 | -2 |
| Tax | 2 | – | 0 |
| Profit/loss for the period* | 75 | -8 | -2 |
* The Parent Company has no items that are recognised as other comprehensive income. Profit/loss for the period is therefore the same as comprehensive income for the period.
Condensed Parent Company balance sheet
| MSEK | 31 Mar 2023 | 31 Dec 2022 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Financial assets | ||
| Intangible assets | 7 | 5 |
| Participations in Group companies | 2,822 | 2,822 |
| Receivables from Group companies | 8,928 | 8,967 |
| Deferred tax assets | 2 | 0 |
| Other non-current receivables | 2 | 1 |
| Total non-current assets | 11,760 | 11,795 |
| Current assets | ||
| Current receivables | 145 | 72 |
| Receivables from Group companies | 0 | 0 |
| Cash and bank balances | 90 | 3 |
| Total current assets | 235 | 75 |
| Total assets | 11,995 | 11,871 |
| Equity and liabilities Equity |
||
| Restricted equity Share capital |
53 | 53 |
| Total restricted equity | 53 | 53 |
| Non-restricted equity | ||
| Share premium reserve | 8,128 | 8,128 |
| Retained earnings | 63 | 89 |
| Profit/loss for the period | 75 | -2 |
| Total non-restricted equity | 8,266 | 8,215 |
| Total equity | 8,319 | 8,268 |
| Non-current liabilities Liabilities to credit institutions |
||
| 2,884 | 2,702 | |
| Liabilities to Group companies | 491 | 502 |
| Total non-current liabilities | 3,375 | 3,204 |
| Current liabilities | ||
| Liabilities to Group companies | 283 | 382 |
| Current liabilities | 24 | 18 |
| Total current liabilities | 301 | 400 |
| Total equity and liabilities | 11,995 | 11,871 |
Notes
1 Accounting policies
The consolidated accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations from the IFRS Interpretations Committee (IFRIC) as adopted by the European Union (EU). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board and the Swedish Annual Accounts Act.
The accounting policies correspond to those stated in the annual report for the 2022 financial year.
The report has been prepared in million Swedish krona (MSEK) unless otherwise indicated. Rounding differences may occur in this report.
2 Risks and uncertainties
Through its operations, Byggfakta Group is exposed to general business and financial risks. The risk factors can be grouped into four main categories: "Risks related to the company's operations, sectors and markets," "Financial risks," "Risks related to the regulatory environment" and "Risks related to social and environmental topics."
These risks, with certain sub-categories such as interest-rate risk, are described in more detail on pages 55–60 of the annual report for the 2022 financial year.
Higher benchmark rates and volatile exchange-rate fluctuations could lead to changed financing costs for Byggfakta Group – developments in these areas are being monitored carefully.
Byggfakta Group's customers mostly include construction companies that deliver services and products related to the construction industry. Accordingly, Byggfakta Group is affected by macroeconomic factors and cycles affecting the construction industry.
Russia's invasion of Ukraine has given rise to increased uncertainty in the global economy, such as disruptions in supply and logistics chains and increased volatility in energy markets, together with higher inflation and higher interest rates. Consequently, a risk exists of further disruption in production and supply chains for the construction market in general. However, Byggfakta Group is not directly exposed to the effects caused by the war.
Impairment testing of goodwill is conducted annually or whenever the need arises. On the most recent testing in 2022, it was noted that there was no need for impairment of goodwill. The recoverable amounts for the cash-generating units (CGUs), Construction solutions – UK & International and Construction solutions – Continental Europe, are slightly more sensitive than others with regard to assumptions for growth and margin development as well as future performance. Accordingly, deviation from these assumptions could result in impairment – developments in these areas are being monitored carefully.
3 Fair value of financial instruments
The Group has some financial liabilities in the form of contingent earnouts in business combinations that are measured at fair value through profit or loss, which are included in level 3 of the fair value hierarchy. The contingent earnouts are based on the current business plan for each business and the fair values have been estimated by assessing future expected outcomes. The remeasurement at fair value pertained to Magasinet Fastighetssverige AB and Lokalförlaget i Göteborg AB (MSEK 3). The Group's contingent considerations are reported on separate lines under current and non-current liabilities respectively in the balance sheet. See the table below.
| MSEK | Non-current liabilities | Current liabilities |
|---|---|---|
| Opening balance, contingent earnouts and put/call option | 5 | 72 |
| Earnouts paid, FAS, LOK | – | -35 |
| Business combinations, 4 CastGroup, Schumann | +161 | +6 |
| Reclassification, current liabilities | -2 | +2 |
| Remeasurement of fair value, FAS, LOK | – | +3 |
| Exchange-rate effects | 0 | -1 |
| Closing balance, contingent earnouts | 164 | 46 |
| Non-current and current liabilities, contingent earnouts | 210 |
The Group also has derivative instruments in the form of interest-rate swaps that are measured at fair value through profit or loss, which are included in level 2 of the fair value hierarchy. The Group's derivative instruments are reported on a separate line under non-current assets in the balance sheet.
4 Business combinations during the period
On 26 January 2023, the Group acquired 100% of the share capital in Schumann International for MGBP 1.1, where MGBP 0.6 comprises a contingent consideration. The acquisition comprises an add-on in the segment Construction solutions – UK & International.
Final payments of the earnouts pertaining to the acquisition of Magasinet Fastighetssverige AB and Lokalförlaget i Göteborg AB have been disbursed in an amount of MSEK 35.
A set-off issue of MSEK 1, whereby non-controlling interests have set off a claim against shares in Jakt & Fiskejournalen Sverige AB.
4CastGroup AS
On 13 February 2023, the Group acquired 73% of the share capital and, thereby, control of 4CastGroup AS, reg. no. 913 550 749. 4CastGroup AS was consolidated as of 1 March in the segment Construction solutions – Nordic. 4CastGroup AS has 48 employees and sales in 2022 of approximately MNOK 86 together with a healthy EBITDA margin. Approximately 70% of the company's total revenue comprises subscription revenue. The company will be fully consolidated as binding put/call option agreements are in place for the acquisition of the remaining part of the company. From the acquisition date until 31 March 2023, 4CastGroup is expected to contribute net sales amounting to MSEK 9. If the acquisition of 4CastGroup had occurred at the start of 2023, the contribution to the Group's net sales would have been MSEK 29. The acquisition is expected to contribute MSEK -5 to Byggfakta Group's operating profit. If the acquisition had occurred at the start of 2023, the contribution to the Group's operating profit would have been MSEK -2. Items affecting comparability pertaining to acquisition costs of MSEK -5 have been included in these figures.
The surplus values that arose in connection with the acquisition refer to customer relationships, brands and information databases. Customer relationships have an estimated useful life of ten years and are amortised over ten years. Brands are estimated to have indefinite useful lives and are not amortised over time, since they are well established in the industry and business is expected to be conducted under these brands in the
foreseeable future. Goodwill is attributable to synergies and personnel. No part of goodwill will be tax deductible.
Operating profit includes acquisition-related costs of MSEK -5, which are included in other external expenses in the consolidated statement of comprehensive income and in cash flow from operating activities in the cashflow statement.
The table below summarises the purchase consideration paid for the acquisition and the fair value of acquired assets and assumed liabilities as recognised on the acquisition date:
| MSEK | Preliminary acquisition |
|---|---|
| analysis 13 Feb 2023 |
|
| Intangible assets: Customer relationships | 142 |
| Intangible assets: Brands | 21 |
| Intangible assets: Information database | 12 |
| Tangible assets incl. right-of-use assets | 5 |
| Other current assets | 18 |
| Cash and cash equivalents | 59 |
| Deferred tax | -35 |
| Lease liabilities | -5 |
| Current liabilities | -30 |
| Net fair value of acquired assets and assumed liabilities | 187 |
| Goodwill | 300 |
| Total purchase consideration | 487 |
| Unpaid purchase consideration for the remainder of the company | -161 |
| Acquisition costs | 5 |
| Less cash and cash equivalents in acquired Group companies | -59 |
| Net cash flow from acquisitions of Group companies | 272 |
5 Segment information and revenue from contracts with customers
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| Not MSEK |
2023 | 2022 | 2022 |
| e Net sales |
|||
| Construction solutions – Nordic | 188 | 173 | 706 |
| Construction solutions – UK & International | 162 | 155 | 638 |
| Construction solutions – Continental Europe | 112 | 96 | 407 |
| Construction solutions – APAC & US | 116 | 78 | 362 |
| Healthcare & Media | 34 | 32 | 144 |
| Group-wide and eliminations | -12 | -9 | -44 |
| Net sales | 600 | 524 | 2,213 |
| Adjusted EBITDA | |||
| Construction solutions – Nordic | 64 | 62 | 275 |
| Construction solutions – UK & International | 72 | 65 | 278 |
| Construction solutions – Continental Europe | 31 | 29 | 124 |
| Construction solutions – APAC & US | 28 | 17 | 69 |
| Healthcare & Media | 0 | 4 | 17 |
| Group-wide and eliminations | -2 | -2 | -2 |
| Adjusted EBITDA | 193 | 174 | 761 |
| Adjusted EBITDA margin (%) | |||
| Construction solutions – Nordic | 34.2 | 35.6 | 38.9 |
| Construction solutions – UK & International | 44.3 | 42.0 | 43.6 |
| Construction solutions – Continental Europe | 27.7 | 30.0 | 30.5 |
| Construction solutions – APAC & US | 24.0 | 21.4 | 19.1 |
| Healthcare & Media | 0.8 | 12.2 | 11.8 |
| Adjusted EBITDA margin (%) | 32.0 | 33.1 | 34.4 |
| Reconciliation against profit/loss before tax | |||
| Adjusted EBITDA | 193 | 174 | 761 |
| Items affecting comparability 6 |
-19 | -22 | -4 |
| Depreciation of tangible assets | -13 | -11 | -47 |
| Amortisation of intangible assets | -130 | -122 | -488 |
| of which, capitalised development expenditure, etc. | -22 | -19 | -75 |
| of which, Customer relationships, Brands, Databases | -108 | -102 | -413 |
| Operating profit (EBIT) | 32 | 19 | 223 |
| Net financial items | -37 | -26 | -43 |
| Profit/loss before tax | -5 | -7 | 180 |
Revenue from contracts with customers
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| MSEK | 2023 | 2022 | 2022 |
| Performance obligations satisfied over time* | |||
| Construction solutions – Nordic | 151 | 136 | 565 |
| Construction solutions – UK & International | 148 | 146 | 579 |
| Construction solutions – Continental Europe | 94 | 84 | 345 |
| Construction solutions – APAC & US | 93 | 73 | 312 |
| Healthcare & Media | 17 | 18 | 73 |
| Performance obligations satisfied at a point in time | |||
| Construction solutions – Nordic | 37 | 37 | 141 |
| Construction solutions – UK & International | 14 | 9 | 60 |
| Construction solutions – Continental Europe | 18 | -2 | 62 |
| Construction solutions – APAC & US | 23 | 5 | 49 |
| Healthcare & Media | 17 | 14 | 71 |
| Group-wide and eliminations | -12 | -9 | -44 |
| Total performance obligations | 600 | 524 | 2,214 |
* The majority of performance obligations satisfied over time are invoiced in advance.
6 Items affecting comparability
Items affecting comparability in the quarter amounted to MSEK -19 (-22), of which MSEK -12 pertained to acquisition-related costs primarily for Schumann, Bid Ocean and 4CastGroup, MSEK -3 to remeasurement of contingent earnouts for FAS and LOK, and MSEK -4 to integration costs. For remeasurement of contingent earnouts, refer also to Note 3.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| MSEK | 2023 | 2022 | 2022 |
| Acquisition-related costs (Other external expenses) | -12 | -1 | -16 |
| Remeasurement of contingent earnouts (Other operating income/Other operating expenses) |
-3 | -2 | 50 |
| Restructure of Group management (Personnel and Other external | – | – | -16 |
| expenses) Integration costs (Personnel and Other external expenses) |
-4 | -16 | -18 |
| IPO-related costs (Other external expenses) | – | -3 | -3 |
| Total | -19 | -22 | -4 |
7 Transactions with related parties
No transactions with related parties took place during the period.
8 Share-based payments
An employee stock option programme was adopted by shareholders at the Annual General Meeting in May 2022.
The rationale behind the employee stock option programme (LTI 2022/2025) is to ensure that key employees, high potentials, senior management executives, and senior executives within the Byggfakta group shall be given the opportunity to become long-term shareholders and take part in, and work for, a positive value development of the company's share during the period encompassed by LTI 2022/2025, and for Byggfakta Group to be able to retain and recruit competent and committed staff.
LTI 2022/2025 encompasses not more than 2,200,000 shares, which corresponds to about 1% of the total number of shares outstanding in the company. The CEO and other senior executives have been allocated 925,000 employee stock options.
The employee stock options can be exercised to acquire shares in the company in the period from 15 May 2025 through to 16 June 2025. A precondition for exercising the employee stock options is that the participant remains an employee of Byggfakta Group throughout the LTI 2022/2025 period.
Each employee stock option entitles the participant to acquire one share in the company at an exercise price corresponding to 120% of the volume-weighted average purchase price for the company's share on Nasdaq Stockholm over a period of five trading days before the 2022 AGM. The exercise price and the number of shares to which each employee stock option entitles can be subject to recalculation as a result of a bonus issue, share split, rights issue or other similar actions. The exercise price has been calculated as SEK 55.84.
Fair value of options granted:
The assessed fair value at the grant date of options granted during the period was SEK 1.52 per option. The fair value at the grant date is independently determined using an adjusted form of the Black-Scholes model, which includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the dilutive effect (where material), the share price at the grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the option, and the correlations and volatilities of the peer group companies.
The model inputs for options granted during the period were:
- a) Options are granted for no consideration and vest based on the Group's ranking within a peer group of 20 selected companies over a three-year period. Vested options can be exercised in the period from 15 May 2025 through to 16 June 2025.
- b) Exercise price: SEK 55.84
- c) Grant date: 21 June 2022
- d) Expiry date: 15 June 2025
- e) Share price at grant date: SEK 31.76
- f) Expected price volatility of the company's shares: 28%
- g) Expected dividend yield: 0%
- h) Risk-free interest rate: 2.20%
9 Significant events after the reporting period
On 3 April 2023, through its subsidiary BCI Central, Byggfakta Group acquired all shares in the American company Pantera Global Technology, Inc. (Pantera) for a purchase consideration of MUSD 8.2. Pantera's offering focuses on procurements in the commercial construction sector. In 2022, Pantera had sales of approximately MUSD 1.8 with a strong EBITDA margin. Over 80% of the company's total revenue comprises subscription revenue.
On 21 April 2023, Byggfakta Group announced the appointment of Max Lagerstedt as the new CEO for the operating segment Construction Solutions – Nordic.
Key performance measures
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated | 2023 | 2022 | 2022 |
| Income Statement | |||
| Net sales | 600 | 524 | 2,213 |
| Organic growth (%) | 3.8 | 7.1 | 6.1 |
| Adjusted EBITDA | 193 | 174 | 761 |
| Adjusted EBITDA margin (%) | 32.2 | 33.1 | 34.4 |
| EBITDA | 174 | 152 | 758 |
| EBITA | 162 | 140 | 711 |
| Operating profit (EBIT) | 32 | 19 | 223 |
| Operating margin (%) | 5.2 | 3.6 | 10.1 |
| Balance sheet | |||
| Net working capital | -667 | -630 | -605 |
| Net debt | 2,770 | 2,125 | 2,437 |
| Net debt/adjusted EBITDA, multiple | 3.5 | 3.3 | 3.2 |
| Equity/assets ratio (%) | 60.5 | 64.1 | 63.1 |
| Cash flow | |||
| Cash flow from operating activities before changes in working capital |
127 | 106 | 509 |
| Cash flow from operating activities | 182 | 145 | 486 |
| Cash flow for the period | -76 | 86 | 99 |
| Data per share | |||
| Basic earnings per share (SEK) | -0.08 | 0.05 | 0.58 |
| Diluted earnings per share (SEK) | -0.08 | 0.05 | 0.58 |
| Average No. of shares outstanding – basic/diluted | 216,672,416 | 218,666,667 | 218,353,783 |
| No. of shares in issue at period end | 218,666,667 | 218,666,667 | 218,666,667 |
| The company's holding of treasury shares | 2,200,000 | – | 1,637,352 |
| No. of shares outstanding at period end | 216,466,667 66315 |
218,666,667 | 217,029,315 |
Information per quarter
| All amounts are expressed in MSEK unless otherwise | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar | Oct–Dec |
|---|---|---|---|---|---|---|
| indicated | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 |
| Net sales | 600 | 589 | 548 | 553 | 524 | 516 |
| Organic growth (%) | 3.8 | 4.2 | 7.4 | 6.4 | 7.1 | 11.4 |
| Adjusted EBITDA | 193 | 205 | 201 | 183 | 174 | 170 |
| Adjusted EBITDA margin (%) | 32.2 | 34.7 | 36.6 | 33.0 | 33.1 | 33.2 |
| Operating profit (EBIT) | 32 | 98 | 70 | 36 | 19 | 37 |
| Operating margin (%) | 5.2 | 16.7 | 12.7 | 6.5 | 3.6 | 7.2 |
| Share of subscription revenue (%) | 83.8 | 82.8 | 85.5 | 85.3 | 85.3 | 81.7 |
| ARR1,2,3,4 | 2,003 | 1,907 | 1,836 | 1,754 | 1,6875 | 1,636 |
| ARR1, 3, organic growth YoY (%) | 6.6 | 6.94 | 8.3 | 7.0 | 8.0 | 10.1 |
| NRR (%)1 | 84.9 | 85.34 | 87.5 | 85.9 | 85.5 | 82.4 |
| Net sales per segment: | ||||||
| Construction solutions – Nordic | 188 | 189 | 171 | 174 | 173 | 176 |
| Construction solutions – UK & International | 162 | 163 | 157 | 163 | 155 | 143 |
| Construction solutions – Continental Europe | 112 | 111 | 102 | 99 | 96 | 90 |
| Construction solutions – APAC & US | 116 | 100 | 94 | 90 | 78 | 73 |
| Healthcare & Media | 34 | 39 | 34 | 38 | 32 | 40 |
| Group-wide and eliminations | -12 | -14 | -11 | -11 | -9 | -7 |
| Adjusted EBITDA per segment | ||||||
| Construction solutions – Nordic | 64 | 72 | 77 | 64 | 62 | 67 |
| Construction solutions – UK & International | 72 | 75 | 68 | 69 | 65 | 48 |
| Construction solutions – Continental Europe | 31 | 34 | 33 | 28 | 29 | 26 |
| Construction solutions – APAC & US | 28 | 19 | 17 | 17 | 17 | 14 |
| Healthcare & Media | 0 | 4 | 5 | 4 | 4 | 7 |
| Group-wide and eliminations | -2 | -1 | 1 | 0 | -2 | 8 |
| Adjusted EBITDA margin per segment (%): | ||||||
| Construction solutions – Nordic | 34.2 | 38.4 | 45.2 | 36.7 | 35.6 | 37.9 |
| Construction solutions – UK & International | 44.3 | 46.0 | 43.4 | 42.7 | 42.0 | 33.7 |
| Construction solutions – Continental Europe | 27.7 | 30.6 | 32.4 | 29.1 | 30.0 | 29.3 |
| Construction solutions – APAC & US | 24.0 | 19.2 | 17.6 | 18.5 | 21.4 | 19.4 |
| Healthcare & Media | 0.8 | 11.2 | 13.9 | 10.3 | 12.2 | 18.6 |
1 Within Construction solutions – Nordic, ARR and its components have been adjusted in all historic periods for discontinued operations within Property in Denmark.
2 Within Healthcare & Media, historic data has been restated due to the inclusion of the historic acquisition of Familjehemsbanken, which was completed in Q1 2022.
3Within Construction solutions – UK & International, ARR has been adjusted for all historical periods as a result of intra-Group harmonisation of revenue recognition for one of the entities within NBS.
4Within Construction solutions – Continental Europe, historical data has been adjusted due to changes in classifications between direct revenue and subscription revenue.
5 Within Construction solutions – APAC & US, ARR has been adjusted in the Q1 2022 period for changed allocations between direct sales and recurring revenue.
Alternative performance measures
Alternative Performance Measures (APM) are financial measures of historical or future financial performance, financial position or cash flow that are not defined in the applicable accounting rules (IFRS). APMs are used by Byggfakta Group when they are relevant for monitoring and describing Byggfakta Group's financial situation and to provide additional useful information for the financial statements. These measures are not directly comparable with similar performance measures that are presented by other companies. The definitions on pages 34–36 demonstrate how Byggfakta Group defines its performance measures and the aim of each performance measure. The information below is supplementary information that all performance measures can be derived from.
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated | 2023 | 2022 | 2022 |
| Organic growth, total (%) | |||
| Net sales growth (%) | 14.6 | 87.1 | 42.6 |
| Less, acquired growth (%) | -6.5 | -71.1 | -29.0 |
| Less, currency effects (%) | -4.3 | -8.9 | -7.5 |
| Organic growth, total (%) | 3.8 | 7.1 | 6.1 |
| Organic growth, Constr. solutions – Nordic (%) | |||
| Net sales growth (%) | 8.7 | 18.9 | 13.3 |
| Less, acquired growth (%) | -4.3 | -9.8 | -4.7 |
| Less, currency effects (%) | -2.1 | -2.8 | -3.0 |
| Less, Group-wide and eliminations (%) | -0.6 | -0.6 | -0.9 |
| Organic growth, Constr. solutions – Nordic (%) | 1.6 | 5.7 | 4.7 |
| Organic growth, Constr. solutions – UK & International (%) | |||
| Net sales growth (%) | 10.4 | 275.4 | 41.6 |
| Less, acquired growth (%) | -0.6 | -227.9 | -22.5 |
| Less, currency effects (%) | -1.4 | -27.4 | -7.7 |
| Less, Group-wide and eliminations (%) | 1.2 | -5.9 | -1.9 |
| Organic growth, Constr. solutions – UK & International (%) | 9.6 | 14.1 | 9.6 |
| Organic growth, Constr. solutions – Continental Europe (%) | |||
| Net sales growth (%) | 16.8 | 34.6 | 38.1 |
| Less, acquired growth (%) | – | -25.3 | -22.8 |
| Less, currency effects (%) | -8.6 | -6.7 | -8.9 |
| Less, Group-wide and eliminations (%) | -1.9 | -0.2 | -1.7 |
| Organic growth, Constr. solutions – Continental Europe (%) | 6.2 | 2.5 | 4.7 |
| Organic growth, Constr. solutions – APAC & US (%) | |||
| Net sales growth (%) | 35.3 | – | 394.6 |
| Less, acquired growth (%) | -27.7 | – | -341.2 |
| Less, currency effects (%) | -10.5 | – | -52.7 |
| Less, Group-wide and eliminations (%) | -0.5 | – | -1.2 |
| Organic growth, Constr. solutions – APAC & US (%) | -3.4 | – | -0.5 |
| Organic growth, Healthcare & Media (%) | |||
| Net sales growth (%) | 6.4 | 15.6 | 8.0 |
| Less, acquired growth (%) | -5.6 | -0.9 | -2.1 |
| Less, currency effects (%) | – | – | – |
| Less, Group-wide and eliminations (%) | 0.5 | 0.4 | 0.7 |
| Organic growth, Healthcare & Media (%) | 1.3 | 15.1 | 6.5 |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| All amounts are expressed in MSEK unless otherwise indicated | 2023 | 2022 | 2022 |
| Share of subscription revenue (%) | |||
| Subscription revenue | 503 | 447 | 1,874 |
| Net sales | 600 | 524 | 2,214 |
| Share of subscription revenue (%) | 83.8 | 85.3 | 84.7 |
| ARR, total | |||
| Subscription revenue (months) | 167 | 141 | 159 |
| ARR, total | 2,003 | 1,687 | 1,907 |
| ARR, Construction solutions – Nordic | |||
| Subscription revenue (months) | 49 | 41 | 44 |
| ARR, Construction solutions – Nordic | 590 | 495 | 525 |
| ARR, Construction solutions – UK & International | |||
| Subscription revenue (months) | 52 | 45 | 50 |
| ARR, Construction solutions – UK & International | 626 | 543 | 601 |
| ARR, Construction solutions – Continental Europe | |||
| Subscription revenue (months) | 32 | 27 | 32 |
| ARR, Construction solutions – Continental Europe | 390 | 324 | 388 |
| ARR, Construction solutions – APAC & US | |||
| Subscription revenue (months) | 31 | 25 | 30 |
| ARR, Construction solutions – APAC & US | 368 | 297 | 366 |
| ARR, Healthcare & Media | |||
| Subscription revenue (months) | 2 | 2 | 2 |
| ARR, Healthcare & Media | 29 | 28 | 27 |
| ARR, organic growth YoY (%) ARR at period end |
2,003 | 1,687 | 1,907 |
| ARR total growth YoY (%) | 18.8 | 41.4 | 16.6 |
| ARR acquired growth YoY (%) | -6.5 | -31.3 | -3.0 |
| ARR, FX growth YoY (%) | -5.7 | -2.0 | -6.7 |
| ARR, organic growth YoY (%) | 6.6 | 8.0 | 6.9 |
| NRR (%) | |||
| ARR at beginning of period | 1,687 | 1,193 | 1,636 |
| Eliminations on calculation (see definitions) | -35 | -27 | -34 |
| Adjusted ARR at beginning of period | 1,652 | 1,166 | 1,602 |
| Net retention | 1,402 | 996 | 1,367 |
| NRR (%) | 84.9 | 85.5 | 85.3 |
| Operating margin (%) | |||
| Operating profit (EBIT) | 32 | 19 | 223 |
| Net sales | 600 | 524 | 2,213 |
| Operating margin (%) | 5.2 | 3.6 | 10.1 |
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| All amounts are expressed in MSEK unless otherwise indicated | 2023 | 2022 | 2022 |
| EBITDA | |||
| Operating profit (EBIT) | 32 | 19 | 223 |
| Amortisation of intangible assets | 130 | 122 | 488 |
| of which, capitalised development expenditure, etc. | 22 | 19 | 75 |
| of which, Customer relationships, Brands, Databases | 108 | 102 | 413 |
| EBITA | 162 | 140 | 711 |
| Depreciation of tangible assets | 13 | 11 | 47 |
| EBITDA | 174 | 152 | 758 |
| EBITDA margin (%) | 29.1 | 28.9 | 34.2 |
| Adjusted EBITDA | |||
| Operating profit (EBIT) | 32 | 19 | 223 |
| Items affecting comparability | 19 | 22 | 4 |
| Amortisation of intangible assets | 130 | 122 | 488 |
| of which, capitalised development expenditure, etc. | 22 | 19 | 75 |
| of which, Customer relationships, Brands, Databases | 108 | 102 | 413 |
| Adjusted EBITA | 181 | 163 | 711 |
| Depreciation of tangible assets | 13 | 11 | 47 |
| Adjusted EBITDA | 193 | 174 | 761 |
| Adjusted EBITDA margin (%) | 32.2 | 33.1 | 34.4 |
| Net debt | |||
| Liabilities to credit institutions | 2,906 | 2,375 | 2,723 |
| Lease liabilities | 139 | 62 | 60 |
| Cash and cash equivalents | -275 | -312 | -346 |
| Net debt | 2,770 | 2,125 | 2,437 |
| Net debt/adjusted EBITDA | |||
| Net debt | 2,770 | 2,125 | 2,437 |
| Adjusted EBITDA, rolling 12 months | 781 | 644 | 761 |
| Net debt/adjusted EBITDA | 3.5 | 3.3 | 3.2 |
| Net working capital | |||
| Inventories | 18 | 9 | 15 |
| Accounts receivable | 530 | 432 | 498 |
| Other current receivables | 130 | 119 | 112 |
| Trade payables | -64 | -46 | -63 |
| Deferred income | -1,009 | -869 | -909 |
| Other current liabilities | -272 | -276 | -259 |
| Net working capital | -667 | -630 | -605 |
| Equity/assets ratio (%) | |||
| Total equity | 8,261 | 8,020 | 8,276 |
| Total assets | 13,661 | 12,519 | 13,113 |
| Equity/assets ratio (%) | 60.5 | 64.1 | 63.1 |
Definitions
| IFRS measure | Definition | |
|---|---|---|
| Earnings per share | Profit/loss for the period attributable to Parent Company shareholders in relation to the average number of shares outstanding in accordance with IAS 33. |
| Alternative performance | Definition | Purpose |
|---|---|---|
| measures Organic growth ARR |
Changes in net sales relative to the comparative period after adjustment for acquisition and divestment effects, and exchange-rate effects. Annual recurring revenue pertains to subscription revenue for the |
Indicates the underlying trend in net sales between different periods at a constant exchange rate, excluding the impact of acquisitions and/or divestments. Indicates recurring revenue in the next 12 months based on revenue from existing |
| last month in the quarter, recalculated to 12 months. |
customers at the end of the period. This performance measure is also significant in facilitating industry comparisons. |
|
| ARR at beginning of period |
Recurring revenue for the respective month, recalculated for a 12-month period at the start of the period. |
Indicates recurring revenue in the next 12 months based on revenue from existing customers at the start of the period. The performance measure is calculated in SEK based on closing exchange rates for the period. |
| ARR at period end | Recurring revenue for the respective month, recalculated for a 12-month period at the end of the period. |
Indicates recurring revenue in the next 12 months based on revenue from existing customers at the end of the period. The performance measure is calculated in SEK based on closing exchange rates for the period. |
| ARR growth | Growth between periods based on the respective monthly recurring revenue, recalculated for a 12- month period at the end of the period. |
Divided between ARR growth, ARR including acquisition effects and currency ARR impact. Organic ARR growth consisting of change in ARR in relation to outgoing ARR for the comparative period after adjustment for acquisition/divestment effects and currency impact. Acquisition impact including full outgoing ARR value of the acquired entity until it has been part of the Group for 12 months. |
| Net retention | Net retention is the recurring revenue retained from existing customers during a defined time period, including added sales, price increases and forfeiture including contract reduction. |
It reflects the ability to maintain annual recurring revenue by taking into account added sales, price increases and deductions. |
| NRR | The net retention rate is the recurring revenue retained from existing customers in a defined time period, in relation to ARR at the beginning of the period. In the event that acquired entities lack the |
It reflects the ability to maintain annual recurring revenue by taking into account added sales, price increases and deductions. The calculation pertains to net retention in absolute values in relation to ingoing ARR for the period. |
| components included in the calculation of Net Retention for the defined time period, these subsidiaries are excluded from the calculation. Accordingly, when the respective components of NRR and ARR are presented independently in this report, they can differ from the amounts presented in the calculation of NRR. |
||
|---|---|---|
| Share of subscription revenue |
Revenue in the form of subscription revenue of an annual recurring nature, as a share of net sales. |
This measure is relevant to show the scope of recurring revenue, and how it changes from quarter to quarter and over |
| time. | ||
| EBITDA | Operating profit/loss (EBIT) before impairment and the depreciation of tangible assets and amortisation of intangible assets. |
Reflects the profitability of operations and enables profitability comparison over time regardless of impairment and depreciation of tangible assets and amortisation of intangible assets, and independent of taxes and financing structure. |
| EBITDA margin | Operating profit/loss (EBIT) before depreciation of tangible assets and amortisation of intangible assets in relation to net sales. |
Reflects the profitability of operations before impairment and the depreciation of tangible assets and amortisation of intangible assets. This performance measure is a vital component to follow the Group's value creation and to increase comparability over time. |
| Adjusted EBITDA | Operating profit/loss (EBIT) before impairment and the depreciation of tangible assets and amortisation of intangible assets, adjusted for items affecting comparability. |
Reflects the profitability of operations and enables profitability comparison over time regardless of impairment and depreciation of tangible assets and amortisation of intangible assets and independent of taxes and financing structure, and the impact of items affecting comparability. |
| Adjusted EBITDA margin | Operating profit/loss (EBIT) before impairment and the depreciation of tangible assets and amortisation of intangible assets, adjusted for items affecting comparability, in relation to net sales. |
Reflects the profitability of operations before impairment and the depreciation of tangible assets and amortisation of intangible assets. This performance measure is a vital component to follow the Group's value creation adjusted for the impact of items affecting comparability and to increase comparability over time. |
| EBITA | Operating profit/loss (EBIT) before impairment and the depreciation of tangible assets and amortisation of intangible assets. |
Reflects the profitability of operations and enables profitability comparison over time regardless of impairment and amortisation of intangible assets, and independent of taxes and financing structure. |
| Adjusted EBITA | Operating profit/loss (EBIT) before impairment and the amortisation of intangible assets, adjusted for items affecting comparability. |
Reflects the profitability of operations and enables profitability comparison over time regardless of impairment and amortisation of intangible assets and independent of taxes and financing structure, and the impact of items affecting comparability. |
| Items affecting | Items affecting comparability pertain | Reporting these items separately |
|---|---|---|
| comparability | to material revenue and expense | increases comparability between periods |
| items of a nonrecurring nature, | and over time irrespective of when the | |
| primarily related to acquisitions and | item occurs. | |
| integration, and are recognised | ||
| separately due to the significance of | ||
| their nature and size. Smaller | ||
| acquisitions are expected to be | ||
| integrated within 2–3 quarters and | ||
| larger acquisitions within 4–5 | ||
| quarters. | ||
| Operating profit (EBIT) | Operating profit (EBIT) in accordance | Reflects the profitability of operations and |
| with the income statement, meaning | enables profitability comparison over | |
| the profit/loss for the period | time. | |
| excluding financial income, finance | ||
| costs, the share of earnings in | ||
| associated companies and tax. | ||
| Operating margin | Operating profit (EBIT) in relation to | Reflects the profitability of operations and |
| net sales. | enables comparison of profitability and of | |
| value creation over time. | ||
| Net debt | Non-current and current interest | Used to follow debt development and the |
| bearing liabilities less cash and cash | scope of refinancing requirements. Net | |
| equivalents at the end of the period. | debt is used instead of gross debt as a | |
| measure of total loan financing. | ||
| Net debt/adjusted | Net debt in relation to adjusted | Used to illustrate the company's total |
| EBITDA | EBITDA rolling 12 months, including | liabilities, adjusted for cash and cash |
| the effects of IFRS 16 Leases. | equivalents, and the company's ability to | |
| repay the debt. | ||
| Equity/assets ratio | Total equity divided by total assets. | Used to show how large a part of the |
| Group's assets is financed with equity. | ||
| Net working capital | Total current assets less cash and | A measure of the Group's current financial |
| cash equivalents and current non | status. | |
| interest-bearing liabilities at the end | ||
| of the period. |
Glossary
| Subscription revenue | Revenue from a subscription and of a recurring nature from services that are assumed to have a term of several years. |
|---|---|
| SEK | Swedish krona. |
Financial calendar
25 May 2023 2023 Annual General Meeting 20 July 2023 Interim report for the period 1 January–30 June 2023 8 November 2023 Interim report for the period 1 January–30 September 2023 7 February 2024 Year-end report for the period 1 January–31 December 2023
Contact information
Johnny Engman, CFO [email protected] +46 70 355 59 27
Erik Kronqvist, Head of Investor Relations [email protected] +46 70 697 22 22
This information comprises information that Byggfakta Group Nordic HoldCo AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 3 May 2023.
