Interim / Quarterly Report • Jul 16, 2021
Interim / Quarterly Report
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| 2021 Q2 |
2021 Q1 |
2020 Q4 |
2020 Q3 |
2020 Q2 |
2020 Q1 |
2019 Q4 |
2019 Q3 |
2019 Q2 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net sales (MSEK) | 103.0 | 94.4 | 93.1 | 75.6 | 85.0 | 85.0 | 81.8 | 68.0 | 70.0 |
| Recurring revenue (MSEK) | 60.9 | 52.2 | 50.5 | 48.5 | 48.5 | 46.9 | 44.3 | 42.5 | 41.3 |
| EBITDA (MSEK) | 33.1 | 32.4 | 36.1 | 29.8 | 27.0 | 28.7 | 24.4 | 23.7 | 17.6 |
| EBITDA (%) | 32% | 34% | 39% | 39% | 32% | 34% | 30% | 35% | 25% |
| EBITA (MSEK) | 26.5 | 26.3 | 30.6 | 24.7 | 21.8 | 23.5 | 19.9 | 19.2 | 13.3 |
| EBITA (%) | 26% | 28% | 33% | 33% | 26% | 28% | 24% | 28% | 19% |
| Adjusted EBITA | 27.6 | 26.2 | 29.3 | 24.7 | 21.8 | 23.5 | 19.9 | 19.3 | 13.8 |
| Adjusted EBITA (%) | 27% | 28% | 31% | 33% | 26% | 28% | 24% | 28% | 20% |
| Operating income, EBIT (MSEK) | 18.2 | 21.9 | 26.3 | 20.4 | 17.5 | 19.1 | 16.3 | 15.6 | 10.0 |
| Operating income, EBIT (%) | 18% | 23% | 28% | 27% | 21% | 22% | 20% | 23% | 14% |
| Earnings per share, basic (SEK) | 1.01 | 1.26 | 1.52 | 1.13 | 1.00 | 1.07 | 0.91 | 0.91 | 0.56 |
| Earnings per share, diluted (SEK) | 1.01 | 1.26 | 1.52 | 1.13 | 1.00 | 1.07 | 0.91 | 0.91 | 0.56 |
| Cash flow from current operations (MSEK) | 47.4 | 24.9 | 46.4 | 14.2 | 33.1 | 25.3 | 29.0 | 14.6 | 21.2 |
Net sales amounted to MSEK 103 in the second quarter of 2021, which is equivalent to sales growth of 21 %, with an EBITA margin of 26 %. Both growth and EBITA exceeded our financial targets for the quarter, and, as we announced previously, we will continue to prioritise growth over profitability going forward. The fact that our investments are generating results creates the conditions to continue with our initiatives, both in Sweden and in our growth markets.
Two months have passed since I took over as CEO. I am proud and grateful to be working with such great and smart people, who are totally dedicated to making every day better for our customers. We have now established a new management team, set our course for 2025 and begun to achieve our ambition of becoming a strong European CRM player.
As a stage in becoming more international, and to enable us to help our customers through the entire customer journey, we acquired the German company, Userlike, at the beginning of May. Userlike's growth continued during the second quarter will enable us to make further investments in the field of Customer Messaging. The integration is progressing according to plan, and we hope to be able to launch the product as an add-on to our CRM solutions in early autumn.
One of our main focus areas going forward is to strengthen our markets outside Sweden. Through a clearer Go-to-Market strategy and by investing in more effective marketing, we will put greater pressure on our verticals and work hard to create a market-leading position within them. In line with the strategy, the German operation, which we plan to open in August, will initially focus on establishing itself within Lime's focus verticals of utility and wholesale. We have also begun the recruitment of a local Sales Manager and a sales organisation for Lime Germany.
As I mentioned in the introduction, our business situation is beginning to look increasingly positive after the clear negative impact of the pandemic. We have seen our order intake grow during both the first and second quarters of 2021. In particular, it is gratifying that we can again see an upswing in new sales, which were the most affected during the pandemic. During the second quarter of 2021, we were delighted that Aspelin Ramm, VAMAS and Bevela were among our new customers.
We are also happy that the trend in our ARR continue to improve during the second quarter. ARR grew by 33 % Q2 to Q2.
A key factor in enabling us to progress rapidly along the growth path we have already adopted is our strong team. During the spring, we continued to recruit new colleagues to enable us to help more customers to really improve their skills at customer management and sales. To summarise second quarter, we have signed up 50+ new team members in 2021, the majority of whom are trainees who will begin in August. In order to handle the order intake that we had during the spring, we continuously need to develop our existing team members and recruit more competence during the autumn.
I am proud of how we as an organisation and colleagues have risen to the challenge of working from home and the pandemic in general. The importance of getting together, having fun, travelling and meeting our customers is becoming particularly clear now that we can see light at the end of the tunnel and we can allow ourselves to look forward to all of these, as they are usually among major reasons for working at Lime.
The fact that we have personnel who are thriving, feel good and are challenged, and who are committed to making Lime an even better company is and always will be a vital success factor. Accordingly, I see it as very positive that our countries are now increasingly opening up and we and we can gradually return to the new normal. During the autumn, we will continue to invest in our culture and our staff, and will hopefully reinstitute our conferences, travel and physical customer meetings. That said, we are carefully monitoring the trend of the pandemic and it goes without saying that the safety of our colleagues and customers is our highest priority. For it is with an organisation which is committed to both performance and care that we take on Europe's CRM market.
I would like to wish all our customers, colleagues and shareholders are really fantastic summer!
/Nils Olsson, Managing Director and CEO, Lime Technologies
Net sales in the second quarter 2021 amounted to MSEK 103 (85), an increase of 21% (21). The Group's net sales in the second quarter include MSEK 7 (3) from companies acquired in the last 12 months.
Net sales during the first 6 months 2021 amounted to MSEK 197 (170), rendering an increase of 16% (22).
Business acquisitions during the last 12 months have contributed with net sales of MSEK 7 (8) during the first six months of 2021.
60% (58) of net sales in the second quarter 2021 relate to software revenue. 58% (57) of net sales in the first six months 2021 relate to software revenue.
Software revenue increased by 24% (13) during the second quarter 2021 compared to the second quarter 2020. Software revenue increased by 18% (14) during the first six months in 2021 compared to the same period last year.
Net sales in the second quarter 2021 in Sweden amounted to MSEK 77 (69) and MSEK 26 (16) in the rest of the European countries. Net sales growth for the quarter was 11% (23) in Sweden and 67% (15) in the rest of the European countries.
Net sales during the first six months 2021 in Sweden amounted to MSEK 153 (138) and MSEK 44 (32) in the rest of the European countries.
The 12-month recalculated recurring revenue, annual recurring revenue (ARR), at the end of the second quarter 2021 was MSEK 259 (195). The 12-month recalculated recurring revenue increased by 33% (17) compared to the corresponding period last year.
Recurring revenue amounted to MSEK 61 (49) during the second quarter 2021, an increase of 26% (17) compared to the same period last year.
Recurring revenue amounted to MSEK 113 (95) during the first six months in 2021, in increase of 19% (19) compared to the corresponding period last year.
Operating income before depreciations during the second quarter – EBITDA – amounted to MSEK 33 (27) corresponding to an EBITDA margin of 32% (32). Adjusted EBITDA was MSEK 34 (27) in the quarter, corresponding to an EBITDA margin of 33% (32).
The operating income in the second quarter has been impacted by costs, amounting to MSEK 1.1., relating to the acquisition of Userlike UG.
The many political measures that have been implemented since late March 2021 to reduce the spread of the COVID-19 virus have limited business travel and other face-to-face sales activities. These restrictions have led to reduced costs for Lime since the second quarter 2020.
During the first six months 2021 operating income before depreciation – EBITDA – amounted to MSEK 66 (56), corresponding to an EBITDA margin of 33% (33). Adjusted EBITDA was MSEK 67 (56) during the same period and the corresponding margin was 34% (33).
During the second quarter 2021 operating income, excluding amortisation on acquired immaterial assets – EBITA – amounted to MSEK 27 (22), corresponding to an EBITA margin of 26% (26). Adjusted EBITA for the second quarter amounted to MSEK 28 (22), corresponding to an adjusted EBITA margin of 27% (26).
Adjusted EBITA during the first six months 2021 amounted to MSEK 53 (45), corresponding to an EBITA margin of 27% (27).
Operating income during the second quarter – EBIT – amounted to MSEK 18 (17), corresponding to an EBIT margin of 18% (21). Adjusted EBIT during the second quarter amounted to MSEK 19 (17), corresponding to an adjusted EBIT margin of 19% (21).
Operating income during the first 6 months – EBIT – amounted to MSEK 40 (37), corresponding to an EBIT margin of 20% (22).
Depreciations increased compared to the same period last year as a result of increased investments in capitalised development work done by Lime employees and depreciation of intangible non-current assets relating to business acquisitions.
Last 12-months (LTM) recurring revenue amounted to 76% (72) of last 12 months total operating expenses at the end of the second quarter. The expenses include one-off items affecting comparison.
During the second quarter 2021 cash flow from current operations amounted to MSEK 47.4 (33.1).
During the first six months 2021 cash flow from current operations amounted to MSEK 72.3 (58.5).
During the second quarter 2021 investments in tangible non-current assets amounted to MSEK 0.9 (0.0), excluding leased vehicles and right-touse assets. Investments in intangible non-current assets amounted to MSEK 5.2 (3.9) and consist of capitalisation of development costs relating to new technology platforms.
During the first six months 2021 investments in tangible non-current assets amounted to MSEK 1.2 (0.0), excluding right-to-use assets. Investments in intangible non-current assets amounted to MSEK 10.0 (8.5) during the same period.
In addition, assets are reported as software in accordance with the acquisition analysis for Userlike UG (Lime Technologies Gävle AB in 2020). During the first 6 months 2021 investments in subsidiaries, Userlike UG (Lime Technologies Gävle AB in 2020), amounted to MSEK -197.5 (-8.3).
In the second quarter 2021, depreciation of capitalised development costs amounted to MSEK 3.2 (2.6) and depreciation of right-to-use assets amounted to MSEK 3.0 (2.4).
Depreciation of capitalised development costs amounted to MSEK 6.4 (5.2) during the first six months 2021 and depreciation of right-to-use assets amounted to MSEK 5.7 (4.7).
The Group's equity amounted to MSEK 108 (76).
At the Annual General Meeting on 27 April 2021, it was resolved to distribute dividends of SEK 2.50 per share, corresponding to a total amount of MSEK 33.2. The record date was 29 April and the dividend was paid out on 4 May.
The Group's interest-bearing liabilities amounted to MSEK 335.3 (107.7) at the end of the period, including leasing liabilities relating to right-to-use assets of MSEK 23.4 (15.8) and a liability of MSEK 72.3 (18.3) relating to the acquisition of Userlike UG, Lime Intenz AB and Lime Technologies Gävle AB. A total of MSEK 66.0 (9.9) of the Group's interestbearing liabilities have been repaid during the quarter. New liabilities of MSEK 250.1 were added during the period. Cash and cash equivalent amounted to MSEK 68.6 (53.8) at the end of the period. The Group's net debt amounted to MSEK 266.0 (53.3).
The overdraft credit agreement of MSEK 25 expired on 31 December 2020. The overdraft facility was never utilized.
Lime Technologies AB (publ.) is listed on Nasdaq Stockholm OMX Mid Cap, the Technology sector.
Total number of shares issued was 13,283,481 at the end of the period. The company does not own any of its own shares.
Lime's goal is to achieve annual net sales growth exceeding 18 percent, in the medium long term. Lime further aims to achieve an annual EBITA margin in excess of 25 percent in the medium long term. The objective of the capital structure is that net liabilities, excluding leasing debt, relative to EBITDA shall be less than 2.5. Lime intends to distribute available cash flow after consideration has been given to the Company's indebtedness and future growth opportunities, including acquisitions. The target is to distribute at least 50 percent of the Company's annual net income.
The Group had 332 (257) employees at the end of the reporting period. The average number of employees was 263 (228) during the period.
The Parent Company's activities are primarily focused on group management and financing. The company has no other employees apart from the Group CEO and CFO at the end of the period. During the second quarter 2021 operating income in the Parent Company amounted to MSEK -1.8 (-0.3). Operating income during the first 6 months 2021 amounted to -2.3 (-0.8). Cash and cash equivalent amounted to MSEK 2.0 (0.2) and borrowings to MSEK 237.5 (70.7).
At the Annual General Meeting on April 27, 2021, it was resolved to re-elect the following directors of the board: Marlene Forsell, Martin Henricson and Malin Ruijsenaars. In addition, the Annual General Meeting elected Lars Stugemo and Erik Syrén as new directors. Martin Henricson was elected chairman of the board.
Other resolutions made at the Annual General Meeting;
A widespread crisis has arisen due to the COVID-19 pandemic and is affecting economic trends and developments. The severity and extent of the crisis is still difficult to foresee.
Lime is affected by the political measures that have been taken against the spread of the virus, and the impact this has on economic trends. Lime's new sales has, to some extent, been affected by delayed or defaulted procurements.
Some of the restrictions which had previously been imposed were relaxed during the second quarter of 2021. New political measures will, however, continue to affect Lime.
Lime has implemented a number of safety measures to monitor and prevent the impact of COVID-19, including safety and health precautions for our employees, and actions to secure delivery of our services.
The combination of, on one hand, Lime's focused subscription sales with a high percentage of recurring revenue, and on the other hand, its large customer base, means Lime is fairly well equipped to face a recession.
On 26 March 2021, Lime acquired an additional 14 % of Lime Intenz AB. The acquisition of Lime Intenz AB includes further options in respect of the acquisition of the remaining 28 percent of the shares in two tranches over the next two years. The consideration on the exercise of the options will be based on the sales performance of the company in each financial year.
During the quarter, a joint Sales and Marketing Department was formed. The new department is led by Vishal Ganatra, who is now a member of the management team.
During the quarter, Customer Success and Customer Support were merged into a new department, Loyalty & Expansion. The new department is headed by Anna Hansen, who has also now joined the management team.
In addition, Filip Arenbo has been appointed as the new CPO and joins the management team.
On 26 April, an agreement was signed on the acquisition of the shares of Userlike UG. The first part of the acquisition involves 90 % of the shares, and was completed on 30 April 2021.
The German SaaS company, Userlike, are experts in Unified Messaging, UM.
The company was established in 2011 with the aim of improving and simplifying communications between companies and their customers. By collating all types of incoming messages – webchat, emails, sms, telephone calls, social media etc. - in the same location, companies can be where their customers are and are able to offer immediate service.
The preliminary acquisition price totalled MSEK 195.4 for 90 % of the shares and voting rights, after the usual adjustment for the company's cash balance and liabilities. The acquisition price will be adjusted after the merger, based on Userlike's Annual Recurring Revenue as at 31 August 2021. The acquisition is not subject to any completion conditions. The full consideration is being financed through liquid funds and bank loans.
Furthermore, options have been issued which give Lime the right to acquire and the owners of Userlike UG the right to sell the remaining 10 percent of the shares no later than 30 September 2023.
For the remaining 10 percent of the shares, the consideration is conditional on an exercise of the options on Userlike's Annual Recurring Revenue on 31 August 2023, amounting to between 4 and 6 times Annual Recurring Revenue.
Userlike's sales amounted to SEK 32 million in the most recent financial year (2020).
The preliminary consideration allocation is based on a valuation of identifiable intangible assets. The recognised redemption price will be based on future ARR, and, accordingly, cannot be determined at present. The consideration allocation is, consequently, to be treated as preliminary. According to the consideration allocation, the consideration and expected net assets amount to;
| Total preliminary purchase price | 254.3 |
|---|---|
| Liability exercise price | 58.9 |
| Cash and cash equivalent, 30% | 195.4 |
| Purchase price | MSEK |
| Acquired net assets | 254.3 |
|---|---|
| Total identifiable net assets | 254.3 |
| Trade payables and other liabilities | -22.6 |
| Long-term debt | 0.0 |
| Cash and cash equivalent | 17.3 |
| Trade receivables and other receivables | 3.2 |
| Deferred tax liability | -23.4 |
| Software | 130.9 |
| Customer relationships | 25.6 |
| Brand | 20.4 |
| Goodwill | 103.0 |
| Intangible non-current assets |
Lime has agreed on raising a new bank loan of SEK 250 million and repayment of an existing loan of SEK 50 million after the reporting period.
Lime is one of the leading SaaS CRM players on the Nordic market. The company develops, sells, and implements user-friendly and flexible CRM systems. Lime's business model is based on the offering of subscription agreements (Software as a Service or "SaaS") as well as consultant services (Expert Services) for the implementation and continuous customisation of products in line with customers' demands and requests.
Lime has a comprehensive organisation for development and holistic offerings that facilitate effective and value-add CRM solutions for the customer. The head office is located in Lund. At the end of June 2021, the Group had 332 employees in nine offices in Sweden, Norway, Denmark, Netherlands, Germany and Finland.
Lime's mission is to "create customer magnets" that retain existing customers and attract new customers by having excellent customer care.
The company's vision is to "become the leading supplier of CRM systems in the Nordic region, by supplying systems that make the customers' work both easier and more fun".
Lime's focus is on organic growth. A market report by Capgemini in May 2018, indicates a 12% average annual growth in the Nordic software market for CRM systems in 2017 – 2023.
Lime intends to continue to strengthen its presence in current Nordic markets to meet the demand for CRM systems.
The setting up of business operations in the Netherlands is proceeding according to plan and establishing Lime in Germany started during the second quarter 2021.
Lime focuses on customised CRM solutions to four selected market verticals: energy, real estate, wholesale, and consulting companies, to which Lime offers local industry-specific expertise. Combined with pre-packaged solutions for each vertical, this gives customers benefits in terms of flexible solutions, as well as time and cost savings.
Lime intends to maintain and increase sales to existing customers by actively offering add-on products and related expert services postimplementation. The company also has a dedicated customer success team that works to stay close to the customer in the long run, ensuring that customers stay with Lime, and to sell additional products and services.
Lime believes it is important to continue developing its product portfolio to strengthen its competitiveness and to attract new customers. With its strong market position, broad customer base and close contact with customers, Lime has a strong starting position for cross sales and add-on sales of new services and features aimed at increasing sales growth and broadening the use of services and solutions.
A critical component of Lime's strategy is to be active in assessing strategic acquisitions with the aim of strengthening the product portfolio, growing competencies and resources in the company, growing from a geographic perspective, and broadening the customer base.
This report may contain forward-looking information based on management's current expectations.
Although management believes the expectations expressed in such forward-looking information are reasonable, there are no assurances that these expectations will be correct.
Consequently, future outcomes may vary considerably compared to the forward-looking information due to, among other things, changed market conditions for Lime's products and more
general changes to economic, market and competitive conditions, changes to regulatory requirements or other policy measures and exchange rate fluctuations.
» Interim report Q3, 2021, presented October 21, 2021
The board of directors and the CEO declares that the interim report provides a fair view of the parent company's and the Group's operations, financial position and results of operations and describes material risks and uncertainties facing the parent company and the companies included in the Group.
Lund, July 16, 2021
| Nils Olsson CEO |
Erik Syrén |
|---|---|
| Martin Henricson Chairman of the board |
Lars Stugemo |
| Malin Ruijsenaars | Marlene Forsell |
CEO Nils Olsson, phone +46 9 562 776 03 CFO Magnus Hansson, phone +46 46 270 48 85
This report has not been subject to review by the company's auditors.
This information constituted insider information prior to publication. This is information that Lime Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act (2007:528). The report has been published in both English and Swedish.
This is an unaudited translation of the Swedish interim report. Should there be any disparities between the Swedish and the English version, the Swedish version shall prevail.
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Net sales (MSEK) | 103.0 | 85.0 | 197.3 | 170.0 |
| Net sales growth (%) | 21% | 21% | 16% | 22% |
| Organic net sales growth (%) | 12% | 17% | 12% | 16% |
| Recurring revenue (MSEK) | 60.9 | 48.5 | 113.2 | 95.4 |
| Annual recurring revenue (MSEK) | 259.1 | 195.3 | 259.1 | 195.3 |
| EBITA (MSEK) | 26.5 | 21.8 | 52.8 | 45.3 |
| EBITA (%) | 26% | 26% | 27% | 27% |
| EBITDA (MSEK) | 33.1 | 27.0 | 65.5 | 55.7 |
| EBITDA (%) | 32% | 32% | 33% | 33% |
| Operating income, EBIT (MSEK) | 18.2 | 17.5 | 40.2 | 36.6 |
| Operating income, EBIT (%) | 18% | 21% | 20% | 22% |
| One-off items (MSEK) | -1.1 | 0.0 | -1.1 | 0.0 |
| Depreciation right-to-use assets (MSEK) | -3.0 | -2.4 | -5.7 | -4.7 |
| Adjusted EBITA (MSEK) | 27.6 | 21.8 | 53.9 | 45.3 |
| Adjusted EBITA (%) | 27% | 26% | 27% | 27% |
| Adjusted EBITDA (MSEK) | 34.2 | 27.0 | 66.6 | 55.7 |
| Adjusted EBITDA (%) | 33% | 32% | 34% | 33% |
| Adjusted EBIT (MSEK) | 19.3 | 17.5 | 41.2 | 36.6 |
| Adjusted EBIT (%) | 19% | 21% | 21% | 22% |
| Earnings per share (SEK) | 1.01 | 1.00 | 2.27 | 2.07 |
| Earnings per share, diluted (SEK) | 1.01 | 1.00 | 2.27 | 2.07 |
| Net debt (MSEK) | 266.0 | 53.3 | 266.0 | 53.3 |
| Number of employees (average) | 263 | 228 | 263 | 228 |
| Net sales per employee (MSEK) | 1.4 | 1.4 | 1.4 | 1.4 |
| Cash flow from current operations per share (SEK) | 3.6 | 2.5 | 5.4 | 4.4 |
| Average number of outstanding shares (thousands) | 13,283.5 | 13,283.5 | 13,283.5 | 13,283.5 |
For definition of key rations, see pages 25-28.
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| Other revenue | 107 | 119 | 160 | 253 |
| Gross income | 103,083 | 85,156 | 197,493 | 170,280 |
| Operating expenses | ||||
| Compensation to employees | -58,625 | -48,122 | -111,427 | -95,975 |
| Capitalised development work done by own employees | 5,216 | 3,876 | 10,046 | 8,455 |
| Depreciation | -14,901 | -9,551 | -25,391 | -19,120 |
| Other expenses | -16,545 | -13,897 | -30,565 | -27,618 |
| Share in earnings of associated companies | 0 | 0 | 0 | 547 |
| Total operating expenses | -84,854 | -67,694 | -157,337 | -133,711 |
| Operating income | 18,230 | 17,462 | 40,156 | 36,570 |
| Financial net | -1,125 | -550 | -1,690 | -1,740 |
| Income after financial net | 17,105 | 16,912 | 38,466 | 34,830 |
| Taxes | -3,717 | -3,577 | -8,297 | -7,292 |
| Net income | 13,388 | 13,335 | 30,170 | 27,537 |
| Net income attributed to: | ||||
| Shareholders of the Parent Company | 13,388 | 13,335 | 30,170 | 27,537 |
| 13,388 | 13,335 | 30,170 | 27,537 | |
| Other Information | ||||
| Earnings per share, basic (SEK) | 1.01 | 1.00 | 2.27 | 2.07 |
| Earnings per share, diluted (SEK) | 1.01 | 1.00 | 2.27 | 2.07 |
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Net income | 13,388 | 13,335 | 30,170 | 27,537 |
| Other comprehensive income | ||||
| Items that may be reclassified to the income statement: | ||||
| Translation adjustments | -383 | -107 | -277 | -468 |
| Other comprehensive income for the period | -383 | -107 | -277 | -468 |
| Other comprehensive income for the period | 13,005 | 13,228 | 29,893 | 27,069 |
| Other comprehensive income for the period, attributed to: | ||||
| Shareholders of the Parent Company | 13,005 | 13,228 | 29,893 | 27,069 |
| 13,005 | 13,228 | 29,893 | 27,069 |
| 2021-06-30 | 2020-06-30 | 2020-12-31 | |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 170,833 | 69,763 | 69,763 |
| Other non-tangible non-current assets | 313,718 | 151,336 | 146,661 |
| Right-to-use assets | 23,406 | 15,766 | 21,970 |
| Tangible non-current assets | 2,963 | 2,691 | 2,305 |
| Associated company | 0 | 0 | 0 |
| Other financial non-current assets | 713 | 522 | 706 |
| Deferred tax asset | 60 | 59 | 58 |
| Total non-current assets | 511,694 | 240,137 | 241,463 |
| Trade receivables | 51,971 | 44,196 | 51,604 |
| Other current receivables | 7,801 | 8,919 | 6,622 |
| Cash and cash equivalent | 68,595 | 53,819 | 64,662 |
| Total current assets | 128,367 | 106,934 | 122,888 |
| Total assets | 640,061 | 347,071 | 364,351 |
| EQUITY AND LIABILITIES Total equity |
107,524 | 75,771 | 110,840 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Interest-bearing non-current liabilities | 187,627 | 42,848 | 28,524 |
| Non-current leasing liabilities | 13,492 | 8,495 | 14,240 |
| Other non-current liabilities | 39,688 | 18,252 | 15,183 |
| Deferred tax liabilities | 50,406 | 28,999 | 27,959 |
| Total non-current liabilities | 291,214 | 98,594 | 85,906 |
| Current liabilities | |||
| Interest-bearing current liabilities | 82,825 | 28,489 | 30,404 |
| Current leasing liabilities | 11,669 | 9,571 | 9,319 |
| Trade payables | 5,946 | 5,323 | 2,777 |
| Other current liabilities | 140,883 | 129,323 | 125,105 |
| Total current liabilities | 241,323 | 172,706 | 167,605 |
| Total equity and liabilities | 640,061 | 347,071 | 364,351 |
| Attributable to the Parent Company's shareholders | ||||||
|---|---|---|---|---|---|---|
| Share | Additional | Retained | ||||
| capital | paid-in capital | Reserves | earnings | Total equity | ||
| Opening balance January 1, 2020 accor ding to adopted balance sheet |
531 | 58,100 | 363 | 9,633 | 68,627 | |
| Net income for the period | 27,537 | 27,537 | ||||
| Other comprehensive income for the year | -468 | -468 | ||||
| Total other comprehensive income | 0 | 0 | -468 | 27,537 | 27,069 | |
| Transactions with owners | ||||||
| Dividend | -19,925 | -19,925 | ||||
| Total transactions with owners | 0 | 0 | 0 | -19,925 | -19,925 | |
| Closing balance June, 2020 | 531 | 58,100 | -105 | 17,245 | 75,771 | |
| Opening balance January 1, 2020 accor | ||||||
| ding to adopted balance sheet | 531 | 58,100 | 363 | 9,633 | 68,627 | |
| Net income for the period | 62,711 | 62,711 | ||||
| Other comprehensive income for the year | -573 | -573 | ||||
| Total other comprehensive income | 0 | 0 | -573 | 62,711 | 62,139 | |
| Transactions with owners | ||||||
| Bonus issue | 0 | |||||
| Dividend | -19,925 | -19,925 | ||||
| Total transactions with owners | 0 | 0 | 0 | -19,925 | -19,925 | |
| Closing balance December 31, 2020 | 531 | 58,100 | -210 | 52,419 | 110,840 | |
| Opening balance January 1, 2021 accor ding to adopted balance sheet |
531 | 58,100 | -210 | 52,419 | 110,840 | |
| Net income for the period | 30,170 | 30,170 | ||||
| Other comprehensive income for the year | -277 | -277 | ||||
| Total other comprehensive income | 0 | 0 | -277 | 30,170 | 29,893 | |
| Transactions with owners | ||||||
| Dividend | -33,209 | -33,209 | ||||
| Total transactions with owners | 0 | 0 | 0 | -33,209 | -33,209 | |
| Closing balance June 30, 2021 | 531 | 58,100 | -487 | 49,380 | 107,524 |
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Cash flow from current operations | ||||
| Cash flow from operations | 33,130 | 27,311 | 65,547 | 55,441 |
| Changes in net working capital | 19,205 | 7,897 | 18,760 | 14,007 |
| Interest paid | -1,142 | -755 | -1,629 | -1,740 |
| Taxes paid | -3,783 | -1,324 | -10,338 | -9,246 |
| Cash flow from current operations | 47,411 | 33,129 | 72,340 | 58,461 |
| Cash flow from investing activities | ||||
| Investment in intangible non-current assets | -5,216 | -3,876 | -10,046 | -8,455 |
| Investment in tangible non-current assets | -854 | 0 | -1,228 | 0 |
| Sales of tangible non-current assets | 415 | 525 | 665 | 525 |
| Acquisition of group companies | -197,496 | 0 | -197,496 | -8,338 |
| Acquisition of associated companies | 0 | 0 | 0 | 0 |
| Investment in financial non-current assets | -7 | 16 | -8 | 17 |
| Interest received | 0 | 3 | 0 | 42 |
| Cash flow from investing activities | -203,158 | -3,332 | -208,113 | -16,209 |
| Cash flow from financing activities | ||||
| Dividend | -33,209 | 0 | -33,209 | 0 |
| Share issue | 0 | 0 | 0 | 0 |
| Proceeds from borrowings | 250,071 | 86 | 250,148 | 127 |
| Amortisation of borrowings | -65,950 | -9,941 | -77,541 | -19,505 |
| Cash flow from financing activities | 150,912 | -9,855 | 139,398 | -19,378 |
| Net cash flow | -4,835 | 19,942 | 3,626 | 22,874 |
| Net change in cash flow | ||||
| Cash and cash equivalent, beginning of the period | 73,216 | 34,309 | 64,662 | 31,342 |
| Exchange rate changes on cash | 214 | -432 | 308 | -397 |
| Cash and cash equivalent, end of period | 68,595 | 53,819 | 68,595 | 53,819 |
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Net sales | 0 | 0 | 0 | 0 |
| Other income | 1,534 | 1,470 | 2,998 | 2,926 |
| Gross income | 1,534 | 1,470 | 2,998 | 2,926 |
| Operating expenses | ||||
| Compensation to employees | -1,854 | -1,704 | -3,598 | -3,383 |
| Other expenses | -1,443 | -74 | -1,737 | -289 |
| Total operating expenses | -3,297 | -1,778 | -5,335 | -3,672 |
| Operating income | -1,763 | -308 | -2,337 | -746 |
| Financial income | 4 | 298 | 172 | 347 |
| Financial expenses | -877 | -599 | -1,265 | -1,103 |
| Income after financial items | -2,636 | -609 | -3,430 | -1,502 |
| Transfers to / from untaxed reserves | 0 | 0 | 0 | 0 |
| Taxes | 544 | 131 | 707 | 312 |
| Net income for the period | -2,093 | -478 | -2,723 | -1,190 |
| Q2 2021 | Q2 2020 | Q1 - Q2 2021 |
Q1 - Q2 2020 |
|
|---|---|---|---|---|
| Net income | -2,093 | -478 | -2,723 | -1,190 |
| Other comprehensive income | ||||
| Items that may be reclassified to the income statement: | ||||
| Translation adjustments | 0 | 0 | 0 | 0 |
| Other comprehensive income for the period, net of tax | 0 | 0 | 0 | 0 |
| Other comprehensive income for the period | -2,093 | -478 | -2,723 | -1,190 |
| Other comprehensive income for the period, attributed to: | ||||
| The shareholders of the Parent Company | -2,093 | -478 | -2,723 | -1,190 |
| -2,093 | -478 | -2,723 | -1,190 |
| 2021-06-30 | 2020-06-30 | 2020-12-31 | |
|---|---|---|---|
| ASSETS | |||
| Shares in subsidiaries | 328,745 | 133,360 | 133,360 |
| Total non-current assets | 328,745 | 133,360 | 133,360 |
| Prepaid expenses and accrued revenue | 884 | 250 | 131 |
| Current receivables group companies | 0 | 519 | 29,609 |
| Other current assets | 967 | 969 | 58 |
| Cash and cash equivalent | 1,957 | 222 | 717 |
| Total current assets | 3,808 | 1,960 | 30,515 |
| Total assets | 332,553 | 135,320 | 163,875 |
| EQUITY AND LIABILLITIES | |||
| Restricted equity | |||
| Share capital | 531 | 531 | 531 |
| Non-restricted equity | |||
| Share premium reserve | 5,065 | 5,065 | 5,065 |
| Retained earnings | 45,358 | 14,836 | 14,836 |
| Net income for the period | -2,723 | -1,190 | 63,731 |
| Total equity | 48,231 | 19,242 | 84,163 |
| Liabilities | |||
| Interest-bearing non-current liabilities | 187,500 | 42,474 | 28,286 |
| Interest-bearing debt group companies | 187,500 | 42,474 | 28,286 |
| Total non-current liabilities | |||
| Current Interest-bearing liabilities | 50,000 | 28,240 | 28,286 |
| Account payables | 129 | 138 | 179 |
| Current tax liabilities | 6,260 | 0 | 13,660 |
| Current liabilities group companies | 38,178 | 22,525 | 6,303 |
| Other current liabilities | 634 | 20,730 | 547 |
| Accrued expenses and deferred income | 1,621 | 1,971 | 2,451 |
| Total current liabilities | 96,822 | 73,604 | 51,426 |
| Total equity and liabilities | 332,553 | 135,320 | 163,875 |
Lime prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. New accounting principles that came into effect on January 1, 2021 have not had any significant impact on the Group's reporting as of June 30, 2021. The Group applies, apart from the below, the same accounting principles as in the 2020 annual report.
A put option issued to an owner without a controlling influence refers to an agreement that gives him the right to sell shares in the subsidiary at a fixed or fair value at a future date. The amount that may be paid if the option is exercised is reported as a financial liability at the present value of the exercise price of the option. Subsequent changes in the value of the liability are reported in equity as it relates to a transaction with the owner. If the option expires without being exercised, the debt is written off with a corresponding adjustment of equity.
The Group applies the same accounting principles and valuation methods as in the latest annual report. The Parent Company prepares its financial statements according to RFR 2, Accounting for Legal Entities, as well as the Swedish Annual Reports Act, and applies the same accounting principles and valuation methods as in the most recent annual report.
Lime applies ESMA's guidelines for alternative performance measures (measurements not defined by IFRS). For definitions, see page 25-28.
Intangible assets that have an indefinite useful life or intangible assets that are not ready for use are not subject to depreciation but are tested annually for any impairment loss. The impairment test
carried out at year-end showed that there was no impairment loss.
Operating expenses relating to development of own software have been reduced by MSEK 5.2 (3.9) during the second quarter 2021.
Operating expenses relating to development of own software have been reduced by MSEK 10.0 (8.5) during the first 6 months 2021.
The Lime Group is, through its operations, exposed to common business and financial risks. These risks are described in detail in the 2020 annual report.
As mentioned under the section entitled "Other events during or after the reporting period", the outbreak of the COVID-19 pandemic, and the measures taken by various governments to stem the spread of the virus, will affect our business. In addition to the already known effects, macroeconomic uncertainties cause decline in economic trends and it is not currently possible to say what the long-term effects will be, although the possibility of negative consequences cannot be excluded.
The most critical risks arising from the current uncertain COVID-19 situation are:
Revenue: The macroeconomic uncertainties may lead to delays in customers' procurements, to prolonged sales processes towards new customers, and to existing customers terminating their contracts. Lime has implemented a number of measures to counteract the aforementioned, including intensified sales activities. Furthermore, the political measures implemented by various governments restrict our ability to perform certain services. Lime has implemented actions to partly offset such restrictions, including running training and workshops online.
Profitability: We see an increased risk of doubtful customer accounts as a consequence of COVID-19. Lime's risk exposure to customer accounts is limited due to low customer concentration. Actions have been implemented to ensure fast and effective monitoring of receivables. Actions are also taken to limit expenditures deemed non-business critical in the short term. Management is continuously assessing the need for and the possibility of adjusting the cost base.
Funding and liquidity: Management is closely monitoring the group's cash flow projections and reserves, to ensure there are sufficient cash available to meet the needs of current operations. Cash flow has been in line with management's expectations in the second quarter.
A bank overdraft of MSEK 25 was negotiated and secured during the second quarter 2020 for the purpose of minimising liquidity risks as a result of the COVID-19 pandemic. No amounts have been drawn down under the overdraft during the reporting period and the agreement ended 2020-12-31.
Assets and liabilities in foreign exchange are translated at the closing rate on the date of the balance sheet. Transaction differences related to translation of operational assets and liabilities are recognised as Other revenue or Other expenses.
Transaction differences relating to other balance sheet items in foreign currency, such as cash and cash equivalent, are recognised under Financial net. Net sales and operating expenses are also impacted by transaction differences in foreign exchange. These transaction differences are recognised under respective revenue and expense item.
Net sales for the quarter consists of 75% SEK, 14% EUR, and 11% other currencies. Operating expenses are made up of 79% SEK, 13% EUR, and 8% other currencies.
At the end of the financial year, Lime's shareholding in Userlike UG amounts to 90 percent. The acquisition was completed on 30 April, with a preliminary consideration of SEK 195.4 million, after adjusting for cash and working capital.
The preliminary consideration will be adjusted on the basis of the normalised ARR as at 31 August 2021. From the date on which the acquisition was completed and control obtained, 30 April 2021, the acquired company is consolidated in its entirety in the Lime Group's profit and loss account and balance sheet.
Furthermore, options have been issued which give Lime the right to acquire and the owners of Userlike UG the right to sell the remaining 10 percent of the shares no later than 30 September 2023.
For the remaining 10 percent of the shares, the consideration, in the event that these options are exercised, depends on Userlike UG's Annual Recurring Revenue as at 31 August 2023, amounting to between 4 and 6 multiples of the Annual Recurring Revenue.
The price and conditions for the remaining options are such that the company considers it highly likely that the options will be exercised on the exercise date, which is why an estimated exercise price has been recognised as a debt at 30 April 2021 in the group.
The acquisition of Userlike UG has generated a group surplus value of around MSEK 278 before tax, allocated to software, customer relations, brands and goodwill. Goodwill is not considered to be tax deductible and is considered attributable to future sales growth. The estimated annual impairment of the acquired surplus value is around MSEK 24. Acquired surplus values have been impaired by MSEK 3.6 during the quarter and by MSEK 3.6 during the first 6 months of 2021.
During the quarter, Userlike UG contributed SEK 7 million to the Group's sales and SEK 1 million to operating profit before amortization of acquired surplus values.
Userlike UG's sales during the first 6 months of the year amounted to SEK 19 million and operating profit to SEK 2 million.
The Group's operating profit has been charged with MSEK 1.1 in expenses for the acquisition of Userlike UG.
The acquisition of Userlike UG has been charged to cash flow at MSEK 197.5 during the second quarter of 2021.
Lime's holdings in Lime Technologies Gävle AB at the end of the accounting period amounted to 65 percent. Lime invoked the right, during the fourth quarter of 2019, to exercise options in respect of 35 % of the shares. The acquisition was executed on 13 January 2020, at a purchase price of SEK 7 million. With effect from the date on which the acquisition was executed and control taken, 13 January 2020, the acquired company was consolidated in its entirety in the Lime Group's income statement and balance sheet.
The owners of Lime Technologies Gävle AB have also issued options which give Lime the right to acquire the remaining 35 percent of the shares no later than on 31 December 2021.
Lime Technologies Gävle AB has performed very well, and we are now more convinced than ever that their products strengthen our offering to both new and existing customers. The consideration for the remaining 35 percent of the shares is conditional on an exercise of the options on Lime Technologies Gävle AB's Annual Recurring Revenue, but with a minimum of SEK 7 million and a maximum of SEK 12.25 million.
The price and conditions for the remaining options are such that the Company judges that these options will in all likelihood be invoked on the exercise date and, accordingly, an estimated strike price has been recognized as a liability in the consolidated financial statements as at 13 January 2020. The acquisition generated a capital gain of SEK 0.5 million in the first quarter of 2020.
The acquisition of Lime Technologies Gävle AB in January 2020 has generated non-current intangible assets in the Group amounting to MSEK 24 before tax, whereof MSEK 24 is allocated to software. Yearly depreciations of acquired software amount to MSEK 2.9. Depreciation of acquired software of MSEK 0.7 is included in the quarter The acquisition of janjoo AB had a cash flow effect of MSEK -8.3 during the first quarter 2020.
Any transactions with related parties have been conducted on market terms.
Tax expenses in the second quarter 2021 amounted to MSEK 3.7 (3.6). Tax expenses during the first 6 months 2021 amounted to MSEK 8.3 (7.3). The tax expense has been estimated based on the current tax situation in the Group and the earnings trends in the subsidiaries.
| Sales per segment, TSEK |
Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Sweden | 76,713 | 76,679 | 75,694 | 61,120 | 69,205 | 68,942 | 65,724 | 54,838 | 56,241 |
| Other Europe | 26,263 | 17,678 | 17,365 | 14,483 | 15,832 | 16,048 | 16,062 | 13,144 | 13,789 |
| Income statement in summary, TSEK |
|||||||||
| Net sales | 102,976 | 94,357 | 93,059 | 75,603 | 85,037 | 84,990 | 81,786 | 67,982 | 70,030 |
| EBITDA | 33,130 | 32,417 | 36,067 | 29,802 | 27,013 | 28,677 | 24,433 | 23,702 | 17,625 |
| EBITA | 26,536 | 26,275 | 30,624 | 24,704 | 21,810 | 23,496 | 19,870 | 19,246 | 13,250 |
| EBIT | 18,230 | 21,926 | 26,275 | 20,355 | 17,462 | 19,108 | 16,251 | 15,628 | 9,950 |
| Operating margin | 18% | 23% | 28% | 27% | 21% | 22% | 20% | 23% | 14% |
| Income before tax | 17,105 | 21,361 | 25,758 | 19,417 | 16,912 | 17,918 | 15,894 | 15,321 | 9,313 |
| Q2 2021 | Q2 2020 | |||||
|---|---|---|---|---|---|---|
| Revenue by income stream, TSEK |
Sweden | Rest of Europe |
Total | Sweden | Rest of Europe |
Total |
| Subscription revenue | 34,122 | 16,715 | 50,837 | 29,615 | 7,856 | 37,471 |
| Licence revenue | 622 | 0 | 622 | 1,165 | 29 | 1,194 |
| Support agreements | 9,106 | 999 | 10,105 | 9,908 | 1,141 | 11,049 |
| Expert Services | 32,300 | 8,460 | 40,760 | 28,033 | 6,806 | 34,839 |
| Other | 563 | 89 | 652 | 485 | 0 | 485 |
| Net sales | 76,713 | 26,263 | 102,976 | 69,205 | 15,832 | 85,037 |
| Q1-Q2 2021 Q1-Q2 2020 |
||||||
|---|---|---|---|---|---|---|
| Revenue by income stream, TSEK |
Sweden | Rest of Europe |
Total | Sweden | Rest of Europe |
Total |
| Subscription revenue | 67,259 | 25,595 | 92,854 | 57,813 | 15,615 | 73,428 |
| Licence revenue | 1,100 | 60 | 1,160 | 1,608 | 98 | 1,705 |
| Support agreements | 18,338 | 1,988 | 20,326 | 19,628 | 2,333 | 21,960 |
| Expert Services | 65,603 | 16,186 | 81,789 | 57,783 | 13,682 | 71,464 |
| Other | 1,092 | 112 | 1,204 | 1,316 | 154 | 1,470 |
| Net sales | 153,392 | 43,941 | 197,333 | 138,147 | 31,880 | 170,027 |
| Sales, TSEK | Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
Q4 2019 |
Q3 2019 |
Q2 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Expert Services | 40,760 | 41,029 | 40,774 | 26,213 | 34,839 | 36,625 | 34,793 | 23,603 | 25,230 |
| Software related revenue*) | 61,565 | 52,772 | 51,421 | 48,959 | 49,713 | 47,380 | 46,155 | 43,731 | 43,887 |
| Other | 652 | 555 | 864 | 431 | 485 | 985 | 838 | 649 | 913 |
| Sales, TSEK | 102,976 | 94,356 | 93,059 | 75,603 | 85,037 | 84,990 | 81,786 | 67,982 | 70,030 |
| Whereof recurring revenue | 60,943 | 52,234 | 50,534 | 48,468 | 48,520 | 46,868 | 44,253 | 42,545 | 41,335 |
| Whereof recurring revenue (%) | 59% | 55% | 54% | 64% | 57% | 55% | 54% | 63% | 59% |
| Growth net sales (%) | 21% | 11% | 14% | 11% | 21% | 22% | 19% | 23% | 14% |
| Growth recurring revenue (%) | 26% | 11% | 14% | 14% | 17% | 20% | 19% | 21% | 21% |
*) Software related revenue refers to subscription revenue, licence revenue and support agreements
The Group's key ratios are presented below. Some of these are defined in accordance with IFRS. Alternative performance measures (APM) have been identified that are believed to enhance investors' and Group management's evaluation of the company's performance as well as relevant trends. The APMs presented in this report may differ from similarly titled measures used by other companies. The APMs should therefore be seen as a supplement to the key ratios defined by IFRS.
The recurring revenue, in the last month of the quarter, recalculated to a 12-month period. The measure indicates the value of recurring revenue during the coming 12 months based on revenue from existing customers at the end of the period. The measure is also important for industry comparisons.
| TSEK | Q2 2021 | Q2 2020 |
|---|---|---|
| Recurring revenue (quarter) | 60,943 | 48,520 |
| Annual recurring revenue - ARR |
259,113 | 195,271 |
The number of registered shares less any repurchased shares at the balance sheet date. The measure is mainly used for calculation of key ratios; see below. The Group did not own any of its own shares during any of the reporting periods. The key ratios have, when applicable, been restated based on the share split (1:250) in October 2018.
Operating income before depreciation of acquired intangible non-current assets. The purpose is to assess the Group's operational activities. EBITA is a supplement to operating income as it is an indication of cash flow from operations.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Operating income |
18,230 | 17,462 | 40,156 | 36,570 |
| Depreciation of acquired intangible non-current assets |
8,306 | 4,349 | 12,655 | 8,737 |
| EBITA | 26,536 | 21,810 | 52,811 | 45,306 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| EBITA (%) | 26% | 26% | 27% | 27% |
Operating income before depreciation on tangible and intangible non-current assets. The purpose is to assess the Group's operational activities. EBITDA is a supplement to operating income.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Operating income |
18,230 | 17,462 | 40,156 | 36,570 |
| Depreciation | 14,901 | 9,551 | 25,391 | 19,120 |
| EBITDA | 33,130 | 27,013 | 65,547 | 55,690 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| EBITDA (%) | 32% | 32% | 33% | 33% |
Non-current and current financial assets, and cash and cash equivalent. The financial assets measure is used for the application of IFRS 9. The measure is used to calculate net liabilities.
| TSEK | 2021-06-30 | 2020-06-30 | 2020-12-31 |
|---|---|---|---|
| Other financial non-current assets |
713 | 522 | 706 |
| Cash and cash equivalent |
68,595 | 53,819 | 64,662 |
| Financial assets |
69,308 | 54,341 | 65,368 |
Operating income according to the income statement before one-off items. The measure is a supplement to operating income adjusted for one-off items affecting comparison. The purpose is to show the operating income excluding items that affect comparison with other periods.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| EBIT | 18,230 | 17,462 | 40,156 | 36,570 |
| One-off items | 1,110 | 0 | 1,082 | 0 |
| Adjusted EBIT | 19,339 | 17,462 | 41,238 | 36,570 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| Adjusted EBIT (%) |
19% | 21% | 21% | 22% |
Adjusted EBITA shows EBITA adjusted for one-off items affecting comparison. The purpose is to show EBITA excluding items that affect comparison with other periods.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| EBITA | 26,536 | 21,810 | 52,811 | 45,306 |
| One-off items | 1,110 | 0 | 1,082 | 0 |
| Adjusted EBITA | 27,645 | 21,810 | 53,893 | 45,306 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| Adjusted EBITA (%) |
27% | 26% | 27% | 27% |
Adjusted EBITDA shows EBITDA adjusted for one-off items affecting comparison. The purpose is to show EBITDA excluding items that affect comparison with other periods.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| EBITDA | 33,130 | 27,013 | 65,547 | 55,690 |
| One-off items | 1,110 | 0 | 1,082 | 0 |
| Adjusted EBITDA |
34,240 | 27,013 | 66,629 | 55,690 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| Adjusted EBITDA (%) |
33% | 32% | 34% | 33% |
Refers to items that are reported separately as they are of a significant nature and affect comparison and are considered foreign to the Group's ordinary core operations. Examples are acquisition-related expenses, expenses relating to public listing of shares, and restructuring costs.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Acquisition related expenses |
-1,110 | 0 | -1,110 | 0 |
| Write-down of share option liability |
0 | 0 | 27 | 0 |
| One-off items that distort comparisons |
-1,110 | 0 | -1,082 | 0 |
Cash flow from current operations divided by the average number of shares outstanding. Allows readers of financial reports to compare cash flow from current operations per share. The number of shares has been restated following the 1:250 share split in October 2018.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Cash flow from current operations |
47,411 | 33,129 | 72,340 | 58,461 |
| Number of share (thousands) |
13,283 | 13,283 | 13,283 | 13,283 |
| Cash flow from current opera tions per share (SEK) |
3.57 | 2.49 | 5.45 | 4.40 |
The measure shows %-growth in net sales compared to the same period during previous year. The measure is a key ratio for a company within a growth industry.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Net sales, the period |
102,976 | 85,037 | 197,333 | 170,027 |
| Net sales, same period previous year |
85,037 | 70,030 | 170,027 | 139,929 |
| Growth in net sales |
21% | 21% | 16% | 22% |
Interest-bearing non-current and current liabilities less financial assets. The purpose is to show the real level of debt.
| TSEK | 2021-06-30 | 2020-06-30 | 2020-12-31 |
|---|---|---|---|
| Interest bearing non-current liabilities |
187,627 | 42,848 | 28,524 |
| Non-current leasing liabilities |
13,492 | 8,495 | 14,240 |
| Other non-current liabilities |
39,688 | 18,252 | 15,183 |
| Interest bearing current liabilities |
82,825 | 28,489 | 30,404 |
| Current leasing liabilities |
11,669 | 9,571 | 9,319 |
| Financial assets |
-69,308 | -54,341 | -65,368 |
| Net liabilities | 265,993 | 53,314 | 32,302 |
The average number of employees means the number of employees during the last 12-month period in relation to normal yearly working hours. The measure indicates how well one of the Group's key processes – recruitment and development of staff – develops over time.
Shows trailing 12-month net sales in relation to average number of employees during the last 12 months. The measure is a key ratio for industry comparisons.
| TSEK | Q3 2020 - Q2 2021 |
Q3 2019 - Q2 2020 |
|---|---|---|
| Trailing 12-month net sales |
365,995 | 319,794 |
| Number of employees | 263 | 228 |
| Net sales per employee | 1,394 | 1,404 |
The measure shows growth in net sales adjusted for acquisitions during the last 12 months. Acquired businesses are included in organic growth once they have been part of the Lime Group for four quarters. The measure is used to analyse underlying net sales growth.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Net sales, period | 102,976 | 85,037 | 197,333 | 170,027 |
| Acquired net sales, last 12 months |
-7,436 | -3,265 | -7,436 | -7,895 |
| Organic net sales |
95,541 | 81,772 | 189,897 | 162,132 |
| Organic net sales, same period last year |
81,772 | 70,030 | 162,132 | 138,850 |
| Adjusted for acquired net sales last 24 |
||||
| months Comparable |
3,265 | 0 | 7,895 | 1,079 |
| organic net sales |
85,037 | 70,030 | 170,027 | 139,929 |
| Organic net sales growth (%) |
12% | 17% | 12% | 16% |
Revenue of annual recurring nature is made up of support and maintenance revenues and subscription revenues.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Subscription revenue |
50,837 | 37,470 | 92,855 | 73,427 |
| Support agreements |
10,105 | 11,050 | 20,322 | 21,961 |
| Recurring revenue |
60,943 | 48,520 | 113,177 | 95,388 |
Revenues of annual recurring nature in relation to operating expenses. The measure is a key ratio for industry comparisons.
| TSEK | Q2 2021 |
Q2 2020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Recurring revenue |
60,943 | 48,520 | 113,177 | 95,388 |
| Operating expenses |
-84,854 | -67,694 | -157,337 | -133,711 |
| Recurring revenue in relation to operating expenses |
72% | 72% | 72% | 71% |
Defined in accordance with IFRS.
Defined in accordance with IFRS.
Operating income in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability.
| TSEK | Q2 2021 |
Q2 020 |
Q1 - Q2 2021 |
Q1 - Q2 2020 |
|---|---|---|---|---|
| Operating income |
18,230 | 17,462 | 40,156 | 36,570 |
| Net sales | 102,976 | 85,037 | 197,333 | 170,027 |
| Operating margin |
18% | 21% | 20% | 22% |
Operating income according to the income statement.
Ever since day one, our overall goal has been to deliver exceptionally user-friendly CRM systems that simplify everyday life for our customers. The balanced mix of commitment and technology has made us one of the market leaders in the Nordic region. Our focus is now on turning all companies into customer magnets who retain their customers and attract new ones.
Lime's organisation is comprehensive and covers development, sales, implementation and support, allowing for a turnkey offering facilitating efficient and value-creating CRM solutions for the customer. Lime has nine offices in Sweden, Norway, Denmark, Finland, Germany and the Netherlands. Lime was founded in 1990 and has demonstrated an average growth rate of 19 percent since the year 2000.
Lime CRM is a flexible and powerful SaaS CRM platform. One of the strengths of Lime CRM lies in the combination of the company's expert services
and the flexibility of the software. In a very short time, the customer can have a solution with automated flows, support for key demands and a clear overview of the entire business. Combined with integrated systems, an ecosystem is created, providing significant customer benefits.
Lime Go has been developed to maximise sales in sales organizations. The typical customer has a great need for new business opportunities
and a constant flow of new customers. The software can be described as being streamlined with good control of upcoming business deals. Lime Go comes with a large library of company and contact information for nearly all companies in the Nordic region.
Userlike is a Customer Messaging solution which improves and simplifies communication between companies and customers. By bringing together the most popular communication channels – web chat, Facebook messenger, WhatsApp, SMS etc. – in the same inbox, companies can be where the customer is and offer immediate service.
Userlike is run as an independent company within the Lime Group. The product is sold separately, but the functionality will also be offered as add-ons to Lime's CRM solutions.
All reports, annual reports and, where applicable, presentations are published at investors.lime-technologies.com, where it's also possible to subscribe to mailings of financial information.
| October 21, 2021 | Interim report (January – September 2021) |
|---|---|
| February, 2022 | Year-End report 2021 |
Corporate identity no: 556953-2616 www.lime-technologies.com St Lars väg 46, 222 70 Lund +46 46-270 48 00
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