Annual Report • Feb 10, 2017
Annual Report
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| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| (SEK Million) | 2016 | 2015 | 2016 | 2015 |
| Net sales | 106,7 | 93,1 | 378,7 | 349,3 |
| whereof recurring revenue | 45,3 | 43,6 | 178,8 | 168,4 |
| EBITDA | 30,3 | 21,7 | 88,0 | 73,7 |
| EBITDA-adj | 21,6 | 9,7 | 50,8 | 28,7 |
| EBIT - excluding items affecting comparability | 15,8 | 8,4 | 32,8 | 21,8 |
| EBIT | 15,8 | 8,4 | 29,7 | 19,8 |
2016 was a good year ending with a good fourth quarter. For the third consecutive quarter, we strengthened our margins compared to last year. For the full year, the EBITDA margin was 23.2% compared to 21.1% the previous year. An even more interesting key ratio, according to us, is EBITDA excluding capitalized development costs, i.e. the cash flow generating margin. For the full year, we are increasing it from SEK 28.6 million to 50.8 million.
We enter 2017 with a cost that is well suited to our business, we expect to continue to grow our recurring revenue without increasing our costs to the same extent. In this way, we expect our growth in recurring revenues will continue to strengthen our margins ahead.
The first license revenue related to the agreement with the City of Stockholm was recorded in the fourth quarter (SEK 4 million), at the time of the delivery approval for the basic ECM platform. The implementation project is proceeding according to plan and for the full year of 2016 we have – from the calculated degree of completion – recorded SEK 13 million in delivery revenue, of which over half was carried out by subcontractors.
We generate a strong cash flow of SEK 69.4 million from operations, allowing the Board of Directors to propose a threefold increase in the dividend to SEK 0.30 per share.
No significant events have occurred during the period October-December.
Formpipe signs an agreement with three municipalities regarding the e-archiving product Long-Term Archive. The total order value is SEK 6.3 million over a four-year period with a possibility of extension on an additional four years.
Enterprise content management (ECM) is used to create, store, distribute, discover, archive and manage digital content (such as scanned documents, email, reports, medical images and office documents), and ultimately analyze usage to enable organizations to deliver relevant content to users where and when they need it. It is in the ECM market that Formpipe has emerged as the market leader in the public sector and as a challenger in e.g. Life Sciences and Legal.
Growth in the ECM market is fuelled in large part by the organizational and corporate wide need to streamline operations and meet legal requirements and regulations. Making business value from the information requires applications and services to search, analyse, process and distribute data and content. Growth drivers continually gain strength as the sheer amount of data and information increases and ECM remains a highly prioritized investment area. Gartner's forecast on ECM software revenue is a Compound Annual Growth Rate of 10.6%, 2015- 2020. The ECM market is large and fragmented, with a total addressable market (systems revenue) of 7 billion dollars in 2017 (Source: Gartner, Enterprise Software Markets, Worldwide, 2013-2020, 4Q16 update).
The ECM market is changing from the centralized, backend, command and control of unstructured content to integrated, purpose-built, cloud based solutions that prioritizes content usability, processing and analysing content from one or several sources, to get business insights and business value. Control, file synchronization and sharing will be a standard capability of ECM offerings.
This change is well in line with the Formpipe's strategy, as more and more of the company's customers choose to switch to cloud solutions for the standard products, as well as with the company's development of applications and modules with the ability to process information from both Formpipe's existing systems or from other systems.
The development for ECM software is towards cloud based solutions and Gartner predicts that at least 50% of the leading ECM software providers will have rearchitected their offerings to cloud based platforms by the end of 2018. But even if the trend is towards the cloud, the license revenues from on-premises will play an important role for years to come.
Software Revenue – On Premises Vs SaaS, 2014-2020 (Källa: Gartner (Januari 2017)
Formpipe is well-positioned to be able to develop and strengthen its leading position as ECM provider while retaining good profitability levels. The company sees good opportunities to continue to utilize its experience from its successes in order to target new markets and customer segments. A solid product development and product strategy creates good conditions to be able to efficiently develop market-leading offerings and meet up with sector-specific requirements also in the future.
The board believes that Formpipe, which is one of the largest European-based ECM suppliers, is well-positioned with a stabile customer base, a high share of recurring revenue and a focus on customer segments with a high need for ECM solutions.
Revenues and costs for the outcome and comparison figures has been adjusted to reflect the remaining operations after the sale of the business area Customer Specific Solutions in Denmark during the fourth quarter 2015.
Net sales for the period totalled to SEK 106.7 million (93.1 million), which corresponds to an increase with 15 %. System totalled to SEK 73.0 million (63.6 million). Total recurring revenue for the period increased by 4 % from the previous year and totalled to SEK 45.3 million (43.6 million), which is equivalent to 42 % of net sales. Exchange rate effects have affected net sales positively by SEK 0.5 million in comparison with the previous year.
Net sales for the period totalled to SEK 378.7 million (349.3 million), which corresponds to an increase of 8 %. System revenue increased by 5 % from the previous year and totalled to SEK 248.6 million (236.0 million). Total recurring revenue for the period increased by 6 % from the previous year and totalled to SEK 178.8 million (168.4 million), which is equivalent to 47 % of net sales. Exchange rate effects have affected net sales positively by SEK 2.0 million in comparison with the previous year.
The operating costs for the period increased by 7 % and totalled to SEK 90.9 million (84.7 million). Personnel costs increased by 1 % and totalled to SEK 52.2 million (51.6 million). Selling expenses totalled to SEK 14.3 million (14.0 million). Other costs totalled to SEK 18.6 million (17.8 million).
The operating costs for the period increased by 6 % and totalled to SEK 345.9 million (327.5 million). Personnel costs increased by 1 % and totalled to SEK 203.9 million (202.2 million). Selling expenses totalled to SEK 52.4 million (48.4 million). Other costs totalled to SEK 71.6 million (70.0 million). During the period costs relating to restructuring reserves have been recognised of SEK 3.1 million (1.9 million).
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 30.3 million (21.7 million) with an EBITDA margin of 28.4 % (23.3 %). Operating profit (EBIT) totalled to SEK 15.8 million (8.4 million) with an operating margin of 14.8 % (9.0 %). Net profit from remaining operations totalled to SEK 11.5 million (4.3 million). Exchange rate effects have affected EBITDA positively by SEK 0.5 million in comparison with the previous year.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 88.0 million (73.7 million) with an EBITDA margin of 23.2 % (21.1 %). Operating profit (EBIT) totalled to SEK 29.7 million (19.8 million) with an operating margin of 7.8 % (5.7 %). The operating profit includes non-recurring items amounting SEK to -3.1 million (-1.9 million). Net profit from remaining operations totalled to SEK 20.4 million (9.4 million). Net profit from discontinued operations amounted to SEK 0.0 million (4.8 million). Realization gains from discontinued operations amounted to SEK 2.4 million (3.9 million) which gives a net profit for the group amounting to SEK 22.8 million (18.2 million). Exchange rate effects have affected EBITDA positively by SEK 1.3 million in comparison with the previous year.
Cash and cash equivalents at the end of the period amounted to SEK 60.9 million (37.7 million). The company had interest-bearing debt at the end of the period totalling to SEK 106.5 million (116.8) million. The company's net interest-bearing debt thereby totalled to SEK 45.6 million (79.1 million).
The company has bank overdraft facilities for a total of SEK 10.0 million and for DKK 17.0 million, which were not utilized at the end of the period (- million).
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 17.3 million (SEK 23.7 million).
Equity at the end of the period amounted to SEK 346.2 million (315.1 million), which was equivalent to SEK 6.75 (6.28) per outstanding share at the end of the period. The strengthening of the Swedish krona has increased the value of the group's net assets in foreign currencies by SEK 6.9 million (-10.2 million) from the end of the year.
During the period the personnel warrant program 2013/2016 was exercised. A total of 1 130 206 new shares were issued from this program. The number of shares and votes in the Company has therefore increased with 1 130 206. After the issue of new shares, the total number of shares and votes in the Company amounts to 51 273 608 and the share capital to SEK 5 127 360.80.
The equity ratio at the end of the period was 53 % (51 %).
CASH FLOW FROM OPERATING ACTIVITIES Cash flow from operating activities for the period January - December totalled to SEK 69.4 million (73.6 million), of which divested business operations SEK - million (SEK 4.8 million).
Total investments for the period January - December amounted to SEK 38.8 million (47.2 million), of which investments affecting cash flow totalled to SEK 36.1 million (43.8 million).
Investments in intangible assets totalled to SEK 37.2 million (41.8 million) and refer to capitalized product development costs.
Investments in tangible assets totalled to SEK 1.4 million (2.0 million).
During the period received payment from acquisition/divesture of business activities amounted to SEK 3.1 million (3.9 million).
During the period January – December the company has amortized SEK 16.1 million (22.3 million) and the interest-bearing debt amounted to SEK 106.5 million (116.8 million) at the end of the period.
As an outcome from the exercise of the personnel warrant program 2013/2016, 1 130 206 new shares was issued and payments amounting to SEK 7.5 million (- million) has been added to the Company. At the same time the Company repurchased 369 794 warrants to a value of SEK 0.5 million (- million).
During the period a new warrant program (2016/2019) has been issued to the company's personnel amounting to 500 000 warrants, which has provided the company with payments of SEK 0.3 million (0.2 million).
During the period dividends amounting to SEK 6.6 million (- million) has been paid out to shareholders.
The Board proposes that the AGM to be held on 25 April 2017 adopts a resolution to pay a dividend of SEK 0.30 (0.10) per share, which means a total dividend of SEK 15.4 million (5.0 million).
As the basis for its proposal for the appropriation of profits, the board, in accordance with chapter 17 § 3 subsect 2- 3 of the Swedish Companies Act, has assessed the parent company's and the group's need to strengthen the balance sheet, its liquidity and financial position otherwise, and the ability to meet its obligations in the long-term.
The number of employees at the end of the reporting period totalled to 230 persons (239 persons).
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no changes in the risk and uncertainty factors for the group and the parent company.
No transactions with related parties have occurred during the period
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report. During the fourth quarter of 2015 the business area Customer Specific Solutions has been sold. The business area, which earlier was included in Formpipe Groups segment Denmark, is therefore treated as a discontinued operation according to IFRS 5 and is accounted and disclosed in accordance with this accounting standard.
The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
Formpipe Software AB (publ) is a software company in the field of ECM (Enterprise Content Management). We develop and deliver ECM products for structuring information in larger companies, the public sector and organizations. Our software helps organizations to capture and place information in context. Reduced costs, minimized risk exposure and structured information are the benefits from using our ECM products.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, the Netherlands, Germany and USA. The Formpipe share is listed on Nasdaq Stockholm.
| April 24, 2017 | Interim report Jan-Mar |
|---|---|
| April 25, 2017 | Annual General Meeting |
| July 14, 2017 | Interim report Jan-Jun |
| October 26, 2017 | Interim report Jan-Sep |
This interim report has not been subject to review by the company's auditors.
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Christian Sundin, Managing Director Telephone: +46 70 567 73 85, +46 8 555 290 84 E-mail: [email protected]
Stockholm February 10, 2017 Formpipe Software AB The Board of Directors and the Managing Director
Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
| (SEK 000) 2016 2015 2016 2015 Net Sales 106 696 93 123 378 723 349 292 Sales expenses -14 287 -14 033 -52 439 -48 406 Other costs -18 621 -17 757 -71 588 -70 044 Personnel costs -52 220 -51 607 -203 856 -202 173 Capitalized work for own account 8 718 11 957 37 204 45 002 Operating profit/loss before depreciation/amortization 30 286 21 683 88 044 73 670 and non-comparative items (EBITDA) Items affecting comparability - - -3 118 -1 947 Depreciation/amortization -14 460 -13 308 -55 261 -51 880 Operating profit/loss (EBIT) 15 826 8 375 29 665 19 843 Financial income and expenses -1 144 -1 023 -4 661 -5 212 Exchange rate differences 311 412 2 519 -899 Tax -3 517 -3 479 -7 173 -4 296 Net profit for the period from remaining business 11 477 4 284 20 350 9 436 Profit/loss attributable to discontinued business - -32 - 4 838 Realization gains from discontinued business - 3 905 2 434 3 905 Net profit for the period 11 477 8 157 22 784 18 179 Of which the following relates to: Parent company shareholders 11 457 7 679 21 877 17 490 Shareholding with no controlling influence 19 478 907 689 Other comprehensive income Translation differences -1 288 -8 373 6 941 -10 216 Other comprehensive income for the period, net after tax -1 288 -8 373 6 941 -10 216 Total comprehensive income for the period 10 188 -215 29 725 7 964 Of which the following relates to: Parent company shareholders 10 169 -694 28 818 7 275 Shareholding with no controlling influence 19 478 907 689 EBITDA margin, % 28,4% 23,3% 23,2% 21,1% EBIT margin, % 14,8% 9,0% 7,8% 5,7% Profit margin, % 10,8% 8,8% 6,0% 5,2% Earnings per share attributable to the parent company's shareholders dur ing the period (SEK per share) - before dilution 0,22 0,15 0,43 0,35 - after dilution 0,22 0,15 0,43 0,35 - before dilution, remaining business 0,22 0,08 0,38 0,17 - after dilution, remaining business 0,22 0,08 0,38 0,17 - before dilution, discontinued business - 0,08 0 0,17 - after dilution, discontinued business - 0,08 0 0,17 Average no. of shares before dilution, in 000 51 274 50 143 50 803 50 143 Average no. of shares after dilution, in 000 51 566 50 637 51 203 50 592 |
Oct-Dec | Jan-Dec | |
|---|---|---|---|
| Dec 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 470 396 | 473 393 | 473 393 |
| Tangible assets | 4 075 | 3 898 | 3 898 |
| Financial assets | 1 682 | 1 425 | 1 425 |
| Deferred tax asset | 17 332 | 23 680 | 23 680 |
| Current assets (excl. cash equivalents) | 94 870 | 77 723 | 77 723 |
| Cash equivalents | 60 890 | 37 670 | 37 670 |
| TOTAL ASSETS | 649 244 | 617 789 | 617 789 |
| Equity | 346 249 | 315 108 | 315 108 |
| Shareholding with no controlling influence | 2 706 | 3 378 | 3 378 |
| Long-term liabilities | 115 953 | 132 260 | 132 260 |
| Current liabilities | 184 337 | 167 043 | 167 043 |
| TOTAL EQUITY AND LIABILITIES | 649 244 | 617 789 | 617 789 |
| Net interest-bearing debt (-) / cash (+) | -45 626 | -79 081 | -79 081 |
| Equity attributable to the parent company's shareholders | Share- | ||||||
|---|---|---|---|---|---|---|---|
| Other | Profit/loss | holdings with | |||||
| Share | contributed | Translation | brought | no controlling | |||
| (SEK 000) | capital | capital | reserves | forward | Total | influence | Total |
| Balance at January 1, 2015 | 5 014 | 186 464 | 14 670 | 101 440 | 307 588 | 2 689 | 310 277 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 17 490 | 17 490 | 689 | 18 179 |
| Other comprehensive income items | - | - | -10 216 | - | -10 216 | - | -10 216 |
| Total comprehensive income | - | - | -10 216 | 17 490 | 7 275 | 689 | 7 963 |
| Transaction with owners | |||||||
| Employee warrant schemes | - | 245 | - | - | 245 | - | 245 |
| Total transaction with owners | - | 245 | - | - | 245 | - | 245 |
| Balance at December 31, 2015 | 5 014 | 186 709 | 4 454 | 118 930 | 315 108 | 3 378 | 318 486 |
| Balance at January 1, 2016 | 5 014 | 186 709 | 4 454 | 118 930 | 315 108 | 3 378 | 318 486 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 21 877 | 21 877 | 907 | 22 784 |
| Other comprehensive income items | - | - | 6 941 | - | 6 941 | - | 6 941 |
| Total comprehensive income | - | - | 6 941 | 21 877 | 28 818 | 907 | 29 725 |
| Transaction with owners |
Dividend - - - -5 014 -5 014 -1 579 -6 594 Share issue 113 7 425 - - 7 538 - 7 538 Repurchase of warrants - -466 - - -466 - -466 Employee warrant schemes - 265 - - 265 - 265 Total transaction with owners 113 7 224 - -5 014 2 323 -1 579 744 Balance at December 31, 2016 5 127 193 933 11 395 135 793 346 249 2 706 348 954
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2016 | 2015 |
| Cash flow from operating activities | ||||
| before working capital changes | 27 516 | 17 027 | 73 341 | 61 328 |
| Cash flow from working capital changes | 18 681 | 17 212 | -3 913 | 7 440 |
| Cash flow from remaining operating activities | 46 197 | 34 239 | 69 428 | 68 768 |
| Cash flow from discontinued business | - | -32 | - | 4 838 |
| Cash flow from operating activities | 46 197 | 34 207 | 69 428 | 73 606 |
| Cash flow from investing activities | -8 740 | -7 920 | -32 975 | -39 881 |
| Of which acquisition/divesture of business activities | - | 3 905 | 3 121 | 3 905 |
| Cash flow from financing activities | -3 788 | -4 102 | -12 853 | -22 033 |
| Of which dividend paid | - | - | -6 593 | - |
| Cash flow for the period | 33 669 | 22 185 | 23 600 | 11 692 |
| Change in cash and cash equivalent | ||||
| Cash and cash equivalent at the beginning of the period | 27 192 | 15 619 | 37 670 | 26 035 |
| Translation differences | 30 | -134 | -380 | -57 |
| Cash flow for the period | 33 669 | 22 185 | 23 600 | 11 692 |
| Cash and cash equivalent at the end of the period | 60 890 | 37 670 | 60 890 | 37 670 |
| (SEK 000) | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 39 511 | 38 058 | 39 254 | 40 893 | 42 150 | 40 842 | 42 478 | 42 309 |
| Licenses | 17 617 | 20 884 | 17 025 | 22 708 | 15 999 | 20 459 | 13 730 | 30 667 |
| System revenue | 57 128 | 58 942 | 56 279 | 63 602 | 58 149 | 61 301 | 56 208 | 72 976 |
| whereof recurring revenue | 41 899 | 40 826 | 42 076 | 43 603 | 44 806 | 43 308 | 45 338 | 45 318 |
| Deliveries | 27 163 | 29 388 | 27 235 | 29 522 | 29 126 | 40 230 | 27 013 | 33 720 |
| Net sales | 84 291 | 88 329 | 83 514 | 93 123 | 87 275 | 101 531 | 83 221 | 106 696 |
| Sales expenses | -10 062 | -11 925 | -12 381 | -14 033 | -12 886 | -13 939 | -11 327 | -14 287 |
| Other costs | -16 645 | -18 746 | -18 912 | -17 757 | -17 399 | -18 724 | -16 844 | -18 621 |
| Personnel costs | -49 722 | -52 736 | -46 077 | -51 607 | -51 099 | -56 277 | -44 260 | -52 220 |
| Capitalized development costs | 10 696 | 10 901 | 11 448 | 11 957 | 10 524 | 8 887 | 9 074 | 8 718 |
| Total operating expenses | -65 733 | -72 506 | -65 922 | -71 440 | -70 861 | -80 053 | -63 356 | -76 410 |
| EBITDA | 18 558 | 15 823 | 17 592 | 21 683 | 16 415 | 21 478 | 19 865 | 30 286 |
| % | 22,0% | 17,9% | 21,1% | 23,3% | 18,8% | 21,2% | 23,9% | 28,4% |
| Items affecting comparability | - | - | -1 947 | - | - | -3 118 | - | 0 |
| Depreciation/amortization | -12 708 | -12 834 | -13 030 | -13 308 | -13 584 | -13 559 | -13 658 | -14 460 |
| EBIT | 5 850 | 2 989 | 2 614 | 8 375 | 2 831 | 4 801 | 6 207 | 15 827 |
| % | 6,9% | 3,4% | 3,1% | 9,0% | 3,2% | 4,7% | 7,5% | 14,8% |
| Discontinued business: | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Net sales | 9 692 | 7 493 | 4 627 | 2 165 | - | - | - | |
| EBITDA | 4 102 | 2 844 | 1 683 | -43 | - | - | - |
* Adjusted to reflect the remaining business after disposal of customer specific consulting services in Denmark in 2015 Q4.
In order to visualize the effects from the disposal of the customer specific consulting services in Denmark December 11, 2015, the direct revenues and costs attributable to this business have been recorded separately. The business was previously a part of the segment Denmark.
As per December 31, 2015, the ownership of Formpipe Intelligo AB was transferred from Formpipe Software A/S to the parent company Formpipe Software AB and thereby also shifted from segment Denmark to segment Sweden. The comparable numbers below have been adjusted accordingly. The adjustment concern internal sales of 5 344 TSEK and external costs of 1 898 TSEK that has been moved from segment Denmark to segment Sweden.
| Jan-Dec 2016 | |||||||
|---|---|---|---|---|---|---|---|
| Life | Remaining | Discontinued | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | business | business | Group |
| Sales, external | 157 572 | 211 103 | 10 048 | - | 378 723 | - | 378 723 |
| Sales, internal | 7 030 | 2 009 | 1 401 | -10 440 | - | - | - |
| Total sales | 164 602 | 213 112 | 11 449 | -10 440 | 378 723 | 378 723 | |
| Costs, external | -109 147 | -166 030 | -15 502 | - | -290 679 | - | -290 679 |
| Costs, internal | -6 182 | -2 857 | -1 401 | 10 440 | - | - | - |
| EBITDA | 49 273 | 44 225 | -5 454 | - | 88 044 | - | 88 044 |
| % | 29,9% | 20,8% | -47,6% | 0,0% | 23,2% | - | 23,2% |
| Jan-Dec 2015 | |||||||
|---|---|---|---|---|---|---|---|
| Life | Remaining | Discontinued | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | business | business | Group |
| Sales, external | 138 419 | 195 040 | 15 833 | - | 349 292 | 23 942 | 373 234 |
| Sales, internal | 6 506 | 1 576 | 700 | -8 782 | - | - | |
| Total sales | 144 925 | 196 616 | 16 533 | -8 782 | 349 292 | 23 942 | 373 234 |
| Costs, external | -92 263 | -160 755 | -22 604 | - | -275 622 | -15 371 | -290 993 |
| Costs, internal | -5 831 | -2 251 | -700 | 8 782 | - | - | - |
| EBITDA | 46 831 | 33 610 | -6 771 | - | 73 670 | 8 571 | 82 241 |
| % | 32,3% | 17,1% | -41,0% | 0,0% | 21,1% | 35,8% | 22,0% |
| 2012-01-01 | 2013-01-01 | 2014-01-01 | 2015-01-01 | 2016-01-01 | |
|---|---|---|---|---|---|
| 2012-12-31 | 2013-12-31 | 2014-12-31 | 2015-12-31 | 2016-12-31 | |
| Number of outstanding shares at the beginning of the period |
12 233 647 | 48 934 588 | 48 934 588 | 50 143 402 | 50 143 402 |
| Share issue | 36 700 941 | - | - | - | 1 130 206 |
| Non-cash issue | - | - | 1 208 814 | - | - |
| Number of outstanding shares at the end of the period |
48 934 588 | 48 934 588 | 50 143 402 | 50 143 402 | 51 273 608 |
| Jan-Dec | ||
|---|---|---|
| 2016 | 2015 | |
| Net sales, SEK 000 | 378 723 | 349 292 |
| EBITDA, SEK 000 | 88 044 | 73 670 |
| EBIT, SEK 000 | 29 665 | 19 843 |
| EBITDA-adj, SEK 000 | 50 840 | 28 668 |
| Net profit for the period, SEK 000 | 22 784 | 18 179 |
| EBITDA margin, % | 23,2% | 21,1% |
| EBITDA-adj margin, % | 13,4% | 8,2% |
| EBIT margin, % | 7,8% | 5,7% |
| Profit margin, % | 6,0% | 5,2% |
| Return on equity, %* | 6,6% | 5,6% |
| Return on working capital, %* | 7,5% | 4,8% |
| Equity ratio, % | 53% | 51% |
| Equity per outstanding share at the end of the period, SEK | 6,75 | 6,28 |
| Earnings per share - before dilution, SEK | 0,43 | 0,35 |
| Earnings per share - after dilution, SEK | 0,43 | 0,35 |
| Share price at the end of the period, SEK | 9,75 | 8,50 |
* Ratios including P&L measures are based on the most recent 12-month period
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2016 | 2015 |
| Net sales | 44 521 | 15 146 | 139 446 | 40 701 |
| Operating expenses | ||||
| Sales expenses | -4 991 | -549 | -17 780 | -2 308 |
| Other costs | -7 761 | -3 550 | -28 229 | -11 508 |
| Personnel costs | -17 020 | -10 130 | -65 265 | -35 684 |
| Depreciation/amortization | -1 590 | -455 | -6 298 | -1 822 |
| Total operating expenses | -31 362 | -14 685 | -117 573 | -51 323 |
| Operating profit/loss | 13 159 | 461 | 21 873 | -10 622 |
| Result from participations in group companies | - | 21 850 | 2 921 | 21 850 |
| Other financial items | 305 | 909 | 4 415 | 774 |
| Net profit for the period | 7 752 | 20 415 | 23 496 | 9 197 |
* During 2016 the fully owned Swedish subsidiaries were merged with the parent company. The merger has had no effect on the group consolidated figures.
| Dec 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 19 856 | 3 432 | 3 432 |
| Tangible assets | 1 164 | 1 022 | 1 022 |
| Financial assets | 353 463 | 426 923 | 426 923 |
| Deferred tax asset | - | 3 635 | 3 635 |
| Current assets (excl. cash equivalents) | 65 302 | 34 125 | 34 125 |
| Cash and bank balances | 45 369 | 41 165 | 41 165 |
| TOTAL ASSETS | 485 154 | 510 303 | 510 303 |
| Restricted equity | 22 818 | 22 705 | 22 705 |
| Non-restricted equity | 210 064 | 213 507 | 213 507 |
| Total equity | 232 882 | 236 212 | 236 212 |
| Long-term liabilities | 94 552 | 107 036 | 107 036 |
| Current liabilities | 157 720 | 167 054 | 167 054 |
| TOTAL EQUITY AND LIABILITIES | 485 154 | 510 303 | 510 303 |
* During 2016 the fully owned Swedish subsidiaries were merged with the parent company with a merger difference in the equity of the parent company. The merger has had no effect on the group consolidated figures.
Pledged assets refers to shares in subsidiaries as security for loans. The pledged assets in the Group is the same as disclosed for the Parent Company.
| Dec 31 | Dec 31 | ||
|---|---|---|---|
| Pledged assets (SEK 000) | 2016 | 2015 | 2015 |
| Pledged assets | 300 321 | 369 869 | 334 131 |
| Contingent liabilities | - | - | - |
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). From July 3rd 2016 new guidelines were implemented by the European Union regarding alternative APM's, which Formpipe uses in published reports. Formpipe's APM's is calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures is altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
The total of license revenue and revenue from support and maintenance contracts.
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Other costs and personnel costs
Earnings before depreciation, amortization, acquisitionrelated costs and other items of a one-off nature.
EBITDA exclusive capitalized work for own account
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and write-downs
Operating profit/loss
Earnings before depreciation, amortization, acquisitionrelated costs and other items of a one-off nature as a percentage of net sales.
ciation, amortization, acquisition-related costs and other items of a one-off nature as a percentage of net sales.
Net profit/loss after tax as a percentage of sales at the end of the period.
EARNINGS PER SHARE - BEFORE DILUTION Net profit/loss after tax divided by the average number of shares during the period.
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity at the end of the period divided by the number of shares at the end of the period.
Profit/loss after tax as a percentage of average equity
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Interest bearing debts minus cash and cash equivalents
Equity as a percentage of the balance sheet total.
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