Quarterly Report • Jul 12, 2016
Quarterly Report
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| Apr-Jun | Jan-Jun | Rolling 12 | Full year |
|||
|---|---|---|---|---|---|---|
| (SEK Million) | 2016 | 2015 | 2016 | 2015 | months | 2015 |
| Net sales | 101,5 | 88,3 | 188,8 | 172,7 | 365,4 | 349,3 |
| whereof recurring revenue | 43,3 | 40,8 | 88,1 | 82,7 | 173,8 | 168,4 |
| EBITDA | 21,5 | 15,8 | 37,9 | 34,4 | 77,2 | 73,7 |
| EBIT - excluding items affecting comparability | 7,9 | 3,0 | 10,7 | 8,9 | 23,7 | 21,8 |
| EBIT | 4,8 | 3,0 | 7,6 | 8,9 | 18,6 | 19,8 |
Despite a quarter without licensing deals of real dignity, we accomplish a good quarter. We have continued our work to review the cost, thus improving our margins. Virtually all business areas show better margins compared to the same period last year.
Orders wise, it is interesting to highlight that our product LaserNet continues to win business around the world, and that these transactions are often generated by our partners and sold as a cloud service. Even in the loss-making field of Life Science, we find bright spots in the form of lost business as a pure cloud service.
We see an increasingly clear trend of increased demand for cloud services in all our customer groups. Needless to say these transactions will give no positive effect on the result initially but it creates stable recurring revenue streams over time. Software delivered as a cloud service also facilitates additional sales over time, where an additional module can be easily added to an existing customer without large delivery projects as a result. The delivery project to Stockholm city is proceeding according to plan, the first tollgate of the project plan was
passed and approved during the quarter. So far, slightly above 10 million to revenues, which exclusively is made up of consultancy revenue. No part of the systems revenues has yet been entered in the accounts. The project is weighing on cash flow, and explains why it is weaker than we normally perform.
During the quarter we received additional purchase price of just over 3 million relating to the divested business area customized consulting services. In order to improve our margins, we have continued our efforts to create a more cost-effective organization structure. Restructuring costs, primarily relating to management, has been included in their entirety in the quarter and accounted for as non-recurring items.
Personnel expenses in the quarter is higher than normal, which is largely explained by an adjusted basis of accruals for variable compensation. The quarter was burdened thereby of costs attributable to prior periods. Costs will be back at the normal level to the next quarter.
Formpipe received a supplementary order on the Grants management product TAS from a Danish authority. The total order value amounts to SEK 1.8 million.
Formpipe received an order on the ECM product Lasernet through a UK based partner. The total order value amounts to SEK 2.1 million over a four year period.
Formpipe received an order for Long-Term Archive from two Swedish Municipalities. The total order value amounts to SEK 1.4 million.
Formpipe received an order from Bluefish Pharmaceuticals regarding a cloud-based Enterprise Compliant Platform, for managing their Quality Management processes. The total order value amounts to SEK 3.6 million over five years.
At the AGM on April 25 decisions were made regarding:
It was decided at the AGM held on 25 April to issue 500 000 warrants offered to all employees within the Formpipe Software group, where one option gives the right to subscribe for one new share. The programme was fully subscribed.
During the period the personnel warrant program 2013/2016 was exercised. A total of 1 130 2016 new shares were issued from this program. The number of shares and votes in the Company has therefore increased with 1 130 206 and the share capital has increased with SEK 113 020.6. 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 5 127 360.8.
Formpipe received a order from a British company in the Energy industry on the ECM product Lasernet. The order was received through Formpipes partner Ferranti as a cloud based solution. The order value amounts to SEK 1.4 million over a four-year period.
Formpipe focuses its offerings on the public sector in Sweden and Denmark, in the international market on the Life Sciences industry and Legal sector and on industry independent offerings in respect of input/output management. According to the Radar Group, ECM continues to be a high priority investment area for companies and organizations.
Greater regulatory requirements and effective information management as a means of competition are important driving forces that have a tendency to be continually strengthened in connection with the increased amount of information.
According to analysts at Radar Group, ECM continues to be a high-priority investment area for the public sector. According to Radar, the ECM market for the public sector in Sweden will see growth of 5.1 (3.0) per cent, with an equivalent figure for Denmark of 4.3 (2.8) per cent.
The ECM market for public sector is less sensitive to market fluctuations than other sectors since they have a continuous need to invest in effective e-government solutions. Shrinking younger age groups must support a growing senior age group, while rising living standards are still expected. Public administration is facing major cost driving challenges and changes in fields such as digitisation and streamlining of operations, accessibility and service via the web and reduced costs for production of standardised IT. Both Formpipe and external analysts estimate that the need for efficient administration will lead to continued investments by the public sector in existing or new ECM systems. The number of public agencies that have a budget for ECM will also increase from year to year. The trend points to reducing operational costs through initiatives like outsourcing, so that resources are freed up for e-administration development. As part of this
trend, investments are increasingly being financed through operating budgets. ECM solutions have evolved from being an IT issue to becoming a strategic business issue.
Public administrations in Europe are facing the challenge of improving efficiency, productivity and the quality of their services. All these challenges must though be met with unchanged or even reduced budgets. Information and communication technology helps the public sector to handle challenges such as:
Formpipe currently has customers in a number of European countries, as well as in the USA, regarding products and services for quality management and regulatory compliance. Like the public sector, the Life Sciences Industry has strict regulatory requirements. The market is strictly regulated by the national regulations of the market that the product or service is to be submitted to (in the US the regulator is the Food and Drug Administration (FDA), in the European Union it is the EMEA, etc).
It is estimated that the market for ECM products for the Life Sciences industry will grow strongly among mediumsized enterprises (200-1,000 users), as these are starting to use the same efficiency-enhancing tools as the major, traditional pharmaceutical companies. The major companies (more than 1,000 users) are seeing a trend towards replacing several different local systems with integrated turnkey solutions which provide a better overview and reduce administration and maintenance costs. It is thought that the market for EQMS products for Life Sciences companies' subcontractors will also grow, as they need to comply with the industry's regulations on account of the fact that they are increasingly playing a key role in the delivery and supply chain.
Formpipe's offering regarding input and output management, Lasernet, is essentially linked to the ERP market. The software is used for designing, converting and distributing business documents with data retrieved directly from any ERP system and it has more than 2,000 customers within a variety of industries all over the world.
Formpipe focuses on further reinforcing its offering for customers implementing Microsoft Dynamics, currently one of the fastest-growing ERP systems on the market. Formpipe has a well-developed partnership with a number of key partners in countries such as the Netherlands, Germany, Denmark and Sweden, and as a result it is able to benefit from the major sales successes for Microsoft Dynamics.
Formpipe is a leading supplier of ECM solutions in Sweden and Denmark. The Company considers it is well-positioned to be able to develop and strengthen its leading position while retaining good profitability levels. The company sees good opportunities to continue to utilize its experience from its successes within the public sector in Sweden and Denmark, which from an international perspective are considered models for efficient public administration, in order to target new markets and customer segments. With well-invested products, solid experience of the public sector and facilities for continued product development, the company sees opportunities to focus on the demand at EU level which with increased regulatory requirements can be expected to increase its investments in the coming years. In addition to the Swedish public sector, Formpipe Software also focuses on the life science sector, which like the public sector is a segment that is strictly regulated by regulatory requirements. The Company has developed a competitive offering to this sector. The life science market is faced with the same regulatory requirements regardless of geographical location, which creates a very large international market. The company's strategy with focus on the public sector and Life Science creates good opportunities to be able to efficiently develop market-leading offerings and need sector-specific requirements.
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. At the same time, the board considers that the ECM market is a sector undergoing consolidation and views acquisitions as a good complement to organic growth.
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.
Net sales for the period totalled to SEK 101.5 million (88.3 million), which corresponds to an increase of 15 %. System revenue increased by 4 % from the previous year and totalled to SEK 61.3 million (58.9 million). Total recurring revenue for the period increased by 6 % from the previous year and totalled to SEK 43.3 million (48.8 million), which is equivalent to 43 % of net sales. Exchange rate effects have affected net sales negatively by SEK 0.4 million in comparison with the previous year.
Net sales for the period totalled to SEK 188.8 million (172.7 million), which corresponds to an increase of 9 %. System revenue increased by 3 % from the previous year
and totalled to SEK 119.5 million (116.1 million). Total recurring revenue for the period increased by 7 % from the previous year and totalled to SEK 88.1 million (82.7 million), which is equivalent to 47 % of net sales. Exchange rate effects have affected net sales negatively by SEK 0.7 million in comparison with the previous year.
Breakdown of sales, Jan – Jun 2016
Recurring revenue rolling 12-month, SEKm
The operating costs for the period increased by 10 % and totalled to SEK 93.6 million (85.3 million). Personnel costs increased by 7 % and totalled to SEK 56.3 million (52.7 million). Selling expenses totalled to SEK 13.9 million (11.9 million). Other costs totalled to SEK 18.7 million (18.7 million). During the period costs relating to restructuring reserves have been recognised of SEK 3.1 million (-million).
The operating costs for the period increased by 9 % and totalled to SEK 178.1 million (163.8 million). Personnel costs increased by 4 % and totalled to SEK 107.4 million (103.3 million). Selling expenses totalled to SEK 26.8 million (22.0 million). Other costs totalled to SEK 36.1 million (34.6 million). During the period costs relating to restructuring reserves have been recognised of SEK 3.1 million (-million).
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 21.5 million (15.8 million) with an EBITDA margin of 21.2 % (17.9 %). Operating profit (EBIT) totalled to SEK 4.8 million (3. million) with an operating margin of 4.7 % (3.4 %). Net profit totalled to SEK 4.3 million (3.3 million). Net profit from discontinued operations amounted to SEK 3.1 million (2.1 million). Exchange rate effects have not had any substantial effect on EBITDA in comparison with the previous year.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 37.9 million (34.4 million) with an EBITDA margin of 20.1 % (19.9 %). Operating profit (EBIT) totalled to SEK 7.6 million (8.9 million) with an operating margin of 4.0 % (5.1 %). Net profit totalled to SEK 5.7 million (8.5 million). Net profit from discontinued operations amounted to SEK 3.1 million (5.2 million). Exchange rate effects have affected EBITDA positively by SEK 0.1 million in comparison with the previous year.
Sales and EBITDA margin, SEKm
Cash and cash equivalents at the end of the period amounted to SEK 30.4 million (18.5 million). The company had interest-bearing debt at the end of the period totalling to SEK 113.1 million (127.0) million. The company's net interest-bearing debt thereby totalled to SEK 82.7 million (108.5 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).
Equity at the end of the period amounted to SEK 330.1 million (309.6 million), which was equivalent to SEK 6.44
(6.17) 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 7.5 million (-5.2 million) from the end of the year.
During the period the personnel warrant program 2013/2016 was exercised. A total of 1 130 2016 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 % (48 %).
C A S H F L O W F R O M O P E R A T I N G A C T I V I T I E S Cash flow from operating activities for the period January - June totalled to SEK 14.7 million (27.6 million), of which divested business operations SEK - million (SEK 5.2 million).
Total investments for the period January - June amounted to SEK 19.7 million (22.3 million), of which investments affecting cash flow totalled to SEK 18.0 million (20.4 million).
Investments in intangible assets totalled to SEK 19.4 million (21.6 million) and refer to capitalized product development costs.
Investments in tangible assets totalled to SEK 0.3 million (0.7 million).
During the period received payment from acquisition/divesture of business activities amounted to SEK 3.1 million (- million).
During the period January – June the company has amortized SEK 7.8 million (15.0 million) and the interestbearing debt amounted to SEK 113.1 million (127.0 million) at the end of the period.
As an outcome from the exercise of the personnel warrant program 2013/2016, 1 130 2016 new shares was issued and payments amounting to SEK 7.5 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 number of employees at the end of the reporting period totalled to 236 persons (256 persons of which 15 persons were related to discontinued business operations).
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 and USA. The Formpipe share is listed on Nasdaq Stockholm.
| October 25, 2016 | Interim report Jan-Sep |
|---|---|
| February 10, 2017 | Interim report Jan-Dec |
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 July 12, 2016 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
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2016 | 2015 |
| Net Sales | 101 531 | 88 329 | 188 806 | 172 669 |
| Sales expenses | -13 939 | -11 925 | -26 826 | -21 995 |
| Other costs | -18 724 | -18 746 | -36 123 | -34 597 |
| Personell costs | -56 277 | -52 736 | -107 376 | -103 273 |
| Capitalized work for own account | 8 887 | 10 901 | 19 411 | 21 597 |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
21 478 | 15 823 | 37 893 | 34 401 |
| Items affecting comparability | -3 118 | - | -3 118 | - |
| Depreciation/amortization | -13 559 | -12 834 | -27 143 | -25 542 |
| Operating profit/loss (EBIT) | 4 801 | 2 989 | 7 632 | 8 860 |
| Financial income and expenses | -1 149 | -1 321 | -2 406 | -2 782 |
| Exchange rate differences | 93 | -627 | 164 | -2 450 |
| Tax | -1 890 | 77 | -2 095 | -299 |
| Net profit for the period from remaining business | 1 856 | 1 118 | 3 295 | 3 329 |
| Profit/loss attributale to discontinued business | - | 2 133 | - | 5 194 |
| Realization gains from discontinued business | 2 434 | - | 2 434 | - |
| Net profit for the period | 4 290 | 3 251 | 5 729 | 8 523 |
| Of which the following relates to: | ||||
| Parent company shareholders | 4 248 | 3 077 | 5 130 | 8 129 |
| Shareholding with no controlling influence | 41 | 174 | 599 | 393 |
| Other comprehensive income | ||||
| Translation differences | 7 079 | -1 008 | 7 512 | -5 236 |
| Other comprehensive income for the period, net after tax | 7 079 | -1 008 | 7 512 | -5 236 |
| Total comprehensive income for the period | 11 368 | 2 243 | 13 241 | 3 286 |
| Of which the following relates to: | ||||
| Parent company shareholders | 11 327 | 2 070 | 12 642 | 2 893 |
| Shareholding with no controlling influence | 41 | 174 | 599 | 393 |
| EBITDA margin, % EBIT margin, % |
21,2% 4,7% |
17,9% 3,4% |
20,1% 4,0% |
19,9% 5,1% |
| Profit margin, % | 4,2% | 3,7% | 3,0% | 4,9% |
| Earnings per share attributable to the parent company's shareholders dur ing |
||||
| the period (SEK per share) | ||||
| - before dilution | 0,08 | 0,06 | 0,10 | 0,16 |
| - after dilution | 0,08 | 0,06 | 0,10 | 0,16 |
| - before dilution, remaining business | 0,04 | 0,02 | 0,05 | 0,06 |
| - after dilution, remaining business | 0,04 | 0,02 | 0,05 | 0,06 |
| - before dilution, discontinued business | 0 | 0,04 | 0 | 0,10 |
| - after dilution, discontinued business | 0 | 0,04 | 0 | 0,10 |
| Average no. of shares before dilution, in 000 | 50 520 | 50 143 | 50 332 | 50 143 |
| Average no. of shares after dilution, in 000 | 50 932 | 50 638 | 50 841 | 50 444 |
| Jun 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 474 810 | 498 643 | 473 393 |
| Tangible assets | 4 350 | 3 867 | 3 898 |
| Financial assets | 1 481 | 1 385 | 1 425 |
| Deferred tax asset | 23 495 | 23 773 | 23 680 |
| Current assets (excl. cash equivalents) | 86 624 | 93 121 | 77 723 |
| Cash equivalents | 30 379 | 18 519 | 37 670 |
| TOTAL ASSETS | 621 139 | 639 308 | 617 789 |
| Equity | 330 073 | 309 586 | 315 108 |
| Shareholding with no controlling influence | 2 397 | 4 222 | 3 378 |
| Long-term liabilities | 126 581 | 161 342 | 132 260 |
| Current liabilities | 162 087 | 164 158 | 167 043 |
| TOTAL EQUITY AND LIABILITIES | 621 139 | 639 308 | 617 789 |
| Net interest-bearing debt (-) / cash (+) | -82 725 | -108 483 | -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 | 100 301 | 306 448 | 3 829 | 310 277 |
| Comprahensive income | |||||||
| Net profit for the period | - | - | - | 8 129 | 8 129 | 393 | 8 523 |
| Other comprahensive income items | - | - | -5 236 | - | -5 236 | - | -5 236 |
| Total comprahensive income | - | - | -5 236 | 8 129 | 2 893 | 393 | 3 286 |
| Transaction with owners | |||||||
| Employee warrant schemes | - | 245 | - | - | 245 | - | 245 |
| Total transaction with owners | - | 245 | - | - | 245 | - | 245 |
| Balance at June 30, 2015 | 5 014 | 186 709 | 9 434 | 108 430 | 309 586 | 4 222 | 313 808 |
| Balance at January 1, 2016 | 5 014 | 186 709 | 4 454 | 118 930 | 315 108 | 3 378 | 318 486 |
| Comprahensive income | |||||||
| Net profit for the period | - | - | - | 5 130 | 5 130 | 599 | 5 729 |
| Other comprahensive income items | - | - | 7 512 | - | 7 512 | - | 7 512 |
| Total comprahensive income | - | - | 7 512 | 5 130 | 12 642 | 599 | 13 241 |
| Transaction with owners | |||||||
| Dividend | - | - | - | -5 014 | -5 014 | -1 579 | -6 594 |
| Share issue | 113 | 7 425 | - | - | 7 538 | - | 7 538 |
This is a translation of the original Swedish version. In the event of any discrepancies between the two versions, the original Swedish version shall take precedence.
Employee warrant schemes - 265 - - 265 - 265 Total transaction with owners 113 7 224 - -5 014 2 323 -1 579 744 Balance at June 30, 2016 5 127 193 933 11 966 119 046 330 073 2 397 332 471
| Apr-Jun | Jan-Jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2016 | 2015 | |
| Cash flow from operating activities | |||||
| before working capital changes | 17 728 | 13 526 | 30 799 | 32 036 | |
| Cash flow from working capital changes | -15 233 | -5 572 | -16 127 | -9 651 | |
| Cash flow from remaining operating activities | 2 495 | 7 954 | 14 672 | 22 385 | |
| Cash flow from discontinued business | - | 2 133 | - | 5 194 | |
| Cash flow from operating activities | 2 495 | 10 087 | 14 672 | 27 579 | |
| Cash flow from investing activities | -5 526 | -10 317 | -14 925 | -20 439 | |
| Of which acquisition/divesture of business activities | 3 121 | - | 3 121 | - | |
| Cash flow from financing activities | -3 122 | -5 236 | -7 037 | -14 732 | |
| Of which dividend paid | -6 593 | - | -6 593 | - | |
| Cash flow for the period | -6 154 | -5 466 | -7 291 | -7 592 | |
| Change in cash and cash equivalent | |||||
| Cash and cash equivalent at the beginning of the period | 36 658 | 23 958 | 37 670 | 26 035 | |
| Translation differences | -125 | 26 | - | 76 | |
| Cash flow for the period | -6 154 | -5 466 | -7 291 | -7 592 | |
| Cash and cash equivalent at the end of the period | 30 379 | 18 519 | 30 379 | 18 519 |
| (SEK 000) | 2014 Q3 | 2014 Q4 | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 | 2016 Q1 | 2016 Q2 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 36 796 | 36 219 | 39 511 | 38 058 | 39 254 | 40 893 | 42 150 | 40 842 |
| Licenses | 12 977 | 28 600 | 17 617 | 20 884 | 17 025 | 22 708 | 15 999 | 20 459 |
| System revenue | 49 773 | 64 820 | 57 128 | 58 942 | 56 279 | 63 602 | 58 149 | 61 301 |
| whereof recurring revenue | 39 249 | 38 713 | 41 899 | 40 826 | 42 076 | 43 603 | 44 806 | 43 308 |
| Deliveries | 23 255 | 22 037 | 27 163 | 29 388 | 27 235 | 29 522 | 29 126 | 40 230 |
| Net sales | 73 028 | 86 857 | 84 291 | 88 329 | 83 514 | 93 123 | 87 275 | 101 531 |
| Sales expenses | -10 964 | -5 083 | -10 062 | -11 925 | -12 381 | -14 033 | -12 886 | -13 939 |
| Other costs | -16 170 | -18 014 | -16 645 | -18 746 | -18 912 | -17 757 | -17 399 | -18 724 |
| Personnel costs | -40 450 | -51 479 | -49 722 | -52 736 | -46 077 | -51 607 | -51 099 | -56 277 |
| Capitalized development costs | 8 882 | 11 410 | 10 696 | 10 901 | 11 448 | 11 957 | 10 524 | 8 887 |
| Total operating expenses | -58 702 | -63 165 | -65 733 | -72 506 | -65 922 | -71 440 | -70 861 | -80 053 |
| EBITDA | 14 326 | 23 691 | 18 558 | 15 823 | 17 592 | 21 683 | 16 415 | 21 478 |
| % | 19,6% | 27,3% | 22,0% | 17,9% | 21,1% | 23,3% | 18,8% | 21,2% |
| Items affecting comparability | -667 | - | - | - | -1 947 | - | - | -3 118 |
| Depreciation/amortization | -11 470 | -12 066 | -12 708 | -12 834 | -13 030 | -13 308 | -13 584 | -13 559 |
| EBIT | 2 189 | 11 625 | 5 850 | 2 989 | 2 614 | 8 375 | 2 831 | 4 801 |
| % | 3,0% | 13,4% | 6,9% | 3,4% | 3,1% | 9,0% | 3,2% | 4,7% |
| Discontinued business: | ||||||||
| Net sales | 8 854 | 10 456 | 9 692 | 7 493 | 4 627 | 2 165 | - | - |
| EBITDA | 3 133 | 5 204 | 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 visulize 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 seperatly. The business was previously a part of the segment Denmark.
| Jan-Jun 2016 | |||||||
|---|---|---|---|---|---|---|---|
| Remain | Discontin | ||||||
| Life | Elimina | ing | ued | ||||
| (SEK 000) | Sweden | Denmark | Science | tions | business | business | Group |
| Sales, external | 77 658 | 106 541 | 4 606 | - | 188 806 | - | 188 806 |
| Sales, internal | 2 913 | 99 | 791 | -3 803 | - | - | |
| Total sales | 80 571 | 106 640 | 5 397 | -3 803 | 188 806 | 188 806 | |
| Costs, external | -55 199 | -87 006 | -8 707 | -150 912 | - | -150 912 | |
| Costs, internal | -2 649 | -351 | -803 | 3 803 | - | - | - |
| EBITDA | 22 723 | 19 283 | -4 113 | - | 37 893 | - | 37 893 |
| % | 28,2% | 18,1% | -76,2% | 20,1% | - | 20,1% |
| Jan-Jun 2015 | |||||||
|---|---|---|---|---|---|---|---|
| Remain | Discontin | ||||||
| Life | Elimina | ing | ued | ||||
| (SEK 000) | Sweden | Denmark | Science | tions | business | business | Group |
| Sales, external | 67 147 | 96 585 | 8 936 | - | 172 668 | 17 137 | 189 805 |
| Sales, internal | 2 460 | - | -2 460 | - | - | ||
| Total sales | 69 607 | 96 585 | 8 936 | -2 460 | 172 668 | 17 137 | 189 805 |
| Costs, external | -44 559 | -81 708 | -12 000 | -138 267 | -10 211 | -148 478 | |
| Costs, internal | -2 378 | -82 | - | 2 460 | - | - | - |
| EBITDA | 22 670 | 14 796 | -3 064 | - | 34 402 | 6 925 | 41 327 |
| % | 32,6% | 15,3% | -34,3% | 19,9% | 40,4% | 21,8% |
| 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 | 2016-03-31 | |
| 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-Jun | ||
|---|---|---|
| 2016 | 2015 | |
| Net sales, SEK 000 | 188 806 | 172 669 |
| EBITDA, SEK 000 | 37 893 | 34 401 |
| EBIT, SEK 000 | 7 632 | 8 860 |
| Net profit for the period, SEK 000 | 5 729 | 8 523 |
| EBITDA margin, % | 20,1% | 19,9% |
| EBIT margin, % | 4,0% | 5,1% |
| Profit margin, % | 3,0% | 4,9% |
| Return on equity, %* | 4,6% | 6,8% |
| Return on working capital, %* | 4,4% | 5,5% |
| Equity ratio, % | 53% | 48% |
| Equity per outstanding share at the end of the period, SEK | 6,44 | 6,17 |
| Earnings per share - before dilution, SEK | 0,10 | 0,16 |
| Earnings per share - after dilution, SEK | 0,10 | 0,16 |
| Share price at the end of the period, SEK | 8,40 | 8,55 |
* Ratios including P&L measures are based on the most recent 12-month period
| Apr-Jun | Jan-Jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2016 | 2015 | |
| Net sales | 26 869 | 27 219 | 31 728 | 29 570 | |
| Operating expenses | |||||
| Sales expenses | -3 705 | -568 | -4 855 | -1 197 | |
| Other costs | -16 530 | -28 475 | -19 148 | -30 820 | |
| Personnel costs | -13 138 | -8 683 | -22 193 | -17 036 | |
| Depreciation/amortization | -1 555 | -455 | -3 113 | -906 | |
| Total operating expenses | -34 927 | -38 180 | -49 309 | -49 958 | |
| Operating profit/loss | -8 058 | -10 961 | -17 581 | -20 389 | |
| Result from participations in group companies | 2 921 | - | 2 921 | - | |
| Other financial items | 518 | 1 | 1 132 | -1 011 | |
| Net profit for the period | -4 619 | -10 960 | -13 529 | -21 399 |
| Jun 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 22 691 | 4 033 | 3 432 |
| Tangible assets | 964 | 1 125 | 1 022 |
| Financial assets | 422 714 | 440 142 | 426 923 |
| Deferred tax asset | 3 635 | 6 440 | 3 635 |
| Current assets (excl. cash equivalents) | 44 468 | 7 448 | 34 125 |
| Cash and bank balances | 30 046 | 20 755 | 41 165 |
| TOTAL ASSETS | 524 517 | 479 944 | 510 303 |
| Restricted equity | 22 818 | 22 705 | 22 705 |
| Non-restricted equity | 212 328 | 182 911 | 213 507 |
| Total equity | 235 146 | 205 616 | 236 212 |
| Long-term liabilities | 121 434 | 135 387 | 107 036 |
| Current liabilities | 167 937 | 138 941 | 167 054 |
| TOTAL EQUITY AND LIABILITIES | 524 517 | 479 944 | 510 303 |
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.
| 31 mar | 31 dec | ||
|---|---|---|---|
| Ställda säkerheter | 2016 | 2015 | 2015 |
| Pledged assets | 363 | 370 | 334 |
| 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 rental license agreement.
EBITDA Earnings before depreciation, amortization, acquisition-related costs and other items of a one-off nature.
EBIT Operating profit/loss
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Equity at the end of the period divided by the number of shares at the end of the period.
R E T U R N O N E Q U I T Y 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).
O P E R A T I N G M A R G I N B E F O R E D E P R E C I A TI O N A N D A M O R T I Z A T I O N (EBITDA M A R G I N ) Earnings before depreciation, amortization, acquisition-related costs and other items of a one-off nature as a percentage of net sales.
O P E R A T I N G M A R G I N (EBIT M A R G I N ) Operating profit/loss as a percentage of net sales.
Net profit/loss after tax as a percentage of sales at the end of the period.
E A R N I N G S P E R S H A R E - B E F O R E D I L U T I O N Net profit/loss after tax divided by the average number of shares during the period.
Net profit/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
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