Quarterly Report • Apr 19, 2016
Quarterly Report
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| Jan-Mar | Jan-Mar | Rolling 12 | Full year | |
|---|---|---|---|---|
| (SEK Million) 2016 2015 |
2016 | 2015 | months | 2015 |
| Net sales 87,3 84,3 |
87,3 | 84,3 | 352,2 | 349,3 |
| whereof recurring revenue 44,8 41,9 |
44,8 | 41,9 | 171,3 | 168,4 |
| EBITDA 16,4 18,6 |
16,4 | 18,6 | 71,5 | 73,7 |
| EBIT - excluding one-off items 2,8 5,9 |
2,8 | 5,9 | 18,8 | 21,8 |
| EBIT 2,8 5,9 |
2,8 | 5,9 | 16,8 | 19,8 |
The quarter included a number of very interesting private sector deals worth highlighting. Contentworker, our ECM-product for law firms and corporate legal departments, won an important contract with a major international law firm. Our input/output management product, Lasernet, continues to win deals with an increasingly higher business value. We are expanding our presence internationally, and during the quarter we established sales resources in Germany.
When it comes to the public sector, the deal with the City of Stockholm is of course interesting to mention. The extent and significance of this deal will have a positive impact on our business for many years. In the first quarter, however, earnings is negatively affected since the system revenues come in later and delivery revenues are affected by increased costs.
The market for long-term archiving continues to grow and we see that we can continue to strengthen our leading position in this area. For instance, we received a contract award decision from three municipalities for a deal valued at 20 million over the contract period. However, a competing supplier then applied for a review procedure of the procurement and due to that we need to wait until the administrative court has ruled on the case. There are a number of procurements coming up in this area. We believe we have the strongest product on the market and should be able to continue to win the majority of future contracts.
Our business area Life Science continues to create an ever richer list of potential customers, but we have not been able to convert these into actual deals yet. The business area continues to deliver results below our expectations and unfortunately we see no improvement regarding this within the next few quarters.
All areas in the Danish business are performing better than during the same period last year. Despite this, the Danish margin goes down because, after the sale of the business area of Customer Specific Solutions, the business is forced to carry a larger share of the fixed costs. Since margin is currently not good enough, we prioritize efforts to improve ourselves by creating a more efficient organizational structure.
Our recurring revenue now exceeds 50% of our total revenues. This is the result of our focus on being a pure product company, combined with the trend that more and more business are delivered as a cloud service, where revenues are often 100% recurring. Although this, in accounting terms, postpones our revenues, we see this
as entirely positive. We know by experience that our customers choose to stay with us for a long time, and continues to invest in our products and solutions.
Formpipe received an order on the ECM product Lasernet from a German company. The total order value amounts to SEK 2.4 million over a four year period.
Formpipe received an order on the ECM product Contentworker from a global law firm. The total order value amounts to SEK 3.3 million.
Formpipe received a supplementary order on the ECM product Acadre from a Danish municipality. The total order value amounts to SEK 1.1 million.
The business value amounts to approximately 50 million over a five year period, of which approximately SEK 25 million consists of systems revenue. After the initial period of the contract the City of Stockholm have the option to further extend the contract for 15 years.
Three Swedish municipalities announces, through a contract award decision, that they intend to sign an agreement with Formpipe regarding the e-archiving product Long-Term Archive. The order value is estimated to SEK 20 million over an eight-year period.
Another supplier then applied for a review procedure of the procurement and the standstill period will therefore be extended until the administrative court has ruled on the case.
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 6.2 (5.1) per cent, with an equivalent figure for Denmark of 4.4 (4.3) 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 board considers that the company 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 totaled SEK 87.3 million (84.3 million), which corresponds to an increase of 4%. System revenue increased by 2% from the previous year and totaled SEK 58.1million (57.1 million). Total recurring revenue for the period increased by 7% from the previous year and totaled SEK 44.8 million (41.9 million), which is equivalent to 51% of net sales. Exchange rate effects have affected net sales negatively by SEK 0.4 million in comparison with the previous year.
Breakdown of sales, Jan – Mar 2016
JANUARY – MARCH 2016
The operating costs for the period increased by 8% and totaled SEK 84.4 million (78.4 million). Personnel costs increased by 3% and totaled SEK 51.1 million (49.7 million). Selling expenses totaled SEK 12.9 million (10.1 million). Other costs totaled SEK 17.4 million (16.6 million).
Operating profit before depreciation and amortization and one-off costs (EBITDA) totaled SEK 16.4 million (18.6 million) with an EBITDA margin of 18.8% (22.0%). Operating profit (EBIT) totaled SEK 2.8 million (5.9 million) with an operating margin of 3.2% (6.9%). Net profit totaled SEK 1.4 million (2.2 million). Exchange rate effects have not affected EBITDA essentially in comparison with the previous year.
Sales and EBITDA margin, SEKm
Cash and cash equivalents at the end of the period amounted to SEK 36.7 million (24.0 million). The company had interest-bearing debt at the end of the period totaling SEK 114.0 million (132.6) million. The company's net interest-bearing debt thereby totaled SEK 77.3 million (108.7 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 316.4 million (308.4 million), which was equivalent to SEK 6.31 (6.15) 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 0.4 million (-4.2 million) from the end of the year.
The equity ratio at the end of the period was 53% (48%).
CASH FLOW FROM OPERATING ACTIVITIES Cash flow from operating activities for the period January - March totaled SEK 12.1 million (14.4 million).
Total investments for the period January - December amounted to SEK 10.6 million (11.0 million), of which investments affecting cash flow totaled SEK 9.4 million (10.1 million).
Investments in intangible assets totaled SEK 10.5 million (10.7 million) and refer to capitalized product development costs.
Investments in tangible assets totaled SEK 0.1 million (0.3 million).
During the period January – March the company has amortized SEK 3.9 million (9.5 million) and the interestbearing debt amounted to SEK 114.0 million (132.6 million) at the end of the period.
The number of employees at the end of the reporting period totaled 236 persons (248 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 and USA. The Formpipe share is listed on Nasdaq Stockholm.
April 21, 2016 Annual General Meeting July 12, 2016 Interim report Jan-Jun 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 April 19, 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
| Jan-Mar | ||
|---|---|---|
| (SEK 000) | 2016 | 2015 |
| Net Sales | 87 275 | 84 291 |
| Sales expenses | -12 886 | -10 062 |
| Other costs | -17 399 | -16 645 |
| Personell costs | -51 099 | -49 722 |
| Capitalized work for own account | 10 524 | 10 696 |
| Operating profit/loss before depreciation/amortization | 16 415 | 18 558 |
| and non-comparative items (EBITDA) | ||
| Depreciation/amortization | -13 584 | -12 708 |
| Operating profit/loss (EBIT) | 2 831 | 5 850 |
| Financial income and expenses | -1 257 | -1 461 |
| Exchange rate differences | 71 | -1 822 |
| Tax | -205 | -371 |
| Net profit for the period from remaining business | 1 439 | 2 195 |
| Profit/loss attributale to discontinued business | - | 3 076 |
| Net profit for the period | 1 439 | 5 272 |
| Of which the following relates to: | ||
| Parent company shareholders | 881 | 5 052 |
| Shareholding with no controlling influence | 558 | 220 |
| Other comprehensive income | ||
| Translation differences | 434 | -4 229 |
| Other comprehensive income for the period, net after tax | 434 | -4 229 |
| Total comprehensive income for the period | 1 873 | 1 043 |
| Of which the following relates to: | ||
| Parent company shareholders | 1 315 | 823 |
| Shareholding with no controlling influence | 558 | 220 |
| EBITDA margin, % | 18,8% | 22,0% |
| EBIT margin, % | 3,2% | 6,9% |
| Profit margin, % | 1,6% | 6,3% |
| Earnings per share attributable to the parent company's shareholders dur ing |
||
| the period (SEK per share) | ||
| - before dilution | 0,02 | 0,10 |
| - after dilution | 0,02 | 0,10 |
| - before dilution, remaining business | 0,02 | 0,04 |
| - after dilution, remaining business | 0,02 | 0,04 |
| - before dilution, discontinued business | - | 0,06 |
| - after dilution, discontinued business | - | 0,06 |
| Average no. of shares before dilution, in 000 | 50 143 | 50 143 |
| Average no. of shares after dilution, in 000 | 50 647 | 50 219 |
| Dec 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 473 087 | 501 361 | 473 393 |
| Tangible assets | 3 456 | 3 908 | 3 898 |
| Financial assets | 1 439 | 1 400 | 1 425 |
| Deferred tax asset | 19 267 | 24 260 | 23 680 |
| Current assets (excl. cash equivalents) | 63 569 | 85 539 | 77 723 |
| Cash equivalents | 36 658 | 23 958 | 37 670 |
| TOTAL ASSETS | 597 476 | 640 426 | 617 789 |
| Equity | 316 423 | 308 412 | 315 108 |
| Shareholding with no controlling influence | 3 935 | 2 909 | 3 378 |
| - | - | - | |
| Long-term liabilities | 124 600 | 157 498 | 132 260 |
| Current liabilities | 152 517 | 171 608 | 167 043 |
| TOTAL EQUITY AND LIABILITIES | 597 476 | 640 426 | 617 789 |
| Net interest-bearing debt (-) / cash (+) | -77 316 | -108 683 | -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 |
| Comprahensive income | |||||||
| Net profit for the period | - | - | - | 5 052 | 5 052 | 220 | 5 272 |
| Other comprahensive income items | - | - | -4 229 | - | -4 229 | - | -4 229 |
| Total comprahensive income | - | - | -4 229 | 5 052 | 824 | 220 | 1 043 |
| Transaction with owners | |||||||
| Share issue | - | - | - | - | - | - | - |
| Employee warrant schemes | - | - | - | - | - | - | - |
| Total transaction with owners | - | - | - | - | - | - | - |
| Balance at March 31, 2015 | 5 014 | 186 464 | 10 441 | 106 492 | 308 412 | 2 909 | 311 320 |
| 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 | - | - | - | 881 | 881 | 558 | 1 439 |
| Other comprahensive income items | - | - | 433 | - | 433 | - | 433 |
| Total comprahensive income | - | - | 433 | 881 | 1 314 | 558 | 1 872 |
| Transaction with owners | |||||||
| Employee warrant schemes | - | - | - | - | - | - | - |
| Total transaction with owners | - | - | - | - | - | - | - |
| Balance at March 31, 2016 | 5 014 | 186 709 | 4 887 | 119 812 | 316 423 | 3 935 | 320 358 |
| Jan-Mar | Jan-Mar | |
|---|---|---|
| (SEK 000) 2016 2015 |
2016 | 2015 |
| Cash flow from operating activities | ||
| before working capital changes 13 071 18 495 |
13 071 | 18 495 |
| Cash flow from working capital changes -894 -4 079 |
-894 | -4 079 |
| Cash flow from remaining operating activities 12 177 14 416 |
12 177 | 14 416 |
| Cash flow from discontinued business - 3 076 |
- | 3 076 |
| Cash flow from operating activities 12 177 17 492 |
12 177 | 17 492 |
| Cash flow from investing activities -9 399 -10 122 |
-9 399 | -10 122 |
| Of which acquisition/divesture of business activities - - |
- | - |
| Cash flow from financing activities -3 915 -9 496 |
-3 915 | -9 496 |
| Cash flow for the period -1 137 -2 126 |
-1 137 | -2 126 |
| Change in cash and cash equivalent | ||
| Cash and cash equivalent at the beginning of the period 37 670 26 035 |
37 670 | 26 035 |
| Translation differences 125 50 |
125 | 50 |
| Cash flow for the period -1 137 -2 126 |
-1 137 | -2 126 |
| Cash and cash equivalent at the end of the period 36 658 23 958 |
36 658 | 23 958 |
| (SEK 000) | 2014 Q2 | 2014 Q3 | 2014 Q4 | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 | 2016 Q1 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 35 944 | 36 796 | 36 219 | 39 511 | 38 058 | 39 254 | 40 893 | 42 150 |
| Licenses | 17 178 | 12 977 | 28 600 | 17 617 | 20 884 | 17 025 | 22 708 | 15 999 |
| System revenue | 53 122 | 49 773 | 64 820 | 57 128 | 58 942 | 56 279 | 63 602 | 58 149 |
| whereof recurring revenue | 38 290 | 39 249 | 38 713 | 41 899 | 40 826 | 42 076 | 43 603 | 44 806 |
| Deliveries | 23 451 | 23 255 | 22 037 | 27 163 | 29 388 | 27 235 | 29 522 | 29 126 |
| Net sales | 76 573 | 73 028 | 86 857 | 84 291 | 88 329 | 83 514 | 93 123 | 87 275 |
| Sales expenses | -9 544 | -10 964 | -5 083 | -10 062 | -11 925 | -12 381 | -14 033 | -12 886 |
| Other costs | -14 310 | -16 170 | -18 014 | -16 645 | -18 746 | -18 912 | -17 757 | -17 399 |
| Personnel costs | -46 620 | -40 450 | -51 479 | -49 722 | -52 736 | -46 077 | -51 607 | -51 099 |
| Capitalized development costs | 8 674 | 8 882 | 11 410 | 10 696 | 10 901 | 11 448 | 11 957 | 10 524 |
| Total operating expenses | -61 800 | -58 702 | -63 165 | -65 733 | -72 506 | -65 922 | -71 440 | -70 861 |
| EBITDA | 14 773 | 14 326 | 23 691 | 18 558 | 15 823 | 17 592 | 21 683 | 16 415 |
| % | 19,3% | 19,6% | 27,3% | 22,0% | 17,9% | 21,1% | 23,3% | 18,8% |
| Items affecting comparability | -500 | -667 | - | - | - | -1 947 | - | -0 |
| Depreciation/amortization | -10 115 | -11 470 | -12 066 | -12 708 | -12 834 | -13 030 | -13 308 | -13 584 |
| EBIT | 4 159 | 2 189 | 11 625 | 5 850 | 2 989 | 2 614 | 8 375 | 2 831 |
| % | 5,4% | 3,0% | 13,4% | 6,9% | 3,4% | 3,1% | 9,0% | 3,2% |
| Discontinued business: | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Net sales | 7 673 | 8 854 | 10 456 | 9 692 | 7 493 | 4 627 | 2 165 | - |
| EBITDA | 1 853 | 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-Mar 2016 | |||||||
|---|---|---|---|---|---|---|---|
| Life | Remaining | Discontinued | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | business | business | Group |
| Sales, external | 35 164 | 50 139 | 1 972 | - | 87 275 | - | 87 275 |
| Sales, internal | 961 | 61 | - | -1 022 | - | - | |
| Total sales | 36 125 | 50 200 | 1 972 | -1 022 | 87 275 | 87 275 | |
| Costs, external | -24 119 | -42 385 | -4 356 | -70 860 | - | -70 860 | |
| Costs, internal | -980 | -42 | - | 1 022 | - | - | - |
| EBITDA | 11 026 | 7 773 | -2 384 | - | 16 415 | - | 16 415 |
| % | 30,5% | 15,5% | -120,9% | 0,0% | 18,8% | 18,8% |
| Jan-Mar 2015 | |||||||
|---|---|---|---|---|---|---|---|
| Life | Remaining | Discontinued | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | business | business | Group |
| Sales, external | 32 983 | 47 202 | 4 106 | - | 84 291 | 9 692 | 93 983 |
| Sales, internal | 35 | 1 533 | - | -1 568 | - | - | |
| Total sales | 33 018 | 48 735 | 4 106 | -1 568 | 84 291 | 9 692 | 93 983 |
| Costs, external | -22 237 | -37 780 | -5 716 | -65 733 | -5 591 | -71 324 | |
| Costs, internal | -1 533 | -35 | - | 1 568 | - | - | - |
| EBITDA | 9 248 | 10 920 | -1 610 | - | 18 558 | 4 101 | 22 659 |
| % | 28,0% | 22,4% | -39,2% | 0,0% | 22,0% | 42,3% | 24,1% |
| 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 | - | - | - | - |
| 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 | 50 143 402 |
| Jan-Mar | ||
|---|---|---|
| 2016 | 2015 | |
| Net sales, SEK 000 | 87 275 | 84 291 |
| EBITDA, SEK 000 | 16 415 | 18 558 |
| EBIT, SEK 000 | 2 831 | 5 850 |
| Net profit for the period, SEK 000 | 1 439 | 5 272 |
| EBITDA margin, % | 18,8% | 22,0% |
| EBIT margin, % | 3,2% | 6,9% |
| Profit margin, % | 1,6% | 6,3% |
| Return on equity, %* | 4,4% | 6,8% |
| Return on working capital, %* | 4,2% | 5,8% |
| Equity ratio, % | 53% | 48% |
| Equity per outstanding share at the end of the period, SEK | 6,31 | 6,15 |
| Earnings per share - before dilution, SEK | 0,02 | 0,10 |
| Earnings per share - after dilution, SEK | 0,02 | 0,10 |
| Share price at the end of the period, SEK | 8,45 | 7,85 |
* Ratios including P&L measures are based on the most recent 12-month period
| Jan-Mar | ||
|---|---|---|
| (SEK 000) | 2016 | 2015 |
| Net sales | 36 516 | 27 327 |
| Operating expenses | ||
| Sales expenses | -1 150 | -629 |
| Other costs | -34 276 | -27 321 |
| Personnel costs | -9 056 | -8 354 |
| Depreciation/amortization | -1 558 | -451 |
| Total operating expenses | -46 039 | -36 754 |
| Operating profit/loss | -9 523 | -9 428 |
| Other financial items | 613 | -1 012 |
| Net profit for the period | -8 910 | -10 440 |
| Dec 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2016 | 2015 | 2015 |
| Intangible assets | 24 029 | 4 239 | 3 432 |
| Tangible assets | 967 | 1 232 | 1 022 |
| Financial assets | 424 480 | 441 108 | 426 923 |
| Deferred tax asset | 3 635 | 6 440 | 3 635 |
| Current assets (excl. cash equivalents) | 19 304 | 9 274 | 34 125 |
| Cash and bank balances | -21 056 | 23 381 | 41 165 |
| TOTAL ASSETS | 451 359 | 485 675 | 510 303 |
| Restricted equity | 22 705 | 22 705 | 22 705 |
| Non-restricted equity | 204 597 | 193 626 | 213 507 |
| Total equity | 227 302 | 216 331 | 236 212 |
| Long-term liabilities | 103 912 | 130 316 | 107 036 |
| Current liabilities | 120 144 | 139 029 | 167 054 |
| TOTAL EQUITY AND LIABILITIES | 451 359 | 485 675 | 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 | |||
|---|---|---|---|---|
| 2016 | 2015 | 2015 | ||
| Pledged assets | 336 | 371 | 334 | |
| Contingent liabilities | - | - | - |
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.
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.
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).
OPERATING MARGIN BEFORE DEPRECIATION AND AMORTIZATION (EBITDA MARGIN)
Earnings before depreciation, amortization, acquisition-related costs and other items of a one-off nature as a percentage of net sales.
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.
Equity as a percentage of the balance sheet total.
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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