Quarterly Report • Feb 10, 2016
Quarterly Report
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* Outcome and comparison figures in this report has been adjusted to reflect the remaining operations after the sale of the business area Customer Specific Solutions in Denmark during the fourth quarter. For additional information, see specification in the groups consolidated income statement summary and the note 8 quarters in summary.
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| (SEK Million) | 2015 | 2014 | 2015 | 2014 |
| Net sales | 93,1 | 86,9 | 349,3 | 307,0 |
| whereof recurring revenue | 43,6 | 38,7 | 168,4 | 152,8 |
| EBITDA | 21,7 | 23,7 | 73,7 | 65,1 |
| EBIT - excluding one-off items | 8,4 | 11,6 | 21,8 | 21,5 |
| EBIT | 8,4 | 11,6 | 19,8 | 20,4 |
When excluding the divested business area (see more below) we make a good quarter, but we always have high expectations for the fourth quarter and the annual result is somewhat on the low side of what we think we should be able to achieve. However, both during and after the period, we have won several significant deals that will generate future revenues, and although this is not yet reflected in the result, we feel that the period has been commercially successful.
In the third quarter report, we described a restructuring plan for our consultancy organization for customer specific solutions in Denmark. Since it was neither strategically or financially attractive to run the area, we decided to sell the area during the fourth quarter. In order to create as good a comparison as possible, we have removed the business area from the operating result in this re- port, for both current and earlier figures. The area is recognized on the line "Earnings attributale to discontinued business".
After a surprisingly rapid and successful start to our focus in the area of Life Sciences in the US, the final part of the year unfortunately did not live up to our high expectations. We continue to create interest in our offering to the market, building up a growing list of potential customers but we have not yet seen any results in terms of new deals. We are confident that we have a product offering that gives us long-term potential but must realize that our expectations on how fast it will give positive results, probably have been somewhat too optimistic. In connection with this report, we therefore choose to adjust the debt and related goodwill we have in the balance sheet, intended for the additional purchase price to the former owners of the acquired GxP Ltd.
After the period, we have won a large contract with the City of Stockholm. The procurement that Stockholm conducted is one of the most ambitious ever regarding requirements and evaluation model. The deal demonstrates our position as the leading supplier to the public sector and we once again proves that we have a stronger product offering than our competitors, in the evaluation we received a score of 89% regarding usability, the closest competitor received 71%. The deal has a large business value over many years to come and we know from experience that our customers often is expanding their use of our products over time.
The field of digital preservation, with our product Long-Term Archive, shows a very positive trend right now. Although the market for government agencies are still pending, the market for municipalities has really taken off. This year we have succeeded in positioning Formpipe as the leading provider in the field and is also the company who won the most procurements. Many of the deals regarding digital preservation are procured as cloud service, which means that most of the revenues are linked to the level of usage and thereby gradually increasing and recurring. The trend favours us as a supplier, we know we are good at long-term customer relationships, but it also means that revenue flows are coming in later compared to traditional software sales.
Other highlights are the strong cash flow and the increased share of recurring revenue. Net debt has come down below SEK 80 million, and we believe that our debt is now at a level where we can use our positive cash flow to a combination of reinvestment in the business, repayments, acquisitions and dividends to our shareholders. The Board will therefore propose to the Annual General Meeting a dividend of SEK 0.10 per share.
Formpipe receives an order for Lasernet through their partner Tabellae regarding a Finnish customer. The total value of the order amounts to approximately SEK 1.5 million over a four year period.
Formpipe receives an order regarding an add-on product for digital meeting management from a larger Swedish municipality. The total order value amounts to SEK 1 million.
Formpipe receives a supplementary order on the ECM product Platina from a larger Swedish authority. The total order value amounts to SEK 2.3 million.
Formpipe signs agreement with KMD A/S on the sale of its consulting business for customer-specific solutions for Danish authorities. Formpipe thereby follows its strategy to streamline its business to a product company, with consulting and delivery capacity specifically related to the company's proprietary software.
Formpipe receives an order for Lasernet through their partner Tabellae regarding a Danish customer. The order value amounts to SEK 1.2 million.
Formpipe receives a supplementary order on the ECM product Platina from a Swedish Region. The total order value amounts to SEK 1.7 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 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 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 93.1 million (86.9 million), which corresponds to an increase of 7 %. System revenue decreased by 2 % from the previous year and totaled SEK 63.6 million (64.8 million). Total recurring revenue for the period increased by 13 % from the previous year and totaled SEK 43.6 million (38.7 million), which is equivalent to 47 % of net sales. Net sales from discontinued operations amounted to SEK 2.2 million (10.5 million). Exchange rate effects have affected net sales positively by SEK 1.7 million in comparison with the previous year.
Net sales for the period totaled SEK 349.3 million (307.0 million), which corresponds to an increase of 14 %. System revenue increased by 10 % from the previous year and totaled SEK 236.0 million (215.7 million). Total recurring revenue for the period increased by 10 % from the previous year and totaled SEK 168.4 million (152.8 million), which is equivalent to 48 % of net sales. Net sales from discontinued operations amounted to SEK 24.0 million (35.1 million). Exchange rate effects have affected net sales positively by SEK 7.2 million in comparison with the previous year.
Recurring revenue rolling 12-month, SEKm
The operating costs for the period increased by 13 % and totaled SEK 84.7 million (75.2 million). Personnel costs increased by 0 % and totaled SEK 51.6 million (51.5 million). Selling expenses totaled SEK 14.0 million (5.1 million). Other costs totaled SEK 17.8 million (18.0 million). Operating costs from discontinued operations amounted to SEK 2.2 million (5.3 million). During the period a write-down of the liability for additional purchase price from the acquisition of GxP Ltd. has been made by 1.5 million GBP (SEK 19.3 million). Related goodwill from the acquisition has also been written down by a corresponding amount giving a net effect of non-recurring items totaled to zero.
The operating costs for the period increased by 15 % and totaled SEK 327.5 million (285.4 million). Personnel costs increased by 11 % and totaled SEK 202.2 million (181.9 million). Selling expenses totaled SEK 48.4 million (33.4 million). Other costs totaled SEK 70.0 million (63.8 million). Operating costs from discontinued operations amounted to SEK 15.4 million (22.4 million). During the period a write-down of the liability for additional purchase price from the acquisition of GxP Ltd. has been made by 1.5 million GBP (SEK 19.3 million). Related goodwill from the acquisition has also been written down by a corresponding amount giving a net effect of non-recurring items totaled to zero. Non-recurring costs are charging the period with SEK -1.9 million (-1.2 million) and refers to the restructuring reserve made in the third quarter.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totaled SEK 21.7 million (23.7 million) with an EBITDA margin of 23.3 % (27.3 %). Operating profit (EBIT) totaled SEK 8.4 million (11.6 million) with an operating margin of 9.0 % (13.4 %). Net profit totaled SEK 4.3 million (6.3 million). Net profit from discontinued operations amounted to -0.0 million (3.9 million). Realization gains from discontinued business totaled SEK 3.9 million (- million) which gives a totaled net profit for the period of SEK 8.2 million (10.2 million). Exchange rate effects have affected EBITDA positively by SEK 0.1 million in comparison with the previous year.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totaled SEK 73.7 million (65.1 million) with an EBITDA margin of 21.1 % (21.2 %). Operating profit (EBIT) totaled SEK 19.8 million (20.4 million) with an operating margin of 5.7 % (6.6 %). Operating profit includes non-recurring items amounting to SEK -1.9 million (-1.2 million). Net profit totaled SEK 9.4 million (8.2 million). Net profit from discontinued operations amounted to SEK 4.8 million (9.8 million). Realization gains from discontinued business totaled SEK 3.9 million (- million) which gives a totaled net profit for the
year of SEK 18.2 million (18.0 million). Exchange rate effects have affected EBITDA positively by SEK 0.4 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 37.7 million (26.0 million). The company had interest-bearing debt at the end of the period totaling SEK 116.8 million (142.9) million. The company's net interest-bearing debt thereby totaled SEK 79.1 million (116.9 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).
During the fourth quarter Formpipe has performed impairment tests on the group's cash generating units based on Formpipe's long-term business plans. Except for the write-down of goodwill attributable to GxP Ltd of SEK 19.3 million (which is offset by the write-down of the liability for additional purchase price) no other cash generating unit had a booked value exceeding the recoverable amount. No additional write-down of goodwill has been recognized in 2015.
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 23.7 million (SEK 25.3 million).
Equity at the end of the period amounted to SEK 315.1 million (307.6 million), which was equivalent to SEK 6.28 (6.13) per outstanding share at the end of the period. The strengthening of the Swedish krona has reduced the value of the group's net assets in foreign currencies by SEK - 10.2 million (17.4 million) from the end of the year.
The equity ratio at the end of the period was 51 % (47 %).
Cash flow from operating activities for the period January - December totaled SEK 73.6 million (76.8 million), of which divested business operations SEK 4.8 million (SEK 9.8 million).
Total investments for the period January - December amounted to SEK 47.2 million (50.2 million), of which investments affecting cash flow totaled SEK 43.8 million (45.5 million).
Investments in intangible assets totaled SEK 41.8 million (40.2 million) and refer to capitalized product development costs.
Investments in tangible assets totaled SEK 2.0 million (2.7 million).
During the period received payment from acquisition/divesture of business activities amounted to SEK 3.9 million (-7.3 million).
During the period January – September the company has amortized SEK 22.3 million (26.5 million) and the interest-bearing debt amounted to SEK 116.8 million (142.9 million) at the end of the period.
The Board proposes that the AGM to be held on 21 April 2016 adopts a resolution to pay a dividend of SEK 0.10 (-) per share, which means a total dividend of SEK 5.0 million (- million).
As the basis for its proposal for the appropriation of profits, the board, in accordance with chapter 17 § 3 subsec 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 totaled 239 persons (245 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 19, 2016 | Interim report Jan-Mar |
|---|---|
| April 21, 2016 | Annual General Meeting |
| July 12, 2016 | Interim report Jan-Jun |
| October 25, 2016 | 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 October 27, 2015 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
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2015 | 2014 | 2015 | 2014 | |
| Net Sales | 93 123 | 86 857 | 349 292 | 306 952 | |
| Sales expenses | -14 033 | -5 083 | -48 406 | -33 361 | |
| Other costs | -17 757 | -18 014 | -70 044 | -63 813 | |
| Personell costs | -51 607 | -51 479 | -202 173 | -181 880 | |
| Capitalized work for own account | 11 957 | 11 410 | 45 002 | 37 154 | |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
21 683 | 23 691 | 73 670 | 65 052 | |
| Acquisition-related costs | - | - | -1 947 | -1 167 | |
| Depreciation/amortization | -13 308 | -12 066 | -51 880 | -43 502 | |
| Operating profit/loss (EBIT) | 8 375 | 11 625 | 19 843 | 20 383 | |
| Financial income and expenses | -1 023 | -1 328 | -5 212 | -7 222 | |
| Exchange rate differences | 412 | -1 085 | -899 | -1 610 | |
| Tax | -3 479 | -2 949 | -4 296 | -3 333 | |
| Net profit for the period from remaining business | 4 284 | 6 263 | 9 436 | 8 218 | |
| Profit/loss attributale to discontinued business | -32 | 3 903 | 4 838 | 9 824 | |
| Realization gains from discontinued business | 3 905 | 3 905 | |||
| Net profit for the period | 8 157 | 10 166 | 18 179 | 18 042 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 7 679 | 10 525 | 17 490 | 18 140 | |
| Shareholding with no controlling influence | 478 | -359 | 689 | -98 | |
| Other comprehensive income | |||||
| Translation differences | -8 373 | 9 604 | -10 216 | 17 371 | |
| Other comprehensive income for the period, net after tax | -8 373 | 9 604 | -10 216 | 17 371 | |
| Total comprehensive income for the period | -215 | 19 770 | 7 964 | 35 413 | |
| Of which the following relates to: | |||||
| Parent company shareholders Shareholding with no controlling influence |
-694 478 |
20 129 -359 |
7 275 689 |
35 511 -98 |
|
| EBITDA margin, % | 23,3% | 27,3% | 21,1% | 21,2% | |
| EBIT margin, % | 9,0% | 13,4% | 5,7% | 6,6% | |
| Profit margin, % | 8,8% | 11,7% | 5,2% | 5,9% | |
| Earnings per share attributable to the parent company's shareholders dur ing |
|||||
| the period (SEK per share) | |||||
| - before dilution | 0,15 | 0,21 | 0,35 | 0,37 | |
| - after dilution | 0,15 | 0,21 | 0,35 | 0,37 | |
| - before dilution, remaining business | 0,08 | 0,13 | 0,17 | 0,17 | |
| - after dilution, remaining business | 0,08 | 0,13 | 0,17 | 0,17 | |
| - before dilution, discontinued business | 0,08 | 0,08 | 0,17 | 0,20 | |
| - after dilution, discontinued business | 0,08 | 0,08 | 0,17 | 0,20 | |
| Average no. of shares before dilution, in 000 Average no. of shares after dilution, in 000 |
50 143 50 637 |
50 143 50 143 |
50 143 50 592 |
49 539 49 539 |
|
| Dec 31 | ||
|---|---|---|
| (SEK 000) | 2015 | 2014 |
| Intangible assets | 473 393 | 510 203 |
| Tangible assets | 3 898 | 4 217 |
| Financial assets | 1 425 | 1 432 |
| Deferred tax asset | 23 680 | 25 292 |
| Current assets (excl. cash equivalents) | 77 723 | 91 334 |
| Cash equivalents | 37 670 | 26 035 |
| TOTAL ASSETS | 617 789 | 658 513 |
| Equity | 315 108 | 307 588 |
| Shareholding with no controlling influence | 3 378 | 2 689 |
| Long-term liabilities | 132 260 | 162 515 |
| Current liabilities | 167 043 | 185 721 |
| TOTAL EQUITY AND LIABILITIES | 617 789 | 658 513 |
| Net interest-bearing debt (-) / cash (+) | -79 081 | -116 892 |
| 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, 2014 | 4 893 | 178 568 | -2 701 | 83 300 | 264 060 | 2 787 | 266 847 |
| Comprahensive income | |||||||
| Net profit for the period | - | - | - | 18 140 | 18 140 | -98 | 18 042 |
| Other comprahensive income items | - | - | 17 371 | - | 17 371 | - | 17 371 |
| Total comprahensive income | - | - | 17 371 | 18 140 | 35 511 | -98 | 35 413 |
| Transaction with owners | |||||||
| Share issue | 121 | 7 446 | - | - | 7 567 | - | 7 567 |
| Employee warrant schemes | - | 450 | - | - | 450 | - | 450 |
| Total transaction with owners | 121 | 7 896 | - | - | 8 017 | - | 8 017 |
| Balance at December 31, 2014 | 5 014 | 186 464 | 14 670 | 101 440 | 307 588 | 2 689 | 310 277 |
| 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 | - | - | - | 17 490 | 17 490 | 689 | 18 179 |
| Other comprahensive income items | - | - | -10 216 | - | -10 216 | - | -10 216 |
| Total comprahensive 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 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| (SEK 000) | 2015 | 2014 | 2015 | 2014 |
| Cash flow from operating activities | ||||
| before working capital changes | 17 027 | 29 216 | 61 328 | 56 032 |
| Cash flow from working capital changes | 17 212 | 12 115 | 7 440 | 10 957 |
| Cash flow from remaining operating activities | 34 239 | 41 332 | 68 768 | 66 989 |
| Cash flow from discontinued business | -32 | 3 903 | 4 838 | 9 824 |
| Cash flow from operating activities | 34 207 | 45 235 | 73 606 | 76 813 |
| Cash flow from investing activities | -7 920 | -15 173 | -39 881 | -45 505 |
| Of which acquisition/divesture of business activities | 3 905 | - | 3 905 | -7 345 |
| Cash flow from financing activities | -4 102 | -11 179 | -22 033 | -26 097 |
| Cash flow for the period | 22 184 | 18 883 | 11 692 | 5 211 |
| Change in cash and cash equivalent | ||||
| Cash and cash equivalent at the beginning of the period | 15 619 | 6 846 | 26 035 | 20 269 |
| Translation differences | -134 | 305 | -57 | 555 |
| Cash flow for the period | 22 184 | 18 883 | 11 692 | 5 211 |
| Cash and cash equivalent at the end of the period | 37 670 | 26 035 | 37 670 | 26 035 |
| (SEK 000) | 2014 Q1 | 2014 Q2 | 2014 Q3 | 2014 Q4 | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 34 352 | 35 944 | 36 796 | 36 219 | 39 511 | 38 058 | 39 254 | 40 893 |
| Licenses | 13 649 | 17 178 | 12 977 | 28 600 | 17 617 | 20 884 | 17 025 | 22 708 |
| System revenue | 48 002 | 53 122 | 49 773 | 64 820 | 57 128 | 58 942 | 56 279 | 63 602 |
| whereof recurring revenue | 36 554 | 38 290 | 39 249 | 38 713 | 41 899 | 40 826 | 42 076 | 43 603 |
| Deliveries | 22 913 | 23 451 | 23 255 | 22 037 | 27 163 | 29 388 | 27 235 | 29 522 |
| Net sales | 70 914 | 76 573 | 73 028 | 86 857 | 84 291 | 88 329 | 83 514 | 93 123 |
| Sales expenses | -7 900 | -9 544 | -10 964 | -5 083 | -10 062 | -11 925 | -12 381 | -14 033 |
| Other costs | -15 325 | -14 310 | -16 170 | -18 014 | -16 645 | -18 746 | -18 912 | -17 757 |
| Personnel costs | -43 484 | -46 620 | -40 450 | -51 479 | -49 722 | -52 736 | -46 077 | -51 607 |
| Capitalized development costs | 8 187 | 8 674 | 8 882 | 11 410 | 10 696 | 10 901 | 11 448 | 11 957 |
| Total operating expenses | -58 521 | -61 800 | -58 702 | -63 165 | -65 733 | -72 506 | -65 922 | -71 440 |
| EBITDA | 12 393 | 14 773 | 14 326 | 23 691 | 18 558 | 15 823 | 17 592 | 21 683 |
| % | 17,5% | 19,3% | 19,6% | 27,3% | 22,0% | 17,9% | 21,1% | 23,3% |
| Items affecting comparability | - | -500 | -667 | - | - | - | -1 947 | - |
| Depreciation/amortization | -9 851 | -10 115 | -11 470 | -12 066 | -12 708 | -12 834 | -13 030 | -13 308 |
| EBIT | 2 542 | 4 159 | 2 189 | 11 625 | 5 850 | 2 989 | 2 614 | 8 375 |
| % | 3,6% | 5,4% | 3,0% | 13,4% | 6,9% | 3,4% | 3,1% | 9,0% |
| Discontinued business: | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Net sales | 8 091 | 7 673 | 8 854 | 10 456 | 9 692 | 7 493 | 4 627 | 2 165 |
| EBITDA | 2 778 | 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.
From January 1, 2015, the Life Science business area is reported as a stand-alone segment. This business was previously a part of the segment Sverige. The acquired entity GXP Ltd is included in this segment as per the acqisition date July 1, 2014.
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-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 | 1 162 | 6 920 | 700 | -8 782 | - | - | |
| Total sales | 139 581 | 201 960 | 16 533 | -8 782 | 349 292 | 23 942 | 373 234 |
| Costs, external | -90 365 | -162 653 | -22 604 | -275 622 | -15 371 | -290 993 | |
| Costs, internal | -5 831 | -2 251 | -700 | 8 782 | - | - | - |
| EBITDA | 43 385 | 37 056 | -6 771 | - | 73 670 | 8 571 | 82 241 |
| % | 31,1% | 18,3% | -41,0% | 0,0% | 21,1% | 35,8% | 22,0% |
| Jan-Dec 2014 | |||||||
|---|---|---|---|---|---|---|---|
| Life | Remaining | Discontinued | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | business | business | Group |
| Sales, external | 122 995 | 172 254 | 11 703 | - | 306 952 | 35 493 | 342 445 |
| Sales, internal | 392 | 3 308 | - | -3 700 | - | - | |
| Total sales | 123 387 | 175 562 | 11 703 | -3 700 | 306 952 | 35 493 | 342 445 |
| Costs, external | -81 404 | -143 403 | -17 093 | -241 900 | -22 394 | -264 294 | |
| Costs, internal | -3 308 | -392 | - | 3 700 | - | - | - |
| EBITDA | 38 675 | 31 767 | -5 390 | - | 65 052 | 13 099 | 78 151 |
| % | 31,3% | 18,1% | -46,1% | 0,0% | 21,2% | 36,9% | 22,8% |
| 2011-01-01 | 2012-01-01 | 2013-01-01 | 2014-01-01 | 2015-01-01 | |
|---|---|---|---|---|---|
| 2011-12-31 | 2012-12-31 | 2013-12-31 | 2014-12-31 | 2015-12-31 | |
| Number of outstanding shares at the beginning of the period |
12 004 504 | 12 233 647 | 48 934 588 | 48 934 588 | 50 143 402 |
| Share issue | 229 143 | 36 700 941 | - | - | - |
| Non-cash issue | - | - | - | 1 208 814 | - |
| Number of outstanding shares at the end of the period |
12 233 647 | 48 934 588 | 48 934 588 | 50 143 402 | 50 143 402 |
| Jan-Dec | ||
|---|---|---|
| 2015 | 2014 | |
| Net sales, SEK 000 | 349 292 | 306 952 |
| EBITDA, SEK 000 | 73 670 | 65 052 |
| EBIT, SEK 000 | 19 843 | 20 383 |
| Net profit for the period, SEK 000 | 18 179 | 18 042 |
| EBITDA margin, % | 21,1% | 21,2% |
| EBIT margin, % | 5,7% | 6,6% |
| Profit margin, % | 5,2% | 5,9% |
| Return on equity, %* | 5,6% | 6,3% |
| Return on working capital, %* | 12,7% | 4,9% |
| Equity ratio, % | 51% | 47% |
| Equity per outstanding share at the end of the period, SEK | 6,28 | 6,13 |
| Earnings per share - before dilution, SEK | 0,35 | 0,37 |
| Earnings per share - after dilution, SEK | 0,35 | 0,37 |
| Share price at the end of the period, SEK | 8,50 | 6,10 |
* Ratios including P&L measures are based on the most recent 12-month period
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2015 | 2014 | 2015 | 2014 | |
| Net sales | 15 146 | 27 392 | 40 701 | 35 358 | |
| Operating expenses | |||||
| Sales expenses | -549 | 176 | -2 308 | -1 753 | |
| Other costs | -3 550 | -427 | -11 508 | -9 164 | |
| Personnel costs | -10 130 | -11 279 | -35 684 | -34 105 | |
| Depreciation/amortization | -455 | -459 | -1 822 | -1 701 | |
| Total operating expenses | -14 685 | -11 989 | -51 323 | -46 723 | |
| Operating profit/loss | 461 | 15 403 | -10 622 | -11 366 | |
| Result from participations in group companies | 21 850 | 18 155 | 21 850 | 18 155 | |
| Other financial items | 909 | -818 | 774 | -1 829 | |
| Tax | -2 805 | -1 458 | -2 805 | -1 458 | |
| Net profit for the period | 20 415 | 31 282 | 9 197 | 3 502 |
| Dec 31 | ||
|---|---|---|
| (SEK 000) | 2015 | 2014 |
| Intangible assets | 3 432 | 4 466 |
| Tangible assets | 1 022 | 1 279 |
| Financial assets | 426 923 | 450 278 |
| Deferred tax asset | 3 635 | 6 440 |
| Current assets (excl. cash equivalents) | 34 125 | 23 461 |
| Cash and bank balances | 41 165 | 21 232 |
| TOTAL ASSETS | 510 303 | 507 157 |
| Restricted equity | 22 705 | 22 705 |
| Non-restricted equity | 213 507 | 204 065 |
| Total equity | 236 212 | 226 770 |
| Long-term liabilities | 107 036 | 139 196 |
| Current liabilities | 167 054 | 141 191 |
| TOTAL EQUITY AND LIABILITIES | 510 303 | 507 157 |
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 MAR GIN 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.
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 profit/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
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