Quarterly Report • Feb 14, 2014
Quarterly Report
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| okt-dec | jan-dec | ||||
|---|---|---|---|---|---|
| (SEK Million) | 2013 | 2012 | 2013 | 2012 | |
| Net sales | 84,1 | 87,3 | 294,1 | 201,2 | |
| EBITDA | 20,5 | 27,2 | 64,6 | 57,7 | |
| EBIT - excluding acquisition related costs | 10,7 | 18,1 | 27,3 | 35,5 | |
| EBIT | 10,7 | 18,1 | 27,3 | 28,6 |
The year 2013 started weak, but the finish was much better with system revenues for the final two quarters, exceeding the previous year's comparative figures.
The Danish market has been challenging in 2013. As an example, only three municipalities procured ESDH (Case and Document Management system) during the year, of which we won two. In 2014, we estimate that approximately ten similar procurements will be carried out, which we consider to be a more normal situation.
In 2013 the parliamentary situation in Denmark was turbulent. Since the beginning of February 2014, a new government is in place, which creates opportunities for our clients to start up work on e-government projects. Furthermore, the important framework agreement for IT in Denmark, procured by SKI (National Procurement Ltd. Denmark), is in place and the activity in the market has increased. This makes us face 2014, confident that the year will be better than 2013.
The Swedish framework agreement for e-archives that were procured by the SKL (The Swedish Association of Local Authorities and Regions) in 2013 stipulated that certain technical tests would be conducted prior to final approval of selected suppliers. The technical requirements for these tests were established in late 2013 and we were approved in early 2014. Consequently, it is only now that customers can start to call-off from this agreement. We believe that we have great potential in the sale of e-archives in 2014.
Personnel costs in the Swedish organization increases as planned, which is a direct result of our ongoing establishment of a delivery organization which burden the financial results for 2013, with just over SEK 2 million. In 2014 we will continue to expand this organization and believes that the delivery organization will begin to contribute positively to the result.
Our effort to establish ourselves in the life science industry continues and we won two further customers during the last quarter.
Finally, I would like to highlight the stability of our revenues and strong cash flow. Our business model with a high proportion of recurring revenue (50 %), which constantly increases, makes us, even under less favorable year as 2013, generate such a strong cash flow as 75 million.
A company in the highly regulated Life Science area has signed a contract for Platina QMS to handle and streamline its documentation within quality and HSE (Health Safety and Environment). The order value amounts to SEK 1.4 million, of which SEK 1.1 million consists of system revenue. The order is for the company's Swedish site, but the agreement also includes options for additional modules and licenses to be used at other sites within the International Group.
A Danish municipality and Formpipe sign a contract regarding implementing and maintenance of the ECM product Acadre. The total order value amounts to SEK 2.9 million.
Formpipe receives an order on the ECM product Platina from a Swedish authority. The total order value amounts to SEK 1.2 million.
Erhvervsstyrelsen (Danish Business Authority) and Formpipe has signed an agreement for development of a payment module. The total order value amounts to approximately SEK 5 million and the agreement covers the development and maintenance of the module.
The Nomination Committee of Formpipe Software AB (publ) announces its proposals to Formpipe's annual general meeting on 25 April 2014. The Nomination Committee proposes re-election of the Board members Bo Nordlander, Staffan Torstensson, Jack Spira and Kristina Lindgren and election of Charlotte Hansson as a new member. The Nomination Committee proposes reelection of Bo Nordlander as Chairman of the Board. The proposal means that the number of Board members will increase from four to five.
Formpipe and The Danish Ministry of Culture signs a new contract expanding their solution of the Grants Management product TAS. The total order value amounts to SEK 1 million.
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. The Danish and Swedish license markets for ECM software will, according to Gartner, amount to around SEK 840 (800) million in 2014, which is an increase of almost 5 percentage points.
Formpipe targets the markets for the public sector in Sweden and Denmark as well as the international market for life sciences.
The Danish public sector is the largest individual market for Formpipe. Formpipe is the market leader in the public sector and has a broad product offering with associated services within the ECM area (document and message management, pay-ment handling and selfservices / modes of cooperation). The Danish public sector is a model for efficient and digital public administration in Europe and has an express focus on investing in IT support in order to boost its internal efficiency.
Formpipe has a broad product offering within the framework for ECM to the Swedish public sector for compliance with regulatory requirements and to facilitate efficient and digital public administration. In the future, the company believes, as do external analysis companies, that the need for more efficient management will mean that the Swedish public sector will continue to invest in existing or new IT systems in order to realize its potential.
Public administrations, both in Sweden and in Denmark, 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:
Within the private sector, the company's efforts are focused strongly on becoming an established supplier within quality management (document and message management) to the life science sector. Like the public sector, this sector has strict regulatory requirements. The market is strictly regulated by the regulations of the FDA (U.S. Food and Drug Administration) which makes the segment country-independent and opens up an export market that is far larger than the company's existing primary markets.
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 very 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 wellpositioned 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.
Former Traen, now renamed Formpipe Software A/S, is consolidated since 2012-08-01 and is thus included with only five months in the comparative figures for the year 2012. For pro forma information regarding the acquisition of Traen, please see the separate note below.
Net sales for the period totaled SEK 84.1 million (87.3 million), which corresponds to an increase of 4 %. System revenue increased by 2 % from the previous year and totaled SEK 54.9 million (53.9 million). Total recurring revenue for the period increased by 5 % from the previous year and totaled SEK 37.6 million (35.6 million), which is equivalent to 45 % of net sales. Exchange rate effects have not significantly affected on net sales in comparison with the previous year.
Net sales for the period totaled SEK 294.1 million (201.2 million), which corresponds to an increase of 46 %. System revenue increased by 38 % from the previous year and totaled SEK 197.1 million (142.9 million). Total recurring revenue for the period increased by 50 % from the previous year and totaled SEK 146.3 million (97.8 million), which is equivalent to 50 % of net sales. Exchange rate effects have not significantly affected on net sales in comparison with the previous year.
Breakdown of sales, Jan – Dec 2013
Recurring revenue rolling 12-month, SEKm
The operating costs for the period increased by 6 % and totaled SEK 73.4 million (69.3 million). Personnel costs rose by 9 % and totaled SEK 46.7 million (42.9 million). Selling expenses totaled SEK 9.7 million (9.0 million). Other costs totaled SEK 15.7 million (41.3 million).
The operating costs for the period increased by 55 % and totaled SEK 266.8 million (172.6 million). Personnel costs rose by 68 % and totaled SEK 171.6 million (102.4 million). Selling expenses totaled SEK 29.9 million (20.4 million). Other costs totaled SEK 57.8 million (15.8 million).
Operating profit before depreciation and amortization and acquisition-related costs (EBITDA) totaled SEK 20.5 million (27.2 million) with an EBITDA margin of 24.4 % (31.2 %). Operating profit (EBIT) totaled SEK 10.7 million (18.1 million) with an operating margin of 12.8 % (20.7 %). Net profit totaled SEK 8.5 million (8.6 million).
Operating profit before depreciation and amortization and acquisition-related costs (EBITDA) totaled SEK 64.6 million (57.7 million) with an EBITDA margin of 22.0 % (28.7 %). Operating profit (EBIT) totaled SEK 27.3 million (28.6 million) with an operating margin of 9.3 % (14.2 %). Net profit totaled SEK 15.8 million (13.7 million).
Cash and cash equivalents at the end of the period amounted to SEK 20.3 million (3.6 million). The company had interest-bearing liabilities at the end of the period totaling SEK 161.8 (182.2) million. The company's net liabilities totaled SEK 141.5 million (-7.1 million).
The company has bank overdraft facilities for a total of SEK 10.0 million and for DKK 17 million, which were not utilized at the end of the period (178.6 million).
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 27.9 million (SEK 27.1 million). During the period another SEK 3.0 million has been activated. The lowered corporate tax rate in Denmark has triggered a revaluation of the Danish deferred tax assets affecting the period's profit after tax negatively by SEK 2.1 million. All the group's accumulated losses have now been activated.
Equity at the end of the period amounted to SEK 264.0 million (240.0 million), which was equivalent to SEK 5.39 (4.91) per outstanding share at the end of the period. The weakening of the Swedish krona has strengthened the value of the group's net assets in foreign currencies by SEK 6.9 million (-8.4 million) from the end of the year.
The equity ratio at the end of the period was 45 % (42 %).
CASH FLOW FROM OPERATING ACTIVITIES Cash flow from operating activities for the period January - December totaled SEK 72.6 million (34.4 million).
Total investments for the period January - December amounted to SEK 37.7 million (147.5 million), of which investments affecting cash flow totaled SEK 35.4 million (145.1 million).
Investments in intangible assets totaled SEK 35.8 million (20.7 million) of which SEK 5.1 million refer to acquisition and SEK 0.3 million to investment in software, remaining amount refer to capitalized product development costs.
Investments in tangible assets totaled SEK 1.9 million (1.0 million).
During the period, the company has amortized SEK 24.4 million (- million) and interest-bearing liabilities amounted to SEK 161.8 million (182.2 million) at the end of the period.
Formpipe's goal is to, over time, pay dividends to shareholders at an average of at least 30-50 percent of the company's profit after tax. Given the net debt the financing of the acquisition of Traen incurred, the Company is prioritizing amortizations ahead of dividends for the financial year 2013. The Board therefore proposes the AGM on 25 April 2014 to approve that retained earnings is carried forward in its entirety.
The number of employees at the end of the reporting period totaled 226 persons (228 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 2012 financial year.
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 OMX 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. 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 established in 2004 and has offices in Stockholm, Uppsala, Linköping and Copenhagen. Formpipe Software AB (publ) is listed on NASDAQ OMX Stockholm.
| 16 April 2014 | Interim Report Jan-Mar |
|---|---|
| 25 April 2014 | Annual General Meeting |
| 14 July 2014 | Interim Report Jan-Jun |
| 24 October 2014 | Interim Report Jan-Sep |
This interim report has not been subject to review by the company's auditors.
The Annual report and accounts will be available for shareholders on Formpipe's website www.formpipe.se and at the head office at S:t Eriksgatan 117, Stockholm, Sweden in week 14, 2014.
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Christian Sundin, Managing Director Telephone: +46 70 567 73 85, +46 8 555 290 84 E-mail: [email protected]
Stockholm February 14, 2014 Formpipe Software AB The Board of Directors and the Managing Director
FormPipe Software AB (publ) Swedish company reg. no.: 556668-6605 S:t Eriksgatan 117 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
This report 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.
| okt-dec | jan-dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 | |
| Net Sales | 84 078 | 87 317 | 294 132 | 201 155 | |
| Sales expenses | -9 661 | -9 020 | -29 897 | -20 429 | |
| Other costs | -15 710 | -15 815 | -57 757 | -41 281 | |
| Personell costs | -46 685 | -42 900 | -171 586 | -102 387 | |
| Capitalized work for own account | 8 459 | 7 649 | 29 739 | 20 686 | |
| Operating profit/loss before depreciation/amortization | 20 480 | 27 231 | 64 631 | 57 744 | |
| comparative items (EBITDA) | |||||
| Acquisition-related costs | - | - | - | -6 882 | |
| Depreciation/amortization | -9 753 | -9 171 | -37 316 | -22 265 | |
| Operating profit/loss (EBIT) | 10 727 | 18 060 | 27 315 | 28 598 | |
| Acquisition-related financial expenses | - | - | - | -8 558 | |
| Financial income and expenses | -1 890 | -2 308 | -7 732 | -3 977 | |
| Exchange rate differences | -232 | - | -736 | - | |
| Tax | -73 | -7 162 | -3 071 | -2 370 | |
| Net profit for the period | 8 531 | 8 590 | 15 776 | 13 693 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 8 087 | 8 521 | 14 706 | 13 618 | |
| Shareholding with no controlling influence | 444 | 69 | 1 071 | 74 | |
| Other comprehensive income | |||||
| Translation differences | 7 091 | 4 749 | 8 656 | -8 425 | |
| Currency hedging | - | - | - | - | |
| Other comprehensive income for the period, net after tax | 7 091 | 4 749 | 8 656 | -8 425 | |
| Total comprehensive income for the period | 15 622 | 13 339 | 24 432 | 5 268 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 15 177 | 13 270 | 23 362 | 5 193 | |
| Shareholding with no controlling influence | 444 | 69 | 1 071 | 74 | |
| EBITDA margin, % | 24,4% | 31,2% | 22,0% | 28,7% | |
| EBIT margin, % | 12,8% | 20,7% | 9,3% | 14,2% | |
| Profit margin, % | 10,1% | 9,8% | 5,4% | 6,8% | |
| Earnings per share attributable to the parent company's shareholders during |
|||||
| the period (SEK per share) | 0,17 | 0,17 | 0,30 | 0,36 | |
| - before dilution | 0,17 | 0,17 | 0,30 | 0,36 | |
| - after dilution | 48 935 | 48 935 | 48 935 | 38 254 | |
| Average no. of shares before dilution, in 000 | 48 935 | 48 935 | 48 935 | 38 254 |
| 31 dec | ||
|---|---|---|
| (SEK 000) | 2013 | 2012 |
| Intangible assets | 449 414 | 437 114 |
| Tangible assets | 2 935 | 2 532 |
| Financial assets | 1 351 | 1 357 |
| Deferred tax asset | 27 936 | 27 142 |
| Current assets (excl. cash equivalents) | 90 035 | 103 024 |
| Cash equivalents | 20 269 | 3 636 |
| TOTAL ASSETS | 591 940 | 574 805 |
| Equity | 264 060 | 240 039 |
| Shareholding with no controlling influence | 2 787 | 1 716 |
| Long-term liabilities | 156 621 | 171 355 |
| Current liabilities | 168 472 | 161 695 |
| TOTAL EQUITY AND LIABILITIES | 591 940 | 574 805 |
| Net interest-bearing debt (-) / cash (+) | -141 534 | -178 581 |
| 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 |
| Equity as per 1 January 2012 | 1 223 | 70 152 | -3 305 | 62 317 | 130 387 | - | 130 387 |
| Total earnings | |||||||
| Net profit for the period | - | - | - | 13 618 | 13 618 | 74 | 13 692 |
| Other comprehensive income items | - | - | -8 053 | - | -8 053 | - | -8 053 |
| Total comprehensive income | - | - | -8 053 | 13 618 | 5 565 | 74 | 5 640 |
| Transactions with shareholders | |||||||
| Acquired minority | - | - | - | - | - | 1 642 | 1 642 |
| Dividend | - | - | - | -7 340 | -7 340 | - | -7 340 |
| Issued shares | 3 670 | 107 458 | - | - | 111 128 | - | 111 128 |
| Premium paid for warrant program | - | 298 | - | - | 298 | - | 298 |
| Total transactions with shareholders | 3 670 | 107 756 | - | -7 340 | 104 086 | 1 642 | 105 728 |
| Equity as per 30 September 2012 | 4 893 | 177 908 | -11 357 | 68 595 | 240 039 | 1 716 | 241 755 |
| Equity as per 1 January 2013 | 4 893 | 177 908 | -11 357 | 68 595 | 240 039 | 1 716 | 241 755 |
| Total earnings | |||||||
| Net profit for the period | - | - | - | 14 706 | 14 706 | 1 071 | 15 776 |
| Other comprehensive income items | - | - | 8 656 | - | 8 656 | - | 8 656 |
| Total comprehensive income | - | - | 8 656 | 14 706 | 23 362 | 1 071 | 24 432 |
| Transactions with shareholders | |||||||
| Premium paid for warrant program | - | 660 | - | - | 660 | - | 660 |
| Total transactions with shareholders | - | 660 | - | - | 660 | - | 660 |
| Equity as per 30 September 2013 | 4 893 | 178 568 | -2 701 | 83 300 | 264 060 | 2 787 | 266 847 |
| okt-dec | jan-dec | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 | |
| Cash flow from operating activities | |||||
| before working capital changes | 20 323 | 24 011 | 57 039 | 52 820 | |
| Cash flow from working capital changes | 13 787 | -3 871 | 17 586 | -18 446 | |
| Cash flow from operating activities | 34 110 | 20 140 | 74 625 | 34 374 | |
| Cash flow from investing activities | -12 780 | -8 061 | -34 178 | -145 083 | |
| Of which acquisition of business activities | -4 134 | - | -4 134 | -125 777 | |
| Cash flow from financing activities | -6 881 | -16 908 | -23 751 | 102 002 | |
| Of which dividend paid | - | - | - | -7 340 | |
| Cash flow for the period | 14 449 | -4 829 | 16 696 | -8 707 | |
| Change in cash and cash equivalent | |||||
| Cash and cash equivalent at the beginning of the period | 5 871 | 8 253 | 3 636 | 12 794 | |
| Translation differences | -51 | 212 | -63 | -452 | |
| Cash flow for the period | 14 449 | -4 829 | 16 696 | -8 707 | |
| Cash and cash equivalent at the end of the period | 20 269 | 3 636 | 20 269 | 3 636 | |
| Free cash flow | 25 464 | 12 079 | 44 581 | 15 068 |
| (SEK 000) | 2012 Q1 | 2012 Q2 | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | 2013 Q4 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 14 517 | 14 764 | 27 038 | 33 622 | 34 077 | 33 838 | 34 393 | 35 425 |
| Licenses | 11 145 | 11 951 | 9 586 | 20 290 | 12 022 | 14 783 | 13 094 | 19 465 |
| System revenue | 25 662 | 26 715 | 36 624 | 53 912 | 46 099 | 48 620 | 47 487 | 54 891 |
| whereof recurring revenue | 16 333 | 16 689 | 29 048 | 35 751 | 36 209 | 35 952 | 36 566 | 36 566 |
| Deliveries | 2 467 | 2 365 | 20 005 | 33 405 | 21 105 | 23 933 | 22 810 | 29 187 |
| Net sales | 28 129 | 29 080 | 56 629 | 87 317 | 67 204 | 72 553 | 70 297 | 84 078 |
| Sales expenses | -4 065 | -2 146 | -5 197 | -9 020 | -6 892 | -6 720 | -6 625 | -9 661 |
| Other costs | -7 693 | -6 872 | -10 901 | -15 815 | -12 827 | -15 258 | -13 962 | -15 710 |
| Personnel costs | -13 884 | -14 407 | -31 196 | -42 900 | -42 155 | -44 656 | -38 090 | -46 685 |
| Capitalized development costs | 3 473 | 4 006 | 5 558 | 7 649 | 6 825 | 7 153 | 7 302 | 8 459 |
| Total operating expenses | -22 169 | -19 419 | -41 736 | -60 086 | -55 048 | -59 481 | -51 374 | -63 598 |
| EBITDA | 5 960 | 9 661 | 14 893 | 27 231 | 12 156 | 13 073 | 18 922 | 20 480 |
| % | 21,2% | 33,2% | 26,3% | 31,2% | 18,1% | 18,0% | 26,9% | 24,4% |
| Items affecting comparability | - | -3 731 | -3 151 | - | - | - | - | - |
| Depreciation/amortization | -2 954 | -2 994 | -7 146 | -9 171 | -8 936 | -9 087 | -9 540 | -9 753 |
| EBIT | 3 005 | 2 936 | 4 597 | 18 060 | 3 220 | 3 986 | 9 382 | 10 727 |
| % | 10,7% | 10,1% | 8,1% | 20,7% | 4,8% | 5,5% | 13,3% | 12,8% |
There have been no material changes to the segments' assets during the period.
| jan-dec 2013 | |||||
|---|---|---|---|---|---|
| (SEK 000) | Sweden | Denmark | Eliminations | Group | |
| Sales, external | 110 314 | 183 818 | - | 294 132 | |
| Sales, internal | 804 | 3 411 | -4 215 | - | |
| Total sales | 111 118 | 187 229 | -4 215 | 294 132 | |
| Costs, external | -83 122 | -146 379 | - | -229 501 | |
| Costs, internal | -3 411 | -804 | 4 215 | - | |
| Operating profit/loss before deprecia | 24 586 | 40 045 | - | 64 631 | |
| tion/amortization and one-off items (EBITDA) | |||||
| % | 22,1% | 21,4% | 0,0% | 22,0% |
| jan-dec 2012 | |||||
|---|---|---|---|---|---|
| (SEK 000) | Sweden | Denmark | Eliminations | Group | |
| Sales, external | 92 287 | 108 868 | - | 201 155 | |
| Sales, internal | 274 | 1 368 | -1 642 | - | |
| Total sales | 92 561 | 110 236 | -1 642 | 201 155 | |
| Costs, external | -67 256 | -76 155 | - | -143 411 | |
| Costs, internal | -1 368 | -274 | 1 642 | - | |
| Operating profit/loss before deprecia tion/amortization and one-off items (EBITDA) |
23 937 | 33 807 | - | 57 744 | |
| % | 25,9% | 30,7% | 0,0% | 28,7% |
| the period | 11 736 181 | 12 004 504 | 12 233 647 | 48 934 588 | 48 934 588 |
|---|---|---|---|---|---|
| Number of outstanding shares at the end of | |||||
| Issued shares during the period | - | 268 323 | 229 143 | 36 700 941 | - |
| Number of outstanding shares at the beginning of the period |
11 736 181 | 11 736 181 | 12 004 504 | 12 233 647 | 48 934 588 |
| 2009-12-31 | 2010-12-31 | 2011-12-31 | 2012-12-31 | 2013-12-31 | |
| 2009-01-01 | 2010-01-01 | 2011-01-01 | 2012-01-01 | 2013-01-01 |
| Formpipe, excl. acquisition | okt-dec | jan-dec | |||
|---|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 | |
| Support and maintenance | 16 988 | 15 248 | 63 968 | 59 505 | |
| Licenses | 14 274 | 14 830 | 42 335 | 44 032 | |
| Deliveries | 3 742 | 4 321 | 10 742 | 10 584 | |
| Net sales | 35 004 | 34 399 | 117 045 | 114 121 | |
| EBITDA | 9 619 | 10 575 | 30 151 | 28 797 | |
| % | 27,5% | 30,7% | 25,8% | 25,2% |
| Former Traen A/S2 | okt-dec | jan-dec | ||
|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 |
| Support and maintenance | 18 437 | 18 374 | 73 765 | 72 123 |
| Licenses | 5 191 | 5 460 | 17 029 | 24 517 |
| Deliveries | 25 445 | 29 085 | 86 293 | 101 648 |
| Net sales | 49 074 | 52 919 | 177 087 | 198 288 |
| EBITDA | 10 861 | 15 546 | 34 480 | 43 901 |
% 22,1% 29,4% 19,5% 22,1%
| Formpipe Group proforma | okt-dec | jan-dec | ||||
|---|---|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 | ||
| Support and maintenance | 35 425 | 33 622 | 137 733 | 131 628 | ||
| Licenses | 19 465 | 20 290 | 59 364 | 68 549 | ||
| Deliveries | 29 187 | 33 406 | 97 035 | 112 232 | ||
| Net sales | 84 078 | 87 317 | 294 132 | 312 409 | ||
| EBITDA | 20 480 | 26 121 | 64 631 | 72 698 | ||
| % | 24,4% | 29,9% | 22,0% | 23,3% |
1 Not revised.
2 For improved comparability, the figures have been adjusted for transaction related items.
| jan-dec | ||
|---|---|---|
| 2013 | 2012 | |
| Net sales, SEK 000 | 294 132 | 201 155 |
| EBITDA, SEK 000 | 64 631 | 57 744 |
| EBIT, SEK 000 | 27 315 | 28 598 |
| Net profit for the period, SEK 000 | 15 776 | 13 693 |
| EBITDA margin, % | 22,0% | 28,7% |
| EBIT margin, % | 9,3% | 14,2% |
| Profit margin, % | 5,4% | 6,8% |
| Return on equity, %* | 5,8% | 7,4% |
| Return on working capital, %* | 5,0% | 10,6% |
| Equity ratio, % | 44,6% | 41,8% |
| Equity per outstanding share at the end of the period, SEK | 5,40 | 4,91 |
| Earnings per share - before dilution, SEK | 0,30 | 0,36 |
| Earnings per share - after dilution, SEK | 0,30 | 0,36 |
| Share price at the end of the period, SEK | 5,55 | 5,85 |
* Ratios including P&L measures are based on the most recent 12-month period
| okt-dec | jan-dec | |||
|---|---|---|---|---|
| (SEK 000) | 2013 | 2012 | 2013 | 2012 |
| Net sales | 21 235 | 10 152 | 28 307 | 27 829 |
| Operating expenses | ||||
| Sales expenses | 567 | 1 015 | -596 | -459 |
| Other costs | -7 | 4 752 | -8 819 | -13 002 |
| Personnel costs | -8 308 | -5 673 | -28 277 | -26 433 |
| Depreciation/amortization | -407 | -232 | -1 027 | -971 |
| Total operating expenses | -8 156 | -138 | -38 720 | -40 865 |
| Operating profit/loss | 13 079 | 10 014 | -10 413 | -13 036 |
| Result from participations in group companies | 10 760 | 19 765 | 13 627 | 23 304 |
| Other financial items | 88 | -55 | -63 | -8 801 |
| Net profit for the period | 26 829 | 22 954 | 6 053 | 3 718 |
| 31 dec | ||
|---|---|---|
| (SEK 000) | 2013 | 2012 |
| Intangible assets | 5 171 | 428 |
| Tangible assets | 720 | 656 |
| Financial assets | 424 885 | 411 422 |
| Deferred tax asset | 7 898 | 4 996 |
| Current assets (excl. cash equivalents) | 16 698 | 51 993 |
| Cash and bank balances | 15 256 | 5 315 |
| TOTAL ASSETS | 470 629 | 474 811 |
| Restricted equity | 22 584 | 22 584 |
| Non-restricted equity | 192 667 | 185 953 |
| Total equity | 215 251 | 208 537 |
| Long-term liabilities | 134 105 | 154 334 |
| Current liabilities | 121 273 | 111 940 |
| TOTAL EQUITY AND LIABILITIES | 470 629 | 474 811 |
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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