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Formpipe Software
Quarterly Report • Oct 25, 2024
3159_10-q_2024-10-25_8a114f84-6f84-4180-93ef-939657b34639.pdf
Quarterly Report
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July 1 – September 30, 2024
| 2024 | 2023 | Δ | |
|---|---|---|---|
| Net sales of SEK | 130 m | (124 m) | 5% |
| Recurring revenues of SEK | 109m | (99 m) | 10% |
| which corresponds to % of net sales | 84 % | (80 %) | |
| EBITDA SEK | 33 m | (29 m) | 13% |
| EBITDA margin | 25 % | (24 %) | |
| EBIT-adj. | 16 m | (13 m) | 20% |
| EBIT-adj. marginal | 12% | (11%) | |
| EBIT | 10 m | (12 m) | -17% |
| EBIT margin | 7 % | (9 %) | |
| Net profit SEK | 4 m | (9 m) | -57% |
| Net profit margin | 3 % | (7 %) | |
| EPS before dilution SEK | 0,07 | (0.16) | -57% |
| Cash flow from operating activities SEK | 6 m | (22 m) | -70% |
| ACV SEK | 7 m | (8 m) | -19% |
| ARR SEK | 437 m | (408 m) | 7% |
Januari 1 – September 30, 2024
| 2024 | 2023 | Δ | |
|---|---|---|---|
| Net sales of SEK | 388 m | (389 m) | 0% |
| Recurring revenues of SEK | 318 m | (282 m) | 13% |
| which corresponds to % of net sales | 82 % | (72 %) | |
| EBITDA SEK | 79 Mkr | (82 m) | -4% |
| EBITDA margin | 20 % | (21 %) | |
| EBIT-adj. | 28 m | (33 m) | -15% |
| EBIT-adj. marginal | 7% | (8%) | |
| EBIT | 22 Mkr | (32 Mkr) | -30% |
| EBIT margin | 6 % | (8 %) | |
| Net profit SEK | 14 Mkr | (18 Mkr) | -24%. |
| Net profit margin | 4 % | (4 %) | |
| EPS before dilution SEK | 0,26 kr | (0,34 kr) | -24%. |
| Cash flow from operating activities SEK | 63 Mkr | (42 Mkr) | 49% |
| ACV SEK | 25 Mkr | (30 Mkr) | -15% |
| ARR SEK | 437 Mkr | (408 Mkr) | 7% |
ACV SEK 7 m (8 m) ARR SEK 437 m (408 m)
"Continued positive profitability trend" "SaaS revenue increased by 30%"
Christian Sundin, CEO Formpipe Magnus Svenningson, CEO Formpipe
Income statement - summary
| Jul-Sep | Jan-Sep | ||||
|---|---|---|---|---|---|
| (SEK Million) | 2024 | 2023 | 2024 | 2023 | |
| Net sales | 130,0 | 123,8 | 388,0 | 388,9 | |
| whereof recurring revenue | 109,0 | 99,1 | 317,6 | 281,8 | |
| EBITDA | 32,9 | 29,2 | 79,4 | 81,6 | |
| Margin, % | 25,3% | 23,6% | 20,5% | 21,0% | |
| EBIT - excluding items affecting comparability | 15,7 | 13,1 | 28,0 | 33,1 | |
| Margin, % | 12,1% | 10,5% | 7,2% | 8,5% | |
| EBIT | 9,6 | 11,6 | 22,0 | 31,6 | |
| Margin, % | 7,4% | 9,4% | 5,7% | 8,1% |
Good growth and profitability development in the Lasernet business.
Sales increased by 5% (5%) to SEK 130 million (124 million) for the Group, primarily driven by the Lasernet business. Recurring revenues grew by 10% to SEK 109 million (99 million) with good growth in SaaS, where revenues increased by 30% to SEK 44 million (34 million). ACV amounted to SEK 7 million (8 million) and ARR grew by 7% to SEK 437 million (408 million).
EBIT grew to SEK 16 million (13 million), resulting in a margin of 12% (11%), excluding non-recurring costs of SEK 6 million related to restructuring in Public and Group Management.
The Public business area in continued transition
Net sales in the Public business area were unchanged in the third quarter at SEK 74 million (74 million), while recurring revenue increased by 8% to SEK 58 million (53 million). During the quarter, we took business with a couple of municipalities and expanded the business with Danish Agricultural Agency and the Swedish Armed Forces. The delivery organization has had a good start after the summer break. EBIT before items affecting comparability amounted to SEK 16 million (16 million), resulting in a margin of 22% (22%). The quarter was charged with SEK 3 million in non-recurring costs attributable to staff reductions.
The technological development, especially on the cloud side, that has taken place in recent years, makes it possible to expand and share functionality between our well-established platforms for case management. During the quarter, we intensified our development and increased our development costs in the short term. The outcome has been positive and we are now planning to carry out pilot projects with selected customers. The public sector places high demands on privacy and security. We are therefore scaling up gradually with more customers and more functionality.
Stable improvement in business area Private
Net sales grew in the third quarter to SEK 56 million (48 million) with a stable profitability development of EBIT of SEK 5 million (1 million), resulting in a strengthened margin of 8% (3%). Recurring revenues amounted to SEK 51 million (45 million) while ACV amounted to SEK 6 million (5 million), of which planned churn in Life Science is SEK 1.2 million, as we take the product Platina Life Science off the market to increase our focus on the Lasernet business. With this, going forward we will re-name business area Private to Lasernet.
We have won several deals in ERP, including American Outdoor Brands and two new customers in Banking and Finance. We have launched our new product packaging, where the entry-level Essentials gives Dynamics users all over the world the opportunity to try and be productive with our Lasernet platform with virtually no barriers to entry. I am convinced that this will accelerate our growth further. I just returned from the Dynamics Community Summit in San Antonio, Texas, and the feedback I've received so far is positive. Above all, our partners see that Essentials in the long run will provide more Lasernet users, which will be positive for our partners' consulting business and thus strengthen them and our contribution to the Dynamics ecosystem.
"We have launched our new product packaging Lasernet Essentials"
Comments from the Group's CEO
After the end of period, we were subject to a cyberattack in our Danish operations. The incident has been communicated separately on October 18 and only hit internal servers. We assess that the incident had a limited impact on the business.
Finally, I welcome our new CFO Sophie Reinius to Formpipe. Now we will continue our change work that makes us the leading digitalization partner for the public sector and the best provider of document management in the ERP and Banking ecosystems where we are active. We have followed our plan and are starting to see the results from a lot of work. Now we are looking ahead with a stronger offer.
Magnus Svenningson, CEO Formpipe
Financial Information
Revenue
July – September 2024
Net sales for the period increased by 5 % compared to previous year and totalled to SEK 130.0 million (123.8 million). Software revenue increased by 9 % from the previous year and totalled to SEK 109.9 million (101.1 million).
Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK 109.0 million (99.1 million), which is equivalent to 84 % of net sales (80 %). Exchange rate effects have affected net sales unfavourably by SEK 0.3 million in comparison with the previous year.
Revenue split, Jan - Sep 2024
- License 1% (3%)
- SaaS 32% (24%)
- Support & Maintenance 50% (48%)
- Delivery 17% (24%)
January – September 2024
Net sales for the period are the same compared to previous year and totalled to SEK 388.0 million (388.9 million). Software revenue increased by 10 % from the previous year and totalled to SEK 323.4 million (294.5 million).
Total recurring revenue for the period increased by 13 % from the previous year and totalled to SEK 317.6 million (281.8 million), which is equivalent to 82 % of net sales (72 %). Exchange rate effects have affected net sales unfavourably by SEK 0.6 million in comparison with the previous year.
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
Costs
July – September 2024
The operating costs for the period totalled to SEK 114.3 million (110.8 million). Personnel costs totalled to SEK 65.5 million (65.3 million). Selling expenses totalled to SEK 15.0 million (14.2 million). Other costs totalled to SEK 31.0 million (28.5 million). Items affecting comparability related to re-structuring cost amounted to 6.1 million (1.5 million). Exchange rate
Financial Information
effects have decreased expenses by SEK 0.2 million in comparison with the previous year.
January – September 2024
The operating costs for the period totalled to SEK 360.0 million 355.9 million). Personnel costs totalled to SEK 212.1 million (214.0 million). Selling expenses totalled to SEK 44.2 million (46.5 million). Other costs totalled to SEK 94.2 million (86.6 million). Exchange rate effects have decreased expenses by SEK 0.3 million in comparison with the previous year.
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
Earnings
July – September 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 32.9 million (29.2 million) with an EBITDA margin of 25.3 % (23.6 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK 15.7 million (13.1 million) with an adjusted operating margin of 12.1 % (10.5 %). Operating profit (EBIT) totalled to SEK 9.6 million (11.6 million) with an operating margin of 7.4 % (9.4 %). Net profit totalled to SEK 3.8 million (9.4 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.3 million in comparison with the previous year.
January – September 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 79.4 million (81.6 million) with an EBITDA margin of 20.5 % (21.0 %). Operating profit excluding items affecting comparability (EBIT-adj.) totalled to SEK 28.0 million (33.1 million) with an adjusted operating margin of 7.2 % (8.5 %). Operating profit (EBIT) totalled to SEK 22.0 million (31.6 million) with an operating margin of 5.7 % (8.1 %). Net profit totalled to SEK 13.9 million (18.3 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.4 million in comparison with the previous year.
Sales and EBITDA margin, mSEK
Financial position and liquidity
Cash equivalents
Cash and cash equivalents at the end of the period amounted to SEK 28.7 million (0.0 million). The compa y's o al ba k overdraf facility amounts to SEK 50.0 million. At the end of the period it was not utilized (3.8 million). The total accessible funds therefore amount to SEK 78.7 million (46.2 million).
The group had interest-bearing debt at the end of the period totalling to SEK 28.7 million (35.1 million), whereof SEK 13.7 million (6.3 million) refers to lease debts according to IFRS 16.
The group's e cash position thereby totalled to SEK 0.0 million (-35.1 million), which corresponds to a net cash position of SEK 13.7 million (-28.9 million) excluding IFRS 16-related debt.
Financial Information
Deferred tax asset
By the end of the period the group's deferred ax assets attributable to accumulated losses amounted to SEK 2.3 million (SEK 5.8 million).
Equity
Equity at the end of the period amounted to SEK 490.6 million (475.8 million), which was equivalent to SEK 9.04 (8.78) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed he val e of he gro p's e asse s i foreig currencies by SEK 9.7 million (15.5 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 60 % (60 %).
Cash flow
Cash flow from operating activities
Cash flow from operating activities for the period January - September totalled to SEK 62.7 million (42.1 million).
Investments and acquisitions
Total investments for the period January – September amounted to SEK 49.9 million (41.3 million).
- Investments in intangible assets totalled to SEK 43.4 million (40.5 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 3.7 million (0.8 million).
- Acquisitions of subsidiaries amounted to SEK 2.8 million (- million).
Financing
During the period, dividends were paid to the company's shareholders amounting to SEK 13.6 million (- million).
During the period January – September the company amortized SEK 7.5 million (7.5 million).
The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period (3.8 million). Leasing related liabilities amounted to SEK 13.7 million (6.3 million) at the end of the period. The gro p's interest-bearing debt at the end of the period was thereby SEK 28.7 million (35.1 million).
Content Services
Data and information become more and more important for the financial development: it is the foundation for many new products and services, which leads to productivity and resource efficiency gains in all sectors of the economy. Being able to take advantage of the possibilities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, process and present data are extensive.
Formpipe's prod c s are sed o crea e, s ore, distribute, automate, relocate, archive and manage information, data and metadata regarding e.g. scanned documents, e-mail, reports, records, business documents or information from other source systems. The goal is to be able to refine and analyze content from one or more sources, to thereby provide the right insights by the right people receiving relevant information when they need it. It is in the Content Services (previously Enterprise Content Management) market that Formpipe has grown to become a market leader in the public sector and a strong challenger in the private sector where we digitalize and streamline customer communication in sectors such as retail, finance and manufacturing.
The growth in the market is fuelled in large part by the organizational and corporate-wide need to streamline operations and meet legal requirements and regulations. To be able to get the value out of the collective amount of information at companies and organizations, applications and services are needed – in order to securely – collaborate, search, analyze, process and distribute data and content. Growth drivers tend to gain strength as the amount of data and information increases.
Gar er's forecas for he global marke is a average annual growth (CAGR) of 10 percent in 2020-2024. The Content Services market is estimated to be USD1 11 billion in system revenue.
Transition to Software as a Service
An important part of the change of the Content Services market is also that the development is moving increasingly towards cloud-based solutions, where the customers pay for what is used and where costs for development, operations, maintenance, upgrade and support are included in the running agreement. The transition to SaaS is taking place very quickly now and Gartner estimates that the SaaS revenues will reach up to 60 percent of the total sales of software in 20242 .
This developme is well i li e wi h Formpipe's reali y where growi g mbers of he ompa y's c s omers choose o shif o Formpipe's clo d services for the standard products and with the ompa y's developme of service mod les ha ca process informatio bo h from Formpipe's exis i g systems and other systems.
Business areas
Private sector
In the private sector, the business revolves around the product Lasernet. Through a certified partner network, Formpipe addresses the global market for ERP and banking systems. The most common purchase of Lasernet and Formpipe's complementary offering Autoform DM takes place when implementing, or upgrading to, Microsoft Dynamics 365 in industries such as manufacturing, retail and utilities and Temenos Transact and Infinity in banking and finance. The partner network thus primarily consists of implementation partners of these systems and constitutes a sales and delivery channel for Formpipe's offering.
The growth of Formpipe's business in the private sector is based on being included in more and more of Microsoft's and Temenos' business and offering Lasernet and Autoform DM as SaaS. In the Dynamics market, this is done via a globally certified partner network and with Temenos through a strengthened partner relationship.
1 Enterprise Application Software Forecast Q420, Gartner, Inc. 2020
2 Market Trends: Cloud Shift — 2020 Through 2024, Gartner, Inc. 2020
Public sector
Hundreds of authorities, municipalities, universities and state- and municipally owned companies today build their public administration around Formpipe's products. Based on Formpipe's market share for its platforms in Denmark and Sweden, the business is growing mainly through additional sales of add-ons to these, which are primarily co-created in customer projects. Customers' needs revolve around the requirements for a more efficient, innovative and data-driven business.
The focus for these add-ons is on business processes linked to record keeping, such as archiveproof and secure digital signatures or an application for collaboration on meeting documents for municipal politicians. In the Swedish public sector, Formpipe has a stable customer base in municipalities, regions and authorities.
In the Swedish public sector, up to SEK 45 billion is invested in IT every year.
The Swedish government's ambition is for state authorities, municipalities and regions to be the best in the world at using the opportunities of digitalisation to create an efficient public sector - a simpler everyday life for private individuals and companies, more jobs and increased welfare. Digital solutions and automation are an important component for meeting the growing welfare needs and at the same time increasing the service to the citizens.
Formpipe is also a leading supplier of digital government software in the Danish public sector. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens.
Significant Events
January-March
Nothing to report.
April-June
Directed share issue in connection with acquisition
Formpipe has decided on a directed share issue of 40,296 shares in connection with the acquisition of Dictymatec SARL. The reasons for the share issue and the deviation from the shareholders' preferential rights are that in connection with the acquisition, the Company has undertaken to make payment partly in the form of newly issued shares in the Company.
The share issue resulted in that the number of shares and votes increased by 40,296 and the share capital increased by SEK 4,029.60.
July-September
Formpipe announces change of CFO
Chief Financial Officer Joakim Alfredson will leave his position and Formpipe at the end of the first quarter
- Mr Alfredson has been with the company for 17 years and has been a member of the Group Management. A recruitment process will be initiated to appoint a successor.
After the end of the period
Formpipe appoints Sophie Reinius as CFO
Sophie Reinius will start on October 21 and will work side by side with former CFO Joakim Alfredson for the handover. She reports to Formpipe's President and CEO, Magnus Svenningson.
Cybersecurity incident at Formpipe's Danish subsidiary
The Danish subsidiary of Formpipe has identified a cybersecurity incident affecting some internal servers in Denmark. As of now, Formpipe assesses limited impact on its operations.
Employees
The number of employees at the end of the reporting period totalled to 270 persons (267 persons).
Risks and uncertainty factors
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 other changes in the risk and uncertainty factors for the group and the parent company.
Transactions with related parties
No related party transactions have occurred during the period.
Accounting policies
The gro p's fi a cial repor s are prepared i 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 interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the compa y's mos rece ly p blished a al repor .
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.
About Formpipe
Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of information-intensive business processes, e-archives, data quality and smart management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA and Germany. The Formpipe share is listed on Nasdaq Stockholm.
Calendar for financial information
| February 14, 2025 | Interim report Jan-Dec |
|---|---|
| April 29, 2025 | Interim report Jan-Mar |
| April 29, 2025 | Annual meeting 2025 |
| July 15, 2025 | Interim report Jan-Jun |
| October 24, 2025 | Interim report Jan-Sep |
The interim report is available o Formpipe's websi e, www.formpipe.com.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700
E-mail: [email protected]
Stockholm October 25, 2024
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
| Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 |
| Net Sales | 129 997 | 123 816 | 388 042 | 388 935 |
| Sales expenses | -14 977 | -14 241 | -44 235 | -46 507 |
| Other costs | -31 456 | -28 500 | -94 211 | -86 641 |
| Personnel costs | -65 456 | -65 304 | -212 128 | -213 977 |
| Capitalized work for own account | 14 821 | 13 434 | 41 889 | 39 825 |
| Operating profit/loss before depreciation/amortization | ||||
| and non-comparative items (EBITDA) | 32 929 | 29 206 | 79 358 | 81 636 |
| Items affecting comparability | -6 061 | -1 465 | -6 061 | -1 465 |
| Depreciation/amortization | -17 259 | -16 153 | -51 312 | -48 577 |
| Operating profit/loss (EBIT) | 9 610 | 11 588 | 21 985 | 31 594 |
| Financial income and expenses | -494 | -713 | -1 128 | -1 956 |
| Exchange rate differences | -1 165 | 2 889 | -2 707 | -2 951 |
| Tax | -4 146 | -4 961 | -4 254 | -8 411 |
| Net profit for the period | 3 804 | 8 804 | 13 895 | 18 276 |
| Of which the following relates to: | ||||
| Parent company shareholders | 3 804 | 8 804 | 13 895 | 18 276 |
| Other comprehensive income | ||||
| Translation differences | 3 343 | -12 046 | 9 712 | 15 538 |
| Other comprehensive income for the period, net after tax | 3 343 | -12 046 | 9 712 | 15 538 |
| Total comprehensive income for the period | 7 146 | -3 243 | 23 607 | 33 813 |
| Of which the following relates to: | ||||
| Parent company shareholders | 7 146 | -3 243 | 23 607 | 33 813 |
| EBITDA margin, % | 25,3% | 23,6% | 20,5% | 21,0% |
| EBIT margin, % | 7,4% | 9,4% | 5,7% | 8,1% |
| Profit margin, % | 2,9% | 7,1% | 3,6% | 4,7% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
||||
| - before dilution | 0,07 | 0,16 | 0,26 | 0,34 |
| - after dilution | 0,07 | 0,16 | 0,26 | 0,34 |
| Average no. of shares before dilution, in 000 | 54 218 | 54 218 | 54 218 | 54 218 |
| Average no. of shares after dilution, in 000 | 54 218 | 54 218 | 54 218 | 54 218 |
Consolidated balance sheet
| 30 Sep | ||||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2023 | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | ||||
| Capitalized expenditure | 171 110 | 164 832 | 166 722 | |
| Goodwill | 451 980 | 453 805 | 441 319 | |
| Other intangibel assets | 6 042 | 9 685 | 8 435 | |
| Intangible assets | 629 132 | 628 323 | 616 476 | |
| Tangible assets | ||||
| Other equipment & furnitures | 21 791 | 13 445 | 22 209 | |
| Tangibel assets | 21 791 | 13 445 | 22 209 | |
| Financial assets | ||||
| Other financial assets | 1 819 | 1 744 | 1 714 | |
| Other non-current receivables | 522 | 1 691 | 1 428 | |
| Financial assets | 2 341 | 3 435 | 3 142 | |
| Non-current receivables | ||||
| Deferred tax assets | 2 286 | 5 922 | 3 200 | |
| Non-current receivables | 2 286 | 5 922 | 3 200 | |
| Non-current assets | 655 550 | 651 125 | 645 027 | |
| Current assets (excl. cash equivalents) | ||||
| Current receivables | ||||
| Trade receivables | 80 312 | 87 104 | 103 394 | |
| Current tax assets | 6 621 | 16 082 | 10 071 | |
| Other receivables | 5 | 82 | 42 | |
| Prepaid costs and accrued income | 44 040 | 37 816 | 37 692 | |
| 130 977 | 141 085 | 151 199 | ||
| Cash equivalents | 28 663 | - | 39 740 | |
| TOTAL ASSETS | 815 191 | 792 209 | 835 966 |
Consolidated balance sheet - continued
| 30 Sep | ||||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2023 | |
| EQUITY | ||||
| Share capital | 5 426 | 5 422 | 5 422 | |
| Other paid-in capital | 230 325 | 229 178 | 229 178 | |
| Revaluation reserves | 59 701 | 65 016 | 49 989 | |
| Retained earnings including profit for the year | 195 123 | 176 216 | 194 854 | |
| Equity | 490 574 | 475 832 | 479 443 | |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Liabilities to credit institutions | 5 000 | 15 000 | 12 500 | |
| Deferred tax liabilities | 41 203 | 38 385 | 40 502 | |
| Non-current leasing liabilities | 7 201 | 2 065 | 8 053 | |
| Non-current liabilities | 53 404 | 55 451 | 61 055 | |
| Current liabilities | ||||
| Liabilities to credit institutions | 10 000 | 13 824 | 10 000 | |
| Current leasing liabilities | 6 491 | 4 250 | 7 282 | |
| Trade liabilities | 22 054 | 25 638 | 36 672 | |
| Current tax liabilities | 453 | 257 | - | |
| Other liabilities | 11 356 | 11 697 | 11 763 | |
| Accrued expenses and deferred income | 220 858 | 205 261 | 229 752 | |
| Current liabilities | 271 212 | 260 926 | 295 468 | |
| Liabilities | 324 616 | 316 377 | 356 523 | |
| TOTAL EQUITY AND LIABILITIES | 815 191 | 792 209 | 835 966 | |
| Net interest-bearing debt (-) / cash (+) | -29 | -35 139 | 1 906 |
Changes in consolidated equity
| Equity attributable to the parent company's shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Share capital |
Other contributed capital |
Other reserves |
Profit/loss brought forward |
Total | |||
| Balance at January 1, 2023 | 5 422 | 229 178 | 49 478 | 157 941 | 442 019 | |||
| Comprehensive income | ||||||||
| Net profit for the period | - | - | - | 18 276 | 18 276 | |||
| Other comprehensive income items | - | - | 15 538 | - | 15 538 | |||
| Total comprehensive income | - | - | 15 538 | 18 276 | 33 813 | |||
| Balance at September 30, 2023 | 5 422 | 229 178 | 65 016 | 176 216 | 475 832 | |||
| Balance at January 1, 2024 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 | |||
| Comprehensive income | ||||||||
| Net profit for the period | - | - | - | 13 895 | 13 895 | |||
| Other comprehensive income items | - | - | 9 712 | - | 9 712 | |||
| Total comprehensive income | - | - | 9 712 | 13 895 | 23 607 | |||
| Transaction with owners | ||||||||
| Incentive program regulated by equity instruments | - | - | - | -72 | -72 | |||
| Dividend | - | - | - | -13 554 | -13 554 | |||
| Share issue | 4 | 1 147 | - | - | 1 151 | |||
| Total transaction with owners | 4 | 1 147 | - | -13 627 | -12 476 | |||
| Balance at September 30, 2023 | 5 426 | 230 325 | 59 701 | 195 123 | 490 574 |
Cash flow statement summary
| Jul-Sep | Jan-Sep | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 | |
| Cash flow from operating activities | |||||
| Operating profit/loss (EBIT) | 9 610 | 11 588 | 21 985 | 31 594 | |
| Items not affecting cash flow | |||||
| - Depreciation | 17 259 | 16 153 | 51 312 | 48 577 | |
| - Capital gain/loss from fixed assets | 678 | -21 | 831 | -128 | |
| - Write-down of accounts receivable | -38 | 317 | -55 | 317 | |
| - Unrealized exchange impact operating activities | 77 | 128 | 206 | 158 | |
| - Other non-cash items | -29 | - | -183 | - | |
| - Change in equity not affecting cash | 72 | - | 1 219 | - | |
| Other items affecting liquidity | |||||
| Interest revenue | 140 | 76 | 765 | 169 | |
| Interest expense | -578 | -813 | -1 893 | -2 152 | |
| Realized currency effects | -612 | 2 480 | -2 657 | -3 962 | |
| Income tax paid (-) / reimbursed (+) | -1 152 | -2 160 | 588 | -7 715 | |
| Cash flow from operating activities | 25 427 | 27 747 | 72 118 | 66 858 | |
| before working capital changes (* | |||||
| Increase (-) / decrease (+) work in progress | -766 | -424 | -2 016 | -21 | |
| Increase (-) / decrease (+) trade receivables | -8 866 | -491 | 25 829 | -1 517 | |
| Increase (-) / decrease (+) other current receivables | -2 229 | -726 | -3 253 | 1 242 | |
| Increase (-) / decrease (+) trade payables | -7 931 | 556 | -15 596 | -9 685 | |
| Increase (-) / decrease (+) current liabillities | 839 | -5 044 | -14 431 | -14 740 | |
| Cash flow from changes in working capital (* | -18 953 | -6 128 | -9 467 | -24 722 | |
| Cash flow from operating activities (* | 6 474 | 21 619 | 62 651 | 42 137 | |
| Cash flow from investing activities | |||||
| Investment in intangible assets | -14 218 | -13 498 | -43 389 | -40 484 | |
| Investment in tangible assets | -1 736 | -292 | -4 568 | -1 551 | |
| Investment in financial assets | 313 | 263 | 846 | 738 | |
| Investment in subsidiaries | - | - | -2 821 | - | |
| Cash flow from investing activities | -15 641 | -13 527 | -49 932 | -41 297 | |
| Cash flow from financing activities | |||||
| New share issue | - | - | 4 | - | |
| Repayment of loans | -2 500 | -2 500 | -7 500 | -7 500 | |
| Change in bank overdraft facility | - | -1 212 | - | 3 824 | |
| Repayment of leasing liabillities | -1 862 | -1 928 | -5 315 | -6 062 | |
| Dividend paid | - | - | -13 554 | - | |
| Cash flow from financing activities (* | -4 362 | -5 640 | -26 365 | -9 739 | |
| Chas flow for the period | -13 530 | 2 452 | -13 646 | -8 899 | |
| Currency translation differences for cash | -100 | -2 452 | 2 569 | 4 118 | |
| Cash and cash equivalent at the beginning of the period | 42 293 | - | 39 740 | 4 781 | |
| Cash and cash equivalent at the end of the period | 28 663 | 0 | 28 663 | 0 |
(* 2023 is adjusted to disclose IFRS16 transactions
| Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|
| 26 254 | 28 113 | 32 135 | 33 679 | 36 062 | 38 373 | 41 716 | 43 896 |
| 58 212 | 60 115 | 62 339 | 65 454 | 64 888 | 63 489 | 65 057 | 65 110 |
| 84 467 | 88 228 | 94 474 | 99 133 | 100 951 | 101 861 | 106 773 | 109 006 |
| 7 012 | 2 836 | 7 924 | 1 929 | 6 070 | 1 318 | 3 628 | 850 |
| 91 479 | 91 064 | 102 398 | 101 062 | 107 021 | 103 180 | 110 401 | 109 857 |
| 36 298 | 36 571 | 35 086 | 22 754 | 29 200 | 22 120 | 22 345 | 20 140 |
| 127 777 | 127 635 | 137 484 | 123 816 | 136 221 | 125 299 | 132 746 | 129 997 |
| -18 606 | -15 926 | -16 340 | -14 241 | -15 413 | -13 549 | -15 709 | -14 977 |
| -31 211 | -27 661 | -30 480 | -28 500 | -32 569 | -29 779 | -32 975 | -31 456 |
| -73 690 | -73 352 | -75 321 | -65 304 | -72 319 | -74 203 | -72 469 | -65 456 |
| 15 803 | 12 651 | 13 740 | 13 434 | 17 052 | 13 551 | 13 517 | 14 821 |
| -107 703 | -104 288 | -108 401 | -94 610 | -103 249 | -103 981 | -107 636 | -97 068 |
| 20 074 | 23 348 | 29 083 | 29 206 | 32 973 | 21 319 | 25 110 | 32 929 |
| 15,7% | 18,3% | 21,2% | 23,6% | 24,2% | 17,0% | 18,9% | 25,3% |
| - | - | - | -1 465 | - | - | - | -6 061 |
| -14 361 | -16 283 | -16 142 | -16 153 | -15 722 | -16 865 | -17 189 | -17 259 |
| 5 713 | 7 065 | 12 941 | 11 588 | 17 251 | 4 454 | 7 921 | 9 610 |
| 4,5% | 5,5% | 9,4% | 9,4% | 12,7% | 3,6% | 6,0% | 7,4% |
Sales analysis by quarter
Segment summary
The Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management.
The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs.
In the Group's follow-up on the segments, the intercompany invoicing (revenues and costs) is presented as a net because of the substantial invoicing within the segments related to royalties to IP owning entities. The line Intercompany net includes de intercompany revenues and costs netted out to reflect a more accurate view of the segments.
| Jul-Sep 2024 | Jan-Sep 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Private | Other | Group | Public | Private | Other | Group | |||||
| SaaS | 11 600 | 32 296 | - | 43 896 | 32 562 | 91 422 | - | 123 985 | |||||
| Support & Maintenance | 46 282 | 18 316 | 512 | 65 110 | 136 426 | 55 370 | 1 860 | 193 656 | |||||
| Recurring revenue | 57 882 | 50 612 | 512 | 109 006 | 168 988 | 146 793 | 1 860 | 317 640 | |||||
| License | 151 | 700 | - | 850 | 3 029 | 2 768 | - | 5 797 | |||||
| Sofware revenue | 58 033 | 51 312 | 512 | 109 857 | 172 017 | 149 560 | 1 860 | 323 437 | |||||
| Delivery | 15 695 | 4 438 | 8 | 20 140 | 50 765 | 13 833 | 8 | 64 605 | |||||
| Net sales | 73 727 | 55 749 | 520 | 129 997 | 222 782 | 163 393 | 1 868 | 388 042 | |||||
| Sales expenses | -3 901 | -11 389 | - | -15 290 | -11 735 | -32 500 | - | -44 235 | |||||
| Other costs | -16 924 | -12 031 | -2 501 | -31 456 | -50 606 | -33 440 | -10 165 | -94 211 | |||||
| Personnel costs | -36 222 | -26 341 | -2 893 | -65 456 | -125 181 | -78 406 | -8 542 | -212 128 | |||||
| Capitalized work for own account | 11 342 | 3 479 | - | 14 821 | 31 440 | 10 448 | - | 41 889 | |||||
| EBITDA | 28 023 | 9 780 | -4 874 | 32 929 | 66 701 | 29 495 | -16 839 | 79 358 | |||||
| % | 38,0% | 17,5% | -937,7% | 25,3% | 29,9% | 18,1% | -901,6% | 20,5% | |||||
| Items affecting comparability | -3 032 | - | -3 028 | -6 061 | -3 032 | - | -3 028 | -6 061 | |||||
| Depreciation/amortization | -11 634 | -5 112 | -514 | -17 259 | -34 349 | -15 333 | -1 631 | -51 312 | |||||
| EBIT | 13 357 | 4 669 | -8 416 | 9 610 | 29 320 | 14 163 | -21 498 | 21 985 | |||||
| % | 18,1% | 8,4% | -1 619,1% | 7,4% | 13,2% | 8,7% | -1 151,1% | 5,7% |
| Jul-Sep 2023 | Jan-Sep 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Private | Other | Group | Public | Private | Other | Group | |
| SaaS | 8 304 | 25 375 | - | 33 679 | 22 714 | 71 213 | - | 93 927 | |
| Support & Maintenance | 45 044 | 19 636 | 775 | 65 454 | 127 834 | 57 608 | 2 466 | 187 908 | |
| Recurring revenue | 53 348 | 45 010 | 775 | 99 133 | 150 548 | 128 821 | 2 466 | 281 835 | |
| License | 1 939 | -10 | - | 1 929 | 6 909 | 5 780 | - | 12 689 | |
| Sofware revenue | 55 287 | 45 000 | 775 | 101 062 | 157 456 | 134 601 | 2 466 | 294 524 | |
| Delivery | 19 156 | 3 598 | -0 | 22 754 | 80 675 | 13 737 | -0 | 94 412 | |
| Net sales | 74 442 | 48 599 | 775 | 123 816 | 238 131 | 148 338 | 2 466 | 388 935 | |
| Sales expenses | -4 087 | -10 154 | - | -14 241 | -14 550 | -31 956 | - | -46 507 | |
| Other costs | -14 941 | -10 739 | -2 819 | -28 500 | -44 068 | -32 772 | -9 800 | -86 641 | |
| Personnel costs | -37 924 | -25 551 | -1 829 | -65 304 | -128 578 | -77 243 | -8 156 | -213 977 | |
| Capitalized work for own account | 9 510 | 3 924 | - | 13 434 | 27 782 | 12 043 | - | 39 825 | |
| EBITDA | 27 000 | 6 078 | -3 873 | 29 206 | 78 716 | 18 410 | -15 490 | 81 636 | |
| % | 36,3% | 12,5% | -499,7% | 23,6% | 33,1% | 12,4% | -628,1% | 21,0% | |
| Items affecting comparability | - | - | -1 465 | -1 465 | - | - | -1 465 | -1 465 | |
| Depreciation/amortization | -10 825 | -4 596 | -731 | -16 153 | -32 512 | -13 907 | -2 158 | -48 577 | |
| EBIT | 16 176 | 1 482 | -6 069 | 11 588 | 46 204 | 4 502 | -19 112 | 31 594 | |
| % | 21,7% | 3,0% | -783,1% | 9,4% | 19,4% | 3,0% | -775,0% | 8,1% |
ARR and ACV
| Jul-Sep 2024 | Jan-Sep 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public | Private | Other | Group | Public | Private | Other | Group |
| ARR In - SaaS | 52,8 | 128,3 | - | 181,1 | 50,3 | 109,4 | - | 159,6 |
| ARR In - Support & Maint. | 177,3 | 73,4 | 2,1 | 252,8 | 171,9 | 71,4 | 2,3 | 245,6 |
| ARR In - FX | -1,2 | -2,6 | - | -3,7 | 1,3 | 3,0 | - | 4,3 |
| ARR - Acq. SaaS | - | - | - | - | - | 1,2 | - | 1,2 |
| ARR - Acq. Support & Maint. | - | - | - | - | - | 0,7 | - | 0,7 |
| ARR In - Acquired | - | - | - | - | - | 2,0 | - | 2,0 |
| ARR In* | 228,9 | 199,2 | 2,1 | 430,1 | 223,4 | 185,8 | 2,3 | 411,5 |
| ACV - SaaS | 0,5 | 6,5 | - | 7,0 | 2,3 | 20,9 | - | 23,2 |
| ACV - Support & Maintenance | -0,1 | -0,6 | 0,5 | -0,3 | 3,6 | -1,7 | 0,2 | 2,2 |
| ACV - Net | 0,4 | 5,9 | 0,5 | 6,8 | 5,9 | 19,2 | 0,2 | 25,3 |
| ARR Out - SaaS | 52,9 | 133,4 | - | 186,3 | 52,9 | 133,4 | - | 186,3 |
| ARR Out - Support & Maint. | 176,4 | 71,7 | 2,5 | 250,6 | 176,4 | 71,7 | 2,5 | 250,6 |
| ARR Out | 229,3 | 205,0 | 2,5 | 436,9 | 229,3 | 205,0 | 2,5 | 436,9 |
| Jul-Sep 2023 | Jan-Sep 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public | Private | Other | Group | Public | Private | Other | Group |
| ARR In - SaaS | 44,0 | 103,4 | - | 147,4 | 36,1 | 88,9 | - | 125,0 |
| ARR In - Support & Maint. | 177,5 | 78,1 | 2,6 | 258,2 | 166,0 | 75,2 | 3,0 | 244,3 |
| ARR In - FX | -2,4 | -3,1 | - | -5,5 | 3,1 | 6,3 | - | 9,4 |
| ARR In | 219,1 | 178,5 | 2,6 | 400,2 | 205,2 | 170,4 | 3,0 | 378,6 |
| ACV - SaaS | 4,4 | 4,9 | - | 9,3 | 11,5 | 14,0 | - | 25,5 |
| ACV - Support & Maintenance | -0,9 | 0,1 | -0,2 | -1,0 | 5,9 | -1,0 | -0,7 | 4,3 |
| ACV - Net | 3,5 | 5,0 | -0,2 | 8,3 | 17,4 | 13,1 | -0,7 | 29,8 |
| ARR Out - SaaS | 48,1 | 106,4 | - | 154,4 | 48,1 | 106,4 | - | 154,4 |
| ARR Out - Support & Maint. | 174,6 | 77,1 | 2,4 | 254,1 | 174,6 | 77,1 | 2,4 | 254,1 |
| ARR Out | 222,6 | 183,5 | 2,4 | 408,5 | 222,6 | 183,5 | 2,4 | 408,5 |
Acquisition of Dictymatec SARL
In order to strengthen Formpipe's competence in France and south of Europe, business area Private acquired Dictymatec SARL on May 1st. The acquisition pertained to 100% of the shares in Dictymatec SARL and has affected the Group's balance sheet and cash and cash equivalents as described below at the time of acquisition. Since the acquisition date, Dictymatec SARL has contributed SEK 3.2 million in sales and SEK 1.7 million in operating profit before depreciation and non-recurring acquisition-related costs (EBITDA). If the acquisition had taken place on January 1st 2024, Dictymatec had contributed with SEK 5.8 million in sales and 1.4 million in EBITDA.
Goodwill has been recognised at the time of the acquisition and consists of synergy effects and personnel. Adjustments to the carrying amount are represented by acquired surplus values regarding customer relations, technology and brand. In making this adjustment, the effect of deferred tax has also been taken into account. No portion of reported goodwill is anticipated to be income tax deductible.
The acquisition balance sheet is subject to final adjustments no later than one year after the transaction date.
| (SEK '000) | Fair value |
|---|---|
| Tangible assets | 107 |
| Intangible assets | 469 |
| Finansiella tillgångar | 12 |
| Trade and other receivables | 2 932 |
| Cash and cash equivalents | 1 721 |
| Trade payables and other liabilities | -3 859 |
| Deferred tax | -117 |
| Acquired net assets | 1 265 |
| Goodwill | 3 278 |
| Total purchase price | 4 543 |
| - Existing cash in the acquired business | -1 721 |
| Changes to group cash at acquisition | 2 821 |
Number of shares
| 2020-01-01 | 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | |
|---|---|---|---|---|---|
| 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-09-30 | |
| Shares outstanding beginning of the period | 53 173 907 | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 |
| Share issue | 0 | 0 | 0 | 0 | 40 296 |
| Share issue from warrant programme | 290 000 | 262 150 | 252 800 | 0 | 0 |
| 0 | 0 | 238 968 | 0 | 0 | |
| Shares outstanding at the end of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
Key ratios for the group
| Jan-Sep | ||
|---|---|---|
| 2024 | 2023 | |
| Employees at end of period | 270 | 267 |
| Net sales, SEK 000 | 388 042 | 388 935 |
| EBITDA, SEK 000 | 79 358 | 81 636 |
| EBIT, SEK 000 | 21 985 | 31 594 |
| Net profit for the period, SEK 000 | 13 895 | 18 276 |
| EBITDA margin, % | 20,5% | 21,0% |
| EBIT margin, % | 5,7% | 8,1% |
| Profit margin, % | 3,6% | 4,7% |
| Return on equity, %* | 6,7% | 4,9% |
| Return on working capital, %* | 8,0% | 7,4% |
| Equity ratio, % | 60% | 60% |
| Equity per outstanding share at the end of the period, SEK | 9,04 | 8,78 |
| Earnings per share - before dilution, SEK | 0,26 | 0,34 |
| Earnings per share - after dilution, SEK | 0,26 | 0,34 |
| Share price at the end of the period, SEK | 26,60 | 26,30 |
* Ratios including P&L measures are based on the most recent 12-month period
Parent company income statement summary
| Jul-Sep | Jan-Sep | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 | |
| Net sales | 41 431 | 36 770 | 122 808 | 119 853 | |
| Operating expenses | |||||
| Sales expenses | -2 427 | -1 990 | -5 849 | -8 683 | |
| Other costs | -16 725 | -14 366 | -51 779 | -45 740 | |
| Personnel costs | -18 588 | -19 570 | -57 704 | -66 915 | |
| Depreciation/amortization | -3 957 | -1 239 | -7 447 | -3 711 | |
| Total operating expenses | -41 696 | -37 165 | -122 779 | -125 049 | |
| Operating profit/loss | -265 | -395 | 29 | -5 195 | |
| Result from participations in group companies | - | 23 196 | 18 212 | 23 266 | |
| Other financial items | 3 542 | 545 | -950 | -6 209 | |
| Tax | -305 | 5 | -910 | -622 | |
| Net profit for the period | 2 972 | 23 351 | 16 380 | 11 240 |
Parent company balance sheet summary
| (SEK 000) | 30 Sep | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| Intangible assets | 25 591 | 34 479 | 32 111 |
| Tangible assets | 2 499 | 1 439 | 1 283 |
| Financial assets | 345 765 | 346 934 | 346 671 |
| Deferred tax asset | 2 215 | 3 204 | 2 215 |
| Current assets (excl. cash equivalents) | 55 461 | 57 970 | 63 857 |
| Cash and bank balances | 20 874 | - | 36 325 |
| TOTAL ASSETS | 452 404 | 444 025 | 482 463 |
| Restricted equity | 23 116 | 23 112 | 23 112 |
| Non-restricted equity | 233 219 | 205 592 | 227 604 |
| Total equity | 256 335 | 228 703 | 250 716 |
| Long-term liabilities | 5 035 | 15 035 | 13 209 |
| Current liabilities | 191 035 | 200 287 | 218 538 |
| TOTAL EQUITY AND LIABILITIES | 452 404 | 444 025 | 482 463 |
Pledged assets and contingent liabilities
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group were the same as disclosed for the Parent Company.
| 30 Sep | ||
|---|---|---|
| (SEK 000) | 2024 | 2023 |
| Pledged assets | - | - |
| Contingent liabilities | - | - |
Definitions
Formpipe ses al er a ive key fig res, also called PM l er a ive Performa ce Meas res . Formpipe's PM's are calc la ed from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
Software revenue
The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.
Recurring revenue
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Annual recurring revenue (ARR)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
i ial val e for he period's al rec rri g reve e. ARR won during the period is included in ARR IN.
Annual Contract Value (ACV)
al rec rri g reve e of he period's wo (ACV +) and lost (ACV -) contracts (net).
ARR OUT
losi g val e of he period's al rec rri g reve e, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
FX effect
Revaluation of ARR IN to the closing balance exchange rates.
Fixed operating expenses
Other costs and personnel costs.
Operating expenses
Sales costs, other costs, personnel costs, capitalized development and depreciation.
EBITDA
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.
EBITDA-adj.
EBITDA exclusive capitalized work for own account.
Items affecting comparability
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and writedowns.
EBIT
Operating profit/loss.
EBIT-adj.
Operating profit/loss excluding items affecting comparability.
Operating margin before depreciation and amortization (EBITDA margin)
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin before depreciation and amortization (EBITDA-adj. margin)
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating margin (EBIT margin)
Operating profit/loss as a percentage of net sales.
Adjusted operating margin (EBIT-adj. margin)
Operating profit/loss excluding items affecting comparability, as a percentage of net sales.
Profit margin
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.
Earnings per share - after dilution
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity per share
Equity at the end of the period divided by the number of shares at the end of the period.
Return on equity
Profit/loss after tax as a percentage of average equity.
Return on working capital
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net interest-bearing debt
Interest bearing debts minus cash and cash equivalents.
Equity ratio
Equity as a percentage of the balance sheet total.
Ordering financial information
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Joakim Alfredson [email protected]