Annual Report • Feb 5, 2014
Annual Report
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• Acquisition of operations from Cad-Expert Oy.
Addnode Group provides mission-critical IT solutions to selected markets in both private and public sectors. We acquire, build and manage companies that deliver mission-critical IT solutions for the specific needs of our clients. Every day, 250,000 engineers use our systems to develop and maintain products, buildings and facilities. 100,000 civil servants in the public sector use our solutions for municipal and state administration.
We are 950 employees in Sweden, Norway, Finland, Denmark, Serbia, India and USA. In 2013 net sales totaled SEK 1 444 M. Addnode's Series B share is listed on the OMX Nordic List, Small Cap. More information about Addnode Group on www.addnodegroup.com
The information in this interim report is such that Addnode Group must disclose in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released on February 5, 2014 at 08:30.
>>250,000 engineers and 100,000 civil servants use our IT solutions every day. <<
>> The proportion of recurring revenue amounted to 44 % of net sales in 2013. <<
In the CEO's comments for the third quarter, I wrote that the Addnode Group could do better, which we have now shown. The market and our customers acted somewhat cautiously for most of 2013. This had an impact on us, particularly during the second and third quarters. In the fourth quarter, things improved slightly and we delivered a strong quarter due to a better market and excellent performance in our units. In addition, the acquisitions we implemented performed positively.
Year-on-year growth in the fourth quarter was 10 percent and the adjusted EBITA margin amounted to 13.3 percent (13.5).
The Addnode Group's strategy to increase the proportion of recurring revenue and delivering more of our proprietary products, SaaS solutions and packaged services, to our customers continued to generate results. Compared with 2012, recurring revenue from support and maintenance (including SaaS) increased SEK 107 M to SEK 634 M in 2013. The acquisition of Joint Collaboration in the third quarter, with SaaS rental solutions for projects and collaboration, is another example of how we are implementing this strategy.
The Addnode Group has strong positions in several niched areas with growth potential. We are the leading supplier of IT solutions for design, project management and product lifecycle management in the Nordic region. We have strong offerings for the public sector in municipal administration, case management, e-archives and we have overall industrial offerings in digital communication and customer-service solutions.
The healthy fourth quarter also gave us a boost as we enter 2014. Many of the transactions sold at the end of the year are projects that will be delivered during the first and second quarters of 2014.
We have demonstrated that the Addnode Group is capable of growing with profitability and we look forward to 2014. With a strong balance sheet and healthy cash flows, we have significant latitude to develop our offerings, both organically and through acquisitions.
Staffan Hanstorp, CEO and President
1) Revenue from SaaS solutions was recognized as support and maintenance.
The acquired operation has annual net sales of approximately SEK 3 M comprising software for digital design with related consulting services and training. CAD Expert's solutions are applications that function together with Autodesk's products. The acquired operation was integrated as part of Cad-Q Finland from the fourth quarter of 2013.
The Board of Directors proposes, due to strong cash flow, an unchanged dividend of SEK 2,25 (2.25) per share. The dividend policy that was adopted by the Board of Directors is that at least 50 percent of the Group's profit after tax shall be distributed to shareholders, providing that the net cash is sufficient to operate and develop the operation. The Board believes that the dividend proposal entails that the company will have sufficient funds to be able to achieve its financial targets.
The Board has resolved to adjust the growth target – annual net sales growth will be at least 10 percent. The previous target was an annual net sales growth of at least 20 percent.
The Addnode Group has shown that the company has the ability to grow with profitability. During the five-year period, 2009-2013, the average annual net sales growth was 10 percent and growth in 2013 was 6 percent. Our second financial target for at least 10 percent operating margin before amortization and impairment of intangible assets (EBITA margin) stands firm.
The Addnode Group's subsidiary Tekis has acquired the product Alarmos, an operational system for the rescue services. Alarmos, which is used in hundreds of municipalities and rescue services, currently has sales of slightly less than SEK 10 M. Our existing solution for this market, based on the proprietary product Core, is currently leading in this segment. With Alarmos, we will gain a strong position since the acquisition will broaden our offering and strengthen our ability to meet customers' increasing needs.
Johan Andersson has been named the Chief Financial Officer (CFO). He will continue to report to the CEO, Staffan Hanstorp, and will remain a member of the Group's management team.
Johan Andersson joined the Addnode Group in September 2006 and as Head of Business Development and Communication has been responsible for driving the Addnode Group's acquisitions, investor relations and communications work. Johan has a degree in business administration and worked as an auditor, Corporate Finance adviser and IT manager prior to joining the Addnode Group. The previous CFO, Mats Läckgren, leaves Addnode Group.
>> The Board of Directors proposes an unchanged dividend of SEK 2,25 (2.25) per share. <<
>> The annual growth of net revenue will be at least 10 procent. <<
Addnode Group's operations are seasonal. The fourth quarter normally has the highest net sales and EBITA.
1) Exclusive capital gains, revaluation of contingent consideration and non-recurring costs of organizational changes.
Addnode Group has a large proportion of recurring revenue in the form of support and maintenance agreements.
Refer also to the section "Net sales and EBITA in the business areas" on page 5 for additional comments on the trends for the business areas and the Group.
Net sales rose 10 percent to SEK 433.5 M (394.4). Adjusted for non-recurring costs of SEK 3.7 M (0.0) for organizational changes, EBITA amounted to SEK 57.6 M (53.3), corresponding to an EBITA margin of 13.3 percent (13.5). Software revenue amounted to SEK 69 M (83), revenue from support and maintenance agreements increased to SEK 189 M (144), revenue from services rose to SEK 155 M (148) and revenue from others amounted to SEK 21 M (19). Growth was due to higher net sales in the Design Management and Process Management business areas. The acquisition of Joint Collaboration contributed to both growth and earnings.
The PLM Management business area reported a high, stable level for the quarter. Non-recurring costs of SEK 3.7 M (0.0) were charged to the Content Management business area. No additional non-recurring costs are expected to be incurred in the business area during 2014.
Net financial items amounted to SEK 0.1 M (0.0). Tax recognized for the period amounted to an expense of SEK 12.2 M (expense: 14.5) and profit after tax amounted to SEK 34.0 M (33.3). Earnings per share after dilution amounted to SEK 1.15 (1.17).
Net sales rose 6 percent to SEK 1,443.5 M (1,364.7). Adjusted for non-recurring costs of SEK 9.2 M (0.0) for organizational changes and costs for the revaluation of conditional purchase considerations of SEK 0.2 M (1.9), EBITA amounted to SEK 120.1 M (139.6), corresponding to an EBITA margin of 8.3 percent (10.2).
Software revenue amounted to SEK 218 M (225), revenue from support and maintenance agreements increased to SEK 634 M (527), revenue from services amounted to SEK 544 M (553) and revenue from other activities amounted to SEK 48 M (60).
The Design Management and Process Management business areas were able to increase net sales, year-on-year, both organically and through acquisition of supplementary operations. The Content Management business area experienced major challenges and non-recurring costs were charged against the business area to achieve balance between revenue and expenses.
Net financial items were a negative SEK 0.2 M (pos: 1.5). Tax recognized for the period amounted to an expense of SEK 22.8 M (expense: 32.4) and profit after tax amounted to SEK 62.9 M (86.8). Earnings per share after dilution amounted to SEK 2.19 (3.06).
Addnode Group's operations are organized in and controlled based on four business areas. For more information on each business area, refer to www.addnodegroup.com.
In the fourth quarter, net sales rose 24 percent to SEK 204.8 M (165.6) and EBITA amounted to SEK 23.4 M (19.8), a margin of 11.4 percent (12.0). The acquisition of Joint Collaboration has had a positive impact on both sales and earnings. Norway reported a good outcome for the offering of IT solutions for digital models and drawings, the Swedish operation also reported stable performance, while Finland experienced a tougher quarter. The weak market in Denmark had a negative impact on the smallest unit in the business area. The business area received new orders from such customers as Apply Leirvik, Flexlink, Halvorsen Group, Kone Oyj, Stora Enso and Volvo Car Corporation. For the full-year 2013, net sales rose 13 percent to SEK 649.9 M (573.0) and EBITA, adjusted for non-recurring costs totaling SEK 1.3 M (0.0) pertaining to management changes amounted to SEK 51.9 M (57.0), a margin of 8.0 percent (9.9).
IT solutions that manage information from the entire product chain for manufacturing and service companies – from development to the aftermarket In the fourth quarter, net sales amounted to SEK 73.4 M (72.6) and EBITA was SEK 16.9 M (16.5), corresponding to a margin of 23.0 percent (22.7).
The business area delivered strong results due to good utilization of consultants and a healthy revenue mix with software sold and associated support and maintenance agreements.
The business area received new orders from such customers as NSN, Kongsberg Defence and Aerospace, Elekta, FMV, Husqvarna, Kongsberg Defence & Aerospace, NSN, Porsche, VF Services, Seco Tools, Tesla Motors, TUI/Fritidsresor and Volvo Car Corporation. For the full-year 2013, net sales amounted to SEK 248.7 M (249.1) and EBITA amounted to SEK 26.2 M (29.5), corresponding to a margin of 10.5 percent (11.8).
In the fourth quarter, net sales rose 4 percent to SEK 119.1 M (114.8) and EBITA amounted to SEK 23.3 M (23.5), a margin of 19.6 percent (20.5). Growth was due to stable demand from the public sector and supplementary acquisitions earlier in the year. Both the offering to municipal administrations and the case management and e-archive offering to the governmental sector noted favorable growth in the fourth quarter. We secured several competitive procurements and the business area received new orders from such customers as Kemikalieinspektionen, LKAB, Moelven Skog, the municipality of Norrtälje, municipality of Skurup, Stockholm water and Sveriges Hjärt-startarregister. For the full-year 2013, net sales rose 8 percent to SEK 410.3 M (380.5) and EBITA amounted to SEK 75.2 M (68.6), a margin of 18.3 percent (18.0).
Public websites, intranet and cooperation solutions, systems for e-commerce and customer-center solutions In the fourth quarter, net sales amounted to SEK 40.5 M (45.4). Adjusted for non-recurring costs of SEK 3.7 M (0.0) for organizational changes, EBITA amounted to SEK 0.0 M (0.7).
Compared with the year-earlier period, the business area's offering in the areas of web, intranet and e-commerce recorded weak sales. Organizational and management changes were implemented to gain better balance between revenue and expenses. The offering for telecom and voice-driven services continued to develop positively. The business area received new orders from such customers as Holmen, Fonus, Färdtjänst, Munters, SKF, SL, Stena Line and Uppsalahem.
For the full-year 2013, net sales amounted to SEK 152.4 M (175.6). Adjusted for non-recurring costs of SEK 7.9 M (0.0) for management and organizational changes, EBITA amounted to a loss of SEK 6.4 M (profit: 11.5).
| 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | 2013 | Full year | Full year | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales, SEK M | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 2013 | 2012 |
| Design Mgt | 155.5 | 127.6 | 124.3 | 165.6 | 176.8 | 131.0 | 137.3 | 204.8 | 649.9 | 573.0 |
| PLM Mgt | 63.3 | 61.1 | 52.1 | 72.6 | 57.0 | 69.3 | 49.0 | 73.4 | 248.7 | 249.1 |
| Process Mgt | 96.4 | 91.7 | 77.6 | 114.8 | 100.4 | 103.9 | 86.9 | 119.1 | 410.3 | 380.5 |
| Content Mgt | 46.2 | 43.6 | 40.4 | 45.4 | 40.7 | 38.6 | 32.6 | 40.5 | 152.4 | 175.6 |
| Elim/centralt | -2.5 | -3.9 | -3.1 | -4.0 | -4.2 | -4.9 | -4.4 | -4.3 | -17.8 | -13.5 |
| Addnode Group | 358.9 | 320.1 | 291.3 | 394.4 | 370.7 | 337.9 | 301.4 | 433.5 | 1,443.5 | 1,364.7 |
| EBITA, SEK M | 2012 Q1 |
2012 Q2 |
2012 Q3 |
2012 Q4 |
2013 Q1 |
2013 Q2 |
2013 Q3 |
2013 Q4 |
Full year 2013 |
Full year 2012 |
| Design Mgt | 16.6 | 8.9 | 11.7 | 19.8 | 16.1 | 6.7 | 1) 5.7 |
23.4 | 51.9 | 57.0 |
| PLM Mgt | 4.4 | 4.0 | 4.6 | 16.5 | 2.7 | 4.8 | 1.8 | 16.9 | 26.2 | 29.5 |
| Process Mgt | 17.2 | 14.0 | 13.9 | 23.5 | 17.6 | 19.7 | 14.6 | 23.3 | 75.2 | 68.6 |
| Content Mgt | 5.2 | 2.5 | 3.1 | 0.7 | -1.0 | -3.7 | 2) -1.7 |
0.0 | 3) -6.4 |
11.5 |
| Elim/centralt | -6.5 | -7.1 | -6.2 | -7.2 | -6.8 | -8.0 | -6.0 | -6.0 | -26.8 | -27.0 |
| Addnode Group | 36.9 | 22.3 | 27.1 | 53.3 | 28.6 | 19.5 | 14.4 | 57.6 | 120.1 | 139.6 |
| EBITA-margin, % | 2012 Q1 |
2012 Q2 |
2012 Q3 |
2012 Q4 |
2013 Q1 |
2013 Q2 |
2013 Q3 |
2013 Q4 |
Full year 2013 |
Full year 2012 |
| Design Mgt | 10.7% | 7.0% | 9.4% | 12.0% | 9.1% | 5.1% | 4.2% | 11.4% | 8.0% | 9.9% |
| PLM Mgt | 7.0% | 6.5% | 8.8% | 22.7% | 4.7% | 6.9% | 3.7% | 23.0% | 10.5% | 11.8% |
| Process Mgt | 17.8% | 15.3% | 17.9% | 20.5% | 17.5% | 19.0% | 16.8% | 19.6% | 18.3% | 18.0% |
| Content Mgt | 11.3% | 5.7% | 7.7% | 1.5% | -2.5% | -9.6% | -5.2% | 0.0 | -4.2% | 6.5% |
| Addnode Group | 10.3% | 7.0% | 9.3% | 13.5% | 7.7% | 5.8% | 4.8% | 13.3% | 8.3% | 10.2% |
| Average number of | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | 2013 | Full year | Full year |
| employees | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 2013 | 2012 |
| Design Mgt | 215 | 217 | 226 | 229 | 236 | 235 | 258 | 293 | 256 | 224 |
| PLM Mgt | 138 | 139 | 138 | 144 | 149 | 165 | 167 | 164 | 161 | 140 |
| Process Mgt | 238 | 244 | 245 | 255 | 259 | 270 | 275 | 278 | 271 | 244 |
| Content Mgt | 175 | 166 | 179 | 174 | 173 | 174 | 169 | 158 | 169 | 175 |
| Centralt | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Addnode Group | 774 | 774 | 796 | 810 | 825 | 852 | 877 | 901 | 865 | 791 |
* EBITA and EBITA margin reported in this section excluding capital gains and revaluation of contingent consideration.
1) Excluding one-time costs of SEK -1,3 M for organizational changes.
2) Excluding one-time costs of SEK -4,2 M for organizational changes.
3) Excluding one-time costs of SEK -3,7 (0,0) M for organizational changes.
Addnode Group's operations are seasonal. The fourth quarter normally has the highest net sales and EBITA.
The Group's cash and cash equivalents totaled SEK 114.8 M on December 31, 2013 (132.3 on December 31, 2012). Cash flow from operating activities amounted to SEK 118.8 M (117.1) in 2013. Cash flow from investing activities for 2013 includes payments totaling SEK 26.1 M for conditional and contractual purchase considerations for company and business acquisitions implemented in prior years. In addition, payments of SEK 20.2 M (14.3) were made for proprietary software. During the fourth quarter, SEK 31.1 M was paid to the sellers of Joint Collaboration AS pertaining to the settlement of net cash and working capital at the date of transfer. During the second quarter, share dividends totaling SEK 63.5 M were paid and, during the third quarter, a bank loan totaling SEK 62.0 M was raised in conjunction with the acquisition of Joint Collaboration AS. The bank loan will be repaid in installments over a period of three years commencing in December 2013. On December 31, 2013, the Group's interest-bearing liabilities amounted to SEK 65.3 M (0.0 on December 31, 2012) and the net interest-bearing assets and liabilities amounted to SEK 51.3 M (134.8). The equity/assets ratio was 54 percent (59) on December 31, 2013. In addition to the aforementioned bank loan, the Parent Company has an existing agreement for a credit facility amounting to SEK 100 M.
Investments in intangible and tangible fixed assets amounted to SEK 30.4 M (32.0), of which SEK 20.2 M (14.3) pertained to proprietary software and SEK 9.8 M (17.7) pertained to equipment.
On December 31, 2013, the consolidated carrying amount of goodwill amounted to SEK 739.9 M (594.0). The carrying amount of brands totaled SEK 12.5 M (12.9). Other intangible assets amounted to SEK 113.4 M (67.8) and pertained primarily to customer agreements and software. The increase in the value of goodwill and other intangible assets in 2013 are largely attributable to the acquisition of Joint Collaboration.
On December 31, 2013, total recognized deferred tax assets amounted to SEK 36.6 M, of which SEK 26.9 M pertained to tax loss carryforwards. The Group's accumulated loss carryforwards amounted to
approximately SEK 140 M on December 31, 2013. The deferred tax assets attributable to loss carryforwards are recognized as assets insofar as it is probable that the loss carryforwards will be deductible against surpluses in future taxation.
On December 31, 2013, shareholders' equity amounted to SEK 834.5 M (793.8 on December 31, 2012), corresponding to SEK 28.36 (28.16) per share outstanding. As partial liquidity for the shares in Abou AB, a new share issue was implemented during the first quarter comprising 97,108 Series B shares directed at the seller. The decision to carry out the new share issue was made by the Board of Directors supported by authorization by the Annual General Meeting on May 3, 2012. As partial liquidity for the shares in Joint Collaboration AS, a new share issue was implemented during the third quarter of 2013 comprising 1,171,777 Series B shares directed at the sellers. The decision to carry out the new share issue was made by the Board of Directors supported by authorization by the Annual General Meeting on May 7, 2013. During the second quarter, share dividends totaling SEK 63.5 M were paid. The changes in the number of shares outstanding and shareholders' equity are shown on page 14. The Annual General Meeting on May 4, 2011 resolved to implement a share-savings program for all Group employees, which is described in more detail in Note 4 of the 2012 Annual Report. On December 31, 2013, there were no other outstanding share-savings, options or convertibles programs.
Provisions, which in the consolidated balance sheet are included among long-term and current liabilities, amounted to SEK 63.2 M on December 31, 2013, of which SEK 55.1 M pertained to estimated conditional purchase considerations for implemented company and business acquisitions and SEK 5.3 M relate to provisions for restructuring measures. The provisions for estimated conditional purchase considerations increased by SEK 54.7 M in connection with company acquisitions in 2013. During the second and third quarters, payments relating to conditional purchase considerations previously recognized as liabilities were made in the amount of SEK 22.7 M.
During 2013, the average number of employees in the Group was 859 (791). At the end of the year, the number of employees was 951 (849).
On March 1, 2013, an agreement was signed to acquire all shares in Abou AB, with transfer on the same date. During 2012, the company had net sales of SEK 23 M and 20 employees.
The company's operations focus on e-services for municipalities and are based on a platform with more than 200 complete e-services. The acquisition entails that the Process Management business area's offering to the municipal market will be supplemented and expanded with respect to products and services, and that synergy effects may be achieved with the Group's existing operation. According to the acquisition assessment, goodwill and other acquisition-related intangible assets arising through the acquisition are estimated to amount to about SEK 37 M. Other acquired assets and liabilities pertain primarily to accounts receivable, cash and cash equivalents and deferred income.
On May 24, 2013, an agreement was signed to acquire all shares in the Finnish company, Basepoint Kajaani Oy, with transfer on the same date. The company has annual sales of approximately SEK 10 M and six employees. The operation focuses on IT solutions for the infrastructure market and was integrated into Addnode's existing operation within the Design Management business area. According to the acquisition assessment, goodwill and other acquisition-related intangible assets arising through the acquisition are estimated to amount to about SEK 3 M. Other acquired assets and liabilities pertain primarily to cash and cash equivalents, accrued expenses and deferred income.
On July 1, 2013, an agreement was signed to acquire all shares in the Norwegian company, Joint Collaboration AS, with a transfer date of August 30, 2013. The agreement's terms and conditions for completion of the acquisition, which included approval from the Norwegian Competition Authority, were met before the date of transfer. The operation focuses on IT-based cooperation tools for project management and interaction between companies and their external customers and suppliers during development and construction projects primarily in the oil, gas and construction industries. For the 12 month period, April 2012 – March 2013, net sales amounted to NOK 120 M and EBITA to NOK 23 M. The company has about 50 employees.
The Addnode Group is already one of the largest suppliers of operation-critical support systems to engineering and construction operations in the Nordic region and has strong offerings of IT solutions for the design of products, facilities and infrastructure, as well as for the lifecycle of the products. The acquisition of Joint Collaboration will supplement and expand the Group's existing offering in the Design Management and PLM Management business areas, provide the Addnode Group with increased expertise and the opportunity for synergy effects and will strengthen the Group in the Norwegian market. Joint Collaboration is included in the Design Management business area from the date of transfer.
The purchase consideration paid on the transfer date comprised a cash payment of SEK 60.9 M, which was financed by raising a new bank loan, and a new share issue of Series B shares in Addnode Group, valued at SEK 45.0 M. During the fourth quarter, SEK 31.1 M in cash was paid to the sellers of Joint Collaboration AS pertaining to the actual settlement of net cash and working capital at the date of transfer. Depending on the actual outcome of the company's EBITDA result during the 2013-2015 period, a conditional cash sum within the interval zero up to a maximum undiscounted amount of NOK 95 M, equivalent to about SEK 102 M, may be payable.
According to the now established acquisition assessment for Joint Collaboration, identified acquisition-related intangible assets amount to about SEK 43 M, signifying a deferred tax liability of approximately SEK 12 M. Goodwill amounted to SEK 118 M and the provision for conditional purchase consideration amounted to SEK 48 M. This means that the goodwill amount is SEK 16 M lower and the provision for conditional purchase consideration is SEK 18 M less than the previous preliminary acquisition assessment, which was used in the interim report on September 30, 2013. Other acquired assets and liabilities pertain primarily to accounts receivable, cash and cash equivalents and accrued expenses.
Further information on the identifiable net assets, goodwill, purchase prices and acquisitions impact on the Group's cash flow are found on page 18. During 2013, the acquisitions contributed net sales of approximately SEK 70 M to the Addnode Group, and had a positive impact of SEK 8 M on the Group's profit after tax. If the acquisitions had been implemented on January 1, 2013, consolidated net sales for 2013 would have amounted to approximately SEK 1,530 M and profit after tax to about SEK 63 M. Costs totaling SEK 2.0 M for implementing the acquisitions are included in the Group's other external costs for 2013.
The Group's risk exposure pertaining to financial instruments is relatively limited. No financial assets or liabilities are recognized at a value that considerably deviates from the fair value. Further descriptions are available in Notes 20 and 21 in the 2012 Annual Report. During 2013, there were no transfers between the hierarchy levels for fair value according to IFRS 13.
Foreign-exchange forward contracts are used to a certain extent to secure amounts for future payment flows in foreign currencies. Outstanding foreignexchange forward contracts relate to level two in the fair value hierarchy according to IFRS 13. On December 31, 2013, unrealized exchange-rate gains on outstanding foreign-exchange forward contracts amounted to SEK 0.2 M (SEK 0.5 M on December 31, 2012) and are included in the balance-sheet item current receivables in the consolidated balance sheet. The carrying amount on financial instruments attributable to level three in the fair value hierarchy according to IFRS 13 amounted to SEK 0.7 M (0.7) on December 31, 2013 and pertained to long-term securities holdings. There were no material changes to securities holdings or the value of these during 2013.
Net sales amounted to SEK 5.4 M (5.3), which pertained primarily to invoicing to subsidiaries for services rendered. Profit before tax amounted to SEK 68.0 M (118.8), including dividends from subsidiaries totaling SEK 47.6 M (53.0), Group contributions received from subsidiaries totaling SEK 63.6 M (87.1) and impairment of shares in subsidiaries totaling SEK 28.0 M (0.0). Cash and cash equivalents totaled SEK 38.4 M (72.7) on December 31, 2013. Investments relating to shares in subsidiaries amounted to SEK 230.9 M. No significant investments were made in intangible or tangible fixed assets. During the first quarter of 2013, a new share issue was implemented comprising 97,108 Series B shares directed at the seller of Abou AB and, during the third quarter, a new share issue was implemented comprising 1,171,777 Series B shares directed at the sellers of Joint Collaboration AS. During the second quarter, share dividends totaling SEK 63.5 M were paid and, during the third quarter, a bank loan totaling SEK 62.0 M was raised in conjunction with the acquisition of Joint Collaboration AS. Provisions for estimated conditional purchase considerations increased by SEK 54.7 M in connection with company acquisitions in 2013, and declined SEK 21.4 M in connection with the payment of purchase
considerations previously recognized as liabilities. In addition to the aforementioned bank loan, the Parent Company has an existing agreement for a credit facility amounting to SEK 100 M.
This year-end report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated accounts have been prepared in compliance with the International Financial Reporting Standards, IFRS, as adopted by the EU and with the Swedish Annual Accounts Act. The Parent Company's accounts have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounting for Legal Entities.
From 2013, the amended version of IAS 1 Presentation of Financial Statements will be applied, which mainly entails that items in the consolidated statement of comprehensive income will be distributed into two groups based on whether or not the items may be reclassified to the income statement. Furthermore, IFRS 13 Fair Value Measurement and the amended version of IAS 34 Interim Financial Reporting will be applied, entailing increased disclosure requirement also for financial instruments in interim reports. Other new standards, amendments and interpretations of existing standards that gained legal force in 2013 had no impact on the Group's financial position or financial reports. The accounting policies and calculation methods are
unchanged compared with the description in the 2012 Annual Report.
Addnode Group's significant risks and uncertainties are described in the 2012 Annual Report on pages 24- 25 and in the section "Risks and uncertainties" on pages 33-34, as well as in Notes 37 and 38 on pages 65-67. No significant changes have subsequently occurred.
The Board has not changed its assessment of the future outlook compared with the previous quarter. In the interim report for the January - September 2013 period, the Board submitted the following future outlook:
In the long-term, the areas in which the Addnode Group is active are deemed to have a strong underlying potential. Addnode Group's growth strategy is for organic growth and to contribute new supplementary offerings and additional expertise through the acquisition of new operations. The policy of not issuing a forecast stands firm.
The Board of Directors and President hereby assure that the year-end report provides a fair and true view of the company's and the Group's operation, financial position and earnings, and describes the significant risks and uncertainties facing the company and the companies included in the Group.
Stockholm, February 5, 2014
This interim report has not been audited.
| Capital, | Votes, | |
|---|---|---|
| Owners | % | % |
| Vidinova 1) | 25,0 | 27,2 |
| Aretro Capital 2) | 12,9 | 24,0 |
| Robur Fonder | 7,0 | 5,4 |
| Avanza Pension | 3,9 | 2,9 |
| PSG Small Cap | 3,4 | 2,6 |
| Handelsbanken fonder | 3,3 | 2,5 |
| Länsförsäkringar fonder | 2,9 | 2,2 |
| Fjärde AP-fonden | 2,6 | 2,0 |
| Lannebo Fonder | 2,3 | 1,8 |
| Multiple Choice Företagsservice | 0,3 | 1,7 |
| Other shareholders | 36,3 | 27,6 |
| Total | 100,0 | 100,0 |
1) Board member Dick Hasselström is the majority owner of Vidinova. 2) Aretro Capital is jointly owned by Staffan Hanstorp, Addnode Group's CEO, and Jonas Gejer, Business Area Manager of Product Lifecycle Management.
Annual net sales growth of at least 10 percent.
Performance 10%
Operating margin before amortization and impairment of intangible assets (EBITA margin) of at least 10 percent.
Addnode Group
Addnode Group offers operation-critical IT solutions. We are market leader in the Nordic region in IT solutions for design, construction, planning and product lifecycle management for products and installations. Addnode Group commands a strong market position in Sweden in the public sector, with an offering comprising case management systems, eservices, administrative systems and web solutions.
We are 950 employees in Sweden, Norway, Finland, Denmark, Serbia, India and the US. The Group is organized in four business areas under several brands. With over 3,000 customers using its solutions in more than 60 countries in the public and private sectors, Addnode Group is continuing to build an extensive portfolio of operation-critical IT solutions.
Net sales in 2013 amounted to SEK 1,444 M. Addnode's Series B share is listed on the OMX Nordic List, Small Cap. For more information about Addnode Group, visit www.addnodegroup.com.
At least 50 percent of the Group's profit after tax shall be distributed to shareholders, providing that the net cash is sufficient to operate and develop the operation.
Staffan Hanstorp CEO and President Phone: +46 733 772 430 E-mail: [email protected]
Johan Andersson CFO Phone: +46 704 205 831 E-mail: [email protected]
Addnode Group AB (publ), org nr 556291-3185 Hudiksvallsgatan 4 B 113 30 Stockholm Phone: +46 8 506 66 210 www.addnodegroup.com
Interim report, first quarter 2014 April 25, 2014
Annual General Meeting 2014 Maj 7, 2014
Interim report, second quarter 2014 July 18, 2014
Nine months report 2014 October 24, 2014
| Oct - Dec | Full-year | ||||
|---|---|---|---|---|---|
| (SEK M) | 2013 | 2012 | 2013 | 2012 | |
| Net sales | 433.5 | 394.4 | 1,443.5 | 1,364.7 | |
| Operating costs: | |||||
| Purchases of goods and services | -140.1 | -122.7 | -458.0 | -421.6 | |
| Other external costs | -50.4 | -49.5 | -177.1 | -168.5 | |
| Personnel costs | -191.9 | -170.8 | -704.8 | -637.5 | |
| Capitalized work performed by the company | |||||
| for its own use | 6.2 | 5.0 | 20.2 | 14.3 | |
| Revaluation of conditional purchase price | -0.2 | -1.9 | |||
| Depreciation and write-downs of | |||||
| - tangible fixed assets | -3.4 | -3.1 | -12.9 | -11.8 | |
| - intangible fixed assets | -7.8 | -5.5 | -24.8 | -20.0 | |
| Total operating costs | -387.4 | -346.6 | -1,357.6 | -1,247.0 | |
| Operating profit | 46.1 | 47.8 | 85.9 | 117.7 | |
| Financial income | 1.2 | 0.2 | 1.8 | 2.1 | |
| Financial expenses | -1.1 | -0.2 | -2.0 | -0.6 | |
| Profit before taxes | 46.2 | 47.8 | 85.7 | 119.2 | |
| Current tax | -6.9 | -4.4 | -15.3 | -15.0 | |
| Deferred tax | -5.3 | -10.1 | -7.5 | -17.4 | |
| NET PROFIT FOR THE PERIOD | 34.0 | 33.3 | 62.9 | 86.8 | |
| Attributable to: | |||||
| Shareholders of the Parent company | 34.0 | 33.2 | 62.9 | 86.5 | |
| Minority share | 0.0 | 0.1 | 0.0 | 0.3 | |
| Earnings per share before dilution, SEK | 1.16 | 1.18 | 2.20 | 3.07 | |
| Earnings per share after dilution, SEK | 1.15 | 1.17 | 2.19 | 3.06 | |
| Average number of outstanding shares: | |||||
| Before dilution, millions | 29.4 | 28.1 | 28.6 | 28.1 | |
| After dilution, millions | 29.6 | 28.3 | 28.8 | 28.3 |
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| (SEK M) | 2013 | 2012 | 2013 | 2012 |
| Net profit for the period Other comprehensive income: |
34.0 | 33.3 | 62.9 | 86.8 |
| Translation differences on consolidation | 0.2 | 3.5 | -9.5 | -4.5 |
| Hedges of net investments in foreign subsidiaries | 0.5 | 1.0 | ||
| Cash flow hedges | -0.2 | -0.1 | -0.1 | -0.1 |
| Total other comprehensive income after tax for the period | 0.5 | 3.4 | -8.6 | -4.6 |
| COMPREHENSIVE INCOME FOR THE PERIOD | 34.5 | 36.7 | 54.3 | 82.2 |
| Attributable to: | ||||
| Shareholders of the Parent company | 34.5 | 36.6 | 54.3 | 81.9 |
| Minority share | 0.0 | 0.1 | 0.0 | 0.3 |
| Dec 31, | Dec 31, | |
|---|---|---|
| (SEK M) | 2013 | 2012 |
| Goodwill | 739.9 | 594.0 |
| Trademarks | 12.5 | 12.9 |
| Other intangible fixed assets | 113.4 | 67.8 |
| Tangible fixed assets | 26.3 | 29.2 |
| Financial fixed assets | 45.5 | 48.3 |
| Inventories | 1.2 | 1.2 |
| Current receivables | 489.5 | 450.9 |
| Cash and cash equivalents | 114.8 | 132.3 |
| TOTAL ASSETS | 1,543.1 | 1,336.6 |
| Shareholders' equity | 834.5 | 793.8 |
| Long-term liabilities | 116.2 | 31.5 |
| Current liabilities | 592.4 | 511.3 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,543.1 | 1,336.6 |
| Interest-bearing receivables amount to | 1.8 | 2.5 |
| Interest-bearing liabilities amount to | 65.3 | 0.0 |
| Pledged assets | 7.9 | 4.5 |
| Contingent liabilities | - | - |
| Oct - Dec | Full-year | ||||
|---|---|---|---|---|---|
| Specification of changes in shareholders' equity | 2013 | 2012 | 2013 | 2012 | |
| SHAREHOLDERS' EQUITY | |||||
| Shareholders' equity, opening balance | 799.4 | 755.9 | 793.8 | 772.8 | |
| New share issues | 49.2 | ||||
| Issue expenses | -0.1 | ||||
| Dividend | -63.5 | -63.3 | |||
| Acquisition of shares from minority interest | -1.4 | ||||
| Incentive program | 0.6 | 1.2 | 2.2 | 2.1 | |
| Comprehensive income for the period | 34.5 | 36.7 | 54.3 | 82.2 | |
| Shareholders' equity, closing balance | 834.5 | 793.8 | 834.5 | 793.8 | |
| Shareholders' equity attributable to: | |||||
| Shareholders of the Parent company | 834.2 | 792.5 | 834.2 | 792.5 | |
| Minority interest | 0.3 | 1.3 | 0.3 | 1.3 | |
| Specification of number of shares outstanding, millions | |||||
| Number of outstanding shares, opening balance | 29.4 | 28.1 | 28.1 | 28.1 | |
| New share issues | 1.3 | ||||
| Number of outstanding shares, closing balance | 29.4 | 28.1 | 29.4 | 28.1 |
The number of registered shares was 30,088,517 on December 31, 2013 and 28,819,632 on December 31, 2012. During the first quarter of 2013, 97,108 Series B shares were issued in connection with the acquisition of Abou AB. During the third quarter of 2013, 1,171,777 Series B shares were issued in connection with the acquisition of Joint Collaboration AS. Addnode Group's holdings of treasury shares totaled 674,224 Series C shares at both December 31, 2013 and December 31, 2012. The number of shares outstanding was 29,414,293 on December 31, 2013 and 28,145,408 on December 31, 2012.
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| (SEK M) | 2013 | 2012 | 2013 | 2012 |
| Current operations | ||||
| Operating profit | 46.1 | 47.8 | 85.9 | 117.7 |
| Adjustment for items not included in cash flow | 13.3 | 10.9 | 47.1 | 37.1 |
| Total | 59.4 | 58.7 | 133.0 | 154.8 |
| Net financial items | -0.2 | 0.2 | 0.5 | 1.4 |
| Tax paid, etc. | 1.3 | 8.6 | -20.6 | -10.5 |
| Cash flow from current operations | ||||
| before changes in working capital | 60.5 | 67.5 | 112.9 | 145.7 |
| Total changes in working capital | -6.1 | 0.7 | 5.9 | -28.6 |
| Cash flow from current operations | 54.4 | 68.2 | 118.8 | 117.1 |
| Cash flow from investing activities1) | -39.8 | -12.8 | -126.1 | -73.1 |
| Cash flow from financing activities2) | -5.2 | -0.1 | -6.7 | -63.5 |
| Change in cash and cash equivalents | 9.4 | 55.3 | -14.0 | -19.5 |
| Cash and cash equivalents, opening balance | 104.9 | 76.3 | 132.3 | 153.3 |
| Exchange-rate difference in cash and cash equivalents | 0.5 | 0.7 | -3.5 | -1.5 |
| Cash and cash equivalents, closing balance | 114.8 | 132.3 | 114.8 | 132.3 |
| 1) Specification of investing activities: | ||||
| Acquisition and sales of intangible and tangible | ||||
| fixed assets | -8.6 | -9.4 | -28.5 | -29.6 |
| Acquisition of subsidiaries and operations | -31.2 | -3.4 | -141.9 | -56.8 |
| Cash and cash equivalents in acquired companies | 44.3 | 13.3 | ||
| Total | -39.8 | -12.8 | -126.1 | -73.1 |
| 2) Specification of financing activities: | ||||
| Paid dividend | -63.5 | -63.3 | ||
| Borrowings | 62.0 | |||
| Repayment of debts | -5.2 | -0.1 | -5.2 | -0.2 |
| Total | -5.2 | -0.1 | -6.7 | -63.5 |
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Net sales, SEK M | 433.5 | 394.4 | 1,443.5 | 1,364.7 |
| Average number of employees | 901 | 810 | 859 | 791 |
| Net sales per employee, SEK 000s | 481 | 487 | 1,680 | 1,725 |
| Change in net sales, % | 10 | 6 | 6 | 5 |
| EBITA margin, % | 12.4 | 13.5 | 7.7 | 10.1 |
| Operating margin, % | 10.6 | 12.1 | 6.0 | 8.6 |
| Profit margin, % | 10.7 | 12.1 | 5.9 | 8.7 |
| Equity/assets ratio, % | 54 | 59 | 54 | 59 |
| Acid-test ratio, % | 102 | 114 | 102 | 114 |
| Shareholders' equity, SEK M | 834.5 | 793.8 | 834.5 | 793.8 |
| Return on shareholders' equity, % * | 4.1 | 4.3 | 7.9 | 11.3 |
| Return on capital employed, % * | 5.3 | 6.2 | 10.5 | 15.5 |
| Net liabilities, SEK M | -51.3 | -134.8 | -51.3 | -134.8 |
| Debt/equity ratio, multiple | 0.12 | 0.03 | 0.12 | 0.03 |
| Interest coverage ratio, multiple | 47.4 | 299.5 | 56.9 | 431.3 |
| Percentage of risk-bearing capital, % | 55 | 60 | 55 | 60 |
| Investments in equipment, SEK M | 2.8 | 4.9 | 9.8 | 17.7 |
* The key figures for each interim period have not been adjusted to annual return.
| Oct-dec | Full-year | ||||
|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | ||
| Average number of outstanding shares after | |||||
| dilution, millions | 29.6 | 28.3 | 28.8 | 28.3 | |
| Total number of outstanding shares, millions | 29.4 | 28.1 | 29.4 | 28.1 | |
| Total number of registered shares, millions | 30.1 | 28.8 | 30.1 | 28.8 | |
| Earnings per share after dilution, SEK | 1.15 | 1.17 | 2.19 | 3.06 | |
| Shareholders' equity per share, SEK | 28.36 | 28.16 | 28.36 | 28.16 | |
| Dividend per share, SEK | - | - | 1) 2,25 |
2.25 | |
| Stock-market price at end of period, SEK | 38.80 | 36.50 | 38.80 | 36.50 | |
| P/E ratio | - | - | 18 | 12 | |
| Share price/shareholders' equity | 1.37 | 1.30 | 1.37 | 1.30 |
1) According to proposal from the board.
The figures below refer to the respective full year.
| (SEK M) | DESIGN MGT |
PLM MGT | MGT | PROCESS | CONTENT MGT |
CENTRAL | ELIM / OTHER1) |
ADDNODE GROUP |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |
| REVENUE | ||||||||||||||
| External sales Transactions between |
649.2 | 572.4 | 248.7 | 249.1 | 409.4 | 379.4 | 135.9 | 163.4 | 0.3 | 0.4 | 1,443.5 | 1,364.7 | ||
| segments | 0.7 | 0.6 | 0.9 | 1.1 | 16.5 | 12.2 | 8.2 | 7.9 | -26.3 | -21.8 | 0.0 | 0.0 | ||
| Total revenue | 649.9 | 573.0 | 248.7 | 249.1 | 410.3 | 380.5 | 152.4 | 175.6 | 8.5 | 8.3 | -26.3 | -21.8 | 1,443.5 | 1,364.7 |
| EBITA | 50.6 | 57.0 | 26.2 | 29.5 11.8 |
75.2 18.3 |
68.6 18.0 |
-14.3 | 11.5 | -26.8 | -27.0 | -0.2 | -1.9 | 110.7 | 137.7 |
| EBITA margin | 7.8% | 9.9% | 10.5% | % | % | % | -9.4% | 6.5% | 7.7% | 10.1% | ||||
| Operating profit | 39.9 | 49.4 | 23.3 | 26.1 10.5 |
66.6 16.2 |
61.9 16.3 |
-16.9 - |
9.2 | -26.8 | -27.0 | -0.2 | -1.9 | 85.9 | 117.7 |
| Operating margin | 6.1% | 8.6% | 9.4% | % | % | % | 11.1% | 5.2% | 6.0% | 8.6% | ||||
| Average number of employees |
252 | 224 | 161 | 140 | 269 | 244 | 169 | 175 | 8 | 8 | 859 | 791 |
1) The column "Elim/Other" regarding 2013 above includes a result, SEK -0.2 M (previous year -1.9), regarding revaluation of conditional purchase price for acquired companies.
Addnode Group's operations are organized in and controlled based on the four business areas; Design Management, Product Lifecycle Management (PLM), Process Management and Content Management, which comprise the Group's operating segments. There have been no changes to the segment distribution or the calculation of earnings for the segments since the previously published annual report. The segments are reported according to the same accounting policies as the Group. The difference between the amount of the segment's operating profit and the consolidated profit before tax, except for the items in the column "Elimination/other" above, pertain to financial income SEK 1.8 M (2.1) and financial expense SEK 2.0 M (expense: 0.6). Implemented company acquisitions entailed that total assets in Design Management increased approximately SEK 200 M compared with information in the most recent annual report. In other respects, there were no significant changes with respect to segment assets.
| (SEK M) | 2013 | 2012 | 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
| Net sales | 1 443,5 | 433,5 | 301,4 | 337,9 | 370,7 | 1 364,7 | 394,4 | 291,3 | 320,1 | 358,9 | 1 300,4 | 373,5 | 275,7 | 314,5 | 336,7 |
| EBITA | 110,7 | 53,9 | 8,7 | 19,5 | 28,6 | 137,7 | 53,3 | 27,1 | 22,3 | 35,0 | 137,3 | 42,3 | 46,0 | 19,7 | 29,3 |
| Operating profit | 85,9 | 46,1 | 2,6 | 13,9 | 23,3 | 117,7 | 47,8 | 22,0 | 17,4 | 30,5 | 119,6 | 38,0 | 41,5 | 15,3 | 24,8 |
| Profit before taxes | 85,7 | 46,2 | 2,1 | 13,6 | 23,8 | 119,2 | 47,8 | 22,4 | 18,0 | 31,0 | 121,0 | 38,4 | 42,5 | 15,2 | 24,9 |
| Profit after taxes | 62,9 | 34,0 | 0,9 | 9,9 | 18,1 | 86,8 | 33,3 | 16,9 | 13,6 | 23,0 | 105,9 | 31,2 | 38,9 | 14,1 | 21,7 |
| EBITA margin | 7,7% | 12,4% | 2,9% | 5,8% | 7,7% | 10,1% | 13,5% | 9,3% | 7,0% | 9,8% | 10,6% | 11,3% | 16,7% | 6,3% | 8,7% |
| Operating margin | 6,0% | 10,6% | 0,9% | 4,1% | 6,3% | 8,6% | 12,1% | 7,6% | 5,4% | 8,5% | 9,2% | 10,2% | 15,1% | 4,9% | 7,4% |
| Cash flow from current operations |
118,8 | 54,4 | -1,4 | 20,2 | 45,6 | 117,1 | 68,2 | -10,7 | 22,0 | 37,6 | 143,9 | 54,1 | 3,7 | 20,9 | 65,2 |
| Average number of employees |
859 | 901 | 877 | 852 | 825 | 791 | 810 | 796 | 774 | 774 | 758 | 768 | 766 | 755 | 741 |
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| (SEK M) | 2013 | 2012 | 2013 | 2012 |
| Net sales | 1.3 | 1.4 | 5.4 | 5.3 |
| Operating expenses | -6.1 | -7.2 | -25.2 | -26.6 |
| Operating result | -4.8 | -5.8 | -19.8 | -21.3 |
| Financial income | 69.2 | 87.3 | 91.2 | 142.6 |
| Financial expenses | -1.4 | -0.5 | -3.4 | -2.5 |
| Profit before taxes | 63.0 | 81.0 | 68.0 | 118.8 |
| Tax | -9.9 | -16.9 | -9.9 | -16.9 |
| NET PROFIT FOR THE PERIOD | 54.1 | 64.1 | 58.1 | 101.9 |
| Dec 31, | Dec 31, | |
|---|---|---|
| (SEK M) | 2013 | 2012 |
| Tangible fixed assets | 0.0 | 0.0 |
| Financial fixed assets | 1,020.7 | 830.6 |
| Current receivables | 108.3 | 107.4 |
| Cash and cash equivalents | 38.4 | 72.7 |
| TOTAL ASSETS | 1,167.4 | 1,010.7 |
| Shareholders' equity | 814.6 | 768.7 |
| Provisions | 55.6 | 22.1 |
| Long-term liabilities | 40.4 | 4.6 |
| Current liabilities | 256.8 | 215.3 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,167.4 | 1,010.7 |
Information about identified net assets, goodwill, purchase prices and the impact of the acquisitions on the group's cash and cash equivalents is stated in the following schedules:
| JOINT | OTHER | ||
|---|---|---|---|
| (SEK M) | COLLABORATION | ACQUISITIONS | TOTAL |
| Customer agreements and computer software | 43 | 7 | 50 |
| Tangible fixed assets | 2 | 2 | |
| Receivables | 20 | 5 | 25 |
| Cash and cash equivalents | 37 | 7 | 44 |
| Current liabilities | -23 | -9 | -32 |
| Deferred tax, net | -12 | -1 | -13 |
| Identified net assets | 67 | 9 | 76 |
| Goodwill | 118 | 34 | 152 |
| Total purchase prices | 185 | 43 | 228 |
| Purchase prices paid with new share issues | -45 | -4 | -49 |
| Long-term and current liabilities to sellers | -9 | -9 | |
| Provisions for conditional purchase prices | -48 | -7 | -55 |
| Purchase prices paid in cash for acquisitions 2013 | 92 | 23 | 115 |
| Purchase prices paid in cash for acquisitions 2013 | -92 | -23 | -115 |
| Cash and cash equivalents in acquired subsidiaries | 37 | 7 | 44 |
| Paid purchase prices for acquisitions earlier years | -26 | -26 | |
| Acquisition of shares from minority interest | -1 | -1 | |
| Impact on the group's cash and cash equivalents | -55 | -43 | -98 |
The acquired subsidiaries are knowledge-based companies and goodwill therefore refers to the built-up competence of the personnel and the employees total knowledge of the respective computer software and IT-systems and to a certain extent also to synergy effects.
Average number of full-time employees during the period.
Reported shareholders' equity plus untaxed reserves less deferred tax at current tax rate.
Total assets less non-interest-bearing liabilities and non-interest-bearing provisions including deferred tax liabilities.
Net sales divided by the average number of full-time employees.
Profit before depreciation/amortization and impairment of intangible assets.
EBITA margin EBITA as a %-age of net sales.
Operating margin Operating profit as a %-age of net sales.
Profit margin Profit before tax as a %-age of net sales.
Net profit for the period attributable to the parent company's shareholders' as a %-age of the average shareholders' equity.
Profit before tax plus financial expenses as a %-age of the average capital employed.
Shareholders' equity (including shareholder's equity related to non-controlling interest) as a %-age of total assets.
Acid test ratio Current assets excluding inventory as a %-age of current liabilities.
Interest-bearing liabilities less cash and cash equivalents and other interest-bearing receivables.
A negative net liability, according to this definition, means that cash and cash equivalents and other interest-bearing financial assets exceed interest bearing liabilities.
Total amount of interest-bearing long-term and current liabilities and deferred tax liability in relation to shareholders' equity.
Profit before tax plus interest expenses as a % -age of interest expense.
Reported shareholders' equity (including shareholder's equity related to non-controlling interest) and deferred tax liability in untaxed reserves as a %-age of total assets.
Net profit for the period attributable to the parent company's shareholders' divided by the average number of shares outstanding.
Shareholders' equity attributable to the parent company's shareholders' divided by the number of shares outstanding.
Share price in relation to profit per share.
Share price in relation to shareholders' equity per share.
Outcome for the latest twelve-month period
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