Earnings Release • Feb 5, 2016
Earnings Release
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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, 2016, at 08.30.
>> We ended 2015 with strong growth of 33 percent in the fourth quarter <<
We ended 2015 with strong growth of 33 percent in the fourth quarter. Our recurring revenue is continuously growing and amounted to 48 percent of net sales during the quarter, and we improved EBITA by ten percent, all compared with the year-earlier period.
We are a leading supplier in Europe of systems for design and lifecycle management of products and services via our two business areas - Design and Product Lifecycle Management (PLM). Design Management has growth of ten percent, mainly driven by positive developments in the Swedish construction and property market. PLM is showing growth of a full 171 percent and greatly improved earnings compared with the same quarter in the preceding year, which is mainly an effect of the acquisition of the German company Transcat PLM. The acquisition – which was completed July 1, 2015 and is our largest so far – will have an impact on the Group's total EBITA margin as the company has a product mix with lower margins than the Group as a whole. However, we are already noticing synergy effects with our sister company, Technia, and major potential to increase the margin and profitability in this business area over time.
The Process Management business area is continuing to show good profitability and I am proud that our case management and management systems are contributing to a better society through our deliveries of innovative IT solutions to municipalities and authorities in Sweden and Norway. Over 90 percent of Sweden's municipalities use system solutions provided by us, which creates a good platform and excellent opportunities to reach out with new offers to the public sector.
In 2016, we will continue to push for increased digitization of our customers' daily lives and we will introduce new business models. This will create both challenges and opportunities. As we summarize 2015 and look ahead, I note that we have a strong system solutions offering in niched areas, which simplifies and improves the daily lives of over half a million engineers and employees in the public sector across the globe.
Staffan Hanstorp, President and CEO
As part of its sales offering, Addnode Group's subsidiary Cad-Q includes software from Autodesk, which has decided to alter its business model. From August 1, 2016, new Autodesk licenses will only be available through subscription. Accordingly, Cad Q's sales of Autodesk licenses will gradually shift to a new model where, instead of purchasing licenses, customers will subscribe to the products on a monthly, quarterly, annual or multi-year basis.
The customers that have purchased licenses will continue to own and have full rights to use these licenses in the future, and customers with existing maintenance agreements for licenses will have the corresponding rights as long as they continue to renew their maintenance agreements.
The underlying volume of business does not change, but the transition to a new business model will initially entail a negative impact on reported net sales, earnings and cash flow as the licenses are recognized as income when they are sold, while a subscription is recognized as income when the software is being used.
Cad-Q will increase sales of own products and services, as well as adapting its organization and implementing cost savings. The above changes are assessed as negatively impacting earnings in 2016 by approximately SEK 15 million. Earnings for the 2019 fiscal year from Autodesk products are expected to return to the same level as before the transformation.
Ida Infront, a company in the Process Management business area, has once again been entrusted with delivering an e-archive service to the Swedish Transport Administration. The service will enable digital storage and access to operational information for the Swedish Transport Administration's employees. The agreement has an order value of SEK 12 M and extends over two years.
Cad-Q, a company in the Design Management business area, has signed an agreement with a leading Swedish technical consultancy company which has operations in over 30 countries. The agreement includes Autodesk's software platform and the purchase of software, license management, training and consulting services. The agreement, which is an extension of the existing agreement, has an order value of SEK 31 M and extends over three years.
TechniaTranscat, a company in the Product Lifecycle Management business area, has renewed and extended the existing agreement with a German car manufacturer. The agreement, which includes the development and management of existing product lifecycle systems and support services, has an estimated order value of approximately SEK 75 M over three years.
5D System (5D Systemkonsult AB) is a Swedish software company which provides property management systems to the private and public sectors. The company had sales of SEK 22 M in the split 2014/15 fiscal year, with operating profit of SEK 4 M and an operating margin of 19 percent. The completion took place on February 1, 2016, and the company will be a part of the Design Management business area. The acquisition was paid in cash and is expected to have a marginally positive impact on the Addnode Group's earnings per share.
The Board of Directors proposes an unchanged dividend of SEK 2.25 (2.25) per share. The assessment is that the company will have sufficient funds after the proposed dividend to be able to achieve its financial targets.
Seasonal variations
Addnode Group's operations are seasonal. The fourh quarter normally has the highest net sales and EBITA
1) Excluding capital gains, the revaluation of conditional purchase considerations and non-recurring costs for organizational changes.
Addnode Group has a large proportion of recurring revenue in the form of support and maintenance agreements, which also includes income from SaaS
Net sales rose 33 percent to SEK 614.4 M (461.4). Software revenue increased to SEK 111 M (72), revenue from support and maintenance agreements increased to SEK 296 M (211), revenue from services rose to SEK 191 M (163) and revenue from others amounted to SEK 16 M (16). Adjusted for revaluation costs of conditional purchase considerations of SEK 0.0 M (34.3), EBITA amounted to SEK 69.5 M (63.4), corresponding to an EBITA margin of 11.3 percent (13.7). Compared with the year-earlier period, the rapid growth and improved profit were largely due to the acquisition of Transcat PLM in 2015. Net financial items were a negative SEK 0.8 M (pos: 1.7). Tax recognized on earnings for the period amounted to an expense of SEK 11.7 M (expense: 12.6) and profit after tax amounted to SEK 45.5 M (47.6). Earnings per share after
dilution amounted to SEK 1.50 (1.61).
Net sales rose 19 percent to SEK 1,900.8 M (1,598.6). Software revenue increased to SEK 297 M (234), revenue from support and maintenance agreements increased to SEK 927 M (739), revenue from services rose to SEK 633 M (581) and revenue from others amounted to SEK 43 M (45). Compared with the year-earlier period, growth was due to acquisitions in the Design Management business area, the acquisition of Transcat PLM into the Product Lifecycle Management business area and organic growth in the Process Management business area.
Adjusted for revaluation costs of conditional purchase considerations of SEK 0.0 M (34.3), EBITA amounted to SEK 168.0 M (159.0), corresponding to an EBITA margin of 8.8 percent (9.9). The improved EBITA result was due to the acquisition of Transcat PLM and improved earnings in the Content Management business area.
Net financial items were a negative SEK -1.4 M (pos: 1.3). Tax recognized for the period amounted to an expense of SEK 29.1 M (expense: 29.6) and profit after tax amounted to SEK 95.5 M (100.2). Earnings per share after dilution amounted to SEK 3.18 (3.38).
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.
IT solutions for digital models and drawings as well as project and collaboration tools.
In the fourth quarter, net sales rose ten percent to SEK 253.5 M (230.2). EBITA amounted to SEK 25.1 M (27.0), corresponding to an EBITA margin of 9.9 percent (11.7).
Growth in the quarter was primarily driven by positive developments in the Swedish construction and property market, and the business area ended the year strongly by closing several major agreements. Norway delivered stable earnings during the quarter, despite the market being severely affected by the negative oil price trend. Operations in the UK developed in a positive direction, while the markets in Denmark and Finland are a challenge. The partially altered business model for Autodesk software at Cad-Q did not have any great impact on the quarter's outcome.
The business area secured agreements from such customers as Akademiska Hus, Cargotec, Landstingsfastigheter, Micasa Fastigheter, Region Halland, Riksbyggen and Svensk Kärnbränslehantering (Swedish Nuclear Fuel and Waste Management Company).
IT solutions that manage information from the entire product chain for manufacturing and service companies – from development to aftermarket.
In the fourth quarter, net sales rose 171 percent to SEK 204.6 M (75.4) and EBITA amounted to SEK 27.7 M (17.9), a margin of 13.5 percent (23.7).
The growth and improved earnings can be attributed to the acquisition of Transcat PLM. The integration with Technia has developed positively and achieved synergy effects can already be noted in the customer market, which are manifested in an increased number of spontaneous inquiries in an international market.
The lower margin can be explained by the fact that the business area had a greater proportion of high-margin license sales last year, along with the fact that additional sales from the acquired Transcat PLM have a product mix with lower margins.
The business area secured agreements from such customers as Elomatic, Ericsson, Etteplan, H&M, Mölnlycke Health Care, Runsvengruppen AB (ÖoB), Under Armour, UPM and Valeo.
Business-critical systems for case management, municipal management, e-archives and geographic IT systems.
In the fourth quarter, net sales rose 2 percent to SEK 127.6 M (125.0) and EBITA amounted to SEK 21.3 M (24.2), a margin of 16.7 percent (19.4).
We continue to see good demand for information and case management systems and the business area has secured several agreements in the Swedish public sector. We have seen healthy levels of utilization, particularly in case management projects for large government authorities.
The business area secured agreements from such customers as the Swedish Economic Crime Authority, the Defense Materiel Administration, Folksam, Fortum, the Swedish Social Insurance Administration, the City of Gothenburg, the City of Malmö, the Swedish Police, the Swedish Post and Telecom Authority (PTS), the City of Stockholm, the Swedish Transport Administration, Region Värmland and the Swedish Prosecution Authority.
Public websites, intranet and collaboration tools, systems for e-commerce and customer-center solutions.
In the fourth quarter, net sales amounted to SEK 36.0 M (35.9) and EBITA was SEK 2.3 M (0.3), corresponding to a margin of 6.4 percent (0.8).
The business area improved the EBITA margin, primarily driven by internal efficiency enhancements and better utilization as a result of a clarified offering to the market.
The business area secured agreements from such customers as BlueStep, EasyJet, IKEA, Government Offices of Sweden, SBAB Bank, SKF, SVA, Stena, TDC Sverige, TV4, Umeå Energi, Viasat and Volvo Cars.
| Net sales, SEK M | 2014 Q1 |
2014 Q2 |
2014 Q3 |
2014 Q4 |
2015 Q1 |
2015 Q2 |
2015 Q3 |
2015 Q4 |
Full Year 2015 |
Full Year 2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Design Mgt | 204.7 | 165.2 | 180.4 | 230.2 | 228.5 | 184.0 | 161.7 | 253.5 | 827.7 | 780.5 |
| PLM Mgt | 62.5 | 68.6 | 57.1 | 75.4 | 59.2 | 62.2 | 186.6 | 204.6 | 512.6 | 263.6 |
| Process Mgt | 110.5 | 107.1 | 90.0 | 125.0 | 111.2 | 109.0 | 92.5 | 127.6 | 440.3 | 432.6 |
| Content Mgt | 37.7 | 37.3 | 31.1 | 35.9 | 37.2 | 37.3 | 29.4 | 36.0 | 139.9 | 142.0 |
| Elim/central | -4.0 | -6.9 | -4.1 | -5.1 | -4.3 | -5.2 | -2.9 | -7.3 | -19.7 | -20.1 |
| Addnode Group | 411.4 | 371.3 | 354.5 | 461.4 | 431.8 | 387.3 | 467.3 | 614.4 | 1,900.8 | 1,598.6 |
| EBITA, SEK M | 2014 Q1 |
2014 Q2 |
2014 Q3 |
2014 Q4 |
2015 Q1 |
2015 Q2 |
2015 Q3 |
2015 Q4 |
Full Year 2015 |
Full Year 2014 |
| Design Mgt | 19.2 | 8.2 | 15.9 | 27.0 | 17.0 | 10.6 | 13.1 | 25.1 | 65.8 | 70.3 |
| PLM Mgt | 6.9 | 9.4 | 7.2 | 17.9 | 5.6 | 3.5 | 15.9 | 27.7 | 52.7 | 41.4 |
| Process Mgt | 15.9 | 15.4 | 15.4 | 24.2 | 15.5 | 15.0 | 18.2 | 21.3 | 70.0 | 70.9 |
| Content Mgt | 0.4 | 0.2 | 0.9 | 0.3 | 2.5 | 2.3 | 1.5 | 2.3 | 8.6 | 1.8 |
| Elim/central | -8.1 | -5.9 | -5.4 | -6.0 | -6.9 | -8.8 | -6.5 | -6.9 | -29.1 | -25.4 |
| Addnode Group | 34.3 | 27.3 | 34.0 | 63.4 | 33.7 | 22.6 | 42.2 | 69.5 | 168.0 | 159.0 |
| 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2015 | Full Year | Full Year | |
| EBITA-margins, % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 2015 | 2014 |
| Design Mgt | 9.4% | 5.0% | 8.8% | 11.7% | 7.4% | 5.8% | 8.1% | 9.9% | 7.9% | 9.0% |
| PLM Mgt | 11.0% | 13.7% | 12.6% | 23.7% | 9.5% | 5.6% | 8.5% | 13.6% | 10.3% | 15.7% |
| Process Mgt | 14.4% | 14.4% | 17.1% | 19.4% | 13.9% | 13.8% | 19.7% | 16.7% | 15.9% | 16.4% |
| Content Mgt | 1.1% | 0.5% | 2.9% | 0.8% | 6.7% | 6.2% | 5.1% | 6.4% | 6.1% | 1.3% |
| Addnode Group | 8.3% | 7.4% | 9.6% | 13.7% | 7.8% | 5.8% | 9.0% | 11.3% | 8.8% | 9.9% |
| Average number of employees |
2014 Q1 |
2014 Q2 |
2014 Q3 |
2014 Q4 |
2015 Q1 |
2015 Q2 |
2015 Q3 |
2015 Q4 |
Full Year 2015 |
Full Year 2014 |
| Design Mgt | 294 | 298 | 314 | 316 | 317 | 321 | 316 | 314 | 317 | 306 |
| PLM Mgt | 162 | 162 | 165 | 161 | 160 | 160 | 385 | 408 | 281 | 163 |
| Process Mgt | 279 | 276 | 273 | 272 | 277 | 271 | 271 | 281 | 275 | 275 |
| Content Mgt | 149 | 142 | 137 | 128 | 124 | 124 | 130 | 122 | 125 | 138 |
| Central | 8 | 8 | 7 | 8 | 8 | 8 | 7 | 7 | 7 | 8 |
| Addnode Group | 892 | 886 | 896 | 885 | 886 | 884 | 1,109 | 1,132 | 1,005 | 890 |
* EBITA and EBITA margin reported in this section excluding capital gains and revaluation of contingent consideration.
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 102.9 M on December 31, 2015 (72.4 on December 31, 2013). Cash flow from operating activities amounted to SEK 143.8 M (152.5) in 2015. Cash flow from investing activities for 2015 included payments of contracted and already expensed purchase considerations totaling SEK 8.4 M for company acquisitions implemented in prior years. In addition, payments of SEK 43.2 M (29.9) were made for proprietary software. During the second quarter, a share dividend totaling SEK 66.6 M was paid. At the end of June and beginning of July, a new bank loan of MSEK 94.0 was raised ahead of the acquisition of Transcat GmbH in early July. On December 31, 2015, the Group's interest-bearing liabilities were negative in an amount of SEK 126.6 M (40.4) and the net interestbearing assets and liabilities amounted to SEK -23.2 M (33.2). The equity/assets ratio was 48 percent (56) on December 31, 2015. The Parent Company has an existing agreement for a credit facility amounting to SEK 100 M. In addition, the Parent Company signed an agreement in January 2015 for a four-year credit facility of up to SEK 200 M to finance future acquisitions, of which a suborder of SEK 94 M was placed in June and early July 2015. Of the new bank loans, SEK 43 M has a term of six months and SEK 51 M a term of 12 months, but the debt amount can be re-borrowed thereafter in its entirety within the framework of the total amount of the credit facility. At the beginning of January 2016, the bank loan with a term of six months was renewed for an unchanged amount and with a new term of six months. A bank loan of a further SEK 29 M with a term of twelve months was placed at the end of January 2016.
Investments in intangible and tangible fixed assets amounted to SEK 61.1 M (53.9), of which SEK 43.2 M (29.9) pertained to proprietary software, SEK 0.0 M (8.2) to customer agreements and SEK 17.2 M (13.8) pertained to equipment.
On December 31, 2015, the consolidated carrying amount of goodwill amounted to SEK 889.2 M (738.7). The carrying amount on brands totaled SEK 12.1 M (12.4). Other intangible assets amounted to SEK 159.9 M (123.8) and pertained primarily to customer agreements and software. The increase in the value of goodwill and other intangible assets in 2015 was largely attributable to the acquisition of Transcat GmbH.
On December 31, 2015, total recognized deferred tax assets amounted to SEK 12.9 M, of which SEK 8.2 M pertained to tax loss carryforwards. The Group's accumulated loss carryforwards amounted to approximately SEK 49 M on December 31, 2015. The deferred tax assets attributable to tax loss carryforwards are recognized as assets insofar as it is probable that the tax loss carryforwards will be deductible against surpluses in future taxation.
On December 31, 2015, shareholders' equity amounted to SEK 916.6 M (872.7), corresponding to SEK 30.12 (29.47) per share outstanding. During the second quarter, share dividends totaling SEK 66.6 M were paid. During the third quarter of 2015, a new share issue was made of 338,739 Series B shares comprising a private placement to the sellers and the transfer of 477,497 Series B treasury shares to the sellers as partial payment for the shares in Transcat GmbH. The decision on the new share issue and the transfer of Series B treasury shares was made by the Board of Directors with the authorization granted by the Annual General Meeting on May 6, 2015. The changes in the number of shares outstanding and shareholders' equity are shown on page 12. On December 31, 2015, there were no outstanding sharesavings, options or convertibles programs.
Provisions, which in the consolidated balance sheet are included among long-term and current liabilities, amounted to SEK 53.7 M on December 31, 2015, of which SEK 45.7 M pertained to estimated conditional purchase considerations for implemented company acquisitions. The provisions for estimated conditional purchase considerations increased SEK 46.3 M in connection with company acquisitions in 2015. During the first half of 2015, payments relating to conditional purchase considerations previously recognized as liabilities were made in the amount of SEK 4.2 M.
During 2015, the average number of employees in the Group was 1,005 (890). At the end of the year, the number of employees was 1,202 (934 on December 31, 2014).
On July 1, 2015, an agreement was signed to acquire all shares in the German company, Transcat GmbH, with transfer on the same date. Most of the business is
conducted in Germany, but operations are also conducted in Austria and Slovakia through subsidiaries. In 2014, the acquired operations reported net sales of approximately SEK 450 M, with EBITDA of about SEK 23 M. The company has about 200 employees expressed as FTEs. Transcat is one of Europe's leading suppliers of IT solutions for product information (PLM solutions) based on Dassault Système's brands and a portfolio of proprietary products. In addition, Transcat offers consulting services, advice regarding project design, training and user support. Addnode Group's Product Lifecycle Management business area is already the leading supplier of customized PLM systems in the Nordic region and one of the leading suppliers in Europe. The business area's operation is conducted primarily through the subsidiary, Technia. Transcat is included in the Product Lifecycle Management business area from the date of transfer and will complement Technia both strategically and operatively. The acquisition is in line with Addnode Group's strategy to become a leading European supplier of design and PLM products and their associated services. The combined TechniaTranscat will be market leading in the European PLM market. The acquisition will provide Addnode Group with greater expertise and the potential for synergy effects, and means that the Group is establishing operations in Germany. The purchase consideration paid on the transfer date comprised a cash payment of SEK 55.4 M, which was financed within the framework of existing credit facilities, a vendor's mortgage issued by Addnode Group in an amount corresponding to SEK 10.2 M, and newly issued and transferred Series B treasury shares in Addnode Group, valued at SEK 42.4 M. The decision about the new share issue and the transfer of Series B treasury shares was made with the support of the authorization from the Annual General Meeting on May 6, 2015. During the fourth quarter, SEK 16.0 M in cash was paid to the sellers of Transcat pertaining to the actual settlement of net cash and working capital at the date of transfer. Depending on the actual outcome of the acquired companies' earnings during the 2015-2016 period, a conditional cash purchase consideration within the range of zero up to a maximum undiscounted amount of EUR 5 M, equivalent to about SEK 46 M, may be payable. According to the acquisition assessment, identified acquisition-related intangible assets amounted to about SEK 36 M, signifying a deferred tax liability of approximately SEK 11 M. Preliminary goodwill amounted to approximately SEK 169 M and the conditional purchase consideration amounted to approximately SEK 46 M, which is recognized in the consolidated balance sheet at December 31, 2015. Other acquired assets and liabilities pertain primarily to accounts receivable,
prepaid expenses, cash and cash equivalents and prepaid income. Further information about identifiable net assets, goodwill, purchase considerations and the acquisition's impact on Group cash and cash equivalents is disclosed on page 16. During 2015, the acquisition contributed net sales of approximately SEK 264 M to the Addnode Group, and had a positive impact of SEK 14 M on the Group's profit after tax. If the acquisition had been implemented on January 1, 2015, consolidated net sales for 2015 would have amounted to approximately SEK 2,128 M and profit after tax to about SEK 98 M. Costs totaling SEK 3.3 M for implementing the acquisition are included in Addnode Group's other external costs for 2015.
On February 1, 2016, an agreement was signed to acquire all shares in 5D Systemkonsult AB, with completion on the same date. During the fiscal year of May 2014 - April 2015, the company had net sales of SEK 22 M and an operating profit of SEK 4 M. This is a Swedish software company that provides building systems to customers in both the private and public sectors. 5D Systemkonsult has 20 employees and will become a part of the Design Management business area, which has a strong offerings history in terms of providing systems to the construction and property sector. The acquisition will supplement and strengthen these offerings further.
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. More detailed information is available in Note 19 of the 2014 Annual Report. In 2015, there were no significant changes in holdings or the valuation of financial instruments attributable to Level 3 of the fair-value hierarchy under IFRS 13 and there were no transfers between the levels in the valuation hierarchy. On December 31, 2015, the Group had no outstanding foreign exchange forward contracts.
Net sales amounted to SEK 7.3 M (6.6), which pertained primarily to invoicing subsidiaries for services rendered. Profit before tax amounted to SEK 84.1 M (68.6), including dividends from subsidiaries totaling SEK 55.0 M (44.2), impairment of shares in subsidiaries totaling SEK 25.0 M (28.2) and the reversal of previous impairments of shares in subsidiaries totaling SEK 0.0 M (47.0). Cash and cash equivalents totaled SEK 80.3 M (11.2) on December 31, 2015. Investments in shares in
subsidiaries amounted to SEK 173.7 M, shareholder contributions to subsidiaries amounted to SEK 199.9 M and the transfer of shares in subsidiaries to other Group companies amounted to SEK 208.9 M. No significant investments were made in intangible or tangible fixed assets. During the second quarter, a share dividend totaling SEK 66.6 M was paid. During the third quarter of 2015, a new share issue was made of 338,739 Series B shares comprising a private placement to the sellers and the transfer of 477,497 Series B treasury shares to the sellers as partial payment for the shares in Transcat GmbH. The decision on the new share issue and the transfer of Series B treasury shares was made by the Board of Directors with the authorization granted by the Annual General Meeting on May 6, 2015. The provisions for estimated conditional purchase considerations increased SEK 46.3 M in connection with company acquisitions in 2015. During the first half of 2015, payments relating to conditional purchase considerations previously recognized as liabilities were made in the amount of SEK 4.2 M. The Parent Company has an existing agreement for a credit facility amounting to SEK 100 M. In addition, the Parent Company signed an agreement in January 2015 for a credit facility of up to SEK 200 M with a four-year term to finance future acquisitions. Of this credit facility, SEK 94 M was placed in June and the beginning of July, with a further SEK 29 M being placed at the end of January 2016.
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 Swedish Annual Accounts Act and recommendation RFR 2 Accounting for Legal Entities. The new standards, amendments and interpretations of existing standards that gained legal force in 2015 had no impact on Addnode Group's financial position or financial reports. The accounting policies and calculation methods are unchanged compared with the description in the 2014 Annual Report.
Addnode Group's significant risks and uncertainties are described in the 2014 Annual Report on pages 10- 11 and in the section "Risks and uncertainties" on pages 35-36, as well as in notes 37 and 38 on pages 67-69. No significant changes have subsequently occurred.
The Board has not changed its assessment of the future outlook compared with the preceding quarter. In the interim report for the January - September 2015 period, the Board submitted the following future outlook:
In the long-term, the areas in which 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, 2016
Board of Directors
This interim report has not been audited.
| Owners | Capital, % | Votes, % |
|---|---|---|
| Vidinova1) | 24.4 | 26.8 |
| Aretro Capital Group2) | 12.4 | 23.6 |
| Swedbank Robur Fonder | 9.6 | 7.3 |
| Lannebo Fonder | 8.0 | 6.1 |
| Handelsbanken Fonder | 5.1 | 3.9 |
| Avanza Pension | 3.5 | 2.7 |
| Didner & Gerge Fonder | 3.3 | 2.5 |
| Fjärde AP-Fonden | 2.7 | 2.0 |
| Multiple Choice Företagsservice | 0.2 | 1.7 |
| E Öhman Jr Fonder | 1.9 | 1.5 |
| Other shareholders | 28.9 | 21.9 |
| 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.
Growth 10%
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.
50% 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 President and CEO Phone: +46 (0) 733 772 430 E-mail: [email protected]
Johan Andersson CFO and Head of Investor Relations Phone: +46 (0) 704 205 831 E-mail: [email protected]
Addnode Group AB (publ), org nr 556291-3185 Hudiksvallsgatan 4 B SE-113 30 Stockholm Phone: +46 8 506 66 210 www.addnodegroup.com
Interim report, first quarter 2016 April 27, 2016
Annual General Meeting 2016 April 28, 2016
Interim report, second quarter 2016 July 22, 2016
Nine months report 2016 October 26, 2016
Addnode Group offers operation-critical IT solutions to selected markets within both the private and public sectors. We acquire, build and develop companies that deliver operation-critical IT solutions for specific needs from our customers.
Every day, 500,000 engineers use our systems to develop and maintain products, buildings and installations. 100,000 employees in the public sector use our solutions for municipal and government management.
Addnode Group has 1,200 employees in Denmark, Finland, India, Norway, Serbia, Slovakia, the UK, Sweden, Germany, the US and Austria. Net sales in 2015 amounted to SEK 1,900 M. Addnode Group's Series B share is listed on the Nasdaq Stockholm, Small Cap. For more information about Addnode Group, visit www.addnodegroup.com
Dividend policy
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| (SEK M) | 2015 | 2014 | 2015 | 2014 |
| Net sales | 614,4 | 461,4 | 1 900,8 | 1 598,6 |
| Operating costs: | ||||
| Purchases of goods and services | -247,9 | -156,3 | -708,0 | -515,9 |
| Other external costs | -73,6 | -56,8 | -236,7 | -192,0 |
| Personnel costs | -232,2 | -194,1 | -817,6 | -749,2 |
| Capitalized work performed by the company for its own | ||||
| use | 12,7 | 12,0 | 43,2 | 29,9 |
| Revaluation of conditional purchace price | 34,3 | 34,3 | ||
| Depreciation and write-downs of | ||||
| - tangible fixed assets | -3,9 | -2,8 | -13,7 | -12,4 |
| - intangible fixed assets | -11,5 | -39,2 | -42,0 | -64,8 |
| Total operating costs | -556,4 | -402,9 | -1 774,8 | -1 470,1 |
| Operating profit | 58,0 | 58,5 | 126,0 | 128,5 |
| Financial income | 1,1 | 2,1 | 2,5 | 4,2 |
| Financial expenses | -1,9 | -0,4 | -3,9 | -2,9 |
| Profit before taxes | 57,2 | 60,2 | 124,6 | 129,8 |
| Current tax | -6,6 | -4,6 | -18,8 | -14,9 |
| Deferred tax | -5,1 | -8,0 | -10,3 | -14,7 |
| NET PROFIT FOR THE PERIOD | 45,5 | 47,6 | 95,5 | 100,2 |
| Attributable to: | ||||
| Shareholders of the Parent company | 45,5 | 47,6 | 95,5 | 100,2 |
| Minority share | 0,0 | 0,0 | 0,0 | 0,0 |
| Earnings per share before dilution, SEK | 1,50 | 1,61 | 3,18 | 3,40 |
| Earnings per share after dilution, SEK | 1,50 | 1,61 | 3,18 | 3,38 |
| Average number of outstanding shares: | ||||
| Before dilution, millions | 30,4 | 29,6 | 30,0 | 29,5 |
| After dilution, millions | 30,4 | 29,6 | 30,0 | 29,6 |
| Oct - Dec | Full-year | ||||
|---|---|---|---|---|---|
| (SEK M) | 2015 | 2014 | 2015 | 2014 | |
| Net profit for the period | 45.5 | 47.6 | 95.5 | 100.2 | |
| Other comprehensive income, items which will not be reclassified to the consolidated income statement: |
|||||
| Actuarial gains and losses regarding pension commitments | -0.2 | -0.2 | |||
| Other comprehensive income, items which may be reclassified to the consolidated income statement: |
|||||
| Translation differences on consolidation | -17.3 | -13.7 | -27.9 | 5.2 | |
| Hedges of net investments in foreign subsidiaries | 1.7 | 1.3 | 0.8 | -1.0 | |
| Total other comprehensive income after tax for the period | -15.6 | -12.4 | -27.1 | 4.2 | |
| COMPREHENSIVE INCOME FOR THE PERIOD | 29.9 | 35.2 | 68.4 | 104.4 | |
| Attributable to: | |||||
| Shareholders of the Parent company | 29.9 | 35.2 | 68.4 | 104.4 | |
| Minority share | 0.0 | 0.0 | 0.0 | 0.0 |
| Dec 31, | Dec 31, | |
|---|---|---|
| (SEK M) | 2015 | 2014 |
| Goodwill | 889,2 | 738,7 |
| Trademarks | 12,1 | 12,4 |
| Other intangible fixed assets | 159,9 | 123,8 |
| Tangible fixed assets | 34,6 | 27,2 |
| Financial fixed assets | 29,6 | 34,9 |
| Inventories | 1,2 | 1,0 |
| Current receivables | 661,6 | 546,5 |
| Cash and cash equivalents | 102,9 | 72,4 |
| TOTAL ASSETS | 1 891,1 | 1 556,9 |
| Shareholders' equity | 916,6 | 872,7 |
| Long-term liabilities | 102,2 | 53,5 |
| Current liabilities | 872,3 | 630,7 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1 891,1 | 1 556,9 |
| Interest-bearing receivables amount to | 0,5 | 1,2 |
| Interest-bearing liabilities amount to | 126,6 | 40,4 |
| Pledged assets | 12,8 | 12,6 |
| Contingent liabilities | 1,8 | 2,3 |
| Oct - Dec | Full-year | ||||
|---|---|---|---|---|---|
| Specification of changes in shareholders' equity | 2015 | 2014 | 2015 | 2014 | |
| Shareholders' equity, opening balance | 886.9 | 838.1 | 872.7 | 834.5 | |
| New share issue | 17.6 | ||||
| Issue expenses | -0.1 | ||||
| Dividend | -66.6 | -66.2 | |||
| Transfer of own shares | 24.8 | ||||
| Acquisition of shares from minority interest | -0.6 | -0.9 | |||
| Incentive program | 0.9 | ||||
| Comprehensive income for the period | 29.7 | 35.2 | 68.2 | 104.4 | |
| Shareholders' equity, closing balance | 916.6 | 872.7 | 916.6 | 872.7 | |
| Shareholders' equity attributable to: | |||||
| Shareholders of the Parent company | 916.6 | 872.7 | 916.6 | 872.7 | |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | |
| Specification of number of shares outstandning, millions |
|||||
| Number of outstanding shares, opening balance | 30.4 | 29.6 | 29.6 | 29.4 | |
| New share issue | 0.3 | ||||
| Transfer of own shares | 0.5 | 0.2 | |||
| Number of outstanding shares, closing balance | 30.4 | 29.6 | 30.4 | 29.6 |
The number of registered shares was 30,088,517 on December 31, 2014 and 30,427,256 on December 31, 2015. Addnode Group's holdings of own shares was 479,884 B-shares on December 31, 2014. During the first quarter 2015 2,387 B-shares have been transferred to one of the participants in Addnode Group's share savings program, which expired in August 2014, whereafter all commitments according to this program have been settled. A new share issue of 338,739 B-shares and transfer of 477,497 own B-shares have been executed in July 2015 as a partial payment for the acquisition of Transcat GmbH. Addnode Group had no holdings of own shares as of December 31, 2015. The number of outstanding shares was 29,608,633 on December 31, 2014 and 30,427,256 on December 31, 2015.
| Oct - Dec | Full-year | ||||
|---|---|---|---|---|---|
| (SEK M) | 2015 | 2014 | 2015 | 2014 | |
| Current operations | |||||
| Operating profit | 58.0 | 58.5 | 126.0 | 128.5 | |
| Adjustment for items not included in cash flow | 19.6 | 6.2 | 56.8 | 34.2 | |
| Total | 77.6 | 64.7 | 182.8 | 162.7 | |
| Net financial items | -1.7 | -0.2 | -3.8 | -1.5 | |
| Tax paid, etc. | 2.7 | 15.1 | -20.8 | -12.4 | |
| Cash flow from current operations | |||||
| before changes in working capital | 78.6 | 79.6 | 158.2 | 148.8 | |
| Total changes in working capital | 19.4 | 17.1 | -14.4 | 3.7 | |
| Cash flow from current operations | 98.0 | 96.7 | 143.8 | 152.5 | |
| Cash flow from investing activities1) | -34.0 | -20.7 | -115.1 | -109.8 | |
| Cash flow from financing activities2) | -5.2 | -48.4 | 6.7 | -86.8 | |
| Change in cash and cash equivalents | 58.8 | 27.6 | 35.4 | -44.1 | |
| Cash and cash equivalents, opening balance | 47.4 | 47.6 | 72.4 | 114.8 | |
| Exchange-rate difference in cash and cash equivalents |
-3.3 | -2.8 | -4.9 | 1.7 | |
| Cash and cash equivalents, closing | |||||
| balance | 102.9 | 72.4 | 102.9 | 72.4 | |
| 1) Specification of investing activities: | |||||
| Acquisition and sales of intangible and | |||||
| tangible fixed assets | -17.9 | -14.2 | -58.6 | -48.2 | |
| Acquisition of financial fixed assets | -5.5 | -3.4 | -5.5 | ||
| Acquisition of subsidiaries and operations Cash and cash equivalents in acquired |
-16.1 | -1.0 | -80.3 | -56.1 | |
| companies | 27.2 | ||||
| Total | -34.0 | -20.7 | -115.1 | -109.8 | |
| 2) Specification of financing activities: | |||||
| Paid dividend | -66.6 | -66.2 | |||
| Change of bank overdraft facility | -43.3 | ||||
| Borrowings | 94.0 | ||||
| Repayment of debts | -5.2 | -5.1 | -20.7 | -20.6 | |
| Total | -5.2 | -48.4 | 6.7 | -86.8 |
| Oct - Dec | Full-year | |||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Net sales, SEK M | 614.4 | 461.4 | 1,900.8 | 1,598.6 |
| Average number of employees | 1,132 | 885 | 1,005 | 890 |
| Net sales per employee, SEK 000s | 543 | 521 | 1,891 | 1,796 |
| Change in net sales, % | 33 | 6 | 19 | 11 |
| EBITA margin, % | 11.3 | 21.2 | 8.8 | 12.1 |
| Operating margin, % | 9.4 | 12.7 | 6.6 | 8.0 |
| Profit margin, % | 9.3 | 13.0 | 6.6 | 8.1 |
| Equity/assets ratio, % | 48 | 56 | 48 | 56 |
| Acid-test ratio, % | 88 | 98 | 88 | 98 |
| Shareholders' equity, SEK M | 916.6 | 872.7 | 916.6 | 872.7 |
| Return on shareholders' equity,% * | 5.0 | 5.6 | 10.8 | 11.9 |
| Return on capital employed, % * | 5.8 | 6.6 | 13.5 | 14.7 |
| Net liabilities, SEK M | 23.2 | -33.2 | 23.2 | -33.2 |
| Debt/equity ratio, multiple | 0.19 | 0.09 | 0.19 | 0.09 |
| Interest coverage ratio, multiple | 46.1 | 93.3 | 49.9 | 58.5 |
| Percentage of risk-bearing capital, % | 49 | 56 | 49 | 56 |
| Investments in equipment, SEK M | 6.0 | 2.1 | 17.2 | 13.8 |
* Key figures for the various interim periods have not been adjusted to return on an annual basis.
| Oct – Dec | Full-year | ||||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | ||
| Average number of outstanding shares after | |||||
| dilution, millions | 30.4 | 29.6 | 30.0 | 29.6 | |
| Total number of outstanding shares, millions | 30.4 | 29.6 | 30.4 | 29.6 | |
| Total number of registered shares, millions | 30.4 | 30.1 | 30.4 | 30.1 | |
| Earnings per share after dilution, SEK | 1.50 | 1.61 | 3.18 | 3.38 | |
| Shareholders' equity per share, SEK | 30.12 | 29.47 | 30.12 | 29.47 | |
| Dividend per share, SEK | - | - | 1) 2.25 |
2.25 | |
| Stock-market price at end of period, SEK | 61.25 | 46.10 | 61.25 | 46.10 | |
| P/E ratio | - | - | 19 | 14 | |
| Share price/shareholders' equity | 2.03 | 1.56 | 2.03 | 1.56 |
1) According to proposal from the board.
The figures below refer to the respective full year.
| (SEK M) | DESIGN MGT | PLM MGT | PROCESS MGT | CONTENT MGT | CENTRAL | ELIM / OTHER1) |
ADDNODE GROUP |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| REVENUE External sales Transactions between |
824.0 | 778.6 | 512.6 | 263.6 | 438.9 | 429.4 | 124.7 | 126.9 | 0.6 | 0.1 | 1,900.8 | 1,598.6 | ||
| segments | 3.7 | 1.9 | 1.4 | 3.2 | 15.2 | 15.1 | 10.1 | 9.3 | -30.4 | -29.5 | 0.0 | 0.0 | ||
| Total revenue | 827.7 | 780.5 | 512.6 | 263.6 | 440.3 | 432.6 | 139.9 | 142.0 | 10.7 | 9.4 | -30.4 | -29.5 | 1,900.8 | 1,598.6 |
| EBITA | 65.8 | 70.3 | 52.7 | 41.4 | 70.0 | 70.9 | 8.6 | 1.8 | -29.1 | -25.4 | 34.3 | 168.0 | 193.3 | |
| EBITA margin | 7.9% | 9.0% | 10.3% | 15.7% | 15.9% | 16.4% | 6.1% | 1.3% | 8.8% | 12.1% | ||||
| Operating profit Operating margin |
47.0 5.7% |
53.6 6.9% |
46.3 9.0% |
38.2 14.5% |
54.4 12.4% |
57.5 13.3% |
7.4 5.3% |
0.3 0.2% |
-29.1 | -25.4 | 4.3 | 126.0 6.6% |
128.5 8.0% |
|
| Average number of employees |
317 | 306 | 281 | 163 | 275 | 275 | 125 | 138 | 7 | 8 | 1,005 | 890 |
1) In the column "Elim / Other" above, the EBITA regarding 2014 has been affected with SEK 34.3 M due to revaluation of conditional purchase price for acquired companies. In the same column, the EBIT regarding 2014 has also been affected with SEK -30.0 M due to impairment of goodwill.
Addnode Group's operations are organized and managed based on the business areas Design Management, Product Lifecycle Management (PLM), Process Management and Content Management, which are the Group's operating segments. There have been no changes in the segment division or calculation of segment results since the most recently published Annual Report. Segments are reported according to the same accounting principles as the Group. The difference between the sum of the segments' operating income and consolidated income before tax is, beside the items in the column "Elim / Other" above, attributable to financial income of SEK 2.5 M (4.2) and financial expenses of SEK -3.9 M (-2.9). Acquisition of subsidiaries have increased the total assets of Product Lifecycle Management with approximately SEK 300 M compared to the information in the most recent annual report. Otherwise, there have been no significant changes in the segments' assets, compared to the information in the most recent annual report.
| (SEK M) | 2015 | 2014 | 2013 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
| Net sales | 1,900.8 | 614.4 | 467.3 | 387.3 | 431.8 | 1,598.6 | 461.4 | 354.5 | 371.3 | 411.4 | 1,443.5 | 433.5 | 301.4 | 337.9 | 370.7 |
| EBITA | 168.0 | 69.5 | 42.2 | 22.6 | 33.7 | 193.3 | 97.7 | 34.0 | 27.3 | 34.3 | 110.7 | 53.9 | 8.7 | 19.5 | 28.6 |
| Operating profit | 126.0 | 58.0 | 30.8 | 12.8 | 24.4 | 128.5 | 58.5 | 25.1 | 18.5 | 26.4 | 85.9 | 46.1 | 2.6 | 13.9 | 23.3 |
| Profit before taxes | 124.6 | 57.2 | 29.6 | 12.2 | 25.6 | 129.8 | 60.2 | 25.0 | 19.2 | 25.4 | 85.7 | 46.2 | 2.1 | 13.6 | 23.8 |
| Profit after taxes | 95.5 | 45.5 | 21.7 | 8.7 | 19.6 | 100.2 | 47.6 | 19.0 | 14.4 | 19.2 | 62.9 | 34.0 | 0.9 | 9.9 | 18.1 |
| EBITA margin | 8.8% | 11.3% | 9.0% | 5.8% | 7.8% | 12.1% | 21.2% | 9.6% | 7.4% | 8.3% | 7.7% | 12.4 % 10.6 |
2.9% | 5.8% | 7.7% |
| Operating margin | 6.6% | 9.4% | 6.6% | 3.3% | 5.7% | 8.0% | 12.7% | 7.1% | 5.0% | 6.4% | 6.0% | % | 0.9% | 4.1% | 6.3% |
| Cash flow from current operations Average number of |
143.8 | 98.0 | -18.0 | 23.3 | 40.5 | 152.5 | 96.7 | -29.9 | 13.9 | 71.8 | 118.8 | 54.4 | -1.4 | 20.2 | 45.6 |
| employees | 1,005 | 1,132 | 1,109 | 884 | 886 | 890 | 885 | 896 | 886 | 892 | 859 | 901 | 877 | 852 | 825 |
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:
| OTHER | ||||||||
|---|---|---|---|---|---|---|---|---|
| (SEK M) | TRANSCAT | ACQUISITIONS | TOTAL | |||||
| Customer agreements and computer software | 38 | 38 | ||||||
| Tangible fixed assets | 6 | 6 | ||||||
| Financial fixed assets | 2 | 2 | ||||||
| Receivables | 68 | 68 | ||||||
| Cash and cash equivalents | 27 | 27 | ||||||
| Long-term liabilities | -5 | -5 | ||||||
| Current liabilities | -125 | -125 | ||||||
| Deferred tax, net | -10 | -10 | ||||||
| Identified net assets | 1 | 0 | 1 | |||||
| Goodwill | 169 | 1 | 170 | |||||
| Total purchase prices | 170 | 1 | 171 | |||||
| Purchase prices paid with new share issues and | ||||||||
| transferred own shares | -43 | -43 | ||||||
| Long-term and current liabilities to sellers | -10 | -10 | ||||||
| Provisions for conditional purchase prices | -46 | -46 | ||||||
| Purchase prices paid in cash for acquisitions 2015 |
71 | 1 | 72 | |||||
| Purchase prices paid in cash for acquisitions 2015 | -71 | -1 | -72 | |||||
| Paid purchase prices for acquisitions earlier years | -8 | -8 | ||||||
| Cash and cash equivalents in acquired subsidiaries | 27 | 27 | ||||||
| Impact on the group's cash and cash equivalents |
-44 | -9 | -53 |
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.
| Oct - Dec | Full-year | |||||
|---|---|---|---|---|---|---|
| (SEK M) | 2015 | 2014 | 2015 | 2014 | ||
| Net sales | 2.9 | 2.5 | 7.3 | 6.6 | ||
| Operating expenses | -5.9 | -6.1 | -25.7 | -24.8 | ||
| Operating result | -3.0 | -3.6 | -18.4 | -18.2 | ||
| Financial income | 53.9 | 42.6 | 105.8 | 89.9 | ||
| Financial expenses | -1.2 | -0.2 | -3.3 | -3.1 | ||
| Profit before taxes | 49.7 | 38.8 | 84.1 | 68.6 | ||
| Tax | -11.7 | -1.1 | -11.7 | -1.1 | ||
| NET PROFIT FOR THE PERIOD | 38.0 | 37.7 | 72.4 | 67.5 |
| Dec 31, | Dec 31, | |
|---|---|---|
| (SEK M) | 2015 | 2014 |
| Tangible fixed assets | 0.0 | 0.0 |
| Financial fixed assets | 1,143.1 | 1,013.8 |
| Current receivables | 160.0 | 83.5 |
| Cash and cash equivalents | 80.3 | 11.2 |
| TOTAL ASSETS | 1,383.4 | 1,108.5 |
| Shareholders' equity | 865.1 | 816.8 |
| Provisions | 46.7 | 4.7 |
| Long-term liabilities | 5.1 | 15.5 |
| Current liabilities | 466.5 | 271.5 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,383.4 | 1,108.5 |
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.
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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