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CBRAIN — Annual Report (ESEF) 2023
Aug 23, 2023
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cBrain A/S · Kalkbraenderiloebskaj 2 · DK-2100 Copenhagen, Denmark · CVR no. 24233359
January 1 – June 30, 2023 Interim Report 2023
cBrain reports all-time high revenue growth of 39% and earnings before tax (EBT) of 35%
Strong financial performance and new customer wins show the good progress cBrain is making on the 2023 - 2025 growth plan. During the first half year cBrain has also reached strategic milestones including the release of the F2 Service Builder
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Per Tejs Knudsen, CEO 6 | Interim Report 2023
Financial Highlights
| T.DKK | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|
| FINANCIAL RATIOS | |||
| Revenue growth rate | 39% | 27% | 22% |
| Profit margin (EBIT) | 37% | 25% | 26% |
| Return of investment (ROI) | 13% | 10% | 15% |
| EBT-margin | 35% | 25% | 26% |
| Liquidity ratio | 153% | 254% | 102% |
| Solvency ratio | 55% | 60% | 53% |
| Return on equity | 21% | 14% | 25% |
| STOCK MARKET RATIOS | |||
| Number of shares | 1,000 pcs. | 20.000 | 20.000 |
| Book Value per Share (BVPS) | 10,08 | 7,54 | 8,48 |
| Basic EPS | 1,81 | 0,95 | 1,92 |
| Diluted EPS (DEPS) | 1,85 | 0,97 | 1,96 |
| ENVIRONMENTAL AND SOCIAL DATA | |||
| Average number of employees (FTEs) | 164 | 137 | 152 |
| Gender diversity, all employees | 41% | 38% | 43% |
| Scope 1 & 2 CO₂ e emissions (tonnes) | 33 | 35 | 99 |
| T.DKK | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|
| INCOME STATEMENT | |||
| Revenue | 131.780 | 95.013 | 187.924 |
| Operating profit (EBIT) | 48.461 | 24.071 | 49.379 |
| Depreciation and amortisation | -10.353 | -9.775 | -18.853 |
| Financial items, net | -1.733 | 101 | -451 |
| Result before tax (EBT) | 46.728 | 24.172 | 48.928 |
| Profit for the period | 36.196 | 19.052 | 38.383 |
FINANCIAL POSITION | | |
Cash and cash equivalents | 3.632 | 61.482 | 2.225
Trade receivables | 77.064 | 67.818 | 40.516
Total assets | 364.879 | 250.762 | 322.693
Total equity | 201.566 | 150.837 | 169.502
CASH FLOWS | | |
Cash flow from operating activities | 19.635 | 7.321 | 62.312
Cash flow from investing activities | -12.230 | -13.315 | -226.443
Investments in PPE, net | -648 | -1.815 | -205.494
Cash flow from financing activities | -5.998 | -4.705 | 94.175
Amounts are presented in European format
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REVENUE (DKK) 132m
REVENUE GROWTH 39%
EBT MARGIN 35%
SOFTWARE SALES 80%
EXPORT SALES 45%
SHARE OF REVENUE | SHARE OF REVENUE
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Key financial highlights:
Total revenue increased 39% or DKK 37 Million during the first six months of 2023 compared to the same period in 2022, driven primarily by higher Exports and sales of Software.
- Total revenue grew 39% to DKK 132 Million during the first six months of 2023, compared to DKK 95 Million in the same period in 2022.
- Exports increased 68% or DKK 24 Million during the first six months of 2023 compared to the same period in 2022. Exports now account for 45% or DKK 60 Million of total revenue.
- Sales of Software increased 56% or DKK 37 Million during the first six months of 2023 compared to the same period in 2022. In the same period sales of Services decreased -4%. Software sales now account for 80% of total revenue.
- Profit before tax (EBT) increased 93% to DKK 47 Million during the first six months of 2023, compared to DKK 24 Million in the same period in 2022. As of June 30, 2023 the EBT-margin is 35%.
Property, plants and equipment (PPE)
In autumn 2022 cBrain entered into an agreement to purchase the Utzon House as the new headquarter located in Nordhavn, Copenhagen. As of June 30, 2023, the property including improvements had a carrying amount of DKK 200 Million. Prior year as of June 30, 2022, cBrain was tenant of the same property from a third-party lessor and the office lease agreement was included in cBrain’s balance sheet according to the accounting practice for leases with a carrying amount of DKK 54 Million corresponding to 6 years discounted lease payments.
Liquidity and Capital Resources
In 2022 cBrain spent DKK 206 Million on investment in the new headquarter including improvements and fixtures. 50% of the investments were paid by cash which reduced cBrains cash balance by approx. DKK 100 Million. cBrain believes its balance of cash and cash equivalents, which totaled DKK 4 Million as of June 30, 2023, along with trade receivables DKK 77 Million and cash generated by ongoing operations will be sufficient to satisfy its cash requirements over the next 12 month and beyond.
Debt and Interest Rate Risk
As of June 30, 2023, cBrain had outstanding variable- rate mortgages loans (borrowings) with a total carrying amount of DKK 97 Million, with repayments of DKK 5 Million within the next 12 months. Management regularly reviews its interest rate exposures. The effect of expected higher interest rates during the next 12 months is not expected to significantly affect the financial statements. cBrain has chosen to not fix the interest rate as the cost of this is assessed to be higher than the expectations for the cost of increased interest rates.
Shareholders’ Equity
During the six months ended June 30, 2023, cBrain repurchased 3.335 treasury shares. Management is authorized by the general meeting to repurchase up to 10% of its share capital.
Financial remarks
cBrain is pleased to report an all-time record in exports and sales of software
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Outlook - Expectations for the year
For the fiscal year 2023, cBrain guided revenue growth of 15-20% and earnings before tax (EBT) of 18-22%. August 7, 2023 cBrain announced that the preliminary results for the first half of 2023 have exceeded expectations with higher revenue growth and earnings. As a result, the full-year revenue growth guidance for 2023 was revised and increased to 20-25%, up from the previous range of 15-20%. The higher than expected revenue growth is primarily driven by increased software sales of F2 user licenses. Consequently, cBrain anticipates a different split between software revenue and services revenue, with a higher percentage of software revenue. Software revenue based on user licenses drives a higher earnings margin than consulting services, and the higher than expected revenue growth therefore has a significant impact on earnings. As a result, the full-year guidance for earnings before tax (EBT) was revised and increased to 20-25%, up from the previous range of 18-22%. The robust first-half year development positions cBrain favorably, and indicates that cBrain has successfully embarked on its extended growth plan for 2023-2025. Additionally, it enables cBrain to make further investments to support the growth plan. Among these investments is the launch of the AI for Government initiative, which focuses on developing AI functionality and seamlessly integrating it as a fully integrated part of the F2 software.
Significant transactions with related parties
Apart from the management’s remuneration, there have been no transactions with the management and members of Board of Directors.
Events after balance sheet date
From the balance sheet date until the date of the submission of this interim report, no events of significance for the interim report have occurred, that are not recognized or referred to in the interim report.
cBrain Annual General Meeting, April 2023
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Risk factors
The Company’s business, reputation, competition, results of operations, financial condition and share price can be affected by a number of factors, whether currently known or unknown, including those described in the Annual Report 2022 (Årsrapport 2022). When any one or more of these risks materialize from time to time, the Company’s business, reputation, competition, results of operations, financial condition and share price can be materially and adversely affected. As none of the risk factors identified in the Annual report 2022 have significantly changed, the detailed argumentations for those risk factors are not repeated here. Changes in the risk factors that management have identified are described on the right. An additional risk (#6) has been identified and is described below: Legal risks entering new business environments e.g., Asia and Africa. This discussion of risk factors contains forward-looking statements.
| Probability | Low | High |
|---|---|---|
| Risk Factors | Financial impact | Insignificant |
| 1 | Decline in demand | |
| 2 | Cyber attack | |
| 3 | Fail to retain and attract talent | |
| 4 | Fail to build F2 expert centers | |
| 5 | Competitors build standard platforms for Government | |
| 6 | Legal risk from entering new geographical markets |
Decline in demand
cBrain does not foresee a decline in demand. On the contrary.
Cyber attack
Fail to retain and attract talent
Fail to build F2 expert centers
cBrain has launched F2 Service Builder. It is expected that it will increase interest in the market and thereby lower the risk for failing in building F2 expert centers.
Competitors build standard platforms for Government
It must be expected that standard platforms for Government will show up at some point and thereby increase competition.
Additional risk factor identified by management: Legal risks from entering new geographical markets
- Cause: cBrain is increasingly entering into new markets, where business and commercial conditions are different and sometimes challenging.
- Risk: cBrain fails to foresee and mitigate those risks including compromising cBrains values and culture and thereby facing reputational and financial risks.
- Mitigation: cBrain has developed and implemented policies and processes for due diligence and ethical issues. Increased attention from audit committee.
- Probability: Below medium due to strong culture, education and training, proper process and management awareness.
Changes in the risk factors that management have identified
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Our Business
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Market and Value Proposition
cBrain has developed F2, a highly flexible digital platform which can easily be configured to support all government work processes, communication and case management. With the F2 digital platform, cBrain offers government organizations the opportunity to digitize based on standard software instead of traditional custom-built solutions.# This eliminates a significant portion of the IT work related to digital transformation and offers government entities substantial business benefits through cost reductions, faster delivery, and accelerated digital transformation.
The F2 digital platform is a proven solution and it is based on a model for digital bureaucracy and best practices, that have been developed in close collaboration with Danish government. Currently, more than 75 Danish government entities, including most Danish ministries, use F2 as their digital platform. Additionally, F2 has been successfully implemented for government usage across 5 continents, including countries such as Egypt, France, Germany, Guyana, Kenya, The Emirates, UK, and USA.
The adoption of standard software represents a disruptive and game-changing approach. It challenges the traditional IT consulting industries that have relied on extensive projects and hourly billing practices to establish their business. By challenging one of the largest industries, cBrain faces a significant business opportunity. cBrain intends to capitalize on this opportunity and execute an ambitious international growth plan. Key elements of the growth plan include investing in ”F2 Climate software,” which serves as a door opener and accelerator for export, and investing in the ”F2-for-Partners” concept, which allows cBrain to further scale its business. The growth plan is based on organic growth. cBrain delivers solid growth and earnings with a strong positive cash flow, thereby financing its business without the need for loans.
Transforming government through digitization represents a huge opportunity
Industry analysts estimate that by digitizing processes, based on best practices and aligning the organization, governments can enhance services, improve citizens’ quality of life, while generating savings of over $1 trillion annually worldwide. In parallel, government digitization is fundamental to achieving the 17 United Nations Sustainable Development Goals (SDGs) and is a key tool to combat climate change. Governments around the world are therefore heavily investing in digitization, making government digitization one of the largest industries globally.
However, government organizations often struggle to translate ambitious digitization plans into deliverables and measurable results. This is primarily due to the traditional digitization approach, relying on custom-built solutions and software components, leading to large IT projects and budget overruns.
The adoption of standard software is a game-changing approach
Based on the F2 digital platform, cBrain radically transforms this landscape. By leveraging the F2 standard software and best practices developed through close By leveraging standard software, cBrain offers government organizations fast digital transformation at scale Configurable Standard Software Cost reductions, faster delivery, and accelerated digital transformation
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collaboration with Danish government, cBrain offers government fast digital transformation at scale while effectively sidestepping the pitfalls of large-scale IT projects and budget overruns. The adoption of standard software is a disruptive and game-changing approach. Digital transformation, based on standard software instead of custom-built solutions, eliminates a significant portion of IT-related project tasks. The adoption of standard software brings massive business benefits for government entities due to cost reductions and faster delivery times. Additionally, it poses a significant challenge to a substantial part of the government IT industry, which currently heavily relies on large projects and hourly billings.
At the core of digital transformation projects usually lie three fundamental elements: process innovation, organizational implementation, and the delivery of a new IT system. However, many projects encounter major impediments related to the delivery of a new IT system. Projects based on custom-built are usually delayed and often the IT-related work drains the majority of project time and resources. At the same time leaving insufficient capacity for crucial process innovation and organizational efforts. In contrast, leveraging standard software eliminates a large portion of the IT-related work, and the transformation process gains momentum, accompanied by substantial reductions in costs and risks. As a result, ample time and resources are liberated, empowering government organizations to prioritize process innovation and organizational enhancements, while successfully transforming and meeting their strategic business goals.
Minimizing the IT work frees resources for process innovation and organizational development
When undertaking digital transformation projects based on custom-built software, the major portion of project hours is allocated to IT development. This focus on IT development often becomes a hindrance to digital transformation, as process innovation, organizational change, and implementation are given lower priorities and inadequate resources. The switch to digital transformation, based on standard software instead of custom-built software, drastically reduces the complexity and the hours used for IT. Custom-built solutions can take years to design and deliver, while standard software can be configured and deployed as a ready-to-use solution within weeks or a few months. The adoption of standard software thereby changes the industry. It not only accelerates the speed of digital transformation but also enhances system quality while significantly reducing costs. Moreover, it empowers organizations to focus on the actual benefits of digitalization, driven through process innovation and organizational change.
Configurable standard software enables continued digital transformation
Custom-built solutions are born legacy. Custom-built solutions are by nature hardcoded and they normally dictate large-scale organizational implementation projects, thereby leaving minimal room for learning and subsequent adjustments. In contrast, modern standard software, represented by F2, is remarkably flexible and can be readily re-configured, continuously adapting to changing user requirements, organizational development and process rethinking. Leveraging standard software means that government organizations are no longer burdened with the constraints of legacy systems and large-scale implementation projects. Instead, standard software facilitates continued optimization and automation of service delivery as a natural progression and seamlessly extending beyond the initial project phase. The adoption of standard software thereby enables government organizations to redesign their traditional highly risky large-scale approach into a digital transformation journey at grand scale, based on many small steps, agility, and continuous learning, that are aligned with continued process innovation and organizational adjustments. The adoption of standard software is a game-changing approach. It empowers organizations to focus on the actual benefits of digitalization, driven through process innovation and organizational change.
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cBrain serves customers across 5 continents. F2 has proven that the model for digital bureacracy that was developed in close collaboration with the Danish government can be applied worldwide.
cBrain solutions around the globe
Customers and Solutions
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The F2 Software
F2 is built for government, based on Danish government best practices and the model for digital bureaucracy
cBrain has developed F2 in close collaboration with the Danish government, and today cBrain has invested more than 400.000 hours into developing the F2 digital platform. The development began in 2006, with a focus on studying government processes and resources that facilitate service delivery. A groundbreaking realization was that government organizations function in fundamentally similar ways, based on the fundamental principles of the bureaucracy described by German philosopher Max Weber. This led to the development of generic model for government work known as ”Digital bureaucracy.” Being able to model government processes is a game-changer. Based on the model for digital bureaucracy, it has been possible to develop standard software for government usage, that supports government processes digital and replaces custom-built solutions.
One fully integrated digital platform, supporting all government processes and compliance requirements
Built for government, F2 is a full stack and highly secure digital platform. Accessible from PCs, tablets, and mobile devices, F2 provides formal and informal communication capabilities, meets all compliance and auditing requirements related to case production and content creation, and allows control of organizational roles and responsibilities. Additionally, F2 supports both generic workflows like approvals, hearings, and Freedom of information (FOI) request, as well as customer-specific workflows that facilitate citizen-facing processes from self-service to case processing and filing, along with long-term archiving.
F2 is a highly flexible digital platform which can easily be configured to support all government work processes, communication and case management. Based on the built-in Administrator menu, privileged users can define and set up support for customer specific organization, routines and workflows. This includes a highly efficient approach to process and workflow automation based on a process library. Moreover, F2 is a fully open platform that easily interfaces with other IT systems through an extensive set of API’s (Application Programming Interfaces). F2 thereby represents a unique technology.# F2 Offers Government Organizations Digitization Based on Standard Software
F2 offers government organizations the opportunity to digitize based on standard software instead of traditional custom-built solutions, and due to the flexibility and configuration capabilities, F2 is suitable for nearly any type of government organization, from ministries to agencies, cities, and municipalities. F2 can easily be configured to support any type of government workflow and process. With F2, it is possible to define customer-specific workflows, supporting both internal processes and external citizen-facing processes end-to-end, without making any change to the standard software. A workflow is described by a process sheet, which is attached to a case type and stored in the process library. One fully integrated platform offers out-of-the-box all the functions a government authority needs to run its administration. Standard software ready for operation without custom coding, thereby minimizing risk and implementation time while reducing a lot of consultancy work. Process templates configured for individual mission-critical processes, covering all steps from self-service to case processing, filing and management reporting.
The process sheet is open source and technically referred to as a declaration. The process sheet functions in a manner similar to a sheet in a spreadsheet, and the process sheet is stored totally separated from the basic F2 standard software. It is therefore possible, seamless and fully automated, to upgrade F2 to new versions, regardless of how extensive F2 has been configured. For advanced users, complex workflow and process declarations are built using the F2 toolchain. However, for simpler workflows and processes, cBrain offers an interface to the toolchain called F2 Service Builder. This allows users with limited technical experience to define workflows easily by simply filling out a spreadsheet.
F2 Service Builder Allows Users to Digitize Workflows Simply by Filling Out a Spreadsheet
The F2 Service Builder allows business users and process consultants to digitize workflows easily by filling out a spreadsheet. This includes the definition of end-to-end workflows, encompassing self-service, case processing, filing, and even data extracts and dashboards for controlling and management reporting. Users simply input the process definition into a spreadsheet, detailing all the necessary process steps, including checklists, automated email and letter generation, and more. The completed spreadsheet is then uploaded to the F2 standard software. Should users wish to modify the process definition, they can simply make changes to the spreadsheet and upload the updated version, ready to run.
It may still take time to understand and design a government process, but with the F2 Service Builder, the IT work involved is significantly reduced or almost eliminated, allowing for the rapid setup of well-functioning processes in just a few hours. Additionally, process definitions can be easily reused by copying an existing process, revising the copied sheet, and uploading it as a new process. As a result, the F2 Service Builder provides a unique and efficient approach for government organizations seeking to digitize a large number of processes at a high speed.
F2 Service Builder is a Unique Tool for Both Customers and Partners
By allowing organizations to develop and reuse smart processes, the F2 Service Builder becomes an extremely efficient tool for implementing best practices and driving standardization throughout the organization. This makes the F2 Service Builder a unique tool for external partners who offer large-scale digital transformation to government organizations. With this tool, consulting partners specializing in process optimization and automation can deliver fast and agile digital transformation solutions. Thanks to its flexibility, the process sheets can be easily modified to align with future changes in processes or organizational structures. This enables external consulting partners to offer government customers a truly agile approach, focusing on step-by-step process innovation and organizational development. Concurrently, they can build and provide pre-configured process libraries for their government customers, based on well-established best practices. As a result, cBrain expects the F2 Service Builder to become a pivotal tool within the F2 ecosystem of partners. Through close collaboration with customers and partners, cBrain continuously enhances the functionality of the F2 Service Builder.
F2 Service Builder. Create, maintain and modify workflows, from self-service to case processing and filing - simply by filling out a spreadsheet.
Customers and Growth Plan
F2 is a Proven Solution
Today more than 75 Danish government organizations, including almost all of the Ministries, use F2 as their digital platform. They run on the exact same software and they typically upgrade, fully automated, once a year for new releases of the F2 software. Additionally, F2 has been successfully implemented for government usage across 5 continents, including countries such as Egypt, France, Germany, Guyana, Kenya, The Emirates, UK, and USA.
The cBrain Business Model is Highly Scalable
The adoption of standard software represents a disruptive and game-changing approach. By adopting standard software instead of custom-built solutions, it is possible to eliminate a significant portion of the IT work related to digital transformation. This offers government entities substantial business benefits through cost reductions, faster delivery, and accelerated digital transformation, and in addition it challenges the traditional IT consulting industries that have relied on extensive projects and hourly billing practices to establish their business.
With F2 cBrain challenges one of the largest industries and faces a significant business opportunity. cBrain intends to capitalize on this opportunity and execute an ambitious international growth plan. Key elements of the growth plan include investing in ”F2 Climate Software,” which serves as a door opener and accelerator for export, and investing in the ”F2-for- Partners” concept, which allows cBrain to further scale its business. The growth plan is based on organic growth. cBrain delivers solid growth and earnings with a strong positive cash flow, thereby financing its business without the need for loans. The business model is international and highly scalable, due to F2 product and the partner strategy.
Based on generic government principles and the model for Digital Bureaucracy, F2 digital platform has been proven itself to support governments across the world. cBrain is building an eco-system of international partners, who offers government digital transformation by leveraging the F2 standard software. Thereby cBrain can grow without the linear restrictions of building its own organization.
F2 Climate Software
The fight against climate change and global warming is driven and funded by government, and by use of legislation and financial incentives, politicians have a very strong toolbox. However, political decisions must be implemented by strong and accountable institutions. The reality is therefore that it often take years to execute decisions due to bureaucratic delays, fueled by the lack of digitization and inefficient IT systems.
Climate software helps government organizations to accelerate the deployment of climate action initiatives. Highly transparent while minimizing costs, the software supports a broad portfolio of processes from approvals and grant management to inspections. Climate software means speed of action. Closing the time gap between political decision and bureaucratic execution.
In November 2020 the Danish Parliament adopted a new legislation to take carbon rich farmland out of production. Already in February 2021, the Danish Environmental Protection Agency (EPA) managed to run the first round of the 300 million Euro program. The Danish farmland program has a potential to reduce CO 2 (Carbon Dioxide) emissions by up to 20%. By use of government climate software, the Danish EPA has documented fast track execution, and by executing within months instead of years, Danish government is now leading by example.
F2 Climate Software is standard software. It is based on reusable open source configuration and best practices developed in close collaboration with the Danish EPA. Government climate software can therefore easily be reused across the world, and Denmark has a strong tradition in sharing best practices with other countries.
As an example, a solution designed for the Danish EPA, is now being replicated and deployed by Guyana government to protect and regulate the trade of endangered species and animals in the Amazon rainforest. Thereby demonstrating how governments across the world can reuse and work together to protect and restore biodiversity.
Working with Partners, cBrain Can Offer Fast Digital Transformation for Governments Across the World
A key element of the cBrain growth plan is the F2-for- Partners concept, which enables a new generation of government digital transformation partners. Today the majority of government organizations are served by a huge industry of IT system integrators and consulting firms, that have established their business and heavily rely on extensive projects and hourly billing practices. While this industry continues to deliver rigid legacy solutions based on custom-built solutions and software components, governments struggle to convert ambitious digitization plans into deliverables and measurable results.
The F2-for-Partner concept allows government themselves, or by help of external consulting firms, to take over the configuration and implementation of F2. By leveraging standard software, a large portion of the IT-related work is eliminated.# This frees up time and resources, and empowers government organizations and their digital transformation partners to prioritize process innovation and organizational enhancements, while successfully transforming and meeting their strategic business goals.
With the F2-for-Partner concept, cBrain enables a new generation of government digital transformation firms, who based on in-depth understanding of government best practices offer process innovation and organizational enhancements. By adopting standard software as the basis for digital transformation, these new consulting firms will enable government organizations to redesign their traditional highly risky large-scale initiatives into digital transformation journey at scale, based on many small steps, agility, and continuous learning, that are aligned with continued process innovation and organizational adjustments.
cBrain continues to develop the F2 standard software and best practices This means happy users and low total cost of ownership. Software continuously has to be maintained due to changing user requirements and technology changes, and custom-build solutions erode over time because they are simply too costly and time consuming to maintain. With standard software this is very different. All government organizations who use F2 are on a regular basis upgraded to the latest version.The club of F2 government user organizations, with more than 100 members internationally, face significantly lower total costs of ownership, while avoiding the high ongoing costs of systems maintenance.
It often takes a very long time to develop custom-built solutions. Custom-built solutions are therefore often outdated already when they are delivered, because user requirements or technical standards have changed while the solution was built. At the same time, it is very hard to maintain and upgrade custom-built solutions, the result being that users have to live with the burden of outdated IT-systems. In contrast, standard software offers users continuous Danish Minister of Environment Magnus Heunicke speaking at The Great Danish Water Day hosted by cBrain, May 2023 20 | Interim Report 2023 access to new and upgraded versions of the software. With the ability to easily re-configure custom specific processes and system setup, independently of upgrades, the F2 standard software can be adapted to changing user requirements.
Reusing best practices enables fast track organizational deployment
The digital bureaucracy model is based on government best practices, which is the foundation for the design and functions of the F2 standard software. In parallel with the F2 digital platform, cBrain has also developed a best practice implementation method, called the “F2 Implementation Method”. Digital transformation based on best practices and reuse of standards drive and accelerate change. But to ensure successful transformation, it is important to take organizational readiness into account.
The F2 Implementation Method is therefore based on transformation waves. With this approach, organizational implementation is orchestrated by deploying best practices and functionality aligned with organizational change. This is possible because it is easy to reconfigure the standard software in parallel with process reengineering and organizational development. The wave model is based on 3 elements: a set of overall best practice principles, deployment of generic routines and driving departmental process digitization based on case types. The overall principles set the overall stage for digital ambitions and the speed of change. The overall principles guide the deployment of generic routines and functionality, leading to a specific “Wave Scheme” which directs both an organizational (business) project plan and a technical project plan.
By learning from implementation projects across the world, the F2 best practice implementation method is continuously developed. The F2 best practice implementation method is offered for partners, as part of the F2-for-partners concept, thereby allowing partners to offer global government best practices as part of their digital transformation services.
In collaboration with the Ministry of Foreign Affairs of Denmark, New Delhi, cBrain hosted a Water Roundtable for Indian Minister Delegation, May 2023. 21 | Interim Report 2023
Applied Climate Software for Governments
- Licensing of Trade Endangered Species (CITES) Denmark & Guyana
- Urban Roof-top Gardening Denmark
- Climate Forest Grants Denmark
- Wildlife Regulation Denmark
- Protection of Biodiversity Access Benefit Sharing Nagoya-convention Denmark
- Circular Economy and Waste
- Genetic Resources International
- Waste Export and Import Denmark
- License and Control of Genetically Modified Organisms Denmark
- Extended Producer Responsibility Kenya
- Clean water and air
- Protection of Nature
- Lake and Stream Restoration Denmark
- Environmental Support in the Arctic Denmark
- EU Natura 2000 Protected Areas Denmark
- Waste Water Control Denmark
- Dredging Denmark
- Home Woodstove Removal Denmark
- Sustainable Land Initiative USA
- Energy Efficiency
- Sustainable Land Use
- Energy Efficiency in Companies Egypt
- Climate Lowlands Denmark
- Home Energy Audit Denmark
- Heat Pump Grant Denmark
- Inflation Cash Assistance Denmark
- Drinking Water Protection Denmark
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Stock information
cBrain is a Danish software company listed on NASDAQ OMX Nordic (Symbol: CBRAIN) under the share code: DK0060030286. In total cBrain has 14.200 shareholders in 40 countries. For additional information regarding shareholder relations and in-depth information about cBrain visit www.cbrain.com/investor
Financial Calendar
- August 23, 2023 Interim Report 1H 2023
- November 2, 2023 Announcement regarding Q3 2023
Contact
Inquiries regarding the company’s relationships with investors and the market can be directed to:
- Ejvind Jørgensen
CFO & Head of Investor Relations
E-mail: [email protected]
Shareholders
Company Announcements and Press Releases since January 1, 2023
In the period from January 1, 2023 onwards the publication of the interim report for 2023, cBrain has published the following notices to Nasdaq Copenhagen. They can all be found on the company’s website www.cbrain.com/investor
- January 2, 2023 Copenhagen Municipality chooses cBrain F2 as the new grant administrative system in the Culture and Leisure Administration
- January 11, 2023 cBrain enters into an agreement with the Danish Immigration Service
- January 19, 2023 cBrain adjusts earnings before tax (EBT) upwards
- January 20, 2023 cBrain to deliver solutions for energy schemes (grants) at the Danish Energy Agency
- January 30, 2023 cBrain has established a joint venture company in Ghana
- February 17, 2023 cBrain has entered into an agreement in Ukraine supporting the reconstruction of the municipal infrastructure in Makariv
- February 23, 2023 International growth plan to pave the way for revenue growth of 30%
- February 23, 2023 cBrain has successfully initiated the next steps in the international growth plan
- March 14, 2023 cBrain enters into an important contract in Germany
- March 22, 2023 Notice of general meeting
- April 19, 2023 cBrain expects to release the first version of F2 Service Builder before the summer holidays
- May 3, 2023 cBrain enters into an agreement with the Ministry of the Interior and Health
- June 6, 2023 cBrain has taken an important step on the growth journey and releases F2 Service Builder
- June 14, 2023 cBrain to deliver F2 for management services in Aarhus Municipality
- June 28, 2023 cBrain enters into an agreement with the Agency for Labor Market and Recruitment
- June 30, 2023 cBrain has entered into a partnership and won first order in Romania
- June 30, 2023 cBrain to test F2 Climate Software with the Kenyan National Environmental Management Authority (NEMA)
- July 6, 2023 cBrain upgrades 2023 financial guidance
- August 8, 2023
23 | Interim Report 2023
Statement by the Board of Directors and the Executive Management
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The Board of Directors and the Executive Board have today discussed and approved the Interim Report of cBrain A/S for the period January 1, 2023 to June 30, 2023. The Interim Report has not been audited or reviewed by the company’s independent auditors.
The interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional requirements in the Danish Financial Statements Act. The accounting policies remain unchanged from the annual report for 2022.
In our opinion, the interim consolidated financial statements give a true and fair view of cBrain’s consolidated assets, liabilities and financial position at June 30, 2023 and of the results of cBrain’s consolidated operations and cash flows for the period January 1, 2023 to June 30, 2023. Furthermore, in our opinion, the Management review includes a fair review of the development in cBrain’s operations and financial conditions, the results for the period, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that cBrain faces, relative to the disclosures in the annual report for 2022.
Copenhagen, August 23, 2023
Board of Directors
Henrik Hvidtfeldt
Chairman
Lisa C.# Herold Ferbing Peter Loft Per Tejs Knudsen Thomas Qvist Executive Board
Per Tejs Knudsen CEO
Thomas Qvist CTO
Management Statement
25 | Interim Report 2023
Financials
Interim Financial Statements for first half-year 2023
26 | Interim Report 2023
| T.DKK | Notes | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|---|
| Revenue | 3,4 | 131.780 | 95.013 | 187.924 |
| Cost of services | -824 | -354 | -1.083 | |
| External expenses | -18.618 | -13.028 | -29.135 | |
| Personnel expenses | -65.106 | -59.285 | -110.423 | |
| R&D costs capitalised | 11.582 | 11.500 | 20.949 | |
| Depreciation and amortisation expense | -10.353 | -9.775 | -18.853 | |
| Profit before Interest and income taxes (EBIT) | 48.461 | 24.071 | 49.379 | |
| Financial income | 310 | 645 | 720 | |
| Finance costs | -2.043 | -544 | -1.171 | |
| Profit before Tax (EBT) | 46.728 | 24.172 | 48.928 | |
| Income taxes | -10.532 | -5.120 | -10.545 | |
| Profit for the period | 36.196 | 19.052 | 38.383 |
Consolidated Statements of Comprehensive Income
| T.DKK | Notes | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|---|
| Profit for the period | 36.196 | 19.052 | 38.383 | |
| Other comprehensive income | 0 | 0 | 0 | |
| Total comprehensive income for the year | 36.196 | 19.052 | 38.383 |
EARNINGS PER SHARE
| T.DKK | Notes | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|---|
| Basic EPS | 1,81 | 0,95 | 1,92 | |
| Diluted EPS (DEPS) | 1,85 | 0,97 | 1,96 |
INCOME STATEMENT
STATEMENT OF COMPREHENSIVE INCOME
EARNINGS PER SHARE
27 | Interim Report 2023
Consolidated Statements of Financial Position
| T.DKK | Notes | June 30, 2023 | June 30, 2022 | December 31, 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 5 | 58.224 | 53.165 | 55.144 |
| Property, plants and equipment | 6 | 213.049 | 13.140 | 215.081 |
| Right-of-use assets | 7 | 0 | 43.322 | 0 |
| Other assets | 511 | 7.398 | 511 | |
| Total non-current assets | 271.784 | 117.025 | 270.736 | |
| Trade receivables | 77.064 | 67.818 | 40.516 | |
| Contract assets | 4.913 | 1.515 | 1.705 | |
| Other receivables | 7.486 | 2.922 | 7.511 | |
| Receivables | 89.463 | 72.255 | 49.732 | |
| Cash and cash equivalents | 3.632 | 61.482 | 2.225 | |
| Total current assets | 93.095 | 133.737 | 51.957 | |
| Total assets | 364.879 | 250.762 | 322.693 | |
| EQUITY AND LIABILITIES | ||||
| Share capital | 5.000 | 5.000 | 5.000 | |
| Retained earnings | 196.566 | 145.837 | 164.502 | |
| Total equity | 201.566 | 150.837 | 169.502 | |
| Deferred tax liabilities | 10.548 | 9.955 | 9.829 | |
| Lease liabilities | 8 | 0 | 35.784 | 0 |
| Provisions | 0 | 1.450 | 0 | |
| Borrowings | 9 | 91.739 | 0 | 92.669 |
| Total non-current liabilities | 102.287 | 47.189 | 102.498 | |
| Trade payables | 4.639 | 2.771 | 5.418 | |
| Lease liabilities | 8 | 0 | 6.588 | 0 |
| Contract liabilities | 17.815 | 23.665 | 10.467 | |
| Current tax liabilities | 8.740 | 173 | 5.114 | |
| Borrowings | 9 | 4.968 | 0 | 5.910 |
| Other payables | 24.864 | 19.539 | 23.784 | |
| Total current liabilities | 61.026 | 52.736 | 50.693 | |
| Total liabilities and equity | 364.879 | 250.762 | 322.693 |
28 | Interim Report 2023
Consolidated Statements of Changes in Equity
JUNE 30, 2023
| T.DKK | Share capital | Retained earnings | Proposed dividend | Total equity |
|---|---|---|---|---|
| Equity at January 1 | 5.000 | 160.302 | 4.200 | 169.502 |
| Total comprehensive income for the period | ||||
| Net profit for the period | 0 | 36.196 | 0 | 36.196 |
| Transactions with owners | ||||
| Share-based payments | 0 | 235 | 0 | 235 |
| Purchase of treasury shares | 0 | -985 | 0 | -985 |
| Sale of treasury shares | 0 | 726 | 0 | 726 |
| Dividends | 0 | 92 | -4.200 | -4.108 |
| 0 | 68 | -4.200 | -4.132 | |
| Equity at June 30 | 5.000 | 196.566 | 0 | 201.566 |
JUNE 30, 2022
| T.DKK | Share capital | Retained earnings | Proposed dividend | Total equity |
|---|---|---|---|---|
| Equity at January 1 | 5.000 | 126.477 | 3.400 | 134.877 |
| Total comprehensive income for the period | ||||
| Net profit for the period | 0 | 19.052 | 0 | 19.052 |
| Transactions with owners | ||||
| Share-based payments | 0 | 234 | 0 | 234 |
| Dividends | 0 | 74 | -3.400 | -3.326 |
| 0 | 308 | -3.400 | -3.092 | |
| Equity at June 30 | 5.000 | 145.837 | 0 | 150.837 |
29 | Interim Report 2023
Consolidated Statements of Cash Flows
| T.DKK | Notes | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|---|
| Operating profit (EBIT) | 48.461 | 24.071 | 49.379 | |
| Depreciation and amortisation | 10.353 | 9.775 | 18.853 | |
| Change in working capital | ||||
| Change in trade and other receivables | -36.523 | -40.958 | -12.521 | |
| Change in contract assets and -liabilities | 4.140 | 18.972 | 5.584 | |
| Change in trade and other payables | 301 | 1.605 | 8.497 | |
| Cash flow from operating profit | 26.732 | 13.465 | 69.792 | |
| Share-based payments | 235 | 234 | 234 | |
| Financial items, net | -953 | -245 | -1.081 | |
| Income taxes paid | -6.379 | -6.133 | -6.633 | |
| Cash flow from operating activities | 19.635 | 7.321 | 62.312 | |
| Investments in intangible assets | -11.582 | -11.500 | -20.949 | |
| Investments in property, plant and equipment | -648 | -1.815 | -205.494 | |
| Cash flow from Investment activities | -12.230 | -13.315 | -226.443 | |
| Repayment of lease liabilities | 0 | -1.379 | -1.078 | |
| Borrowings | 0 | 0 | 99.821 | |
| Repayment of borrowings | -1.890 | 0 | -1.242 | |
| Dividends paid, net | -4.108 | -3.326 | -3.326 | |
| Cash flow from financing activities | -5.998 | -4.705 | 94.175 | |
| Cash and cash equivalents, beginning of period | 2.225 | 72.181 | 72.181 | |
| Net cash flow for the period | 1.407 | -10.699 | -69.956 | |
| Cash and cash equivalents, end of period | 3.632 | 61.482 | 2.225 |
Consolidated Statements of Cash FlowsConsolidated Statements of Cash Flows
30 | Interim Report 2023
31 | Interim Report 2023
Note 1 - Accounting policies
Basis of preparation of the half-year report
cBrain is a listed company, headquartered in Denmark. This unaudited condensed consolidated interim financial report for the half-year reporting period ended June 30, 2023 comprises the interim financial statements of the parent company cBrain A/S and any subsidiaries controlled by cBrain. The condensed interim financial report has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting as adopted by the EU, and further requirements in the Danish Financial Statements Act for the presentation of interim reports by listed companies. The condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended December 31, 2022 and any public announcements made by cBrain during the interim reporting period. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period and the adoption of new and amended standards as set out below. Implementation of new or changed accounting standards and interpretations IASB has issued amended standards which apply for the first time in 2023. None of these amended standards and interpretations are expected to have any significant impact on the financial statements.
Note 2 - Significant accounting estimates and judgements
The preparation of the interim financial statements requires management to make accounting estimates and judgments, which affect the application of accounting policies for recognized assets, liabilities, income, and costs. Actual results may differ from these estimates. The significant accounting estimates and judgments are consistent with those applied in the annual report for 2022.
Note 3 - Segment information
Segments
cBrain has only one operating segment, as there is no division of the group’s activities in internal reporting. The included intangible and tangible fixed assets on the balance sheet can largely be attributed to Denmark.
Market areas
cBrains’ F2-software solution is a comprehensive product consisting of a wide range of software modules and libraries that can be configured. The software product is marketed under the brand name F2.
Geographical areas
When presenting information regarding geographical areas, information about the distribution of revenue across geographical segments is calculated based on customers’ geographical locations. The following table shows revenue by reportable segment for the six-month period ended ”June 30, 2023:
| T.DKK | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|
| PRODUCT AND SERVICES | |||
| Software | 105.858 | 68.033 | 135.406 |
| Services | 25.922 | 26.980 | 52.518 |
| 131.780 | 95.013 | 187.924 | |
| TIMING OF REVENUE RECOGNITION | |||
| Over time | 91.792 | 71.550 | 148.693 |
| At a point in time | 39.988 | 23.463 | 39.231 |
| 131.780 | 95.013 | 187.924 | |
| GEOGRAFICAL INFORMATION | |||
| Denmark | 72.169 | 59.575 | 125.739 |
| Other EU-countries | 55.566 | 31.286 | 54.488 |
| Countries outside the EU | 4.045 | 4.152 | 7.697 |
| 131.780 | 95.013 | 187.924 |
SIGNIFICANT CUSTOMERS
| 1H 2023 | 1H 2022 | Full year 2022 | |
|---|---|---|---|
| Customer A* | 57.872 | 48.355 | 104.274 |
| Customer B | 54.706 | 30.948 | 53.643 |
*Customers in the Danish State are to be calculated together
32 | Interim Report 2023
Note 4 - Revenue
| T.DKK | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|
| Software | 105.858 | 68.033 | 135.406 |
| Services | 25.922 | 26.980 | 52.518 |
| 131.780 | 95.013 | 187.924 |
Note 5 – Intangible assets
JUNE 30, 2023
| T.DKK | Software | Software under development | Total |
|---|---|---|---|
| Cost at January 1 | 156.298 | 2.233 | 158.531 |
| Additions during the period | 0 | 11.582 | 11.582 |
| Cost at June 30, 2023 | 156.298 | 13.815 | 170.113 |
| Amortisation of January 1 | 103.387 | 0 | 103.387 |
| Amortisation for the period | 8.502 | 0 | 8.502 |
| Amortisation at June 30, 2023 | 111.889 | 0 | 111.889 |
| Carrying amount June 30, 2023 | 44.409 | 13.815 | 58.224 |
JUNE 30, 2022
| T.DKK | Software | Software under development | Total |
|---|---|---|---|
| Cost at January 1 | 134.290 | 3.292 | 137.582 |
| Additions during the period | 0 | 11.500 | 11.500 |
| Cost at June 30, 2022 | 134.290 | 14.792 | 149.082 |
| Amortisation of January 1 | 88.363 | 0 | 88.363 |
| Amortisation for the period | 7.554 | 0 | 7.554 |
| Amortisation at June 30, 2022 | 95.917 | 0 | 95.917 |
| Carrying amount June 30, 2022 | 38.373 | 14.792 | 53.165 |
Note 6 – Property, plant and equipment
JUNE 30, 2023
| T.DKK | Leasehold improvements | Land and buildings | Other Equipment | Total |
|---|---|---|---|---|
| Cost at January 1 | 0 | 213.952 | 4.024 | 217.976 |
| Additions during the period | 0 | 523 | 353 | 876 |
| Disposals during the period | 0 | 0 | -228 | -228 |
| Cost at June 30, 2023 | 0 | 214.475 | 4.149 | 218.624 |
| Depreciation at January 1 | 0 | 2.216 | 679 | 2.895 |
| Depreciation for the period | 0 | 2.315 | 365 | 2.680 |
| Depreciation at June 30 | 0 | 4.531 | 1.044 | 5.575 |
| Carrying amount June 30, 2023 | 0 | 209.944 | 3.105 | 213.049 |
JUNE 30, 2022
| T.DKK | Land and Buildings | Leased | Total |
|---|---|---|---|
| Cost at January 1 | 11.193 | 47.901 | 59.094 |
| Additions during the period | 0 | 1.815 | 1.815 |
| Cost at June 30, 2022 | 11.193 | 49.716 | 60.909 |
| Depreciation at January 1 | 722 | 0 | 722 |
| Depreciation for the period | 103 | 0 | 103 |
| Depreciation at June 30 | 825 | 0 | 825 |
| Carrying amount June 30, 2022 | 10.368 | 49.716 | 60.084 |
33 | Interim Report 2023# Note 7 – Right-of-use assets
Note 8 - Lease liabilities
The balance sheet shows the following amounts relating to leases:
| T.DKK | June 30, 2023 | June 30, 2022 | December 31, 2022 |
|---|---|---|---|
| UNDISCOUNTED LEASE LIABILITY | |||
| Within one year | 0 | 6.868 | 0 |
| 1-3 years | 0 | 14.151 | 0 |
| 3-5 years | 0 | 14.722 | 0 |
| More than 5 years | 0 | 7.583 | 0 |
| Total undiscounted lease liability | 0 | 43.324 | 0 |
| AMOUNTS RECOGNISED IN THE BALANCE SHEET | |||
| Current financial liabilities | 0 | 6.588 | 0 |
| Non-current financial liabilities | 0 | 35.784 | 0 |
| 0 | 42.372 | 0 | |
| AMOUNTS RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS | |||
| Lease payments | 0 | 1.379 | 1656 |
| Interest expenses related to lease liabilities | 0 | 152 | 5 |
| 0 | 1.531 | 1661 |
34 | Interim Report 2023
Note 9 - Borrowings
| T.DKK | Coupon Rate | Effective Interest Rate | Currency | Maturity | JUNE 30, 2023 | DECEMBER 31, 2022 |
|---|---|---|---|---|---|---|
| Floating interest rate loans | 3,12% | 3,12% | DKK | 6 years | ||
| Floating interest rate loans | 1,12% | 1,12% | DKK | 6 years |
| T.DKK | 1H 2023 | 1H 2022 | Full year 2022 |
|---|---|---|---|
| Within one year | 4.968 | 0 | 4.968 |
| 1-3 years | 14.904 | 0 | 14.904 |
| 3-5 years | 44.712 | 0 | 44.712 |
| More than 5 years | 32.123 | 0 | 33.995 |
| Total contractual undiscounted cash flows | 96.707 | 0 | 98.579 |
| T.DKK | June 30, 2023 | June 30, 2022 | December 31, 2022 |
|---|---|---|---|
| Non-current liabilities | 91.739 | 0 | 92.669 |
| Current liabilities | 4.968 | 0 | 5.910 |
| Carrying amount | 96.707 | 0 | 98.579 |
35 | Interim Report 2023
“The core of the Paustian Project, as described by Jørgen Utzon himself in connection with Sydney, is that the construction is the architecture, and that approach is also evident today, where the house has been renovated in connection with a new owner taking over the property. With its interspersed decks and open spaces between white columns, this house makes a strong impression and should attract renewed attention in relation to questions of durability (and equally sustainability), natural light and simplicity of construction.”
Quotations from Arkitekten magazine, issue 04, 2023
The Utzon House in Nordhavn - from showroom to cBrain’s Headquarters
36 | Interim Report 2023
cBrain A/S
Kalkbraenderiloebskaj 2
DK-2100 Copenhagen
Denmark
+ 45 7216 1811
[email protected]
Nasdaq symbol: CBRAIN
www.cbrain.com
Interim report (6 months)
No audit assistance
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4572161811
www.cbrain.com
[email protected]
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cBrain A/S
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2100 Copenhagen
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