Earnings Release • Apr 28, 2021
Earnings Release
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| Net sales of SEK | 102 m | (103 m) |
|---|---|---|
| Recurring revenues of SEK | 66 m | (61 m) |
| which corresponds to % of net sales | 65 % | (59 %) |
| EBITDA SEK | 20 m | (27 m) |
| EBITDA margin | 19 % | (26 %) |
| EBIT | 6 m | (15 m) |
| EBIT margin | 6 % | (14 %) |
| Net profit SEK | 4 m | (11 m) |
| Net profit margin | 4 % | (11 %) |
| EPS before dilution SEK | 0.08 | (0.21) |
| Cash flow from operating activities SEK | 6 m | (26 m) |
| ACV SEK | 11 m | (7 m) |
| ARR SEK | 271 m | (235 m) |
| Jan-Mar | Full year | |||
|---|---|---|---|---|
| (SEK Million) | 2021 | 2020 | R12 | 2020 |
| Net sales | 101.5 | 103.1 | 401.6 | 403.1 |
| whereof recurring revenue | 66.4 | 60.8 | 259.1 | 253.5 |
| EBITDA | 19.6 | 27.1 | 96.8 | 104.3 |
| Margin, % | 19% | 26% | 24% | 26% |
| EBIT | 5.7 | 14.8 | 44.2 | 53.3 |
| Margin, % | 6% | 14% | 11% | 13% |
During the first quarter of the year, according to plan Formpipe shows sales growth of 18 percent in the Private business area, driven by an increased share of recurring revenue compared with the previous year and continued good demand for SaaS. Our ACV development is a clear sign of our sales success. For the quarter, ACV amounts to SEK 11 million, compared with SEK 7 million in the first quarter last year.
"During the first quarter of the year, we are progressing according to plan and expect development in line with the growth strategy presented in connection with the financial statements for 2020."
The public sector is also developing in line with our expectations. The ongoing pandemic continues to make an impression in the segment and compared with an unusually strong first quarter last year, sales are declining. A contributing factor to the lower sales is declining delivery revenues in both Sweden and Denmark while software revenues are growing. During the quarter, we delivered a couple of new projects with a lower delivery share and higher SaaS content, which benefits us in the long term but has a short-term negative effect on delivery revenues. We have also presented a new deal with the Danish Landbrugsstyrelsen (Board of Agriculture) that ensures stable deliveries to this customer for several years to come.
Our strategy in the Private business area is based on scaling up our capacity to sell and deliver Lasernet, which means initial investments in 2021. We have succeeded well in recruiting expertise to be able to meet the demand for our products in both the private and public sectors. At the end of the quarter, we were 261 persons, compared with 219 in the same quarter last year, and we continue to grow. During the first quarter of the year, we are progressing according to plan and expect development in line with the growth strategy presented in connection with the financial statements for 2020.
Christian Sundin, CEO Formpipe
Net sales for the period decreased by 2 % compared to previous year and totalled to SEK 101.5 million (103.1 million). Software revenue increased by 6 % from the previous year and totalled to SEK 72.7 million (68.3 million). Total recurring revenue for the period increased by 9 % from the previous year and totalled to SEK 66.4 million (60.8 million), which is equivalent to 65 % of net sales (59 %). Exchange rate effects have affected net sales negatively by SEK 3.6 million in comparison with the previous year.
The operating costs for the period totalled to SEK 95.8 million (88.3 million). Personnel costs totalled to SEK 63.2 million (54.9 million). Selling expenses totalled to SEK 12.0 million (11.2 million). Other costs totalled to SEK 19.7 million (19.0 million).
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 19.6 million (27.1 million) with an EBITDA margin of 19.3 % (26.3 %). Operating profit (EBIT) totalled to SEK 5.7 million (14.8 million) with an operating margin of 5.6 % (14.4 %). Net profit totalled to SEK 4.4 million (11.3 million). Exchange rate effects have affected EBITDA negatively by SEK 0.4 million in comparison with the previous year.
Cash and cash equivalents at the end of the period amounted to SEK 46.4 million (43.5 million). The company had interest-bearing debt at the end of the period totalling to SEK 59.4 million (26.3 million), whereof 19.1 million (26.3 million) refers to lease debts according to IFRS 16. The company's total bank overdraft limit amounts to SEK 50.0 million, at the end of the period it was not utilized (- million).
The company's net debt position thereby totalled to SEK 13.0 million (-17.2 million), which corresponds to a net cash position of SEK 6.1 million (43.5 million) excluding IFRS 16-related debt.
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 5.4 million (SEK 9.1 million).
Equity at the end of the period amounted to SEK 416.4 million (430.1 million), which was equivalent to SEK 7.79 (8.09) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK 13.2 million (18.7 million) from the end of the year.
The equity ratio at the end of the period was 57 % (63 %).
Cash flow from operating activities for the period January - March totalled to SEK 6.4 million (26.1 million). Due to increased working capital tied up, the cash flow has been affected negatively compared to previous periods.
During the period January – March the company has amortized DKK 2.6 million on loan in DKK. The outstanding loan amounts to DKK 29.1 million at the end of the period, which is equivalent to SEK 39.9 million.
During the period January – March the company amortized SEK 6.2 million (6.9 million). Whereof SEK 2.7 million relates to leasing debts.
The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period
(SEK - million). Leasing related liabilities amounted to SEK 19.1 million (26.3 million) at the end of the period. The company's interest-bearing debt at the end of the period was thereby SEK 59.4 million (26.3 million).
Data and information become more and more important for the financial development: it is the foundation for many new products and services, which leads to productivity and resource efficiency gains in all sectors of the economy. Being able to take advantage of the possibilities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, process and present data are extensive
Formpipe's products are used to create, store, distribute, automate, relocate, archive and manage information, data and metadata regarding e.g. scanned documents, e-mail, re-ports, records, business documents or information from other source systems. The goal is to be able to refine and analyze content from one or more sources, to thereby provide the right insights by the right people receiving relevant information when they need it. It is in the Content Services (previously Enterprise Content Management) market that Formpipe has grown to become a market leader in the public sector and a strong challenger in the private sector where we digitalize and streamline customer communication in sectors such as retail, finance and manufacturing.
The growth in the market is fuelled in large part by the organizational and corporate-wide need to streamline operations and meet legal requirements and regulations. To be able to get the value out of the collective amount of information at companies and organizations, applications and services are needed – in order to securely – collaborate, search, analyze, process and distribute data and content. Growth drivers tend to gain strength as the amount of data and information increases.
Gartner's forecast for the global market is an average annual growth (CAGR) of 10 percent in 2020-2024. The Content Services market is estimated to be USD1 11 billion in system revenue.
An important part of the change of the Content Services market is also that the development is moving increasingly towards cloud-based solutions, where the customers pay for what is used and where costs for development, operations, maintenance, upgrade and support are included in the running agreement. The transition to SaaS is taking place very quickly now and Gartner estimates that the SaaS revenues will reach up to 60 per cent of the total sales of software in 20242 .
This development is well in line with Formpipe's reality where growing numbers of the Company's customers choose to shift to Formpipe's cloud services for the standard products and with the Company's development of service modules that can process information both from Formpipe's existing systems and other systems. From 2017 Formpipe has had an average annual SaaS revenues growth of 55 percent.
The global ERP software market is estimated to reach USD 50 billion in 20243 . As cloud solutions are becoming increasingly accepted due to their scalability, reliability and flexibility, many ERP customers are changing their views on their internal IT architecture. This shift, where customers see the benefits of moving to the cloud, opens up new opportunities for Formpipe. Lasernet is an add-on to ERP systems and enables business documents to be delivered in exactly the format and layout desired. Lasernet continues its strong growth internationally, a positive development that is primarily a result of Formpipe's close collaboration with Microsoft and their offering in the cloud (Azure) regarding Microsoft Dynamics. Lasernet is a natural add-on to Dynamics and improves the customer experience through efficient document management.
Through the acquisition of EFS, Formpipe has further strengthened its position in this area as EFS product Autoform DM together with Lasernet is a valuable add-on to business systems from Temenos, a wellestablished and increasingly strong system supplier to the financial sector.
Formpipe has a leading market position in the public sector in both Sweden and Denmark. For many
1 Enterprise Application Software Forecast Q420, Gartner, Inc. 2020
2 Market Trends: Cloud Shift — 2020 Through 2024, Gartner, Inc. 2020
3 Enterprise Application Software Forecast Q420, Gartner, Inc. 2020
years, we have delivered systems for automated processes for case and document management.
In the Swedish public sector, Formpipe has a stable customer base in municipalities, regions and authorities. In the public sector Sweden, up to SEK 45 billion is invested in IT every year4 . The Swedish government's ambition is for state authorities, municipalities and regions to be the best in the world at using the opportunities of digitalization to create an efficient public sector – a simpler everyday life for individuals and companies, more jobs and increased welfare. Digital solutions and automation are an important component for meeting the growing welfare needs and at the same time increasing the service to the citizens.
Formpipe is also a leading supplier of information management software in the Danish public sector. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens.
The employers' organization Dansk Industri believes that a modernization and digitalization of the public sector can free up DKK 20 billion by 20255 . Money that can then be returned to the public sector and help increase the level of service.
4 Regeringen.se 5 www.danskindustri.dk
The new strategy captures opportunities to deliver on a number of markets with the self-developed and successful product Lasernet. Investments in growth will primarily take place through capacity building with focus on the USA and Europe. The build-up phase provides a not insignificant short-term negative margin impact before reaching the goals.
Financial targets:
Formpipe and Danish Landbrugsstyrelsen (Board of Agriculture) have agreed to sign an agreement on further development of the solution that Formpipe for several years has developed on behalf of Landbrugsstyrelsen. The agreement will run for two years and the value is estimated at approximately DKK 50 Million. Within the framework of the agreement, Landbrugsstyrelsen acquires the right to procure continued operation and development via third party after June 2023.
The number of employees at the end of the reporting period totalled to 262 persons (219 persons).
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
No related party transactions have occurred during the period.
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.
The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of informationintensive business processes, e-archives, data quality and smart management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA and Germany. The Formpipe share is listed on Nasdaq Stockholm.
| April 28, 2021 | Annual General Meeting |
|---|---|
| July 15, 2021 | Interim report Jan-Jun |
| October 29, 2021 | Interim report Jan-Sep |
This interim report has not been subject to review by the company's auditors.
With the support of temporary statutory rules, the Annual General Meeting will be held on April 28, 2021 by mail vote only.
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Christian Sundin, Managing Director Telephone: +46 70 567 73 85, +46 8 555 290 84 E-mail: [email protected]
Stockholm 28th of April, 2021 Formpipe Software AB The Board of Directors and the Managing Director
Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
| Text | Jan-Mar | |
|---|---|---|
| (SEK 000) | 2021 | 2020 |
| Net Sales | 101,540 | 103,093 |
| Sales expenses Other costs |
-12,018 | -11,210 |
| Personnel costs | -19,690 | -19,037 |
| Capitalized work for own account | -63,218 | -54,870 |
| 12,948 | 9,148 | |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
19,563 | 27,122 |
| Depreciation/amortization | -13,831 | -12,302 |
| Operating profit/loss (EBIT) | 5,732 | 14,820 |
| Financial income and expenses | -350 | -195 |
| Exchange rate differences | 156 | 63 |
| Tax | -1,188 | -3,404 |
| Net profit for the period | 4,350 | 11,285 |
| Of which the following relates to: | ||
| Parent company shareholders | 4,350 | 11,285 |
| Other comprehensive income | ||
| Translation differences | 13,181 | 18,673 |
| Other comprehensive income for the period, net after tax | 13,181 | 18,673 |
| Total comprehensive income for the period | 17,532 | 29,958 |
| Of which the following relates to: | ||
| Parent company shareholders | 17,532 | 29,958 |
| EBITDA margin, % | 19.3% | 26.3% |
| EBIT margin, % | 5.6% | 14.4% |
| Profit margin, % | 4.3% | 10.9% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) | ||
| - before dilution | 0.08 | 0.21 |
| - after dilution | 0.08 | 0.21 |
| Average no. of shares before dilution, in 000 | 53,343 | 53,174 |
| Average no. of shares after dilution, in 000 | 53,549 | 53,269 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| (SEK 000) | 2021 | 2020 | 2020 |
| Intangible assets | 538,847 | 490,700 | 523,623 |
| Tangible assets | 26,004 | 33,179 | 27,138 |
| Financial assets | 6,437 | 4,545 | 3,284 |
| Deferred tax asset | 5,381 | 9,121 | 3,645 |
| Current assets (excl. cash equivalents) | 106,754 | 97,346 | 104,235 |
| Cash equivalents | 46,402 | 43,500 | 58,593 |
| TOTAL ASSETS | 729,825 | 678,391 | 720,517 |
| Equity | 416,396 | 430,087 | 398,865 |
| Long-term liabilities | 68,973 | 47,944 | 71,145 |
| Current liabilities | 244,455 | 200,360 | 250,507 |
| TOTAL EQUITY AND LIABILITIES | 729,825 | 678,391 | 720,517 |
| Net interest-bearing debt (-) / cash (+) | -13,032 | 17,163 | -5,594 |
| Equity attributable to the parent company's shareholders | |||||||
|---|---|---|---|---|---|---|---|
| Share | Other contributed |
Other | Profit/loss brought |
||||
| (SEK 000) | capital | capital | reserves | forward | Total | ||
| Balance at January 1, 2020 | 5,317 | 208,600 | 23,712 | 162,498 | 400,129 | ||
| Comprehensive income | - | - | - | - | - | ||
| Net profit for the period | - | - | - | 11,285 | 11,285 | ||
| Other comprehensive income items | - | - | 18,673 | - | 18,673 | ||
| Total comprehensive income | - | - | 18,673 | 11,285 | 29,958 | ||
| Transaction with owners | |||||||
| Total transaction with owners | - | - | - | - | - | ||
| Balance at March 31, 2020 | 5,317 | 208,600 | 42,385 | 173,783 | 430,087 | ||
| Balance at January 1, 2021 | 5,346 | 212,644 | 9,066 | 171,807 | 398,865 | ||
| Comprehensive income | - | - | - | - | - | ||
| Net profit for the period | - | - | - | 4,350 | 4,350 | ||
| Other comprehensive income items | - | - | 13,185 | - | 13,181 | ||
| Total comprehensive income | - | - | 13,185 | 4,350 | 17,532 | ||
| Transaction with owners | |||||||
| Total transaction with owners | - | - | - | - | - | ||
| Balance at March 31, 2021 | 5,346 | 212,644 | 22,248 | 176,158 | 416,396 |
| Jan-Mar | ||
|---|---|---|
| (SEK 000) | 2021 | 2020 |
| Cash flow from operating activities | ||
| before working capital changes | 26,067 | 21,681 |
| Cash flow from working capital changes | -19,711 | 4,373 |
| Cash flow from operating activities | 6,356 | 26,054 |
| Cash flow from investing activities | -15,506 | -10,545 |
| Cash flow from financing activities | -6,177 | -7,278 |
| Cash flow for the period | -15,327 | 8,231 |
| Change in cash and cash equivalent | ||
| Cash and cash equivalent at the beginning of the period | 58,593 | 33,682 |
| Translation differences | 3,137 | 1,586 |
| Cash flow for the period | -15,327 | 8,231 |
| Cash and cash equivalent at the end of the period | 46,402 | 43,500 |
| (SEK 000) | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|
| License | 11,629 | 4,678 | 10,157 | 7,508 | 10,235 | 5,817 | 8,971 | 6,324 |
| SaaS | 10,728 | 11,532 | 12,323 | 12,884 | 13,373 | 13,755 | 14,571 | 14,171 |
| Support and maintenance | 45,671 | 46,241 | 46,705 | 47,952 | 48,849 | 49,552 | 52,592 | 52,214 |
| Software revenues | 68,029 | 62,450 | 69,185 | 68,344 | 72,457 | 69,123 | 76,134 | 72,709 |
| whereof recurring revenue | 56,399 | 57,773 | 59,028 | 60,836 | 62,222 | 63,307 | 67,163 | 66,385 |
| Deliveries | 33,461 | 29,975 | 33,874 | 34,749 | 27,839 | 27,260 | 27,219 | 28,832 |
| Net sales | 101,490 | 92,425 | 103,059 | 103,093 | 100,296 | 96,383 | 103,353 | 101,540 |
| Sales expenses | -12,836 | -9,924 | -12,918 | -11,210 | -10,270 | -9,718 | -10,083 | -12,018 |
| Other costs | -18,806 | -20,143 | -17,220 | -19,037 | -19,116 | -19,042 | -20,401 | -19,690 |
| Personnel costs | -53,900 | -47,885 | -52,979 | -54,870 | -56,256 | -50,192 | -58,794 | -63,218 |
| Capitalized development costs | 9,065 | 9,811 | 8,430 | 9,148 | 9,593 | 9,606 | 11,860 | 12,948 |
| Total operating expenses | -76,478 | -68,140 | -74,687 | -75,970 | -76,048 | -69,346 | -77,419 | -81,977 |
| EBITDA | 25,012 | 24,285 | 28,372 | 27,122 | 24,248 | 27,037 | 25,935 | 19,563 |
| % | 24.6% | 26.3% | 27.5% | 26.3% | 24.2% | 28.1% | 25.1% | 19.3% |
| Depreciation/amortization | -13,528 | -13,065 | -13,059 | -12,302 | -12,479 | -13,075 | -13,235 | -13,831 |
| EBIT | 11,484 | 11,220 | 15,314 | 14,820 | 11,769 | 13,962 | 12,699 | 5,732 |
| % | 11.3% | 12.1% | 14.9% | 14.4% | 11.7% | 14.5% | 12.3% | 5.6% |
The Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management.
The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs.
In the Group's follow-up on the segments, the intercompany invoicing (revenues and costs) is presented as a net because of the substantial invoicing within the segments related to royalties to IP owning entities. The line Intercompany net includes de intercompany revenues and costs netted out to reflect a more accurate view of the segments. The Group has adjusted the segment overview for financial year 2020.
| Jan-Mar 2021 | |||||
|---|---|---|---|---|---|
| SE | DK | ||||
| (SEK 000) | Public | Public | Private | Other | Group |
| License | 4,049 | - | 2,275 | - | 6,324 |
| SaaS | 3,338 | 1,517 | 9,316 | - | 14,171 |
| Support & Maintenance | 19,785 | 14,497 | 16,851 | 1,081 | 52,214 |
| Delivery | 4,176 | 17,390 | 7,265 | 0 | 28,832 |
| Net sales | 31,347 | 33,404 | 35,708 | 1,081 | 101,540 |
| Costs, external | -19,717 | -23,783 | -33,768 | -4,709 | -81,977 |
| Intercompany net | -18 | 18 | -0 | - | - |
| EBITDA | 11,612 | 9,639 | 1,941 | -3,628 | 19,563 |
| % | 37.0% | 28.9% | 5.4% | -335.7% | 19.3% |
| Jan-Mar 2020 | |||||
|---|---|---|---|---|---|
| SE | DK | ||||
| (SEK 000) | Public | Public | Private | Other | Group |
| License | 748 | 2,227 | 4,532 | - | 7,508 |
| SaaS | 4,396 | 1,553 | 6,936 | - | 12,884 |
| Support & Maintenance | 19,821 | 12,632 | 14,315 | 1,183 | 47,952 |
| Delivery | 4,768 | 25,510 | 4,470 | 1 | 34,749 |
| Net sales | 29,732 | 41,923 | 30,253 | 1,184 | 103,093 |
| Costs, external | -16,835 | -28,664 | -26,274 | -4,198 | -75,970 |
| Intercompany net | 134 | -62 | -72 | - | - |
| EBITDA | 13,032 | 13,197 | 3,907 | -3,014 | 27,122 |
| % | 43.8% | 31.5% | 12.9% | -254.6% | 26.3% |
| Jan-Mar 2021 | |||||
|---|---|---|---|---|---|
| SE | DK | ||||
| (Mkr) | Public | Public | Private | Other | Group |
| ARR In - SaaS* | 13.3 | 5.9 | 35.4 | - | 54.7 |
| ARR In - Support & Maint.* | 81.6 | 51.5 | 68.3 | 4.0 | 205.5 |
| ARR In | 95.0 | 57.5 | 103.7 | 4.0 | 260.1 |
| ARR - FX | - | 1.7 | 1.7 | - | 3.4 |
| ACV - SaaS | -0.5 | 0.4 | 4.6 | - | 4.5 |
| ACV - Support & Maintenance | 1.4 | 1.4 | -0.1 | -0.1 | 2.7 |
| ACV - Net | 0.9 | 3.5 | 6.3 | -0.1 | 10.6 |
| ARR Out - SaaS | 12.8 | 6.4 | 40.6 | - | 59.8 |
| ARR Out - Support & Maint. | 83.1 | 54.6 | 69.3 | 3.9 | 210.9 |
| ARR Out | 95.9 | 60.9 | 110.0 | 3.9 | 270.7 |
| Jan-Mar 2020 | |||||
|---|---|---|---|---|---|
| SE | DK | ||||
| (Mkr) | Public | Public | Private | Other | Group |
| ARR In - SaaS | 12.7 | 6.2 | 26.1 | - | 45.0 |
| ARR In - Support & Maint. | 79.0 | 41.9 | 57.4 | 4.5 | 182.7 |
| ARR In | 91.6 | 48.1 | 83.5 | 4.5 | 227.7 |
| ARR - FX | - | 2.0 | 3.2 | - | 5.2 |
| ACV - SaaS | 0.9 | -1.3 | 1.1 | - | 0.7 |
| ACV - Support & Maintenance | 0.7 | 0.2 | 0.5 | -0.0 | 1.3 |
| ACV - Net | 1.6 | 0.9 | 4.7 | -0.0 | 7.2 |
| ARR Out - SaaS | 13.6 | 5.3 | 28.6 | - | 47.5 |
| ARR Out - Support & Maint. | 79.7 | 43.7 | 59.6 | 4.4 | 187.4 |
| ARR Out | 93.3 | 49.0 | 88.2 | 4.4 | 234.9 |
* Contracts with a total ARR of 3,8 mSEK have been reclassified from SaaS to Support & Maintenance as per January 1, 2021, due to the stipulations in governing framework agreement in DK Public.
| 2017-01-01 | 2018-01-01 | 2019-01-01 | 2020-01-01 | 2021-01-01 | |
|---|---|---|---|---|---|
| 2017-12-31 | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021/03/31 | |
| Shares outstanding beginning of the period | 51,273,608 | 51,873,025 | 52,887,406 | 53,173,907 | 53,463,907 |
| Share issue from warrant programme | 599,417 | 314,576 | 286,501 | 290,000 | 0 |
| Non-cash issue | 0 | 699,805 | 0 | 0 | 0 |
| Shares outstanding at the end of the period | 51,873,025 | 52,887,406 | 53,173,907 | 53,463,907 | 53,463,907 |
| Jan-Mar | ||
|---|---|---|
| 2021 | 2020 | |
| Employees at end of period | 262 | 219 |
| Net sales, SEK 000 | 101,540 | 103,093 |
| EBITDA, SEK 000 | 19,563 | 27,122 |
| EBIT, SEK 000 | 5,732 | 14,820 |
| Net profit for the period, SEK 000 | 4,350 | 11,285 |
| EBITDA margin, % | 19.3% | 26.3% |
| EBIT margin, % | 5.6% | 14.4% |
| Profit margin, % | 4.3% | 10.9% |
| Return on equity, %* | 8.5% | 9.6% |
| Return on working capital, %* | 11.2% | 13.0% |
| Equity ratio, % | 57.1% | 63.4% |
| Equity per outstanding share at the end of the period, SEK | 7.79 | 8.09 |
| Earnings per share - before dilution, SEK | 0.08 | 0.21 |
| Earnings per share - after dilution, SEK | 0.08 | 0.21 |
| Share price at the end of the period, SEK | 31.00 | 17.46 |
| * Ratios including P&L measures are based on the most recent 12-month period |
| Jan-Mar | |||
|---|---|---|---|
| (SEK 000) | 2021 | 2020 | |
| Net sales | 33,142 | 34,317 | |
| Operating expenses | - | - | |
| Sales expenses | -1,673 | -1,222 | |
| Other costs | -10,603 | -9,323 | |
| Personnel costs | -21,452 | -17,622 | |
| Depreciation/amortization | -615 | -1,536 | |
| Total operating expenses | -34,343 | -29,703 | |
| Operating profit/loss | -1,200 | 4,613 | |
| Other financial items | -1,100 | -121 | |
| Tax | - | - | |
| Net profit for the period | -2,300 | 4,492 | |
| 31 Mar | 31 Dec |
| 31 Mar | |||
|---|---|---|---|
| (SEK 000) | 2021 | 2020 | 2020 |
| Intangible assets | 8,411 | 9,338 | 6,851 |
| Tangible assets | 1,076 | 909 | 981 |
| Financial assets | 349,557 | 278,483 | 346,446 |
| Current assets (excl. cash equivalents) | 39,684 | 51,785 | 44,787 |
| Cash and bank balances | 22,470 | 22,847 | 30,666 |
| TOTAL ASSETS | 421,197 | 363,363 | 429,732 |
| Restricted equity | 23,037 | 23,008 | 23,037 |
| Non-restricted equity | 165,097 | 195,569 | 167,398 |
| Total equity | 188,135 | 218,577 | 190,435 |
| Long-term liabilities | 25,330 | - | 29,434 |
| Current liabilities | 207,733 | 144,786 | 209,863 |
| TOTAL EQUITY AND LIABILITIES | 421,197 | 363,363 | 429,732 |
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group was the same as disclosed for the Parent Company
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| (SEK 000) | 2021 | 2020 | 2020 |
| Pledged assets | - | - | - |
| Contingent liabilities | - | - | - |
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
The total of license revenue and revenue from support and maintenance contracts.
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Recurring revenue for the period's last month multiplied by 12, to obtain the recurring revenue for the coming 12 months from contracts with recognized revenue.
Initial value for the period's Annual recurring revenue.
Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
Revaluation of ARR IN to the closing balance exchange rates.
Other costs and personnel costs
Sales costs, other costs, personnel costs, capitalized development and depreciation.
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability.
The item must be of a material nature to be reported
separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and write-downs
Operating profit/loss
Earnings before depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.
Operating profit/loss as a percentage of net sales.
Net profit/loss after tax as a percentage of sales at the end of the period.
Net profit/loss after tax divided by the average number of shares during the period.
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity at the end of the period divided by the number of shares at the end of the period.
Profit/loss after tax as a percentage of average equity
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Interest bearing debts minus cash and cash equivalents
Equity as a percentage of the balance sheet total.
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Joakim Alfredson [email protected]
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