Interim / Quarterly Report • Jul 14, 2014
Interim / Quarterly Report
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| apr-jun | jan-jun | Rolling 12 | Full year | |||
|---|---|---|---|---|---|---|
| (SEK Million) | 2014 | 2013 | 2014 | 2013 | months | 2013 |
| Net sales | 84,2 | 72,6 | 163,3 | 139,8 | 317,6 | 294,1 |
| whereof recurring revenue | 39,9 | 36,0 | 77,9 | 72,2 | 188,0 | 146,3 |
| EBITDA | 16,6 | 13,1 | 31,8 | 25,2 | 71,2 | 64,6 |
| EBIT - excluding acquisition related costs | 6,5 | 4,0 | 11,8 | 7,2 | 31,9 | 27,3 |
| EBIT | 6,0 | 4,0 | 11,3 | 7,2 | 31,4 | 27,3 |
The second quarter was eventful and filled with success for us. We have won a number of major contracts and completed an acquisition of a company in the life science industry.
The business value from the newly won contracts will largely be recognized as revenue in future periods and therefore have a limited impact on the second quarter results.
The financial development remains strong, in comparison with the previous year's second quarter, sales are up 16% and the profit (EBITDA) 27% higher.
Also our costs are higher than the previous year, the biggest cost increase is found in the cost line selling expenses. Selling expenses include costs for subcontractors. We have chosen to meet the increased demand with subcontractors instead of recruitment of own resources. That means lower margins but also reduced risk during periods of weaker demand.
We are experiencing strong demand in most areas, however we are still struggling to meet up to our expectations regarding the municipal market in Denmark. At a historical comparison, currently fewer Danish municipalities are going in to new tenders for document- and case management system. One explanation could be that many municipalities for the moment consider that they have adequate systems in the area. As the market leader in the field with about 40 of the total of 98 Danish municipalities, this is not only bad, we can focus our resources on creating value for our existing customers rather than answering tenders and doing implementation projects for new customers.
We have acquired GXP Limited, a company in the area of compliance for the life science industry. The acquisition strengthens our ability to more quickly reach out with our offering into new markets such as Europe and the United States. The merged business area for Life Science is expected to reach profitability in 2015.
During the period, we received notice of decision relating to a large business with the City of Stockholm. Another supplier has, however, filed for appeal, which is not unusual in this type of procurement processes and we are of the opinion that it only involves a time lag until we can sign an agreement with the customer. Worth emphasizing, and which we believe will be valuable for us to other clients, is that the contract for the City of Stockholm includes a thorough evaluation of the tendered product's usability. At that evaluation our product Platina was found significantly better (91% vs 57%) than the nearest competitor.
We have good momentum in the business and look forward to a successful fall.
The Danish municipality Svendborg Kommune and Formpipe signs new contract expanding their solution of the ECM product Acadre. The total order value amounts to SEK 5.7 million for a duration of another four years.
Formpipe receives a supplementary order on the ECM product Platina from a Swedish authority. The total order value amounts to SEK 2,1 million.
Formpipe and the Danish Energy Agency sings a new contract expanding their solution regarding the Grants Management product TAS. The total order value amounts to SEK 8.8 million for a duration of four years.
Formpipe signs an agreement with the Danish Health and Medicines Authority regarding the new product, Digital Post by Formpipe. The contract regards the delivery of a solution for distribution of digital post, a solution that will cover the need from all the systems in the authority.
The City of Stockholm announced, through a contract award decision, that it intends to sign an agreement with Formpipe regarding the ECM product Platina. The business value amounts to SEK 48 million over a five year period, of which SEK 12 million consists of systems revenue.
In accordance with the Public Procurement Act a ten days standstill period follows on a contract award decision, during which other suppliers can apply for a review procedure at the Administrative Court. One supplier applied for a review procedure of the City's procurement and the standstill period is therefore extended until the administrative court has ruled on the case.
Uni-C (Danish agency for IT and Learning) and Formpipe signs a supplementary agreement for development of an application to ease the process of applying for higher education in Denmark. The total order value amounts to SEK 3.6 million, and the agreement covers development of the module.
Formpipe receives a supplementary order on the ECM product Platina from a Swedish authority within the Swedish Armed Forces. The total order value amounts to SEK 2,3 million.
The decisions taken at the Annual General Meeting held on 25 April included the following:
On April 25, 2014, the AGM approved to the proposed incentive program through the issuance of 1.000.000 warrants. The warrants were addressed to all the employees of the Company. One warrant entitles the holder to subscribe for one new share in the Company. The Incentive Program was heavily oversubscribed.
Formpipe acquired the UK company GXP Limited ("GXPi"), an established provider of compliance solutions for the life science industry. GXPi has customers and operations in both Europe and the United States. The acquisition strengthens Formpipe's product offering and enables faster international expansion in the Life Science industry.
The acquisition was completed on July 1, 2014. Upon access to the business, Formpipe pays a total of GBP 1.3 million (cash and debt- free basis), of which GBP 0.66 million is paid in newly issued shares and GBP 0.64 million in cash. In addition to the above mentioned purchase price an earn-out will apply. The earn-out is equivalent to 50% of the contribution, at EBITDA level, of the combined Life Science business area, for a period of three years from the acquisition. The additional purchase price will not exceed GBP 3.5 million. No external funding has been raised to finance the cash purchase price.
On the basis that the purchase price was partially paid in shares 1,208,814 new shares in Formpipe were issued in kind to the sellers. Formpipe's share capital was thereby increased by SEK 120 881.40, from SEK 4,893,458.80 to SEK 5,014,340.20.
According to the Radar Group, ECM continues to be a high priority investment area for companies and organizations. Greater regulatory requirements and effective information management as a means of competition are important driving forces that have a tendency to be continually strengthened in connection with the increased amount of information. The Danish and Swedish license markets for ECM software will, according to Gartner, amount to around SEK 840 (800) million in 2014, which is an increase of almost 5 percentage points.
Formpipe targets the markets for the public sector in Sweden and Denmark as well as the international market for life sciences.
The Danish public sector is the largest individual market for Formpipe. Formpipe is the market leader in the public sector and has a broad product offering with associated services within the ECM area (document and message management, pay-ment handling and selfservices / modes of cooperation). The Danish public sector is a model for efficient and digital public administration in Europe and has an express focus on investing in IT support in order to boost its internal efficiency.
Formpipe has a broad product offering within the framework for ECM to the Swedish public sector for compliance with regulatory requirements and to facilitate efficient and digital public administration. In the future, the company believes, as do external analysis companies, that the need for more efficient management will mean that the Swedish public sector will continue to invest in existing or new IT systems in order to realize its potential.
Public administrations, both in Sweden and in Denmark, are facing the challenge of improving efficiency, productivity and the quality of their services. All these challenges must though be met with unchanged or even reduced budgets. Information and communication technology helps the public sector to handle challenges such as:
Increased demands in regard to transparency and improved service levels from citizens and companies.
A demographic reality that means that in future we must do more with fewer resources.
Within the private sector, the company's efforts are focused strongly on becoming an established supplier within quality management (document and message management) to the life science sector. Like the public sector, this sector has strict regulatory requirements. The market is strictly regulated by the regulations of the FDA (U.S. Food and Drug Administration) which makes the segment country-independent and opens up an export market that is far larger than the company's existing primary markets.
Formpipe is a leading supplier of ECM solutions in Sweden and Denmark. The board considers that the company is well-positioned to be able to develop and strengthen its leading position while retaining good profitability levels. The company sees good opportunities to continue to utilize its experience from its successes within the public sector in Sweden and Denmark, which from an international perspective are considered models for efficient public administration, in order to target new markets and customer segments. With well-invested products, solid experience of the public sector and facilities for continued product development, the company sees opportunities to focus on the demand at EU level which with increased regulatory requirements can be expected to increase its investments in the coming years. In addition to the Swedish public sector, FormPipe Software also focuses on the life science sector, which like the public sector is a segment that is strictly regulated by regulatory requirements. The Company has developed a very competitive offering to this sector. The life science market is faced with the same regulatory requirements regardless of geographical location, which creates a very large international market. The company's strategy with focus on the public sector and Life Science creates good opportunities to be able to efficiently develop market-leading offerings and need sector-specific requirements.
The board believes that Formpipe, which is one of the largest European-based ECM suppliers, is wellpositioned with a stabile customer base, a high share of recurring revenue and a focus on customer segments with a high need for ECM solutions. At the same time, the board considers that the ECM market is a sector undergoing consolidation and views acquisitions as a good complement to organic growth.
Net sales for the period totaled SEK 84.2 million (72.6 million), which corresponds to an increase of 16 %.
System revenue increased by 12 % from the previous year and totaled SEK 54.7 million (48.6 million). Total recurring revenue for the period increased by 11 % from the previous year and totaled SEK 39.9 million (36.0 million), which is equivalent to 47 % of net sales. Exchange rate effects have affected net sales positively by SEK 2.5 million in comparison with the previous year.
Net sales for the period totaled SEK 163.3 million (139.8 million), which corresponds to an increase of 17 %. System revenue increased by 10 % from the previous year and totaled SEK 104.2 million (94.7 million). Total recurring revenue for the period increased by 8 % from the previous year and totaled SEK 77.9 million (72.2 million), which is equivalent to 48 % of net sales. Exchange rate effects have affected net sales positively by SEK 4.9 million in comparison with the previous year.
Recurring revenue rolling 12-month, SEKm
The operating costs for the period increased by 14 % and totaled SEK 78.2 million (68.6 million). Personnel costs increased by 9 % and totaled SEK 48.8 million (44.7 million). Selling expenses totaled SEK 12.2 million (6.7 million). Other costs totaled SEK 15.3 million (15.3 million). Acquisition-related costs of SEK 0,5 million ( million) are charged to the period.
The operating costs for the period increased by 15 % and totaled SEK 151.9 million (132.6 million). Personnel costs increased by 10 % and totaled SEK 95.3 million (86.8 million). Selling expenses totaled SEK 22.5 million (13.6 million). Other costs totaled SEK 30.5 million (28.1 million). Acquisition-related costs of SEK 0,5 million ( million) are charged to the period.
Operating profit before depreciation and amortization and acquisition-related costs (EBITDA) totaled SEK 16.6 million (13.1 million) with an EBITDA margin of 19.7 % (18.0 %). Operating profit (EBIT) totaled SEK 6.0 million (4.0 million) with an operating margin of 7.1 % (5.5 %). Acquisition-related costs of SEK 0,5 million (- million) are included in the EBIT. Net profit totaled SEK 3.0 million (1.9 million). Exchange rate effects have affected EBITDA positively by SEK 0.4 million in comparison with the previous year.
Operating profit before depreciation and amortization and acquisition-related costs (EBITDA) totaled SEK 31.8 million (25.2 million) with an EBITDA margin of 19.5 % (18.1 %). Operating profit (EBIT) totaled SEK 11.3 million (7.2 million) with an operating margin of 6.9 % (5.2 %). Acquisition-related costs of SEK 0,5 million (- million) are included in the EBIT. Net profit totaled SEK 5.8 million (2.3 million). Exchange rate effects have affected EBITDA positively by SEK 0.8 million in comparison with the previous year.
Cash and cash equivalents at the end of the period amounted to SEK 18.5 million (4.5 million). The company had interest-bearing debt at the end of the period totaling SEK 152.2 (171.9) million. The company's net
interest-bearing debt thereby totaled SEK 133.8 million (167.4 million).
The company has bank overdraft facilities for a total of SEK 10.0 million and for DKK 17 million, which were not utilized at the end of the period (- million).
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 28,8 million (SEK 27.7 million).
Equity at the end of the period amounted to SEK 276.4 million (246.3 million), which was equivalent to SEK 5.65 (5.03) per outstanding share at the end of the period. The weakening of the Swedish krona has strengthened the value of the group's net assets in foreign currencies by SEK 6.6 million (3.4 million) from the end of the year.
The equity ratio at the end of the period was 47 % (44 %).
Cash flow from operating activities for the period January - June totaled SEK 22.6 million (27.3 million).
Total investments for the period January - June amounted to SEK 18.4 million (14.9 million), of which investments affecting cash flow totaled SEK 15.3 million (13.8 million).
Investments in intangible assets totaled SEK 17.3 million (14.0 million) and refer to capitalized product development costs.
Investments in tangible assets totaled SEK 1.2 million (0.9 million).
During the period January – June the company has amortized SEK 9.3 million (12.1 million) and the interest-bearing debt amounted to SEK 152.2 million (171.9 million) at the end of the period.
The number of employees at the end of the reporting period totaled 231 persons (226 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.
No transactions with related parties 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 OMX 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 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 software company in the field of ECM (Enterprise Content Management). We develop and deliver ECM products for structuring information in larger companies, the public sector and organizations. Our software helps organizations to capture and place information in context. Reduced costs, minimized risk exposure and structured information are the benefits from using our ECM products.
Formpipe was established in 2004 and has offices in Stockholm, Uppsala, Linköping and Copenhagen. Formpipe Software AB (publ) is listed on NASDAQ OMX Stockholm.
October 24, 2014 Interim Report Jan-Sep February 10, 2015 Year-end report for 2014
This interim report has not been subject to review by the company's auditors.
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 July 14, 2014 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
| apr-jun | jan-jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2014 | 2013 | 2014 | 2013 | |
| Net Sales | 84 246 | 72 553 | 163 251 | 139 757 | |
| Sales expenses | -12 181 | -6 720 | -22 524 | -13 611 | |
| Other costs | -15 304 | -15 258 | -30 455 | -28 085 | |
| Personell costs | -48 810 | -44 656 | -95 337 | -86 811 | |
| Capitalized work for own account | 8 674 | 7 153 | 16 862 | 13 978 | |
| Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) |
16 626 | 13 072 | 31 797 | 25 228 | |
| Acquisition-related costs | -500 | - | -500 | - | |
| Depreciation/amortization | -10 115 | -9 087 | -19 966 | -18 023 | |
| Operating profit/loss (EBIT) | 6 011 | 3 986 | 11 331 | 7 205 | |
| Financial income and expenses | -1 768 | -1 895 | -3 808 | -4 237 | |
| Exchange rate differences | 28 | 423 | -4 | 43 | |
| Tax | -1 235 | -613 | -1 677 | -725 | |
| Net profit for the period | 3 035 | 1 901 | 5 842 | 2 286 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 2 673 | 1 697 | 5 251 | 1 936 | |
| Shareholding with no controlling influence | 362 | 204 | 591 | 351 | |
| Other comprehensive income | |||||
| Translation differences | 6 200 | -6 535 | 6 617 | 3 356 | |
| Other comprehensive income for the period, net after tax | 6 200 | -6 535 | 6 617 | 3 356 | |
| Total comprehensive income for the period | 9 235 | -4 635 | 12 459 | 5 642 | |
| Of which the following relates to: | |||||
| Parent company shareholders | 8 872 | -4 839 | 11 868 | 5 292 | |
| Shareholding with no controlling influence | 362 | 204 | 591 | 351 | |
| EBITDA margin, % EBIT margin, % |
19,7% 7,1% |
18,0% 5,5% |
19,5% 6,9% |
18,1% 5,2% |
|
| Profit margin, % | 3,6% | 2,6% | 3,6% | 1,6% | |
| Earnings per share attributable to the parent company's shareholders | |||||
| during | |||||
| the period (SEK per share) | |||||
| - before dilution | 0,05 | 0,03 | 0,11 | 0,04 | |
| - after dilution | 0,05 | 0,03 | 0,11 | 0,04 | |
| Average no. of shares before dilution, in 000 | 48 935 | 48 935 | 48 935 | 48 935 | |
| Average no. of shares after dilution, in 000 | 48 935 | 48 935 | 48 935 | 48 935 |
| 30 jun | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2014 | 2013 | 2013 |
| Intangible assets | 457 189 | 439 353 | 449 414 |
| Tangible assets | 3 234 | 2 814 | 2 935 |
| Financial assets | 1 407 | 1 319 | 1 351 |
| Deferred tax asset | 28 799 | 27 760 | 27 936 |
| Current assets (excl. cash equivalents) | 75 098 | 79 829 | 90 035 |
| Cash equivalents | 18 467 | 4 474 | 20 269 |
| TOTAL ASSETS | 584 195 | 555 549 | 591 940 |
| Equity | 276 379 | 246 342 | 264 060 |
| Shareholding with no controlling influence | 3 378 | 2 067 | 2 787 |
| Long-term liabilities | 150 214 | 160 054 | 156 621 |
| Current liabilities | 154 225 | 147 086 | 168 472 |
| TOTAL EQUITY AND LIABILITIES | 584 195 | 555 549 | 591 940 |
| Net interest-bearing debt (-) / cash (+) | -133 779 | -167 425 | -141 533 |
| Equity attributable to the parent company's shareholders | Share | ||||||
|---|---|---|---|---|---|---|---|
| Other | Profit/loss | holdings with | |||||
| Share | contributed | Translation | brought | no controlling | |||
| (SEK 000) | capital | capital | reserves | forward | Total | influence | Total |
| Eget kapital 1 januari 2013 | 4 893 | 177 908 | -11 357 | 68 595 | 240 039 | 1 716 | 241 755 |
| Totalresultat | |||||||
| Periodens resultat | - | - | - | 2 287 | 2 287 | 351 | 2 638 |
| Övriga totalresultatposter | - | - | 3 356 | - | 3 356 | - | 3 356 |
| Summa totalresultat | - | - | 3 356 | 2 287 | 5 643 | 351 | 5 994 |
| Transaktioner med aktieägare | |||||||
| Betald premie för optionsprogram | - | 660 | - | - | 660 | - | 660 |
| Summa transaktioner med aktieägare | - | 660 | - | - | 660 | - | 660 |
| Eget kapital 30 juni 2013 | 4 893 | 178 568 | -8 001 | 70 882 | 246 342 | 2 067 | 248 409 |
| Eget kapital 1 januari 2014 | 4 893 | 178 568 | -2 701 | 83 301 | 264 060 | 2 787 | 266 847 |
| Totalresultat | |||||||
| Periodens resultat | - | - | - | 5 251 | 5 251 | 591 | 5 842 |
| Övriga totalresultatposter | - | - | 6 617 | - | 6 617 | - | 6 617 |
| Summa totalresultat | - | - | 6 617 | 5 251 | 11 868 | 591 | 12 459 |
| Transaktioner med aktieägare | |||||||
| Betald premie för optionsprogram | - | 450 | - | - | 450 | - | 450 |
| Summa transaktioner med aktieägare | - | 450 | - | - | 450 | - | 450 |
| Eget kapital 30 juni 2014 | 4 893 | 179 018 | 3 916 | 88 552 | 276 378 | 3 378 | 279 756 |
| apr-jun | jan-jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2014 | 2013 | 2014 | 2013 | |
| Cash flow from operating activities | |||||
| before working capital changes | 7 786 | 11 133 | 20 344 | 20 675 | |
| Cash flow from working capital changes | -17 | -3 978 | 2 302 | 6 639 | |
| Cash flow from operating activities | 7 769 | 7 155 | 22 646 | 27 314 | |
| Cash flow from investing activities | -8 055 | -7 404 | -15 273 | -13 778 | |
| Of which acquisition of business activities | - | - | - | - | |
| Cash flow from financing activities | -1 824 | -5 002 | -9 322 | -12 672 | |
| Of which dividend paid | - | - | - | - | |
| Cash flow for the period | -2 110 | -5 251 | -1 949 | 864 | |
| Change in cash and cash equivalent | |||||
| Cash and cash equivalent at the beginning of the period | 20 429 | 9 804 | 20 269 | 3 636 | |
| Translation differences | 147 | -79 | 147 | -26 | |
| Cash flow for the period | -2 110 | -5 251 | -1 949 | 864 | |
| Cash and cash equivalent at the end of the period | 18 467 | 4 474 | 18 467 | 4 474 | |
| Free cash flow | -286 | -249 | 7 373 | 13 536 |
| (SEK 000) | 2012 Q3 | 2012 Q4 | 2013 Q1 | 2013 Q2 | 2013 Q3 | 2013 Q4 | 2014 Q1 | 2014 Q2 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 27 038 | 33 622 | 34 077 | 33 838 | 34 393 | 35 425 | 35 815 | 37 519 |
| Licenses | 9 586 | 20 290 | 12 022 | 14 783 | 13 094 | 19 465 | 13 649 | 17 178 |
| System revenue | 36 624 | 53 912 | 46 099 | 48 620 | 47 487 | 54 891 | 49 465 | 54 697 |
| whereof recurring revenue | 29 048 | 35 751 | 36 209 | 35 952 | 36 566 | 36 566 | 38 017 | 39 865 |
| Deliveries | 20 005 | 33 405 | 21 105 | 23 933 | 22 810 | 29 187 | 29 540 | 29 549 |
| Net sales | 56 629 | 87 317 | 67 204 | 72 553 | 70 297 | 84 078 | 79 005 | 84 246 |
| Sales expenses | -5 197 | -9 020 | -6 892 | -6 720 | -6 625 | -9 661 | -10 343 | -12 181 |
| Other costs | -10 901 | -15 815 | -12 827 | -15 258 | -13 962 | -15 710 | -15 151 | -15 304 |
| Personnel costs | -31 196 | -42 900 | -42 155 | -44 656 | -38 090 | -46 685 | -46 527 | -48 810 |
| Capitalized development costs | 5 558 | 7 649 | 6 825 | 7 153 | 7 302 | 8 459 | 8 187 | 8 674 |
| Total operating expenses | -41 736 | -60 086 | -55 048 | -59 481 | -51 374 | -63 598 | -63 834 | -67 620 |
| EBITDA | 14 893 | 27 231 | 12 156 | 13 073 | 18 922 | 20 480 | 15 171 | 16 626 |
| % | 26,3% | 31,2% | 18,1% | 18,0% | 26,9% | 24,4% | 19,2% | 19,7% |
| Items affecting comparability | -3 151 | - | - | - | - | - | - | -500 |
| Depreciation/amortization | -7 146 | -9 171 | -8 936 | -9 087 | -9 540 | -9 753 | -9 851 | -10 115 |
| EBIT | 4 597 | 18 060 | 3 220 | 3 986 | 9 382 | 10 727 | 5 320 | 6 011 |
| % | 8,1% | 20,7% | 4,8% | 5,5% | 13,3% | 12,8% | 6,7% | 7,1% |
There have been no material changes to the segments' assets during the period.
| jan-jun 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Sweden | Denmark | Eliminations | Group | ||||
| Sales, external | 59 217 | 104 034 | - | 163 251 | ||||
| Sales, internal | 246 | 1 788 | -2 034 | - | ||||
| Total sales | 59 463 | 105 822 | -2 034 | 163 251 | ||||
| Costs, external | -43 066 | -88 388 | - | -131 454 | ||||
| Costs, internal | -1 788 | -246 | 2 034 | - | ||||
| Operating profit/loss before deprecia | 14 608 | 17 188 | - | 31 797 | ||||
| tion/amortization and one-off items (EBITDA) | ||||||||
| % | 24,6% | 16,2% | 19,5% |
| jan-jun 2013 | |||||||
|---|---|---|---|---|---|---|---|
| (SEK 000) | Sweden | Denmark | Eliminations | Group | |||
| Sales, external | 51 811 | 87 947 | - | 139 757 | |||
| Sales, internal | 400 | 1 602 | -2 002 | - | |||
| Total sales | 52 211 | 89 549 | -2 002 | 139 757 | |||
| Costs, external | -41 198 | -73 331 | - | -114 529 | |||
| Costs, internal | -1 602 | -400 | 2 002 | - | |||
| Operating profit/loss before deprecia | 9 411 | 15 818 | - | 25 228 | |||
| tion/amortization and one-off items (EBITDA) | |||||||
| % | 18,0% | 17,7% | 18,1% |
| Number of outstanding shares at the end of the period |
12 004 504 | 12 233 647 | 48 934 588 | 48 934 588 | 48 934 588 |
|---|---|---|---|---|---|
| of the period Issued shares during the period |
11 736 181 268 323 |
12 004 504 229 143 |
12 233 647 36 700 941 |
48 934 588 - |
48 934 588 - |
| Number of outstanding shares at the beginning | |||||
| 2010-12-31 | 2011-12-31 | 2012-12-31 | 2013-12-31 | 2014-06-30 | |
| 2010-01-01 | 2011-01-01 | 2012-01-01 | 2013-01-01 | 2014-01-01 |
| jan-jun | ||
|---|---|---|
| 2014 | 2013 | |
| Net sales, SEK 000 | 163 251 | 139 757 |
| EBITDA, SEK 000 | 31 797 | 25 228 |
| EBIT, SEK 000 | 11 331 | 7 205 |
| Net profit for the period, SEK 000 | 5 842 | 2 286 |
| EBITDA margin, % | 19,5% | 18,1% |
| EBIT margin, % | 6,9% | 5,2% |
| Profit margin, % | 3,6% | 1,6% |
| Return on equity, %* | 6,7% | 5,0% |
| Return on working capital, %* | 7,7% | 7,2% |
| Equity ratio, % | 47,3% | 44,3% |
| Equity per outstanding share at the end of the period, SEK | 5,65 | 5,03 |
| Earnings per share - before dilution, SEK | 0,11 | 0,04 |
| Earnings per share - after dilution, SEK | 0,11 | 0,04 |
| Share price at the end of the period, SEK | 6,55 | 5,35 |
* Ratios including P&L measures are based on the most recent 12-month period
| apr-jun | jan-jun | |||
|---|---|---|---|---|
| (SEK 000) | 2014 | 2013 | 2014 | 2013 |
| Net sales | 2 668 | 2 366 | 5 295 | 4 805 |
| Operating expenses | ||||
| Sales expenses | -944 | -541 | -1 257 | -816 |
| Other costs | -3 342 | -3 762 | -6 389 | -6 237 |
| Personnel costs | -8 214 | -7 137 | -16 182 | -13 735 |
| Depreciation/amortization | -415 | -208 | -797 | -422 |
| Total operating expenses | -12 916 | -11 648 | -24 625 | -21 209 |
| Operating profit/loss | -10 248 | -9 282 | -19 330 | -16 404 |
| Other financial items | 53 | 9 | -55 | -105 |
| Net profit for the period | -10 195 | -9 273 | -19 384 | -16 509 |
| 30 jun | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2014 | 2013 | 2013 |
| Intangible assets | 4 802 | 208 | 5 171 |
| Tangible assets | 1 193 | 684 | 720 |
| Financial assets | 417 126 | 433 186 | 423 741 |
| Deferred tax asset | 7 898 | 4 996 | 7 898 |
| Current assets (excl. cash equivalents) | 3 474 | 2 408 | 17 843 |
| Cash and bank balances | 19 627 | 11 590 | 15 256 |
| TOTAL ASSETS | 454 121 | 453 072 | 470 629 |
| Restricted equity | 22 584 | 22 584 | 22 584 |
| Non-restricted equity | 173 732 | 170 104 | 192 667 |
| Total equity | 196 316 | 192 688 | 215 251 |
| Long-term liabilities | 124 459 | 144 201 | 134 105 |
| Current liabilities | 133 345 | 116 183 | 121 273 |
| TOTAL EQUITY AND LIABILITIES | 454 121 | 453 072 | 470 629 |
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 rental license agreement.
Earnings before depreciation, amortization, acquisition-related costs and other items of a one-off nature.
Operating profit/loss
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
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).
O P E R A T I N G M A R G I N B E F O R E D E P R E C I A T I O N A N D A M O R T I Z A T I O N (EBITDA M A R G I N ) Earnings before depreciation, amortization, acquisition-related costs and other items of a one-off nature as a percentage of net sales.
O P E R A T I N G M A R G I N (EBIT M A R G I N )
Operating profit/loss as a percentage of net sales.
E Q U I T Y R A T I O Equity as a percentage of the balance sheet total.
Net profit/loss after tax divided by the average number of shares during the period.
Net profit/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
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