Quarterly Report • Oct 26, 2017
Quarterly Report
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| Jul-Sep | Jan-Sep | Rolling 12 | Full year |
|||
|---|---|---|---|---|---|---|
| (SEK Million) | 2017 | 2016 | 2017 | 2016 | months | 2016 |
| Net sales | 88,0 | 83,2 | 279,8 | 272,0 | 386,5 | 378,7 |
| whereof recurring revenue | 49,9 | 45,3 | 144,1 | 133,3 | 189,4 | 178,6 |
| EBITDA | 22,1 | 19,9 | 59,9 | 57,8 | 90,2 | 88,0 |
| EBITDA-adj | 13,3 | 10,8 | 31,5 | 29,3 | 53,1 | 50,8 |
| EBIT | 11,1 | 6,2 | 23,0 | 13,8 | 38,8 | 29,7 |
In accordance with our long-term strategy, the transformation from traditional license sales to cloudbased license sales (Software as a Service) continues to take place at an accelerating rate. In the third quarter, around 20 new contracts were closed as cloud services, and the license value for these new contracts, if they had instead been sold as traditional license, had been approximately 4 MSEK.
This shift has a clear negative impact on our short-term margins, but will over time bring positive effects for us since it will generate higher proportions of recurring revenue for many years going forward. Our recurring revenue for the third quarter is 10 % higher than for the same period last year.
The realization of our ambition to deliver higher margins is challenged by the above transformation in business model. Therefore, it is satisfying that we for the third quarter and the full year as well, perform better on all profit lines (operating profit, EBITDA, etc.) compared to last year. We consider it possible to continue this trend in the future. It does, however, look
challenging for the fourth quarter due to the fact that we made an unusually strong quarter last year thanks to a large license revenue being recognised from the Stockholm project.
We are still experiencing a challenging market for municipalities in Denmark. During the third quarter the National Appeals Board in Denmark commented on the association of some Danish municipalities that we consider infringing on the public procurement process and thereby preventing fair competition. The National Appeals Board stated the construction to be in violation of current Danish law. How this decision will affect the market situation is still very unclear. We continue our strategy to focus on and strengthen our relations to our existing customers within this market space.
Enterprise content management (ECM) is used to create, store, distribute, discover, archive and manage digital content (such as scanned documents, email, reports, medical images and office documents), and ultimately analyze usage to enable organizations to deliver relevant content to users where and when they need it. It is in the ECM market that Formpipe has emerged as the market leader in the public sector, as a challenger in e.g. life sciences and legal as well as cross-industry for parts of the product range.
Growth in the ECM market is fueled in large part by the organizational and corporate wide need to streamline operations and meet legal requirements and regulations. Making business value from the information requires applications and services to search, analyze, process and distribute data and content. Growth drivers continually gain strength as the sheer amount of data and information increases and ECM remains a highly prioritized investment area. Gartner's forecast on ECM software revenue is a Compound Annual Growth Rate of 10.6%, 2015-2020. The ECM market is large and fragmented, with a total addressable market (systems revenue) of 7 billion dollars in 2017 (Source: Gartner, Enterprise Software Markets, Worldwide, 2013-2020, 4Q16 update).
The ECM market is changing from the centralized, backend, command and control of unstructured content to integrated, purpose-built, cloud based solutions that prioritizes content usability, processing and analyzing content from one or several sources, to get business insights and business value. Control, file synchronization and sharing will be a standard capability of ECM offerings.
This change is well in line with the Formpipe's strategy, as more and more of the company's customers choose to switch to cloud solutions for the standard products, as well as with the company development of applications and modules with the ability to process information from both Formpipe's existing systems or from other systems.
The development for ECM software is towards cloud based solutions and Gartner predicts that at least 50% of the leading ECM software providers will have rearchitected their offerings to cloud based platform by the end of 2018. But even if the trend is towards the cloud, the license revenues from on-premise will play an important role for years to come.
Case and Document Management is about managing documents and information in cooperation, over functional boundaries, with version management, management of rights, traceability and automation of the work flows. This provides lower costs, minimized risk exposure and structured information. In the area of Case and Document Management, Formpipe addresses the public sector in Sweden and Denmark, as well as the industries of Life Science and Legal.
Grants Management automates the whole life cycle for applications and grants for both grant funding bodies and recipients, from requests for proposals by the program to measurement and reporting of the outcome of the effort. Formpipes Grants Management products are currently sold to the public sector and it is the leading system with national authorities.
With CCM products, content is produced, individualized, formatted and distributed from different systems and data sources to the format that best suits the company in its communication with customers or other business partners. Formpipe's CCM product Lasernet is mainly tied to sales of ERP systems
Structured data archiving is the ability to index and move important operating data from active business systems, or systems being discontinued. It provides control and makes the data available in its context, reduces storage costs and the amount of data in the daily production environment. Formpipe's product Long-Term Archive is currently sold to the public sector in Sweden where there is a high level of activity.
Formpipe is well-positioned to be able to develop and strengthen its leading position as ECM provider while retaining good profitability levels. The company sees good opportunities to continue to utilize its experience from its successes in order to target new markets and customer segments. A solid product development and product strategy creates good conditions to be able to efficiently develop market-leading offerings and meet up with sector-specific requirements also in the future.
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.
Net sales for the period totalled to SEK 88.0 million (83.2 million), which corresponds to an increase of 6 %. System revenue increased by 1 % from the previous year and totalled to SEK 56.7 million (56.2 million). Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK 49.9 million (45.3 million), which is equivalent to 57 % of net sales (54 %). Exchange rate effects have affected net sales positively by SEK 0.9 million in comparison with the previous year.
Net sales for the period totalled to SEK 279.8 million (272.0 million), which corresponds to an increase of 3 %. System revenue increased by 3 % from the previous year and totalled to SEK 180.5 million (175.3 million). Total recurring revenue for the period increased by 8 % from the previous year and totalled to SEK 144.1 million (133.3 million), which is equivalent to 52 % of net sales (49 %). Exchange rate effects have affected net sales positively by SEK 3.0 million in comparison with the previous year.
Recurring revenue rolling 12-month, SEKm
The operating costs for the period decreased by 0 % and totalled to SEK 76.9 million (77.0 million). Personnel costs increased by 5 % and totalled to SEK 46.4 million (44.3 million). Selling expenses totalled to SEK 12.8 million (11.3 million). Other costs totalled to SEK 15.5 million (16.8 million).
The operating costs for the period increased by 1 % and totalled to SEK 258.0 million (255.1 million). Personnel costs increased by 2 % and totalled to SEK 155.0 million (151.6 million). Selling expenses totalled to SEK 41.5 million (38.2 million). Other costs totalled to SEK 51.7 million (53.0 million). During the period a write-down of the remaining liability for additional purchase price from the acquisition of GxP Ltd. has been made by 0.5 million GBP (SEK 5.6 million). Related goodwill from the acquisition has also been written down by 0.4 million GBP (SEK 4.3 million) giving a positive net effect of items affecting comparability amounting to SEK 1.3 million.
Recurring revenues in relation to fixed operating costs, MSEK
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 22.1 million (19.9 million) with an EBITDA margin of 25.1 % (23.9 %). Operating profit (EBIT) totalled to SEK 11.1 million (6.2 million) with an operating margin of 12.7 % (7.5 %). Net profit totalled to SEK 6.5 million (5.6 million). Exchange rate effects have affected EBITDA positively by SEK 0.2 million in comparison with the previous year.
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 59.9 million (57.8 million) with an EBITDA margin of 21.4 % (21.2 %). Operating profit (EBIT) totalled to SEK 23.0 million (13.8 million) with an operating margin of 8.2 % (5.1 %). Net profit totalled to SEK 14.4 million (11.3 million). Net profit from discontinued operations amounted to SEK - million (2.4 million). Exchange rate effects have affected EBITDA positively by SEK 0.7 million in comparison with the previous year.
Cash and cash equivalents at the end of the period amounted to SEK 36.4 million (27.2 million). The company had interest-bearing debt at the end of the period totalling to SEK 94.5 million (110.8 million). The company's net interest-bearing debt thereby totalled to SEK 58.0 million (83.6 million).
The company has bank overdraft facilities for a total of SEK 10.0 million and for DKK 17.0 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 16.8 million (SEK 21.2 million).
Equity at the end of the period amounted to SEK 345.6 million (336.1 million), which was equivalent to SEK 6.66 (6.55) per outstanding share at the end of the period. The weakening of the Swedish krona has decreased the value of the group's net assets in foreign currencies by SEK -0.6 million (8.2 million) from the end of the year.
During the period the personnel warrant program 2014/2017 was exercised. A total of 599 417 new shares were issued from this program. After the issue of new shares, the total number of shares and votes in the Company amounts to 51 873 025 and the share capital to SEK 5 187 302.5.
The equity ratio at the end of the period was 58 % (56 %).
Cash flow from operating activities for the period January - September totalled to SEK 34.3 million (25.3 million).
Total investments for the period January - September amounted to SEK 30.6 million (29.4 million.
Investments in intangible assets totalled to SEK 28.6 million (28.5 million) and refer to capitalized product development costs.
Investments in tangible assets totalled to SEK 2.0 million (1.0 million).
During the period January – September the company has amortized SEK 13.1 million (9.8 million) and the interestbearing debt amounted to SEK 94.5 million (110.8 million) at the end of the period.
As an outcome from the exercise of the personnel warrant program 2014/2017, 599,417 new shares was issued and payments amounting to SEK 3.8 million (7.5 million) has been added to the Company. At the same time the Company repurchased 392,583 warrants to a value of SEK 3.3 million (0.5 million).
During the period a new warrant program (2017/2020) has been issued to the company's personnel amounting to 500 000 warrants, which has provided the company with payments of SEK 0.4 million (0.3 million).
During the period dividends amounting to SEK 16.0 million (6.6 million) has been paid out to shareholders.
The number of employees at the end of the reporting period totalled to 236 persons (236 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 changes in the risk and uncertainty factors for the group and the parent company.
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 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 1-12 and the interim report on pages 1-5 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 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 founded in 2004 and has offices in Sweden, Denmark, United Kingdom, the Netherlands, Germany and USA. The Formpipe share is listed on Nasdaq Stockholm.
February 14, 2018 Interim report Jan-Dec April 24, 2018 Interim report Jan-Mar April 25, 2018 Annual general meeting July 13, 2018 Interim report Jan-Jun October 23, 2018 Interim report Jan-Sep
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 October 26, 2017 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
We have reviewed the condensed interim financial information (interim report) of Formpipe Software AB as of 30 September 2017 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 26 October 2017
PricewaterhouseCoopers AB
Aleksander Lyckow
Authorized Public Accountant
| Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 |
| Net Sales | 88 002 | 83 221 | 279 783 | 272 028 |
| Sales expenses | -12 772 | -11 327 | -41 504 | -38 152 |
| Other costs | -15 530 | -16 844 | -51 732 | -52 967 |
| Personnel costs | -46 428 | -44 260 | -155 024 | -151 636 |
| Capitalized work for own account | 8 849 | 9 074 | 28 373 | 28 485 |
| Operating profit/loss before depreciation/amortization | 22 121 | 19 864 | 59 897 | 57 758 |
| and non-comparative items (EBITDA) | ||||
| Items affecting comparability | - | - | 1 260 | -3 118 |
| Depreciation/amortization | -10 976 | -13 658 | -38 152 | -40 801 |
| Operating profit/loss (EBIT) | 11 145 | 6 206 | 23 004 | 13 839 |
| Financial income and expenses | -856 | -1 111 | -3 027 | -3 517 |
| Exchange rate differences | -147 | 2 044 | -799 | 2 208 |
| Tax | -3 678 | -1 560 | -4 799 | -3 656 |
| Net profit for the period from remaining business | 6 464 | 5 579 | 14 379 | 8 874 |
| Realization gains from discontinued business | - | - | - | 2 434 |
| Net profit for the period | 6 464 | 5 579 | 14 379 | 11 308 |
| Of which the following relates to: | ||||
| Parent company shareholders | 6 444 | 5 290 | 14 347 | 10 420 |
| Shareholding with no controlling influence | 20 | 289 | 32 | 888 |
| Other comprehensive income | ||||
| Translation differences | -2 759 | 717 | -620 | 8 229 |
| Other comprehensive income for the period, net after tax | -2 759 | 717 | -620 | 8 229 |
| Total comprehensive income for the period | 3 705 | 6 296 | 13 759 | 19 537 |
| Of which the following relates to: | ||||
| Parent company shareholders | 3 685 | 6 007 | 13 727 | 18 649 |
| Shareholding with no controlling influence | 20 | 289 | 32 | 888 |
| EBITDA margin, % | 25,1% | 23,9% | 21,4% | 21,2% |
| EBIT margin, % | 12,7% | 7,5% | 8,2% | 5,1% |
| Profit margin, % | 7,3% | 6,7% | 5,1% | 4,2% |
| Earnings per share attributable to the parent company's shareholders | ||||
| during the period (SEK per share) | ||||
| - before dilution | 0,12 | 0,10 | 0,28 | 0,21 |
| - after dilution | 0,12 | 0,10 | 0,28 | 0,20 |
| Average no. of shares before dilution, in 000 | 51 873 | 51 274 | 51 540 | 50 646 |
| Average no. of shares after dilution, in 000 | 52 191 | 51 530 | 52 104 | 51 072 |
| Sep 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Intangible assets | 457 442 | 476 722 | 470 396 |
| Tangible assets | 3 096 | 4 178 | 4 075 |
| Financial assets | 2 890 | 1 681 | 1 682 |
| Deferred tax asset | 16 777 | 21 157 | 17 332 |
| Current assets (excl. cash equivalents) | 82 197 | 75 455 | 94 870 |
| Cash equivalents | 36 388 | 27 192 | 60 890 |
| TOTAL ASSETS | 598 791 | 606 385 | 649 244 |
| Equity | 345 554 | 336 080 | 346 249 |
| Shareholding with no controlling influence | 2 106 | 2 687 | 2 706 |
| - | - | - | |
| Long-term liabilities | 103 377 | 126 341 | 115 953 |
| Current liabilities | 147 754 | 141 277 | 184 337 |
| TOTAL EQUITY AND LIABILITIES | 598 791 | 606 385 | 649 244 |
| Net interest-bearing debt (-) / cash (+) | -58 081 | -83 590 | -45 626 |
| 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 |
| Balance at January 1, 2016 | 5 014 | 186 709 | 4 454 | 118 930 | 315 108 | 3 378 | 318 486 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 10 420 | 10 420 | 888 | 11 308 |
| Other comprehensive income items | - | - | 8 229 | - | 8 229 | - | 8 229 |
| Total comprehensive income | - | - | 8 229 | 10 420 | 18 649 | 888 | 19 537 |
| - | - | - | - | - | - | - | |
| Transaction with owners | - | - | - | - | - | - | - |
| Dividend | - | - | - | -5 014 | -5 014 | -1 579 | -6 593 |
| Share issue | 113 | 7 425 | - | - | 7 538 | - | 7 538 |
| Repurchase of warrants | - | -466 | - | - | -466 | - | -466 |
| Employee warrant schemes | - | 265 | - | - | 265 | - | 265 |
| Total transaction with owners | 113 | 7 224 | - | -5 014 | 2 323 | -1 579 | 744 |
| Balance at Sep 30, 2016 | 5 127 | 193 933 | 12 683 | 124 336 | 336 080 | 2 687 | 338 767 |
| Balance at January 1, 2017 | 5 127 | 193 933 | 11 395 | 135 793 | 346 249 | 2 706 | 348 954 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 14 347 | 14 347 | 32 | 14 379 |
| Other comprehensive income items | - | - | -620 | - | -620 | - | -620 |
| Total comprehensive income | - | - | -620 | 14 347 | 13 727 | 32 | 13 759 |
| - | - | - | - | - | - | - | |
| Transaction with owners | - | - | - | - | - | - | - |
| Dividend | - | - | - | -15 382 | -15 382 | -632 | -16 014 |
| Share issue | 60 | 3 782 | - | - | 3 842 | - | 3 842 |
| Repurchase of warrants | - | -3 282 | - | - | -3 282 | - | -3 282 |
| Employee warrant schemes | - | 400 | - | - | 400 | - | 400 |
| Total transaction with owners | 60 | 900 | - | -15 382 | -14 422 | -632 | -15 054 |
| Balance at Sep 30, 2017 | 5 187 | 194 833 | 10 775 | 134 758 | 345 554 | 2 106 | 347 659 |
| Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 |
| Cash flow from operating activities | ||||
| before working capital changes | 22 249 | 15 427 | 55 468 | 47 907 |
| Cash flow from working capital changes | -5 384 | -6 467 | -21 206 | -22 594 |
| Cash flow from operating activities | 16 865 | 8 960 | 34 262 | 25 313 |
| Cash flow from investing activities | -10 527 | -9 710 | -30 565 | -26 317 |
| Cash flow from financing activities | -4 948 | -2 028 | -28 173 | -9 065 |
| Cash flow for the period | 1 390 | -2 778 | -24 476 | -10 069 |
| Change in cash and cash equivalent | ||||
| Cash and cash equivalent at the beginning of the period | 35 109 | 30 379 | 60 890 | 37 670 |
| Translation differences | -112 | -409 | -26 | -409 |
| Cash flow for the period | 1 390 | -2 778 | -24 476 | -10 069 |
| Cash and cash equivalent at the end of the period | 36 388 | 27 192 | 36 388 | 27 192 |
* Cash flow from internal development work (SEK 2,1 m for the year and 0,4 m for the quarter) previously included in the cash flow from operating activities has been re-classified to investment acitivies in last year's comparable period (in accordance with IAS 7).
| (SEK 000) | 2015 Q4 | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 | 2017 Q1 | 2017 Q2 | 2017 Q3 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 40 893 | 42 150 | 40 542 | 42 478 | 42 309 | 43 572 | 42 406 | 44 091 |
| Licenses | 22 708 | 15 999 | 20 370 | 13 730 | 30 667 | 17 778 | 20 033 | 12 585 |
| System revenue | 63 602 | 58 149 | 60 912 | 56 208 | 72 976 | 61 350 | 62 439 | 56 676 |
| whereof recurring revenue | 43 603 | 44 806 | 43 146 | 45 338 | 45 318 | 47 521 | 46 706 | 49 884 |
| Deliveries | 29 522 | 29 126 | 40 619 | 27 013 | 33 720 | 33 372 | 34 620 | 31 326 |
| Net sales | 93 123 | 87 275 | 101 531 | 83 221 | 106 696 | 94 722 | 97 059 | 88 002 |
| Sales expenses | -14 033 | -12 886 | -13 939 | -11 327 | -14 287 | -13 625 | -15 107 | -12 772 |
| Other costs | -17 757 | -17 399 | -18 724 | -16 844 | -18 621 | -17 502 | -18 700 | -15 530 |
| Personnel costs | -51 607 | -51 099 | -56 277 | -44 260 | -52 220 | -54 465 | -54 130 | -46 428 |
| Capitalized development costs | 11 957 | 10 524 | 8 887 | 9 074 | 8 718 | 9 632 | 9 892 | 8 849 |
| Total operating expenses | -71 440 | -70 861 | -80 053 | -63 356 | -76 410 | -75 960 | -78 046 | -65 881 |
| EBITDA | 21 683 | 16 415 | 21 478 | 19 865 | 30 286 | 18 763 | 19 013 | 22 121 |
| % | 23,3% | 18,8% | 21,2% | 23,9% | 28,4% | 19,8% | 19,6% | 25,1% |
| -3 905 | -2 434 | |||||||
| Items affecting comparability | - | - | -3 118 | - | - | 0 | 1 260 | - |
| Depreciation/amortization | -13 308 | -13 584 | -13 559 | -13 658 | -14 460 | -14 356 | -12 820 | -10 976 |
| EBIT | 8 375 | 2 831 | 4 801 | 6 207 | 15 827 | 4 406 | 7 453 | 11 145 |
| % | 9,0% | 3,2% | 4,7% | 7,5% | 14,8% | 4,7% | 7,7% | 12,7% |
| Discontinued business: | ||||||||
| Net sales | 2 165 | - | - | - | - | - | ||
| EBITDA | -43 | - | - | - | - | - |
* Adjusted to reflect the remaining business after disposal of customer specific consulting services in Denmark in 2015 Q4.
The Group's segments are divided according to which country they have their headquarters in and for which products that is accounted for. The segments are divided into Sweden, Denmark and Life Science. Segment Sweden comprises the Swedish companies and their products, segment Denmark consists of the Danish companies and their subsidiaries that accounts for products belonging to the Danish entities. Segment Life Science consists of the Group's total records related to life sciences customers for its products specifically designed for life science companies. Items related to life sciences are thus reported separately under its own segment and are not included in the other segments' reported amounts.
| Jan-Sep 2017 | |||||
|---|---|---|---|---|---|
| Life | |||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | Group |
| Sales, external | 121 302 | 150 714 | 7 767 | - | 279 783 |
| Sales, internal | 3 607 | 367 | 571 | -4 545 | - |
| Total sales | 124 909 | 151 081 | 8 338 | -4 545 | 279 783 |
| Costs, external | -84 234 | -126 419 | -9 233 | - | -219 886 |
| Costs, internal | -3 436 | -531 | -578 | 4 545 | - |
| EBITDA | 37 239 | 24 131 | -1 473 | - | 59 897 |
| % | 29,8% | 16,0% | -17,7% | 0,0% | 21,4% |
| Jan-Sep 2016 | ||||||
|---|---|---|---|---|---|---|
| Life | ||||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | Group | |
| Sales, external | 109 477 | 155 234 | 7 317 | - | 272 028 | |
| Sales, internal | 3 045 | 104 | 1 041 | -4 190 | - | |
| Total sales | 112 522 | 155 338 | 8 358 | -4 190 | 272 028 | |
| Costs, external | -78 911 | -123 494 | -11 865 | - | -214 270 | |
| Costs, internal | -2 820 | -383 | -987 | 4 190 | - | |
| EBITDA | 30 791 | 31 461 | -4 494 | - | 57 758 | |
| % | 27,4% | 20,3% | -53,8% | 0,0% | 21,2% |
Revenues from all products and services are identified as follows:
| Life | ||||
|---|---|---|---|---|
| 2017 | Sweden | Denmark | Science | Group |
| License | 27 922 | 20 806 | 1 668 | 50 396 |
| Support & Maintenance | 67 936 | 59 871 | 2 262 | 130 069 |
| Delivery | 25 444 | 70 037 | 3 837 | 99 318 |
| Net sales | 121 302 | 150 714 | 7 767 | 279 783 |
| Life |
| 2016 | Sverige | Danmark | Science | Koncernen |
|---|---|---|---|---|
| License | 23 433 | 24 613 | 2 053 | 50 099 |
| Support & Maintenance | 62 988 | 60 370 | 1 812 | 125 170 |
| Delivery | 23 056 | 70 251 | 3 452 | 96 759 |
| Net sales | 109 477 | 155 234 | 7 317 | 272 028 |
| 2013-01-01 | 2014-01-01 | 2015-01-01 | 2016-01-01 | 2017-01-01 | |
|---|---|---|---|---|---|
| 2013-12-31 | 2014-12-31 | 2015-12-31 | 2016-12-31 | 2017-09-30 | |
| Number of outstanding shares at the beginning of the period |
48 934 588 | 48 934 588 | 50 143 402 | 50 143 402 | 51 273 608 |
| Share issue from warrant programme | - | - | - | 1 130 206 | 599 417 |
| Non-cash issue | - | 1 208 814 | - | - | - |
| Number of outstanding shares at the end of the period |
48 934 588 | 50 143 402 | 50 143 402 | 51 273 608 | 51 873 025 |
| Jan-Sep | ||
|---|---|---|
| 2017 | 2016 | |
| Net sales, SEK 000 | 279 783 | 272 028 |
| EBITDA, SEK 000 | 59 897 | 57 758 |
| EBITDA-adj., SEK 000 | 31 523 | 29 273 |
| EBIT, SEK 000 | 23 004 | 13 839 |
| Net profit for the period, SEK 000 | 14 379 | 11 308 |
| EBITDA margin, % | 21,4% | 21,2% |
| EBITDA-adj. margin, % | 11,3% | 10,8% |
| EBIT margin, % | 8,2% | 5,1% |
| Profit margin, % | 5,1% | 4,2% |
| Return on equity, %* | 6,7% | 5,6% |
| Return on working capital, %* | 9,7% | 5,4% |
| Equity ratio, % | 58% | 55% |
| Equity per outstanding share at the end of the period, SEK | 6,66 | 6,55 |
| Earnings per share - before dilution, SEK | 0,28 | 0,21 |
| Earnings per share - after dilution, SEK | 0,28 | 0,20 |
| Share price at the end of the period, SEK | 14,90 | 8,90 |
* Ratios including P&L measures are based on the most recent 12-month period
| Jul-Sep | Jan-Sep | |||
|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 |
| Net sales | 32 961 | 76 197 | 108 089 | 94 925 |
| Operating expenses | -3 809 | |||
| Sales expenses | -7 934 | -14 854 | -12 789 | |
| Other costs | -8 213 | -14 320 | -22 895 | -20 469 |
| Personnel costs | -15 652 | -26 052 | -48 809 | -48 245 |
| Depreciation/amortization | -1 571 | -1 595 | -4 688 | -4 708 |
| Total operating expenses | -29 244 | -49 902 | -91 247 | -86 211 |
| Operating profit/loss | 3 717 | 26 295 | 16 843 | 8 714 |
| Other financial items | 714 | 2 978 | 1 737 | 4 110 |
| Net profit for the period | 5 599 | 29 273 | 19 747 | 15 744 |
* During the third quarter of 2016 the wholly owned Swedish subsidiaries were merged with the parent company. The merger of the subsidiaries had no effect on the group.
| Sep 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Intangible assets | 15 785 | 21 290 | 19 856 |
| Tangible assets | 972 | 1 086 | 1 164 |
| Financial assets | 337 403 | 357 283 | 353 463 |
| Deferred tax asset | - | 3 635 | - |
| Current assets (excl. cash equivalents) | 58 784 | 45 296 | 65 302 |
| Cash and bank balances | 27 563 | 24 047 | 45 369 |
| TOTAL ASSETS | 440 507 | 452 638 | 485 154 |
| Restricted equity | 22 878 | 22 818 | 22 818 |
| Non-restricted equity | 215 330 | 202 312 | 210 064 |
| Total equity | 238 208 | 225 130 | 232 882 |
| Long-term liabilities | 77 457 | 99 223 | 94 552 |
| Current liabilities | 124 842 | 128 285 | 157 720 |
| TOTAL EQUITY AND LIABILITIES | 440 507 | 452 638 | 485 154 |
Pledged assets refers to shares in subsidiaries as security for loans. The pledged assets in the Group is the same as disclosed for the Parent Company.
| Sep 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Pledged assets | 302 219 | 270 046 | 300 321 |
| Contingent liabilities | - | - | - |
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). From July 3rd 2016 new guidelines were implemented by the European Union regarding alternative APM's, which Formpipe uses in published reports. Formpipe's APM's is calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures is 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.
Other costs and personnel costs
Earnings before depreciation, amortization, acquisitionrelated costs and other items affecting comparability.
EBITDA exclusive capitalized work for own account
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, acquisitionrelated 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.
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