Quarterly Report • Jul 14, 2017
Quarterly Report
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| Apr-Jun | Jan-Jun | Rolling 12 | Full year | ||||
|---|---|---|---|---|---|---|---|
| (SEK Million) | 2017 | 2016 | 2017 | 2016 | months | 2016 | |
| Net sales | 97,1 | 101,5 | 191,8 | 188,8 | 381,7 | 378,7 | |
| whereof recurring revenue | 46,7 | 43,3 | 94,2 | 88,1 | 184,9 | 178,8 | |
| EBITDA | 19,0 | 21,5 | 37,8 | 37,9 | 87,9 | 88,0 | |
| EBITDA-adj | 9,1 | 12,6 | 18,3 | 18,5 | 50,6 | 50,8 | |
| EBIT | 7,5 | 4,8 | 11,9 | 7,6 | 33,9 | 29,7 |
The second quarter comes in at about the same level as the first quarter, which is better than it looks like accounting wise. The trend that more orders are being carried out as cloud services (SaaS) continues and strengthens. This is noticeable throughout the product portfolio. Over time this will be positive and show a margin improvement for us, but at present time it entails challenges on the revenue side since the revenue is accrued over the contract length instead of an initial license revenue.
This quarter's revenues are lower than last year's quarter when the consulting revenues were particularly high. The, for us very important recurring revenues, keeps increasing.
As for our Lasernet product the trend towards cloud services is extra clear. New sales in this area during the year have increased with 7 % compared to previous year and 25 % of these orders have been sold as a cloud service. This revenue therefore accrued over the contract period and the accounted revenue for the quarter is 14 % lower than previous year.
Even in Life Science we have won new business as a cloud service during the quarter. By comparison with last year's second quarter we had cloud service agreements generating an annual income of SEK 0.5 million which at the end of this year's second quarter has increased to SEK 2.0 million on an annual basis.
During the quarter we have successfully deployed the three pilot projects for Stockholm city into production. The next phase is a broad introduction where Stockholm's 50 committees, administrations and companies are divided into clusters. Cluster 1 is being implemented during the autumn and will be launched in January 2018. Both Formpipe and the customer are very pleased with the project and further areas where Formpipe can assist the city of Stockholm in its digitalization has already been identified.
The municipality market in Denmark continues to be challenging even if we can see some bright spots. Gladly we have won two cloud service orders from Danish municipalities for a total value of SEK 8 million which will be accrued over the four year contracts.
The major sale success we have had for e-archives the last year has led to some capacity problems in our delivery department. We have addressed this with increased resources to ensure that all customers can go into production and we can generate revenues from these deliveries. Short-term this will affect our margins negative, but in the long-term this is a promising area where we are well positioned in the market.
As a summary, the business is doing well and we are going into the right direction. The trend that more and more orders are done as a cloud service is positive for us long-term and will contribute to better margins. At the moment the shift has had a negative impact on our earnings. However, we estimate that through good cost control we will be able to combine margin improvements with strong growth in recurring revenues.
Formpipe signed an agreement with Hillerøds municipality regarding the ECM-product Acadre as a cloud service. The total order value amounts to SEK 4.4 million over a four year period.
At the AGM on April 25 decisions were made regarding:
The AGM approved for the proposal regarding guidelines for remuneration to senior executives.
It was decided at the AGM held on 25 April to issue 500 000 warrants offered to all employees within the Formpipe Software group, where one option gives the right to subscribe for one new share. The programme was fully subscribed.
During the period the personnel warrant program 2014/2017 was exercised. A total of 599,417 new shares were issued from this program. The number of shares and votes in the Company has therefore increased with 599,417 and the share capital has increased with SEK 59,941.7. 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.
Formpipe signed an agreement with Furesø municipality regarding the ECM-product Acadre as a cloud service. The total order value amounts to SEK 3.6 million over a four year period.
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.
Software Revenue – On Premises Vs SaaS, 2014-2020 (Source: Gartner (January 2017)
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 97.1 million (101.5 million), which corresponds to a decrease of 4 %. System revenue increased by 2 % from the previous year and totalled to SEK 62.4 million (61.3 million). Total recurring revenue for the period increased by 8 % from the previous year and totalled to SEK 46.7 million (43.3 million), which is equivalent to 48 % of net sales (43 %). Exchange rate effects have affected net sales positively by SEK 1.4 million in comparison with the previous year.
Net sales for the period totalled to SEK 191.8 million (188.8 million), which corresponds to an increase of 2 %.
System revenue increased by 4 % from the previous year and totalled to SEK 123.8 million (119.5 million). Total recurring revenue for the period increased by 7 % from the previous year and totalled to SEK 94.2 million (88.1 million), which is equivalent to 49 % of net sales (47 %). Exchange rate effects have affected net sales positively by SEK 3.0 million in comparison with the previous year.
The operating costs for the period decreased by 3 % and totalled to SEK 90.9 million (93.6 million). Personnel costs decreased by 4 % and totalled to SEK 54.1 million (56.3 million). Selling expenses totalled to SEK 15.1 million (13.9 million). Other costs totalled to SEK 18.7 million (18.7 million). During the period a write-down of the 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 non-recurring items amounting to SEK 1.3 million.
The operating costs for the period increased by 2 % and totalled to SEK 181.2 million (178.1 million). Personnel costs increased by 1 % and totalled to SEK 108.6 million (107.4 million). Selling expenses totalled to SEK 28.7 million (26.8 million). Other costs totalled to SEK 36.2 million (36.1 million). During the period a write-down of the 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 non-recurring items amounting to SEK 1.3 million.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 19.0 million (21.5 million) with an EBITDA margin of 19.6 % (21.2 %). Operating profit (EBIT) totalled to SEK 7.5 million (4.8 million) with an operating margin of 7.7 % (4.7 %). Net profit totalled to SEK 5.1 million (4.3 million). Exchange rate effects have affected EBITDA positively by SEK 0.3 million in comparison with the previous year.
Operating profit before depreciation and amortization and one-off costs (EBITDA) totalled to SEK 37.8 million (37.9 million) with an EBITDA margin of 19.7 % (20.1 %). Operating profit (EBIT) totalled to SEK 11.9 million (7.6 million) with an operating margin of 6.2 % (4.0 %). Net profit totalled to SEK 7.9 million (5.7 million). Exchange rate effects have affected EBITDA positively by SEK 0.6 million in comparison with the previous year.
Cash and cash equivalents at the end of the period amounted to SEK 35.1 million (30.4 million). The company had interest-bearing debt at the end of the period totalling to SEK 99. million (113.1 million). The company's net interest-bearing debt thereby totalled to SEK 64.3 million (82.7 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 18.4 million (SEK 23.5 million).
Equity at the end of the period amounted to SEK 341.9 million (330.1 million), which was equivalent to SEK 6.59 (6.44) per outstanding share at the end of the period. The weakening of the Swedish krona have increased the value of the group's net assets in foreign currencies by SEK 2.1 million (7.5 million) from the end of the year.
The equity ratio at the end of the period was 56 % (53 %).
Cash flow from operating activities for the period January - June totalled to SEK 17.4 million (16.4 million).
Total investments for the period January - June amounted to SEK 20.0 million (19.7 million.
Investments in intangible assets totalled to SEK 19.5 million (19.4 million) and refer to capitalized product development costs.
Investments in tangible assets totalled to SEK 0.5 million (0.3 million).
During the period January – June the company has amortized SEK 8.8 million (7.8 million) and the interestbearing debt amounted to SEK 99.4 million (113.1 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 15.4 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.
October 26, 2017 Interim report Jan-Sep February 14, 2018 Interim report Jan-Dec
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 April 24, 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
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 |
| Net Sales | 97 059 | 101 531 | 191 781 | 188 806 |
| Sales expenses | -15 107 | -13 939 | -28 732 | -26 826 |
| Other costs | -18 700 | -18 724 | -36 202 | -36 123 |
| Personnel costs | -54 130 | -56 277 | -108 596 | -107 376 |
| Capitalized work for own account | 9 892 | 8 887 | 19 524 | 19 411 |
| Operating profit/loss before depreciation/amortization | 19 013 | 21 478 | 37 776 | 37 893 |
| and non-comparative items (EBITDA) | ||||
| Depreciation/amortization | -12 820 | -13 559 | -27 176 | -27 143 |
| Operating profit/loss (EBIT) | 7 453 | 4 801 | 11 859 | 7 632 |
| Financial income and expenses | -1 088 | -1 149 | -2 170 | -2 406 |
| Exchange rate differences | -488 | 93 | -652 | 164 |
| Tax | -771 | -1 890 | -1 122 | -2 095 |
| Net profit for the period from remaining business | 5 106 | 1 856 | 7 915 | 3 295 |
| Realization gains from discontinued business | - | 2 434 | - | 2 434 |
| Net profit for the period | 5 106 | 4 290 | 7 915 | 5 729 |
| Of which the following relates to: | ||||
| Parent company shareholders | 5 212 | 4 248 | 7 903 | 5 130 |
| Shareholding with no controlling influence | -106 | 41 | 12 | 599 |
| Other comprehensive income | ||||
| Translation differences | 3 179 | 7 079 | 2 139 | 7 512 |
| Other comprehensive income for the period, net after tax | 3 179 | 7 079 | 2 139 | 7 512 |
| Total comprehensive income for the period | 8 286 | 11 368 | 10 054 | 13 241 |
| Of which the following relates to: | ||||
| Parent company shareholders | 8 391 | 11 327 | 10 042 | 12 642 |
| Shareholding with no controlling influence | -106 | 41 | 12 | 599 |
| EBITDA margin, % | 19,6% | 21,2% | 19,7% | 20,1% |
| EBIT margin, % | 7,7% | 4,7% | 6,2% | 4,0% |
| Profit margin, % | 5,3% | 4,2% | 4,1% | 3,0% |
| Earnings per share attributable to the parent company's shareholders | ||||
| during the period (SEK per share) | 0,00 kr | 0,00 kr | 0,00 kr | 0,00 kr |
| - before dilution | 0,10 | 0,08 | 0,15 | 0,10 |
| - after dilution | 0,10 | 0,08 | 0,15 | 0,10 |
| Average no. of shares before dilution, in 000 Average no. of shares after dilution, in 000 |
51 473 52 154 |
50 520 50 932 |
51 374 52 043 |
50 332 50 841 |
| Jun 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Intangible assets | 462 488 | 474 810 | 470 396 |
| Tangible assets | 3 418 | 4 350 | 4 075 |
| Financial assets | 1 749 | 1 481 | 1 682 |
| Deferred tax asset | 18 411 | 23 495 | 17 332 |
| Current assets (excl. cash equivalents) | 93 162 | 86 624 | 94 870 |
| Cash equivalents | 35 109 | 30 379 | 60 890 |
| TOTAL ASSETS | 614 338 | 621 139 | 649 244 |
| Equity | 341 869 | 330 073 | 346 249 |
| Shareholding with no controlling influence | 2 717 | 2 397 | 2 706 |
| - | - | - | |
| Long-term liabilities | 105 876 | 126 581 | 115 953 |
| Current liabilities | 163 876 | 162 087 | 184 337 |
| TOTAL EQUITY AND LIABILITIES | 614 338 | 621 139 | 649 244 |
| Net interest-bearing debt (-) / cash (+) | -64 264 | -82 725 | -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 | - | - | - | 5 130 | 5 130 | 599 | 5 729 |
| Other comprehensive income items | - | - | 7 512 | - | 7 512 | - | 7 512 |
| Total comprehensive income | - | - | 7 512 | 5 130 | 12 642 | 599 | 13 241 |
| - | - | - | - | - | - | - | |
| Transaction with owners | - | - | - | - | - | - | - |
| Dividend | - | - | - | -5 014 | -5 014 | -1 579 | -6 594 |
| 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 June 30, 2016 | 5 127 | 193 933 | 11 966 | 119 046 | 330 073 | 2 397 | 332 471 |
| 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 | - | - | - | 7 903 | 7 903 | 12 | 7 915 |
| Other comprehensive income items | - | - | 2 139 | - | 2 139 | - | 2 139 |
| Total comprehensive income | - | - | 2 139 | 7 903 | 10 042 | 12 | 10 053 |
| - | - | - | - | - | - | - | |
| Transaction with owners | - | - | - | - | - | - | - |
| Dividend | - | - | - | -15 382 | -15 382 | - | -15 382 |
| 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 | - | -14 422 |
| Balance at June 30, 2017 | 5 187 | 194 833 | 13 534 | 128 314 | 341 869 | 2 717 | 344 586 |
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 |
| Cash flow from operating activities | ||||
| before working capital changes | 16 812 | 14 290 | 16 812 | 14 290 |
| Cash flow from working capital changes | -3 076 | -894 | -3 076 | -894 |
| Cash flow from operating activities | 13 736 | 13 396 | 13 736 | 13 396 |
| Cash flow from investing activities | -9 919 | -10 618 | -9 919 | -10 618 |
| Cash flow from financing activities | -4 243 | -3 915 | -4 243 | -3 915 |
| Cash flow for the period | -426 | -1 137 | -426 | -1 137 |
| Change in cash and cash equivalent | ||||
| Cash and cash equivalent at the beginning of the period | 60 889 | 37 670 | 60 890 | 37 670 |
| Translation differences | -25 | 125 | -25 | 125 |
| Cash flow for the period | -426 | -1 137 | -426 | -1 137 |
| Cash and cash equivalent at the end of the period | 60 438 | 36 658 | 60 438 | 36 658 |
* Cash flow from internal development work (SEK 1,7 m for the year and 0,5 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 Q3 | 2015 Q4 | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 | 2017 Q1 | 2017 Q2 |
|---|---|---|---|---|---|---|---|---|
| Support and maintenance | 39 254 | 40 893 | 42 150 | 40 842 | 42 478 | 42 309 | 43 572 | 42 406 |
| Licenses | 17 025 | 22 708 | 15 999 | 20 459 | 13 730 | 30 667 | 17 778 | 20 033 |
| System revenue | 56 279 | 63 602 | 58 149 | 61 301 | 56 208 | 72 976 | 61 350 | 62 439 |
| whereof recurring revenue | 42 076 | 43 603 | 44 806 | 43 308 | 45 338 | 45 318 | 47 521 | 46 706 |
| Deliveries | 27 235 | 29 522 | 29 126 | 40 230 | 27 013 | 33 720 | 33 372 | 34 620 |
| Net sales | 83 514 | 93 123 | 87 275 | 101 531 | 83 221 | 106 696 | 94 722 | 97 059 |
| Sales expenses | -12 381 | -14 033 | -12 886 | -13 939 | -11 327 | -14 287 | -13 625 | -15 107 |
| Other costs | -18 912 | -17 757 | -17 399 | -18 724 | -16 844 | -18 621 | -17 502 | -18 700 |
| Personnel costs | -46 077 | -51 607 | -51 099 | -56 277 | -44 260 | -52 220 | -54 465 | -54 130 |
| Capitalized development costs | 11 448 | 11 957 | 10 524 | 8 887 | 9 074 | 8 718 | 9 632 | 9 892 |
| Total operating expenses | -65 922 | -71 440 | -70 861 | -80 053 | -63 356 | -76 410 | -75 960 | -78 046 |
| EBITDA | 17 592 | 21 683 | 16 415 | 21 478 | 19 865 | 30 286 | 18 763 | 19 013 |
| % | 21,1% | 23,3% | 18,8% | 21,2% | 23,9% | 28,4% | 19,8% | 19,6% |
| 1 590 | -3 905 | -2 434 | ||||||
| Items affecting comparability | -1 947 | - | - | -3 118 | - | - | 0 | 1 260 |
| Depreciation/amortization | -13 030 | -13 308 | -13 584 | -13 559 | -13 658 | -14 460 | -14 356 | -12 820 |
| EBIT | 2 614 | 8 375 | 2 831 | 4 801 | 6 207 | 15 827 | 4 406 | 7 453 |
| % | 3,1% | 9,0% | 3,2% | 4,7% | 7,5% | 14,8% | 4,7% | 7,7% |
| Discontinued business: | ||||||||
| Net sales | 4 627 | 2 165 | - | - | - | - | - | |
| EBITDA | 1 683 | -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-jun 2017 | ||||||
|---|---|---|---|---|---|---|
| Life | ||||||
| (SEK 000) | Sweden | Denmark | Science | Eliminations | Group | |
| Sales, external | 84 050 | 102 616 | 5 115 | - | 191 781 | |
| Sales, internal | 2 658 | 120 | 470 | -3 248 | - | |
| Total sales | 86 708 | 102 736 | 5 585 | -3 248 | 191 781 | |
| Costs, external | -59 444 | -88 223 | -6 338 | - | -154 005 | |
| Costs, internal | -2 350 | -430 | -468 | 3 248 | - | |
| EBITDA | 24 914 | 14 083 | -1 221 | - | 37 776 | |
| % | 28,7% | 13,7% | -21,9% | 0,0% | 19,7% |
| Jan-jun 2016 | |||||
|---|---|---|---|---|---|
| Life | |||||
| Sweden | Denmark | Science | Eliminations | Group | |
| 77 658 | 106 541 | 4 606 | - | 188 806 | |
| 2 913 | 99 | 791 | -3 803 | - | |
| 80 571 | 106 640 | 5 397 | -3 803 | 188 806 | |
| -55 199 | -87 006 | -8 707 | - | -150 912 | |
| -2 649 | -351 | -803 | 3 803 | - | |
| 22 723 | 19 283 | -4 113 | - | 37 893 | |
| 28,2% | 18,1% | -76,2% | 0,0% | 20,1% | |
Revenues from all products and services are identified as follows:
| Life | ||||
|---|---|---|---|---|
| 2017 | Sweden | Denmark | Science | Group |
| License | 21 108 | 15 453 | 1 252 | 37 813 |
| Support & Maintenance | 44 567 | 39 904 | 1 506 | 85 977 |
| Delivery | 18 375 | 47 259 | 2 357 | 67 991 |
| Net sales | 84 050 | 102 616 | 5 115 | 191 781 |
| Life | ||||
| 2016 | Sweden | Denmark | Science | Group |
| License | 16 091 | 18 932 | 1 346 | 36 369 |
| Support & Maintenance | 41 589 | 39 966 | 1 136 | 82 691 |
| Delivery | 19 979 | 47 643 | 2 124 | 69 746 |
| 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 | 2017-06-30 | |
| 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-Jun | ||
|---|---|---|
| 2017 | 2016 | |
| Net sales, SEK 000 | 191 781 | 188 806 |
| EBITDA, SEK 000 | 37 776 | 37 893 |
| EBITDA-adj., SEK 000 | 18 252 | 18 481 |
| EBIT, SEK 000 | 11 859 | 7 632 |
| Net profit for the period, SEK 000 | 7 915 | 5 729 |
| EBITDA margin, % | 19,7% | 20,1% |
| EBITDA-adj. margin, % | 9,5% | 9,8% |
| EBIT margin, % | 6,2% | 4,0% |
| Profit margin, % | 4,1% | 3,0% |
| Return on equity, %* | 7,2% | 4,6% |
| Return on working capital, %* | 8,4% | 4,6% |
| Equity ratio, % | 56% | 53% |
| Equity per outstanding share at the end of the period, SEK | 6,59 | 6,44 |
| Earnings per share - before dilution, SEK | 0,15 | 0,10 |
| Earnings per share - after dilution, SEK | 0,15 | 0,10 |
| Share price at the end of the period, SEK | 14,85 | 8,40 |
* Ratios including P&L measures are based on the most recent 12-month period
This is a translation of the original Swedish version. In the event of any discrepancies between the two versions, the original Swedish version shall take precedence.
| Apr-Jun | Jan-Jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2017 | 2016 | |
| Net sales | 40 607 | 26 869 | 75 128 | 31 728 | |
| Operating expenses | |||||
| Sales expenses | -6 344 | -3 705 | -11 045 | -4 855 | |
| Other costs | -7 904 | -16 530 | -14 682 | -19 148 | |
| Personnel costs | -16 520 | -13 138 | -33 158 | -22 193 | |
| Depreciation/amortization | -1 557 | -1 555 | -3 117 | -3 113 | |
| Total operating expenses | -32 325 | -34 927 | -62 003 | -49 309 | |
| Operating profit/loss | 8 282 | -8 058 | 13 126 | -17 581 | |
| Other financial items | 704 | 518 | 1 022 | 1 132 | |
| Net profit for the period | 8 986 | -4 619 | 14 148 | -13 529 |
* During the third quarter of 2016 the wholly owned Swedish subsidiaries were merged with the parent company.
| Jun 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Intangible assets | 17 040 | 22 691 | 19 856 |
| Tangible assets | 1 087 | 964 | 1 164 |
| Financial assets | 341 689 | 422 714 | 353 463 |
| Deferred tax asset | - | 3 635 | - |
| Current assets (excl. cash equivalents) | 68 930 | 44 468 | 65 302 |
| Cash and bank balances | 25 212 | 30 046 | 45 369 |
| TOTAL ASSETS | 453 958 | 524 517 | 485 154 |
| Restricted equity | 22 878 | 22 818 | 22 818 |
| Non-restricted equity | 209 731 | 212 328 | 210 064 |
| Total equity | 232 609 | 235 146 | 232 882 |
| Long-term liabilities | 102 111 | 121 434 | 94 552 |
| Current liabilities | 119 239 | 167 937 | 157 720 |
| TOTAL EQUITY AND LIABILITIES | 453 958 | 524 517 | 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.
| Jun 30 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2017 | 2016 | 2016 |
| Pledged assets | 303 865 | 363 040 | 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 of a one-off nature.
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 of a one-off nature as a percentage of net sales.
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items of a one-off nature 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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