Quarterly Report • Apr 28, 2020
Quarterly Report
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| Jan-Mar | Full year | ||||
|---|---|---|---|---|---|
| (SEK Million) | 2020 | 2019 | months | 2019 | |
| Net sales | 103,1 | 96,8 | 400,1 | 393,8 | |
| whereof recurring revenue | 60,8 | 56,5 | 234,0 | 229,7 | |
| EBITDA | 27,1 | 23,0 | 104,8 | 100,7 | |
| EBITDA-adj | 18,0 | 14,0 | 68,3 | 64,4 | |
| EBIT | 14,8 | 9,5 | 52,8 | 47,5 |
In the first quarter, we achieved an operating profit of SEK 14.8 million (SEK 9.5 million), an improvement of 56% compared to the previous year, a solid start to the year.
During the quarter we closed a number of interesting agreements. Fiskeristyrelsen, a new customer in Denmark, intends to use TAS for the management of fishing rights in the EU. Our customer Fresenius Kabi, who already uses Platina QMS in Sweden and Austria, has now also purchased our solutions for its operations in Portugal. Even more gratifying is that the deal consists of a combination of several products, Platina QMS, Lasernet and Long-Term Archive.
Due to the ongoing Covid-19 pandemic, there is great uncertainty around the world. During the first quarter, this has not had a significant impact on the financial outcome of our business. Thereby, not saying that we will remain unaffected in the future. We are humble by the fact that the near future is uncertain.
Two thirds of our sales go to the public sector and the signals from the public Denmark and Sweden are clear. They will as far as possible continue their projects and
investments to be safe and stable customers during these uncertain times. Nevertheless, we believe that our customers will re-plan and postpone projects and new procurements.
Our product TAP has been used for many years by the Danish Board of Agriculture in Denmark to pay EU subsidies for agriculture. The planned EU CAP2020 reform has been delayed due to the uncertainty surrounding Brexit and now there are a risk of further delays caused by Covid-19. The increased uncertainty in combination with the contractual terms from the last extension of the contract with the customer, which does not contain guaranteed volumes, means that we have chosen to reclassify these revenues from Support & Maintenance to Delivery revenue instead, corresponding to DKK 2.5 million per quarter. In order to facilitate comparisons, we have also made the same adjustment for historical quarters.
In our business area Private Sector, the demand is currently good. If the effects of the ongoing pandemic become prolonged, we believe that the demand is likely to decrease.
We have solid and stable finances, and a business model with a high proportion of recurring revenue. We believe that we have good conditions to manage the impact on our business during these challenging times.
Finally, I would like to emphasize that for Formpipe, the health of our customers and employees is our highest priority. We act long term and focus on ensuring that we are well equipped when the world order is restored.
Data and information become more and more important for the financial development: it is the foundation for many new products and services, which leads to productivity and resource efficiency gains in all sectors of the economy. Being able to take advantage of the possibilities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, process and present data are extensive.
Formpipe's products are used to create, store, distribute, automate, relocate, archive and manage information, data and metadata regarding e.g. scanned documents, email, reports, records, business documents or information from other source systems.
The goal is to be able to refine and analyze content from one or more sources, to thereby provide the right insights by the right people receiving relevant information when they need it. It is in the Enterprise Content Management (ECM) market that Formpipe has grown to become a market leader in the public sector and a strong challenger in the private sector where we digitalize and streamline customer communication in sectors such as retail, manufacturing, life science, energy and water as well as legal.
The growth in the market is fueled in large part by the organizational and corporate-wide need to streamline operations and meet legal requirements and regulations. To be able to get the value out of the collective amount of information at companies and organizations, applications and services are needed – in order to securely – collaborate, search, analyse, process and distribute data and content. Growth drivers tend to gain strength as the amount of data and information increases. Intelligent information management is a high priority area.
Gartner's forecast for the global market is an average annual growth of 9.4 per cent in 2018-2023. The Content Services market has a total addressable forecast market in 2021 with system revenues of USD 10.5 billion1 .
An important part of the change of the ECM market is also that the development is moving increasingly towards cloud-based solutions, where the customers pay for what is used and where costs for development, operations, maintenance, upgrade and support are included in the running agreement. The transition to SaaS is taking place very quickly now and Gartner estimates that the SaaS revenues will reach up to 40 per cent of the total sales of software in 2022.
This development is well in line with Formpipe's reality where growing numbers of the Company's customers choose to shift to Formpipe's cloud services for the standard products and with the Company's development of service modules that can process information both from Formpipe's existing systems and other systems.
Around SEK 45 billion is invested in IT in the public sector every year. The Swedish Government's ambition is for government agencies, municipalities and county councils to be the best in the world at using the possibilities of digitalization to create an efficient public sector – a simpler daily life for private individuals and companies, more jobs and greater welfare. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens. Formpipe has extensive knowledge of the opportunities and challenges that Sweden's municipalities, county councils and agencies will be facing in the future.
The National Agency for Public Procurement in Sweden is clear in its message to the public sector in Sweden:
In practice, however, some customers are judged to be in need of re-planning to postpone projects for practical or technical reasons. There is also reason to believe that, for these practical reasons, fewer new procurements will be initiated than would otherwise have been expected.
1 Gartner: Enterprise Application Software, Worldwide, 4Q19 Update
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.
In the Danish public sector, Formpipe is a market leading vendor of software within Enterprise Content Management (ECM). The digitalization of the Danish public sector creates value, growth and efficiency. The public sector sets ambitious goals for the development towards a more digital public sector in the next few years. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens.
The employers' organization Dansk Industri believes that a modernization and digitalization of the public sector can free up DKK 20 billion2 by 2025. Money that can then be fed back to the public sector and contribute to increasing the level of service. Formpipe has extensive knowledge of the opportunities and challenges that the Danish public sector will face in the future.
The government in Denmark urges public organizations to act as the stable purchasing power in society and to help private companies to get through the financial turmoil. However, some customers will still be in need of re-planning to postpone projects for practical or technical reasons.
Formpipe's TAP platform is installed on the Board of Agriculture to support the process of EU's joint grants for agriculture. The planned EU CAP-2020 reform has been delayed due to the uncertainty surrounding Brexit and now Covid-19 risks to further delaying it. The continued delay of the CAP-2020 reform thus results in increased uncertainty in this business area.
The global ERP software market was estimated at USD 35.81 billion in 2018 and is expected to reach USD 78.40 billion by 20263 . As cloud solutions are becoming increasingly accepted due to their scalability, reliability and flexibility, many ERP customers are changing their views on their internal IT architecture. This shift, where customers see the benefits of moving to the cloud, opens up new opportunities for Formpipe. Lasernet is a product that complements ERP systems and enables business documents to be delivered in exactly the format and layout desired. Lasernet continues its strong growth internationally, a positive development that is primarily a result of Formpipe's close collaboration with Microsoft and their offering in the cloud (Azure) regarding Microsoft Dynamics. Lasernet is a natural complement to Dynamics and improves the customer experience through efficient document management. Microsoft supports the marketing of Lasernet, for instance through their global market places Microsoft Azure Marketplace and Microsoft AppSource.
There is potential to expand Formpipe's offering with more products through this channel. This may include, for instance, our product Long-Term Archive, which can make it easier for companies and organizations to execute on their cloud strategy. By providing Long-Term Archive in Azure, customers can move all their business systems to the cloud without the risk of losing valuable information. Both Gartner and Microsoft find this area (often referred to as Cloud Migration or Application Retirement) as a significant growth area.
Within the business area Private Sector, the risk of negative impact of Covid-19 is assessed as greater than for Formpipe's other two business areas. New sales are mainly driven by our partners selling the product Lasernet as part of ERP system implementation projects, such as Microsoft Dynamics etc. At present, the demand is good but there is reason to believe that if the pandemic becomes long-lasting, new ERP investments will come to be pushed for the future. There is also a significant risk that customers within the private sector will end up in financial problems with missing payments as a result and that existing agreements within Support & Maintenance and SaaS will be lost.
When the pandemic is over, the possible deferred ERP investments are estimated to have created a pent-up need with a demand that is higher than normal at that stage.
2 https://www.danskindustri.dk/politik-og-analyser/dimener/digitalisering/digitalisering-af-den-offentlige-sektor/
3 https://www.alliedmarketresearch.com/ERP-market
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.
Net sales for the period totalled to SEK 103.1 million (96.8 million), which corresponds to a increase of 6 %. Software revenue increased by 11 % from the previous year and totalled to SEK 68.3 million (61.5 million). Total recurring revenue for the period increased by 8 % from the previous year and totalled to SEK 60.8 million (56.5 million), which is equivalent to 59 % of net sales (58 %). Exchange rate effects have affected net sales positively by SEK 1.5 million in comparison with the previous year.
The operating costs for the period totalled to SEK 88.3 million (87.3 million). Personnel costs totalled to SEK 54.9 million (54.1 million). Selling expenses totalled to SEK 11.2 million (11.9 million). Other costs totalled to SEK 19.0 million (16.8 million).
Recurring revenues in relation to fixed operating costs rolling 12 months, MSEK
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 27.1 million (23.0 million) with an EBITDA margin of 26.3 % (23.8 %). Operating profit (EBIT) totalled to SEK 14.8 million (9.5 million) with an operating margin of 14.4 % (9.8 %). Net profit totalled to SEK 11.3 million (6.3 million). Exchange rate effects have affected EBITDA positively by SEK 0.2 million in comparison with the previous year.
Sales and EBITDA margin, MSEK
Cash and cash equivalents at the end of the period amounted to SEK 43.5 million (95.4 million). The company had interest-bearing debt at the end of the period totalling to SEK 26.3 million (104.9 million), whereof 26.3 million (31.5 million) refers to lease debts according to IFRS 16. The company's total bank overdraft limit amounts to SEK 50.0 million, at the end of the period it was not utilized.
The company's net cash position thereby totalled to SEK 17.2 million (-9.4 million), which corresponds to a net cash position of 43.5 million (22.0 million) excluding IFRS 16-related debt.
By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 9.1 million (SEK 9.9 million).
Equity at the end of the period amounted to SEK 430.1 million (402.4 million), which was equivalent to SEK 8.09 (7.61) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK 18.7 million (5.1 million) from the end of the year.
The equity ratio at the end of the period was 63 % (56 %).
Cash flow from operating activities for the period January - March totalled to SEK 26.1 million (-12.5 million). The cash flow has been affected positively by a decreased working capital tied up compared to previous periods.
Total investments for the period January - March amounted to SEK 10.5 million (9.9 million).
Investments in intangible assets totalled to SEK 9.6 million (9.5 million) and refer to capitalized product development costs.
Investments in tangible and financial assets totalled to SEK 0.9 million (0.4 million).
During the period January – March the company amortized SEK 5.9 million (4.8 million). The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period. Leasing related liabilities amounted to SEK 26.3 million (31.5 million) at the end of the period. The company's interest-bearing debt at the end of the period was thereby SEK 26.3 million (104.9 million).
Due to the uncertainty arising from the spread of the Corona virus, Covid-19, the Board of Directors decided to postpone the Annual General Meeting until Tuesday, June 30, 2020 at 10:00 am. By postponing the Annual General Meeting, the Board of Directors will be given the opportunity to continuously analyze and assess the situation, and based on this, evaluate the proposed dividend for 2019.
As a consequence of the postponed Annual General Meeting, the publication of the interim report for January-June will also be postponed until Wednesday, August 19, 2020.
No significant events have occurred after the period's end.
The number of employees at the end of the reporting period totalled to 219 persons (222 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. For risks related to Covid-19, see this report under the section Market. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
No related party transactions have occurred during the period.
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-14 and the interim report on pages 1-6 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.
| Annual General Meeting |
|---|
| Interim report Jan-Jun |
| Interim report Jan-Sep |
This interim report has not been subject to review by the company's auditors.
The annual report will be available for shareholders from 30th of April 2020 on Formpipe's webpage, www.formpipe.com, and on the group's headquarter, Sveavägen 168 in Stockholm.
The Annual General Meeting will be held at the head office at Sveavägen 168, at 10:00 am on the 30th of June 2020.
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 28, 2020 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
| Jan-Mar | |||||
|---|---|---|---|---|---|
| (SEK 000) | 2020 | 2019 | |||
| Net Sales | 103 093 | 96 823 | |||
| Sales expenses | -11 210 | -11 864 | |||
| Other costs | -19 037 | -16 794 | |||
| Personnel costs | -54 870 | -54 121 | |||
| Capitalized work for own account | 9 148 | 8 955 | |||
| Operating profit/loss before depreciation/amortization | 27 122 | 22 998 | |||
| and non-comparative items (EBITDA) | |||||
| Depreciation/amortization | -12 302 | -13 502 | |||
| Operating profit/loss (EBIT) | 14 820 | 9 496 | |||
| Financial income and expenses | -195 | -781 | |||
| Exchange rate differences | 63 | -499 | |||
| Tax | -3 404 | -1 885 | |||
| Net profit for the period | 11 285 | 6 331 | |||
| Of which the following relates to: | |||||
| Parent company shareholders | 11 285 | 6 331 | |||
| Other comprehensive income | |||||
| Translation differences | 18 673 | 5 056 | |||
| Other comprehensive income for the period, net after tax | 18 673 | 5 056 | |||
| Total comprehensive income for the period | 29 958 | 11 387 | |||
| Of which the following relates to: | |||||
| Parent company shareholders | 29 958 | 11 387 | |||
| EBITDA margin, % | 26,3% | 23,8% | |||
| EBIT margin, % | 14,4% | 9,8% | |||
| Profit margin, % | 10,9% | 6,5% | |||
| Earnings per share attributable to the parent company's | |||||
| shareholders during the period (SEK per share) | |||||
| - before dilution | 0,21 | 0,12 | |||
| - after dilution | 0,21 | 0,12 | |||
| Average no. of shares before dilution, in 000 | 53 174 | 52 887 | |||
| Average no. of shares after dilution, in 000 | 53 269 | 53 378 |
| Mar 31 | Dec 31 | |||
|---|---|---|---|---|
| (SEK 000) | 2020 | 2019 | 2019 | |
| Intangible assets | 490 700 | 473 533 | 472 389 | |
| Tangible assets | 33 179 | 38 745 | 33 745 | |
| Financial assets | 4 545 | 5 887 | 4 824 | |
| Deferred tax asset | 9 121 | 9 943 | 7 664 | |
| Current assets (excl. cash equivalents) | 97 346 | 96 375 | 122 268 | |
| Cash equivalents | 43 500 | 95 439 | 33 682 | |
| TOTAL ASSETS | 678 391 | 719 923 | 674 573 | |
| Equity | 430 087 | 402 410 | 400 129 | |
| Shareholding with no controlling influence | - | - | - | |
| Long-term liabilities | 47 944 | 47 517 | 43 791 | |
| Current liabilities | 200 360 | 269 996 | 230 654 | |
| TOTAL EQUITY AND LIABILITIES | 678 391 | 719 923 | 674 573 | |
| Net interest-bearing debt (-) / cash (+) | 17 163 | -9 449 | 690 |
| Equity attributable to the parent company's shareholders | Share | ||||||
|---|---|---|---|---|---|---|---|
| Other | Profit/loss | holdings with | |||||
| Share | contributed | Other | brought | no controlling | |||
| (SEK 000) | capital | capital | reserves | forward | Total | influence | Total |
| Balance at January 1, 2019 | 5 288 | 207 768 | 18 770 | 159 196 | 391 023 | - | 391 023 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 6 331 | 6 331 | - | 6 331 |
| Other comprehensive income items | - | - | 5 056 | - | 5 056 | - | 5 056 |
| Total comprehensive income | - | - | 5 056 | 6 331 | 11 387 | - | 11 387 |
| Total transaction with owners | - | - | - | - | - | - | - |
| Balance at March 31, 2019 | 5 288 | 207 768 | 23 826 | 165 527 | 402 410 | - | 402 410 |
| Balance at January 1, 2020 | 5 317 | 208 600 | 23 712 | 162 498 | 400 129 | - | 400 129 |
| Comprehensive income | |||||||
| Net profit for the period | - | - | - | 11 285 | 11 285 | - | 11 285 |
| Other comprehensive income items | - | - | 18 673 | - | 18 673 | - | 18 673 |
| Total comprehensive income | - | - | 18 673 | 11 285 | 29 958 | - | 29 958 |
| Total transaction with owners | - | - | - | - | - | - | - |
| Balance at March 31, 2020 | 5 317 | 208 600 | 42 385 | 173 783 | 430 087 | - | 430 087 |
| Jan-Mar | ||
|---|---|---|
| (SEK 000) | 2020 | 2019 |
| Cash flow from operating activities | ||
| before working capital changes | 21 681 | 17 651 |
| Cash flow from working capital changes | 4 373 | -30 143 |
| Cash flow from operating activities | 26 054 | -12 492 |
| Cash flow from investing activities | -10 545 | -9 888 |
| Cash flow from financing activities | -7 278 | -6 861 |
| Of which dividend paid | - | - |
| Cash flow for the period | 8 231 | -29 241 |
| Change in cash and cash equivalent | ||
| Cash and cash equivalent at the beginning of the period | 33 682 | 123 782 |
| Translation differences | 1 586 | 898 |
| Cash flow for the period | 8 231 | -29 241 |
| Cash and cash equivalent at the end of the period | 43 500 | 95 439 |
| (SEK 000) | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2020 Q1 |
|---|---|---|---|---|---|---|---|---|
| License | 11 380 | 8 544 | 10 670 | 4 972 | 11 629 | 4 678 | 10 157 | 7 508 |
| SaaS | 7 110 | 8 125 | 9 031 | 10 475 | 10 728 | 11 532 | 12 323 | 12 884 |
| Support and maintenance | 44 117 | 44 626 | 47 461 | 46 037 | 45 671 | 46 241 | 46 705 | 47 952 |
| Software revenues | 62 607 | 61 295 | 67 161 | 61 484 | 68 029 | 62 450 | 69 185 | 68 344 |
| whereof recurring revenue | 51 227 | 52 751 | 56 491 | 56 512 | 56 399 | 57 773 | 59 028 | 60 836 |
| Deliveries | 37 409 | 34 342 | 42 389 | 35 339 | 33 461 | 29 975 | 33 874 | 34 749 |
| Net sales | 100 016 | 95 637 | 109 550 | 96 823 | 101 490 | 92 425 | 103 059 | 103 093 |
| Sales expenses | -13 553 | -13 195 | -13 549 | -11 864 | -12 836 | -9 924 | -12 918 | -11 210 |
| Other costs | -18 919 | -17 171 | -19 966 | -16 794 | -18 806 | -20 143 | -17 220 | -19 037 |
| Personnel costs | -54 163 | -48 327 | -58 156 | -54 121 | -53 900 | -47 885 | -52 979 | -54 870 |
| Capitalized development costs | 8 143 | 8 669 | 9 419 | 8 955 | 9 065 | 9 811 | 8 430 | 9 148 |
| Total operating expenses | -78 492 | -70 024 | -82 252 | -73 825 | -76 478 | -68 140 | -74 687 | -75 970 |
| EBITDA | 21 524 | 25 613 | 27 299 | 22 998 | 25 012 | 24 285 | 28 372 | 27 122 |
| % | 21,5% | 26,8% | 24,9% | 23,8% | 24,6% | 26,3% | 27,5% | 26,3% |
| Items affecting comparability | - | - | - | - | - | - | - | - |
| Depreciation/amortization | -11 884 | -11 754 | -11 159 | -13 502 | -13 528 | -13 065 | -13 059 | -12 302 |
| EBIT | 9 640 | 13 859 | 16 140 | 9 496 | 11 484 | 11 220 | 15 314 | 14 820 |
| % | 9,6% | 14,5% | 14,7% | 9,8% | 11,3% | 12,1% | 14,9% | 14,4% |
* As of January 1, 2019, the Group applies IFRS 16 according to the modified retroactive transition method, which means that the comparative figures will not be recalculated. The effect of the application of IFRS 16 means that the operating leases previously expensed on a straight-line basis over the income statement under the item "Other expenses" from Q1 2019 are expensed under depreciation and financial items instead.
| (SEK 000) | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2020 Q1 |
|---|---|---|---|---|---|---|---|---|
| License | 11 380 | 8 544 | 10 670 | 4 972 | 11 629 | 4 678 | 10 157 | 7 508 |
| SaaS | 7 110 | 8 125 | 9 031 | 10 475 | 10 728 | 11 532 | 12 323 | 12 884 |
| Support and maintenance | 47 610 | 48 147 | 50 947 | 49 554 | 49 253 | 49 843 | 50 300 | 51 521 |
| Software revenues | 66 101 | 64 815 | 70 647 | 65 001 | 71 610 | 66 053 | 72 780 | 71 912 |
| whereof recurring revenue | 54 720 | 56 272 | 59 978 | 60 030 | 59 981 | 61 375 | 62 623 | 64 405 |
| Deliveries | 33 916 | 30 822 | 38 903 | 31 822 | 29 879 | 26 372 | 30 279 | 31 180 |
| Net sales | 100 016 | 95 637 | 109 550 | 96 823 | 101 490 | 92 425 | 103 059 | 103 093 |
| Sales expenses | -13 553 | -13 195 | -13 549 | -11 864 | -12 836 | -9 924 | -12 918 | -11 210 |
| Other costs | -18 919 | -17 171 | -19 966 | -16 794 | -18 806 | -20 143 | -17 220 | -19 037 |
| Personnel costs | -54 163 | -48 327 | -58 156 | -54 121 | -53 900 | -47 885 | -52 979 | -54 870 |
| Capitalized development costs | 8 143 | 8 669 | 9 419 | 8 955 | 9 065 | 9 811 | 8 430 | 9 148 |
| Total operating expenses | -78 492 | -70 024 | -82 252 | -73 825 | -76 478 | -68 140 | -74 687 | -75 970 |
| EBITDA | 21 524 | 25 613 | 27 299 | 22 998 | 25 012 | 24 285 | 28 372 | 27 122 |
| % | 21,5% | 26,8% | 24,9% | 23,8% | 24,6% | 26,3% | 27,5% | 26,3% |
| Items affecting comparability | - | - | - | - | - | - | - | - |
| Depreciation/amortization | -11 884 | -11 754 | -11 159 | -13 502 | -13 528 | -13 065 | -13 059 | -12 302 |
| EBIT | 9 640 | 13 859 | 16 140 | 9 496 | 11 484 | 11 220 | 15 314 | 14 820 |
| % | 9,6% | 14,5% | 14,7% | 9,8% | 11,3% | 12,1% | 14,9% | 14,4% |
From January 1, 2019, the Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management.
The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs.
| Jan-Mar 20 | ||||||||
|---|---|---|---|---|---|---|---|---|
| SE | DK | |||||||
| (Tkr) | Public | Public | Private | Other | Elim. | IFRS 16 | Koncern | |
| License | 748 | 2 227 | 4 532 | - | - | - | 7 508 | |
| SaaS | 4 396 | 1 553 | 6 936 | - | - | - | 12 884 | |
| Support & Maintenance | 19 821 | 12 632 | 14 315 | 1 183 | - | - | 47 952 | |
| Delivery | 4 768 | 25 510 | 4 470 | 1 | - | - | 34 749 | |
| Sales, internal | 80 | 19 | -95 | - | -4 | - | - | |
| Net sales | 29 813 | 41 942 | 30 158 | 1 184 | -4 | - | 103 093 | |
| Costs, external | -17 910 | -29 335 | -26 503 | -4 198 | - | 1 976 | -75 970 | |
| Costs, internal | 54 | -81 | 23 | - | 4 | - | 0 | |
| EBITDA | 11 956 | 12 526 | 3 678 | -3 014 | - | 1 976 | 27 122 | |
| % | 40,1% | 29,9% | 12,2% | -254,6% | 26,3% |
| Jan-Mar 19 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| SE | DK | ||||||||
| (Tkr) | Public | Public | Private | Other | Elim. | IFRS 16 | Koncern | ||
| License | 535 | 1 516 | 2 921 | - | - | - | 4 972 | ||
| SaaS | 4 242 | 1 561 | 4 666 | 7 | - | - | 10 475 | ||
| Support & Maintenance | 19 971 | 10 525 | 14 154 | 1 387 | - | - | 46 037 | ||
| Delivery | 5 956 | 24 347 | 5 036 | 0 | - | - | 35 339 | ||
| Sales, internal | 92 | 20 | 1 049 | - | -1 161 | - | - | ||
| Net sales | 30 795 | 37 969 | 27 826 | 1 394 | -1 161 | - | 96 823 | ||
| Costs, external | -19 413 | -30 190 | -22 543 | -3 642 | - | 1 963 | -73 825 | ||
| Costs, internal | -18 | -93 | -1 050 | - | 1 161 | - | - | ||
| EBITDA | 11 365 | 7 685 | 4 233 | -2 247 | - | 1 963 | 22 998 | ||
| % | 36,9% | 20,2% | 15,2% | -161,2% | 23,8% |
| Number of outstanding shares at the end of the period | 51 273 608 | 51 873 025 | 52 887 406 | 53 173 907 | 53 173 907 |
|---|---|---|---|---|---|
| Non-cash issue | - | - | 699 805 | - | - |
| Share issue from warrant programme | 1 130 206 | 599 417 | 314 576 | 286 501 | - |
| Number of outstanding shares at the beginning of the period | 50 143 402 | 51 273 608 | 51 873 025 | 52 887 406 | 53 173 907 |
| 2016-12-31 | 2017-12-31 | 2018-12-31 | 2019-12-31 | 2020-03-31 | |
| 2016-01-01 | 2017-01-01 | 2018-01-01 | 2019-01-01 | 2020-01-01 |
| Jan-Mar | ||
|---|---|---|
| 2020 | 2019 | |
| Net sales, SEK 000 | 103 093 | 96 823 |
| EBITDA, SEK 000 | 27 122 | 22 998 |
| EBITDA-adj., SEK 000 | 17 975 | 14 043 |
| EBIT, SEK 000 | 14 820 | 9 496 |
| Net profit for the period, SEK 000 | 11 285 | 6 331 |
| EBITDA margin, % | 26,3% | 23,8% |
| EBITDA-adj. margin, % | 17,4% | 14,5% |
| EBIT margin, % | 14,4% | 9,8% |
| Profit margin, % | 10,9% | 6,5% |
| Return on equity, %* | 9,6% | 9,5% |
| Return on working capital, %* | 13,0% | 12,5% |
| Equity ratio, % | 63% | 56% |
| Equity per outstanding share at the end of the period, SEK | 8,09 | 7,61 |
| Earnings per share - before dilution, SEK | 0,21 | 0,12 |
| Earnings per share - after dilution, SEK | 0,21 | 0,12 |
| Share price at the end of the period, SEK | 17,46 | 23,60 |
* Ratios including P&L measures are based on the most recent 12-month period
| Jan-Mar | ||
|---|---|---|
| (SEK 000) | 2020 | 2019 |
| Net sales | 34 317 | 33 870 |
| Operating expenses | ||
| Sales expenses | -1 222 | -2 680 |
| Other costs | -9 323 | -8 823 |
| Personnel costs | -17 622 | -18 683 |
| Depreciation/amortization | -1 536 | -1 480 |
| Total operating expenses | -29 703 | -31 666 |
| Operating profit/loss | 4 613 | 2 204 |
| Other financial items | -121 | -1 412 |
| Appropriations | - | - |
| Tax | - | - |
| Net profit for the period | 4 492 | 792 |
| Mar 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2020 | 2019 | 2019 |
| Intangible assets | 9 338 | 11 415 | 12 198 |
| Tangible assets | 909 | 1 145 | 1 185 |
| Financial assets | 278 483 | 279 932 | 280 294 |
| Deferred tax asset | - | - | - |
| Current assets (excl. cash equivalents) | 51 785 | 97 211 | 94 690 |
| Cash and bank balances | 22 847 | 34 388 | 64 116 |
| TOTAL ASSETS | 363 363 | 424 091 | 452 482 |
| Restricted equity | 23 008 | 22 979 | 22 979 |
| Non-restricted equity | 195 569 | 219 640 | 218 848 |
| Total equity | 218 577 | 242 619 | 241 827 |
| Long-term liabilities | - | - | - |
| Current liabilities | 144 786 | 181 472 | 210 655 |
| TOTAL EQUITY AND LIABILITIES | 363 363 | 424 091 | 452 482 |
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group was the same as disclosed for the Parent Company.
| Mar 31 | Dec 31 | ||
|---|---|---|---|
| (SEK 000) | 2020 | 2019 | 2019 |
| Pledged assets | - | 334 180 | - |
| Contingent liabilities | - | - | - |
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures 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.
Recurring revenue for the period's last month multiplied by 12, to obtain the recurring revenue for the coming 12 months from contracts with recognized revenue.
Initial value for the period's Annual recurring revenue.
Annual recurring revenue of the period's won and lost contracts (net).
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
Other costs and personnel costs
Sales costs, other costs, personnel costs, capitalized development and depreciation.
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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