Formpipe Software

Quarterly Report • Apr 4, 2022

Fourth quarter and full year 2021 results Formpipe Software

Q4 2021.

Net sales of SEK	122 m	(103 m)
Recurring revenues of SEK	73 m	(67 m)
which corresponds to % of net sales	60 %	(65 %)
EBITDA SEK	28 m	(26 m)
EBITDA margin	23 %	(25 %)
EBIT	16 m	(13 m)
EBIT margin	13 %	(12 %)
Net profit SEK	11 m	(12 m)
Net profit margin	9 %	(12 %)
EPS before dilution SEK	0.21	(0.22)
Cash flow from operating activities SEK	52 m	(50 m)
ACV SEK	11.2 m	(8.9 m)
ARR SEK	304 m	(260 m)

ACV SEK 11 m (9 m) ARR SEK 304 m (260 m)

Net sales of SEK	473 m	(403 m)
Recurring revenues of SEK	278 m	(254 m)
which corresponds to % of net sales	59 %	(63 %)
EBITDA SEK	135 m	(104 m)
EBITDA margin	29 %	(26 %)
EBIT	69 m	(53 m)
EBIT margin	14 %	(13 %)
Net profit SEK	50 m	(41 m)
Net profit margin	11 %	(10 %)
EPS before dilution SEK	0.94	(0.78)
Cash flow from operating activities SEK	99 m	(115 m)
ACV SEK	36.9 m	(22.2 m)
ARR SEK	304 m	(260 m)
The board proposes a dividend of SEK per share	0,70	(0,66)

The Board of Directors proposes a dividend of SEK 0.70 (SEK 0.66) per share.

		Oct-Dec		Jan-Dec
(SEK Million)	2021	2020	2021	2020
Net sales	122,3	103,4	473,2	403,1
whereof recurring revenue	73,4	67,2	278,4	253,5
EBITDA	28,1	25,9	135,1	104,3
Margin, %	23,0%	25,1%	28,6%	25,9%
EBIT	16,0	12,7	68,5	53,3
Margin, %	13,1%	12,3%	14,5%	13,2%

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. The information was submitted for publication, at 08.45 CET, 16 February 2022. (updated 4 April 2022 as per communicated via press release)

Accelerated growth.

We started off 2021 by presenting a new strategic direction in which growth where at the top of the agenda. When we now sum up the year, we do it with pride.

In line with our growth strategy, we place great focus on increasing our recurring revenues. Thus, ACV (Annual Contract Value, i.e. the net of won and lost contracts for recurring income) is our most important growth figure. For the fourth quarter, ACV amounts to SEK 11 million (9) and for the full year ACV amounts to SEK 37 million (22), i.e. an increase of 66% compared to the previous year.

At the end of the year, ARR (Annual Recurring Revenue) totals SEK 304 million, which is an increase of 17%, largely driven by increased SaaS business, which increased by 55% to SEK 85 million.

We can thus state that we are successfully executing our growth strategy.

In light of this, the Board proposes an increase in the dividend to SEK 0.70 (SEK 0.66) per share.

Business area Private

Within business area Private, we show growth of 18%. We have more than doubled our ACV regarding SaaS from SEK 11 to 24 million.

We continue to drive a rapid transition to SaaS. Through our collaborations with Microsoft and Temenos, we see a clear growth journey for sales of our product Lasernet. We were recently named Solution Provider of the Year 2021 by Temenos and we see great potential in further strengthening our collaboration in the future.

The cloud-based ERP system Microsoft Dynamics 365 grew by 45% in the second quarter of Microsoft's fiscal year 2022¹ . Temenos grew its SaaS business by 30% in the third quarter of 2021 with the largest ACV contribution coming from Europe and the US.²

The growth strategy is based on penetrating more and more of Microsoft's and Temenos' business and offering Lasernet and Autoform DM as SaaS. In the Dynamics market, this is done through a globally certified partner network and for Temenos through a strengthened partner relationship.

In line with our strategy, we will continue to invest in additional capacity and expertise to leverage the international growth potential we see in Microsoft Dynamics and Temenos. The increased costs continue to put pressure on earnings for 2021 and will continue to do so in 2022. The scalability of the business model with a high proportion of SaaS revenues will thereafter gradually lead to ever better margins.

Within business area Private, we show growth of 18%. We have more than doubled our ACV regarding SaaS from SEK 11 to 24 million.

Business area Public sector

We see a strong development in Denmark in terms of recurring revenues and profitability. We have strengthened our position as market leader in Grants Management and we are noticing ever better market conditions in Case and Document Management, where we are seeing more and more authorities entering into procurement.

In Sweden, the transition from a business model to becoming a comprehensive supplier, which we are already in Denmark, has been more challenging than we initially anticipated. We end the year with a strong fourth quarter where 47 won deals give an ACV of just over SEK 3 million. Through the acquisition of Alkemit AB at the beginning of the year, we create even better opportunities for a successful 2022.

¹ https://www.microsoft.com/en-us/investor/earnings/fy-2022-q2/pressrelease-webcast

² https://www.temenos.com/wp-content/uploads/2021/10/Temenos-Q3-2021- Results-Presentation-xk7mx4cmr.pdf

Comment from the group's CEO

Differentiated growth strategies

There are good conditions for both Private and Public to grow both organically and through acquisitions. As part of a strategic review, a more active acquisition agenda has been adopted and the growth strategies for Formpipe's business in Private and Public have been more clearly differentiated.

In light of this assessment that Private and Public will grow in different ways, work is underway to investigate whether the business areas will continue to be jointly owned or whether other value-creating measures should be implemented.

The company has therefore hired an external advisor to analyze various possibilities to further accelerate these alternatives.

Acknowledgements

In conclusion, I would like to extend a warm thank you to our employees for extraordinary efforts during a year in which we successfully implemented major changes under difficult conditions. I look forward to another year where we continue to grow in all areas and create even greater value for our customers, partners and shareholders.

Christian Sundin, CEO Formpipe

Financial Information

October – December 2021

Net sales for the period increased by 18 % compared to previous year and totalled to SEK 122.3 million (103.4 million). Software revenue increased by 10 % from the previous year and totalled to SEK 83.3 million (76.1 million). Total recurring revenue for the period increased by 9 % from the previous year and totalled to SEK 73.4 million (67.2 million), which is equivalent to 60 % of net sales (65 %). Exchange rate effects have affected net sales negatively by SEK 2.1 million in comparison with the previous year.

January – December 2021

Net sales for the period increased by 17 % compared to previous year and totalled to SEK 473.2 million (403.1 million). Software revenue increased by 22 % from the previous year and totalled to SEK 347.7 million (286.1 million). Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK 278.4 million (253.5 million), which is equivalent to 59 % of net sales (63 %). The deal with Landbrugsstyrelsen is included in net sales and software revenues and amounts to SEK 40.9 million. Exchange rate effects have affected net sales negatively by SEK 8.9 million in comparison with the previous year.

Revenue split, Jan-Dec 2021

Recurring revenue, rolling 12 m, mSEK

Annual recurring revenue (ARR), mSEK

October – December 2021

The operating costs for the period totalled to SEK 106.2 million (90.7 million). Personnel costs totalled to SEK 65.5 million (58.8 million). Selling expenses totalled to SEK 15.2 million (10.1 million). Other costs totalled to SEK 26.9 million (20.4 million).

January – December 2021

The operating costs for the period totalled to SEK 404.7 million (349.9 million). Personnel costs totalled to SEK 248.2 million (220.1 million). Selling expenses totalled to SEK 50.9 million (41.3 million). Other costs totalled to SEK 91.4 million (77.6 million). The deal

Financial Information

with Landbrugsstyrelsen is included in operating costs and amounts to SEK 15.1 million.

October – December 2021

Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 28.1 million (25.9 million) with an EBITDA margin of 23.0 % (25.1 %). Operating profit (EBIT) totalled to SEK 16.0 million (12.7 million) with an operating margin of 13.1 % (12.3 %). Net profit totalled to SEK 11.1 million (12.0 million). Exchange rate effects have affected EBITDA negatively by SEK 1.3 million in comparison with the previous year.

January – December 2021

Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 135.1 million (104.3 million) with an EBITDA margin of 28.6 % (25.9 %). Operating profit (EBIT) totalled to SEK 68.5 million (53.3 million) with an operating margin of 14.5 % (13.2 %). Net profit totalled to SEK 50.4 million (41.4 million). The deal with Landbrugsstyrelsen affect the operating profit positively with SEK 25.8 million. Exchange rate effects have affected EBITDA negatively by SEK 6.0 million in comparison with the previous year.

Sales and EBITDA margin, mSEK

Cash equivalents

Cash and cash equivalents at the end of the period amounted to SEK 18.1 million (58.6 million). The company had interest-bearing debt at the end of the period totalling to SEK 13.7 million (64.2 million), whereof SEK 13.7 million (20.5 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 utilized with SEK - million (- million).

The company's net debt position thereby totalled to SEK 4.3 million (-5.6 million), which corresponds to a net debt position of SEK 18.1 million (14.9 million) excluding IFRS 16-related debt.

During the period, dividends were paid amounting to SEK 35.3 million (32.1 million).

Deferred tax asset

By the end of the period the company's deferred tax assets attributable to accumulated losses amounted to SEK 4.2 million (SEK 3.6 million).

Equity

Equity at the end of the period amounted to SEK 429.6 million (398.9 million), which was equivalent to SEK 7.96 (7.46) 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

Financial Information

currencies by SEK 13.7 million (-14.6 million) from the end of the year.

Equity ratio

The equity ratio at the end of the period was 61 % (55 %).

Cash flow from operating activities

Cash flow from operating activities for the period January - December totalled to SEK 99.0 million (115.0 million). Due to increased working capital tied up, the cash flow has been affected negatively compared to previous periods.

Investments and acquisitions

• Total investments for the period January December amounted to SEK 59.7 million (92.0 million).
• Investments in intangible assets totalled to SEK 57.2 million (43.3 million) and refer to capitalized product development costs.
• Investments in tangible and financial assets totalled to SEK 2.5 million (2.6 million).
• Acquisitions of subsidiaries amounted to SEK 0.0 million (46.1 million).

Financing

During the period January – December the company has redeemed the DKK loan in full.

During the period January – December the company amortized SEK 48.7 million (27.3 million). Whereof SEK 5.3 million (8.3 million) relates to leasing debts.

The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period ( million).

Leasing related liabilities amounted to SEK 13.7 million (20.5 million) at the end of the period. The company's interest-bearing debt at the end of the period was thereby SEK 13.7 million (64.2 million).

During the period, dividends were paid to the company's shareholders amounting to SEK 35.3 million (32.1 million).

As an outcome from the exercise of the personnel warrant program 2018/2021, 262,150 new shares were issued and payments amounting to SEK 4.7 million (4.6 million) has been added to the Company. At the same time the Company repurchased 234,850 warrants to a value of SEK 4.1 million (1.3 million).

During the period, a new warrant program (2021/2024) has been issued to the company's employees, amounting to 500,000 warrants, which provided the company with payments of SEK 1.3 million (0.8 million).

Dividend

The Board proposes that the AGM to be held on 27 April 2022 adopts a resolution to pay a dividend of SEK 0.70 (0.66) per share, which means a total dividend of SEK 37.6 million (35.3 million).

As the basis for its proposal for the appropriation of profits, the board, in accordance with chapter 17 § 3 subsect 2- 3 of the Swedish Companies Act, has assessed the parent company's and the group's need to strengthen the balance sheet, its liquidity and financial position otherwise, and the ability to meet its obligations in the long-term.

Data and information become more and more important for the financial development: it is the foundation for many new products and services, which leads to productivity and resource efficiency gains in all sectors of the economy. Being able to take advantage of the possibilities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, process and present data are extensive.

Formpipe's products are used to create, store, distribute, automate, relocate, archive and manage information, data and metadata regarding e.g. scanned documents, e-mail, 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 Content Services (previously Enterprise Content Management) market that Formpipe has grown to become a market leader in the public sector and a strong challenger in the private sector where we digitalize and streamline customer communication in sectors such as retail, finance and manufacturing.

The growth in the market is fuelled in large part by the organizational and corporate-wide need to streamline operations and meet legal requirements and regulations. To be able to get the value out of the collective amount of information at companies and organizations, applications and services are needed – in order to securely – collaborate, search, analyze, process and distribute data and content. Growth drivers tend to gain strength as the amount of data and information increases.

Gartner's forecast for the global market is an average annual growth (CAGR) of 10 percent in 2020-2024. The Content Services market is estimated to be USD³ 11 billion in system revenue.

An important part of the change of the Content Services market is also that the development is moving increasingly towards cloud-based solutions, where the customers pay for what is used and where costs for development, operations, maintenance, upgrade and support are included in the running agreement. The transition to SaaS is taking place very quickly now and Gartner estimates that the SaaS revenues will reach up to 60 per cent of the total sales of software in 2024⁴ .

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.

Private sector

The global ERP software market is estimated to reach USD 50 billion in 2024⁵ . As cloud solutions are becoming increasingly accepted due to their scalability, reliability and flexibility, many ERP customers are changing their views on their internal IT architecture. This shift, where customers see the benefits of moving to the cloud, opens up new opportunities for Formpipe. Lasernet is an add-on to ERP systems and enables business documents to be delivered in exactly the format and layout desired. Lasernet continues its strong growth internationally, a positive development that is primarily a result of Formpipe's close collaboration with Microsoft and their offering in the cloud (Azure) regarding Microsoft Dynamics. Lasernet is a natural add-on to Dynamics and improves the customer experience through efficient document management.

Banking and partnership with Temenos

Through the acquisition of EFS in 2020, Formpipe has further strengthened its position in this area as EFS product Autoform DM together with Lasernet is a valuable add-on to business systems from Temenos, a well-established and increasingly strong system supplier to the financial sector.

Formpipe is strategically well aligned with Temenos' growth areas within SaaS-transformation and expansion on the North American market. Formpipe's products are sold and implemented as customers buy and implement Temenos' systems.

⁵ Enterprise Application Software Forecast Q420, Gartner, Inc. 2020

³ Enterprise Application Software Forecast Q420, Gartner, Inc. 2020

⁴ Market Trends: Cloud Shift — 2020 Through 2024, Gartner, Inc. 2020

Market

Public Sector

Formpipe has a leading market position in the public sector in both Sweden and Denmark. For many years, we have delivered systems for automated processes for case and document management.

In the Swedish public sector, Formpipe has a stable customer base in municipalities, regions and authorities. In the public sector Sweden, up to SEK 45 billion is invested in IT every year⁶ . The Swedish government's ambition is for state authorities, municipalities and regions to be the best in the world at using the opportunities of digitalization to create an efficient public sector – a simpler everyday life for individuals and companies, more jobs and increased welfare. Digital solutions and automation are an

important component for meeting the growing welfare needs and at the same time increasing the service to the citizens.

Formpipe is also a leading supplier of information management software in the Danish public sector. Digital solutions and automation create opportunities to meet the growing welfare needs and at the same time increase the service to the citizens.

The employers' organization Dansk Industri believes that a modernization and digitalization of the public sector can free up DKK 20 billion by 2025⁷ . Money that can then be returned to the public sector and help increase the level of service.

⁶ Regeringen.se ⁷ www.danskindustri.dk

Significant events

New growth strategy and financial targets

The new strategy captures opportunities to deliver on a number of markets with the self-developed and successful product Lasernet. Investments in growth will primarily take place through capacity building with focus on the USA and Europe. The build-up phase provides a not insignificant short-term negative margin impact before reaching the goals.

Financial targets:

• The average annual revenue growth will amount to 10 percent 2021 – 2025.
• 70 percent of total revenue will consist of recurring revenue by 2025.
• The operating margin will gradually be strengthened and exceed 20 percent in 2025.
• Over time, at least 50 percent of the year's net income will be distributed as dividends to our shareholders.

Formpipe and Danish Landbrugsstyrelsen sign agreement worth approximately DKK 50 million

Formpipe and Danish Landbrugsstyrelsen (Board of Agriculture) have agreed to sign an agreement on further development of the solution that Formpipe for several years has developed on behalf of Landbrugsstyrelsen. The agreement will run for two years and the value is estimated at approximately DKK 50 Million. Within the framework of the agreement, Landbrugsstyrelsen acquires the right to procure continued operation and development via third party after June 2023.

Annual General Meeting

At the AGM on April 28, 2021, decisions were made regarding:

• Adoption of the income statement and balance sheet for the 2020 financial year.
• Adoption profit distribution.
• Dividend of SEK 0.66 (0.60) per share.
• The Board members and the CEO was granted discharge from liability for the financial year 2020.
• The re-election of Annikki Schaeferdiek, Åsa Landén Ericsson, Martin Bjäringer, Peter Lindström, Erik Syrén and Bo Nordlander as Board members. Bo Nordlander was elected Chairman of the Board.
• The re-election of the auditing firm PricewaterhouseCoopers AB as auditors of the Company with Erik Bergh as the principal auditor.
• Principles for the Nomination Committee.
• Authorization for the Board to issue new shares or convertibles.
• Authorization for the Board to acquire and transfer the company's own shares.
• Authorization for the Board to repurchase warrants from the personnel.
• Authorization for the Board to issue warrants to the personnel.
• Approved the issue of share warrants to the personnel.
• Approved the proposed guidelines for remuneration to senior executives.

Increased number of shares

During the period the personnel warrant program 2018/2021 was exercised. A total of 262,150 new shares were issued from this program. The number of shares and votes in the Company has therefore increased with 262,150 and share capital has increased with SEK 26,215. After the issue of new shares, the total number of outstanding shares and votes amounts to 53,726,057 and the share capital amounts to SEK 5,372,605.7.

No significant events have occurred during the period of July-September 2021.

Nomination Committee of Formpipe prior to the Annual General Meeting 2022

The Chairman of the Board has convened the Nomination Committee and after consultation with the company's largest shareholders in terms of votes as of September 30, 2021, the Nomination Committee consists of the following members:

Significant events

• Malin Ruijsenaars, representing AB Grenspecialisten with 10,36% of shares and votes.
• Patrik Jönsson representing SEB Investment Management with 8,91 % of shares and votes.
• Marika Svärdström, representing Martin Bjäringer with 7,68% of shares and votes.

The Nomination Committee will prepare proposals for the 2022 Annual General Meeting regarding, among other things, the Chairman of the Annual General Meeting, Board members, Chairman of the Board, the Board's remuneration, auditors, auditors' fees, the composition of the Nomination Committee and tasks prior to the 2023 Annual General Meeting.

Ahead of the 2022 Annual General Meeting, the Chairman of the Board, Bo Nordlander, has announced that he is not available for re-election for personal reasons.

Member Erik Syrén has also announced that he is not available for re-election.

Shareholders who wish to submit proposals to the Nomination Committee can do so via e-mail to valberedningen@formpipe.com. Last day to submit proposals to the Nomination Committee prior to the Annual General Meeting of the Board 2022 is 16th of March 2022.

Formpipe acquires Swedish partner Alkemit

Formpipe acquires Alkemit AB, a successful partner for Formpipe's products within the Swedish public sector with SEK 25 million turnover and 19 competent employees. Alkemit has successfully built a delivery organisation around Formpipe's products, offering solution management, development projects and support.

Alkemit has verified processes in place that swiftly have increased their business with existing as well as new clients. With the deal, the company increases its competence and capacity to grow its footprint at customers – a step in the long-term strategy to become a 'one-stop-shop vendor' of digital government.

Formpipe acquires 100% of the shares in Alkemit AB. The purchase price amounts to SEK 33 million (Enterprise Value) that is paid in connection with the takeover effective per today and is financed through a combination of own cash (SEK 23 million) and newly issued shares (SEK 10 million to key individuals in the upcoming business). Alkemit's turnover amounted to SEK 25 million with SEK 4 million in operating profit.

Formpipe awarded Solution Provider of the Year 2021 by Temenos

Over the past 15 years, Formpipe has continued to develop and grow its partnership with Temenos and can proudly state that Formpipe's software will be among the first partner solutions available on Temenos' cloud platform, Temenos Banking Cloud.

Almost 100 financial institutions are currently using Formpipe's pre-integrated solutions, Lasernet and Autoform DM, both of which are available on Temenos Exchange, (Temenos' marketplace for partner solutions). Formpipe's software provides enriched and branded customer-facing documents and archiving across all channels within the Temenos ecosystem.

Formpipe is proud to be one of Temenos' major revenue-generating solution providers and look forward to continued success together in the future.

Employees

The number of employees at the end of the reporting period totalled to 274 persons (245 persons).

Risks and uncertainty factors

The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.

Transactions with related parties

No related party transactions have occurred during the period.

Accounting policies

The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.

The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.

About Formpipe

Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of informationintensive business processes, e-archives, data quality and smart management of customer communication.

Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA and Germany. The Formpipe share is listed on Nasdaq Stockholm.

Calendar for financial information

Interim report Jan-Mar
Annual General Meeting
Interim report Jan-Jun
Interim report Jan-Sep

The annual report will be available for shareholders on Formpipe's webpage, www.formpipe.com, and on the group's headquarter, Sveavägen 168 in Stockholm from week 14.

The General Annual Meeting will, if possible, be held at the head office at Sveavägen 168, at 3:00 pm on the 27th of April 2022.

Financial information

Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.

This interim report has not been subject to review by the company's auditors.

Other

Contact information

Christian Sundin, Managing Director Telephone: +46 70 567 73 85, +46 8 555 290 84 E-mail: christian.sundin@formpipe.com

Formpipe Software AB The Board of Directors and the Managing Director

Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 info.se@formpipe.com | www.formpipe.se

Text	Oct-Dec		Jan-Dec
(SEK 000)	2021	2020	2021	2020
Net Sales	122 261	103 353	473 204	403 126
Sales expenses	-15 200	-10 083	-50 916	-41 282
Other costs	-26 879	-20 401	-91 414	-77 596
Personnel costs	-65 486	-58 794	-248 232	-220 112
Capitalized work for own account	13 377	11 860	52 471	40 206
Operating profit/loss before depreciation/amortization
and non-comparative items (EBITDA)	28 072	25 935	135 113	104 342
Depreciation/amortization	-12 046	-13 235	-66 596	-51 091
Operating profit/loss (EBIT)	16 027	12 699	68 517	53 251
Financial income and expenses	-433	-603	-1 915	-1 401
Exchange rate differences	-431	1 994	-150	605
Tax	-4 072	-2 078	-16 017	-11 067
Net profit for the period	11 091	12 012	50 435	41 388
Of which the following relates to:
Parent company shareholders	11 091	12 012	50 435	41 388
Other comprehensive income
Translation differences	10 121	-18 465	13 741	-14 646
Other comprehensive income for the period, net after tax	10 121	-18 465	13 741	-14 646
Total comprehensive income for the period	21 212	-6 453	64 176	26 742
Of which the following relates to:
Parent company shareholders	21 212	-6 453	64 176	26 742
EBITDA margin, %	23,0%	25,1%	28,6%	25,9%
EBIT margin, %	13,1%	12,3%	14,5%	13,2%
Profit margin, %	9,1%	11,6%	10,7%	10,3%
Earnings per share attributable to the parent company's shareholders during the period (SEK per share)
- before dilution	0,21	0,22	0,94	0,78
- after dilution	0,21	0,22	0,94	0,77
Average no. of shares before dilution, in 000	53 726	53 464	53 580	53 303
Average no. of shares after dilution, in 000	53 852	53 659	53 825	53 502

	31 Dec	31 Dec
(SEK 000)	2021	2020
Intangible assets	537 533	523 623
Tangible assets	19 508	27 138
Financial assets	5 014	3 284
Deferred tax asset	4 182	3 645
* Current assets (excl. cash equivalents)	119 947	104 235
Cash equivalents	18 065	58 593
TOTAL ASSETS	704 249	720 517
Equity	429 638	398 865
Long-term liabilities	37 665	71 145
* Current liabilities	236 947	250 507
TOTAL EQUITY AND LIABILITIES	704 249	720 517
Net interest-bearing debt (-) / cash (+)	4 347	-5 594

*A reclassification relating to tax liabilities has affected the consolidated balance sheet summary compared to the previously published report.

		Equity attributable to the parent company's shareholders
	Share	Other Profit/loss contributed Other brought forward
(SEK 000)	capital	capital	reserves		Total
Balance at January 1, 2020	5 317	208 600	23 712	162 498	400 129
Comprehensive income	-	-	-	-	-
Net profit for the period	-	-	-	41 388	41 388
Other comprehensive income items	-	-	-14 646	-	-14 646
Total comprehensive income	-	-	-14 646	41 388	26 742
Transaction with owners
Dividend	-	-	-	-32 078	-32 078
Share issue	29	4 553	-	-	4 582
Repurchase of warrants	-	-1 260	-	-	-1 260
Employee warrant schemes	-	750	-	-	750
Total transaction with owners	29	4 044	-	-32 078	-28 006
Balance at September 30, 2020	5 346	212 644	9 066	171 807	398 865
Balance at January 1, 2021	5 346	212 644	9 066	171 807	398 865
Comprehensive income	-	-	-	-	-
Net profit for the period	-	-	-	50 435	50 435
Other comprehensive income items	-	-	13 741	-	13 741
Total comprehensive income	-	-	13 741	50 435	64 176
Transaction with owners
Acquisition of non-controlling interests	-	-	-	-	-
Dividend	-	-	-	-35 286	-35 286
Share issue	26	4 666	-	-	4 692
Repurchase of warrants	-	-4 119	-	-	-4 119
Employee warrant schemes	-	1 310	-	-	1 310
Total transaction with owners	26	1 857	-	-35 286	-33 403
Balance at September 30, 2021	5 373	214 501	22 808	186 956	429 638

		Oct-Dec	Jan-Dec
(SEK 000)	2021	2020	2021	2020
Cash flow from operating activities
before working capital changes	20 811	23 467	116 595	92 111
Cash flow from working capital changes	31 037	26 093	-17 568	22 884
Cash flow from operating activities	51 848	49 560	99 027	114 995
Cash flow from investing activities	-13 586	-12 492	-58 746	-92 046
Of which acquisition/divesture of business activities	-	-	-	-46 067
Cash flow from financing activities	-2 629	-4 400	-84 625	3 064
Of which dividend paid	-0	-	-35 286	-32 078
Cash flow for the period	35 634	32 668	-44 344	26 013
Change in cash and cash equivalent
Cash and cash equivalent at the beginning of the period	-18 929	27 370	58 593	33 682
Translation differences	1 360	-1 445	3 815	-1 103
Cash flow for the period	35 634	32 668	-44 344	26 013
Cash and cash equivalent at the end of the period	18 064	58 593	18 064	58 593

(SEK 000)	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021
License	7 508	10 235	5 817	8 971	6 324	47 775	5 255	9 923
SaaS	12 884	13 373	13 755	14 571	14 171	15 458	17 038	19 427
Support and maintenance	47 952	48 849	49 552	52 592	52 214	52 749	53 332	53 990
Software revenues	68 344	72 457	69 123	76 134	72 709	115 982	75 625	83 340
whereof recurring revenue	60 836	62 222	63 307	67 163	66 385	68 208	70 369	73 418
Deliveries	34 749	27 839	27 260	27 219	28 832	26 991	30 805	38 921
Net sales	103 093	100 296	96 383	103 353	101 540	142 974	106 429	122 261
Sales expenses	-11 210	-10 270	-9 718	-10 083	-12 018	-11 634	-12 064	-15 200
Other costs	-19 037	-19 116	-19 042	-20 401	-19 690	-22 518	-22 327	-26 879
Personnel costs	-54 870	-56 256	-50 192	-58 794	-63 218	-64 583	-54 945	-65 486
Capitalized development costs	9 148	9 593	9 606	11 860	12 948	13 555	12 592	13 377
Total operating expenses	-75 970	-76 048	-69 346	-77 419	-81 977	-85 180	-76 745	-94 189
EBITDA	27 122	24 248	27 037	25 935	19 563	57 793	29 684	28 072
%	26,3%	24,2%	28,1%	25,1%	19,3%	40,4%	27,9%	23,0%
Depreciation/amortization	-12 302	-12 479	-13 075	-13 235	-13 831	-28 135	-12 584	-12 046
EBIT	14 820	11 769	13 962	12 699	5 732	29 659	17 100	16 027
%	14,4%	11,7%	14,5%	12,3%	5,6%	20,7%	16,1%	13,1%

Financial Tables

The Group's segments are divided according to which customer groups they target. The segments are divided into SE Public, DK Public, Private and Other and reflect the Group's internal reporting and follow-up of Group management.

The SE Public and DK Public segments find their customers in Sweden's and Denmark's public sectors. Segment Private collects the Group's offers that are aimed at customers outside the public sector and are not bound to any particular geographic market. Segment Other includes the Group's older products that are not included in any of the other segments and the Group's overhead costs.

In the Group's follow-up on the segments, the intercompany invoicing (revenues and costs) is presented as a net because of the substantial invoicing within the segments related to royalties to IP owning entities. The line Intercompany net includes de intercompany revenues and costs netted out to reflect a more accurate view of the segments. The Group has adjusted the segment overview for financial year 2020.

	Oct-Dec 2021						Jan-Dec 2021
	SE	DK					SE DK
(SEK 000)	Public	Public	Private	Other	Group	Public	Public	Private	Other	Group
License	5 928	1 201	2 821	-28	9 923	10 789	5 790	11 774	40 923	69 276
SaaS	3 572	1 976	13 879	-	19 427	13 149	6 920	46 025	-	66 094
Support & Maintenance	20 763	14 580	17 667	981	53 990	80 992	57 863	69 279	4 152	212 286
Delivery	6 570	25 509	6 838	4	38 921	18 248	79 833	27 463	4	125 549
Net sales	36 833	43 267	41 205	956	122 261	123 178	150 406	154 541	45 079	473 204
Costs, external	-22 535	-28 626	-38 301	-4 727	-94 189	-80 078	-96 757	-140 944	-20 313	-338 091
Intercompany net	118	-134	16	-	0	372	-391	19	-	0
EBITDA	14 416	14 507	2 920	-3 770	28 072	43 473	53 258	13 616	24 766	135 113
%	39,1%	33,5%	7,1%	-394,2%	23,0%	35,3%	35,4%	8,8%	54,9%	28,6%

	Oct-Dec 2020						Jan-Dec 2020
	SE	DK		SE	DK		SE	DK
(SEK 000)	Public	Public	Private	Public	Public		Public	Public	Private	Other	Group
License	1 264	2 784	4 924	-	8 971		5 077	8 101	19 352	-	32 530
SaaS	4 582	1 533	8 455	-	14 571		17 843	6 079	30 662	-	54 584
Support & Maintenance	19 959	13 873	17 634	1 126	52 592		79 815	52 241	62 302	4 587	198 945
Delivery	5 217	16 481	5 521	0	27 219		16 702	80 456	19 907	2	117 067
Net sales	31 022	34 671	36 533	1 126	103 353		119 437	146 877	132 223	4 589	403 126
	-	-	-		-		-	-	-		-
Costs, external	-17 874	-21 293	-31 924	-6 329	-77 419		-65 408	-102 265	-108 096	-23 014	-298 783
Intercompany net	-18	19	-1	-	-		78	-5	-73	-	-
EBITDA	13 131	13 398	4 609	-5 203	25 935		54 107	44 607	24 054	-18 425	104 342
%	42,3%	38,6%	12,6%	-462,0%	25,1%		45,3%	30,4%	18,2%	-401,6%	25,9%

Oct-Dec 2021						Jan-Dec 2021
	SE	DK				SE	DK
(Mkr)	Public	Public	Private	Other	Group	Public	Public	Private	Other	Group
ARR In - SaaS	14,5	9,1	54,0	-	77,5	13,3	5,9	35,4	-	54,7
ARR In - Support & Maint.	82,5	56,6	70,2	3,8	213,1	81,6	51,5	68,3	4,0	205,5
ARR In - FX	-	0,3	1,7	-	2,0	-	1,2	5,6	-	6,8
ARR In*	97,0	66,0	125,9	3,8	292,7	95,0	58,7	109,3	4,0	267,0
ACV - SaaS	1,6	-0,5	5,5	-	6,6	2,8	2,6	23,7	-	29,1
ACV - Support & Maintenance	1,7	3,3	-0,3	-0,1	4,6	2,6	7,5	-2,0	-0,4	7,8
ACV - Net	3,4	2,8	5,1	-0,1	11,2	5,4	10,1	21,8	-0,4	36,9
ARR Out - SaaS	16,1	8,7	59,9	-	84,7	16,1	8,7	59,9	-	84,7
ARR Out - Support & Maint.	84,3	60,1	71,1	3,7	219,2	84,3	60,1	71,1	3,7	219,2
ARR Out	100,4	68,8	131,0	3,7	303,9	100,4	68,8	131,0	3,7	303,9

	Oct-Dec 2020				Jan-Dec 2020
(Mkr)	SE Public	DK Public	Private		Other Koncern	SE Public	DK Public	Private		Other Koncern
ARR In - SaaS	12,9	4,9	34,5	-	52,2	12,7	6,2	26,1	-	45,0
ARR In - Support & Maint.	79,8	51,1	71,2	4,2	206,3	79,0	41,9	57,4	4,5	182,7
ARR In - FX	-	-2,3	-5,0	-	-7,3	-	-1,6	-4,1	-	-5,8
ARR In - Acquired	-	-	-	-	-	-	-	16,0	-	16,0
ARR In	92,7	53,7	100,6	4,2	251,2	91,6	46,5	95,3	4,5	237,9
ACV - SaaS	0,5	1,3	2,6	-	4,4	0,7	-0,1	10,6	-	11,2
ACV - Support & Maintenance	1,8	2,4	0,5	-0,1	4,6	2,7	11,1	-2,3	-0,4	11,1
ACV - Net	2,3	3,7	3,1	-0,1	8,9	3,3	11,0	8,3	-0,4	22,2
ARR Out - SaaS	13,3	5,9	35,4	-	54,7	13,3	5,9	35,4	-	54,7
ARR Out - Support & Maint.	81,6	51,5	68,3	4,0	205,5	81,6	51,5	68,3	4,0	205,5
ARR Out	95,0	57,5	103,7	4,0	260,1	95,0	57,5	103,7	4,0	260,1

* Contracts with a total ARR of 3,8 mSEK have been reclassified from SaaS to Support & Maintenance as per January 1, 2021, due to the stipulations in governing framework agreement in DK Public.

	2017-01-01	2018-01-01	2019-01-01	2020-01-01	2021-01-01
	2017-12-31	2018-12-31	2019-12-31	2020-12-31	2021-12-31
Shares outstanding beginning of the period	51 273 608	51 873 025	52 887 406	53 173 907	53 463 907
Share issue from warrant programme	599 417	314 576	286 501	290 000	262 150
Non-cash issue	0	699 805	0	0	0
Shares outstanding at the end of the period	51 873 025	52 887 406	53 173 907	53 463 907	53 726 057

		Jan-Dec
	2021	2020
Employees at end of period	274	244
Net sales, SEK 000	473 204	403 126
EBITDA, SEK 000	135 113	104 342
EBIT, SEK 000	68 517	53 251
Net profit for the period, SEK 000	50 437	41 388
EBITDA margin, %	28,6%	25,9%
EBIT margin, %	14,5%	13,2%
Profit margin, %	10,7%	10,3%
Return on equity, %*	12,2%	10,4%
Return on working capital, %*	17,2%	14,1%
Equity ratio, %	61%	55%
Equity per outstanding share at the end of the period, SEK	8,01	7,48
Earnings per share - before dilution, SEK	0,94	0,78
Earnings per share - after dilution, SEK	0,94	0,77
Share price at the end of the period, SEK	45,00	29,90

* Ratios including P&L measures are based on the most recent 12-month period

	Oct-Dec			Jan-Dec
(SEK 000)	2021	2020	2021	2020
Net sales	55 249	34 029	147 956	131 160
Operating expenses
Sales expenses	-2 890	-5 715	-9 650	-8 782
Other costs	-28 434	-12 423	-63 782	-44 755
Personnel costs	-23 878	-19 287	-84 147	-71 951
Depreciation/amortization	-849	-1 597	-2 984	-6 270
Total operating expenses	-56 051	-39 021	-160 562	-131 758
Operating profit/loss	-802	-4 992	-12 607	-598
Other financial items	101 965	1 510	100 200	1 703
Appropriations	3 319	4 491	3 319	4 491
Tax	2 249	-1 239	2 249	-1 237
Net profit for the period	106 731	-230	93 161	4 360
			31 Dec	31 Dec

	31 Dec
(SEK 000)	2021	2020
Intangible assets	9 301	6 851
Tangible assets	1 174	981
Financial assets	348 708	346 446
Current assets (excl. cash equivalents)	161 089	44 787
Cash and bank balances	15 898	30 666
TOTAL ASSETS	538 419	429 732
Restricted equity	23 063	23 037
Non-restricted equity	227 130	167 398
Total equity	250 193	190 435
Long-term liabilities	-	29 434
Current liabilities	288 226	209 863
TOTAL EQUITY AND LIABILITIES	538 419	429 732

Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group was the same as disclosed for the Parent Company.

	31 Dec	31 Dec
(SEK 000)	2021	2020
Pledged assets	-	-
Contingent liabilities	-	-

Definitions

Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described

Software revenue

The total of license revenue and revenue from support and maintenance contracts.

Recurring revenue

Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.

Annual recurring revenue (ARR)

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.

ARR IN

Initial value for the period's Annual recurring revenue.

Annual Contract Value (ACV)

Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).

ARR OUT

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.

FX effect

Revaluation of ARR IN to the closing balance exchange rates.

Fixed operating expenses

Other costs and personnel costs.

Operating expenses

Sales costs, other costs, personnel costs, capitalized development and depreciation.

EBITDA

Earnings before depreciation, amortization, acquisitionrelated costs and other items affecting comparability.

EBITDA-adj.

EBITDA exclusive capitalized work for own account.

Items affecting comparability

The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and write-downs.

EBIT

Operating profit/loss.

Operating margin before depreciation and amortization (EBITDA margin)

Earnings before depreciation, amortization, acquisitionrelated costs and other items affecting comparability as a percentage of net sales.

Operating margin before depreciation and amortization (EBITDA-adj margin)

Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of net sales.

Operating margin (EBIT margin)

Operating profit/loss as a percentage of net sales.

Profit margin

Net profit/loss after tax as a percentage of sales at the end of the period.

Earnings per share - before dilution

Net profit/loss after tax divided by the average number of shares during the period.

Earnings per share - after dilution

Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.

Equity per share

Equity at the end of the period divided by the number of shares at the end of the period.

Return on equity

Profit/loss after tax as a percentage of average equity.

Return on working capital

Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).

Free cash flow

Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.

Net interest-bearing debt

Interest bearing debts minus cash and cash equivalents.

Equity ratio

Equity as a percentage of the balance sheet total.

Ordering financial information

Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on info.se@formpipe.com

Contact person for investor relations CFO Joakim Alfredson joakim.alfredson@formpipe.com