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Formpipe Software
Quarterly Report • Jul 12, 2024
3159_ir_2024-07-12_548b4efe-f7ef-4586-bfbb-426ed81ba918.pdf
Quarterly Report
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Second quarter 2024 results Formpipe Software
April 1 – June 30, 2024
| 2024 | 2023 | Δ | |
|---|---|---|---|
| Net sales of SEK | 133 m | (137 m) | -3% |
| Recurring revenues of SEK | 107m | (94 m) | 13% |
| which corresponds to % of net sales | 80 % | (69 %) | |
| EBITDA SEK | 25 m | (29 m) | -14% |
| EBITDA margin | 19 % | (21 %) | |
| EBIT | 8 m | (13 m) | -39% |
| EBIT margin | 6 % | (9 %) | |
| Net profit SEK | 8 m | (5 m) | 80% |
| Net profit margin | 6 % | (3 %) | |
| EPS before dilution SEK | 0,15 | (0.09) | 80% |
| Cash flow from operating activities SEK | 26 m | (3 m) | 661% |
| ACV SEK | 12 m | (11 m) | 13% |
| ARR SEK | 434 m | (406 m) | 7% |
ACV SEK 12 m (11 m) ARR SEK 434 m (406 m)
"Continued positive profitability trend"
"Strong growth in recurring revenue"
Christian Sundin, CEO Formpipe
Magnus Svenningson,
Januari 1 – June 30, 2024
| 2024 | 2023 | Δ |
|---|---|---|
| 258 Mkr | (265 Mkr) | -3% |
| 209 Mkr | (183 Mkr) | 14% |
| 81 % | (69 %) | |
| 46 Mkr | (52 Mkr) | -11% |
| 18 % | (20 %) | |
| 12 Mkr | (20 Mkr) | -38% |
| 5 % | (8 %) | |
| 10 Mkr | (9 Mkr) | 7%. |
| 4 % | (4 %) | |
| 0,19 kr | (0,17 kr) | 7%. |
| 56 Mkr | (21 Mkr) | 174% |
| 19 Mkr | (22 Mkr) | -14% |
| 434 Mkr | (406 Mkr) | 7% |
Income statement - summary
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 08.15 CET 12 July 2024.
Good business and pace of change.
The second quarter of the year continues in line with the first and shows good profitable growth in the Private sector, while Public continues to have a weaker margin attributable to lower delivery revenues in the Danish consulting business. Sales for the Group amounted to SEK 133 million (137 million) in the second quarter, with an EBIT of SEK 8 million (13 million), resulting in a margin of 6% (9%). Recurring revenue rose by 13% to SEK 107 million (94 million) and the main growth was in SaaS, where sales increased by 30% to SEK 42 million (32 million).
ACV amounts to SEK 12 million (11 million). ARR increases to SEK 434 million (406 million), which shows our determined steps towards an increasing share of recurring revenue.
The measures we want to implement and that were communicated in the fourth quarter are ongoing. The positive shift is taking place gradually and is expected to show clearer results towards the end of the year.
Public in continued transformation
Sales in the Public business area amounted to SEK 76 million (84 million) in the second quarter, while recurring revenue increased by 12% to SEK 56 million (50 million). Operating profit EBIT decreased to SEK 11 million (17 million).
ACV amounts to SEK 4 million (7 million). The merger is starting to have an effect, we sell across national borders and win the first deal with our benefit distribution system TAS in Sweden for the Family Law and Parental Support Authority. Region Stockholm awards us a framework agreement for the development and management of Platina. An important customer in the defence industry gives us increased confidence in Platina. In Denmark, we win a handful of deals at Adoxa, which supports our customers in their work to ensure that GDPR-sensitive data is handled correctly. Another deal has been made with our meeting tool MeetingsLive, which streamlines decision-making without sharing data outside Sweden's borders.
The consulting business in Sweden is developing well with higher sales and we are expanding our delivery capacity. The delivery organization in Denmark continues to face challenges for the same reasons as in the previous quarter. We have accelerated our pace of change to make the delivery organization more flexible and less dependent on a single product or business. For six months, we have been working on our merger of the Swedish and Danish operations. We focus on
forming an efficient organization with common priorities for the development of a smaller number of products. We can see that there is potential to consolidate parts of the product portfolio while maintaining or improving the customer experience. We are well on our way of our transformation and have started discussions with customers in the continued development. Their response is positive. We focus on increasing efficiency for our customers, e.g. through automatic classification, automatic data filling and smart summarization of cases. We start from the solutions we have installed at our customers and add AI functionalities through our products for Data Privacy and collaboration. We are convinced that long-term, this will provide increased value for our customers and thus create new business opportunities. We have great respect for the public sector's high requirements for data integrity and procurement rules, which means that the introduction of new technology takes time.
Private
he quarter has been characterized by the dozens of events and partner gatherings we have participated in, e.g. Money20/20 in Amsterdam and Dynamicscon in Denver. Sales for the business area increased to SEK 56 million (52 million), a growth of 7% and recurring revenue increased by 15% to SEK 50 million (44 million). EBIT strengthened to SEK 4 million (3 million), resulting in a margin of 7% (5%) and continues to demonstrate the good scalability of the business.
Business was good during the quarter with 19 new customers from the Dynamics ecosystem via our partner network. ACV amounts to SEK 9 million (4 million). Our new customers are in many different industries, including lighting and energy distribution. It
Comments from the Group's CEO
underlines how "horizontal" Lasernet is and that companies in all industries benefit from the product.
The Banking business continues to develop well with five new customers globally. This is in line with our expectations and almost doubles from the same period last year. We have two customer churn, in both cases due to management changes, but also one customer who returns. Temenos is our largest ecosystem, but we are seeing increased interest from other Core Banking System Providers, which we are evaluating on an ongoing basis.
Our new product packaging of Lasernet for Microsoft Dynamics in three tiers: Essentials (Freemium), Professional and Enterprise has received a very positive response among our partners. We are working with preparations and are planning to launch in October at the Dynamics Community Summit in Austin, USA. The packaging will increase the scalability of our business model and accelerate lead generation. From having been focused on the "high end" market within our segment, we now offer a way for basically all Dynamics users to gradually grow into the most complete product.
The acquisition of the French company Dictymatec is now completed and has already strengthened our business primarily in France. Dictymatec is consolidated in the Group's figures from May.
I note a second quarter with a lot of work with change, that is slowly but surely making us more agile and advancing our position in the market. I am confident that the activities we have initiated will help us to pursue our business potential and accelerate our growth.
We will continue to simplify, focus and improve our two business areas.
I wish customers, colleagues and shareholders a nice summer!
Magnus Svenningson, CEO Formpipe
Financial Information
Revenue
April – June 2024
Net sales for the period decreased by 3 % compared to previous year and totalled to SEK 132.7 million (137.5 million). Software revenue increased by 8 % from the previous year and totalled to SEK 110.4 million (102.4 million).
Total recurring revenue for the period increased by 13 % from the previous year and totalled to SEK 106.8 million (94.5 million), which is equivalent to 80 % of net sales (69 %). Exchange rate effects have affected net sales favourably by SEK 0.8 million in comparison with the previous year.
Revenue split, Jan - Jun 2024
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
January – June 2024
Net sales for the period decreased by 3 % compared to previous year and totalled to SEK 258.0 million (265.1 million). Software revenue increased by 10 % from the previous year and totalled to SEK 213.6 million (193.5 million).
Total recurring revenue for the period increased by 14 % from the previous year and totalled to SEK 208.6 million (182.7 million), which is equivalent to 81 % of net sales (69 %). Exchange rate effects have affected net sales favourably by SEK 1.7 million in comparison with the previous year.
Costs
April – June 2024
The operating costs for the period totalled to SEK 124.8 million (124.5 million). Personnel costs totalled to SEK 72.5 million (75.3 million). Selling expenses totalled to SEK 15.7 million (16.3 million). Other costs totalled to SEK 33.0 million (30.5 million). Exchange rate effects have increased expenses by SEK 1.1 million in comparison with the previous year.
Financial Information
January – June 2024
The operating costs for the period totalled to SEK 245.7 million (245.1 million). Personnel costs totalled to SEK 146.7 million (148.7 million). Selling expenses totalled to SEK 29.3 million (32.3 million). Other costs totalled to SEK 62.8 million (58.1 million). Exchange rate effects have increased expenses by SEK 1.9 million in comparison with the previous year.
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
Earnings
April – June 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 25.1 million (29.1 million) with an EBITDA margin of 18.9 % (21.2 %). Operating profit (EBIT) totalled to SEK 7.9 million (12.9 million) with an operating margin of 6.0 % (9.4 %). Net profit totalled to SEK 8.3 million (4.6 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.1 million in comparison with the previous year.
January – June 2024
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 46.4 million (52.4 million) with an EBITDA margin of 18.0 % (19.8 %). Operating profit (EBIT) totalled to SEK 12.4 million (20.0 million) with an operating margin of 4.8 % (7.5 %). Net profit totalled
to SEK 10.1 million (9.5 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.1 million in comparison with the previous year.
Financial position and liquidity
Cash equivalents
Cash and cash equivalents at the end of the period amounted to SEK 42.3 million (0.0 million). The company's total bank overdraft facility amounts to SEK 50.0 million. At the end of the period it was not utilized (5.0 million). The total accessible funds therefore amount to SEK 92.3 million (45.0 million).
The group had interest-bearing debt at the end of the period totalling to SEK 33.1 million (40.8 million), whereof SEK 15.6 million (8.2 million) refers to lease debts according to IFRS 16.
The group's net cash position thereby totalled to SEK 9.3 million (-40.8 million), which corresponds to a net cash position of SEK 24.8 million (-32.5 million) excluding IFRS 16-related debt.
Deferred tax asset
By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 3.4 million (SEK 3.9 million).
Equity
Equity at the end of the period amounted to SEK 487.6 million (479.0 million), which was equivalent to SEK 8.99 (8.84) per outstanding share at the end of the period. Changes in the value of the Swedish
Financial Information
krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK 10.5 million (27.5 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 59 % (59 %).
Cash flow
Cash flow from operating activities
Cash flow from operating activities for the period January - June totalled to SEK 56.2 million (20.5 million).
Investments and acquisitions
Total investments for the period January – June amounted to SEK 34.3 million (27.8 million).
- Investments in intangible assets totalled to SEK 29.2 million (27.0 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 2.3 million (0.8 million).
- Acquisitions of subsidiaries amounted to SEK 2.8 million (- million).
Financing
During the period, dividends were paid to the company's shareholders amounting to SEK 13.6 million (- million).
During the period January – June the company amortized SEK 5.0 million (5.0 million).
The existing bank overdraft facility totalling to SEK 50.0 million was not utilized at the end of the period (5.0 million). Leasing related liabilities amounted to SEK 15.6 million (8.2 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 33.1 million (40.8 million).
Content Services
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 USD1 11 billion in system revenue.
Transition to Software as a Service
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 percent of the total sales of software in 20242 .
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.
Business areas
Private sector
In the private sector, the business revolves around the product Lasernet. Through a certified partner network, Formpipe addresses the global market for ERP and banking systems. The most common purchase of Lasernet and Formpipe's complementary offering Autoform DM takes place when implementing, or upgrading to, Microsoft Dynamics 365 in industries such as manufacturing, retail and utilities and Temenos Transact and Infinity in banking and finance. The partner network thus primarily consists of implementation partners of these systems and constitutes a sales and delivery channel for Formpipe's offering.
The growth of Formpipe's business in the private sector is based on being included in more and more of Microsoft's and Temenos' business and offering Lasernet and Autoform DM as SaaS. In the Dynamics market, this is done via a globally certified partner network and with Temenos through a strengthened partner relationship.
1 Enterprise Application Software Forecast Q420, Gartner, Inc. 2020
2 Market Trends: Cloud Shift — 2020 Through 2024, Gartner, Inc. 2020
Market
Public sector
Hundreds of authorities, municipalities, universities and state- and municipally owned companies today build their public administration around Formpipe's products. Based on Formpipe's market share for its platforms in Denmark and Sweden, the business is growing mainly through additional sales of add-ons to these, which are primarily co-created in customer projects. Customers' needs revolve around the requirements for a more efficient, innovative and data-driven business.
The focus for these add-ons is on business processes linked to record keeping, such as archiveproof and secure digital signatures or an application for collaboration on meeting documents for municipal politicians. In the Swedish public sector, Formpipe has a stable customer base in municipalities, regions and authorities.
In the Swedish public sector, up to SEK 45 billion is invested in IT every year.
The Swedish government's ambition is for state authorities, municipalities and regions to be the best in the world at using the opportunities of digitalisation to create an efficient public sector - a simpler everyday life for private 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 digital government 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.
January-March
Nothing to report.
April-June
Directed share issue in connection with acquisition
Formpipe has decided on a directed share issue of 40,296 shares in connection with the acquisition of Dictymatec SARL. The reasons for the share issue and the deviation from the shareholders' preferential rights are that in connection with the acquisition, the Company has undertaken to make payment partly in the form of newly issued shares in the Company.
The share issue resulted in that the number of shares and votes increased by 40,296 and the share capital increased by SEK 4,029.60.
After the end of the period
Formpipe announces change of CFO
Chief Financial Officer Joakim Alfredson will leave his position and Formpipe at the end of the first quarter 2025. Mr Alfredson has been with the company for 17 years and has been a member of the Group Management. A recruitment process will be initiated to appoint a successor.
Employees
The number of employees at the end of the reporting period totalled to 270 persons (275 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 information-intensive 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
| October 25, 2024 | Interim report Jan-Sep | |
|---|---|---|
This interim report has not been subjected to review by the company's auditors.
The interim report is available on Formpipe's website, www.formpipe.com.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700 E-mail: [email protected]
Stockholm July 12, 2024
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
Consolidated income statement summary
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 |
| Net Sales | 132 746 | 137 484 | 258 046 | 265 119 |
| Sales expenses | -15 709 | -16 340 | -29 258 | -32 266 |
| Other costs | -32 975 | -30 480 | -62 755 | -58 141 |
| Personnel costs | -72 469 | -75 321 | -146 673 | -148 673 |
| Capitalized work for own account | 13 517 | 13 740 | 27 068 | 26 391 |
| Operating profit/loss before depreciation/amortization | ||||
| and non-comparative items (EBITDA) | 25 110 | 29 083 | 46 429 | 52 431 |
| Depreciation/amortization | -17 189 | -16 142 | -34 054 | -32 425 |
| Operating profit/loss (EBIT) | 7 921 | 12 941 | 12 375 | 20 006 |
| Financial income and expenses | -396 | -636 | -634 | -1 244 |
| Exchange rate differences | 1 148 | -4 406 | -1 541 | -5 840 |
| Tax | -351 | -3 282 | -108 | -3 450 |
| Net profit for the period | 8 322 | 4 617 | 10 092 | 9 472 |
| Of which the following relates to: | ||||
| Parent company shareholders | 8 322 | 4 617 | 10 092 | 9 472 |
| Other comprehensive income | ||||
| Translation differences | -6 369 | 21 379 | 10 515 | 27 533 |
| Other comprehensive income for the period, net after tax | -6 369 | 21 379 | 10 515 | 27 533 |
| Total comprehensive income for the period | 1 953 | 25 995 | 20 607 | 37 005 |
| Of which the following relates to: | ||||
| Parent company shareholders | 1 953 | 25 995 | 20 607 | 37 005 |
| EBITDA margin, % | 18,9% | 21,2% | 18,0% | 19,8% |
| EBIT margin, % | 6,0% | 9,5% | 4,8% | 7,5% |
| Profit margin, % | 6,3% | 3,4% | 3,9% | 3,6% |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) |
||||
| - before dilution | 0,15 | 0,09 | 0,19 | 0,17 |
| - after dilution | 0,15 | 0,09 | 0,19 | 0,17 |
| Average no. of shares before dilution, in 000 | 54 218 | 54 218 | 54 218 | 54 218 |
| Average no. of shares after dilution, in 000 | 54 218 | 54 218 | 54 218 | 54 218 |
Consolidated balance sheet
| 30 Jun | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2023 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Capitalized expenditure | 170 852 | 165 617 | 166 722 |
| Goodwill | 453 446 | 462 311 | 441 319 |
| Other intangibel assets | 7 056 | 10 992 | 8 435 |
| Intangible assets | 631 354 | 638 919 | 616 476 |
| Tangible assets | |||
| Other equipment & furnitures | 23 603 | 16 159 | 22 209 |
| Tangibel assets | 23 603 | 16 159 | 22 209 |
| Financial assets | |||
| Other financial assets | 1 829 | 1 787 | 1 714 |
| Other non-current receivables | 835 | 1 954 | 1 428 |
| Financial assets | 2 664 | 3 742 | 3 142 |
| Non-current receivables | |||
| Deferred tax assets | 3 375 | 4 080 | 3 200 |
| Non-current receivables | 3 375 | 4 080 | 3 200 |
| Non-current assets | 660 996 | 662 900 | 645 027 |
| Current assets (excl. cash equivalents) | |||
| Current receivables | |||
| Trade receivables | 71 942 | 88 761 | 103 394 |
| Current tax assets | 7 996 | 21 267 | 10 071 |
| Other receivables | 4 | 43 | 42 |
| Prepaid costs and accrued income | 41 164 | 37 179 | 37 692 |
| 121 107 | 147 251 | 151 199 | |
| Cash equivalents | 42 293 | -0 | 39 740 |
| TOTAL ASSETS | 824 395 | 810 150 | 835 966 |
Consolidated balance sheet - continued
| 30 Jun | |||
|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2023 |
| EQUITY | |||
| Share capital | 5 426 | 5 422 | 5 422 |
| Other paid-in capital | 230 325 | 229 178 | 229 178 |
| Revaluation reserves | 60 505 | 77 011 | 49 989 |
| Retained earnings including profit for the year | 191 391 | 167 413 | 194 854 |
| Equity | 487 647 | 479 023 | 479 443 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Liabilities to credit institutions | 7 500 | 17 500 | 12 500 |
| Deferred tax liabilities | 41 308 | 37 628 | 40 502 |
| Non-current leasing liabilities | 8 357 | 3 533 | 8 053 |
| Non-current liabilities | 57 165 | 58 660 | 61 055 |
| Current liabilities | |||
| Liabilities to credit institutions | 10 000 | 15 035 | 10 000 |
| Current leasing liabilities | 7 183 | 4 683 | 7 282 |
| Trade liabilities | 29 954 | 25 335 | 36 672 |
| Current tax liabilities | 1 | 2 001 | - |
| Other liabilities | 8 815 | 11 905 | 11 763 |
| Accrued expenses and deferred income | 223 630 | 213 508 | 229 752 |
| Current liabilities | 279 583 | 272 466 | 295 468 |
| Liabilities | 336 748 | 331 127 | 356 523 |
| TOTAL EQUITY AND LIABILITIES | 824 395 | 810 150 | 835 966 |
| Net interest-bearing debt (-) / cash (+) | 9 252 | -40 751 | 1 906 |
Changes in consolidated equity
| Equity attributable to the parent company's shareholders | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Share capital |
Other contributed capital |
Other reserves |
Profit/loss brought forward |
Total 442 019 |
||||
| Balance at January 1, 2023 | 5 422 | 229 178 | 49 478 | 157 941 | |||||
| Comprehensive income | |||||||||
| Net profit for the period | - | - | - | 9 472 | 9 472 | ||||
| Other comprehensive income items | - | - | 27 533 | - | 27 533 | ||||
| Total comprehensive income | - | - | 27 533 | 9 472 | 37 005 | ||||
| Balance at June 30, 2023 | 5 422 | 229 178 | 77 011 | 167 413 | 479 023 | ||||
| Balance at January 1, 2024 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 | ||||
| Comprehensive income | |||||||||
| Net profit for the period | - | - | - | 10 092 | 10 092 | ||||
| Other comprehensive income items | - | - | 10 515 | - | 10 515 | ||||
| Total comprehensive income | - | - | 10 515 | 10 092 | 20 607 | ||||
| Transaction with owners | |||||||||
| Dividend | - | - | - | -13 554 | -13 554 | ||||
| Share issue | 4 | 1 147 | - | - | 1 151 | ||||
| Total transaction with owners | 4 | 1 147 | - | -13 554 | -12 403 | ||||
| Balance at June 30, 2023 | 5 426 | 230 325 | 60 505 | 191 391 | 487 647 |
Cash flow statement summary
| Apr-Jun | Jan-Jun | ||||
|---|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 | |
| Cash flow from operating activities | |||||
| Operating profit/loss (EBIT) | 7 921 | 12 941 | 12 375 | 20 006 | |
| Items not affecting cash flow | |||||
| - Depreciation | 17 189 | 16 142 | 34 054 | 32 425 | |
| - Capital gain/loss from fixed assets | 143 | -55 | 153 | -107 | |
| - Write-down of accounts receivable | -17 | - | -17 | - | |
| - Unrealized exchange impact operating activities | 58 | 48 | 130 | 30 | |
| - Other non-cash items | -154 | - | -154 | - | |
| - Change in equity not affecting cash | 1 147 | - | 1 147 | - | |
| Other items affecting liquidity | |||||
| Interest revenue | 199 | 44 | 625 | 92 | |
| Interest expense | -607 | -695 | -1 315 | -1 339 | |
| Realized currency effects | 831 | -4 991 | -2 045 | -6 442 | |
| Income tax paid (-) / reimbursed (+) | -928 | -1 148 | 1 739 | -5 555 | |
| Cash flow from operating activities | 25 782 | 22 285 | 46 691 | 39 111 | |
| before working capital changes (* | |||||
| Increase (-) / decrease (+) work in progress | -120 | -83 | -1 249 | 403 | |
| Increase (-) / decrease (+) trade receivables | 8 852 | -18 073 | 34 695 | -1 026 | |
| Increase (-) / decrease (+) other current receivables | 2 487 | 3 163 | -1 025 | 1 968 | |
| Increase (-) / decrease (+) trade payables | 211 | 3 270 | -7 665 | -10 241 | |
| Increase (-) / decrease (+) current liabillities | -10 975 | -7 109 | -15 270 | -9 697 | |
| Cash flow from changes in working capital (* | 456 | -18 830 | 9 486 | -18 593 | |
| Cash flow from operating activities (* | 26 238 | 3 455 | 56 178 | 20 518 | |
| Cash flow from investing activities | |||||
| Investment in intangible assets | -14 994 | -13 896 | -29 171 | -26 986 | |
| Investment in tangible assets | -2 196 | -958 | -2 832 | -1 259 | |
| Investment in financial assets | 312 | 263 | 533 | 475 | |
| Investment in subsidiaries | -2 821 | - | -2 821 | - | |
| Cash flow from investing activities | -19 699 | -14 591 | -34 291 | -27 770 | |
| Cash flow from financing activities | |||||
| New share issue | 4 | - | 4 | - | |
| Repayment of loans | -2 500 | -2 500 | -5 000 | -5 000 | |
| Change in bank overdraft facility | - | 5 035 | - | 5 035 | |
| Repayment of leasing liabillities | -1 689 | -2 092 | -3 453 | -4 134 | |
| Dividend paid | -13 554 | - | -13 554 | - | |
| Cash flow from financing activities (* | -17 740 | 443 | -22 003 | -4 099 | |
| Chas flow for the period | -11 200 | -10 694 | -116 | -11 351 | |
| Currency translation differences for cash | -1 076 | 4 985 | 2 669 | 6 570 | |
| Cash and cash equivalent at the beginning of the period | 54 569 | 5 709 | 39 740 | 4 781 | |
| Cash and cash equivalent at the end of the period | 42 293 | -0 | 42 293 | 0 |
(* 2023 is adjusted to disclose IFRS16 transactions
Financial Tables
8 quarters in summary
| (SEK 000) | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|
| SaaS | 24 481 | 26 254 | 28 113 | 32 135 | 33 679 | 36 062 | 38 373 | 41 716 |
| Support and maintenance | 56 424 | 58 212 | 60 115 | 62 339 | 65 454 | 64 888 | 63 489 | 65 057 |
| Recurring revenue | 80 905 | 84 467 | 88 228 | 94 474 | 99 133 | 100 951 | 101 861 | 106 773 |
| License | 3 426 | 7 012 | 2 836 | 7 924 | 1 929 | 6 070 | 1 318 | 3 628 |
| Software revenues | 84 330 | 91 479 | 91 064 | 102 398 | 101 062 | 107 021 | 103 180 | 110 401 |
| Deliveries | 33 064 | 36 298 | 36 571 | 35 086 | 22 754 | 29 200 | 22 120 | 22 345 |
| Net sales | 117 395 | 127 777 | 127 635 | 137 484 | 123 816 | 136 221 | 125 299 | 132 746 |
| Sales expenses | -16 869 | -18 606 | -15 926 | -16 340 | -14 241 | -15 413 | -13 549 | -15 709 |
| Other costs | -28 089 | -31 211 | -27 661 | -30 480 | -28 500 | -32 569 | -29 779 | -32 975 |
| Personnel costs | -64 971 | -73 690 | -73 352 | -75 321 | -65 304 | -72 319 | -74 203 | -72 469 |
| Capitalized development costs | 13 153 | 15 803 | 12 651 | 13 740 | 13 434 | 17 052 | 13 551 | 13 517 |
| Total operating expenses | -96 776 | -107 703 | -104 288 | -108 401 | -94 610 | -103 249 | -103 981 | -107 636 |
| EBITDA | 20 619 | 20 074 | 23 348 | 29 083 | 29 206 | 32 973 | 21 319 | 25 110 |
| % | 17,6% | 15,7% | 18,3% | 21,2% | 23,6% | 24,2% | 17,0% | 18,9% |
| Items affecting comparability | - | - | - | - | -1 465 | - | - | - |
| Depreciation/amortization | -14 619 | -14 267 | -16 283 | -16 142 | -16 153 | -15 722 | -16 865 | -17 189 |
| EBIT | 6 000 | 5 807 | 7 065 | 12 941 | 11 588 | 17 251 | 4 454 | 7 921 |
| % | 5,1% | 4,5% | 5,5% | 9,4% | 9,4% | 12,7% | 3,6% | 6,0% |
Financial Tables
Sales analysis by quarter
Segment summary
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.
| Apr-Jun 2024 | Jan-Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Private | Other | Group | Public | Private | Other | Group |
| SaaS | 10 805 | 30 911 | - | 41 716 | 20 962 | 59 126 | - | 80 088 |
| Support & Maintenance | 45 270 | 19 128 | 659 | 65 057 | 90 144 | 37 054 | 1 348 | 128 546 |
| Recurring revenue | 56 075 | 50 038 | 659 | 106 773 | 111 106 | 96 181 | 1 348 | 208 634 |
| License | 2 404 | 1 225 | - | 3 628 | 2 879 | 2 068 | - | 4 946 |
| Sofware revenue | 58 479 | 51 263 | 659 | 110 401 | 113 984 | 98 248 | 1 348 | 213 580 |
| Delivery | 17 920 | 4 425 | - | 22 345 | 35 070 | 9 395 | -0 | 44 465 |
| Net sales | 76 399 | 55 688 | 659 | 132 746 | 149 055 | 107 643 | 1 348 | 258 046 |
| Sales expenses | -4 093 | -11 303 | - | -15 396 | -7 834 | -21 111 | - | -28 945 |
| Other costs | -16 548 | -12 366 | -4 061 | -32 975 | -33 682 | -21 409 | -7 663 | -62 755 |
| Personnel costs | -43 528 | -26 386 | -2 555 | -72 469 | -88 960 | -52 064 | -5 649 | -146 673 |
| Capitalized work for own account | 9 920 | 3 596 | - | 13 517 | 20 098 | 6 970 | - | 27 068 |
| EBITDA | 22 151 | 8 916 | -5 957 | 25 110 | 38 678 | 19 715 | -11 964 | 46 429 |
| % | 29,0% | 16,0% | -904,2% | 18,9% | 25,9% | 18,3% | -887,7% | 18,0% |
| Depreciation/amortization | -11 519 | -5 136 | -534 | -17 189 | -22 715 | -10 221 | -1 117 | -34 054 |
| EBIT | 10 631 | 3 781 | -6 491 | 7 921 | 15 962 | 9 494 | -13 082 | 12 375 |
| % | 13,9% | 6,8% | -985,2% | 6,0% | 10,7% | 8,8% | -970,6% | 4,8% |
| apr-jun 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (SEK 000) | Public | Private | Other Koncern | Public | Private | Other Koncern | ||
| SaaS | 7 797 | 24 338 | - | 32 135 | 14 410 | 45 838 | - | 60 248 |
| Support & Maintenance | 42 326 | 19 187 | 826 | 62 339 | 82 790 | 37 972 | 1 691 | 122 454 |
| Recurring revenue | 50 123 | 43 525 | 826 | 94 474 | 97 200 | 83 811 | 1 691 | 182 702 |
| License | 3 497 | 4 427 | - | 7 924 | 4 970 | 5 790 | - | 10 760 |
| Sofware revenue | 53 620 | 47 952 | 826 | 102 398 | 102 170 | 89 601 | 1 691 | 193 462 |
| Delivery | 30 827 | 4 259 | -0 | 35 086 | 61 519 | 10 139 | -0 | 71 658 |
| Net sales | 84 447 | 52 212 | 826 | 137 484 | 163 689 | 99 740 | 1 691 | 265 119 |
| Sales expenses | -5 008 | -11 490 | 159 | -16 340 | -10 463 | -21 803 | - | -32 266 |
| Other costs | -14 834 | -11 568 | -4 078 | -30 480 | -29 127 | -22 033 | -6 981 | -58 141 |
| Personnel costs | -45 896 | -26 221 | -3 205 | -75 321 | -90 654 | -51 692 | -6 327 | -148 673 |
| Capitalized work for own account | 9 696 | 4 044 | - | 13 740 | 18 272 | 8 120 | - | 26 391 |
| EBITDA | 28 405 | 6 976 | -6 298 | 29 083 | 51 716 | 12 332 | -11 617 | 52 431 |
| % | 33,6% | 13,4% | -762,7% | 21,2% | 31,6% | 12,4% | -686,9% | 19,8% |
| Depreciation/amortization | -10 953 | -4 466 | -722 | -16 142 | -21 688 | -9 311 | -1 426 | -32 425 |
| EBIT | 17 451 | 2 510 | -7 020 | 12 941 | 30 028 | 3 021 | -13 043 | 20 006 |
| % | 20,7% | 4,8% | -850,1% | 9,4% | 18,3% | 3,0% | -771,2% | 7,5% |
Financial Tables
ARR and ACV
| Apr-Jun 2024 | Jan-Jun 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Mkr) | Public | Private | Other | Group | Public | Private | Other | Group | |
| ARR In - SaaS | 51,9 | 120,7 | - | 172,6 | 50,3 | 109,4 | - | 159,6 | |
| ARR In - Support & Maint. | 177,0 | 74,2 | 2,2 | 253,4 | 171,9 | 71,4 | 2,3 | 245,6 | |
| ARR In - FX | -2,5 | -3,9 | - | -6,3 | 2,4 | 5,6 | - | 8,0 | |
| ARR - Acq. SaaS | - | 1,2 | - | 1,2 | - | 1,2 | - | 1,2 | |
| ARR - Acq. Support & Maint. | - | 0,7 | - | 0,7 | - | 0,7 | - | 0,7 | |
| ARR In - Acquired | - | 2,0 | - | 2,0 | - | 2,0 | - | 2,0 | |
| ARR In* | 226,5 | 193,0 | 2,2 | 421,6 | 224,6 | 188,4 | 2,3 | 415,2 | |
| ACV - SaaS | 1,3 | 8,8 | - | 10,1 | 1,8 | 14,4 | - | 16,1 | |
| ACV - Support & Maintenance | 2,3 | -0,1 | -0,1 | 2,1 | 3,7 | -1,0 | -0,2 | 2,4 | |
| ACV - Net | 3,6 | 8,7 | -0,1 | 12,2 | 5,5 | 13,3 | -0,2 | 18,6 | |
| ARR Out - SaaS | 52,8 | 128,3 | - | 181,1 | 52,8 | 128,3 | - | 181,1 | |
| ARR Out - Support & Maint. | 177,3 | 73,4 | 2,1 | 252,7 | 177,3 | 73,4 | 2,1 | 252,8 | |
| ARR Out | 230,0 | 201,7 | 2,1 | 433,8 | 230,0 | 201,7 | 2,1 | 433,8 |
| apr-jun 2023 | jan-jun 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| 0 | ||||||||
| (Mkr) | Public | Private | Other | Koncern | Public | Private | Other | Koncern |
| ARR In - SaaS | 38,4 | 95,1 | - | 133,5 | 36,1 | 88,9 | - | 125,0 |
| ARR In - Support & Maint. | 171,9 | 74,4 | 2,8 | 249,2 | 166,0 | 75,2 | 3,0 | 244,3 |
| ARR In - FX | 4,3 | 7,8 | - | 12,1 | 5,4 | 9,4 | - | 14,8 |
| ARR In | 214,6 | 177,4 | 2,8 | 394,8 | 207,6 | 173,5 | 3,0 | 384,1 |
| ACV - SaaS | 5,0 | 3,9 | - | 8,9 | 7,1 | 9,2 | - | 16,2 |
| ACV - Support & Maintenance | 1,9 | 0,3 | -0,2 | 2,0 | 6,8 | -1,1 | -0,4 | 5,3 |
| ACV - Net | 6,9 | 4,1 | -0,2 | 10,8 | 13,9 | 8,1 | -0,4 | 21,5 |
| ARR Out - SaaS | 44,0 | 103,4 | - | 147,4 | 44,0 | 103,4 | - | 147,4 |
| ARR Out - Support & Maint. | 177,5 | 78,1 | 2,6 | 258,2 | 177,5 | 78,1 | 2,6 | 258,2 |
| ARR Out | 221,5 | 181,5 | 2,6 | 405,6 | 221,5 | 181,5 | 2,6 | 405,6 |
Acquisition of Dictymatec SARL
In order to strengthen Formpipe's competence in France and south of Europe, business area Private acquired Dictymatec SARL on May 1st. The acquisition pertained to 100% of the shares in Dictymatec SARL and has affected the Group's balance sheet and cash and cash equivalents as described below at the time of acquisition. Since the acquisition date, Dictymatec SARL has contributed SEK 1.3 million in sales and SEK 0.4 million in operating profit before depreciation and non-recurring acquisition-related costs (EBITDA). If the acquisition had taken place on January 1st 2024, Dictymatec had contributed with SEK 4.0 million in sales and 0.4 million in EBITDA.
Goodwill has been recognised at the time of the acquisition and consists of synergy effects and personnel. Adjustments to the carrying amount are represented by acquired surplus values regarding customer relations, technology and brand. In making this adjustment, the effect of deferred tax has also been taken into account. No portion of reported goodwill is anticipated to be income tax deductible.
The acquisition balance sheet is subject to final adjustments no later than one year after the transaction date.
| (SEK '000) | Fair value |
|---|---|
| Tangible assets | 107 |
| Intangible assets | 469 |
| Finansiella tillgångar | 12 |
| Trade and other receivables | 2 932 |
| Cash and cash equivalents | 1 721 |
| Trade payables and other liabilities | -3 859 |
| Deferred tax | -117 |
| Acquired net assets | 1 265 |
| Goodwill | 3 278 |
| Total purchase price | 4 543 |
| - Existing cash in the acquired business | -1 721 |
| Changes to group cash at acquisition | 2 821 |
Financial Tables
Number of shares
| 2020-01-01 | 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | |
|---|---|---|---|---|---|
| 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-06-30 | |
| Shares outstanding beginning of the period | 53 173 907 | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 |
| Share issue | 0 | 0 | 0 | 0 | 40 296 |
| Share issue from warrant programme | 290 000 | 262 150 | 252 800 | 0 | 0 |
| 0 | 0 | 238 968 | 0 | 0 | |
| Shares outstanding at the end of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
Key ratios for the group
| Jan-Jun | ||
|---|---|---|
| 2024 | 2023 | |
| Employees at end of period | 270 | 275 |
| Net sales, SEK 000 | 258 046 | 265 119 |
| EBITDA, SEK 000 | 46 429 | 52 431 |
| EBIT, SEK 000 | 12 375 | 20 006 |
| Net profit for the period, SEK 000 | 10 092 | 9 472 |
| EBITDA margin, % | 18,0% | 19,8% |
| EBIT margin, % | 4,8% | 7,5% |
| Profit margin, % | 3,9% | 3,6% |
| Return on equity, %* | 7,8% | 4,0% |
| Return on working capital, %* | 8,4% | 6,4% |
| Equity ratio, % | 59% | 59% |
| Equity per outstanding share at the end of the period, SEK | 8,99 | 8,84 |
| Earnings per share - before dilution, SEK | 0,19 | 0,17 |
| Earnings per share - after dilution, SEK | 0,19 | 0,17 |
| Share price at the end of the period, SEK | 25,00 | 26,20 |
| * Ratios including P&L measures are based on the most recent 12-month period |
Parent company income statement summary
| Apr-Jun | Jan-Jun | |||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2024 | 2023 |
| Net sales | 42 273 | 42 573 | 81 376 | 83 083 |
| Operating expenses | ||||
| Sales expenses | -2 055 | -3 536 | -3 422 | -6 693 |
| Other costs | -18 732 | -16 473 | -35 054 | -31 374 |
| Personnel costs | -17 268 | -24 092 | -39 116 | -46 643 |
| Depreciation/amortization | -2 449 | -2 720 | -4 958 | -5 401 |
| Total operating expenses | -40 504 | -46 821 | -82 550 | -90 111 |
| Operating profit/loss | 1 769 | -4 248 | -1 173 | -7 028 |
| Result from participations in group companies | 18 212 | - | 18 212 | 70 |
| Other financial items | 1 171 | -5 694 | -4 492 | -6 755 |
| Tax | -302 | -315 | -605 | -627 |
| Net profit for the period | 20 849 | -10 257 | 11 942 | -14 339 |
| Parent company balance sheet summary | ||||
| 30 Jun | 31 dec |
Parent company balance sheet summary
| 30 Jun | ||||
|---|---|---|---|---|
| (SEK 000) | 2024 | 2023 | 2023 | |
| Intangible assets | 27 579 | 39 808 | 32 111 | |
| Tangible assets | 2 154 | 1 703 | 1 283 | |
| Financial assets | 346 078 | 347 197 | 346 671 | |
| Deferred tax asset | 2 215 | 2 880 | 2 215 | |
| Current assets (excl. cash equivalents) | 50 768 | 98 684 | 63 857 | |
| Cash and bank balances | 36 712 | - | 36 325 | |
| TOTAL ASSETS | 465 506 | 490 272 | 482 463 | |
| Restricted equity | 23 116 | 23 112 | 23 112 | |
| Non-restricted equity | 227 708 | 185 870 | 227 604 | |
| Total equity | 250 824 | 208 982 | 250 716 | |
| Long-term liabilities | 8 244 | 17 535 | 13 209 | |
| Current liabilities | 206 438 | 263 755 | 218 538 | |
| TOTAL EQUITY AND LIABILITIES | 465 506 | 490 272 | 482 463 |
Pledged assets and contingent liabilities
Pledged assets referred to shares in subsidiaries as security for loans. The pledged assets in the Group were the same as disclosed for the Parent Company.
| 30 Jun | ||
|---|---|---|
| (SEK 000) | 2024 | 2023 |
| 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, revenue from SAAS 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)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.
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 [email protected]
Contact person for investor relations CFO Joakim Alfredson [email protected]