Annual Report • Feb 12, 2019
Annual Report
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Year-end report, January - December 2018
During Q4, the first quarter as a listed company, Lime has continued to show growth and an increased order intake.
On December 6, 2018, Lime Technologies' shares were listed on Nasdaq Stockholm. While we were meeting potential investors, stock exchanges around the world were shivering. Many other IPOs were withdrawn or postponed, and companies who have followed through with their listings have often faced a rough start with negative share price developments.
We are proud of our successful listing during a time of turbulent markets, as well as the positive share price development and the many new knowledgeable shareholders we now have. The shareholders are a healthy mix of individuals and institutions with backgrounds and knowledge in IT and software development, many of which reside outside Sweden. To everyone who received an allotment during the listing, or who have invested in our shares thereafter, we'd like to extend our warmest welcome to you as shareholders!
Net sales in the fourth quarter amounted to MSEK 68.9, corresponding to a growth of 20%, of which 19% is organic, compared to the same period last year. Recurring revenue, which is an important growth driver for us, increased by 21% during the fourth quarter compared to the same quarter last year. Adjusted EBITA amounted to MSEK 15.5, corresponding to a margin of 23 %, which is one percentage point stronger than the same quarter last year.
We have signed several new orders within our focus verticals during the fourth quarter: utility, real estate, wholesales and consulting. It is particularly gratifying that we have signed several orders within the real estate vertical, in Norway, including BBL, Vestbo, and Boligbyggelaget. These deals will have a positive impact on our Norwegian operations. Our utility vertical has also had a good quarter, including successfully winning deals with Lunet and Jönköping Energi through public tenders. It is pleasing to see that our efforts within the focus verticals are delivering results.
During the fourth quarter we have also focused on recruitments to our trainee program, which commenced on January 14, 2019. We successfully recruited 65 new stars in 2018, 20 of whom joined us in January 2019. As the recruitment climate gradually improved during the autumn, we recruited more co-workers, and earlier, than normal, which will have a negative cost impact, but will be positive for both growth and profitability in the long term.
We have made a commitment to become climate neutral, which is a given for us, as our overall objective is to be a company that creates value for society and is a source of pride to our stakeholders, such as employees, customers, and owners. We are currently assessing how this will be done in practical terms and will present an action and implementation plan during the first six months of 2019.
Having completed both an IPO and the fourth quarter, we are now fully focused on creating continuous long-term profitable growth.
/Erik Syrén, CEO of Lime Technologies
| 2018 Q4 | 2018 Q3 | 2018 Q2 | 2018 Q1 | 2017 Q4 | 2017 Q3 | 2017 Q2 | 2017 Q1 | 2016 Q4 | |
|---|---|---|---|---|---|---|---|---|---|
| Net sales (MSEK) | 68.9 | 55.4 | 61.5 | 58.5 | 57.5 | 45.1 | 51.8 | 49.5 | 46.6 |
| Recurring revenue (MSEK) | 37.1 | 35.2 | 34.0 | 32.1 | 30.8 | 27.9 | 27.0 | 24.6 | 20.5 |
| EBITDA (MSEK) | 10.0 | 15.7 | 12.0 | 13.0 | 13.0 | 13.0 | 10.8 | 10.7 | 13.4 |
| EBITDA (%) | 15% | 28% | 19% | 22% | 23% | 29% | 21% | 22% | 29% |
| EBITA (MSEK) | 8.6 | 14.2 | 10.4 | 11.5 | 12.1 | 11.8 | 9.7 | 9.6 | 12.7 |
| EBITA (%) | 12% | 26% | 17% | 20% | 21% | 26% | 19% | 20% | 27% |
| Adjusted EBITA | 15.5 | 15.6 | 11.6 | 11.6 | 12.7 | 11.8 | 11.1 | 9.6 | 12.7 |
| Adjusted EBITA (%) | 23% | 28% | 19% | 20% | 22% | 26% | 22% | 20% | 27% |
| Operating income, EBIT (MSEK) | 5.5 | 10.8 | 7.0 | 8.5 | 8.6 | 9.4 | 7.3 | 7.6 | 11.5 |
| Operating income, EBIT (%) | 8% | 20% | 11% | 15% | 15% | 21% | 14% | 15% | 25% |
| Earnings per share, basic (SEK)*) | 0.34 | 0.65 | 0.43 | 0.54 | 0.43 | 0.59 | 0.43 | 0.44 | 0.70 |
| Earnings per share, diluted (SEK)*) | 0.32 | 0.61 | 0.40 | 0.50 | 0.41 | 0.56 | 0.41 | 0.41 | 0.66 |
| Cash flow from current operations (MSEK) *) recalculated to the number of shares |
15.9 | 7.8 | 14.9 | 0.1 | 19.5 | 1.6 | 13.7 | 4.9 | 17.0 |
following the 1:250 share split in October 2018.
Net sales in the fourth quarter 2018 amounted to MSEK 69 (58), an increase of 20%. Business acquisitions during the last 12 months have contributed MSEK 0 to the Group's net sales for the quarter.
2018 net sales amounted to MSEK 244 (204), an increase of 20%. Business acquisitions during the last 12 months have contributed MSEK 1 to the Group's net sales for 2018.
58% (58) of net sales in the fourth quarter 2018 relate to software revenue. 60% (60) of net sales relate to software revenue for 2018.
Software revenue increased by 19% (32) during the fourth quarter 2018 compared to the fourth quarter 2017. Software revenue increased by 20% (36) during 2018 compared to 2017.
Net sales in Sweden in the fourth quarter 2018 amounted to MSEK 58 (49) and MSEK 10 (8) in the rest of the Nordic countries. Net sales growth for the quarter was 19% in Sweden and 24% in the rest of the Nordic countries.
2017
Sweden Other Nordic countries
2018
2018
2018
2018
2018 net sales in Sweden amounted to MSEK 208 (176) and MSEK 37 (28) in the rest of the Nordic countries.
The 12-month recalculated recurring revenue, annual recurring revenue (ARR), at the end of the fourth quarter 2018 was MSEK 152 (126). The 12-month recalculated recurring revenue increased by 21% compared to the corresponding period last year.
Recurring revenue amounted to MSEK 37 (31) during the fourth quarter 2018, an increase of 21% compared to the same period last year.
Recurring revenue amounted to MSEK 139 (110) during 2018, an increase of 26% compared to 2017.
The operating income has been impacted by costs of MSEK 6.9 (0) relating to the listing of Lime's shares on Nasdaq Stockholm, Small Cap, during the fourth quarter 2018. The operating income has been impacted by listing costs of MSEK 9.4 (0) in total during 2018.
Operating income before depreciations – EBITDA – amounted to MSEK 10 (13) during the fourth quarter 2018 corresponding to an EBITDA margin of 15% (23). Adjusted EBITDA was MSEK 17 (14), corresponding to an adjusted EBITDA margin of 25% (24).
2016
2017
2017
2017
Revenue cont.
During 2018, operating income before depreciations, – EBITDA – amounted to MSEK 51 (47), corresponding to an EBITDA margin of 21% (23).
Adjusted EBITDA was MSEK 60 (49) for 2018, corresponding to an adjusted EBITDA margin of 25% (24).
During the fourth quarter 2018, operating income, excluding amortisation on acquired immaterial assets – EBITA – amounted to MSEK 9 (12), corresponding to an EBITA margin of 12% (21). Adjusted EBITA for the fourth quarter 2018 amounted to MSEK 16 (13) corresponding to an EBITA margin of 23% (22).
During 2018 operating income, excluding amortisation on acquired immaterial assets – EBITA – amounted to MSEK 45 (43). Adjusted EBITA for 2018 amounted to MSEK 54 (45), corresponding to an EBITA margin of 22% (22).
During the fourth quarter 2018, operating income – EBIT – amounted to MSEK 5 (9), corresponding to an EBIT margin of 8% (15). Adjusted EBIT for the fourth quarter 2018 amounted to MSEK 12 (9) corresponding to an adjusted EBIT margin of 18% (16).
During 2018, operating income, – EBIT – amounted to MSEK 32 (33), corresponding to an EBIT margin of 13% (16). Adjusted EBIT for 2018 amounted to MSEK 41 (35) corresponding to an adjusted EBIT margin of 17% (17).
Depreciations increased compared to the same periods last year as a result of increased investments in capitalised development work done by Lime employees and depreciation of intangible non-current assets relating to business acquisitions.
Last 12-months (LTM) recurring revenue amounted to 65% (64) of last 12-months total operating expenses during the fourth quarter.
During the fourth quarter 2018 the cash flow from current operations amounted to MSEK 15.9 (19.5).
During 2018 the cash flow from current operations amounted to 38.7 (39.7).
During the fourth quarter 2018 investments in tangible noncurrent assets amounted to MSEK 1.0 (1.3), including leased vehicles, and investments in intangible non-current assets amounted to MSEK 4.9 (4.3). Investments in other intangible assets consist of capitalisation of development costs relating to new technology platforms. During the fourth quarter 2018, depreciation of capitalised development costs amounted to MSEK 1.3 (0.8). Lime continues to invest in software development.
During 2018 investments in tangible non-current assets amounted to MSEK 1.2 (1.9) including leased vehicles and investments in intangible non-current assets amounted to MSEK 17.6 (14.1). Investments in intangible assets consist of
capitalisation of development costs relating to new technology platforms. Acquisition of subsidiaries amounted to MSEK 2.4 (prev. year Remotex and Netoptions 29.7). During 2018 depreciation of capitalised development costs amounted to MSEK 5.0 (3.3).
The Group's equity amounted to MSEK 37 (88).
The Annual General Meeting on March 19, 2018 approved a dividend of SEK 1 500 per share (prior to split) corresponding to MSEK 75. The AGM also approved a bonus issue of MSEK 0.5.
The Group's interest-bearing liabilities amounted to MSEK 107.1 (54.0) at the end of the period. A total of MSEK 6.1 (5.2) of the Group's interest-bearing liabilities have been repaid during the period. Cash and cash equivalent amounted to MSEK 21.2 (24.2) during the period. The Group's net debt amounted to MSEK 85.4 (29.7).
The company currently has two stock option plans. When Lime Technologies Sweden AB was acquired, in 2014, staff were invited to participate in stock option plans. Approximately 8% of employees participate in the plans. The stock option plans expire in March 2019. Further details about the stock option plans can be found in the 2017 annual report.
Lime Technologies AB (publ.) is listed on Nasdaq Stockholm, Small Cap, the Technology sector.
Total number of shares issued was 12,500,00 at the end of the period. The company does not own any of its own shares. Historical key ratios have been restated to reflect the share split (1:250) implemented in October 2018.
On March 23, 2018, the Group signed an agreement to acquire 100% of the share capital in Hysminai AB. Hysminai was founded in 2013 and has its head office in Stockholm, Sweden. Hysminai AB offers a cloud-based tool that introduces gamification into the customer's work processes with the aim of improving the customer's performance and results.
The acquisition was completed on April 3, 2018 , after which the Group controls 100% of the share capital in Hysminai AB. The acquisition price was MSEK 2.9. The acquisition was financed with cash.
The acquired company is included in the Lime Group's income statement and balance sheet from the acquisition date and when the control was assumed.
The acquisition analysis is based on assessments of identifiable intangible assets. The assessment of the acquired deferred tax liability has been reviewed during the fourth quarter. Following the review, the acquisition price and acquired net assets amount to:
| Acquisition price | MSEK |
|---|---|
| Cash and cash equivalent | 2.9 |
| Total acquisition price | 2.9 |
| Assets and liabilities included in the reporting as a result of the acquisition |
|
| Intangible non-current assets | |
| Software | 6.0 |
| Deferred tax liability | 0.0 |
| Tangible non-current assets | 0.1 |
| Trade receivables and other | |
| receivables | 0.4 |
| Cash and cash equivalent | 0.5 |
| Trade payables and other liabilities | -4.1 |
| Total identifiable net assets | 2.9 |
| Acquired net assets | 2.9 |
Lime's goal is to achieve annual organic net sales growth exceeding 15 percent, in the medium long term. Lime further aims to achieve an annual EBITA margin in excess of 23 percent in the medium long term. The objective of the capital structure is that net liabilities relative to EBITDA shall be less than 2.5. Lime intends to distribute available cash flow after consideration has been given to the Company's indebtedness and future growth opportunities, including acquisitions. The target is to distribute at least 50 percent of the Company's annual net income.
The Group had 220 (204) employees at the end of the reporting period. The average number of employees was 195 (169) during the period.
The Parent Company's activities are primarily focused on Group management and financing. The company has no other employees apart from the Group CEO, CFO, and Head of IR. During the fourth quarter 2018, operating income in the Parent Company amounted to MSEK -4.2 (-0.3). Operating income amounted to MSEK -5.5 (-0.4) during 2018. Cash and cash equivalent amounted to MSEK 1.0 (0.1) and borrowings to MSEK 104.0 (44.5).
During the General Meeting held on October 16, 2018 a resolution was passed to split each share to 250 shares (split), adopt an instruction for the appointment of a nomination committee, adopt guidelines for remuneration to senior executives, approval of prospectus regarding listing of the company's shares, as well as removal of the pre-emptive clause regarding the company's shares from the Articles of Association.
The Board of Directors will propose a dividend of SEK 1.0 per share diluted, corresponding to MSEK 13, and 55% of the net income for 2018.
In accordance with Lime's financial objectives, distribution of dividend is expected to be at least 50% of the net income.
The Annual General Meeting relating to the 2018 financial year will be held on April 29, at 5.30pm CET, at Grev Turegatan 30, Stockholm, Sweden. Notice of the Annual General Meeting will be published no later than four weeks prior to this date on the company's website and in the Swedish official gazette (Sw. Post och Inrikes Tidningar), as well as through publishing in Dagens Industri.
Based on guidelines adopted at the General Meeting in October 2018, the following persons have been appointed to be members of Lime's Nomination Committee: Jens Ismunden, Grenspecialisten Förvaltning AB, representing 7.5% of the shares, Thomas Bill, Monterro 1 AB, representing 30.0% of the shares, Marianne Flink, Swedbank Robur Fonder AB, representing 9.2% of the shares, and Peter Larsson, adjunct, the Chairman of the Board of Directors.
Lime is one of the leading SaaS CRM players on the Nordic market. The company develops, sells, and implements userfriendly and flexible CRM systems. Lime's business model is based on the offering of subscription agreements (Software as a Service or "SaaS") as well as consultant services (Expert Services) for the implementation and continuous customisation of products in line with customers' demands and requests.
Lime has a comprehensive organisation for development and holistic offerings that facilitate effective and value-add CRM solutions for the customer. The head office is located in Lund. At the end of December 2018, the Group had 220 employees in six offices in Sweden, Norway, Denmark, and Finland.
Lime's mission is to "create customer magnets" that retain existing customers and attract new customers by having excellent customer care.
The company's vision is to "become the leading supplier of CRM systems in the Nordic region, by supplying systems that make the customers' work both easier and more fun".
Lime's main focus is on organic growth. A market report by CapGemini in May 2018, indicates a 12% average annual growth in the Nordic software market for CRM systems in 2017 – 2023.
Lime intends to continue to strengthen its presence in current Nordic markets to meet the demand for CRM systems.
Lime focuses on customised CRM solutions to four selected market verticals: energy, real estate, wholesale, and consulting companies, to which Lime offers local industryspecific expertise. Combined with pre-packaged solutions for each vertical, this gives customers benefits in terms of flexible solutions, as well as time and cost savings.
Lime intends to maintain and increase sales to existing customers by actively offering add-on products and related expert services post-implementation. The company also has a dedicated customer success team that works actively to stay close to the customer in the long run, ensuring that customers stay with Lime, and to sell additional products and services.
Lime believes it is important to continue developing its product portfolio to strengthen its competitiveness and to attract new customers. With its strong market position, broad customer base and close contact with customers, Lime has a strong starting position for cross sales and add-on sales of new services and features aimed at increasing sales growth and broadening the use of services and solutions.
A critical component of Lime's strategy is to be active in assessing strategic acquisitions with the aim of strengthening the product portfolio, growing competencies and resources in
the company, growing from a geographic perspective, and broadening the customer base.
This report may contain forward-looking information based on management's current expectations.
Although management believes the expectations expressed in such forward-looking information are reasonable, there are no assurances that these expectations will be correct.
Consequently, future outcomes may vary considerably compared to the forward-looking information due to, among other things, changed market conditions for Lime's products and more general changes to economic, market and competitive conditions, changes to regulatory requirements or other policy measures and exchange rate fluctuations.
…………………………………………………………………………………………………………………………….
Lund February 12, 2019
Erik Syrén, CEO
Additional information can be obtained from:
CEO Erik Syrén, phone +46-46-270 48 23 or CFO Magnus Hansson, phone +46-46-270 48 85
This information constituted inside information prior to publication. This is information that Lime Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The report has been published in both English and Swedish.
| Q1 - Q4 | ||||
|---|---|---|---|---|
| Q4 2018 | Q4 2017 | 2018 | Q1 - Q4 2017 | |
| Net sales (MSEK) | 68.9 | 57.5 | 244.3 | 203.9 |
| Net sales growth (%) | 20% | 23% | 20% | 27% |
| Organic net sales growth (%) | 19% | 9% | 16% | 15% |
| Recurring revenue (MSEK) | 37.1 | 30.8 | 138.5 | 110.2 |
| Annual recurring revenue (MSEK) | 151.7 | 125.9 | 151.7 | 125.9 |
| EBITA (MSEK) | 8.6 | 12.1 | 44.7 | 43.3 |
| EBITA (%) | 12% | 21% | 18% | 21% |
| EBITDA (MSEK) | 10.0 | 13.0 | 50.7 | 47.4 |
| EBITDA (%) | 15% | 23% | 21% | 23% |
| Operating income, EBIT (MSEK) | 5.5 | 8.6 | 31.8 | 33.0 |
| Operating income, EBIT (%) | 8% | 15% | 13% | 16% |
| One-off items (MSEK) | -6.9 | -0.6 | -9.6 | -2.0 |
| Adjusted EBITA (MSEK) | 15.5 | 12.7 | 54.3 | 45.3 |
| Adjusted EBITA (%) | 23% | 22% | 22% | 22% |
| Adjusted EBITDA (MSEK) | 16.9 | 13.6 | 60.2 | 49.4 |
| Adjusted EBITDA (%) | 25% | 24% | 25% | 24% |
| Adjusted EBIT (MSEK) | 12.4 | 9.2 | 41.4 | 35.0 |
| Adjusted EBIT (%) | 18% | 16% | 17% | 17% |
| Earnings per share (SEK)**) | 0.34 | 0.43 | 1.94 | 1.90 |
| Earnings per share, diluted (SEK)**) | 0.32 | 0.41 | 1.83 | 1.79 |
| Net debt (MSEK) | 85.4 | 29.2 | 85.4 | 29.2 |
| Number of employees (average) | 195 | 169 | 195 | 169 |
| Net sales per employee* (MSEK) | 1.3 | 1.2 | 1.3 | 1.1 |
| Cash flow from current operations per share (SEK)**) | 1.3 | 1.6 | 3.1 | 3.2 |
| Average number of outstanding shares (thousands)**) | 12 500.0 | 12 500.0 | 12 500.0 | 12 500.0 |
* Some key ratios have been recalculated to a last 12-month value
** Numbers of shares have been restated following the 1:250 split in October 2018.
For definition of key rations, see pages 20 - 23
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| Q4 2018 | Q4 2017 | 2018 | 2017 | |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| Other revenue | 94 | 170 | 492 | 600 |
| Gross income | 69 012 | 57 692 | 244 799 | 204 500 |
| Operating expenses | ||||
| Compensation to employees | -42 032 | -34 505 | -148 984 | -123 742 |
| Capitalised development work done by own | ||||
| employees | 4 789 | 3 487 | 17 334 | 13 255 |
| Depreciation | -4 542 | -4 348 | -18 865 | -14 394 |
| Other expenses | -21 762 | -13 688 | -62 457 | -46 596 |
| Total operating expenses | -63 548 | -49 054 | -212 972 | -171 477 |
| Operating income | 5 464 | 8 638 | 31 827 | 33 022 |
| Financial net | -174 | -401 | -1 758 | -1 420 |
| Income after financial net | 5 290 | 8 237 | 30 069 | 31 602 |
| Taxes | -1 102 | -2 854 | -5 763 | -7 859 |
| Net income | 4 188 | 5 383 | 24 306 | 23 743 |
| Earnings per share, basic | 0.34 | 0.43 | 1.94 | 1.90 |
| Earnings per share, diluted | 0.32 | 0.41 | 1.83 | 1.79 |
| Net income attributed to: | ||||
| Shareholders of the Parent Company | 4 188 | 5 383 | 24 306 | 23 743 |
| 4 188 | 5 383 | 24 306 | 23 743 |
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| Q4 2018 | Q4 2017 | 2018 | 2017 | |
| Net income | 4 188 | 5 383 | 24 306 | 23 743 |
| Other comprehensive income | ||||
| Items that may be reclassified to the | ||||
| income statement: | ||||
| Translation adjustments | -237 | -42 | 252 | -166 |
| Other comprehensive income for the | ||||
| period | -237 | -42 | 252 | -166 |
| Other comprehensive income for the | ||||
| period | 3 951 | 5 341 | 24 558 | 23 577 |
| Other comprehensive income for the | ||||
| period, attributed to: | ||||
| Shareholders of the Parent Company | 3 951 | 5 341 | 24 558 | 23 577 |
| 3 951 | 5 341 | 24 558 | 23 577 |
| 2018-12-31 | 2017-12-31 | |
|---|---|---|
| ASSETS | ||
| Goodwill | 59 391 | 59 391 |
| Other non-tangible non-current assets | 128 988 | 123 434 |
| Tangible non-current assets | 3 881 | 3 928 |
| Other financial non-current assets | 538 | 514 |
| Deferred tax asset | 59 | 56 |
| Total non-current assets | 192 857 | 187 323 |
| Trade receivables | 51 573 | 39 965 |
| Other current receivables | 3 804 | 5 929 |
| Cash and cash equivalent | 21 152 | 24 249 |
| Total current assets | 76 529 | 70 143 |
| Total assets | 269 386 | 257 466 |
| EQUITY AND LIABILITIES | ||
| Total equity | 37 675 | 88 117 |
| Liabilities | ||
| Non-current liabilities | ||
| Interest-bearing non-current liabilities | 79 815 | 30 736 |
| Deferred tax liabilities | 23 005 | 22 915 |
| Total non-current liabilities | 102 820 | 53 651 |
| Current liabilities | ||
| Interest-bearing current liabilities | 27 298 | 23 261 |
| Trade payables | 4 552 | 8 893 |
| Other current liabilities | 97 041 | 83 544 |
| Total current liabilities | 128 891 | 115 698 |
| Total equity and liabilities | 269 386 | 257 466 |
| Attributable to the Parent Company's shareholders | |||||
|---|---|---|---|---|---|
| Share capital |
Additional paid-in capital |
Reserves | Retained earnings |
Total equity |
|
| Opening balance January 1, 2017 according to adopted balance sheet |
50 | 53 034 | 180 | 11 277 | 64 541 |
| Net income for the period | 23 743 | 23 743 | |||
| Other comprehensive income for the year | -167 | -167 | |||
| Total other comprehensive income | 0 | 0 | -167 | 23 743 | 23 576 |
| Transactions with owners | |||||
| - | 0 | ||||
| Total transactions with owners | 0 | 0 | 0 | 0 | 0 |
| Closing balance December 31, 2017 | 50 | 53 034 | 13 | 35 020 | 88 117 |
| Opening balance January 1, 2018 according to adopted balance sheet |
50 | 53 034 | 13 | 35 020 | 88 117 |
| Net income for the year | 24 306 | 24 306 | |||
| Other comprehensive income for the year | 252 | 252 | |||
| Total other comprehensive income | 0 | 0 | 252 | 24 306 | 24 558 |
| Transactions with owners | |||||
| Bonus issue | 450 | -450 | 0 | ||
| Dividend | -75 000 | -75 000 | |||
| Total transactions with owners | 450 | 0 | 0 | -75 450 | -75 000 |
| Closing balance December 31, 2018 | 500 | 53 034 | 265 | -16 124 | 37 675 |
| Q4 2018 | Q4 2017 | Q1 - Q4 2018 |
Q1 - Q4 2017 |
|
|---|---|---|---|---|
| Cash flow from current operations | ||||
| Cash flow from operations | 19 152 | 22 105 | 46 691 | 48 256 |
| Interest paid | -683 | -519 | -2 269 | -1 435 |
| Taxes paid | -2 563 | -2 122 | -5 674 | -7 127 |
| Cash flow from current operations | 15 906 | 19 464 | 38 748 | 39 694 |
| Cash flow from investing activities | ||||
| Investment in intangible non-current assets | -4 865 | -4 348 | -17 633 | -14 116 |
| Investment in intangible current assets | -1 021 | -1 321 | -1 244 | -1 880 |
| Sales of intangible current assets | 463 | 1 873 | 463 | 1 873 |
| Acquisition of group companies | 0 | -9 708 | -2 435 | -29 667 |
| Investment in financial non-current assets | 15 | -9 | -24 | -2 |
| Interest received | 478 | 15 | 511 | 15 |
| Cash flow from investing activities | -4 930 | -13 498 | -20 362 | -43 777 |
| Cash flow from financing activities | ||||
| Dividend | 0 | 0 | -75 000 | 0 |
| Proceeds from borrowings | 0 | 0 | 130 000 | 12 500 |
| Amortisation of borrowings | -6 072 | -5 241 | -76 884 | -14 026 |
| Cash flow from financing activities | -6 072 | -5 241 | -21 884 | -1 526 |
| Net cash flow | 4 904 | 725 | -3 498 | -5 609 |
| Net change in cash flow | ||||
| Cash and cash equivalent, beginning of the | ||||
| period | 16 327 | 23 456 | 24 249 | 29 700 |
| Exchange rate changes on cash | -79 | 68 | 401 | 158 |
| Cash and cash equivalent, end of period | 21 152 | 24 249 | 21 152 | 24 249 |
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| Q4 2018 | Q4 2017 | 2018 | 2017 | |
| Net sales | 0 | 0 | 0 | 0 |
| Other income | 1 990 | 0 | 6 196 | 0 |
| Gross income | 1 990 | 0 | 6 196 | 0 |
| Operating expenses | ||||
| Compensation to employees | -1 865 | -298 | -5 016 | -298 |
| Other expenses | -4 371 | -38 | -6 665 | -140 |
| Total operating expenses | -6 236 | -336 | -11 681 | -438 |
| Operating income | -4 246 | -336 | -5 485 | -438 |
| Income from shareholdings in group | ||||
| companies | -1 346 | 3 925 | -261 | 2 820 |
| Financial income | 178 | 0 | 178 | 0 |
| Financial expenses | -544 | -218 | -2 041 | -992 |
| Income after financial items | -5 958 | 3 371 | -7 609 | 1 390 |
| Year-end adjustments | 27 500 | 31 000 | 27 500 | 31 000 |
| Taxes | -4 536 | -6 516 | -4 396 | -6 151 |
| Net income for the period | 17 006 | 27 855 | 15 495 | 26 239 |
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| Q4 2018 | Q4 2017 | 2018 | 2017 | |
| Net income | 17 006 | 27 855 | 15 495 | 26 239 |
| Other comprehensive income | ||||
| Items that may be reclassified to the | ||||
| income statement: | ||||
| Translation adjustments | 0 | 0 | 0 | 0 |
| Other comprehensive income for the | ||||
| period, net of tax | 0 | 0 | 0 | 0 |
| Other comprehensive income for the | ||||
| period | 17 006 | 27 855 | 15 495 | 26 239 |
| Other comprehensive income for the | ||||
| period, attributed to: | ||||
| The shareholders of the Parent | ||||
| Company | 17 006 | 27 855 | 15 495 | 26 239 |
| 17 006 | 27 855 | 15 495 | 26 239 |
| 2018-12-31 | 2017-12-31 | |
|---|---|---|
| ASSETS | ||
| Shares in subsidiaries | 133 360 | 133 360 |
| Total non-current assets | 133 360 | 133 360 |
| Prepaid expenses and accrued revenue | 206 | 91 |
| Other current assets | 2 373 | 8 |
| Cash and cash equivalent | 997 | 127 |
| Total current assets | 3 576 | 226 |
| Total assets | 136 936 | 133 586 |
| EQUITY AND LIABILLITIES | ||
| Restricted equity | ||
| Share capital | 500 | 50 |
| Non-restricted equity | ||
| Retained earnings | 1 555 | 50 766 |
| Net income for the period | 15 495 | 26 240 |
| Total equity | 17 551 | 77 056 |
| Liabilities | ||
| Non-current liabilities | ||
| Interest-bearing non-current liabilities | 78 000 | 28 000 |
| Interest-bearing debt group companies | 0 | 2 511 |
| Total non-current liabilities | 78 000 | 30 511 |
| Current liabilities | ||
| Borrowings | 26 000 | 14 000 |
| Trade payables | 645 | 0 |
| Current tax liabilities | 10 488 | 11 134 |
| Other current liabilities | 987 | 157 |
| Accrued expenses and deferred income | 3 265 | 728 |
| Total current liabilities | 41 385 | 26 019 |
| Total equity and liabilities | 136 936 | 133 586 |
Lime prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. New accounting principles that came into effect on January 1, 2018 have not had any significant impact on the Group's reporting as of December 31, 2018. In addition to what is stated below, the Group applies the same accounting principles as in the 2017 annual report.
The Group applies IFRS 9 Financial Instruments from January 1, 2018. IFRS 9 deals with the classification, measuring and recognition of financial assets and liabilities and introduces new regulations for hedge accounting. IFRS 9 replaces the sections of IAS 39 that deal with the classification and measuring of financial instruments and introduces a new loss impairment model. The full version of IFRS 9 was issued in July 2014 and is applicable for financial years commencing on or after January 1, 2018. The standard has been adopted by the EU.
The application of IFRS 9 has not had any significant impact on the classification and measuring of the Group's financial assets and liabilities in 2018.
IFRS 15 is the new standard for revenue recognition. IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts and all related interpretations (IFRIC and SIC). Revenue shall, according to IFRS 15, be recognised when the customer assumes control over the sold goods or services, a principle that supersedes the former principle that revenue is recognised when the risks and rewards have passed to the buyer. The basic principle of IFRS 15 is that the Group recognises revenue in the manner that best reflects the transfer of control of the product or service sold to the customer. Revenue recognition is reported in the Group based on a five-step model applied to all customer contracts:
Determine the transaction price
Allocate the transaction price to the performance obligations
Recognise revenue as the performance obligations are fulfilled
Based on the above five-step model, the Group's customer contracts may include various performance obligations identified as License Revenue, Subscription Revenue (Software as a Service), Support Agreements and Service Revenue. Revenue is recognised once control over the sold service or product is deemed to have been transferred to the customer for each type of revenue/performance obligation.
Revenue is the fair value of what has been or will be received for goods and services sold in the Group's current operations. Revenues are recognised excluding VAT, returns and discounts and after elimination of sales between Group companies.
Below are the accounting principles applied by the Group for these performance obligations.
The Group has analysed and evaluated IFRS 15 as a regulatory framework. The implementation of IFRS 15 has not led to any transitional implications for the Lime Group.
The Group sells software as a service, by providing access rights to the customers. This service – which includes license, support and maintenance and, in some cases, operations – is received by the customer continuously during the term of the contract. The corresponding revenue is recognised pro rata as the control is transferred to the customer continuously during the term of the contract.
The Group develops and sells software. The sale of license rights, right to use, is recognised upon delivery according to the contract and when the customer has assumed control over the purchased licenses and when no significant obligations remain outstanding after delivery date.
The Group sells Support Agreements in relation to the software. Such agreements are signed in connection with the sale of licenses. Revenue from Support Agreements is invoiced in advance and recognised pro rata over the contract period as control is transferred to the customer continuously during the contract period.
The Group sells consultant and training services, mainly provided based on time used but, in a few cases, also at fixed price contracts. Revenue from time-based contracts is recognised based on what the Group is entitled to invoice the customer.
Revenue relating to services from fixed price contracts is recognised progressively, based on percentage of completion in accordance with the same principles as described above. Revenue relating to services from fixed price contracts is commonly recognised during the period the services are delivered.
If any circumstances arise that affect the initial estimate of revenue, costs or percentage of completion, the estimate will be revised. Such revisions may result in increased or decreased estimated revenues or expenses and affect revenue during the period when the circumstance that caused the change came to the management's knowledge.
IFRS 16 Leases comes into effect for annual periods beginning on or after January 1, 2019 and replaces the former standard IAS 17 Leases and interpretations related thereto. Lime has mapped out and evaluated the Group's lease agreement and assessed the effects of the transition to IFRS 16.
When the standard comes into effect, Lime will apply the simplified transition method, meaning comparative information from previous periods will not be restated. The leasing liability is the discounted remaining leasing fees as of January 1, 2019. The right-to-use asset is measured as the value of the leasing liability adjusted for any prepaid or accrued leasing fees. In cases in which the right-to-use asset has been recognised in the balance sheet already under application of IAS 17, the asset is recognised at remaining right-to-use value. The transition to IFRS 16 has a negative impact on equity by MSEK 0.2.
Lime will apply the simplified approach in relation to leases in which the underlying asset has a low value, as well of for short-term leases, which include leases ending during 2019. Leases with underlying assets of low value include, for example, office equipment.
Lime's more significant lease agreements are mainly agreements relating to office space, but other agreements exist to a limited extent, e.g. vehicles. Following the application of IFRS 16, the Group's total assets will increase through the inclusion of the right-to-use assets and leasing liabilities. Leasing fees that, under IAS 17, have been recognised as other external expenses in the income statement, are replaced by depreciation on the right-to-use assets and recognised as an expense in the operating income, as well as interest on the lease liability, which is recognised as a financial expense.
The leasing fee is divided into amortisation of the leasing liability and interest paid.
During transitioning to IFRS 16, all remaining leasing fees have been discounted using Lime's marginal interest rate on borrowings. The average borrowing rate was 1.9% as of January 1, 2019.
As of January 1, 2019, the right-to-use asset has been estimated to MSEK 16.3 and the leasing liability to MSEK 16.6. The change in accounting principle will affect the balance sheet and income statement, and a number of key ratios. Considering the current leasing portfolio, Lime estimates that depreciations will increase in 2019 by MSEK 9.0, financial expenses will increase by MSEK 0.2 and net income after taxes will increase by MSEK 0.1. EBITDA is expected to increase by 9.4 and EBITA is expected to increase by MSEK 0.3 during 2019.
| Leasing liability January 1, 2019 | 19 677 |
|---|---|
| accordance with IAS 17 | 3 113 |
| Leasing liabilities previously recognised in | |
| Effect of discounting as per January 1, 2019 | -379 |
| used | 283 |
| Extension options reasonably probable will be | |
| 31, 2018 | 16 660 |
| Operating lease obligations as per December |
assets that are not ready for use are not subject to depreciation but are tested annually for any impairment loss. The impairment test carried out at year-end showed that there was no impairment loss.
Operating expenses relating to development of own software has been reduced by MSEK 4.8 (3.5) during the fourth quarter.
Operating expenses relating to development of own software has been reduced by MSEK 17.3 (13.3) during 2018.
The Lime Group is, through its operations, exposed to common business and financial risks. These risks are described in detail in the 2017 Annual Report. In addition to the disclosures in the annual report, no further significant risks have arisen.
Assets and liabilities in foreign exchange are translated at the closing rate on the date of the balance sheet. Transaction differences related to translation of operational assets and liabilities are recognised as Other revenue or Other expenses.
Transaction differences relating to all other balance sheet items in foreign currency are recognised under Financial net. Net sales and operating expenses are also impacted by transaction differences in foreign exchange. These transaction differences are recognised under respective revenue and expense item.
Net sales for the quarter consists of 85% SEK, 7% EUR, and 8% other currencies. Operating expenses are made up of 84% SEK, 6% EUR, and 10% other currencies.
The acquisition of Hysminai AB in April 2018 includes technology platforms at a value of MSEK 6.0. Estimated yearly depreciation of the acquired technology platforms amounts to MSEK 1.2. Depreciation of acquired technology platforms amounts to MSEK 0.3 (0.0) and MSEK 0.9 (0.0) during the fourth quarter and 2018, respectively. See page 6 for more information.
The acquisition of Hysminai AB had a cash flow impact of MSEK 2.4 during the second quarter (the acquisitions of Remotex and Netoptions had a cash flow impact of MSEK 20.0 in Q1 2017 and MSEK 9.7 in Q4 2017, respectively).
Any transactions with related parties have been conducted on market terms.
Tax expenses in the quarter amounted to MSEK 1.1 (2.9). Tax expenses during 2018 amounted to MSEK 5.8 (7.9). The tax expense has been estimated based on the current tax situation in the Group and the earnings trends in the subsidiaries.
| Sales per segment, TSEK | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Sweden | 58 427 | 46 835 | 52 473 | 49 778 | 49 094 | 38 555 | 45 488 | 42 871 | 40 487 |
| Rest of Nordic region | 10 490 | 8 519 | 9 023 | 8 762 | 8 428 | 6 583 | 6 286 | 6 595 | 6 128 |
| Income statement in summary, TSEK |
|||||||||
| Net sales | 68 917 | 55 354 | 61 496 | 58 540 | 57 522 | 45 138 | 51 774 | 49 466 | 46 615 |
| EBITDA | 10 006 | 15 694 | 11 955 | 13 037 | 12 986 | 12 961 | 10 816 | 10 472 | 13 373 |
| EBITA | 8 588 | 14 180 | 10 398 | 11 537 | 12 127 | 11 837 | 9 715 | 9 649 | 12 679 |
| EBIT | 5 464 | 10 817 | 7 011 | 8 535 | 8 638 | 9 429 | 7 307 | 7 467 | 11 496 |
| Operating margin | 8% | 20% | 11% | 15% | 15% | 21% | 14% | 15% | 25% |
| Income before tax | 5 290 | 10 311 | 6 353 | 8 115 | 8 237 | 9 110 | 6 993 | 7 263 | 11 120 |
| Q4 2018 | |||||||
|---|---|---|---|---|---|---|---|
| Rest of | Rest of | ||||||
| Nordic | Nordic | ||||||
| Revenue by income stream, TSEK | Sweden | region | Total | Sweden | region | Total | |
| Subscription revenue | 21 723 | 4 400 | 26 123 | 17 189 | 2 452 | 19 641 | |
| Licence revenue | 2 534 | 337 | 2 871 | 2 394 | 478 | 2 872 | |
| Support agreements | 9 749 | 1 244 | 10 993 | 10 000 | 1 134 | 11 134 | |
| Expert Services | 23 565 | 4 493 | 28 058 | 18 107 | 4 333 | 22 440 | |
| Other | 856 | 18 | 874 | 1 405 | 32 | 1 436 | |
| Net sales | 58 427 | 10 490 | 68 917 | 49 094 | 8 428 | 57 522 |
| Q1 - Q4 2018 | Q1 - Q4 2017 | |||||
|---|---|---|---|---|---|---|
| Rest of | Rest of | |||||
| Nordic | Nordic | |||||
| Revenue by income stream, TSEK | Sweden | region | Total | Sweden | region | Total |
| Subscription revenue | 79 325 | 14 866 | 94 191 | 57 602 | 7 973 | 65 575 |
| Licence revenue | 7 918 | 1 005 | 8 923 | 11 406 | 1 667 | 13 073 |
| Support agreements | 39 419 | 4 849 | 44 268 | 40 213 | 4 458 | 44 671 |
| Expert Services | 77 788 | 15 952 | 93 740 | 61 605 | 13 586 | 75 190 |
| Other | 3 063 | 123 | 3 186 | 5 183 | 210 | 5 392 |
| Net sales | 207 512 | 36 794 | 244 307 | 176 008 | 27 892 | 203 900 |
| Sales, TSEK | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Expert Services | 28 058 | 17 277 | 24 772 | 23 633 | 22 440 | 14 171 | 19 582 | 18 997 | 19 719 |
| Software related revenue | 39 986 | 37 332 | 35 700 | 34 364 | 33 646 | 29 966 | 30 666 | 29 038 | 25 399 |
| Other | 874 | 744 | 1 025 | 542 | 1 436 | 1 000 | 1 526 | 1 430 | 1 497 |
| Net sales | 68 917 | 55 354 | 61 496 | 58 540 | 57 522 | 45 138 | 51 774 | 49 466 | 46 615 |
| Whereof recurring revenue | 37 115 | 35 169 | 34 048 | 32 128 | 30 774 | 27 931 | 26 978 | 24 561 | 20 496 |
| Whereof recurring revenue (%) | 54% | 64% | 55% | 55% | 54% | 62% | 52% | 50% | 44% |
| Growth net sales (%) | 20% | 23% | 19% | 18% | 23% | 32% | 30% | 25% | 17% |
| Growth recurring revenue (%) | 21% | 26% | 26% | 31% | 50% | 50% | 50% | 48% | 35% |
*) Software related revenue refers to subscription revenue, licence revenue and support agreements
The Group's key ratios are presented below. Some of these are defined in accordance with IFRS. Alternative performance measures (APM) have been identified that are believed to enhance investors' and Group management's evaluation of the company's performance as well as relevant trends. The APMs presented in this report may differ from similarly titled measures used by other companies. The APMs should therefore be seen as a supplement to the key ratios defined by IFRS.
The recurring revenue, in the last month of the quarter, recalculated to a 12-month period. The measure indicates the value of recurring revenue during the coming 12 months based on revenue from existing customers at the end of the period. The measure is also important for industry comparisons.
| TSEK | Q4 2018 | Q4 2017 |
|---|---|---|
| Recurring revenue (quarter) | 37 115 | 30 774 |
| Annual recurring revenue - | ||
| ARR | 151 695 | 125 908 |
The number of registered shares less any repurchased shares at the balance sheet date. The measure is mainly used for calculation of key ratios, see below. The Group did not own any of its own shares during any of the reporting periods. The key ratios have, when applicable, been restated based on the share split (1:250) in October 2018.
Operating income before depreciation of acquired intangible non-current assets. The purpose is to assess the Group's operational activities. EBITA is a supplement to operating income as it is an indication of cash flow from operations.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Operating income | 5 464 | 8 638 | 31 827 | 33 022 |
| Depreciation of acquired | ||||
| intangible non-current | ||||
| assets | 3 124 | 3 489 | 12 902 | 10 305 |
| EBITA | 8 588 | 12 127 | 44 729 | 43 327 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| EBITA (%) | 12% | 21% | 18% | 21% |
Operating income before depreciation on tangible and intangible non-current assets. The purpose is to assess the Group's operational activities. EBITDA is a supplement to operating income.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Operating income | 5 464 | 8 638 | 31 827 | 33 022 |
| Depreciation | 4 542 | 4 348 | 18 865 | 14 394 |
| EBITDA | 10 006 | 12 986 | 50 692 | 47 416 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| EBITDA (%) | 15% | 23% | 21% | 23% |
Non-current and current financial assets, and cash and cash equivalent. The financial assets measure is used for the application of IFRS 9. The measure is used to calculate net liabilities.
| TSEK | 2018-12-31 | 2017-12-31 |
|---|---|---|
| Other financial non | ||
| current assets | 538 | 514 |
| Cash and cash equivalent | 21 152 | 24 249 |
| Financial assets | 21 690 | 24 763 |
Average number of registered shares during the year, less repurchased shares kept by the company. The measure is used for calculation of other key ratios.
Operating income according to the income statement before one-off items. The measure is a supplement to operating income adjusted for one-off items affecting comparison. The purpose is to show the operating income excluding items that affect comparison with other periods.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| EBIT | 5 464 | 8 638 | 31 827 | 33 022 |
| One-off items | 6 928 | 568 | 9 553 | 1 993 |
| Adjusted EBIT | 12 392 | 9 206 | 41 380 | 35 015 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| Adjusted EBIT (%) | 18% | 16% | 17% | 17% |
Adjusted EBITA shows EBITA adjusted for one-off items affecting comparison. The purpose is to show EBITA excluding items that affect comparison with other periods.
| TSEK | Q4 2018 | Q4 2017 | Q1 - Q4 2018 |
Q1 - Q4 2017 |
|---|---|---|---|---|
| EBITA | 8 589 | 12 127 | 44 730 | 43 327 |
| One-off items | 6 928 | 568 | 9 553 | 1 993 |
| Adjusted EBITA | 15 517 | 12 695 | 54 283 | 45 320 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| Adjusted EBITA (%) | 23% | 22% | 22% | 22% |
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| EBITDA | 10 006 | 12 986 | 50 692 | 47 416 |
| One-off items | 6 928 | 568 | 9 553 | 1 993 |
| Adjusted EBITDA | 16 934 | 13 554 | 60 245 | 49 409 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| Adjusted EBITDA (%) | 25% | 24% | 25% | 24% |
Refers to items that are reported separately as they are of a significant nature and affect comparison and are considered foreign to the Group's ordinary core operations. Examples are acquisition-related expenses, expenses relating to public listing of shares, and restructuring costs.
| TSEK | Q4 2018 | Q4 2017 |
Q1 - Q4 2018 |
Q1 - Q4 2017 |
|---|---|---|---|---|
| Expenses related to | ||||
| public listing of the | ||||
| Company's shares | -6 928 | 0 | -9 388 | 0 |
| Acquisition related | ||||
| expenses | 0 | -568 | -165 | -1 993 |
| One-off items that | ||||
| distort comparisons | -6 928 | -568 | -9 553 | -1 993 |
Cash flow from current operations divided by the average number of shares outstanding. Allows readers of financial reports to compare cash flow from current operations per share. The number of shares has been restated following the 1:250 share split in October 2018.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Cash flow from current | ||||
| operations | 15 906 | 19 464 | 38 748 | 39 694 |
| Number of share | ||||
| (thousands) | 12 500 | 12 500 | 12 500 | 12 500 |
| Cash flow from current | ||||
| operations per share | ||||
| (SEK) | 1,27 | 1,56 | 3,10 | 3,18 |
The measure shows %-growth in net sales compared to the same period during previous year. The measure is a key ratio for a company within a growth industry.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Net sales, the period Net sales, same period |
68 917 | 57 522 | 244 307 | 203 900 |
| previous year | 57 522 | 46 615 | 203 900 | 160 416 |
| Growth in net sales | 20% | 23% | 20% | 27% |
Interest-bearing non-current and current liabilities less financial assets. The purpose is to show the real level of debt.
| TSEK | 2018-12-31 | 2017-12-31 |
|---|---|---|
| Interest-bearing non current liabilities |
79 815 | 30 736 |
| Interest-bearing current | ||
| liabilities | 27 298 | 23 261 |
| Financial assets | -21 690 | -24 763 |
| Net liabilities | 85 423 | 29 234 |
The average number of employees means the number of employees during the last 12-month period in relation to normal yearly working hours. The measure indicates how well one of the Group's key processes – recruitment and development of staff – develops over time.
Shows trailing 12-month net sales in relation to average number of employees during the last 12 months. The measure is a key ratio for industry comparisons.
| Q1 - Q4 | Q1 - Q4 | |
|---|---|---|
| TSEK | 2018 | 2017 |
| Trailing 12-month net sales | 244 307 | 203 900 |
| Number of employees | 195 | 169 |
| Net sales per employee | 1 253 | 1 208 |
The measure shows growth in net sales adjusted for acquisitions during the last 12 months. Acquired businesses are included in organic growth once they have been part of the Lime Group for four quarters. The measure is used to analyse underlying net sales growth.
| Q4 | Q1 - Q4 | Q1 - Q4 | ||
|---|---|---|---|---|
| TSEK | Q4 2018 | 2017 | 2018 | 2017 |
| Net sales, period | 68 917 | 57 522 | 244307 | 203 900 |
| Acquired net sales, last 12 | ||||
| months | -440 | -6 635 | -8 772 | -18 944 |
| Organic net sales | 68 477 | 50 887 | 235 535 | 184 956 |
| Organic net sales, same | ||||
| period last year | 50 887 | 46 615 | 184 956 | 160 416 |
| Adjusted for acquired net | ||||
| sales last 24 months | 6 635 | 0 | 18 944 | 0 |
| Comparable organic net | ||||
| sales | 57 522 | 46 615 | 203900 | 160 416 |
| Organic net sales growth | ||||
| (%) | 19% | 9% | 16% | 15% |
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Subscription revenue | 26 123 | 19 641 | 94 192 | 65 574 |
| Support agreements | 10 993 | 11 133 | 44 268 | 44 670 |
| Recurring revenue | 37 115 | 30 774 | 138 460 | 110 245 |
Revenue of annual recurring nature is made up of support and maintenance revenues and subscription revenues.
Revenues of annual recurring nature in relation to operating expenses. The measure is a key ratio for industry comparisons.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Recurring revenue | 37 115 | 30 774 | 138 460 | 110 245 |
| Operating expenses | -63 548 | -49 054 | -212 972 | -171 477 |
| Recurring revenue in | ||||
| relation to operating | ||||
| expenses | 58% | 63% | 65% | 64% |
Defined in accordance with IFRS.
Defined in accordance with IFRS.
Operating income in relation to net sales. The measure is an indicator to readers of financial reports of a company's earning ability.
| Q1 - Q4 | Q1 - Q4 | |||
|---|---|---|---|---|
| TSEK | Q4 2018 | Q4 2017 | 2018 | 2017 |
| Operating income | 5 464 | 8 638 | 31 827 | 33 022 |
| Net sales | 68 917 | 57 522 | 244 307 | 203 900 |
| Operating margin | 8% | 15% | 13% | 16% |
Operating income according to the income statement.
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Year-end report 2018, January – December 25 Corporate identity no: 556953-2616 www.lime-technologies.com St Lars väg 46, 222 70 Lund, Sweden +46 46-270 48 00
Lime Techologies AB (publ) reg. no. 556953-2616
We have reviewed the condensed interim financial information (interim report) of Lime Techologies AB (publ) as of 31 December 2018 and the twelve-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 12 February 2019
Öhrlings PricewaterhouseCoopers AB
Ola Bjärehäll Authorized Public Accountant
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