Quarterly Report • Oct 20, 2022
Quarterly Report
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Lime Technologies AB (publ)
"With strong growth and good profitability we will continue to invest in our markets."
Profitability
17%
Value-generating services for customers exposed to the unstable market
Read more at page 3
Growth in net sales
26% EBITA margin
| 2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2021 Q3* |
2021 Q2* |
2021 Q1 |
2020 Q4 |
2020 Q3 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net sales (MSEK) | 111.9 | 123.9 | 118.7 | 113.7 | 92.8 | 103.0 | 94.4 | 93.1 | 75.6 |
| Recurring revenue (MSEK) | 75.2 | 73.5 | 71.9 | 68.1 | 64.7 | 60.9 | 52.2 | 50.5 | 48.5 |
| EBITDA (MSEK) | 36.3 | 38.6 | 37.6 | 34.8 | 32.5 | 33.1 | 32.4 | 36.1 | 29.8 |
| EBITDA (%) | 32% | 31% | 32% | 31% | 35% | 32% | 34% | 39% | 39% |
| EBITA (MSEK) | 28.9 | 31.7 | 30.4 | 29.2 | 25.5 | 26.5 | 26.3 | 30.6 | 24.7 |
| EBITA (%) | 26% | 26% | 26% | 26% | 27% | 26% | 28% | 33% | 33% |
| Adjusted EBITA | 28.9 | 31.7 | 30.4 | 29.2 | 25.5 | 27.6 | 26.2 | 29.3 | 24.7 |
| Adjusted EBITA (%) | 26% | 26% | 26% | 26% | 27% | 27% | 28% | 31% | 33% |
| Operating income, EBIT (MSEK)*) | 20.3 | 23.2 | 21.8 | 19.6 | 15.9 | 18.7 | 21.9 | 26.3 | 20.4 |
| Operating income, EBIT (%)*) | 18% | 19% | 18% | 17% | 17% | 18% | 23% | 28% | 27% |
| Earnings per share, basic (SEK) | 1.11 | 1.35 | 1.22 | 1.14 | 0.93 | 1.08 | 1.26 | 1.52 | 1.13 |
| Earnings per share, diluted (SEK) | 1.10 | 1.34 | 1.22 | 1.14 | 0.93 | 1.08 | 1.26 | 1.52 | 1.13 |
| Cash flow from current operations (MSEK) | 17.7 | 22.8 | 29.6 | 39.5 | 12.8 | 47.4 | 24.9 | 46.4 | 14.2 |
In the third quarter, we delivered strong growth of 21 % and good profitability of 26 %. At the same time, we are maintaining a high recruitment tempo, and in August we onboarded a record number of new colleagues across all our offices throughout Europe.
I am proud that we remained strong during the third quarter, with organic growth of 21 % in an unstable market. I am also very pleased that, during a quarter like this, it became clearer than ever that we are able to help our customers, both through revenue-driving changes and efficiency-boosting digitalization. Not least, our focus on the highly-stressed energy segment is making it possible for companies to respond to the rising demand for fast and value-generating services for their customers. In this way, we not only make our customers more successful, we also significantly simplify life for the end-customer while having a positive impact on functions that are essential for the community.
As we have mentioned before, the tougher business climate is reflected primarily in longer sales processes. In the present situation, we are competing not only with other CRM suppliers but also with companies' general willingness to invest. The change in economic activity is most noticeable in Germany, where the business climate has been strongly affected. Consequently, I am particularly happy that our customer-oriented, dedicated teams continue to deliver on several rewarding deals within our verticals. Among others, we welcome Landskrona Energi, Luleå Miljöresurs and SHH Bostadsutveckling as new customers during the quarter. We are also deepening our collaboration with one of the biggest Real Estate companies in Norway, Entra Eiedom AS, customers since 2012.
Our strategic focus remains on long-term profitable growth, and we will continue to invest to build an even stronger Lime -even in this challenging market. We are building a more international company with our primary focus currently being on scaling our existing markets within selected verticals. The Swedish market continued to perform well during the quarter, and we are also delivering solid growth in the rest of Europe. To support an even more international business and to lay the groundwork for further growth, we are continuing to recruit in all our markets, with the aim of onboarding over one hundred new colleagues in 2022. We will also sharpen our focus on selected verticals, in which we will build stronger local brand awareness and positioning in every market.
In accordance with our growth strategy, we are continuing to evaluate potential acquisitions, and as the market situation is currently unfolding, we believe that the acquisition market will be even more favourable going forward. With good profitability, strong cash flows and low leverage, we are well placed to take full advantage of future opportunities. At the same time, we refuse to compromise on our evaluation of future acquisition candidates, which must generate added value for our customers, broaden our product offering, enrich our culture and strengthen our position in existing or new markets. We held a number of conversations with various companies during the quarter, but these have not so far resulted in closer collaboration.
How the market will behave during the autumn is still uncertain, but regardless of market conditions, we are well placed with our dedicated teams, excellent cost control, high proportion of recurring revenue, low customer concentration in several different verticals and great opportunities to increase sales through upselling. As we have previously stated: With strong growth and high profitability over more than twenty years, our history proves that we can perform – in good times and bad.
/Nils Olsson, Managing Director and CEO, Lime Technologies
Since day one, our goal has been to make it easy to create exceptionally good customer relationships. With over 30 years of experience behind us, the balance we have achieved between commitment and technology has made us one of the Nordics' leading suppliers of CRM (Customer Relationship Management). We are now helping thousands of companies in Europe exceed their customers' expectations. We call this "CRM with a twist".
Lime is a one-stop-shop organisation providing development, sales, implementation and support for CRM systems. This creates a competitive comprehensive offering, and enables effective and value-generating customer care solutions. With close to 400 employees located on-site in Sweden, Norway, Denmark, Finland, the Netherlands and Germany.
Lime CRM is a flexible, scalable SaaS platform, consisting of a well-proven base of basic functionality, which is combined with additional modules and packaged to meet unique industry requirements and workflows.
Lime Go is a cloud-based SaaS service, developed to maximise sales in sales organisations. The tool provides effective control over upcoming transactions, and is loaded with company and contact information.
Userlike is a webchat and Customer Messaging solution which improves and simplifies communication between companies and customers. By bringing together all types of messages in the same inbox, it enables effective dialogue with the customer in all modern channels.
Customer care is more than just software, and success in the implementation of new systems requires changes in behaviour. Through Lime Intenz, we help companies strengthen a successful corporate culture, proactive sales culture and effective leadership.
Net sales in the third quarter 2022 amounted to MSEK 112 (93), a growth of 21% (23).
Net sales during the first nine months 2022 amounted to MSEK 355 (290), rendering an increase of 22% (18).
68% (70) of net sales in the third quarter 2022 relate to software revenue.
63% (62) of net sales in the first nine months 2022 relate to software revenue. Software revenue increased by 16% (33) during the third quarter 2022 compared to the third quarter 2021.
Net sales in the third quarter 2022 in Sweden amounted to MSEK 76 (65) and MSEK 36 (27) in the Rest of Europe. Net sales growth for the quarter was 16% (7) in Sweden and 31% (89) in the rest of the European countries.
Net sales during the first nine months in 2022 in Sweden amounted to MSEK 246 (219) and MSEK 109 (71) in the rest of the European countries.
The 12-month recalculated recurring revenue, Annual Recurring Revenue (ARR), at the end of the third quarter 2022 was MSEK 306 (260). The 12-month recalculated recurring revenue increased by 17% (34) compared to the corresponding period last year.
Recurring revenue amounted to MSEK 75 (65) during the third quarter 2022, an increase of 16% (34) compared to the same period last year. Recurring revenue amounted to MSEK 221 (178) during the first nine months in 2022, an increase of 24% (24) compared to the corresponding period last year.
Operating income before depreciation/ amortisation during the third quarter – EBITDA – amounted to MSEK 36 (33) corresponding to an operating margin before depreciation/ amortisation, EBITDA, of 32% (35). Adjusted for items affecting comparability, EBITDA was MSEK 36 (33) in the quarter, corresponding to a margin of 32% (35).
EBITDA amounted to MSEK 20 (24) in Sweden and MSEK 16 (9) in the Rest of Europe during the third quarter 2022.
The policy measures adopted to reduce the spread of the Covid 19 virus at the end of the first quarter of 2020 have been largely reversed during the second half of 2021. As a result, the opportunities for travel and other physical sales activities have increased. Furthermore, this has enabled us to maintain our trainee programme with physical presence. Consequently, compared with the first nine months, we again have the opportunity to invest in our customers and staff.
The first nine months 2022 operating income bfore depreciation - EBITDA - amounted to MSEK 113 (98), corresponding to an EBITDA margin of 32% (34). Adjusted EBITDA was MSEK 113 (99) during the same period and corresponding margin was 32% (34).
EBITDA in Sweden amounted to MSEK 74 (71) and MSEK 39 (27) in the Rest of Europe during the first nins months 2022.
During the third quarter 2022 operating income, excluding amortisation on acquired surplus values – EBITA – amounted to MSEK 29 (25), corresponding to an EBITA margin of 26% (27). Adjusted for items affecting comparability, EBITA during the third quarter 2022 amounted to MSEK 29 (25), corresponding to an EBITA margin of 26% (27).
Adjusted EBITA during the first nine months 2022 amounted to MSEK 91 (78), corresponding to an EBITA margin of 26% (27).
Operating income during the third quarter 2022, EBIT, amounted to MSEK 20 (15), corresponding to an operating margin of 18% (17). Adjusted for items affecting comparability, EBIT during the third quarter 2022 amounted to MSEK 20 (15), corresponding to an EBIT margin of 18% (17).
Opreting income during the first 9 months 2022 - EBIT - amounted to MSEK 65 (56), corresponding to an EBIT margin of 18% (19).
Depreciations increased compared to the same period 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.
The rolling 12-month recurring revenue amounted to 75% (75) of the rolling total costs at the end of the third quarter of the year. The expenses include one-off items affecting comparison.
During the third quarter 2022 cash flow from operating activities amounted to MSEK 17.7 (12.8).
During the first nine months 2022 cash flow from current operations amounted to MSEK 70.0 (85.2).
During the third quarter 2022 investments in tangible non-current assets amounted to MSEK 0.2 (0.0), excluding right-to-use assets. Investments in intangible non-current assets amounted to MSEK 6.6 (5.3) and consist of capitalisation of development costs relating to new technology platforms.
Druing the first nine months 2022 investments in tangible non-current assets amounted to MSEK 0.3 (1.2), excluding right-to-use assest. Investments in tangible non-current assets amounted to MSEK 18.8 (15.4) during the same period.
In the third quarter 2022, amortisation of capitalised development costs amounted to MSEK 3.8 (3.2) and amortisation of right-to-use assets amounted to MSEK 3.2 (3.5).
Amortization of capitalized development costs amounted to MSEK 11.6 (9.6) during the first nine months 2022 and amortization of right-to-use assets amounted to MSEK 9.0 (9.2).
The Group's equity amounted to MSEK 178 (124).
Ath the Annual General Meeting on 26 April 2022, it was resolved to distribute dividends of SEK 2.60 per share, corresponding to a total amount of MSEK 34,5. The record date was 28 April and the dividend was paid out on 3 May.
The Group's interest-bearing liabilities amounted to MSEK 259.7 (326.2) at the end of the period, including leasing liabilities relating to right-to-use assets of MSEK 38.2 (23.9) and a liability of MSEK 26.7 (76.9) relating to the acquisition of Userlike UG and Lime Intenz AB. A total of MSEK 16.7 (13.8) of the Group's interest-bearing liabilities have been repaid during the quarter. A bank overdraft facility of MSEK 18.4 was utilised by the end of the period. Cash and cash equivalent amounted to MSEK 29.9 (62.4) at the end of the period. The Group's net debt amounted to MSEK 228.9 (263.1).
An agreement was signed during the first quarter for a bank overdraft facility of MSEK 25 during 2022.
On 26 April 2022 the Annual General Meeting made a decision to introduce a share savings programme, LTIP 2022. All Lime employees were offered the opportunity to participate as of 1 May 2022. The programme assumes that the participants will acquire shares in the Company at market price on the Nasdaq Stockholm during the period between 1 June 2022 and 31 May 2023.
Provided that the participants keep the shares for the entire period ending on 31 May 2025, that the participant is employed for the duration of the period, and that Lime meets its performance criteria, each share will entitle the participant to two to three shares against payment of the share's quota value. The performance criteria are determined by the Board and are in line with Lime's financial goals.
The fair value of the incentive shares is determined by the value at the time of subscription. Because this is a share-related payment that is regulated with equity instruments, no revaluation is made of the fair value of the incentive shares.
Lime will estimate how many of the employees who are participating in the programme will remain in employment during the entire threeyear period, up to and including 31 May 2025.
On 26 April, the Annual General Meeting also made the decision to issue 68,160 share warrants free of charge to the wholly-owned subsidiary Hysminai AB. The share warrants will be used to secure Lime's commitment in relation to the share savings programme, LTIP 2022.
Lime Technologies AB (publ.) is listed on Nasdaq Stockholm OMX Mid Cap, the Technology sector. Total number of shares issued was 13,283,481 at the end of the period. The company does not own any of its own shares.
Lime's goal is to achieve annual net sales growth exceeding 18 percent, in the medium long term. Lime further aims to achieve an annual EBITA margin in excess of 25 percent in the medium long term. The objective of the capital structure is that net liabilities, excluding leasing debt, 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 395 (363) employees at the end of the reporting period. The average number of employees was 328 (284) 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 and CFO at the end of the period. During the third quarter 2022, operating profit/loss in the Parent amounted to MSEK -0.7 (-1.3). Operating income during the first nine months 2022 amounted to -1.8 (-3.5). Cash and cash equivalent amounted to MSEK 0.6 (0.8) and borrowings to MSEK 175.0 (225.0).
At the Annual General Meeting on April 27, 2022, it was resolved to re-elect the following directors of the board: Marlene Forsell, Martin Henricson, Malin Ruijsenaars, Lars Stugemo and Erik Syrén. Martin Henricson was elected chairman of the board.
Other resolutions made at the Annual General Meeting;
» Resolution to adopt guidelines for renumeration to the company's senior executives.
» It was resolved to authorise the board of directors to, at one or more occasions, until the 2022 Annual General Meeting, resolve to issue shares in exchange for cash payment, with provision for non-payment or set-off or otherwise with conditions, and thereby be able to deviate from the shareholders' preferential rights. The authorisation is limited to a maximum of 10% of the total number of shares in the company at the time of the resolution on authorisation.
Based on guidelines resolved at the Annual General Meeting in April 2021, the following persons have been appointed to be part of Lime's Nomination Committee: Andreas Hedskog, Syringa Capital AB (owned by Erik Syrén) representing 10.1% of the shares, Emil Hjalmarsson, as chairman, Grenspecialisten AB, representing 10.0% of the shares, Johanna Ahlqvist, Cliens Kapitalförvaltning AB (through fonds), representing 8,5% of the shares and Martin Henricsson, adjunct to the Nomination Committee, chairman of the board.
The Nomination Committee will prepare proposals to the 2023 Annual General Meeting regarding chairman of the meeting, board members, chairman of the board, remuneration to the board members, auditors, auditors' fees, the composition of the Nomination Committee and its duties in preparation for the 2024 Annual General Meeting.
Shareholders wishing to submit proposals to the Nomination Committee can do so via e-mail to [email protected]. March 15, 2023 (six weeks prior to the Annual General Meeting on 26 April, 2023) is the last day to submit proposals to the Nomination Committee for consideration at the 2023 Annual General Meeting.
The macroeconomic uncertainty resulting from the Russian invasion of Ukraine and the general business cycle may affect our operations. At present, we see no
direct impact on Lime, but the long-term effects are difficult to assess, and it is not possible to rule out negative consequences.
The combination of, on one hand, Lime's focused subscription sales with a high percentage of recurring revenue, and on the other hand, its large customer base, means Lime is fairly well equipped to face a recession and the impact on Limes result and financial position has been limited during the first nine months 2022.
Lime has during the reporting period signed an agreement for a bank credit facility of MSEK 25.
Lime acquired the remaining 35% of the shares of Lime Technologies Gävle AB on 9 February 2022. Since that date, Lime Technologies Gävle AB has been wholly-owned by Lime Technologies Sweden AB.
Lime acquired an additional 14% of the shares of Lime Intenz AB during the second quarter 2022.
Lime has 30 years' experience of CRM (Customer Relationship Management) and provides a full service from development to support. The Company is the only supplier with a clear and transparent strategy of working locally through a direct channel, and makes hundreds of implementations very year.
Our business model is based on offering subscription contracts (Software as a Service or "SaaS"), as well as consultancy services (Expert Services) for implementing and continuously adapting the products in line with customerspecific needs and requirements. With a strong product portfolio under constant development, Lime creates effective solutions for small, mediumsized and large organisations, in addition to wellestablished industry solutions within the Company's industry verticals.
The Head Office is in Lund, and in September 2022, the Group had 395 employees at nine offices in Sweden, Norway, Denmark, Finland, the Netherlands and Germany.
Lime's overall core and mission are summarised in the Company's "Why Statement", focusing on customer experiences which exceed expectations.
"We go all-in to create a world where every customer experience exceeds expectations, making customers' lives easier through spot-on software and on-point expertise."
Lime is one of the leading CRM suppliers in the Nordic Region, and the Company's long-term target is the rest of Europe, which offers a growing market with low CRM penetration. Lime intends to continue to strengthen its presence in existing markets to meet the need for CRM systems, and to grow organically through sales of both licences and ancillary modules.
An essential part of Lime's strategy is to actively evaluate strategic acquisitions so as to strengthen the product offering, increase the Company's expertise and resources, grow geographically and broaden the customer base.
Lime intends to increase both revenue and customer satisfaction through an expanded focus on upgrading the outgoing Lime Easy products to the more modern SaaS solutions, as well as transitioning from up-front payments to subscription services. The Company has also expanded its ability to assist existing customers and handling major parts of the customer interaction through ancillary services for marketing, case management and sales, as well as related expert services.
Lime focuses on customised CRM solutions for four selected market verticals: energy, properties, wholesale and consulting companies, for which Lime offers local industry-specific expertise. In
combination with pre-packaged solutions for each vertical, this benefits customers through flexible solutions, as well as time and cost savings.
Lime's platform is under constant development with the aim of strengthening competitiveness, meeting changed market needs and attracting new customers. With a strong market position, broad customer base and close contact with its customers, Lime is strongly placed for cross sales and additional sales of new services and functions aimed at increasing sales growth and broadening the use of services and solutions.
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, October 20, 2022
Nils Olsson CEO
CFO Magnus Hansson, phone +46 46 270 48 85
The company´s auditors have performed a high-level review of this report.
This information constituted insider 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. This is an unaudited translation of the Swedish interim report. Should there be any disparities between the Swedish and the English version, the Swedish version shall prevail.
| Q3 2022 |
Q3 2021* |
Q1 - Q3 2022 |
Q1 - Q3 2021* |
|
|---|---|---|---|---|
| Net sales (MSEK) | 111.9 | 92.8 | 354.6 | 290.2 |
| Growth in net sales (%) | 21% | 23% | 22% | 18% |
| Organic net sales growth (%) | 21% | 8% | 17% | 11% |
| Recurring revenue (MSEK) | 75.2 | 64.7 | 220.5 | 177.9 |
| Annual recurring revenue (MSEK) | 305.8 | 260.4 | 305.8 | 260.4 |
| EBITA (MSEK) | 28.9 | 25.5 | 91.0 | 78.3 |
| EBITA (%) | 26% | 27% | 26% | 27% |
| EBITDA (MSEK) | 36.3 | 32.5 | 112.5 | 98.1 |
| EBITDA (%) | 32% | 35% | 32% | 34% |
| Operating income. EBIT (MSEK) | 20.3 | 15.9 | 65.3 | 56.5 |
| Operating income. EBIT (%) | 18% | 17% | 18% | 19% |
| One-off items (MSEK) | 0.0 | 0.0 | 0.0 | -1.1 |
| Depreciation right-to-use assets (MSEK) | -3.2 | -3.5 | -9.0 | -9.2 |
| Adjusted EBITA (MSEK) | 28.9 | 25.5 | 91.0 | 79.4 |
| Adjusted EBITA (%) | 26% | 27% | 26% | 27% |
| Adjusted EBITDA (MSEK) | 36.3 | 32.5 | 112.5 | 99.1 |
| Adjusted EBITDA (%) | 32% | 35% | 32% | 34% |
| Adjusted EBIT (MSEK) | 20.3 | 15.9 | 65.3 | 57.6 |
| Adjusted EBIT (%) | 18% | 17% | 18% | 20% |
| Earnings per share (SEK) | 1.11 | 0.93 | 3.67 | 3.28 |
| Earnings per share. diluted (SEK) | 1.10 | 0.93 | 3.65 | 3.28 |
| Net debt (MSEK) | 228.9 | 263.1 | 228.9 | 263.1 |
| Number of employees (average) | 328 | 284 | 328 | 284 |
| Net sales per employee (MSEK) | 1.4 | 1.3 | 1.4 | 1.3 |
| Cash flow from current operations per share (SEK) | 1.3 | 1.0 | 5.3 | 6.4 |
| Average number of outstanding shares (thousands) | 13,283.5 | 13,283.5 | 13,283.5 | 13,283.5 |
*) Recalculated after finalizing the purchase price allocation of Userlike UG. For definition of key rations, see pages 26-29.
| Q3 2022 |
Q3 2021* |
Q1 - Q3 2022 |
Q1 - Q3 2021* |
|
|---|---|---|---|---|
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| Other income | 784 | -14 | 1 171 | 146 |
| Gross income | 112 724 | 92 821 | 355 722 | 290 314 |
| Operating expenses | ||||
| Compensation to employees | -61,871 | -48,469 | -194,790 | -159,896 |
| Capitalised development work by own employees | 6,572 | 5,315 | 18,841 | 15,361 |
| Depreciation | -15,971 | -16,644 | -47,149 | -41,589 |
| Other expenses | -21,159 | -17,148 | -67,299 | -47,713 |
| Share in earnings of associated companies | 0 | 0 | 0 | 0 |
| Total operating expenses | -92,429 | -76,946 | -290,397 | -233,837 |
| Operating income | 20,295 | 15,875 | 65,325 | 56,477 |
| Financial net | -1,976 | -1,568 | -5,290 | -3,258 |
| Income after financial items | 18,319 | 14,307 | 60,035 | 53,219 |
| Taxes | -3,629 | -1,924 | -11,302 | -9,702 |
| Net income for the period | 14,690 | 12,384 | 48,733 | 43,517 |
| Net income attributed to: | ||||
| The shareholders of the Parent | 14,690 | 12,384 | 48,733 | 43,517 |
| 14,690 | 12,384 | 48,733 | 43,517 | |
| Other Information | ||||
| Earnings per share, basic (SEK) | 1.11 | 0.93 | 3.67 | 3.28 |
| Earnings per share, diluted (SEK) | 1.10 | 0.93 | 3.65 | 3.28 |
| Q3 2022 |
Q3 2021* |
Q1 - Q3 2022 |
Q1 - Q3 2021* |
|
|---|---|---|---|---|
| Net income for the period | 14,690 | 12,384 | 48,733 | 43,517 |
| Other comprehensive income | ||||
| Items that may be reclassified to the income statement: | ||||
| Revaluation warrant liability | 16,471 | 500 | 16,471 | 500 |
| Translation adjustments | 4,430 | -3,637 | 11,088 | 2,509 |
| Other comprehensive income for the period, net of tax | 20,901 | -3,137 | 27,559 | 3,009 |
| Other comprehensive income for the period | 35,591 | 9,247 | 76,292 | 46,526 |
| Other comprehensive income for the period, attributed to: | ||||
| the shareholders of the Parent | 35,591 | 9,247 | 76,292 | 46,526 |
| 35,591 | 9,247 | 76,292 | 46,526 |
| 30 Sep 2022 | 30 Sep 2021* | 31 Dec 2021 | |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 231,559 | 223,690 | 222,076 |
| Other non-tangible non-current assets | 269,123 | 288,876 | 281,627 |
| Right-to-use assets | 38,167 | 22,231 | 25,828 |
| Tangible non-current assets | 2,723 | 2,792 | 2,791 |
| Other financial non-current assets | 780 | 713 | 700 |
| Deferred tax asset | 11 | 60 | 61 |
| Total non-current assets | 542,363 | 538,362 | 533,083 |
| Trade receivables | 72,749 | 56,289 | 64,929 |
| Other current receivables | 8,134 | 10,724 | 11,908 |
| Cash and cash equivalent | 29,937 | 62,355 | 55,167 |
| Total current assets | 110,820 | 129,368 | 132,004 |
| Total assets | 653,183 | 667,730 | 665,087 |
| EQUITY AND LIABILITIES | |||
| Total equity | 177,723 | 124,157 | 135,066 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Interest-bearing non-current liabilities | 125,000 | 175,059 | 162,509 |
| Non-current leasing liabilities | 26,950 | 11,740 | 17,381 |
| Other non-current liabilities | 0 | 39,814 | 40,294 |
| Deferred tax liabilities | 72,110 | 76,285 | 74,979 |
| Total non-current liabilities | 224,060 | 302,898 | 295,163 |
| Current liabilities | |||
| Current interest-bearing liabilities | 76,817 | 87,357 | 64,189 |
| Bank overdraft facility | 18,372 | 0 | 0 |
| Current leasing liabilities | 12,518 | 12,185 | 10,079 |
| Accounts payable | 8,207 | 8,746 | 8,028 |
| Other current liabilities | 135,486 | 132,387 | 152,562 |
| Total current liabilities | 251,400 | 240,675 | 234,858 |
| Total equity and liabilities | 653,183 | 667,730 | 665,087 |
| Attributable to the Parent Company's shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital |
Other contributed capital |
Reserves | Retained earnings |
Total equity | ||||
| Opening balance January 1, 2021 accord ing to adopted balance sheet |
531 | 58,100 | -210 | 52,419 | 110,840 | |||
| Net income for the period | 43,517 | 43,517 | ||||||
| Other comprehensive income for the year | 3,009 | 3,009 | ||||||
| Total other comprehensive income | 0 | 0 | 3,009 | 43,517 | 46,526 | |||
| Transactions with owners | ||||||||
| Dividend | -33,209 | -33,209 | ||||||
| Total transactions with owners | 0 | 0 | 0 | -33,209 | -33,209 | |||
| Closing balance 30 September 2021 * | 531 | 58,100 | 2,799 | 62,727 | 124,157 | |||
| Opening balance January 1, 2021 accord ing to adopted balance sheet |
531 | 58,100 | -210 | 52,419 | 110,840 | |||
| Net income for the period | 58,692 | 58,692 | ||||||
| Other comprehensive income for the year | -1,258 | -1,258 | ||||||
| Total other comprehensive income | 0 | 0 | -1,258 | 58,692 | 57,434 | |||
| Transactions with owners | ||||||||
| Dividend | -33,209 | -33,209 | ||||||
| Total transactions with owners | 0 | 0 | 0 | -33,209 | -33,209 | |||
| Closing balance 31 December 2021 | 531 | 58,100 | -1,468 | 77,903 | 135,066 | |||
| Opening balance January 1, 2022 accord ing to adopted balance sheet |
531 | 58,100 | -1,468 | 77,903 | 135,066 | |||
| Net income for the period | 48,733 | 48,733 | ||||||
| Share Saving Program | 901 | 901 | ||||||
| Other comprehensive income for the year | 27,559 | 27,559 | ||||||
| Total other comprehensive income | 0 | 0 | 28,461 | 48,733 | 77,194 | |||
| Transactions with owners | ||||||||
| Dividend | -34,537 | -34,537 | ||||||
| Total transactions with owners | 0 | 0 | 0 | -34,537 | -34,537 | |||
| Closing balance 30 September 2022 | 531 | 58,100 | 26,992 | 92,099 | 177,723 |
| Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|
|---|---|---|---|---|
| Cash flow from current operations | ||||
| Cash flow from operations | 37,289 | 32,519 | 111,483 | 98,066 |
| Changes in net working capital | -11,624 | -13,765 | -8,315 | 4,995 |
| Interest paid | -1,323 | -2,183 | -3,404 | -3,812 |
| Taxes paid | -6 659 | -3 751 | -29 747 | -14 088 |
| Cash flow from current operations | 17,683 | 12,821 | 70,017 | 85,161 |
| Cash flow from investing activities | ||||
| Investment in intangible non-current assets | -6,572 | -5,315 | -18,841 | -15,361 |
| Investment in tangible non-current assets | -150 | 0 | -250 | -1,228 |
| Sales of tangible non-current assets | 0 | 0 | 0 | 665 |
| Acquisition of group companies | 0 | -4,694 | 0 | -202,190 |
| Investment in financial non-current assets | -49 | 0 | -103 | -8 |
| Interest received | 24 | 0 | 24 | 0 |
| Cash flow from investing activities | -6,746 | -10,009 | -19,169 | -218,122 |
| Cash flow from financing activities | ||||
| Dividend | 0 | 0 | -34,537 | -33,209 |
| Proceeds from borrowings | 9,072 | 4,656 | 18,372 | 254,804 |
| Amortisation of borrowings | -16,661 | -13,804 | -62,415 | -91,345 |
| Cash flow from financing activities | -7,589 | -9,148 | -78,580 | 130,250 |
| Net cash flow | 3,348 | -6,336 | -27,732 | -2,711 |
| Net change in cash flow | ||||
| Cash and cash equivalent, beginning of the period | 26,054 | 68,595 | 55,167 | 64,662 |
| Exchange rate changes on cash | 534 | 96 | 2,502 | 404 |
| Cash and cash equivalent, end of period | 29,937 | 62,355 | 29,937 | 62,355 |
| Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|
|---|---|---|---|---|
| Net sales | 0 | 0 | 0 | 0 |
| Other income | 1,610 | 1,200 | 5,142 | 4,198 |
| Gross income | 1,610 | 1,200 | 5,142 | 4,198 |
| Operating expenses | ||||
| Compensation to employees | -1,932 | -1,541 | -5,562 | -5,139 |
| Other expenses | -372 | -772 | -1,352 | -2,509 |
| Total operating expenses | -2,304 | -2,313 | -6,914 | -7,648 |
| Operating income | -694 | -1,113 | -1,772 | -3,450 |
| Financial income | 0 | -3 | 0 | 169 |
| Financial expenses | -2,684 | -1,354 | -6,074 | -2,619 |
| Income after financial items | -3,378 | -2,470 | -7,846 | -5,900 |
| Transfers to / from untaxed reserves | 0 | 0 | 0 | 0 |
| Taxes | 696 | 503 | 1,610 | 1,210 |
| Net income for the period | -2,682 | -1,967 | -6,236 | -4,690 |
| Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|
|---|---|---|---|---|
| Net income for the period | -2,682 | -1,967 | -6,236 | -4,690 |
| 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 | -2,682 | -1,967 | -6,236 | -4,690 |
| Other comprehensive income for the period, attributed to: | ||||
| the shareholders of the Parent | -2,682 | -1,967 | -6,236 | -4,690 |
| -2,682 | -1,967 | -6,236 | -4,690 |
| 30 Sep 2022 | 30 Sep 2021 | 31 Dec 2021 | |
|---|---|---|---|
| ASSETS | |||
| Shares in subsidiaries | 353,332 | 328,354 | 353,332 |
| Total non-current assets | 353,332 | 328,354 | 353,332 |
| Prepaid expenses and accrued revenue | 1,079 | 756 | 683 |
| Current receivables group companies | 0 | 0 | 0 |
| Other current receivables | 9,848 | 56 | 56 |
| Cash and cash equivalent | 617 | 775 | 27 |
| Total current assets | 11,544 | 1,587 | 766 |
| Total assets | 364,876 | 329,941 | 354,098 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | |||
| Share capital | 531 | 531 | 531 |
| Non-restricted equity | |||
| Share premium reserve | 5,065 | 5,065 | 5,065 |
| Retained earnings | 65,305 | 45,358 | 45,358 |
| Net income for the period | -6,236 | -4,691 | 54,485 |
| Total equity | 64,665 | 46,263 | 105,439 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Interest-bearing non-current liabilities | 125,000 | 175,000 | 162,500 |
| Total non-current liabilities | 125,000 | 175,000 | 162,500 |
| Current liabilities | |||
| Current interest-bearing liabilities | 50,000 | 50,000 | 50,000 |
| Accounts payable | 277 | 282 | 226 |
| Current tax liabilities | 0 | 3,378 | 16,522 |
| Current liabilities group companies | 122,293 | 52,422 | 17,180 |
| Other current liabilities | 651 | 498 | 925 |
| Accrued expenses and deferred income | 1,990 | 2,098 | 1,305 |
| Total current liabilities | 175,211 | 108,678 | 86,158 |
| Total equity and liabilities | 364,876 | 329,941 | 354,098 |
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 1 January 2022 have not had any significant impact on the Group's reporting as of 30 September 2022. The Group applies, apart from the below, the same accounting principles as in the Annual Report as at 31 December 2021.
The Group has a share-related compensation plan where the company receives services from employees as payment for the Group's equity instruments. Information on these plans is available on page 9. The programme is classified as an equity-regulated programme. The fair value of the service that entitles employees to allocation of shares through the programme is reported as a personnel expense with a corresponding increase in equity.
The total amount to be expensed is based on the fair value of the shares that are allocated:
The total cost is reported over the earning period; the period over which all the specified earning conditions must be met. At the end of each reporting period, the Group reviews its estimates of how many shares are expected to be earned based on the non-market-related earning conditions and service conditions. Any deviation from the original estimates to which the review gives rise is reported in the income statement and corresponding adjustments are made in equity.
Summary of significant accounting principles The social security expenses arising on the allocation of shares are regarded as an integral part of the allocation, and the expense is treated as share-related remuneration settled in cash.
The Group applies the same accounting principles and valuation methods as in the latest annual report. The Parent Company prepares its financial statements according to RFR 2, Accounting for Legal Entities, as well as the Swedish Annual Reports Act, and applies the same accounting principles and valuation methods as in the most recent annual report.
Lime applies ESMA's guidelines for alternative performance measures (measurements not defined by IFRS). For definitions, see pages 26-29.
Intangible assets that have an indefinite useful life or intangible 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 the development of own software have been reduced by MSEK 6.6 (5.3) during the third quarter 2022.
Operatring expenses relating to developmet of own software have been reduced by MSEK 18.8 (15.4) during the first nine months 2022.
The Lime Group is, through its operations, exposed to common business and financial risks. These risks are described in detail in the 2021 annual report.
The Covid-19 pandemic decreased the economic activities during 2020 and 2021. We estimate that new sales were negatively affected. We have, however, noted increased market activities since the restrictions has been reduced or removed.
The macroeconomic uncertainty resulting from the Russian invasion of Ukraine may affect our operation. At present, we see no direct impact on Lime, but the long-term effects are difficult to judge, and it is not possible to rule out negative consequences.
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 other balance sheet items in foreign currency, such as cash and cash equivalent, 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 67% SEK, 19% EUR, and 14% other currencies. Operating expenses are made up of 56% SEK, 34% EUR, and 10% other currencies.
On 26 April 2021, an agreement was signed on the acquisition of the shares of Userlike UG. The first part of the acquisition involves 90 % of the shares, and was completed on 30 April 2021.
At the end of the period, Lime's shareholding in Userlike UG amounts to 90 percent. From the date on which the acquisition was completed and control obtained, 30 April 2021, the acquired company is consolidated in its entirety in the Lime Group's profit and loss account and balance sheet. Furthermore, options have been issued which give Lime the right to acquire and the owners of Userlike UG the right to sell the remaining 10 percent of the shares no later than 30 September 2023.
The acquisition of Userlike UG has generated a group surplus value of around MSEK 313 before tax, allocated to software, customer relations, brands and goodwill. Goodwill is not considered to be tax deductible and is considered attributable to future sales growth. The estimated annual impairment of the acquired surplus value is around MSEK 21.
For more information on the acquisition of Userlike UG, please see the Annual Report as at 31 December 2021.
Any transactions with related parties have been conducted on market terms.
Tax expenses in the third quarter 2022 amounted to MSEK 3.6 (1.9). Tax expenses during the first nine months 2022 amounted to MSEK 11.3 (9.7). 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 |
Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021* | Q2 2021* | Q1 2021 | Q4 2020 | Q3 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Sweden | 75,969 | 86,509 | 83,059 | 82,167 | 65,414 | 76,713 | 76,679 | 75,694 | 61,120 |
| Rest of Europe | 35,971 | 37,436 | 35,607 | 31,513 | 27,421 | 26,263 | 17,678 | 17,365 | 14,483 |
| Income statement in summary, TSEK |
|||||||||
| Net sales | 111,940 | 123,945 | 118,666 | 113,680 | 92,835 | 102,976 | 94,357 | 93,059 | 75,603 |
| EBITDA | 36,266 | 38,647 | 37,561 | 34,773 | 32,519 | 33,130 | 32,417 | 36,067 | 29,802 |
| EBITA | 28,912 | 31,736 | 30,367 | 29,162 | 25,498 | 26,536 | 26,275 | 30,624 | 24,704 |
| EBIT* | 20,295 | 23,215 | 21,815 | 19,554 | 15,875 | 18,676 | 21,926 | 26,275 | 20,355 |
| Operating margin* | 18% | 19% | 18% | 17% | 17% | 18% | 23% | 28% | 27% |
| Income before tax* | 18,319 | 21,153 | 20,563 | 18,115 | 14,307 | 17,551 | 21,361 | 25,758 | 19,417 |
*) recalculated after finalizing the purchase price allocation of Userlike UG
| Q3 2022 | Q3 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Revenue by income stream, TSEK |
Sweden | Rest of Europe |
Total | Sweden | Rest of Europe |
Total | |
| Subscription revenue | 41,124 | 25,116 | 66,240 | 34,791 | 20,249 | 55,040 | |
| Licence revenue | 483 | 0 | 483 | 391 | 25 | 416 | |
| Support agreements | 8,022 | 915 | 8,937 | 8,770 | 924 | 9,694 | |
| Expert Services | 25,461 | 9,718 | 35,179 | 20,982 | 6,098 | 27,080 | |
| Other | 880 | 222 | 1,102 | 480 | 125 | 605 | |
| Net sales | 75,969 | 35,971 | 111,940 | 65,414 | 27,421 | 92,835 |
| Q1-Q3 2022 | ||||||
|---|---|---|---|---|---|---|
| Revenue by income stream, TSEK |
Sweden | Rest of Europe |
Total | Sweden | Rest of Europe |
Total |
| Subscription revenue | 120,422 | 72,274 | 192,697 | 102,050 | 45,844 | 147,894 |
| Licence revenue | 1,759 | 25 | 1,784 | 1,491 | 85 | 1,576 |
| Support agreements | 25,084 | 2,760 | 27,844 | 27,108 | 2,912 | 30,020 |
| Expert Services | 95,739 | 33,361 | 129,100 | 86,585 | 22,284 | 108,869 |
| Other | 2,534 | 593 | 3,127 | 1,572 | 237 | 1,809 |
| Net sales | 245,538 | 109,014 | 354,551 | 218,806 | 71,362 | 290,168 |
| Sales, TSEK | Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Expert Services | 35,179 | 48,478 | 45,443 | 44,079 | 27,080 | 40,760 | 41,029 | 40,774 | 26,213 |
| Software related revenue | 75,659 | 74,103 | 72,561 | 68,413 | 65,150 | 61,565 | 52,772 | 51,421 | 48,959 |
| Other | 1,102 | 1,363 | 662 | 1,188 | 605 | 652 | 555 | 864 | 431 |
| Total | 111,940 | 123,945 | 118,666 | 113,680 | 92,835 | 102,976 | 94,356 | 93,059 | 75,603 |
| Whereof recurring revenue | 75,177 | 73,512 | 71,852 | 68,075 | 64,734 | 60,943 | 52,234 | 50,534 | 48,468 |
| Whereof recurring revenue (%) | 67% | 59% | 61% | 60% | 70% | 59% | 55% | 54% | 64% |
| Growth in net sales (%) | 21% | 20% | 26% | 22% | 23% | 21% | 11% | 14% | 11% |
| Growth recurring revenue (%) | 16% | 21% | 38% | 35% | 34% | 26% | 11% | 14% | 14% |
*) 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 | Q3 2022 |
Q3 2021 |
|---|---|---|
| Recurring revenue (quarter) | 75,177 | 64,734 |
| ARR | 305,814 | 260,357 |
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Operating income | 20,295 | 15,875 | 65,325 | 56,477 |
| Depreciation of acquired intangible non-current |
||||
| assets | 8,617 | 9,622 | 25,689 | 21,831 |
| EBITA | 28,912 | 25,498 | 91,014 | 78,308 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| EBITA (%) | 26% | 27% | 26% | 27% |
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Operating income |
20,295 | 15,875 | 65,325 | 56,477 |
| Depreciation | 15,971 | 16,944 | 47,149 | 41,589 |
| EBITDA | 36,266 | 32,519 | 112,474 | 98,066 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| EBITDA (%) | 32% | 35% | 32% | 34% |
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 | 30 Sep 2022 | 30 Sep 2021 31 Dec 2021 | |
|---|---|---|---|
| Other financial assets |
780 | 713 | 700 |
| Cash and cash equivalent |
29,937 | 62,355 | 55,167 |
| Financial assets | 30,717 | 63,068 | 55,867 |
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| EBIT | 20,295 | 15,875 | 65,325 | 56,477 |
| Items affecting comparability |
0 | 0 | 0 | 1,082 |
| Adjusted EBIT | 20,295 | 15,875 | 65,325 | 57,559 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| Adjusted EBIT (%) |
18% | 17% | 18% | 20% |
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 | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| EBITA | 28,912 | 25,498 | 91,014 | 78,308 |
| Items affecting comparability |
0 | 0 | 0 | 1,082 |
| Adjusted EBITA | 28,912 | 25,498 | 91,014 | 79,390 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| Adjusted EBITA (%) |
26% | 27% | 26% | 27% |
Adjusted EBITDA shows EBITDA adjusted for one-off items affecting comparison. The purpose is to show EBITDA excluding items that affect comparison with other periods.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| EBITDA | 36,266 | 32,519 | 112,474 | 98,066 |
| Items affect ing compara bility |
0 | 0 | 0 | 1,082 |
| Adjusted | ||||
| EBITDA | 36,266 | 32,519 | 112,474 | 99,148 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| Adjusted EBITDA (%) |
32% | 35% | 32% | 34% |
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 | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Acquisition related expenses |
0 | 0 | 0 | -1,110 |
| Write-down of share option liability |
0 | 0 | 0 | 27 |
| Items affect ing compara bility |
0 | 0 | 0 | -1,082 |
Cash flow from current operations per share
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Cash flow from current operations |
17,683 | 12,821 | 70,017 | 85,161 |
| Number of shares (thousands) |
13,283 | 13,283 | 13,283 | 13,283 |
| Cash flow from operating activities per share (SEK) |
1.33 | 0.97 | 5.27 | 6.41 |
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Net sales, period |
111,940 | 92,835 | 354,551 | 290,168 |
| Net sales, same period previous year |
92,835 | 75,603 | 290,168 | 245,630 |
| Growth in net sales |
21% | 23% | 22% | 18% |
Interest-bearing non-current and current liabilities less financial assets. The purpose is to show the real level of debt.
| TSEK | 30 Sep 2022 | 30 Sep 2021 | 31 Dec 2021 |
|---|---|---|---|
| Interest-bearing non-current liabilities |
125,000 | 175,059 | 162,509 |
| Non-current leasing liabilities |
26,950 | 11,740 | 17,381 |
| Other non-current liabilities |
0 | 39,814 | 40,294 |
| Interest-bearing current liabilities |
76,817 | 87,357 | 64,189 |
| Bank overdraft facility |
18,372 | 0 | 0 |
| Current leasing liabilities |
12,518 | 12,185 | 10,079 |
| Financial assets | -30,717 | -63,068 | -55,867 |
| Net liabilities | 228,940 | 263,087 | 238,585 |
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 – the 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.
| TSEK | Q4 2021 - Q3 2022 |
Q4 2020 - Q3 2021 |
|---|---|---|
| Trailing 12-month net sales |
468,231 | 383,227 |
| Number of employees | 328 | 284 |
| Net sales per employee | 1,429 | 1,347 |
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.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Net sales, period | 111,940 | 92,835 | 354,551 | 290,168 |
| Acquired net sales, last 12 months |
0 | -10,999 | -15,218 | -18,434 |
| Organic net sales |
111,940 | 81,836 | 339,333 | 271,734 |
| Organic net sales, same period last year |
81,836 | 74,937 | 271,734 | 234,851 |
| Adjusted for acquired net sales last 24 months |
10,999 | 666 | 18,434 | 10,779 |
| Comparable | ||||
| organic net sales |
92,835 | 75,603 | 290,168 | 245,630 |
| Organic net sales growth (%) |
21% | 8% | 17% | 11% |
Revenue of annual recurring nature is made up of support and maintenance revenues and subscription revenues.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Subscription revenue |
66,240 | 55,040 | 192,697 | 147,895 |
| Support agree ments |
8,936 | 9,694 | 27,843 | 30,016 |
| Recurring reve nue |
75,177 | 64,734 | 220,540 | 177,911 |
Revenues of annual recurring nature in relation to operating expenses. The measure is a key ratio for industry comparisons.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Recurring revenue |
75,177 | 64,734 | 220,540 | 177,911 |
| Operating expenses |
-92,429 | -76,946 | -290,397 | -233,837 |
| Recurring revenue in relation to operating expenses |
81% | 84% | 76% | 76% |
Defined in accordance with IFRS.
Defined in accordance with IFRS.
Operating income in relation to net sales. To readers of financial reports, the measure is an indicator of a company's earning ability.
| TSEK | Q3 2022 |
Q3 2021 |
Q1 - Q3 2022 |
Q1 - Q3 2021 |
|---|---|---|---|---|
| Operating income |
20,295 | 15,875 | 65,325 | 56,477 |
| Net sales | 111,940 | 92,835 | 354,551 | 290,168 |
| Operating margin |
18% | 17% | 18% | 19% |
Operating income according to the income statement.
All reports, annual reports and presentations are published at investors.lime-technologies.com where it is also possible to subscribe to mailings of financial information.
| 16 February 2023 | Year-end Report, 2022 |
|---|---|
| 22 March 2023 | Annual report 2022 |
| 26 April 2023 | Interim report Q1 2023 |
| 26 April 2023 | Annual general Meeting |
| 14 July 2023 | Interim Report Q2 2023 |
| 19 October 2023 | Interim Report Q3 2023 |
Organisationsnummer: 556953-2616 www.lime-technologies.com St Lars väg 46, 222 70 Lund 046-270 48 00
Lime Technologies AB (publ), 556853-2616
We have reviewed the condensed interim financial information (interim report) of Lime Technologies AB (publ) as of 30 September 2022 and the nine-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, October 20, 2022
Öhrlings PricewaterhouseCoopers AB
Ola Bjärehäll Authorized Public Accountant
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