Vitec Software Group B — Interim / Quarterly Report 2023

Feb 1, 2024

Year-end report January–December 2023

This is Vitec

Vitec is the market leader for vertical software and has its origin and headquarters in Umeå Sweden We develop and deliver standardized software for various functions in society They can be found at the heart of a variety of businesses and activities including pharmacies banks car repair shops property management health care and education Our products enable us to help our customers achieve greater efficiency and to generate societal benefit The expertise of our employees combined with our shared corporate culture and business model enable continuous improvement and innovation Vitec is listed on the Nasdaq Stockholm Large Cap list

GROWTH – DEVELOP AND ACQUIRE

Vitec is an industry player with a longterm outlook Our growth mainly occurs through corporate acquisitions but also organically Our strong cash flow enables us to both reinvest in products and make acquisitions Continual development of our products is crucial to ensure that our offering will remain relevant in the future

RECURRING REVENUES

Our business model is based on a high percentage of recurring revenues This provides us with stable and predictable cash flows that create the prerequisites for a long-term approach It also makes the Group less sensitive to temporary declines within individual business units

VALUE-DRIVEN ORGANIZATION

Within the framework of our decentralized organization the corporate culture plays a significant role in corporate

Brief facts

governance and is important for our long-term success Our values brand promise and Code of Conduct are the three cornerstones of our corporate culture Through an array of forums we create conditions for employees and leaders to become part of our corporate culture

OUR VISION

Shaping a wiser and more sustainable future

OUR VALUES

Our products – our foundation Vertical Market Software

Keep it simple Simple solutions succeed

Trust and transparency Collaboration and responsibility create success

VITEC'S BRAND PROMISE

To rely on – today and tomorrow

VITEC'S BUSINESS CONCEPT

To contribute to the success of our customers by developing and providing standardized and niche businesscritical software

SUSTAINABILITY

Sustainability is integral to our business model and culture To structure our work we have defined four focus areas Responsible growth Enabling products Empowered people and Reduced footprint They are specified based on where and how our business has the greatest impact on the world around us as well as areas where we believe we can make the greatest difference Read more in the annual report's sustainability report

customers

% Proforma recurring revenues, ARR

employees

MSEK proforma net sales

countries Business units

Vitec Software Group has its origin and headquarters in Umeå Sweden A forum for networking and knowledge sharing within the Group is provided here

SUMMARY OF INTERIM PERIOD, OCTOBER–DECEMBER 2023

• Net sales SEK 740 million (578), an increase of 28%
• Recurring revenues SEK 611 million (451), an increase of 35%
• EBITA SEK 224 million (171), an increase of 31%
• EBITA margin 30% (30)
• Operating profit SEK 146 million (106), an increase of 38%
• Operating margin 20% (18)
• Earnings per share before dilution SEK 2.13 (1.87)
• Cash flow from operating activities SEK -11 million (74)
• Acquisition of Memorix as well as completed acquisition of Codea

SUMMARY OF INTERIM PERIOD, JANUARY–DECEMBER 2023

• Net sales SEK 2,778 million (1,978), an increase of 40%
• Recurring revenues SEK 2,346 million (1,631), an increase of 44%

3

• EBITA SEK 876 million (582), an increase of 51%
• EBITA margin 32% (29)
• Operating profit SEK 590 million (356), an increase of 66%
• Operating margin 21% (18)
• Earnings per share before dilution SEK 9.07 (6.92)
• Cash flow from operating activities SEK 718 million (563)
• The Board of Directors propose a dividend increase to SEK 3.00 per share (2.28)

"By continuously investing in our products we can deliver added value to our customers now and in the future which is fully consistent with our brand promise to rely on – today and tomorrow"

Message from the CEO

Strong growth and steadily increasing margins

High inflation high interest rates uncertain economic development and growing turmoil around the world came to characterize For Vitec the year concluded with unusually strong growth and steadily increasing margins – even by our standards This growth is due to the six acquisitions made this year one of which was larger than usual in terms of sales as well as robust organic growth Our organic growth is the result of both price adjustments according to index clauses in our ongoing customer contracts and additional sales to existing customers

These additional sales show that by continuously investing in our products we can deliver added value to our customers now and in the future which is fully consistent with our brand promise "to rely on – today and tomorrow" Our standardized software is often business-critical and helps customers improve efficiency and automation This allows customers to cost-effectively benefit from developments underway across an entire industry which has been appreciated in both upturns and downturns and which paired with a high share of recurring revenues contributes to our own steady growth

Fourth quarter revenues rose by % compared with last year and the EBITA margin was % compared with % last year Revenues for the full year are SEK billion an increase of % with an EBITA margin of % compared with % last year Growth is propelled by both acquisitions and strong organic growth of % and % adjusted for currency effects

Our margin growth is particularly gratifying as we have simultaneously strengthened the organization with new employees which has been challenging at times in past years but is now happening with greater ease An increasing number of people are applying for our job vacancies and appreciate becoming part of a growing innovative company that demonstrates stability and security Net profit is negatively impacted by increased borrowing costs and a higher tax rate than in previous years noncash remeasurement of our performance-based supplementary purchase considerations also had a negative impact of SEK million

Earnings per share rose to SEK compared with SEK last year The Board proposes an increased dividend for the nd consecutive year to SEK per share

During the fourth quarter the previously announced acquisition of Finnish Codea

was completed and we acquired Dutch Memorix A total of six acquisitions were completed in We are pleased to welcome all new employees!

had an excellent start with yet another acquisition and a new vertical through the purchase of Dutch LDC We actively seek avenues for acquisition opportunities both with internal resources and through good contacts among our advisors Over the years we have refined our processes for finding exploring and integrating new companies which allows us to act quickly and with ease as necessary We can also wait for the right time in consultation with a seller – an advantage we have as perpetual owners of excellent vertical software companies From a financial standpoint we are prepared when opportunities arise through strong earnings and available credit

I would especially like to thank all of our customers and employees for and look forward to

Olle Backman CEO Vitec Software Group

October saw the acquisition of software company Memorix which develops and delivers software for managing archives digital heritage and collections

Group financial information

NET SALES AND EARNINGS

October–December Net sales

Net sales for the period totaled SEK million () and included recurring revenues of SEK million () license revenues of SEK million () service revenues of SEK million () and other revenues of SEK million () Recurring revenues consist of subscription-based revenue of SEK million () and transaction-based revenue of SEK million () The increase in transaction-based revenues is attributable to acquisitions

Comments on sales

Net sales rose a total of % for the period recurring revenues rose % Organic growth in subscription-based recurring revenues calculated on a rolling -month basis is % We estimate that approximately percentage points of this growth is attributable to currency effects

Other revenues totaled SEK million which is an increase of % compared with the corresponding period last year License revenues declined % compared with the corresponding period in Service revenues gained % compared with the corresponding period in Recurring revenues accounted for % of net sales compared with % for the corresponding period in During the year acquired companies contributed SEK million in net sales

Earnings

EBITA was SEK million () with an EBITA margin of % () Operating profit was SEK million () with an operating margin of % () Profit after tax for the period amounted to SEK million () Earnings per share before dilution totaled SEK ()

Comments on earnings

EBITA gained % compared with the corresponding period in IFRS related to leases had an impact of SEK million () on operating profit and SEK - million (-) on depreciation The net of capitalized development costs and amortization impairment losses on intangible fixed assets and acquisition-related amortization had a negative effect on operating profit of SEK - million compared with SEK - million the corresponding period last year Acquisition-related costs are included in operating profit and amount to SEK - million (-) of which transfer tax is SEK million (-)

Net financial items total SEK million (-) The items consist of net interest income of SEK - million (-) and non-cash remeasurement to fair value of supplementary purchase considerations of SEK million () and securities held as fixed assets of SEK - million () respectively The increase in net interest income is attributable to higher interest rates and increased borrowing in conjunction with acquisitions

Vitec Software Group develops and provides software for purposes such as field management of emergency vehicles in Finland

January–December Net sales

Net sales for the period totaled SEK million () and included recurring revenues of SEK million () license revenues of SEK million () service revenues of SEK million () and other revenues of SEK million () Recurring revenues consist of subscription-based revenue of SEK million () and transaction-based revenue of SEK million () The increase in transaction-based revenues is attributable to acquisitions

Comments on sales

Net sales rose a total of % for the period recurring revenues rose % Organic growth in subscription-based recurring revenues calculated on a rolling -month basis is % We estimate that approximately percentage points of this growth is attributable to currency effects

Other revenues totaled SEK million which is an increase of % compared with the corresponding period last year Licensing declined by % Service revenues gained % compared with the corresponding period in Recurring revenues accounted for % of net sales compared with % for the corresponding period in During the year acquired companies contributed SEK million in net sales

Earnings

EBITA was SEK million () with an EBITA margin of % () Operating profit was SEK million () with an operating margin of % () Profit after tax for the period amounted to SEK million () Earnings per share before dilution totaled SEK ()

Comments on earnings

EBITA gained % compared with the corresponding period in IFRS related to leases had an impact of SEK million () on operating profit and SEK - million (-) on depreciation The net of capitalized development costs and amortization impairment losses on intangible fixed assets and acquisition-related amortization had a negative effect on operating profit of SEK - million compared with SEK - million the corresponding period last year Acquisition-related costs are included in operating profit and amount to SEK - million (-) of which transfer tax is SEK - million (-)

Net financial items total SEK million (-) The items consist of net interest income of SEK - million (-) and non-cash remeasurement to fair value of supplementary purchase considerations of SEK - million () and securities held as fixed assets of SEK - million () respectively The increase in net interest income is attributable to higher interest rates and increased borrowing in conjunction with acquisitions

Net sales SEK million January-December

	 Oct–Dec	 Oct–Dec	Change	 Jan–Dec	 Jan–Dec	Change
Net sales SEK million			%			%
Recurring share of net sales %	%	%		%	%
EBITA SEK million			%			%
EBITA margin %	%	%		%	%
Operating profit/loss SEK million			%			%
Operating margin %	%	%		%	%
Net profit/loss for the period SEK million			%			%
Earnings per share SEK					

Diagrams on Group trends

2015 2016 2017 2018 2019 2020 2021 2022 2023

Sales by quarter EBITA and EBITA margin by quarter

Breakdown of revenue January–December

Allocation of recurring revenues Q -Q

Sales broken down by business unit and customer

Because we operate in a number of niche markets and countries we have good distribution of revenue in terms of both geography and area of operation Although we operate in several niche markets we still engage in essentially the same business we develop and deliver standardized software Some are complete enterprise systems while others provide support for specific aspects of our customers' operations

As we continue to acquire profitable vertical software companies we expect the distribution of risk to continue in a positive direction

Sales by market January–December

VITEC WORLDWIDE

5% 7% 13% 15% 15% 20% 25% Other Sweden Finland Norway Denmark USA The Netherlands

BREAKDOWN OF SALES

Our sales are evenly spread across our business units No individual business unit accounts for more than % of consolidated sales

We have about customers The Group's ten largest software customers account for approximately % of sales The single largest software customer accounts for approximately % of sales

Our business units

We conduct our operations through our independent business units Vitec develops and delivers software aimed at various functions in society They can be found at the heart of a variety of businesses and activities including

pharmacies banks car repair shops property management health care and education Our products enable us to help our customers achieve greater efficiency and to generate societal benefit

BUSINESS UNITS

Business unit	Software for	Registered office	Acquisition year	Sales  MSEK	Recurring 
ABS Laundry Business Solutions	The global laundry and textile rental industry	NL			%
Enova	Energy management and grid balancing services in the Netherlands	NL			%
Vabi	Sustainable energy management for the real estate and property management industry in the Netherlands	NL			%
Vitec Actor Smartbook	Municipal culture and recreation administration offices as well as other visitor facilities in Norway and Sweden	SE			%
Vitec Acute	Healthcare companies in Finland	FI			%
Vitec Agrando	Church-related administration in Norway	NO			%
Vitec ALMA	Information management within the process industry and energy companies in Finland	FI			%
Vitec Aloc	Banking and finance industry in the Nordic countries and western Europe	DK			%
Vitec Appva	Healthcare and social services sector in Sweden	SE			%
Vitec Autosystemer	Automotive transportation and machinery industry in Norway	NO			%
Vitec Avoine	Local associations national organizations and golf facilities in Finland	FI			%
Vitec Fastighet	Construction and property management industry in Sweden	SE			%
Vitec Capitex Finanssystem	Banking and finance industry primarily in Sweden and with some establishment in Norway and Finland	SE			%
Vitec Cito	Pharmacy market in Denmark	DK			%
Vitec Codea	Emergency service activities and field management of emergency vehicles in Finland	FI			%
Vitec Datamann	Car dealers and auto repair shops in Denmark	DK			%
Vitec DL System	Facilities in the tourism sector	SE			%
Vitec DocuBizz	Automotive industry in northern Europe and the US	DK			%
Vitec Energy	Electricity traders and owners of electricity and district heating grids in about  different countries	SE			%
Vitec Fixit	Hair and beauty salons in Norway	NO			%

		Registered	Acquisition	Sales 	Recurring
Business unit	Software for	office	year	MSEK	
Vitec Futursoft	Automotive industry and machinery sector in Finland and Sweden	FI			%
Vitec HK data	Health and welfare sector in Norway	NO			%
Vitec Hotelinx	Hotels and tourism in Finland	FI			%
Vitec Katrina	Church-related administration in Finland	FI			%
Vitec Megler	Real estate agents in Norway	NO			%
Vitec Memorix	Archives digital heritage and collections in the Benelux region	NL			%
Vitec MV	Education sector in Denmark Norway and Sweden	DK			%
Vitec Mäklarsystem	Real estate agents in Sweden	SE			%
Vitec Neagen	Healthcare sector in Finland	FI			%
Vitec Nice	Liability insurance companies in Norway and Sweden	NO			%
Vitec Nordman	Food and grocery retail industry in Sweden	SE			%
Vitec Plania	Building and facility management in Norway	NO			%
Vitec Raisoft	Healthcare and social services company in Finland and Switzerland	FI			%
Vitec Samfundssystem	Administrative services for churches and preschools in Sweden	SE			%
Vitec Scanrate	Bond market in Denmark	DK			%
Vitec Tietomitta	Private and municipal waste-and-resource processing in Finland	FI			%
Vitec Travelize	Travel agencies primarily in Scandinavia	SE			%
Vitec Unikum	Retail trade and manufacturing industry in Sweden	SE			%
Vitec Visiolink	Media companies in Europe	DK			%
Vitec WIMS	Insurance companies in Norway	NO			%

Balance sheets and cash flow

LIQUIDITY AND FINANCIAL POSITION

The Group's cash and cash equivalents at the end of the year totaled SEK million () In addition to cash and cash equivalents Vitec has an overdraft facility of SEK million and SEK million in unutilized portions of the credit facility which amount to a total of SEK million The terms and conditions of the company's credit agreement contain restrictions known as covenants The Group has fulfilled the terms and conditions in their entirety during the period

At December interest-bearing liabilities totaled SEK million () and comprised SEK million () in non-current interest-bearing liabilities and SEK million () in current interest-bearing liabilities Non-current interest-bearing liabilities comprised bank loans of SEK million as well as convertible debentures totaling SEK million Current interest-bearing liabilities comprised bank loans of SEK million as well as convertible debentures totaling SEK million Interest-bearing net debt amounts to SEK million ()

The convertible loans consist in part of convertible debentures subscribed for in conjunction with acquisitions and in part of employee convertibles that were approved at the most recent annual general meetings

During the year convertible loans and were converted which reduced financial liabilities by SEK million

Liabilities relating to right-to-use assets in the form of leases for premises are included in other non-current liabilities of SEK million and in other current liabilities of SEK million

The total supplementary contingent consideration as of December was SEK million including a non-current portion of SEK million and a current portion of SEK million

CASH FLOW AND INVESTMENTS

During the year we have increased our existing credit facility agreement with Nordea and SEB by SEK million The facility now amounts to SEK million Conditions and covenant requirements are in level with previous agreements with the banks

Financing was arranged during the year by using SEK million from the credit facility Repayment of the facility totaled SEK million amortization of bank loans amounted to SEK million and amortization related to rightto-use assets was SEK million Cash flow from operating activities was SEK million () Investments totaled SEK million in capitalized work SEK million in other intangible assets and SEK million in property plant and equipment Investments in right-of-use assets not affecting cash flow totaled SEK million As a result of acquisitions SEK million was invested in product rights brands customer agreements and goodwill

The fourth and final payment of the dividend for financial year was made on March when SEK million was paid Payments relating to the financial year were made on June September and December in the amounts of SEK million SEK million and SEK million respectively

SHAREHOLDERS' EQUITY

Equity attributable to Vitec's shareholders totaled SEK million () The equity/assets ratio is % () On April the Annual General Meeting resolved to pay a dividend of SEK per share totaling SEK million The dividend will be divided up and paid on four payment dates June September December and March Expensed dividends for the last payment date amount to SEK million

Three convertible loans were converted during the year As a result the number of class B shares grew by A warrant program also matured in which shares were allocated

During the year share capital rose by SEK The number of shares in Vitec at the close of the financial year is shares including class A shares

On April the Annual General Meeting resolved on the introduction of a new long-term share savings plan the Employee Share Savings Plan "ESSP " The program is aimed at all Vitec Group employees and requires personal investment in class B shares in Vitec ("Savings Shares") for a period of twelve () months ("Savings Period") typically through monthly savings Employees are offered an opportunity to receive free of charge allocation of class B shares in Vitec after a lock-in period starting after the first acquisition of Savings Shares until June ("Lock-in Period") Employees receive allocation of class B shares ("matching shares") provided that their employment has not concluded before the end of the Lock-in Period and provided that the participant retains their initial investment in Savings Shares

The program launched during the third quarter of and the cost of the matching shares for the period amounts to SEK million recognized as a personnel expense and in equity During the quarter class B shares were also repurchased These shares will be used as matching shares for "ESSP " The purchase amount of SEK million was recognized in shareholders' equity

TAXES

Current tax for the year amounted to SEK million () Deferred tax totaled SEK - million ()

Profit before tax was SEK million () Non-deductible expenses and non-taxable revenues amount to SEK million () which results in a taxable profit totaling SEK million ()

The average tax rate based on the taxable profit is % ()

Outstanding warrant program

Warrants	Number of options	Grant date	Maturity date	Exercise price SEK	Max increase share capital	Dilution capital	Dilution votes
TO :		Jun  	Jun  – Jun  			%	%
TO :		May  	Jun  – Jun  			%	%
TO :		Jul  	Jun  – Jun  			%	%
Number of options						%	%

Convertible debentures

Convertible debentures	Carrying amount SEK million	Duration	Conversion period	Conversion price SEK	Max increase share capital SEK million	Dilution capital	Dilution votes
Loan 		Apr  – Jun  	Jan  – Jun  			%	%
Loan 		Jan  – Jan  	Aug  – Jan  			%	%
Loan / : 		Jul  – Jun  	Jul  – Jun  			%	%
Loan / : 		Sep  – Jun  	Jul  – Jun  			%	%
Loan/ : 		Oct  – Sep  	Oct  – Sep  			%	%
Loan / : 		Jun  – Jun  	July  – Jun  			%	%
Bond / :		Sep  – Sep  	Oct  – Sep 			%	%
Loan /: 		Nov  – Nov  	Dec  – Nov  			%	%
Loan : Convertible Employee Program		Jun  – Jun  	Jun  – Jun  			%	%
Loan : Convertible Employee Program		Jun  – Jun  	Jun  – Jun  			%	%
Total liability						%	%

Growth – develop and acquire

Vitec is an industry player with a longterm outlook Our growth mainly occurs through corporate acquisitions but also organically Our business model is based on a high percentage of recurring revenues This provides us with stable and predictable cash flows that enable us to pursue a long-term approach where we can both reinvest in products and make acquisitions Continual development of our products is crucial to ensure that our offering will remain relevant in the future

ACQUISITIONS DURING THE PERIOD

Six acquisitions were completed during the year Enova Holding BV DL Systems AB Entry Event Sweden AB Neagen Oy Memorix BV and Codea Oy From the acquisition date up to and including December revenues in the acquired companies totaled SEK million in sales and SEK million in profit before tax If consolidation had occurred at the beginning of the year the companies would have provided the Group with roughly an additional SEK million in sales and SEK million in profit before tax The acquisition-related expenses are recognized in operating profit and total SEK million The operating profit also includes SEK million in acquisition-related costs related to acquisitions from previous years

The goodwill items are not tax deductible and are deemed to be attributable to anticipated profitability and complementary expertise requirements as well as anticipated synergy effects in the form of the joint development of our products

The acquisitions added SEK million in product rights SEK million in brands SEK million in customer agreements and SEK million in goodwill Expensed portions of contingent considerations amount in total to a discounted value of SEK million and are subject to gross margin improvements and EBIT improvements over the next several years Contingent considerations are valued at discounted value of maximum outcome

Acquisition Enova Holding BV

On September Vitec acquired all shares in the Dutch software company Enova Holding BV Enova develops and delivers energy management software for large companies in the Netherlands and also provides grid management services

Enova's sales averaged EUR million in the and financial years The acquisition is expected to yield an immediate increase in earnings per share for Vitec Consolidation takes place from the date of acquisition

Payment was in cash as well as through a contingent consideration arrangement

Acquisition DL System AB

On May Vitec acquired all shares in the Swedish software company DL Systems AB DL Systems develops and delivers a complete booking system for facilities in the hospitality sector in Sweden

The company reported sales of SEK million for the fiscal year The acquisition is expected to yield an immediate increase in earnings per share for Vitec Consolidation takes place from the date of acquisition

Payment was in cash as well as through a contingent consideration arrangement

Acquisition Entry Event Sweden AB

On June Vitec acquired all shares in the Swedish software company Entry Event Sweden AB Entry Event develops and delivers a complete business system for the hospitality sector in Sweden

The company reported sales of SEK million for the split financial year The acquisition is expected to yield an immediate increase in earnings per share for Vitec Consolidation takes place from the date of acquisition

Payment was made in cash less a withheld amount payable on June and June Payment was also made with a convertible with deviation

from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April The convertible matures in months and at full conversion will have a dilutive effect on capital below %

After the acquisition Entry Event is part of the business unit Vitec Actor Smartbook

Acquisition Neagen Oy

On June an agreement was signed to acquire all shares in the Finnish software company Neagen Oy and the acquisition was completed on September Neagen develops and delivers medical imaging archiving and viewing solutions for the Finnish market

The company reported sales of approximately EUR million for the financial year The acquisition is expected to yield an immediate increase in earnings per share for Vitec Consolidation takes place from the date of acquisition

Payment was in cash and with a convertible with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April The convertible matures in months and at full conversion will have a dilutive effect on capital of less than %

Acquisition Codea

On September an agreement was signed to acquire all shares in the Finnish software companies Codea Oy and Navicode Oy the acquisition was completed on November Software company Codea develops and delivers critical software for field management of emergency vehicles in Finland

Codea reported sales of approximately EUR million in the financial year The acquisition is expected to yield an immediate increase in earnings per share for Vitec

Payment was in cash and with a convertible with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April

The convertible matures in months and at full conversion will have a dilutive effect on capital of less than %

Memorix acquisition

On October Vitec acquired all shares in the Dutch software company Picturae ICT BV In conjunction with the acquisition the company changed its name to Vitec Memorix BV Memorix develops and delivers software for managing archives digital heritage and collections in the Benelux region

The company reported sales of EUR million in the financial year The acquisition is expected to yield an immediate increase in earnings per share for Vitec Consolidation takes place from the date of acquisition

Payment was in cash as well as through a contingent consideration arrangement

Acquired revenue

ORGANIC GROWTH

	R	R
SEK million	-	-	Growth
Reported subscription-based recurring revenues		
Effect of acquired units		
Proforma subscription-based recurring revenues			%
Reported transaction-based recurring revenues		
Effect of acquired units		
Proforma transaction-based recurring revenues			%
Reported recurring revenues		
Effect of acquired units		
Proforma recurring revenues			%
Reported net sales			%
Effect of acquired units		
Proforma net sales			%

INVESTMENTS: CO-OWNERSHIP

Our subsidiary Malmkroppen AB aims to invest in Nordic software companies that are in an earlier phase than the software companies that are usually acquired

Investment in Precisely AB

On March Malmkroppen invested in the Swedish software company Precisely AB Precisely provides software that enables businesses and organizations to manage contracts more efficiently Vitec holds a % stake in the company after the investment

Investment in Predge AB

On March Malmkroppen expanded its ownership stake in the Swedish software company Predge AB Predge provides decision support for the transition from reactive to predictive maintenance and long-term sustainable operation Vitec holds a % stake in the company after the investment

Investment in Indico Technologies AB

On March Malmkroppen invested in the Swedish software company Indico Technologies AB Indico delivers forecasting tools that can interpret large amounts of data for businesses where forecast accuracy has a direct impact on margins and profits Vitec holds a % stake in the company after the investment

Investment in Voxo AB

On April Malmkroppen expanded its ownership stake in the Swedish software company Voxo AB Voxo is a Swedish voice technology company specializing in conversation-based AI solutions Vitec holds a % stake in the company after the investment

Investment in Tempus Information Systems AB

On April Malmkroppen expanded its ownership stake in the Swedish software company Tempus Information Systems AB Tempus develops resource planning and scheduling software for preschools in Sweden Vitec holds a % stake in the company after the investment

Investment in Pinpointest AB

On June Malmkroppen expanded its ownership stake in the Swedish software company Pinpointest AB Pinpointest offers an open independent and free platform that compiles estimates prior to financial statements and interim reports from a large number of investors and offers broad market expectations for listed companies Vitec holds a % stake in the company after the investment

Vitec was founded in by research colleagues Lars Stenlund and Olov Sandberg The company is a spin-off from Umeå University

Other significant events during the period

The Board of Vitec Software Group AB (publ) supported by the authorization of the Annual General Meeting on April has decided on the acquisition of a maximum of   class B treasury shares on Nasdaq Stockholm The purpose of the decision is to ensure delivery of class B shares in Vitec Software Group to participants in the Company's share savings plan for employees (Employee Share Savings Plan

ESSP ) which was launched in May as well as to secure related social security expenses

Acquisitions may be made on one or more occasions during the period until the Annual General Meeting The Board may decide on additional acquisitions of class B treasury shares with the support of the authorization of the Annual General Meeting

Acquisitions are to be made on Nasdaq Stockholm in accordance with the Nordic Main Market Rulebook for Issuers of Shares Acquisitions are made at a price within the range applicable on Nasdaq Stockholm at any given time defined as the interval between the highest buying price and the lowest selling price Payment for acquired shares is to be made in cash

Significant events after the period

VITEC ACQUIRES THE SOFTWARE COMPANY LDC

Vitec Software Group AB (publ) strengthens its position in Vertical Market Software on January by acquiring all shares in the Dutch software company LDC I-Talent Solutions BV

The software company LDC develops and delivers a platform for coaches and candidates in the field of career and human resource management reintegration and training

LDC reported sales of EUR million for the financial year The acquisition is expected to yield an immediate increase in earnings per share for Vitec

Payment was in cash and with a convertible with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April The convertible matures in months and at full conversion will have a dilutive effect on capital of less than % Consolidation will commence as of the acquisition date

At the time of this report's publication there were no financial statements

available that could serve as the basis of a more detailed description of the acquisition For this reason no information is presented about the fair value of acquired assets and acquired assets and liabilities We expect the future items of a detailed acquisition plan to comprise product rights customer agreements brands and goodwill Goodwill is deemed to be attributable to anticipated profitability and complementary expertise requirements as well as expected synergies in the form of the joint development of our products

Risks and uncertainties

Material risks and uncertainties are described in the administration report of the of the Annual Report under "Risks and uncertainties" on pages - in Note under the section

"Assessments and estimates" on pages and in Note "Financial risks and the management of capital" on pages - No material changes have occurred since then

Parent Company

Net sales totaled SEK million () and essentially comprised invoicing to subsidiaries for services rendered Profit after tax was SEK million () Parent Company earnings were effected by unrealized foreign-exchange gains totaling SEK million (-) The Parent Company is generally exposed to the same risks and uncertainties as the Group refer to the above section Risks and uncertainties

Related-party transactions

No significant transactions with related parties occurred in the Group or Parent Company during the period

Accounting and measurement policies

This interim report has been prepared in accordance with IAS Interim Financial Reporting The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act The Parent Company's accounts were prepared in accordance with the Annual Accounts Act and recommendation RFR Accounting for Legal Entities No new or amended standards entered into force as of that are expected to affect the Group's accounts

OPERATING SEGMENTS

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker of the Company In the Vitec Group the CEO and President has been identified as chief executive decision-maker who evaluates the Group's financial position and performance and makes decisions on resource allocation The operating segments form the operational structure for internal governance follow-ups and reporting The CEO analyzes and monitors the sales and earnings of the operation based on the total consolidated operations The assessment is thus that the Group's operations consist of one segment

INCENTIVE PROGRAM

There is an ongoing convertible program aimed at all personnel in the form of convertible debentures The shares were issued on market terms Consequently there are no benefits that can be recognized as share-based remuneration

Warrant incentive programs are also underway in the form of warrants aimed at around people The shares were issued on market terms The fair value of options granted is calculated using a modified version of the Black-Scholes valuation model The value of the option premiums is recognized as share-based remuneration

As of the third quarter of a longterm share savings plan aimed at all staff has been in place If the conditions are met participants receive matching shares The value of the matching shares is recognized as share-based remuneration

FINANCIAL INSTRUMENTS

Classification and measurement Financial instruments are recognized initially at cost corresponding to the instrument's fair value plus transaction costs A financial instrument is classified at initial recognition based on among other factors the purpose for which the instrument was acquired Vitec has financial instruments under the categories loans and accounts receivable financial assets at fair value financial liabilities at fair value and financial liabilities at amortized cost

Financial liabilities measured at fair value

In accordance with IFRS the fair value of each financial asset and financial

liability must be disclosed regardless of whether they are recognized in the balance sheet Vitec deems the fair value of the financial assets/liabilities to be close to the recognized carrying amount

All of the company's financial instruments that are subject to measurement at fair value are classified as level and pertain to securities held as fixed assets as well as contingent considerations in conjunction with acquisitions

Securities held as fixed assets are measured at estimated fair value any adjustments are made through profit or loss

Significant amounts of supplementary contingent considerations are measured at estimated fair value any adjustments are made through profit or loss

Recurring measurements at fair value at December SEK thousands

	Level 	Level 	Level 	Book value
Securities held as fixed assets				
Total assets				
Supplementary contingent considerations due within  year				
Supplementary contingent considerations due in more than  year but within  years				
Supplementary contingent considerations due in more than  years but within  years				
Total liabilities				

Signature

AFFIRMATION OF THE BOARD OF DIRECTORS

The Board of Directors and the CEO hereby certify that this year-end report provides a fair view of the Group's and the Parent Company's operations position and performance and describes the material risks and uncertainties facing the Parent Company and the companies included in the Group

Umeå February

Lars Stenlund Chairman of the Board

Jan Friedman Board member Birgitta Johansson-Hedberg Board member

Malin Ruijsenaars Board member

Kaj Sandart Board member Anna Valtonen Board member

Olle Backman Chief Executive Officer

Condensed consolidated statement of comprehensive income

SEK THOUSANDS	 Oct–Dec	 Oct–Dec	 Jan–Dec	 Jan–Dec
OPERATING REVENUES
Recurring revenues				
License revenues				
Service revenues				
Other revenues				
NET SALES				
Reversal of supplementary purchase consideration	-	-	-	
TOTAL REVENUES				
Capitalized development costs				
OPERATING EXPENSES
Goods for resale	-	-	-	-
Subcontractors and subscriptions	-	-	-	-
Other external expenses	-	-	-	-
Personnel expenses	-	-	-	-
Depreciation of property plant and equipment	-	-	-	-
Amortization of intangible fixed assets	-	-	-	-
Impairment of intangible assets	-	-	-	-
Unrealized exchange-rate gains/losses (net)			-	
TOTAL EXPENSES	-	-	-	-
EBITA				
Acquisition-related costs	-	-	-	-
Acquisition-related amortization	-	-	-	-
OPERATING PROFIT/LOSS				
Financial income				
Financial expenses	-	-	-	-
Other financial income and expenses		-	-	-
TOTAL FINANCIAL ITEMS	-	-	-	-
PROFIT AFTER FINANCIAL ITEMS				
Tax	-	-	-	-
NET PROFIT FOR THE PERIOD				
OTHER COMPREHENSIVE INCOME ITEMS THAT MAY BE RECLASSIFIED AS PROFIT/ LOSS FOR THE YEAR
Restatement of net investments in foreign operations and hedge accounting of the same	-		-	
OTHER COMPREHENSIVE INCOME FOR THE PERIOD	-		-	
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-			
PROFIT FOR THE PERIOD ATTRIBUTABLE TO
– Parent Company shareholders				
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO
– Parent Company shareholders	-			

Condensed consolidated statement of financial position

SEK THOUSANDS	Dec  	Dec  
ASSETS
FIXED ASSETS
Goodwill		
Other intangible fixed assets		
Tangible property plant and equipment		
Financial fixed assets		
Deferred tax assets		
TOTAL FIXED ASSETS		
CURRENT ASSETS
Inventories		
Current receivables		
Cash and cash equivalents		
TOTAL CURRENT ASSETS		
TOTAL ASSETS		
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to Parent Company shareholders		
Non-current interest-bearing liabilities		
Deferred tax liabilities		
Other non-current liabilities		
TOTAL NON-CURRENT LIABILITIES		
Accounts payable		
Current portion of interest-bearing liabilities		
Other current liabilities		
Accrued expenses		
Prepaid recurring revenues		
TOTAL CURRENT LIABILITIES		
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		

Condensed consolidated statement of changes in equity

				
SEK THOUSANDS	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec
EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS
Opening balance				
Correction of error attributable to previous year	-	-	-	-
Convertible debenture with stock options				
Debenture conversion		-		
New share issue	-		-	
Issuing costs	-	-	-	-
Paid option premiums		-		
Option premiums measured at fair value	-	-	-	
Long-term incentive program		-		-
Repurchase of treasury shares	-	-	-	-
Reserved dividend		-	-	-
Paid dividend	-		-	-
Total comprehensive income	-			
CLOSING BALANCE				

Condensed consolidated statement of cash flow

SEK THOUSANDS	 Oct–Dec	 Oct–Dec	 Jan–Dec	 Jan–Dec
OPERATING ACTIVITIES
Operating profit				
Adjustments for non-cash items
Other operating revenues	-	-	-	-
Depreciation amortization and impairment				
Unrealized foreign exchange gains/losses	-	-		-
Share-based remuneration	-	-	-	
				
Interest received				
Interest paid	-	-	-	-
Income tax paid	-	-	-	-
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL				
Changes in working capital
Increase/decrease in inventories			-	-
Increase/decrease in accounts receivable	-	-	-	-
Increase/decrease in other operating receivables				-
Increase/decrease in accounts payable	-		-	-
Increase/decrease in other operating liabilities	-		-	-
CASH FLOW FROM OPERATING ACTIVITIES	-			
INVESTING ACTIVITIES
Acquisition of shares and participations	-	-	-	-
Acquisition of subsidiaries (net impact on liquidity)	-	-	-	-
Supplementary purchase considerations paid	-	-	-	-
Purchase of intangible fixed assets and capitalized development costs	-	-	-	-
Purchase of property plant and equipment	-	-	-	-
	-	-	-	-
CASH FLOW FROM INVESTING ACTIVITIES
FINANCING ACTIVITIES
Dividends to Parent Company shareholders	-	-	-	-
Borrowings Repayment of loans	 -	 -	 -	 -
Repayment of lease liabilities	-	-	-	-
New share issue	-		-	
Issuing costs	-	-	-	-
Long-term incentive program	-	-	-	-
Paid option premiums		-		
CASH FLOW FROM FINANCING ACTIVITIES				
CASH FLOW FOR THE PERIOD	-		-	
OPENING CASH AND CASH EQUIVALENTS INCLUDING CURRENT INVESTMENTS				
Exchange-rate differences in cash and cash equivalents		-		
CASH AND CASH EQUIVALENTS INCLUDING CURRENT INVESTMENTS AT THE END OF THE PERIOD				

Parent company income statement condensed

SEK THOUSANDS	 Oct–Dec	 Oct–Dec	 Jan–Dec	 Jan–Dec
Operating revenues				
Operating expenses	-	-	-	-
Unrealized exchange-rate gains/losses (net)		-		-
OPERATING PROFIT/LOSS		-		-
Income from participation in Group companies				
Interest income				
Interest expenses	-	-	-	-
PROFIT AFTER FINANCIAL ITEMS				
Appropriations				
PROFIT/LOSS BEFORE TAX				
Tax	-	-	-	-
NET PROFIT FOR THE PERIOD				

Profit/Loss for the period corresponds to total comprehensive income

Condensed balance sheet Parent Company

SEK THOUSANDS	Dec  	Dec  
ASSETS
FIXED ASSETS
Intangible fixed assets		
Tangible property plant and equipment		
Financial fixed assets		
TOTAL FIXED ASSETS		
CURRENT ASSETS
Current receivables		
Cash and cash equivalents	-	
TOTAL CURRENT ASSETS		
TOTAL ASSETS		
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity		
Untaxed reserves		
Other provisions		-
Non-current liabilities		
Current liabilities		
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		

Acquired assets and liabilities

Six acquisitions were completed during the year Enova Holding BV DL Systems AB Entry Event Sweden AB Neagen Oy Memorix BV and Codea Oy Some items in the acquisition plans may be remeasured due to our brief ownership of the companies This applies to all assets and liabilities in the acquisition balances but mainly brands product rights customer agreements and goodwill For this reason the acquisition plans remain preliminary until months after the acquisition date During the fourth quarter the acquisition balance for Neagen Oy was updated Customer agreements decreased by SEK million and Brands increased by SEK million This affected the deferred tax liability which decreased by SEK million These changes in the acquisition balance has affected Goodwill which has increased by SEK million

Acquired assets and liabilities acquisitions for the year SEK thousands	Book value	Fair value adjustment	Fair value recognized in the Group
Goodwill	-		
Intangible fixed assets			
Tangible property plant and equipment		-	
Financial fixed assets		-	
Inventories		-	
Current receivables		-	
Cash and cash equivalents		-	
Deferred tax liabilities	-	-	-
Accounts payable	-	-	-
Other current liabilities	-	-	-
Other non-current liabilities	-	-	-
Total			
Effect of acquisitions on cash flow SEK thousands
Group's purchase costs			-

Net cash outflow	-
Acquired cash and cash equivalents	
Convertible debentures	
Expensed portion of purchase considerations	

Remeasurement of previously acquired assets and liabilities

FINAL ACQUISITION PLAN ABS LAUNDRY BUSINESS SOLUTIONS

On July % of shares in the software group ABS Laundry Business Solutions were acquired Final valuation of acquired assets and liabilities has

taken place earlier during The value of product rights was measured higher and goodwill was reduced correspondingly Final valuation of acquisition analyses for DocuBizz Hotellinx Scanrate and Raisoft has also taken place

Remeasurement acquisition plan ABS	Initial valuation	Remeasurement	Final valuation
Goodwill		-	
Intangible assets			
Deferred tax liabilities	-	-	-
Other net assets		-	
Total			
Remeasurement acquisition plan other acquisitions	Initial valuation	Remeasurement	Final valuation
Goodwill		-	
Intangible assets			
Deferred tax liabilities	-	-	-
Other net assets		-	

Allocation of revenues and date of revenue recognition

Allocation of revenues and date of revenue recognition SEK million	 Oct–Dec	 Oct–Dec	 Jan–Dec	 Jan–Dec
Subscription-based revenue				
Transaction-based revenue				
Other revenues				
Net sales				
Date of revenue recognition
Services transferred to customers over time flat distribution				
Services transferred to customers over time in pace with use				
Services transferred to customers at a given time				
				

Shareholder information

PUBLICATION

This information is such information that Vitec Software Group AB (publ) is required to disclose pursuant to the EU Market Abuse Regulation The information was submitted for publication through the agency of the contact person set out below at : am (CET) on February

This English version of the report is a translation of the original Swedish version in the event of variances the Swedish version shall take precedence over the English translation

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

FINANCIAL INFORMATION

Our website vitecsoftwarecom is our primary channel for IR information where we publish financial information immediately upon release

We can also be contacted through the following channels

By post Vitec Software Group Vitec Investor Relations Tvistevägen A SE- Umeå Sweden

By telephone +

Vitec's annual report is available at vitecsoftwarecom

CORPORATE REGISTRATION NUMBER

Vitec Software Group AB (publ) corp reg no -

FINANCIAL CALENDAR

Interim report January–March 	Apr   : am
Annual General Meeting	Apr   : pm
Interim report January–June 	Jul   : am
Interim report January–September 	Oct   : am
Year-end report	Feb   : am
January–December 

Olle Backman CEO + ollebackman@vitecsoftwarecom

Sara Nilsson CFO + saranilsson@vitecsoftwarecom

Patrik Fransson Investor Relations + patrikfransson@vitecsoftwarecom

Definitions of key indicators

This interim report refers to several financial measurements that are not defined under IFRS known as alternative performance measures in accordance with ESMA's is called alternative These measurements provide senior management and investors with significant information for analyzing trends in the company's business operations Alternative performance measures are not always comparable with measurements used by other companies They are

intended to complement not replace financial measurements presented in accordance with IFRS The key indicators presented on the last page of this report are defined as follows

NON-IFRS KEY INDICATORS	DEFINITION	USAGE
Recurring revenues	Recurring contractual revenues with no direct relationship between our work efforts and the contracted price. The contractual amount is usually billed in advance and the revenues are recognized during the contract's term.	A key indicator for the management of operational activities.
Subscription-based recurring revenues	Recurring, contractual recurring revenue for all types of subscriptions and cloud services. Revenue is evenly dis tributed over the contract period.	Used to track the company's recur ring revenues.
Transaction-based recur ring revenues	Recurring, contractual recurring transaction-based reve nue. Revenue is strongly linked to volume and varies by volume.	Used to track the company's recur ring revenues.
Percentage of recurring revenues	Recurring revenues in relation to net sales.	A key indicator for the management of operational activities.
Growth	The trend of the company's net sales in relation to corre sponding year-earlier period.	Used to monitor the company's sales trend.
Growth in recurring reve nues	Trend in recurring revenues in relation to the previous corresponding year.	Used to monitor the company's sales trend.
Organic growth in recurring revenues	Development of the company's recurring revenue over the last 12 months, including data for acquired companies, in relation to corresponding year-earlier period.	Used to monitor the company's sales trend.
Proforma net sales rolling  months	Net sales the past four quarters with addition of sales from acquired units for the time prior to the acquisition date.	Used to monitor the company's sales trend.
ARR Proforma recurring	ARR, Annual Recurring Revenues. Recurring revenues the	Used to monitor the company's
revenues rolling 	past four quarters with addition of recurring revenues from acquired units for the time prior to the acquisition date.	sales trend.
Gross profit	The company's sales less the cost of goods purchased for resale and subcontractors and subscriptions.	Used to monitor the company's de pendence on external direct costs
Gross margin	Gross profit in relation to net sales.	Used to monitor the company's de pendence on external direct costs
EBITA	Net profit/loss for the period before acquisition-related costs, acquisition-related amortization, net financial items and tax.	Indicates the company's net profit/ loss for the period before acquisi tion-related costs, acquisition-re lated amortization.
EBITDA	Earnings before interest, tax, depreciation and amortiza tion for the period.	Indicates the company's operating profit/loss before depreciation/ amortization.
Acquisition-related costs	Costs such as broker fees, legal fees and stamp tax (tax on single property purchases).	Used to disclose items affecting comparability.
Acquisition-related amor tization	Amortization regarding product rights and customer agreements.	Used to disclose items affecting comparability.
EBITA margin	Operating profit before acquisition-related costs in rela tion to net sales.	Used to monitor the company's earnings trend.

NON-IFRS KEY INDICATORS	DEFINITION	USAGE
Profit margin	Profit after tax for the period, in relation to net sales.	Used to monitor the company's earnings trend.
Equity/assets ratio	Shareholders' equity, including equity attributable to non-controlling interests as a percentage of total assets.	This measurement is an indicator of the company's financial stability.
Equity/assets ratio after full conversion	Shareholders' equity and convertible debentures as a percentage of total assets.	This measurement is an indicator of the company's financial stability.
Interest-bearing net debt	Non-current interest-bearing liabilities and the current portion of interest-bearing liabilities, less cash and cash equivalents.	This measurement is an indicator of the company's financial stability.
Debt/equity ratio	Average debt in relation to average shareholders' equity and non-controlling interests.	This measurement is an indicator of the company's financial stability.
Average shareholders' equity	The average between shareholders' equity for the period attributable to Parent Company shareholders and share holders' equity for the preceding period attributable to Parent Company shareholders.	An underlying measurement on which the calculation of other key indicators is based.
Return on capital employed	Profit after net financial items plus interest expenses, as a percentage of average capital employed. Capital employed is defined as total assets less interest-free liabilities and deferred tax.	This measurement is an indicator of the company's profitability in re lation to externally financed capital and shareholders' equity.
Return on equity	Reported profit/loss after tax in relation to average equity attributable to Parent Company shareholders.	This measurement is an indicator of the company's profitability and gauges the return on shareholders' equity.
Sales per employee	Net sales in relation to the average number of employees.	This metric is used to assess the company's efficiency.
Added value per employee	Operating profit/loss plus depreciation/amortization and personnel expenses in relation to average number of employees.	This metric is used to assess the company's efficiency.
Personnel expenses per employee	Personnel expenses in relation to average number of employees.	A key indicator used to measure operational efficiency.
Average no of employees	The average number of employees in the Group during the period.	An underlying measurement on which the calculation of other key indicators is based.
AES (Adjusted equity per share)	Shareholders' equity attributable to Parent Company shareholders, in relation to the number of shares issued at the balance-sheet date.	This measurement indicates the equity per share at the bal ance-sheet date
Cash flow per share	Cash flow from operating activities before changes in working capital, in relation to the average number of shares.	Used to monitor the company's trend in cash flow per share.
Number of shares after dilution	Average number of shares during the period plus the number of shares added following full conversion of con vertibles and warrants.	An underlying measurement on which the calculation of other key indicators is based.

IFRS KEY INDICATORS	DEFINITION	USAGE
Earnings per share	Profit after tax attributable to Parent Company sharehold ers, in relation to the average number of shares during the period.	IFRS key indicators
Earnings per share after dilution	Profit after tax attributable to Parent Company share holders, plus interest expenses pertaining to convertible debentures, in relation to the average number of shares after dilution.	IFRS key indicators

Key indicators

							
Net sales	SEK s						
Recurring revenues	SEK s						
Recurring share of net sales	(%)	%	%	%	%	%	%
Growth net sales	(%)	%	%	%	%	%	%
EBITA	SEK s						
EBITA margin	(%)	%	%	%	%	%	%
Growth EBITA	(%)	%	%	%	%	%	%
Operating profit/loss (EBIT)	SEK s						
Operating margin	(%)	%	%	%	%	%	%
Profit after financial items	SEK s						
Profit after tax	SEK s						
Profit margin	(%)	%	%	%	%	%	%
Balance-sheet total	SEK s						
Equity/assets ratio	(%)	%	%	%	%	%	%
Equity/assets ratio after full conversion	(%)	%	%	%	%	%	%
Interest-bearing net debt	SEK s						
Debt/equity ratio	(multiple)						
Return on capital employed	(%)	%	%	%	%	%	%
Return on equity	(%)	%	%	%	%	%	%
Sales per employee	SEK s						
Added value per employee	SEK s						
Personnel expenses per employee	SEK s						
Average no of employees	(persons)						
Adjusted equity per share (AES)	(SEK)						
Earnings per share	(SEK)						
Earnings per share after dilution	(SEK)						
Resolved dividend per share	(SEK)						
Cash flow per share	(SEK)						
Basis of computation
Earnings from calculation of earnings per share	SEK s						
Cash flow from calculation of cash flow per share	SEK s						
Weighted average number of shares (weighted average)	(thousands)						
Number of shares after dilution	(thousands)						
Number of shares issued at balance-sheet date	(thousands)						
Share price at close of the respective period	(SEK)						

Vitec Software Group develops and provides software for clients such as the health care and social services sector in Sweden Norway Finland and Switzerland

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