Fourth quarter and full year 2021 results
On demand webcast covering the Q4 Report presentation from the 16 February.
"Within business area Private, we show growth of 18%. We have more than doubled our ACV regarding SaaS from SEK 11 to 24 million."
- Christian Sundin, CEO Formpipe
CEO Christian Sundin presents the Year end report of 2021
October 1 – December 31, 2021
|
Net sales of SEK |
122 m |
(103 m) |
|
Recurring revenues of SEK |
73 m |
(67 m) |
|
which corresponds to % |
60 % |
(65 %) |
|
EBITDA SEK |
28 m |
(26 m) |
|
EBITDA margin |
23 % |
(25 %) |
|
EBIT |
16 m |
(13 m) |
|
EBIT margin |
13 % |
(12 %) |
|
Net profit SEK |
11 m |
(12 m) |
|
Net profit margin |
9 % |
(12 %) |
|
EPS before dilution SEK |
0.21 |
(0.22) |
|
Cash flow from operating |
52 m |
(50 m) |
|
ACV SEK |
11.2 m |
(8.9 m) |
|
ARR SEK |
304 m |
(260 m) |
January 1 – December 31, 2021
|
Net sales of SEK |
473 m |
(403 m) |
|
Recurring revenues of SEK |
278 m |
(254 m) |
|
which corresponds to % |
59 % |
(63 %) |
|
EBITDA SEK |
135 m |
(104 m) |
|
EBITDA margin |
29 % |
(26 %) |
|
EBIT |
69 m |
(53 m) |
|
EBIT margin |
14 % |
(13 %) |
|
Net profit SEK |
50 m |
(41 m) |
|
Net profit margin |
11 % |
(10 %) |
|
EPS before dilution SEK |
0.94 |
(0.78) |
|
Cash flow from operating |
99 m |
(115 m) |
|
ACV SEK |
36.9 m |
(22.2 m) |
|
ARR SEK |
304 m |
(260 m) |
|
The board proposes a |
0,70 |
(0,66) |
Strategic Highlights
ACV & ARR
For the fourth quarter, ACV amounts to SEK 11 million (9) and for the full year ACV amounts to SEK 37 million (22), i.e. an increase of 66% compared to the previous year.
At the end of the year, ARR (Annual Recurring Revenue) totals SEK 304 million, which is an increase of 17%, largely driven by increased SaaS business, which increased by 55% to SEK 85 million.
SaaS, Microsoft & Temenos
We continue to drive a rapid transition to SaaS. Through our collaborations with Microsoft and Temenos, we see a clear growth journey for sales of our product Lasernet. We were recently named Solution Provider of the Year 2021 by Temenos and we see great potential in further strengthening our collaboration in the future.
Private Sector
Within business area Private, we show growth of 18%. We have more than doubled our ACV regarding SaaS from SEK 11 to 24 million.
Public Denmark
We see a strong development in Denmark in terms of recurring revenues and profitability. We have strengthened our position as market leader in Grants Management and we are noticing ever better market conditions in Case and Document Management, where we are seeing more and more authorities entering into procurement.
Public Sweden
In Sweden, the transition from a business model to becoming a comprehensive supplier, which we are already in Denmark, has been more challenging than we initially anticipated. We end the year with a strong fourth quarter where 47 won deals give an ACV of just over SEK 3 million. Through the acquisition of Alkemit AB at the beginning of the year, we create even better opportunities for a successful 2022.
Growth Strategies
There are good conditions for both Private and Public to grow both organically and through acquisitions. As part of a strategic review, a more active acquisition agenda has been adopted and the growth strategies for Formpipe's business in Private and Public have been more clearly differentiated.
In light of this assessment that Private and Public will grow in different ways, work is underway to investigate whether the business areas will continue to be jointly owned or whether other value-creating measures should be implemented.
The company has therefore hired an external advisor to analyze various possibilities to further accelerate these alternatives.
