October – December 2010 compared with October – December 2009
- Net sales totaled SEK 342.1 M (266.3), a growth of 28%.
- EBITA amounted to SEK 36.3 M (25.5), an increase by 42% and an EBITA margin of 10.6% (9.6).
- Operating profit amounted to SEK 32.5 M (21.3), an EBITA margin of 9.5% (8.0).
- Profit after tax was SEK 33.3 M (22.8).
- Earnings per share after tax amounted to SEK 1.33 (0.96).
- Cash flow from operating activities was a negative SEK 54.7 M (22.1).
January – December 2010 compared with January – December 2009
- Net sales totaled SEK 1 059.9 M (989.4), a growth of 7%.
- EBITA amounted to SEK 67.5 M (65.7), an EBITA margin of 6.4% (6.6).
- Operating profit amounted to SEK 52.1 M (48.7), an EBITA margin of 4.9% (4.9).
- Profit after tax was SEK 51.2 M (42.8).
- Earnings per share after tax amounted to SEK 2.13 (1.81).
- Shareholders' equity per share was SEK 25.21 (25.40 on December 31, 2009).
- Cash flow from operating activities was SEK 68.4 M (65.5).
Significant events during the fourth quarter 2010
- The acquisitions of Decerno AB, Tekis AB (with subsidiary Arkiva AB) and Mittbygge AB, as well as approximately 59% of the shares in Kartena AB.
- Framework agreement for e-services signed with the Legal, Financial and Administrative Services Agency for municipalities, county councils and government authorities.
- Breakthrough for the iipaxTM product in the Norwegian market.
- Agreement signed for IT solution for the design of the New Karolinska university hospital.
- More than 100,000 TVC licenses installed in the US.
- Dick Hasselström new Board member.
- The Board decided to implement a buyback and transfer of treasury shares.
- New share issue completed in connection with company acquisition.
Significant events after the end of the period
- The Board has decided to set new financial targets and a new financial policy.
– Annual growth of at least 20% and an EBITA margin of at least 10%.
– At least 50% of consolidated earnings after tax should be distributed to shareholders, provided that net cash is sufficient for running and developing operations.
- The Board proposes a dividend of SEK 1.50 (1.50) per share.
CEO's comments
Strong growth and improved profitability
We concluded 2010 with 28% growth for the fourth quarter, compared with the corresponding year-earlier period. EBITA results improved by 42%.
Compared with 2009, we increased license and maintenance earnings. Through proprietary development and acquisitions, we increased the portion of proprietary applications and products in the solutions we offer. This has strengthened our offering in the niches in which we operate.
We are the largest and leading supplier of IT solutions for product development in the Nordic market. Our solutions streamline design, construction, calculations and visualization, as well as product information management. We are also Sweden's largest supplier of case management and publishing solutions. These include case management solutions for the public sector, a cross-sector Internet offering and significant expertise in geographic IT systems.
Acquisitions are an important part of Addnodes growth strategy. During 2010, we implemented several acquisitions in Sweden, Finland and Denmark. The acquired companies have contributed annual earnings of approximately SEK 310 M and are similar to Addnode in terms of business focus and corporate culture. In addition to supplementary acquisitions in existing niches, we are actively searching for operations where knowledge of customers' operations and processes will make the offering unique and more cost-efficient than general IT solutions.
Based on the Group's financial position and earnings strength, the Board decided to propose that the Annual General Meeting retain the dividend of SEK 1.50 per share.
Addnode stands stable ahead of 2011. We will continue to generate additional value for customers, employees, shareholders and other stakeholders through profitable growth.
Staffan Hanstorp, President and CEO
If you find any different figures from the Swedish version, then the original version in Swedish is the correct version.
The information in this year-end report is such that Addnode must disclose in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released on February 4, 2011 at 8:00 a.m.
