IBS reports strong license revenue growth and increased productivity by focusing on core offerings, however restructuring costs, goodwill impairment and change in deferred tax items affect profitability.
- Second half of the year new license revenue grew by 17% to SEK 98 m (2008: SEK 83m). For the full year the new license revenue increased by 30% to SEK 195 m (150). Main source of growth was the US market.
- Second half year total license revenue grew by 9% to SEK 240 m (220). For the full year total license revenue increased by 14% to SEK 476 m (419).
- Total second half year revenue down 14% to SEK 888 m (1 028), in line with the strategic decision to focus on core markets to drive future profitability. Professional services revenue was down by 21% to SEK 445 m (565) and hardware and other revenue down 17% to SEK 203 m (244). For the full year, total revenue was down 11% to SEK 1 819 m (2 034), professional services revenue down by 16% to SEK 969 m (1 150) and hardware and other revenue down by 19% to SEK 374 m (464).
- Average number of employees was down 29% and number of consultants employed during the year down 30% resulting in increased productivity. For the year revenue per employee increased 26% and professional services per consultant increased 13%.
- Second half EBITDA* down to SEK 17 m (89). EBITDA * for full year was SEK 75 m (81).
- Second half year net earnings SEK -349 m ( -207). Full year net earnings SEK -433 m (-274) including goodwill impairment of SEK -131 m ( -53) company taxes of SEK -14 m (1), deferred tax of SEK -86 m ( -3), capitalization and depreciation of previously capitalized Product Development work of SEK -15 m (13)
- Cash flow from operating activities amounted to SEK -99 m (77) for the year. Excluding restructuring effect of SEK -174 m (-87), operating cash flows were SEK 75m (164). Cash flow from operating activities for the second half year amounted to SEK -44 m (48).
Summary of January - December
2009 |
2009
Jul-Dec |
2008
Jul-Dec |
Var
% |
2009
Jan-Dec |
2008
Jan-Dec |
Var
% |
| Total revenue, SEK m |
888 |
1 028 |
-14% |
1 819 |
2 034 |
-11% |
|
New sales |
98 |
83 |
|
195 |
150 |
|
|
Renewal revenue |
142 |
137 |
|
281 |
269 |
|
|
Software licenses, SEK m |
240 |
220 |
9% |
476 |
419 |
14% |
|
License margin |
90% |
91% |
-1 p. p. |
92% |
90% |
2 p. p. |
|
Professional services revenue, SEK m |
445 |
565 |
-21% |
969 |
1 150 |
-16% |
|
Professional services margin |
4% |
17% |
-13 p. p. |
8% |
16% |
-8 p. p. |
|
Hardware and other revenue, SEK m |
203 |
244 |
-17% |
374 |
464 |
-19% |
|
Hardware and other margin |
18% |
16% |
2 p. p. |
18% |
17% |
1 p. p. |
|
Operating profit, SEK m |
-238 |
-208 |
|
-326 |
-283 |
|
|
Earnings after financial items, SEK m |
-241 |
-193 |
|
-333 |
-273 |
|
|
Net earnings, SEK m |
-349 |
-207 |
|
-433 |
-274 |
|
|
EBITDA * |
17 |
89 |
|
75 |
81 |
|
* Earnings before interest, taxes, depreciation, amortization, restructuring costs and results from sale of subsidiaries