Financial info

Income Statement

 Income Statement (MSEK) 2015 2014 2013
OPERATING REVENUE      
   Recurring revenues 480 552 372 838  21 265 
   Licence revenues 23 098 24 928 262 358 
   Service revenues 106 191 87 997 82 987 
   Other revenues 8 544 6 193 5 021 
NET SALES 618 385 491 956 371 631 
WORK PERFORMED FOR OWN ACCOUNT 62 108 46 261 24 073
   Depreciation -74 625 -56 319  -31 465
   Other costs -538 948 -412 057 -323 492 
OPERATING EXPENCES -613 573 -468 376 -354 957 
OPERATING PROFIT 103 851 72 650 40 747 
   Financial items and acquisition costs -9 165 -8 105 -2 678 
PROFIT BEFORE TAX 94 686 64 545 38 069 
  Tax -16 495 -15 480 -7 840 
NET PROFIT 78 191 49 065 30 229 
EARNINGS PER SHARE (SEK/share) 2,66 1,75 1,16 

Balance period end

Balance (MSEK) 2015 2014 2013
FIXED ASSETS      
  Goodwill 202 103  190 902 129 637
  Capitalised development expenditure 109 171  76 562 47 722
  Software 3 860  3 226 2 526
  Trademarks 8 793  7 752 2 116
  Rights 229 079  197 815 74 599
  Customer contracts 62 321  47 884 3 527
  Buildings 9 034  9 115 8 030
  Inventory 20 343  19 674 11 281
  Other long-term receivables 835  -
  Deferred tax assets 5 952  6 001  -
Current assets 651 491  558 931  279 438 
  Inventories 339  339 14
  Current receivables 159 861  142 517 86 419
  Current investments -
  Cash and cash equivalents 60 268  71 114 21 319
Total Assets 872 019  772 901 387 209
       
Equity attributable to owners of the parent 271 538  260 129 169 606
Long-term liabilities, interest-bearing 207 222  132 593 51 502
Long-term liabilities, non-interest bearing 102 559  108 428 31 110
Short-term liabilities, interest-bearing 33 845  59 284 29 808
Short-term liabilities, non-interest-bearing 256 855  212 467 105 954
Total equity and liabilities 872 019  772 901 387 209

Cash Flow

OPERATING EQUITY (MSEK) 2015 2014  2013 
  Operating profit 100 607 68 592 40 747 
  Adjustments for items not included in cash flow 74 625 56 319 31 797 
  Interests and tax -20 098 -1 691 -21 039 

CASH FLOW FROM OPERATING ACTIVITIES BEFORE
CHANGE IN WORKING CAPITAL

155 134 123 220 51 505 
  Change in working capital -14 841 6 108 -8 650 
CASH FLOW FROM OPERATING ACTIVITIES 140 293 129 328 42 855 
  Cash flow from investing activities -168 076 -209 120 -57 945 
    Cash flow from financing activities 11 946 129 551 -29 813 
CASHFLOW -15 837 49 759 -44 903 
  Cash and cash equivalents at beginning of period 71 114 21 319 68 285 
  Exchange rate changes in cash and cash equivalents 4 991 -2 063 -2 063 
CASH INCLUDING SHORT_TERM INVESTMENTS AT END OF PERIOD 60 268 71 114 21 319 

Key Figures 6 Years

    2015 2014 2013 2012* 2011* 2010*
Net sales (TSEK) 618 385  491 956 371 631 389 200 359 598 313 410
-Business Area Estate Agent (TSEK) 207 011  185 750 181 152 168 785 135 306 82 588
-Business Area Real Estate (TSEK) 142 557  134 315 130 718 120 086 120 140 108 118
-Business Area Energy (TSEK) 24 114  22 672 19 849 21 327 19 286 17 844
-Business Area Media (TSEK) 10 547  21 759 26 128 65 233 70 583 97 338
-Business Area Health (TSEK) 61 492  43 627 - - - -
-Business Area Auto (TSEK) 71 082  28 302 - - - -
-Business Area Finance & Insurance (TSEK) 101 219  55 004 13 704 12 950 14 208 7 522
Shared (TSEK) 363  527 80 819 75 -
Growth (%) 26%  32% -5% 8% 15% 117 %
Profit after financial items (TSEK) 94 686  64 545 38 069 40 130 35 693 20 440
Profit after tax (TSEK) 78 191  49 065 30 299 31 984 26 061 14 245
Profit after tax attributable to owners of the parent (TSEK) 78 191  49 065 30 299 31 183 24 654 14 089
Profit growth attributable to owners of the parent (%) 59%  62% -3% 26% 75% 5 %
Profit margin (%) 13%  10% 8% 8% 7% 5 %
Operating margin (%) 16%  14% 11% 11% 11% 7 %
Total assets (tkr) 872 019  772 901 387 209 429 133 327 743 293 308
Solidity (%) 31%  34% 44% 36% 40% 37%
Equity ratio after full conversion (%) 33%  37% 48% 41% 49% 44 %
Degree of indebtedness (times) 2,09  1,70 1,53 1,66 1,60 1,69
Return on capital employed (%) 21%  18% 16% 20% 21% 11%
Return on equity (%) 29%  23% 19% 24% 25% 19%
Sales per employee (TSEK) 1 465  1 430 1 332 1 297 1 236 1 269
Value added per employee (TSEK) 1 212  1 164 1052 985 915 892
Personnel expenses per employee (TSEK) 797  801 793 732 706 728
Average numbers of employees (number) 422  344 279 300 291 247
Adjusted shareholders' equity per share (JEK) (SEK) 9,24  44,24 31,95 29,61 25,35 20,63
Earnings per share (SEK) 2,66  8,76 5,78 6,34 5,72 3,53
Earnings per share after dilution (SEK) 2,64  8,39 5,44 5,81 5,21 3,14
Paid dividends per share** (SEK) 0,67  2,75 2,5 2,00 1,25 1,00
Cash flow per share (SEK) 5,28  22,00 9,85 11,23 10,86 6,90
P/E    28,2  15,1 15,3 10,6 9,8 13,6
P/JEK    8,12  2,99 2,8 2,3 2,2 2,3
P/S    3,57  1,51 1,25 0,87 0,67 0,61
               
Calculation bases:              
Results used for the calculation of earnings per share (TSEK) 78 191  49 065 30 299 31 183 24 654 14 089
Cash flow for the calculation of cash flow per share (TSEK) 155 134  123 220 51 505 55 243 46 787 27 532
Average number of shares (weighted average) (psc) 29 396 690  5 600 681 5 228 327 4 920 875 4 309 263 3 987 388
The number of shares after dilution  (psc) 29 788 016  5 886 395 5 635 085 5 467 634 4 834 405 4 608 254
The number of shares issued on the closing date (psc) 29 396 690  5 879 338 5 308 327 5 148 327 4 367 075 4 251 450
Share price at end of period (SEK) 75,00  132,50 88,50 69,00 55,80 48,10
               
*Key figures 2009-2012 have been corrected due to incorrectly estimated deferred tax.    
** Proposed dividend amounts to SEK 0,90 per share        

Financial goals

Vitec has a growth-oriented strategy and continuously seeks additional acquisitions. The historical growth rate has been approximately 25 % per year on average. The Board has set a target to hold an operating margin of 15 % and continue to work with a focus on continuous growth.

Outcome

Milestones Average (5 years)  2011 2012 2013 2014  2015
Revenue growth         15 %  15 %  8 %  -5 %  32 %  26 % 
Operating margin         13 %  11 %  11 %  11 %  14 %  16 % 

IFRS

Vitec's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and the Swedish Annual Accounts Act. Vitec went on to report in accordance with IFRS from January 1:st 2005.

Key Figure Definitions

Return on capital employed
Operating profit as a percentage of average capital employed attributable to parent company shareholders.

Return on equity
Profit/loss for the period, attributable to parent company shareholders, as a percentage of average shareholders' equity, attributable to parent company shareholders.

Value added per employee
Operating income plus depreciation and staff costs relative to the average number of employees.

Adjusted equity per share
Equity attributable to shareholders in proportion to the number of shares issued at the closing-day.

Cash flow from operating activities per share
Cash flow from operating activities divided by the average number of shares on the market during the period.

Sales per employee
Net revenue, including other operating income in relation to average number of employees.

P/E ratio
Share price at year-end divided by earnings per share.

P/JEK
The share price at the balance sheet date multiplied by the number of shares issued on the closing date in relation to the equity attributable to the parent company's shareholders.

P/S
The share price at the balance sheet date multiplied by the average number of shares in relation to net sales.

Earnings per share
Profit/loss for the period, attributable to parent company shareholders, divided by the average number of shares on the market attributable to parent company shareholders.

Operating profit
Operating profit as a percentage of net sales.

Solidity
Shareholders' equity, including equity attributable to non-controlling interests in relation to total assets.

Debt ratio
Average liabilities in relation to average shareholders' equity and non-controlling interests.

Profit margin
Net profit after tax through the net turnover.