IBS Year-end Report January - December 2009
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 2008 Var 2009 2008 Var
Jul-Dec Jul-Dec % Jan-Dec Jan-Dec %
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
For more information, please contact:
Oskar Ahlberg, Senior Vice President of Communications, IBS AB
Tel: +46-70-244 24 75
oskar.ahlberg@ibs.net
About IBS
International Business Systems (IBS), the leading business application supplier
for wholesale and distribution helps companies differentiate themselves on the
strength of their distribution operations.
Founded in 1978, IBS has over 30 years of experience in the distribution
industries ranging from automotive and electronics to paper, publishing,
pharmaceuticals, food and beverage. This deep understanding of distribution
models and best practices is embodied within IBS Enterprise, a distribution
resource management application suite on which thousands of the world's most
successful companies now rely.
IBS B share is listed on NASDAQ OMX First North Exchange Stockholm. For more
information, please visit www.ibs.net
IBS Year-end Report January - December 2009
| Source: IBS AB
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