Director's report Sales and profit
Sales per quarter
- 2004
- 2005
- 2006
- 2007
EBIT per quarter
- 2004
- 2005
- 2006
- 2007
Profit/loss per quarter
- 2004
- 2005
- 2006
- 2007
Sales for 2007 totalled SEK 1,165.0 million (535.8), a 117% rise in revenue compared to 2006. Newly acquired companies accounted for 105%, and Cybercom reported 12% organic growth. The revenue rise is due to the higher number of employees. The percentage of subcontractors continued to be high during the period, because recruitment could not keep up with demand.
Operating profit rose 123% compared to the same period in 2006 and reached SEK 113.7 million (50.9). This corresponds to a 9.8% operating margin improvement (9.5).
In the preliminary analysis of the auSystems acquisition, the entire surplus value was allocated to goodwill. Per IFRS, a final acquisition analysis was drawn up, in which SEK 56.1 million was reallocated to amortisable customer relationships. So EBIT comprises amortisation totalling SEK 3.7 million (0.4) of acquired intangible assets (customer relationships), of which SEK 0.9 million and SEK 1.4 million have a retroactive impact on Q2 and Q3, respectively, and SEK 1.4 million on Q4.
Net financial items stood at a negative SEK 21.6 million (-0.8); this figure includes SEK 20.4 million in interest expenses for the loan used for the auSystems acquisition. Profit after net financial items was SEK 92.1 million (50.1), yielding a 7.9% profit margin (9.4).
Investments
Net investments in property, plant, and equipment during 2007 reached SEK 8.2 million (4.4). Net investments in intangible non-current assets totalled SEK 0.9 million (1.5).
Liquidity and cash flow
On 31 December 2007, the Group's cash and cash equivalents stood at SEK 82.0 million, compared to SEK 88.9 million on 31 December 2006. During the period, cash flow before changes in working capital amounted to SEK 105.7 million. Working capital fell by SEK 41.2 million during the period, so cash flow from operating activities totalled SEK 64.5 million (34.4).
Financial position
Equity on 31 December 2007 was SEK 708.4 million (272.4), yielding a 51.0% equity/assets ratio (66.3%). Equity per share amounted to SEK 31.65 (22.11).
A new share issue with rights for the company's shareholders was completed during the autumn. The issue injected about SEK 368 million into the company before issue expenses. The issue was oversubscribed. Due to the new share issue, the number of shares in Cybercom rose by 9,948,605. The company's share capital totalled SEK 22,384,362, distributed over 22,384,362 shares after implementation of the share issue.
Events after year-end
On 4 January 2008, Cybercom announced that Per Norén is resigning of his own volition from the board due to an assignment and move to the US.
On 23 January, Cybercom held an extraordinary general meeting, which approved the Plenware Oy acquisition.
On 29 January, the company announced that it had signed a new frame agreement with a leading telecom company as a global supplier for IT consulting services in 2008 and 2009. The agreement meets the customer's needs for development and management of applications and IT solutions.
