Cybercom believes that global economic slowdown effects will be more obvious on the Nordic market for IT consultancy services in 2009. New types of business models will be in demand – with focus on cost efficiency. Cybercom will act quickly to adapt its business to the prevailing market situation; the company has a strong position and is a leading player in the Nordics. Thanks to its presence in China, eastern Europe, India, and Singapore, Cybercom is positioned as an attractive partner for new and existing customers.
Important events after year-end
Cybercom:
– Boosted its global sourcing business by launching a new business division in Stockholm.
– Won a business-critical portal assignment with the National Labour Market Authority in Denmark.
– Secured an international deal worth SEK 60 million in the telecom sector.
– Implemented an action programme in Sweden and Finland. Cybercom's executive management believes that global, economic slowdown effects will certainly hit the Nordic market for IT consultancy services in 2009. To deal with current market conditions, Cybercom is adapting its Finnish and Swedish operations via several measures that include staff reduction. The measures are expected to entail a non-recurring expense of SEK 30 million that will affect EBIT in the January–March 2009 period but to affect the full-year result positively. The programme is estimated to result in annual savings of SEK 80 million with full effect in 2010 and is expected to significantly boost the bottom line. The company estimates that it will have about 1,400 employees in the Nordics after the cutbacks.
– Was selected as a centre of excellent for wireless communication and signed an agreement with an international automotive manufacturer for consulting on wireless communications for electronic hardware. Cybercom has turnkey responsibility to lead, manage, and quality assure wireless electronic solutions.
– Was commissioned to develop security architecture for SOS Alarm’s e-services platform – the foundation of SOS Alarm’s future business development.
- Odd Bolin was appointed new CFO. His most recent position was with Ceres Advisors, a corporate finance advisor, where he was a co-founder and partner. Odd Bolin, age 45, holds an MSc in Engineering Physics. He has been active in the Swedish financial industry since the mid-1990s, when he began as an analyst at Hagströmer och Qviberg (H&Q); soon after that, he was appointed analysis manager for H&Q Technology.
- Teleste, a data communications systems provider, and Cybercom Plenware signed a two-year agreement for partnership in R&D activities. Under the agreement, Cybercom will manage parts of Teleste’s development activities, and 23 Teleste employees will join Cybercom’s staff.
- Cybercom’s board proposed a new share issue of SEK 100 million. The capital will further enhance the Group’s international position. The board proposes that the 28 April 2009 AGM resolve to authorise the board to raise equity through a preferential rights issue. The board aims to facilitate Cybercom's opportunities for active, continuous growth on the global market, and to use some of the new share capital to streamline its capital structure and thus fortify its long-term financial position. Major Cybercom shareholders (53% of votes and capital) declared their intention to subscribe for their respective shares in the new issue.
- The board resolved to write down goodwill. Due to the uncertainty of global, economic downturn effects on the IT consultancy market, the board has reason to recognise a goodwill impairment loss of SEK 280 million.