SEKm |
|
|
Sales |
|
0 |
0 |
0 |
0 |
0 |
0 |
5 |
52 |
|
Sales growth (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
1035 |
|
EBITDA |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-77 |
-82 |
-76 |
|
EBITDA margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-1782,6 |
-144,3 |
|
EBIT adj |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-89 |
-95 |
-89 |
|
EBIT adj margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2044,5 |
-169 |
|
Pretax profit |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
EPS rep |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
EPS growth (%) |
|
N/A |
N/A |
0 |
-17,7 |
-15,5 |
1,2 |
-5 |
3,4 |
|
EPS adj |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
DPS |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
EV/EBITDA (x) |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-9,4 |
-9,5 |
-11,1 |
|
EV/EBIT adj (x) |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-8,1 |
-8,3 |
-9,5 |
|
P/E (x) |
|
N/A |
N/A |
-4 |
-7,6 |
-5,5 |
-5,6 |
-5,3 |
-5,5 |
|
P/E adj (x) |
|
N/A |
N/A |
-4 |
-7,6 |
-5,5 |
-5,6 |
-5,3 |
-5,5 |
|
EV/sales (x) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
169,7 |
16 |
|
FCF yield (%) |
|
0 |
0 |
-21,9 |
-11,4 |
-19 |
-10,7 |
-11,3 |
-10,2 |
|
Dividend yield (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net IB debt/EBITDA |
|
0,1 |
0 |
-0,1 |
0 |
-0,6 |
-0,6 |
-0,5 |
-0,3 |
|
|
|
|
|
|
|
|
|
|
|
|
SEKm |
|
|
Sales |
|
0 |
0 |
0 |
0 |
0 |
0 |
5 |
52 |
|
COGS |
|
0 |
0 |
-1 |
0 |
0 |
0 |
-2 |
-23 |
|
Gross profit |
|
0 |
0 |
-1 |
0 |
0 |
0 |
3 |
30 |
|
Other operating items |
|
-36 |
-27 |
-39 |
-50 |
-69 |
-77 |
-85 |
-106 |
|
EBITDA |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-77 |
-82 |
-76 |
|
Depreciation on tangibles |
|
0 |
0 |
0 |
0 |
0 |
-2 |
-2 |
-3 |
|
Depreciation on intangibles |
|
0 |
0 |
0 |
0 |
0 |
-10 |
-10 |
-10 |
|
EBITA |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-89 |
-95 |
-89 |
|
Goodwill impairment charges |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Other impairment and amortisation |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-89 |
-95 |
-89 |
|
Other financial items |
|
0 |
0 |
0 |
-3 |
0 |
-2 |
-2 |
-2 |
|
Net financial items |
|
0 |
0 |
0 |
-3 |
-6 |
-2 |
-2 |
-2 |
|
Associated income |
|
0 |
0 |
4 |
-4 |
-4 |
0 |
0 |
0 |
|
Other EO items |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Pretax profit |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
Tax |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit discontinued |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
EPS |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
EPS Adj |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
Total extraordinary items after tax |
|
0 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Tax rate (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Gross margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
57 |
57 |
|
EBITDA margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-1782,6 |
-144,3 |
|
EBITA margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2044,5 |
-169 |
|
EBIT margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2044,5 |
-169 |
|
Pretax margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2093,1 |
-173,1 |
|
Net margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2093,1 |
-173,1 |
|
Growth rates Y/Y |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Sales growth (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
1035 |
|
EBITDA growth (%) |
|
0 |
25,5 |
-48,8 |
-23,6 |
-39,5 |
-11,4 |
-6,7 |
8,1 |
|
EBIT growth (%) |
|
0 |
25,5 |
-48,8 |
-23,6 |
-39,5 |
-28,7 |
-5,9 |
6,2 |
|
Net profit growth (%) |
|
0 |
25,4 |
-34,4 |
-56,8 |
-39,5 |
-15 |
-5,8 |
6,1 |
|
EPS growth (%) |
|
N/A |
N/A |
0 |
-17,7 |
-15,5 |
1,2 |
-5 |
3,4 |
|
Profitability |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
ROE (%) |
|
-724,8 |
-136,5 |
-88,5 |
-81,5 |
-81,9 |
-95,2 |
-121,8 |
-116,3 |
|
ROE Adj (%) |
|
-724,8 |
-136,5 |
-88,5 |
-81,5 |
-81,9 |
-95,2 |
-121,8 |
-116,3 |
|
ROCE (%) |
|
-1190,7 |
-147 |
-83,8 |
-80,8 |
-62,9 |
-65,5 |
-78,1 |
-80,1 |
|
ROCE Adj(%) |
|
-1190,7 |
-147 |
-83,8 |
-80,8 |
-62,9 |
-65,5 |
-78,1 |
-80,1 |
|
ROIC (%) |
|
-941,3 |
-205,5 |
-126,5 |
-75,7 |
-59 |
-63,5 |
-74,7 |
-75,2 |
|
ROIC Adj (%) |
|
-941,3 |
-205,5 |
-126,5 |
-75,7 |
-59 |
-63,5 |
-74,7 |
-75,2 |
|
Adj earnings numbers |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
EBITDA Adj |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-77 |
-82 |
-76 |
|
EBITDA Adj margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-1782,6 |
-144,3 |
|
EBITA Adj |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-89 |
-95 |
-89 |
|
EBITA Adj margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2044,5 |
-169 |
|
EBIT Adj |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-89 |
-95 |
-89 |
|
EBIT Adj margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2044,5 |
-169 |
|
Pretax profit Adj |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
Net profit Adj |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
Net profit to shareholders Adj |
|
-36 |
-27 |
-36 |
-57 |
-80 |
-92 |
-97 |
-91 |
|
Net Adj margin (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-2093,1 |
-173,1 |
|
|
|
|
|
|
|
|
|
|
|
|
SEKm |
|
|
EBITDA |
|
-36 |
-27 |
-40 |
-50 |
-69 |
-77 |
-82 |
-76 |
|
Net financial items |
|
0 |
0 |
0 |
-3 |
-6 |
-2 |
-2 |
-2 |
|
Paid tax |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Non-cash items |
|
30 |
15 |
31 |
35 |
34 |
2 |
2 |
2 |
|
Cash flow before change in WC |
|
-6 |
-12 |
-10 |
-18 |
-41 |
-77 |
-83 |
-76 |
|
Change in WC |
|
1 |
5 |
-4 |
-7 |
-33 |
5 |
0 |
-3 |
|
Operating cash flow |
|
-4 |
-8 |
-14 |
-25 |
-74 |
-73 |
-83 |
-79 |
|
CAPEX tangible fixed assets |
|
0 |
0 |
0 |
-5 |
-5 |
0 |
0 |
-4 |
|
CAPEX intangible fixed assets |
|
-15 |
-16 |
-23 |
-30 |
-25 |
0 |
0 |
0 |
|
Acquisitions and disposals |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Free cash flow |
|
-20 |
-24 |
-37 |
-59 |
-104 |
-73 |
-84 |
-83 |
|
Dividend paid |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Share issues and buybacks |
|
32 |
22 |
38 |
8 |
35 |
70 |
85 |
100 |
|
Other non cash items |
|
-8 |
-2 |
-3 |
57 |
25 |
0 |
0 |
0 |
|
Decrease in net IB debt |
|
4 |
-5 |
-2 |
5 |
-44 |
-3 |
1 |
17 |
|
Balance Sheet (SEKm) |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Goodwill |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Indefinite intangible assets |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Definite intangible assets |
|
9 |
24 |
47 |
77 |
103 |
93 |
83 |
73 |
|
Tangible fixed assets |
|
1 |
0 |
0 |
5 |
9 |
6 |
5 |
6 |
|
Other fixed assets |
|
0 |
13 |
16 |
3 |
1 |
1 |
1 |
1 |
|
Fixed assets |
|
9 |
38 |
63 |
85 |
112 |
100 |
89 |
80 |
|
Inventories |
|
0 |
0 |
0 |
0 |
7 |
5 |
5 |
7 |
|
Receivables |
|
1 |
1 |
4 |
16 |
34 |
19 |
20 |
25 |
|
Other current assets |
|
0 |
0 |
0 |
0 |
8 |
7 |
7 |
8 |
|
Cash and liquid assets |
|
4 |
1 |
2 |
10 |
9 |
6 |
8 |
24 |
|
Total assets |
|
14 |
40 |
69 |
111 |
171 |
138 |
129 |
145 |
|
Shareholders equity |
|
10 |
30 |
53 |
87 |
107 |
85 |
74 |
83 |
|
Minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total equity |
|
10 |
30 |
53 |
87 |
107 |
85 |
74 |
83 |
|
Long-term debt |
|
0 |
2 |
0 |
0 |
42 |
42 |
42 |
42 |
|
Pension debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Convertible debt |
|
0 |
0 |
0 |
8 |
10 |
10 |
10 |
10 |
|
Deferred tax |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Other long-term liabilities |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Short-term debt |
|
0 |
0 |
5 |
0 |
0 |
0 |
0 |
0 |
|
Accounts payable |
|
2 |
7 |
6 |
11 |
4 |
-9 |
-8 |
-4 |
|
Other current liabilities |
|
2 |
1 |
5 |
4 |
8 |
10 |
11 |
14 |
|
Total liabilities and equity |
|
0 |
0 |
14 |
40 |
69 |
111 |
171 |
138 |
|
Net IB debt |
|
-4 |
1 |
3 |
-2 |
42 |
45 |
43 |
26 |
|
Net IB debt excl. pension debt |
|
-4 |
1 |
3 |
-2 |
42 |
45 |
43 |
26 |
|
Capital invested |
|
8 |
19 |
45 |
86 |
149 |
132 |
121 |
115 |
|
Working capital |
|
-1 |
-6 |
-2 |
5 |
37 |
33 |
33 |
36 |
|
EV breakdown |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Market cap. diluted (m) |
|
0 |
185 |
234 |
653 |
626 |
681 |
741 |
812 |
|
Net IB debt Adj |
|
-4 |
1 |
3 |
-2 |
42 |
45 |
43 |
26 |
|
Market value of minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Reversal of shares and participations |
|
0 |
-13 |
-15 |
-3 |
0 |
0 |
0 |
0 |
|
Reversal of conv. debt assumed equity |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
EV |
|
-4 |
173 |
221 |
648 |
668 |
726 |
785 |
838 |
|
Capital efficiency (%) |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Total assets turnover (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
3,5 |
38,4 |
|
Capital invested turnover (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
3,7 |
44,5 |
|
Capital employed turnover (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
3,7 |
46,4 |
|
Inventories / sales (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
111,6 |
11,5 |
|
Customer advances / sales (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
0 |
0 |
|
Payables / sales (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
-185,2 |
-11,6 |
|
Working capital / sales (%) |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
712,9 |
65,8 |
|
Financial risk and debt service |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Net debt / equity (%) |
|
-39,4 |
3,4 |
5,8 |
-2,3 |
39,2 |
52,2 |
59 |
32 |
|
Net debt / market cap (%) |
|
N/A |
0,9 |
1,4 |
-0,5 |
6,2 |
6,5 |
5,9 |
3,3 |
|
Equity ratio (%) |
|
71,2 |
74,5 |
76,4 |
78,5 |
62,7 |
61,9 |
57,3 |
57,2 |
|
Net IB debt adj. / equity (%) |
|
-39,4 |
3,4 |
5,8 |
-2,3 |
39,2 |
52,2 |
59 |
32 |
|
Current ratio (%) |
|
120,4 |
24,5 |
37,2 |
170 |
492,9 |
5628,8 |
1307,8 |
647,7 |
|
EBITDA / net interest (%) |
|
-553663 |
-52976,5 |
-16890,3 |
-58470,6 |
-1164,4 |
-31804,7 |
-33211,6 |
-41005,4 |
|
Net IB debt / EBITDA (%) |
|
10,9 |
-3,7 |
-7,5 |
4,1 |
-60,4 |
-57,7 |
-52,7 |
-34,9 |
|
Interest cover (%) |
|
-25622,8 |
-43072,2 |
-15883 |
-39728 |
-1155,9 |
-30065,7 |
-31839,5 |
-29847 |
|
|
|
|
|
|
|
|
|
|
|
|
SEKm |
|
|
Shares outstanding adj. |
|
0 |
38 |
52 |
65 |
74 |
80 |
87 |
96 |
|
Fully diluted shares Adj |
|
0 |
38 |
52 |
65 |
74 |
80 |
87 |
96 |
|
EPS |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
Dividend per share Adj |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
EPS Adj |
|
0 |
0 |
-1,13 |
-1,33 |
-1,53 |
-1,51 |
-1,59 |
-1,54 |
|
BVPS |
|
0 |
0,79 |
1,01 |
1,35 |
1,44 |
1,06 |
0,84 |
0,87 |
|
BVPS Adj |
|
0 |
0,15 |
0,12 |
0,16 |
0,05 |
-0,1 |
-0,11 |
0,1 |
|
Net IB debt / share |
|
N/A |
0 |
0,1 |
0 |
0,6 |
0,6 |
0,5 |
0,3 |
|
Share price |
|
5,45 |
2,92 |
4,06 |
6,53 |
9,13 |
8,49 |
8,49 |
8,49 |
|
Market cap. (m) |
|
0 |
110 |
211 |
424 |
679 |
681 |
741 |
812 |
|
Valuation |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
P/E |
|
N/A |
N/A |
-4 |
-7,6 |
-5,5 |
-5,6 |
-5,3 |
-5,5 |
|
EV/sales |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
169,68 |
15,97 |
|
EV/EBITDA |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-9,4 |
-9,5 |
-11,1 |
|
EV/EBITA |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-8,1 |
-8,3 |
-9,5 |
|
EV/EBIT |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-8,1 |
-8,3 |
-9,5 |
|
Dividend yield (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
FCF yield (%) |
|
0 |
0 |
-21,9 |
-11,4 |
-19 |
-10,7 |
-11,3 |
-10,2 |
|
P/BVPS |
|
N/A |
6,23 |
4,45 |
7,47 |
5,86 |
7,98 |
10,07 |
9,81 |
|
P/BVPS Adj |
|
N/A |
33,1 |
39,04 |
61,62 |
156,95 |
-88,43 |
-76,71 |
87,36 |
|
P/E Adj |
|
N/A |
N/A |
-4 |
-7,6 |
-5,5 |
-5,6 |
-5,3 |
-5,5 |
|
EV/EBITDA Adj |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-9,4 |
-9,5 |
-11,1 |
|
EV/EBITA Adj |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-8,1 |
-8,3 |
-9,5 |
|
EV/EBIT Adj |
|
0,1 |
-6,4 |
-5,5 |
-13 |
-9,6 |
-8,1 |
-8,3 |
-9,5 |
|
EV/cap. employed |
|
-0,7 |
5,6 |
4 |
7,6 |
4,5 |
5,6 |
6,7 |
7,7 |
|
Investment ratios |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Capex / sales |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
10 |
8 |
|
Capex / depreciation |
|
N/A |
N/A |
N/A |
N/A |
N/A |
0 |
3,8 |
32,4 |
|
Capex tangibles / tangible fixed assets |
|
59,3 |
4,6 |
0 |
96,7 |
58,6 |
0 |
10,2 |
74,7 |
|
Capex intangibles / definite intangibles |
|
180,4 |
68,1 |
49,3 |
39,4 |
24,3 |
0 |
0 |
0 |
|
Depreciation on intangibles / definite intangibles |
|
0 |
0 |
0 |
0 |
0 |
10,6 |
11,8 |
13,4 |
|
Depreciation on tangibles / tangibles |
|
0 |
0 |
0 |
0 |
0 |
34,4 |
50,2 |
55,5 |
|
|
|
|
|
|
|
|
|
|
|
|