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2016-02-02

Basware: Basware Financial Statement Release January 1-December 31, 2015 (IFRS)

Basware Corporation, stock exchange release, February 2, 2016 at 08:45
BASWARE FINANCIAL STATEMENT RELEASE JANUARY 1 - DECEMBER 31, 2015 (IFRS)
Basware Corporation's fourth quarter and full year 2015

SUMMARY
2015 ended with a strong fourth quarter achieving full year sales and
operating profit targets; cloud business developed favourably with
significant growth in the key markets for the full year

Financial year 2015:

* Net sales EUR 143 410 thousand (EUR 127 674 thousand) - growth 12.3 percent
* Operating profit EUR 4 676 thousand (EUR 4 325 thousand) - 3.3 percent of
net sales (3.4%)
* Growth of Network Services net sales 48.3 percent
* Recurring revenue 67.8 percent (67.0%) of net sales
* Earnings per share (diluted) EUR 0.22 (0.22)

October-December 2015:

* Net sales EUR 39 210 thousand (EUR 34 664 thousand) - growth of 13.1
percent
* Operating profit EUR 4 305 thousand (EUR 1 701 thousand) - 11.0 percent of
net sales (4.9%)
* Growth of Network Services net sales 53.5 percent
* Recurring revenue 66.5 percent (64.9%) of net sales
* Earnings per share (diluted) EUR 0.21 (0.11)

According to Basware's refined strategy, the company is targeting accelerated
revenue growth during its strategy period 2016-2018. In 2016, Basware will
accelerate its growth-related investments primarily focused on its cloud
business, sales and marketing and related supporting activities as well as in
the rollout of Basware's Financing Services offering. For 2016, Basware
expects organic revenue growth of 5 percent or more for the year, and
temporary pressure on margins driven by accelerated growth investments
resulting in EBITDA excluding non-recurring items around break-even. The
growth related accelerated operating investments are planned to amount to
approximately 20 million euros.

This financial statement release has been prepared in accordance with IAS 34,
Interim Financial Reporting. The amounts presented in the summary of
financial statements and notes to the financial statements are based on the
company's audited financial statements. The Auditor's Report was issued on
February 2, 2016.

GROUP KEY FIGURES

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| |
| 10-12/ 10-12/ Change, 1-12/ 1-12/ Change, |
| EUR thousand 2015 2014 % 2015 2014 % |
| |
| Net sales 39 210 34 664 13.1 143 410 127 674 12.3 |
| EBITDA 6 224 3 436 81.1 11 902 11 354 4.8 |
| Operating profit 4 305 1 701 153.1 4 676 4 325 8.1 |
| % of net sales 11.0 % 4.9% 3.3 % 3.4 % |
| Profit before tax 3 281 2 204 48.9 3 563 4 328 -17.7 |
| Profit for the period 2 954 1 454 103.1 3 083 2 959 4.2 |
| |
| Return on equity, % 6.3% 4.2 % 2.2 % 2.5% |
| Return on investment, % 11.1 % 7.2 % 3.6 % 4.4% |
| Cash and cash equivalents 33 238 28 954 14.8 33 238 28 954 14.8 |
| Gearing, % -22.4 % -38.6 % -22.4 % -38.6% |
| Equity ratio, % 79.1 % 82.7 % 79.1 % 82.7% |
| |
| Earnings per share |
| Undiluted, EUR 0.21 0.11 90,7 0.22 0.22 -2,2 |
| Diluted, EUR 0.21 0.11 90,6 0.22 0.22 -2,3 |
| Equity per share, EUR 9.97 9.88 0.9 9.97 9.88 0.9 |
| |
| |
---------------------------------------------------------------------------------------
BUSINESS OPERATIONS

Basware is the global leader in providing purchase-to-pay and e-invoicing
solutions in the world of commerce. Basware empowers companies to unlock
value across their financial operations by simplifying and streamlining key
financial processes. Basware helps its customers to succeed and create added
value to their business through better financial management. Basware Commerce
Network, the largest open business network in the world, connects 1 million
companies across 100 countries and enables easy collaboration between buyers
and suppliers of all sizes. Through this network, leading companies around
the world achieve improved spend control, efficiency, and closer relations
with their suppliers. With Basware, businesses can introduce completely new
ways of buying and selling to achieve significant cost savings and boost
their cash flow.

CEO Esa Tihilä:
In 2015, Basware reached several milestones in its strategy, reaching a
tipping point in its transition from a license-dominated to a cloud and
SaaS-based company. Throughout the year, the cloud business continued to
develop favourably, supported bysignificant growth in key markets. The year
ended with a strong quarter, driven by a significantly increased number of
SaaS-based Alusta agreements and a record number of go-lives of Basware's
solutions and services.

Net sales for the review period amounted to EUR 143 410 thousand, growth of
12.3 percent, and operating profit to EUR 4 676 thousand (EUR 4 325
thousand), growth of 8.1 percent. Throughout the year the investment
continued in the selected key operations, such as Network Services and
Financing Services. The international share of Basware's net sales continued
to grow and amounted to 65.7 percent (61.6%) in the period. The year-on-year
growth in key markets was at a good level: net sales continued to grow
strongly in the US, the UK and Germany. The growth in the Finnish market was
modest, impacted by the challenging economic climate.

The last quarter of 2015 was strong: SaaS net sales developed well, up 21.9
percent, driven by continued strong growth in key markets. During the quarter
a record number of Alusta-based SaaS agreements were signed as well as a
record number of go-lives of Basware's solutions and services took place. Net
sales developed favourably in the fourth quarter, growing 13.1 percent
year-on-year. Net sales for the fourth quarter amounted to EUR 39 210
thousand (EUR 34 664 thousand), and operating profit was EUR 4 305 thousand
(EUR 1 701 thousand). The net sales of Network Services grew by 53.5 percent
while at the same time the Solutions Services sales decreased by 1.4 percent,
driven by the transition to SaaS.

The growth in Network Services continued throughout 2015. Net salesamounted to
EUR 49 305 thousand (EUR 33 237 thousand) for the period, a growth of 48.3
percent year-on-year. Nearly 94 million transactions were processed via
Basware Commerce Network during 2015 (78 million transactions), up 20.2
percent compared to the previous year. The growth of the network continued in
the e-invoicing target markets, such as the US, the UK and Germany, while
growth was levelled off in the markets where penetration is relatively high.

The demand for SaaS services continued at a good level in 2015, demonstrated
bySaaS revenue growth of 16.8 percent year-on-year. The number of signed
Alusta-based SaaS agreements more than doubled compared to the previous year
with the growth in new, signed agreements accelerating during the latter part
of the year. As part of the company's business model change, the decrease in
software sales continued throughout the year. Net sales of the Solution
Services business amounted to EUR 94 105 thousand for the period (EUR 94 437
thousand), a decrease of 0.4 percent year-on-year.

Investments in, and building the Financing Services business and services have
continued throughout the year. 25 customers in the UK, the US and Finland
have signed up for Basware Pay and Basware Discount since summer 2015.
Basware Advance, a new online solution targeted in particular at small and
medium enterprise (SMEs), was launched in November, giving companies timely
access to new and flexible financing options and offering liquidity to
maintain a stable cash flow. During 2015, the company agreed on cooperation
with several international financial institutions.

Basware has considerably strengthened its position to capture growth in its
targeted public sector market with expected high growth potential. In April
2015, Basware strengthened its market position in the UK when it acquired
Procserve, the leading local e-procurement solution provider for the public
sector. Across Basware's markets, there is a continued push from governments
and public sector to adopt e-invoicing.

Basware has achieved a position of global leadership in networked
purchase-to-pay (P2P) and e-invoicing solutions. Recent industry trends and
developments, ranging from governments driving e-invoicing adoption to the
emergence of an alternative financing industry have significantly expanded
the company's addressable market. Basware has reached a tipping point in its
transition to a cloud-based company, has a strong offering in P2P,
e-invoicing and new financing services and is now ready to tap into the
expanded market opportunities.

As indicated in its refined 2016-2018 strategy and 2016 guidance, Basware will
target increasing growth of its cloud business which will be done by
accelerating operating investments in 2016. In particular go-to-market and
related activities will be expanded - with a focus on the UK, the US, and
Germany - and the development of the Financing Services offering will be
accelerated. In addition, Basware will invest in R&D activities aimed at
shortening the implementation times of Basware's solutions and services with
new and existing customers.

FUTURE OUTLOOK
Operating environment and market outlook
Companies of all sizes globally are under pressure to improve their cash
flows, find new innovative payment strategies, and automate their financial
processes and functions. The company expects the same to continue also in
2016 and the continuous demand for services to remain at a favorable level
among its customers.

Consolidation is expected to continue in the business environment, with the
role of services as an industry standard growing in companies' portfolios.
According to industry research, e-invoicing has become more common and the
number of e-invoices has grown substantially in Europe and the rest o...

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