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2016-10-20

CORRECTION: Vitec Software Group AB: Vitec Interim report January - September 2016

This is a correction of the announcement from 08:30 20.10.2016 CEST. Reason for the correction: The Cash Flow on page 12, column1 in pdf-report is corrected.
NEGATIVE CURRENCY EFFECT BUT STRONGER CASH FLOW
SUMMARY FOR JANUARY - SEPTEMBER 2016

* Net sales SEK 483 M (448)
* Profit before tax SEK 57,6 M (67,8)
* Operating margin 13,0 % (16,1)
* Earnings per share before dilution SEK 1,56 (1,80)
* Cash flow from operations SEK 123,8 M (105,8)

SUMMARY FOR JULY - SEPTEMBER 2016

* Net sales SEK 164 M (152)
* Profit before tax SEK 17,1 M (24,0)
* Operating margin 11,8 % (16,8)
* Earnings per share before dilution SEK 0,48 (0,65)
* Cash flow from operations SEK 17,9 M (7,0)
* Sales of Media and acquisitions of Tietomitta OY and Futursoft OY

CEO's comments

Adjusted for unrealized currency effects, increased amortization and the above
one-time charge, the underlying profit is slightly stronger than last year,
which also indicates by the improved cash flow. In addition, the earlier
communicated sales and earnings decrease in business area Estate Agents in
Sweden has now fully materialized in the quarter.

In the Norwegian part of our business area Estate Agents an efficiency program
was executed in the third quarter. This has a negative one-time effect on the
result of approximately 3 MSEK. The program is expected to generate about 4
MSEK in annual savings.

The third quarter began with the sale of the Media business, a unique event
for Vitec. Media has developed towards custom application development,
resulting in a significantly higher proportion of sales of services than in
other parts of the Group. The sale was made to a consulting company where we
believe Media's customers and employees will have good opportunities to
continue to develop.

Shortly after the sale of Media we acquired Tietomitta OY forming a new
business area - Environment. At the end of the quarter, we made our latest
acquisition Futursoft OY that expands the business area Auto. Together, these
acquisitions bring more than 80 million in sales with good profitability.

Vitec risk diversification is good, the proportion of recurring revenue high,
81% in the quarter, providing a good ability to absorb adverse events. This
is proven by the Groups ability to develop as a whole despite the drop in
business area Estate Agents.

The number of active dialogues for potential acquisitions remains high and we
devoted significant resources to maintaining and further developing these
dialogues. Vitec's financial position and readiness for future acquisitions
is high, and we see good opportunities for further acquisition-based growth.

A clear shift from traditional license sales to subscription of cloud-based
systems reduces reliance on individual license sales, which increases the
long-term ability to control the business. This, together with the employees'
proven capacity to innovate and integrate acquisitions, provides a solid
foundation for long-term development of our business. With the acquisition of
well-established companies and a high proportion of recurring revenues, Vitec
continues on this path, to act in several independent and specialized niches
to achieve sustainable profitable growth.

Lars Stenlund, CEO

Disclaimer:
Vitec Software Group AB (publ.) is to make the above information public
pursuant to the Swedish Securities Market Act or the Swedish Financial
Instruments Trading Act. The information will be made public at 08:30 CET on
Thursday, October 20, 2016.

Vitec Software Group AB (publ) is a Nordic software company that develops and
delivers standardised software for industry specific needs. The Group has
operations in Sweden, Denmark, Finland and Norway and grows in the mature
part of the software industry by consolidating vertical software segments.
Our customers include facility management companies, construction and real
estate companies, banks and insurance companies, utilities and energy
traders, healthcare companies, car spare part dealers and newspaper
companies. The Group has 490 employees and had 2015 a turnover of SEK 618
million. Vitec is listed on Nasdaq Stockholm.Vitec Software Group AB (publ).

www.vitecsoftware.com Address: Tvistevägen 47 A, 907 29 Umeå, Sweden. Phone
+46 90 15 49 00

Vitec Interim report January - September 2016
http://hugin.info/171957/R/2050180/766840.pdf

---------------------------------------

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vitec Software Group AB via Globenewswire

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