Financial Information
Financial reports
- 2020
- 2020
- 2019
- 2019
- 2019
- 2019
- 2019
- 2018
- 2018
- 2018
- 2018
- 2018
- 2017
- 2017
- 2017
- 2017
- 2017
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- 2012
- 2012
- 2011
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- 2007
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Financial calendar
22
Oct
8:30
Interim report Q3 2020
2020 Oct 22
5
Feb
8:30
Year-end report 2020
2021 Feb 05
Financial review
| NET SALES AND RESULT, SEK million | 2019 |
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net sales | 3,335.1 | 3,083.3 | 2,733.5 | 2,426.2 | 2,205.6 | 2,030.7 | 1,972.9 | 1,931.2 | 1,927.7 | 1,698.4 |
| Operating result before amortization of intangible assets | 319.2 | 315.1 | 281.8 | 211.6 | 163.9 | 120.9 | 114.2 | 141.3 | 198.9 | 176.5 |
| Income after financial items | 313.2 | 303.6 | 266.7 | 191.8 | 116.0 | 82.5 | 86.5 | 107.1 | 165.4 | 146.2 |
| Profit margin, % | 9.4 | 9.8 | 9.8 | 7.9 | 5.3 | 4.1 | 4.3 | 5.5 | 8.9 | 8.6 |
| Operating margin, % | 9.6 | 10.2 | 10.3 | 8.7 | 7.4 | 6.0 | 5.8 | 7.3 | 10.7 | 10.4 |
| Sales growth, % | 8.2 | 12.8 | 12.7 | 10.0 | 8.6 | 2.9 | 2.2 | 3.4 | 10.0 | 22.6 |
| CAPITAL STRUCTURE, SEK million | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 |
31 Dec 2013 | 31 Dec 2012 | 31 Dec 2011 | 31 Dec 2010 |
| Intangible assets | 983.4 | 963.0 | 921.4 | 915.7 | 898.5 | 952.9 | 975.2 | 943.3 | 952.3 | 960.9 |
| Other fixed assets | 245.9 | 51.0 | 51.8 | 53.6 | 52.8 | 42.7 | 39.1 | 40.9 | 41.1 | 42.0 |
| Current assets | 996.9 | 908.6 | 816.5 | 642.3 | 524.0 | 555.1 | 580.7 | 629.7 | 579.2 | 511.9 |
| Assets in disposal groups | - | - | 4.3 | - | - | 15.3 | - | - | - | - |
| TOTAL ASSETS | 2,226.2 | 1,922.6 | 1,794.0 | 1,611.6 | 1,475.3 | 1,566.0 | 1,595.0 | 1,613.9 | 1,572.6 | 1,514.8 |
| Equity attributable to Parent Company's shareholders | 1,225.1 | 1,091.4 | 938.7 | 835.0 | 738.9 | 786.7 | 780.4 | 849.0 | 808.8 | 713.2 |
| Non-controlling interests | 16.0 | 14.9 | 12.5 | 9.3 | 13.3 | 11.3 | 6.2 | 4.4 | 4.1 | 3.3 |
| Total equity | 1,241.1 | 1,106.3 | 951,2 | 844.3 | 752.2 | 798.0 | 786.6 | 853.4 | 812.9 | 716.5 |
| Interest-bearing long-term liabilities | 164.4 | 79.5 | 55.0 | 101.1 | 81.6 | 93.6 | 104.4 | 79.8 | 125.3 | 192.7 |
| Other long-term liabilities | 50.7 | 45.0 | 39.0 | 34.8 | 36.2 | 44.4 | 53.2 | 57.3 | 82.6 | 75.1 |
| Interest-bearing current liabilities | 105.8 | 26.8 | 95.2 | 62.7 | 138.9 | 178.7 | 209.9 | 167.1 | 104.3 | 111.0 |
| Other current liabilities | 664.2 | 665.0 | 652.4 | 568.7 | 466.4 | 436.4 | 440.9 | 456.3 | 447.5 | 419.5 |
| Liabilities in disposal groups | - | - | 1.2 | - | - | 14.8 | - | - | - | - |
| TOTAL EQUITY AND LIABILITIES | 2,226.2 | 1,922.6 | 1,794.0 | 1,611.6 | 1,475.3 | 1,566.0 | 1,595.0 | 1.613.9 | 1,572.6 | 1,514.8 |
| Equity/assets ratio, % | 55.7 | 57.5 | 53.0 | 52.4 | 51.0 | 51.0 | 49.3 | 52.9 | 51.7 | 47.3 |
| Investments in goodwill and other fair value adjustments | 8.0 | 6.1 | 7.3 | - | 10.7 | 5.0 | 74.5 | 13.9 | 18.3 | 271.5 |
| Investments in machinery and equipment | 7.9 | 6.1 | 13.4 | 4.8 | 12.7 | 8.2 | 4.5 | 8.2 | 7.9 | 4.3 |
| Cash flow from operating activities | 305.0 | 274.1 | 196.9 | 193.1 | 68.5 | 97.7 | 106.0 | 10.0 | 107.5 | 140.6 |
| Net cash and cash equivalents | 8.2 | 88.3 | -45.0 | -119.0 | -213.8 | -180.9 | -209.9 | -145.7 | -103.0 | -141.9 |
| Capital employed | 1,511.3 | 1,212.6 | 1,102.6 | 1,008.1 | 972.7 | 1,085.2 | 1,100.9 | 1,100.3 | 1,042.5 | 1,020.2 |
| Acid test ratio, x | 1.3 | 1.3 | 1.1 | 1.0 | 0.9 | 0.9 | 0.9 | 1.1 | 1.0 | 1.0 |
| Net debt ratio, x | 0.0 | -0.1 | 0.0 | 0.1 | 0.3 | 0.2 | 0.3 | 0.2 | 0.1 | 0.2 |
| PROFITABILITY | 2019 |
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Return on capital, % | 15.8 | 16.7 | 16.2 | 13.2 | 9.0 | 6.3 | 6.0 | 7.6 | 11.4 | 11.5 |
| Return on equity, % | 20.6 | 22.5 | 22.5 | 18.1 | 11.9 | 7.5 | 6.6 | 9.7 | 15.6 | 16.3 |
| Return on capital employed, % | 24.1 | 26.8 | 26.2 | 20.5 | 13.2 | 9.3 | 8.8 | 11.3 | 17.1 | 17.2 |
| EMPLOYEES | 2019 |
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Average number of employees | 2,213 | 2,032 | 1,864 | 1,737 | 1,769 | 1,737 | 1,681 | 1,646 | 1,539 | 1,376 |
| Net sales per employee | 1.5 | 1.5 | 1.5 | 1.4 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
| Value added per employee | 1.1 | 1.1 | 1.1 | 1.0 | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 0.9 |
| Result after financial items per employee | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Number of employees at year-end | 2,337 | 2,260 | 2,065 | 1,867 | 1,802 | 1,788 | 1,833 | 1,739 | 1,670 | 1,470 |
Knowit’s share
Knowit’s share has been listed on the Nordic Exchange in Stockholm since 1997, and was moved from the Small Cap list to the Mid Cap list in January 2018. Knowit’s market value increased by 35.7 percent during the year, on an exchange where OMX Nasdaq Stockholm PI increased by 29.6 percent.
Share capital
As of December 30 2019, Knowit’s share capital was SEK 19.3 million, distributed across 19,253,760 shares at a quota value of SEK 1 each. All shares carry the same number of votes and the same rights to dividends.
Market listing
The share price at the end of the financial year was SEK 208.50 (153.60) per share, corresponding to a total market capitalization of SEK 4,014.4 (2,952.3) million. During the year, the share price increased by 35.7 percent, which can be compared with an increase of 29.6 percent for OMX Nasdaq Stockholm PI and an increase of 17.7 percent for OMX Nasdaq Stockholm Technology PI. The highest price paid during the year was SEK 224.00 on April 30 2019, while the lowest price was SEK 148.80 on January 3 2019. During the financial year, 9.7 (6.8) million Knowit shares were traded on the Stockholm Stock Exchange, or an average of 35,813 (27,294) shares per trading session. The number of shares traded corresponds to 50.2 (35.5) percent of the total shares at year-end.
The share was traded on 248 of the 249 trading days. The total number of shareholders as per December 30 2019 was 10,865 (8,466).
Dividend policy
The Board has adopted a dividend policy aimed at maintaining or increasing dividends each year. The dividend shall reflect the Board’s view on the expected market development over the next few years.
Dividend
The Board retracts its proposal for dividends of SEK 6.40 per share for fiscal 2019. The decision was made to prioritize the Company’s financial stability given the uncertain situation due to the covid-19 pandemic.
Data per share
| Data per share | 2019 |
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| No. of shares on balance sheet day, 000s, basic |
19,254 | 19,254 | 19,319 | 18,914 | 18,389 | 18,389 | 17,644 *) | 17,644 | 17,275 | 17,075 |
| No. of shares on balance sheet day, 000s, diluted |
19,254 | 19,254 | 19,319 | 18,914 | 18,389 | 18,389 | 17,644 *) | 17,644 | 17,793 | 17,593 |
| Average no. of shares, 000s, basic |
19,254 | 19,191 | 19,028 | 18,716 | 18,389 | 18,097 | 17,644 *) | 17,463 | 17,204 | 16,717 |
| Average no. of shares, 000s, diluted |
19,254 | 19,191 | 19,028 | 18,716 | 18,389 | 18,097 | 17,644 *) | 17,463 | 17,346 | 16,834 |
| Earnings per share, SEK, basic |
12.06 | 11.62 | 10.22 | 7.39 | 4.58 | 2.83 | 2.86 | 4.47 | 6.81 | 6.15 |
| Earnings per share, SEK, diluted |
12.06 | 11.62 | 10.22 | 7.39 | 4.58 | 2.83 | 2.86 | 4.47 | 6.76 | 6.10 |
| Equity per share, SEK, basic |
63.63 | 56.68 | 49.05 | 44.15 | 40.18 | 42.79 | 44.23 | 48.12 | 46.82 | 41.77 |
| Equity per share, SEK, diluted |
63.63 | 56.68 | 49.05 | 44.15 | 40.18 | 42.79 | 44.23 | 48.12 | 46.90 | 42.00 |
| Cash flow per share, SEK, basic |
4.35 | 4.81 | 3.11 | 0.16 | -4.54 | -0.76 | 0.57 | -1.49 | -1.99 | 2.36 |
| Cash flow per share, SEK, diluted |
4.35 | 4.81 | 3.11 | 0.16 | -4.54 | -0.76 | 0.57 | -1.49 | -1.98 | 2.34 |
| Dividend per share, SEK |
0.00 |
5.80 |
4.75 | 3.75 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 2.75 |
| Share price, SEK | 208.50 | 153.60 | 115.50 | 89.75 | 56.50 | 55.00 | 57.50 | 46.60 | 47.50 | 73.50 |
| P/e ratio | 17.3 | 13.2 | 15.2 | 12.1 | 12.3 | 19.4 | 20.1 | 10.4 | 7.0 | 12.0 |
*) Excluding repurchased shares, 49,000 in total
Development of share capital
| Year | Activity |
Change in no. of shares |
Total no. of shares |
Quota value, SEK |
Change in share capital, SEK million |
Total share capital, SEK million |
|
2010 |
- | - | 14,922,971 | 1 | - | 14.9 |
|
2010 |
New share issue 1) | 1,345,050 | 16,268,021 | 1 | 1.3 | 16.2 |
|
2010 |
New share issue 2) | 856,149 | 17,124,170 | 1 | 0.9 | 17.1 |
| 2011 | New share issue 3) | 199,999 | 17,324,169 | 1 | 0.2 | 17.3 |
| 2012 | New share issue 4) | 368,553 | 17,692,722 | 1 | 0.4 | 17.7 |
| 2014 | New share issue 5) | 745,044 | 18,437,766 | 1 | 0.7 | 18.4 |
| 2014 | Withdrawal of formerly repurchased shares | -48,734 | 18,389,032 | 1 | 0.0 | 18.4 |
| 2016 | Off-set issue 6) | 525,092 | 18,914,124 | 1 | 0.5 | 18.9 |
| 2017 | Off-set issue 7) | 164,879 | 19,079,003 | 1 | 0.2 | 19.1 |
| 2017 | Off-set issue 8) | 60,214 | 19,139,217 | 1 | 0.0 | 19.1 |
| 2018 | Off-set issue 9) | 81,702 | 19,220,919 | 1 | 0.1 | 19.2 |
| 2018 | Off-set issue 10) | 32,841 | 19,253,760 | 1 | 0.1 | 19.3 |
| 2019 | - | - | 19,253,760 | 1 | - | 19.3 |
Notes
1) New share issue, payment for acquisition of shares in Know IT Objectnet AS
2) New share issue, payment of additional consideration in connection with acquisition
3) New share issue for acquisition of Endero Oy
4) New share issue for acquisition of Reaktor AS and subsidaries
5) Off-set issue in connection with acquisition of Reaktor AS and subsidiaries
6) Off-set issue in connection with acquisition of Knowit Amende AS and non-controlling interest shares in Knowit Experience Holding AS, Knowit Stavanger AS, Knowit Infra Syd AB and Knowit Infrastructure Göteborg AB
7) Off-set issue in connection with acquisition of Knowit Dataess AS and non-controlling interest shares in Knowit Quality Management Oslo AS and Knowit Experience eCommerce AB
8) Off-set issue in connection with acquisition of Require AB
9) Off-set issue aimed at the sellers of shares in Dataess AS, Norway and acquisition of non-controlling interest shares in Knowit Experience AS, Norway, and for redemption of synthetic options in Knowit Skåne AB
10) Off-set issue in connection with acquisition of All Rise Media AB
AGM
Analysts
Daniel Thorsson
Analyst, ABG Sundal Collier
Phone: +46856628682
Erik Elander
Equity & Credit Research, Handelsbanken
Phone: +4687013141
Sebastian Olsson
Equity Research, SEB
Phone: +4687638128
Stefan Wård
Co-Head of Equity Research, Pareto Securities AB
Phone: +4684025287
