Sales for 2008 totalled SEK 1,781.1 million (1,099.5), a 62% rise in revenue compared with 2007. The revenue rise is due to the higher number of employees, primarily through the two acquisitions carried out during the year. The percentage of subcontractors remained high during the period.
Operating profit rose 50% compared with the same period in 2007 and reached SEK 156.0 million (104.1), which corresponds to an operating margin of 8.8% (9.5).
Net financial items stood at a negative SEK 39.4 million (-22.1); this figure includes SEK 39.6 million (-20.4) in interest expenses for loans raised for the auSystems and Plenware acquisitions. Profit after net financial items was SEK 116.6 million (82.1), which yields a 6.5% profit margin (7.5).
Investments
Net investments in property, plant, and equipment during 2008 reached SEK 10.4 million (7.4). Net investments in intangible non-current assets totalled SEK 3.4 million (0.9).
Liquidity and cash flow
On 31 December 2008, Group cash and cash equivalents stood at SEK 169.7 million, compared with SEK 82.0 million on 31 December 2007. During the period, cash flow before changes in working capital amounted to SEK 128.9 million. Changes in working capital stood at SEK 69.9 million for the period, so cash flow from operating activities totalled SEK 198.8 million (60.1).
Financial position
Equity on 31 December 2008 stood at SEK 998.1 million (708.4), which corresponds to a 49.2% equity/assets ratio (51.0). Equity per share amounted to SEK 40.60 (31.65).
New share issues were implemented during Q1 and Q2 with preferential rights for Plenware's former shareholders. The first new share issue, at SEK 53.72 per share, concerned the initial Plenware acquisition. The second issue concerned the additional purchase price paid to Plenware for profit in 2007, in which half of the additional purchase price was paid in shares at SEK 42.65 per share. Due to these issues, the number of Cybercom shares rose by 2,200,478 shares. After the issues, Cybercom's share capital was SEK 24,584,840 distributed over 24,584,840 shares.