Operations
The parent company primarily manages Group-wide functions such as accounting, PR and marketing communications, administration, and internal systems. At year-end, 14 (13) people were employed in the parent company. The average number of FTEs for 2008 was 13 (17).
Sales reached SEK 41.2 million (68.6). Operating loss totalled SEK 24.3 million (-17.5). Loss after net financial items stood at SEK 2.7 million (-4.4). The parent company's liquidity was SEK 122.2 million (65.2) on 31 December 2008. Net investments in property, plant, and equipment and intangible assets totalled SEK -1.6 million (0.9). The parent company's intangible assets increased SEK 63.1 million in conjunction with the subsidiary mergers, which did not affect cash. In conjunction with the Plenware acquisition, financial assets rose SEK 374.8 million, and longterm liabilities in the form of bank loans increased.
Financial risks
The parent company administers and is responsible for the Group's financial transactions. Its overall objective is to minimise negative effects on the Group's financial performance. The parent company is exposed through its operations to various types of financial risks, especially liquidity and financing risk, interest risk, and currency risk.
Liquidity and financing risk
The Group aims to manage its financial obligations during economic upswings and downturns without substantial unforeseeable expenses and without risking the Group's reputation. Group policy is to minimise its borrowing needs by using excess liquidity within the Group through cash pools. Liquidity risks for the Group are managed centrally in the parent company.
In 2008, the Group signed an agreement for an SEK 50 million credit facility. The credit facility is open-ended and was unused at year-end.
Interest rate risk
Interest rate risk can result in changes in fair values and cash flow. The length of the fixed interest period is a significant factor that affects interest rate risk. The parent company's debt financing carries a variable interest rate.
Currency risk
Cybercom is exposed to various types of currency risk. The parent company is mainly exposed to currency risk through translation of assets and liabilities from foreign subsidiaries. It is also exposed to currency risk related to cash flow for loans taken in foreign currencies. Cybercom applies hedge accounting when requirements for doing so are met.
See the "Directors’ report" section for the Group for more information about the parent company's operations, financial position, and performance.