• Sales rose by 7% to SEK 477.6 million (444.4)
• Active measures:
- Goodwill impairment loss of SEK 280 million
- Proposed new share issue of SEK 100 million
- Restructuring cost of SEK 29 million
• EBITDA margin of 9.6% (11.6%) for operating activities
• EBITDA margin of 3.6% (11.3%)
• EPS loss for entire operation of SEK 10.63 (EPS of 1.17)
Sound operating activities
“In Q1 2009 Cybercom adapted its operation to today’s market conditions. We acted quickly and implemented several measures to reinforce Cybercom's competitive strength and to focus on long-term growth. We’re streamlining our company structure and adapting the Finnish and Swedish operations, and we made a goodwill impairment loss of SEK 280 million.
We’re proposing a new share issue to enable Cybercom to continue its global market expansion. Part of the share issue will be used to adapt our capital structure and fortify Cybercom’s long-term financial position. In the past two years Cybercom grown significantly abroad; our attractive global sourcing model meets our customers’ demands for greater accessibility and cost-effective solutions. Following its 2007–2008 expansion, Cybercom is now a key player in the Nordic IT market. We have a broad customer base and an established presence in expanding markets. The financial strength gained through a share issue gives us more potential to pursue business prospects that arise in today's market situation.
Cybercom is signing many interesting new agreements, and we extended several of our outsourcing assignments. Sales in Q1 rose compared to the same period in 2008, despite the current challenging market. We signed several frame agreements (master contracts) with new customers, which create good future opportunities. We made several important business deals with existing customers. Cybercom delivers world-class services, and operating activities displayed a 9.6% EBITDA margin for Q1.
Today’s market holds many challenges, but also exciting opportunities. Cybercom is an international company with a strong Nordic platform. The global economic downturn affects the Nordic IT services market and thus also our operations, while Cybercom’s international operations strengthen the company – such as through good growth in Singapore and India. We’ve come a long way in our development of a new international Cybercom and in building a geographic organisation based on long-term goals. We are convinced that globalisation will play a key role in the future, and we will continue to develop the company in line with our strategy.”
Stockholm, 21 April 2009
President and CEO
For more information, please contact:
Patrik Boman, president and CEO +46 73 983 89 79
Odd Bolin, CFO +46 70 428 31 73
Kristina Cato, IR and communications director +46 70 864 47 02