July – September
• Sales reached SEK 372.7 million (388.7)
• EBITDA margin of 9.1% (10.6)
• EBIT margin of 6.6% (8.5)
• EPS of SEK 0.32 (0.67)
January – September
• Sales rose by 1% to SEK 1,305.3 million (1,296.9)
• EBITDA margin of 7.3% (11.0)
• EPS loss of SEK 7.43 (EPS of 2.57)
• Financial measures during the year
- Offset share issue of SEK 27.7 million
- New share issue of SEK 100 million
- Restructuring costs totalling SEK 28.4 million
- Goodwill impairment loss of SEK 280 million
Growth in Asia and major global sourcing opportunities
Cybercom’s development in Q3 reflects stability in a weak market. The EBITDA margin was 9.1% and cash flow from operating activities totalled SEK 77.6 million. Our global sourcing strategy is producing clear results. We are expanding outside the Nordics with international assignments, and our growth in Asia is robust, amounting to 67% and making up 10% of Cybercom’s total sales.
The current recession is noticeable in the Nordic market for IT consultancy services, which is permeated by price pressure and general restraint. Nevertheless most of our operations in Denmark, Finland, and Sweden successfully increased or maintained sales this year.
New and existing customers find our global sourcing business model attractive since it meets our customers’ demands for cost effectiveness. Our major business negotiations during the quarter followed our global sourcing model – at customers’ request. In most cases Cybercom obtains more strategic positioning with these customers, creating additional opportunities and a stronger order flow. We’ve noticed the upward trend, but are very mindful of the current economic situation and how it will develop in Q4 and even next year. Cybercom has cut costs and is maintaining its focus on cost effectiveness. We have potential for capacity utilisation improvement and have intensified our sales and marketing activities during the autumn.
We are proud to say that Cybercom is becoming an increasingly established brand: we have been selected in many cases to join an exclusive, limited group of preferred suppliers to leading players in the Nordics, as well as in local markets in Asia, the Middle-East, and in nearby regions. Our expert competence is receiving international recognition, particularly in security, and internet and mobile services, for which we have strong references in the Nordics. Today we are receiving enquiries in these fields from customers in Asia.
The prevailing market still holds major challenges, but also many opportunities. Globalisation plays an important part and we will continue to develop the company in line with our strategy. We are building an international Cybercom, with a geographic structure designed for long-term business.
Stockholm, 20 October 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