• Sales reached SEK 455.0 million (463.8)
• EBITDA margin of 9.5% (11.1%)
• EPS of SEK 0.61 (0.91)
January – June
• Sales rose by 3% to SEK 932.6 million (908.2)
• EBITDA margin of 6.5% (11.2%)
• EPS loss for entire operation of SEK 8.88 (EPS of 1.96), including goodwill impairment loss
• Financial measures during the year
- Goodwill impairment loss of SEK 280 million
- Restructuring costs of SEK 28 million
- New share issue of SEK 100 million complete
A strong second quarter in a difficult market
Cybercom’s development in Q2 was strong in the prevailing market conditions, and cash flow from operating activities was stable. The company’s EBITDA margin was 9.5% for the second quarter. The measures that Cybercom initiated in February are starting to produce positive results. In general, we also perceived greater demand for our services in the second quarter and our order flow increased. Ever more customers, both new and existing ones, find our global sourcing business model attractive. For example, the new deals gained through our US presence will use global sourcing from China, Romania, and the Nordics. We have noticed the upward trend, but are very mindful of the current economic situation and how it will develop in the next six months, so we are maintaining our strong focus on Cybercom’s cost effectiveness.
Cybercom’s proven strategy is to form long-term partnerships with our customers to add optimal value to their business. Our presence in the US – initiated to meet a customer’s need – is one such example. Cybercom follows its customers around the world to be close to their own strategic branches that they regard as significant for future growth. The US, China, and India are such countries.
During the quarter, Cybercom implemented a new share issue, which was oversubscribed. The financial strength gained through a share issue creates more scope for Cybercom to utilise the business opportunities that arise in the prevailing market. We reinforce our prerequisites for continuing to expand the company in a global market. Part of the issue proceeds will be used to adapt the company’s capital structure, thus boosting Cybercom’s long-term financial position.
The prevailing market still holds many major challenges, but also increasing numbers of opportunities. Cybercom is an international company with a robust base in the Nordics. The decline in the global economy affects the Nordic IT services market and thereby our operations, while Cybercom’s international operations strengthen the company. 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, 17 July 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