Addnode Group’s Year-end report for 2014 will include noncash one-off income statement related items of approximately SEK +4 M net
STOCKHOLM, January 13, 2015 – Addnode Group’s Year-end report for 2014 will be presented on February 5, 2015. In the fourth quarter of 2014, operating income will be impacted by non-cash and non-recurring items of approximately SEK +4 million net, of which SEK +34 million relate to revaluation of contingent considerations and SEK -30 million relates to the impairment of goodwill.
For the acquisition of Joint Collaboration AS approximately SEK 32 million has been booked as contingent consideration. Since the objectives of the contingent consideration are not deemed to be reached, the provision will be dissolved. In addition, a further SEK 2 million will be dissolved due to revaluation of contingent consideration for other acquisitions.
As a result of an overall impairment review of immaterial assets, Addnode Group will record a total SEK 30 million non-cash goodwill write-down related to the Business Area Content Management.
"This is part of an ongoing review of our provisions and valuation of immaterial assets which do not affect cash flows for the period or our financial position. We reported strong earnings for the first nine months and we have a good solvency and financial position", says Staffan Hanstorp, President and CEO of Addnode Group.
The information in this press release is such that Addnode Group must disclose in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released on January 13, 2015, 08.30 a.m.
For more information:
Johan Andersson , CFO and Head of Investor Relations, Addnode Group
Tel: +46 (0) 704 205 831, e-mail: email@example.com
About Addnode Group
Addnode Group provides mission-critical IT solutions to selected markets in both private and public sectors. We acquire, build and manage companies that deliver IT solutions for the specific needs of our clients.
Every day, 400,000 engineers use our systems to develop and maintain products, buildings and facilities. 100,000 civil servants in the public sector use our solutions for municipal and state administration.
We are 950 employees in Sweden, Norway, Finland, Denmark, UK, USA, India and Serbia. In 2013 net sales totaled SEK 1 444 M. Addnode's Series B share is listed on the OMX Nordic List, Small Cap. For more information, please visit www.addnodegroup.com .