Interim Report January - March 2015
Summary for January - March 2015
- Net sales SEK 143,4 M (101,0)
- Profit before tax SEK 21,6 M (12,0)
- Operating margin 16 % (12)
- Earnings per share before dilution SEK 2,93 (1,58)
- Cash flow from operations SEK 73,5 M (64,3)
- Acquisition of Norwegian Fox Publish AS
CEO´S COMMENTS
“Hey, man,” Olov said as we stood in line at Snabben, the lunch place at Universum in Umeå, “I’ve got an idea.” Is that so, I thought, my mind mostly on which variation of beef stew was on the menu this fall day of 1984. “Yeah,” he continued. “You can program, of course, and I can come up with the money for one of those new PCs! Then you can teach me programming, and at the same time maybe we can put together some program that somebody will want to buy.”
No sooner said than done. I needed a hobby aside from research and the same went for Olov. Pretty soon a beige Ericsson PC stood on my desktop at home and another the following week at Olov’s. We developed in Turbo Pascal – the world’s fastest development environment crammed into an inconceivable 39 kB on a floppy disk.
The program we developed stemmed from Olov’s idea about property owners’ need for a better way to check on their energy consumption and the fact that modern tools were needed for this. The mission was clear as day! By programming at the hobbyist level in Turbo Pascal, we’d save Sweden from the energy crisis that arose in the aftermath of the 1970’s oil crisis. Yep!
The hobby project proceeded at turbo speed, and in the spring of 1985 there was interest out in the market to “do business” with us and, in fact, to buy the revolutionary system that we’d developed. Several screenshots were ready, though the functionality behind them was a little iffy. Most of the buttons you clicked on caused the data to freeze. But it looked nice – and surely you had to allow for some bugs and teething problems, right? In any case, we needed to start a company so that we could get out the program and save Sweden from the energy crisis.
That’s how Vitec was started in May 1985, and it’s the reason we are celebrating our 30th anniversary today, with cake for all of our colleagues and stockholders coming to the annual meeting. You are most welcome!
If you want to know the results of our first quarter in 2015, you’ll find them in the 23 pages that follow!
After these personal reflections, the Letter from the CEO will revert to the usual format with the next report.
Lars Stenlund, CEO
Disclaimer:
Vitec Software Group AB (publ.) is to make the above information public pursuant to the Swedish Securities Market Act or the Swedish Financial Instruments Trading Act. The information will be made public at 13:00 CET on Wednesday, May 6, 2015.
Vitec Software Group (publ.) is a software company that offers industry specific business applications on the Nordic market. The Company, with operations in Sweden, Norway, Finland and Denmark is growing in the mature part of the software industry by consolidating vertical software segments. Clients include facility management companies, construction and real estate companies, banks and insurance companies, utilities and energy traders, healthcare companies, car spare part dealers and newspaper companies. Vitec is listed on Nasdaq OMX Stockholm. Group turnover has an annual capacity of SEK 575 million and has approximately 400 employees. Vitec is listed on Nasdaq OMX Stockholm.
www.vitecsoftware.com Address: Box 7965, S-907 19 Umeå, Sweden. Phone +46 90 15 49 00