Corporate Governance

Presidents Statement

Profit before tax for the third quarter increased to SEK 17.1 million, representing an increase of 30% compared with the corresponding period last year. This means that the company has reported a higher profit before tax compared with the corresponding quarter in the previous year for four quarters in a row. My objective is for this positive development to continue, but I will not be happy until we achieve our profit target of 5% with regard to profit before tax. 

The key ratios have the last 12 months developed in the right direction. The equity ratio increased to 22% (19%), return on equity has increased to 20% (12%) and net debt has fallen to 101 million (175 million). 

The market remains challenging, which means that total income is increasing by only 2%, representing a decline of 3% when adjusted for currency effects. However, the overall service business has continued its positive development during the quarter. Total service revenues increased by 7%, representing an increase of 2% when adjusted for currency effects. This increase in service income is having a positive effect on the company’s contracted income. In addition to the above, I am pleased to see that revenues in respect of cloud services are continuing to increase. During the quarter, new contracts worth SEK 32 million relating to cloud services have been concluded, and total cloud revenues increased by 42%. 

Every day I see evidence that our role as an independent integrator, focusing on specialist skills in the fields of data storage with associated consultancy and support services, integrated systems and cloud services are in demand on the market. A number of examples of transactions completed during the quarter are mentioned in the section entitled “Events during the quarter”. 

Our aim is to grow on existing markets and grow geographically; and this is why the company began operating in Germany on 1 October. We now have a good team in place in Germany, and these people are supported by our team in the Netherlands, who have experience of a similar startup which took place a couple of years ago. This will allow us to achieve synergies in respect of resource utilisation, finance and marketing functions, for example. German is the biggest market in Europe, which means plenty of growth potential for Proact. The objective is for the business to make a positive contribution to the company’s revenues and results from 2015 onwards. I have high hopes for the startup.

Martin Ödmand

CEO and President


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