Interim Report Q3 July-September 2017 2016

Interim Report Q3 July-September 2017 Summary of the Fortnox Group for the third quarter of 2017 (compared with the same period last year)

2016

January - September 2017 (compared with the same period last year)

»» Net sales for the Group increased by 41.6 percent to SEK 69.4 million (49.1).

»» Net sales for the Group increased by 43.5 percent to SEK 194.8 million (135.8).

»» Operating profit amounted to SEK 22.0 million (15.4), which corresponds to an operating margin of 31.7 percent (31.4%).

»» Operating profit amounted to SEK 50.6 million (29.4), which corresponds to an operating margin of 26.0 percent (21.6%).

»» The Parent Company reported an operating margin of 33.5 percent (33.1%). The subsidiary Nox Finans reported an operating margin of 20.2 percent (12.4%).

»» The Parent Company reported an operating margin of 27.9 percent (24.2%). The subsidiary Nox Finans reported an operating margin of 12.9 percent (-1.3%).

»» Profit after tax amounted to SEK 17.2 million (11.5).

»» The result includes royalties from Briox of SEK 4.0 million. Excluding it, the operating margin in the Group amounts to 24.4 percent and in the Parent Company to 26.1 percent.

»» Earnings per share amounted to SEK 0.29 (0.20).

»» Profit after tax amounted to SEK 39.4 million (22.6). »» Earnings per share amounted to SEK 0.66 (0.39).

Interim Report Q3 July-September 2017

Fortnox AB (publ) Corporate identity number: 556469-6291

1

With 191,000 customers, Fortnox is Sweden's leading provider of cloud-based solutions for finance and administration for small businesses, associations, schools, and accountants. Fortnox offers a full range of programs for accounting, invoicing, sales support, time reporting and payroll administration. Our customers can now access their programs and their information from any Internet-connected computer. Multiple users can be logged in simultaneously, collaborating and sharing information. Installation, updates, and backup are all easy to set up and run. Customers subscribe to each program and pay a monthly fee per user and application module. Fortnox, founded in 2001, has 211 employees in the group and is headquartered in Växjö. The share is traded on NGM Nordic MTF. For further information, see www.fortnox.se

Fortnox benefits from technological advances

Fortnox is technically benefited from its long experience of cloud-based systems.What gives the company a real lead over our competitors is that Fortnox is constantly investing in, and developing, its technical platform in order to ensure that is will be scalable and future-proof. Customers can safely invest in Fortnox solutions and gradually enhance their systems with new features as needs evolve.

What gives the company a real advantage? If you ask our competitors it is the fact that Fortnox constantly invests in, and develops, its technical platforms. The single most important technical advantage is the open API that makes Fortnox an ideal platform for the small business owner's overall financial and administrative needs. Industry-specific systems and other existing solutions can easily be transferred onto the Fortnox platform. Today, there are over 200 system vendors who have chosen to integrate their solutions with Fortnox.

2


Interim Report Q3 July-September 2017 Jesper Svensson, Chief Technical Officer Fortnox

A message from the Managing Director

Strong third quarter and continued strong market potential The third quarter shows continuing excellent customer growth with 9,000 new customers, which means that we now have 191,000. It is also very satisfactory that our operating margin is 30 percent for the third quarter. Fortnox has a clear growth strategy, which means we will continue to invest in product and business development, as well as more employees. This is necessary when the potential market is high. Of Sweden's 800,000 small business owners, only one in three entrepreneurs has benefited so far from digital transformation.

In the third quarter, the Group's net sales increased by 41.6 percent to SEK 69.4 million. Operating profit increased by just over six million to SEK 22 million compared to the same period last year, and is the best result so far in the company's history. The Group operating margin was 31.7 percent and the parent company’s 33.5 percent. After the third quarter, we can see that Fortnox has, once again, surpassed its financial goals of annual growth of 25 percent and an average margin of at least 20 percent, in both parent and group. Fortnox’s strategy is firm - Customer growth is the priority area. Evidence of this is an additional 9,000 customers in the third quarter, which brings our total to 191,000 customers. As small business owners gradually switch to more digital working methods, we will see an increase in revenue per customer as the next step. The launch of Fortnox's first storage system is an important addition. With a system that controls inventory, we become even more relevant to a large category of small businesses - those who sell physical products in store and via e-commerce. Now we can offer them a cloud-based overall solution that includes effective warehouse support, integrated with billing, ordering, and bookkeeping. Even Fortnox's subsidiary, Nox Finans, is a clear example of our potential for more sales. The company offers financial services to small businesses, which includes invoice services, invoice purchases, invoice loans and corporate loans. The services are fully integrated with our cloud-based solutions for finance and administration. During the third quarter, the company doubled its sales, compared to the same period last year.


Worth noting is that only one percent of Fortnox customers have so far discovered the benefits of our financial services. That is a clear example of the potential of our 191,000 strong customer base to provide new sales and great prospects. The power of innovation leads to growth Another success factor is our open interface, which makes Fortnox an ideal platform for a small business owner's need for financial and administrative services. Today, entrepreneurs have access to over 200 complementary solutions that can be easily integrated with the Fortnox platform. To strengthen cooperation with these system vendors, we launched Certified Integration Partner in the third quarter, where we particularly recommend selected cloud solution providers. Fortnox's innovative power is of course also very important for creating growth. One example is our digital receipt project that we started in the third quarter. The purpose of the project is to develop a solution that saves valuable time for small business owners and accounting agencies by handling receipts, milestones, subscriptions, and expenses directly on the mobile phone. We also need to continue to recruit within systems development. As of September 30, Fortnox had 211 employees, an increase of 37 percent compared with the previous year, when we had 154 employees. We need additional people. To succeed with our growth strategy, we must of course invest in marketing to tell potential clients that we are a small business’s best friend. During the third quarter we have been very active in this, including through Fortnox’s Annual Road Show, where we met accounting firms in several locations across the country. This year we gathered more participants than ever before. An important acknowledgment of our attractiveness and the good agency cooperation we have built up. Together, we want to help more small business owners choose digital solutions that create competitiveness in their everyday lives. Nils Carlsson Managing Director


3

Operations for July - September period

Although Fortnox is obviously in a growth phase, the company exceeded its targets of at least 25 percent growth and a minimum 20 percent operating margin during the third quarter. Fortnox continued its focus on customer growth and our customer base increased by 9,000 new companies to a total of 190,883 customers as of September 2017. This is 33% more compared with the previous year when Fortnox had 143,000 customers at the end of the same quarter. In parallel, Fortnox employed more team members to meet the growing demand for cloud services from small business owners. As of September 30, the company had 211 employees, an increase of 37 percent compared with the previous year, when we had 154 employees. The effort to recruit more employees will continue. Net sales increased by 41.6% to SEK 69.4 million, compared with SEK 49.1 million in the same period of 2016. Although customer growth is a high priority, revenue per customer (ARPU *) continues to grow in line with forecast. As per September 30, 2017, ARPU for the Group was SEK 120, compared to SEK 117 at the end of the first quarter.

r

%

SEK thousand 2011

Stable 24000 customer growth meant that our order book increased as well. At 35 the end of the period, it amounted to SEK 200.6 million, compared with 22000148.8 million in the same period last year. SEK 30

20000

Operating profit amounted to SEK 22.0 million, compared with SEK 15.4 18000 in the same period last year. This corresponds to an operating million 25 margin of 31.7 percent. 16000 14000

20

12000

Developing the offer to small business owners and accounting firms

15

10000 In August, Fortnox started a partnership with the company, Companyexpense, to jointly develop a new solution to simplify the handling of 8000 expenses using digital receipts. Target groups are both the accounting 10 firms 6000 and small business owners. Through their mobile phone, employees will have the opportunity to directly handle receipts, car mileage, expenses, 4000 5 and travel costs in a fast and simple way, saving everyone time. The new 2000 solution means automating the entire process from purchase and reporting to bookkeeping. The handling of digital receipts will be integrated into va0 0 rious parts solutions Q1 of Fortnox’s Q2 Q3 cloud-based Q4 Q1 Q2 Q3 for Q4finance Q1 and Q2 administraQ3 tion. As more stores, restaurants, hotels,2016 taxis, and other receipt-providers 2015 2017 offer digital receipts, demand for this solution is only going to increase. Operating profit, SEK thousand

After a test period, Fortnox Warehouse was launched in September. Through the new inventory system, small business owners can get a better overview and control of their inventories, both overall and per sales unit. Fortnox Warehouse supports multiple warehouse locations, inventory valuation, inventory, and automatic stock records. *ARPU (or average revenue per customer) is calculated by comparing average number of customers in relation to total net sales (excluding non-recurring earnings) over a given period. To avoid seasonal variations, Fortnox has chosen to report ARPU over 12-month periods.

Revenue and earnings July - September 2017 Group Net sales increased by 41.6 percent to SEK 69.4 million (49.1). Operating profit amounted to SEK 22.0 million (15.4). This corresponds to an operating margin of 31.7 percent (31.4%). Profit before tax was SEK 22.0 million (SEK 14.8). Profit after tax amoun2011 2011 ted to SEK 17.2 million (SEK 11.5) and earnings per share were SEK 0.29 (0.20). Parent Net sales increased by 36.5 percent to SEK 58.6 million (42.9). Operating profit amounted to SEK 19.6 million (14.2) and the operating margin was 33.5 percent (33.1%). Profit before tax amounted to SEK 19.6 million (14.2) and net SEK 15.3 M (SEK 11.0). Earnings per share were SEK 0.26 (0.19).

January - September 2017 Group Net sales during the period amounted to SEK 194.8 million (135.8), an increase of 43.5 percent. Operating profit amounted to SEK 50.6 million (29.4). This corresponds to an operating margin of 26.0 percent (21.6).

Operating margin, %

Rörelseresultat

Group’s sales %

16000 SEK thousand

2011

14000

30

13000 60000 12000

25

11000

50000

9000

20

7000

15

40000 8000 6000 30000 5000

10

4000

20000

5

2000

10000 1000 Q2

Q1

Q3

Q2

Q4

Q3 2016

Q4

2015 Rörelseresultat, tkr

Sales, SEK thousand% Rörelsemarginal,

4

35

22000 2011 30

20000 18000

25

14000

20

12000 15

10000 8000

10

6000

3000

2015

%

24000

16000

10000

0

SEK thousand

35

70000 15000

0

Group’s operating profit

Tkr

Q1

Q2

Q1 Q2 2017 2016

Q3

Q3

Q4

Q4

Q1

Q1

Q2

0

Q3

2017


4000

5

2000 0

Q1

Q2

Q3

Q4

2015

Q1

Operating profit, SEK thousand

Q2 2016

Q3

Q4

Q1

Q2

Q3

2017

Operating margin, %


0

22

These results include royalties from Briox of SEK 4.0 million. Excluding this, net sales amounted to SEK 190.8 million, corresponding to growth of 40.5 percent and operating profit to SEK 46.6 million, corresponding to an operating margin of 24.4 percent. Parent Company Net sales increased by 37.8 percent to SEK 168.1 million (122.0). Operating profit amounted to SEK 46.8 million (29.6) and operating margin to 27.9 percent (24.2%). Excluding royalty reimbursement from Briox AB of SEK 4 M, net sales amounted to SEK 164.1 million, corresponding to growth of 34.5 percent and operating profit to SEK 42.8 million, corresponding to an operating margin of 26.1 percent.

Cash flow and financial position

The Group's cash flow from operating activities amounted to SEK 21.9 million (0.10) during the quarter. The Group's cash and cash equivalents at the end of the period amounted to SEK 89.9 million (55.0). Liquid funds include client funds in our subsidiary, Nox Finans, of SEK 21.4 million (23.4). SEK 15 million of liquid assets are pledged as collateral for committed check credit in Nox Finans. Current liabilities amounted to SEK 133.3 million (100.6) at the end of the period. Prepaid income amounted to SEK 80.1 million at the end of the period, compared with SEK 54.6 million corresponding to 2016. The Group has no long-term liabilities. The equity ratio was 39.5 percent (33.3%).

Investments and depreciation Innovation, plus a high rate of renewal of Fortnox's customer offering, are crucial for continued success. During the period, the Group's investments amounted to SEK 7.6 million (4.8). SEK 7.4 million (4.2) was attributable to capitalized development costs. These costs include internally accrued development costs of SEK 3.9 million (2.5). During the period, development continued in the subsidiary focusing on insurance brokerage, which was launched in the last quarter. Depreciation during the period was SEK 3.7 million (2.8).

Equity At the end of the quarter, the Group's equity amounted to SEK 87.0 million (50.1). The share capital was SEK 1,186,306 (1,168,345), divided into 59,315,293 shares, each with a quota value of SEK 0.02.

Continuous development Fortnox has technically benefited from its long experience of cloud-based systems that was the starting point over 15 years ago. But what gives the company a real technological edge over its competitors is that, in 2013, Fortnox built a brand new technical platform that is scalable and futureproof. This allows customers to safely invest in Fortnox solutions and gradually add new features as their needs evolve. The single most important technical advantage of Fortnox is the open API that makes Fortnox a platform for any small business owner's overall financial and administrative needs, as industry-specific systems and other existing solutions can easily be integrated into the Fortnox platform. Today Interim Report Q3 July-September 2017

Camilla Kaltin at a business fair in Kista, Sweden. there are over 200 systems prepared for this. In this way, Fortnox has become the hub of an ecosystem for all finance and administration. In order to strengthen cooperation with these system vendors, Certified Integration Partner was launched during the third quarter, which means that Fortnox recommends specifically selected cloud solution providers. • Oxceed visualizes outcomes, budget, and key figures, both graphically and through tables. In addition, it is easy to visualize traditional financial reports in an educational and graphic way. • Entré Office from Crafts Data is a simple administrative cloud service. Craftsmen and handymen can handle their entire order flow, from quotation to invoicing anywhere they are. • Starweb's e-commerce solution is for small business owners who want to quickly get started with e-commerce. • Boxnet retail store data system is a cloud-based checkout and store data system for many different industries. • Real estate system is a cloud-based economic property management system. • Next is a mobile cloud solution for time reporting and invoicing developed for entrepreneurs in the construction sector. During this period, the company also launched another release with a variety of enhancements and accounting, billing and payroll features that customers automatically gained access to.


5

Product owner Anna Olandersson at Fortnox Roadshow in Växjö, Sweden

Our team

Engaged employees in an outstanding entrepreneurial culture are one of Fortnox’s strengths. In order to meet market potential, recruitment of key competencies remains one of our critical issues. During the third quarter, the Group grew according to the recruitment plan. Recruitment is primarily additions to the system development team, but also within sales and marketing. The number of employees in the group was 211 on September 30, of which 26 worked in Nox Finans, compared with 154 people at the same time last year. In addition, the company employs consultants for individual projects.

If you want your business to work efficiently and effectively, nothing beats Fortnox. Björn Winberg, Deloitte Sweden

A dynamic collaboration with accounting and audit firms is a major success factor. The agencies provide positive feedback on our systems that focuses on optimized functionality and user friendliness for all customers, especially their clients. If the firms are satisfied, they recommend Fortnox to their clients. Fortnox has partnership agreements with all major accounting agencies in the country.

The Fortnox share Fortnox AB is traded on NGM Nordic MTF. On September 29, Fortnox shares were listed at SEK 39.60. This corresponds to a market value of approximately SEK 2 313.3 million. During the quarter, the stock has been listed at its highest, SEK 40.80, on September 26 and at the lowest, SEK 33.20 on 29 August.

The ten largest shareholders on 30 September 2017 Shareholders FIRST KRAFT AB

Customers and market In Sweden, there are nearly 800,000 companies with up to 20 employees and these businesses form Fortnox’s main target group. Of these, 190,883 companies have chosen to become Fortnox customers as of 30 September 2017. Fortnox’s customers come from a variety of business areas. In addition to the accounting industry, where the firms can be both customers and partners, there are many customers in the wholesale and retail sectors and in construction and real estate. There are also many customers in information and communication, hotels and restaurants, as well as healthcare and elderly care.

6


Number of shares

%

12 220 659

20.60%

SWEDBANK ROBUR

4 396 741

7.40%

SPILTAN AKTIEFOND TOTAL

2 713 104

4.60%

FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION

1 942 556

3.30%

BENGTSSON, PEDER KLAS-ÅKE

1 891 000

3.20%

CBNY-NORGES BANK

1 730 000

2.90%

LUXEMBOURG AIF CLIENTS ACCOUNT

1 563 002

2.60%

BERGSTRÖM, BIRGER

1 492 000

2.50%

NORDNET PENSIONSFÖRSÄKRING AB

1 426 628

2.40%

STATE STREET BANK & TRUST COM., BOSTON

1 186 306

2.00%

28 753 297

48,50%

59 315 293

100%

Other shareholders

Total


Better overview and control with Fortnox Warehouse When Frick & Co introduced Fortnox Warehouse Systems, life as a wholesale and e-commerce company became significantly easier. With accurate inventory control, support for different currencies and automatic bookkeeping, the company saves a lot of time. In addition, it was both quick and easy to get everything up and running. Sofia Utstrand

Partners at Frick & Co Hairdressing Wholesaler

The day we got Fortnox Lager was the best day ever - all year long!

Outlook

Note

Fortnox has managed to do several things right, right from the start. The company met the technology shift to cloud-based solutions at the perfect time and realized early that the main channel to the market would go through the accounting firms. This creates the foundation for excellent future prospects and gives us the ability to grow in line with the increasing demand for Fortnox offers from existing, and new, customers. In addition to continuing the further development of its core business, Fortnox will focus on expanding its offering through financial services from Nox Finans and by launching an insurance brokerage.

This information is such as is required by Fortnox AB under the EU Market Abuse Regulation and the Securities Market Act. The information was provided by the above person for publication on October 24, 2017 at. 08:30.

The report has not been audited by the company's auditors. Växjö, Sweden, October 24, 2017 Fortnox AB (publ)

Fortnox will continue to show that it is a stable company with high growth, delivering according to set financial targets and a well-functioning strategy.

Nils Carlsson

Upcoming reports

For further information please contact: Nils Carlsson, Managing Director Tel: 076-644 77 00, [email protected]

Interim report for October - December

February 9, 2018

Annual General Meeting

March 21, 2018

Interim report for January - March 24

April 2018

Interim report for April - June 22

August 2018

Interim report for July - September 24

October 2018

Significant events after the end of the reporting period Since the end of this reporting period, Fortnox has recruited Roger Hartelius as the new Chief Financial Officer (CFO), focusing on strategic development of the Group. He comes most recently from the cloud-based and international newspaper service, Readly, where he had a similar function. Roger Hartelius will join the company's management team. In conjunction with this, Fortnox's current CFO, Karin Korpe, will take on a new role as Head of Business Control. She will also be the Financial Manager for Fortnox's subsidiary, Nox Finans, and Fortnox Insurances. Karin Korpe will leave her place in the management team.



7

Accounting Principles This interim report has been prepared in accordance with the Annual Accounts Act.

Consolidated income statement in summary Amounts in SEK Net sales Work carried out by company for own use and capitalized Other operating income

1701-1709

1601-1609

1707-1709

1607-1609

1601-1612

194 773 815

135 775 898

69 441 172

49 055 488

189 301 482

12 969 527

9 692 910

3 847 117

2 494 135

13 338 664

5 951 434

613 149

1 428 581

572 821

1 350 307

213 694 775

146 081 957

74 716 870

52 122 444

203 990 453

Operating income Purchased Services

-28 792 603

-17 482 171

-10 388 197

-6 125 569

-24 797 610

Other external expenses

-39 952 271

-29 898 315

-11 990 181

-9 158 224

-41 398 771

Pay role costs

-84 133 063

-62 031 353

-26 611 156

-18 598 775

-85 669 788

Depreciation of tangible and intangible fixed assets

-10 183 950

-7 310 502

-3 721 206

-2 823 270

-10 246 590

-163 061 886 -116 722 341

-52 710 739

Operating profit

50 632 889

29 359 616

22 006 131

-36 705 838 -162 112 759 15 416 606

41 877 694

Profits from financial items Interest income and similar income items Interest expenses and similar items

Profit after financial items Tax PERIOD RESULTS

-304

615

220

-378 167

1 234

1 646

-379 858

-2 832

-218 144

-41 968

1 342

-379 243

-2 612

-596 311

-40 734

50 634 231

28 980 373

22 003 519

14 820 295

41 836 960

-11 245 880

-6 425 043

-4 845 811

-3 278 515

-9 282 845

39 388 351

22 555 330

17 157 708

11 541 780

32 554 115

39 313 441

22 595 707

17 157 708

11 494 058

32 553 795

74 909

-40 377

0

47 722

320

Applicable to: Parent company’s shareholders Non-controlling interest

8



Consolidated balance sheet in summary Amounts in SEK

17-09-30

16-09-30

16-12-31

71 366 392

53 593 648

57 838 363

ASSETS Fixed assets Intangible fixed assets Balanced expenses for development work Goodwill

0

0

0

71 366 392

53 593 648

57 838 363

6 095 378

1 446 319

2 014 492

735 657

1 882 384

1 546 206

78 197 427

56 922 351

61 399 061

Accounts receivable

24 954 286

15 496 889

16 513 314

Account receivables factoring

25 326 693

0

15 781 550

294 146

21 319 123

316 386

0

0

0

Tangible fixed assets Inventory Financial assets Deferred taxes Total assets Current assets Current receivables

Other receivables Advances to suppliers Prepayments and accrued income

1 677 402

1 880 763

2 271 787

52 252 528

38 696 775

34 883 037

89 911 513

55 033 685

60 261 030

Total current assets

142 164 040

93 730 460

95 144 067

TOTAL ASSETS

220 361 468

150 652 811

156 543 128

Cash and bank balance



9

Consolidated balance sheet in summary Amounts in SEK

17-09-30

16-09-30

16-12-31

1 186 306

1 168 345

1 168 345

80 594 646

48 382 310

48 382 310

EQUITY AND LIABILITIES Equity Share capital Other contributed capital Other equity including annual profit

5 250 202

-88 196

7 998 982

87 031 154

49 462 459

57 549 637

0

630 213

1 157 118

87 031 154

50 092 672

58 706 755

Other long-term liabilities

0

0

0

Total long-term liabilities

0

0

0

Shareholders equity attributable to parent company’s shareholders Non-controlling interest Total equity Long-term liabilities

Current liabilities Advanced payments from customers

1 658 009

1 673 939

1 665 387

Account payable

10 646 925

5 932 239

8 157 292

Current tax liabilities

17 924 303

7 341 355

9 944 415

Other debts

23 041 082

31 003 877

17 104 013

Accrued expenses and prepaid income

80 059 995

54 608 729

60 965 266

Total current liabilities

133 330 313

100 560 139

97 836 373

TOTAL EQUITY AND LIABILITIES

220 361 468

150 652 811 156 543 128

Change in equity attributable to parent company

1701-1706

1601-1609

1601-1612

Opening/Initial equity

57 549 637

36 211 119

36 211 119

-11 683 452

-9 346 761

-9 346 761

Rights issue

Dividend

619 500

0

0

Period result

39 388 351

22 555 330

32 554 115

0

42 772

-320

Holdings without controlling interest share of profit for the year Acquisition part of the minority Closing equity

10


1 157 119

0

-1 868 516

87 031 155

49 462 460

57 549 637


Consolidated Cash Flow Statement Amount in SEK

1701-1709

1601-1609

1707-1709

1607-1609

1601-1612

50 634 231

28 980 370

22 003 519

14 820 292

41 836 960

Current business operations Profit after financial items Adjustment for items not included in cash flow Tax paid Cash flow from current operation before change in working capital

10 183 950

7 310 502

3 721 206

2 823 290

10 246 590

-11 245 880

-6 425 043

-4 845 811

-3 278 515

-9 282 845

49 572 301

29 865 829

20 878 914

14 365 067

42 800 705

Cash flow from change in working capital Change in current receivables

-16 348 686

-16 344 924

-11 652 875

-7 581 461

-18 589 364

Change in current liabilities

35 283 686

21 035 131

12 670 704

-6 685 499

24 705 719

Cash flow from current operations

68 507 301

34 556 036

21 896 743

98 107

48 917 060

Investments in financial fixed assets

-31 610 797

0

0

0

-1 880 000

Investments in intangible fixed assets

-22 747 566

-14 933 422

-7 423 625

-4 190 049

-22 026 749

-5 045 300

-577 886

-195 047

-577 886

-1 233 534

-59 403 663

-15 511 308

-7 618 672

-4 767 935

-25 140 283

Investments

Investments in property, plant, and equipment Cash flow from investment activities Financing activities Rights issue

Dividend

Borrowings

Shareholder contributions

32 230 297

0

0

0

-11 683 452

-9 346 761

0

0

0

0

0

0

0

-500 000

0

0

495 295

-9 346 761 -500 000

0

Cash flow from financing activities

20 546 845

-9 846 761

0

0

-9 351 466

CASH FLOW FOR PERIOD

29 650 483

9 197 967

14 278 071

-4 669 828

14 425 311

Cash and cash equivalents at beginning of period

60 261 030

45 835 718

75 633 442

59 703 513

45 835 718

Cash and cash equivalents at end of period

89 911 513

55 033 685

89 911 513

55 033 685

60 261 030

Cash flow for the year



11

Parent Company Income Statement in summary Amounts in SEK

Net sales Work carried out by company for own use and capitalized Other operating income

1701-1709

1601-1609

1707-1709

1607-1609

1601-1612

168 058 192

121 989 300

58 588 505

42 918 449

168 826 366

12 883 777

9 244 123

3 847 117

2 382 876

12 854 723

683 699

0

60 187

-40 328

0

181 625 668

131 233 423

62 495 809

45 260 997

181 681 089

-17 865 730

-13 053 023

-6 056 555

-4 608 469

-18 066 754

Operating income Purchased Services Other external expenses

-35 127 111

-26 042 361

-10 977 672

-7 674 621

-34 844 882

Pay role costs

-73 253 420

-56 327 137

-22 683 861

-16 403 383

-78 185 603

-8 562 489

-6 255 209

-3 142 751

-2 387 420

-8 715 455

-134 808 750 -101 677 730

-42 860 839

Depreciation of tangible and intangible fixed assets

Operating profit

-31 073 893 -139 812 694

46 816 918

29 555 693

19 634 970

14 187 104

41 868 395

-278

492

220

276

1 021

-10 967

-40 755

-1 038

-16 346

-41 968

-11 245

-40 263

-818

-16 070

-40 947

46 805 673

29 515 430

19 634 152

14 171 034

41 827 448

Profits from financial items Interest income and similar income items Interest expenses and similar items

Profit after financial items Tax PERIOD RESULTS

12


-10 393 380

-6 535 078

-4 323 956

-3 131 587

-9 276 702

36 412 293

22 980 352

15 310 196

11 039 447

32 550 746


Parent Company Balance Sheet in summary Amounts in SEK

17-09-30

16-09-30

16-12-31

62 594 604

45 557 438

49 574 822

0

0

0

62 594 604

45 557 438

49 574 822

5 970 564

1 419 859

1 989 922

56 274 502

16 729 000

24 613 705

ASSETS Fixed assets Intangible fixed assets Balanced expenses for development work Goodwill

Tangible fixed assets Inventories Financial assets Shares in Group companies Deferred tax assets Total non-current assets

0

220 000

0

56 274 502

16 949 000

24 613 705

124 839 670

63 926 297

76 178 449

24 474 738

15 061 032

16 008 505

Current assets Accounts receivable Receivables from Group companies

26 069

1 642 181

1 427 281

Other receivables

256 962

6 703 353

84 217

Prepaid expenses and accrued income

873 190

1 635 397

1 964 463

Advanced to suppliers

0

0

0

25 630 959

25 041 963

19 484 466

79 857 114

40 474 467

53 942 255

Total current assets

105 488 073

65 516 430

73 426 721

TOTAL ASSETS

230 327 743

129 442 727

149 605 170

Cash and bank balances



13

Parent Company Balance Sheet in summary Amounts in SEK

17-09-30

16-09-30

16-12-31

1 186 306

1 168 345

1 168 345

11 987 890

9 244 123

11 987 890

13 174 196

10 412 468

13 156 235

80 594 647

48 382 310

48 382 310

Balanced profit and loss

-6 934 799

-25 058 326

-27 802 094

Profit for the period

36 412 293

22 980 351

32 550 746

110 072 140

46 304 335

53 130 962

123 246 336

56 716 803

66 287 197

Other long-term liabilities

0

0

0

Total long-term liabilities

0

0

0

Prepayments from customers

1 658 009

1 673 939

1 665 387

Accounts payable

8 328 834

3 257 770

6 159 924

17 642 693

7 174 821

9 756 214

6 694 513

7 080 356

7 154 953

72 757 358

53 539 038

58 581 495

Total current liabilities

107 081 407

72 725 924

83 317 973

TOTAL EQUITY AND LIABILITIES

230 327 743

EQUITY AND LIABILITIES Shareholders equity Share capital Development Fund

Unrestricted capital Premium fund

Total equity Long-term liabilities

Current liabilities

Current tax liabilities Other debts Accrued expenses and prepaid income

129 442 727 149 605 170

Change in equity

1701-1709

1601-1609

1601-1612

Initial equity

66 287 197

43 083 213

43 083 213

-11 683 452

-9 346 761

-9 346 761

32 230 297

0

0

36 412 293

22 980 352

32 550 746

123 246 336

56 716 804

66 287 197

Dividend Rights issue Profit for the period Closing equity

14



Parent Company Cash Flow Statement Amount in SEK

1701-1709

1601-1609

1707-1709

1607-1609

1601-1612

46 805 673

29 515 430

19 634 152

14 171 034

41 827 448

Current business operations Profit after financial items Adjustment for items not included in cash flow

8 562 489

6 255 208

3 142 751

2 387 419

8 715 455

-10 393 380

-6 535 078

-4 323 956

-3 131 587

-9 276 702

44 974 782

29 235 560

18 452 947

13 426 866

41 266 201

Change in current receivables

-6 146 493

-2 553 827

-6 256 165

-1 466 260

-3 177 471

Change in current liabilities

23 763 435

6 251 606

11 353 002

-11 710 651

23 244 794

Cash flow from current operations

62 591 724

32 933 339

23 549 784

249 955

61 333 524

Investments in financial fixed assets

-31 660 797

0

0

0

-7 884 705

Investments in intangible fixed assets

-20 632 116

-12 708 596

-6 723 387

-3 570 131

-19 100 640

-4 930 797

-577 886

-180 815

-577 886

-1 233 534

-57 223 710

-13 286 482

-6 904 202

-4 148 017

-28 218 879

Rights issue

32 230 297

0

0

0

0

Borrowings

-11 683 452

-9 346 761

0

-8 846 761

-9 346 761

Cash flow from financing activities

20 546 845

-9 846 761

0

0

-9 846 761

CASH FLOW FOR PERIOD

25 914 859

9 800 096

16 645 582

-3 898 062

23 267 884

Cash and cash equivalents at beginning of period

53 942 255

30 674 371

63 211 532

44 372 529

30 674 371

Cash and cash equivalents at end of period

79 857 114

40 474 467

79 857 114

40 474 467

53 942 255

Tax paid Cash flow from current operation before change in working capital Cash flow from change in working capital

Investments

Investments in property, plant, and equipment Cash flow from investment activities Financing activities Dividend

Loans taken

0 0

0

-500 000

0 0

9 346 761

-500 000

0

-500 000

Cash flow for the year



15

Fortnox AB (publ)

Box 427, 351 06 Växjö, Sweden Phone: +46 (0)470-78 50 00 Fax: +46 (0)470-78 50 01 Email: [email protected] Web page: www.fortnox.se Corporate identity number: 556469-6291 Facebook: www.fortnox.se/facebook Twitter: twitter.com/fortnoxab Youtube: www.youtube.com/fortnoxab

16



Interim Report Q3 July-September 2017 2016

Recommend Documents