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AnnuAl RepoRt 2009
2 | Xxxxxxx
Contents
About MultiQ 3
The Year in Brief 3
From the CEO 4
Business Concept 6
The Market 7
MultiQ’s Products and Services 8 Research and Development 13
Production 14
The Environment and Sustainability 15
Employees 16
The Share 18
Five-year Summary 20
Directors’ Report 22
Income Statements 26
Statement of Comprehensive Income 26
Balance Sheets 27
Report on Change in Equity 30
Cash Flow Statement 31
Notes 32
Audit Report 44
The Board 45
Senior Executives 46
Corporate Governance Report 48
Shareholder Information 51
Contact 51
The Year in Brief | 3
About MultiQ
the Year in Brief
2005 2006 2007 2008 2009 0
50 100 150 200 Mkr
2005 2006 2007 2008 2009 0
2 4 6 Mkr
net revenue
operating profit
net revenue per country (%)
• MultiQ International AB was founded in 1988 in Malmö.
• MultiQ supplies high-quality monitor solutions for public environments. In recent years MultiQ has also become a major player in the expanding European market for Digital Signage, where the company offers hardware, software and accessories.
• Production takes place mainly at contract manufacturers in Asia.
• The company’s priority markets are large and medium- sized companies in the retail sector and the gaming market.
• MultiQ has its head office in Malmö, Sweden, as well as sales offices in Stockholm, Norway, the UK and Germany.
• MultiQ is listed on NASDAQ OMX Nordic in the Small Cap category.
• MultiQ’s sales are channelled via partners. The company has two partnership programmes. The aim of these programmes is to achieve more effective marketing work, which shall improve growth and profitability for both associated partners and for MultiQ.
• Net revenue totalled MSEK 143.9 (MSEK 146.5)
• The profit after taxation was MSEK 2.5 (MSEK 4.5)
• Earnings per share totalled SEK 0.09 (SEK 0.17)
• Order stock totalled MSEK 40.0 (MSEK 65.9)
• Equity per share totalled SEK 2.17 (SEK 2.09)
Significant events during the year
During the year MultiQ implemented an indirect business model. The company also introduced two kinds of partner- ship programmes: one for selling partners and one for value- adding partners.
During 2009 MultiQ received several orders from the gam- ing industry. Svenska Spel has continued its expansion of digitalised gaming information, and during the year placed orders to a value of approx. MSEK 33, most of which have been delivered.
In December MultiQ launched a product family for Digital Signage, which will be available from MultiQ’s partners dur- ing the first quarter of 2010. The product family consists of a number of screens with built-in media players as well as free-standing media players.
In November IMS Research published its market survey entitled ”The World Market for Digital Signage”. MultiQ is in eighth place in terms of media players sold all over the world, with a global market share of 1.5 per cent.
The market conditions have been tough, and order input was therefore weaker than expected. To deal with this situation, during the fourth quarter MultiQ implemented a savings programme, which will reduce the company’s costs on an annual basis by MSEK 5.
Facts 2009 2008
Net revenue (MSEK) 143.9 146.5 Operating profit (MSEK) 2.7 5.1 Gross margin (%) 36.1 37.4 Operating margin (%) 1.9 3.5 Equity ratio (%) 55.0 53.2 Debt/equity ratio (multiple) 0.3 0.2
Equity (MSEK) 62.1 55.9
Working capital (MSEK) 78.8 64.0 Operating cash flow (MSEK) 3.4 4.3 Earnings per share (SEK) 0.09 0.17
Number of employees 39 42
Sweden Norway Germany Benelux UK Rest of EU Rest of the world
4 | From the CEO
From the CEO | 5
A solid foundation on which to build further
in eighth place in terms of media players sold all over the world, with a global market share of 1.5 per cent. I view this as confirmation that we are good at Digital Signage and I am proud that MultiQ is now an established supplier in a rapidly expanding market.
We enjoyed a healthy trend in the gaming and retail mar- kets during the year. Svenska Spel, for example, continued to show healthy growth and we see no signs of a slowdown.
During the year we also welcomed several new customers in the field of Digital Signage, one good example of which is Clas Ohlson via our partner DigiPos. The order includes interactive screens, media players and software.
A focus on profitability.
The market conditions have been tough, and order input was therefore weaker than expected. To deal with this situation, during the fourth quarter MultiQ implemented a savings programme, which will reduce the company’s costs on an annual basis by MSEK 5. The savings programme put an even clearer focus on increased profitability – a focus that we will take with us into 2010. With this behind us, our long-term growth target remains unchanged.
MultiQ has established a solid foundation on which to build further. We have a new product family in our portfolio, a cohesive organisation and a partnership model that was implemented during the year. Now all that remains is to execute the strategy and thus create continued growth with good profitability.
I would like to extend my sincere thanks to all our employees for their hard work and commitment, and to all our custom- ers and partners for your faith in us - this means that we can look ahead with confidence.
Anders Laurin, CEO 2009 was a year of challenges, with a global econ-
omy in recession and slower than expected market growth for Digital Signage. As a consequence of this, order input was far worse than in 2008. Follow- ing a weak first six months, there was more activity in the market in the autumn, and the number of en- quiries for our monitor solutions increased. Thanks to a strong end to the year, we delivered a profit of MSEK 2.5.
A firm platform to stand on
Our new strategy, which was confirmed at the end of 2008, was implemented during the year. We now have an indirect business model in place and good collaboration with part- ners, who serve as our extended sales organisation. During the year we implemented a programme for value-adding partners. This programme, known as MultiQ Value Partner Program, is one element of the initiative to develop the European market in areas such as Digital Signage.
We have packaged and clarified our product range to make it easier for people to understand what MultiQ has to offer, and we have developed a totally new product family for Digital Signage. The product family consists of screens with built-in media players as well as free-standing media players. All products support full HD video and have a powerful, open interface.
We have chosen to prioritise markets where we have already established good positions so that we can become even stronger, and I can confirm that in particular our work in Norway and Germany produced good results during the year.
During the year MultiQ worked to implement the company’s core values, which have successfully integrated the two companies acquired in 2007 with the original MultiQ. We have also invested in training programmes based on the needs and preferences of various employees.
A market with potential
In November IMS Research published its market survey entitled ”The World Market for Digital Signage”. MultiQ is
are channelled via partners. We have launched partner- ship programme for selling and value-adding partners that provides added value in the form of, for example, commer- cial benefits, training, sales support and technical support.
• Streamlined range
MultiQ has streamlined and clarified its range of monitor solutions for public environments, which has led to a clearer definition of the target group and markets.
The focus is on large and medium-sized companies in the retail and gaming sectors.
• Invest in key markets
We are focusing on the markets where the company currently operates, and are concentrating our efforts primarily on Scandinavia, where the company is already the market leader, as well as Germany and the UK.
• Think solutions, not product
In the first instance the focus is on standard solutions, and not just on customised products. System sales are characterised by a cyclical process of operation, mainte- nance and extra sales.
• Invest in employees
Work on values took place during the year to reinforce the common corporate culture and to find a consensus on values and culture. Important work is also under way at an individual level, with development and training plans linked to every single employee.
MultiQ is a leading IT company with a strong posi- tion in the expanding field of Digital Signage. It offers not only market knowledge and technical expertise, but also hardware and software. A clearly defined business concept and a well-implemented strategy are integral tools on the journey towards the vision - to become a market leader in Europe in monitor solutions.
Vision
MultiQ’s vision is to become a market leader in Europe in monitor solutions.
Business Concept
To offer our value-adding monitor solutions to large and medium-sized companies with high demands in terms of function, reliability and design.
Strategy
In 2008 MultiQ introduced a new strategy, and it has proven to be an important success factor. In general terms, it aims to maximise the opportunities of Digital Signage, to develop and grow in the successful screen market in Europe, and to use the knowledge and experience from both areas to identify new business opportunities. The new strategy cov- ers a number of areas and is an important route map, both internally and externally.
• Indirect business model
The new indirect sales model means that MultiQ’s sales
A clear strategy shows the way
6 | Business concept
The Market | 7
Market with expected growth
MultiQ is a leading IT company that offers hardware and software, as well as serv- ices in the field of monitor solutions. The company’s prioritised markets are large and medium-sized companies, as well as organisations with activities in public environments, primarily in the retail and gaming sectors. This market is expected to expand significantly over the next five years, following a year of modest growth.
Well-established market for monitors
The market for flat panel monitors is divided into volume production aimed at consumers in a home environment and production for the professional market, which is where MultiQ oper- ates. The market for professional monitors is well established, with moderate growth expected in 2010.
Strong growth in Digital Signage
Digital Signage is a relatively young market, which makes it difficult to maintain an overview and define it, as definitions and descriptions, for example, are used differently. But the UK company IMS Research conducted a survey of the global market for Digital Signage in November 2009, producing promising figures for MultiQ. The Digital Signage areas in which MultiQ operates are expected to grow by more than twenty per cent a year over the next five years. According to IMS Research, MultiQ is in eighth place in the category of media players, with a global market share of 1.5 per cent.
Competitors
In the field of flat screens, MultiQ competes with both major volume manufacturers, such as Samsung, LG, NEC and Elo Touch Systems, and manufacturers of checkout systems such as IBM and Wincor Nixdorf, which have their own screens integrated into their solutions. The market for Digital Signage is extremely fragmented, and most players in the market have fewer than ten employees and net revenue of less than MSEK 10. Competitors in the Nordic market include Mermaid, Mikrolund, Smartsign and ZetaDisplay. On the international market the strong competitors are primarily Samsung, Cisco and Scala. Many players have recently expanded their organisations in the area of Digital Signage, which should be seen as an indication of significant market potential.
2008 2009 2010 2011 2012 2013 MuSD
10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 0
3 873.9 3 939.3
4 699.6
5 595.4
6 703.1
8 052.4
The global market for Digital Signage 2009. Source: IMS Research
”We see MultiQ as a partner – not a subcontractor”
Svenska Spel has been collaborating with MultiQ since 2006. What started out as a pilot scheme in 20 shops with a scrolling page of text, is now a state-of-the-art Digital Signage system covering around one
third of Svenska Spel’s shops.
”We appoint new agents at regular intervals, and they all think it’s really good. It makes life easier for the agents, and at Svenska Spel we can manage the messages and offer much more up-to-date, relevant information.
It also saves the agents a lot of time. In the past they used to write posters and the like themselves, now the information comes from a central base,”
explains Mathias Johansson, project manager at Svenska Spel, continuing:
”The partnership with MultiQ works brilliantly. We see them as a business partner, not a subcontractor, and we’re really satisfied.”
In total Svenska Spel estimates that 2 000 of their 3 000 shops are big enough for MultiQ’s Digital Signage system.
8 | MultiQ’s Products and Services
and MultiQ is at the cutting edge of developments. Since the beginning in 1988, the company has delivered almost a quarter of a million monitors.
Digital Signage – customer-oriented channel that reinforces the brand
MultiQ offers turnkey Digital Signage solutions with large screens with external media players, as well as interactive screens, software for control and scheduling, and accesso- ries and services. The platform is flexible and can handle several kinds of distribution and a varied content format.
The system is open, which enables partners and customers to work in their own tools. Administration takes place simply via a web-based user interface. The level of security in the systems is very high. The system is distributed with content that is stored locally.
The market for interactive applications with touch-screen functionality is expanding and is increasingly in demand.
Here too MultiQ is driving developments.
Open APIs expand the market
MultiQ also offers open APIs (Application Programming Interfaces), which means increased flexibility for partners and end customers, who can themselves integrate, further develop and specially adapt the systems. Ultimately this leads to a broadening of MultiQ’s market and makes it possible to reach end customers whose needs the company would otherwise have been unable to satisfy.
MultiQ offers monitor solutions such as Digital Signage to companies and organisations with high demands in terms of function, reliability and design.
With more than twenty years in the industry, the company has broad experience and tremendous knowledge of the needs and conditions for public environments.
MultiQ is a leading player in the field of monitor solutions with a strong offer covering not only hardware and software, but also services.
Quality products create an advantage
MultiQ offers robust monitors for public environments with a focus primarily on the retail and gaming sectors. These are demanding environments with tough expectations of opera- tional reliability, functionality and dependability. Demands that are met comfortably by MultiQ’s long experience and extensive expertise. Monitor solutions are normally supplied in sizes from 12” to 52”, and the products are positioned as the flexible, high-quality alternative in the market.
The screens are suitable for a number of different areas of application and can be adapted to meet the diverse needs of end customers. The design is streamlined and elegant, providing weight and stability. The company uses industrial panels, which combine with the timeless design to guaran- tee long-term sustainability. It is possible, for example, to have the same exterior design on MultiQ’s products for up to seven years. The market for monitors is a mature one,
Strong offer paves the way for a bright future
MultiQ’s Products and Services | 9
Indirect business model creates scope for expansion
Martin Lööf, 23
Project Manager and Support
What’s it like working at MultiQ?
It’s great - exciting and challenging, and there’s always something going on. We’re a small company, which means that you have to deal with lots of different challenges. Nor is everything set in stone, sometimes you have to come up with your own solutions.
The atmosphere’s brilliant.
How do you feel that MultiQ has changed during the year?
We’re a much more development- oriented company today. It’s exciting, especially if you’re interested in technology like I am.
We’ve grown a lot since I started, and the corporate culture has changed. There’s better cohesion now, and there’s more ”go” in the organisation. That suits me.
What does MultiQ’s core value Love the Challenge mean to you?
That you should take on challenges and see solutions rather than problems. I really do think that that’s the case here. We’ve more of a focus on Digital Signage – it’s a young, exciting market where things are happening all the time. So you have to enjoy the challenges.
MultiQ’s sales are channelled via partners. There are many benefits for both the company and for customers. Thanks to its partnership solutions, MultiQ can focus on continuing to develop and drive the markets, while at the same time the end customer’s need for flexibility is satisfied.
The indirect business model, with sales via partners, means that MultiQ delivers hardware and software to the partner, who creates the system solution according to their customer’s unique needs. The partner thus has access to flexible components that can be adapted to existing solutions.
Scaleable sales organisation
The aim of the partnership model is to extend MultiQ’s own sales organisation in order to be more effective in reaching more, and the right, customers, so that we can improve growth and profitability both for the partners and for MultiQ. Together with the company’s partners, the objective is to develop the business and market MultiQ’s Digital Signage solutions and moni- tors primarily towards the retail and gaming sectors all over Europe. The focus is on large and medium-sized companies.
Important added value
In order to reinforce the partnership model, MultiQ has programmes that are aimed at selling and value-adding partners respectively. The programmes offer plenty of added value such as, commercial benefits, training sessions via the MultiQ Academy, sales support and market- ing support, and are open to all companies that are collaborating or wish to collaborate with MultiQ. The programme for selling partners has two levels – Authorised and Preferred. The levels are based on a company’s sales, with the higher level requiring greater commitment and providing more benefits.
Value-adding partners are companies that influence, facilitate and provide added value to end customers who are considering an investment in MultiQ’s products and services, and also companies that develop software solutions to support MultiQ’s products and services.
Active sales support
To provide the best possible support to partners, MultiQ can also provide help if required in sales processes. The company occasionally has some direct contact with end customers, in connection with issues such as support and service.
10 | MultiQ’s Products and Services
system, which provides MultiQ with good, valuable feedback on the products.
Attractive additional services
MultiQ offers several additional services. The facility to take out an extended warranty and thus achieve cost control over the product’s useful life is one example of a service that many customers use. A normal warranty period covers three years, while the extended one can cover a total of five years. The programmes set up to maintain technical competence in the company’s service partners, combined with planned spare parts supplies, also contribute towards extending the useful life of both product and service.
The supplementary service SwapIT, which means that the customer receives a new product at the same time as a defective one is returned, also guarantees a minimum of operational disruption for the customer.
MultiQ strives to achieve long-term partnerships with a focus on creating loyal, satisfied customers and partner relations. One important element of this is the company’s effective after-sales solutions.
MultiQ’s after-sales solutions include such features as warranty service, repairs and support. Spare parts logistics are efficient, and this, combined with powerful initiatives to improve product quality, has led to a reduction in warranty costs despite a rise in the number of systems installed.
Close to service
MultiQ has developed an effective web-based system with service partners in our most important markets. The network of service partners is extended as MultiQ achieves volumes in a country. For the customer, the system means prompt, local service while at the same time MultiQ has full control over the chain. Everything is registered in the
After-sales work –
an integral part of the offer
MultiQ’s Products and Services | 11
What is the value of Digital Signage?
Digital Signage is a new channel that makes it possible for companies to communicate efficiently with their target group at the point of sale in the shop where most consumers make their decisions. There are many benefits:
• The opportunity to reinforce the brands communicated
• Increased sales – as a consequence of stronger brands
• Increased efficiency, as campaigns can be adapted and run several times
• Simplicity – easy to update and control the system
• More effective communication – opportunity to guide customers with an information system, an internal information system for employees with no computer and training of employees
Strong benefits of MultiQ’s monitors
• Robustness – metal chassis and protective glass for solid solutions
• Customisation – colour, logotype and customised solutions allow maximum flexibility
• Total cost – low error rate and long useful life mean a low total cost
• Support and service – flexible organisation, web-based support system and customised warranties
• Future-proof – timeless design that will last even if the electronics are further developed and performance increases
BMW looks after its brand
MultiQ has installed a national Digital Signage system in BMW Sweden’s 58 service offices.
While customers wait for the car to be serviced, the system provides them with relevant information, entertainment and inspiration with a view to
reinforcing the BMW brand.
”Central control is important for a brand like BMW. We want external communication to transmit uniform messages. Now we can also do updates and make immediate modifications, for example for special offers,”
says Paul Bako, After Sales Manager at BMW Sweden.
The screens display BMW’s adverts, but the company also sells advertising space to its suppliers, such as tyre companies.
The flexibility of the Digital Signage system creates other potential for added value, such as the messages being adapted according to the season.
”In the autumn, for example, we reminded customers to buy new wiper blades. This led to increased sales and lots of positive comments,” explains Laszlo Incze, Marketing, BMW Sweden.
BMW
12 | MultiQ’s Products and Services
Henrik Jansson, 32 Technical Lead
What’s it like working at MultiQ?
It’s great and exciting. We get to test lots of new things and we create a lot of new things ourselves – after all, we’re in a relatively young sector: Digital Signage. There are no off-the- shelf solutions, and that’s really stimulating.
How do you feel that MultiQ has changed during the year?
Among other things, we’ve got a bigger Marketing Department, which has made a big difference – we release more products and it feels like we’re more visible in the market. Our new partnership strategy also feels really positive, so that we can grow.
What does MultiQ’s core value Love the Challenge mean to you?
It’s a core value that is truly in line with MultiQ now. For me, it means not being afraid of new challenges and daring to test new opportunities. I think it’s inspiring, and it feels good that we have a consensus around how we view things. The core value Love the Challenge can also offer good support in decision-making processes.
Research and Development | 13
MultiQ set up a new department for Research & Development a year ago, and work has already led to a number of innovative hardware and software products.
The focus is on openness with clearly defined interfaces that make it possible for the company’s partners to easily integrate and develop applications.
MultiQ’s Development Department has competence in many different areas, such as hard- ware and software, server solutions, data communication and video technology. The Group has many years’ experience of product development in the field of Digital Signage and leading-edge expertise in the field of digital video technology. The ambitions are high, with the objective of developing a world-class system.
Monitors
Development of MultiQ’s screens is a continuous process. The company is leading the way with various touch-screen technologies, and there is also continuous development in the range of accessories, with constant improvements. During the year work took place to im- prove the range of large monitors adapted for Digital Signage. These products are also devel- oped to meet customer requirements.
Standard for adaptation
The focus of MultiQ’s business is to develop a flexible system that can be used for a number of different applications and thus meet customers’ varied needs.
Several new products saw the light of day during the year as a consequence of the develop- ment of a new hardware platform. The new media players can combine traditional Digital Signage and web kiosk applications (self-service kiosks), which increases flexibility. This general platform is an important cornerstone of MultiQ’s range and will make it possible to develop many different kinds of products in the years ahead. The media player is small and energy-efficient, which means it can be built into the monitors.
Software with flexibility
The software has been further developed significantly during the year and been made more general. Similar software is now used for both Digital Signage and web kiosk applications, and this increases the opportunities to combine the applications, which is becoming increas- ingly common.
The company has also introduced open APIs (Application Programming Interfaces) both in the products and in the central system. This means that it is possible for MultiQ’s partners and end customers to easily adapt and integrate the products to meet the various needs of end users. The ambition for the future is to continue this year’s work and to develop new compo- nents for the system. This will mean both new products and new functions.
Structure breeds innovation
MultiQ’s development process is efficient and well-structured. It includes a number of different stages such as preliminary study, specification, verification and follow-up. Quality assurance is a key factor and new products are tested in accordance with a comprehensive programme by an independent verification team. The tests cover issues including function, compatibility and stability.
Innovations drive development
14 | Production
Control over the whole chain
MultiQ has an insight into the whole production chain and owns its production equipment. In many cases the company has contact with the manufacturer’s supplier so that it can negotiate on price and quality for strategically important components. This is crucial in order to maintain a competitive price level. To achieve insight into the production chain from suppliers of mechanical and electronic components for assembly and transport, MultiQ maintains close collaboration with all important suppliers and subcontractors. Just as in its relations with partners, MultiQ strives to maintain long-term partnerships with subcontractors and manufacturers.
MultiQ’s production takes place in Asia, and the company works with several different subcon- tractors to achieve safe, stable production. The company can also offer reliable deliveries thanks to the fact that some stocks of components are held by suppliers in Asia.
MultiQ works with several manufacturers in Taiwan and China in a close collaboration that includes both development and logistics. This production setup provides a good spread of risk and the opportunity to be flexible.
Taiwan has a infrastructure and good logistics for rapid deliveries, while China allows for the manufacturing of large volumes at low prices. The business partnership in Taiwan also includes a buffer stock of all of MultiQ’s unique components, which allows the company to reduce delivery times for smaller orders.
Close collaboration guarantees development and delivery
The Environment and Sustainability | 15
Long-term sustainability is a guiding principle for MultiQ, as reflected not least in the products’ long useful life and their robust, reliable materials. Through active environmental work, the company makes sure that the products are in line with current rules.
MultiQ has a long tradition of working on environmental issues. The company complies with all important directives such as WEEE and RoHS. MultiQ’s products are Energy Star/ISO13406- 2-certified.
Active policy
The company’s environmental policy provides guidelines in this work. It covers a number of areas and is both an active document and a clear directive. As well as complying with current regulations, it involves transparency in the environmental field, requirements of employee com- mitment and involvement, and a continuous striving to optimise transport operations, logistics and production. It also places demands on suppliers and business partners to be active in their environmental work.
As one concrete measure to reduce its environmental impact, MultiQ has service partners in cen- tral and strategic locations, as increased accessibility cuts the number of transport operations.
Future-proof products
MultiQ’s products are built for sustainability, and the company strives as far as possible to use industrial-class LCD products. They can be in operation 24 hours a day and can cope with a long period of use. MultiQ’s products involve a long-term investment, in contrast to many com- petitors, whose products are less resistant to wear.
As one element of this sustainability initiative, MultiQ guarantees that the design will be avail- able for a long time. A customer can obtain the same exterior design for a product for up to seven years.
The products also comply with the CEC standard for smarter energy consumption.
A focus on the future that benefits the environment
”An ultra-flexible supplier”
The UK clothing chain Thomas Pink, with around 75 shops primarily in Europe, Asia and the USA, has been collaborating with MultiQ since 2006. The under- taking primarily involves touch- screens for checkout systems.
MultiQ has also supplied interactive information systems for the chain’s shops in the USA.
For the Thomas Pink chain, which started with one shop in the mid-1980s and has since grown to become a strong international brand, the ambition was to find a player that could deliver globally and offer service and support quickly and conveniently.
”MultiQ has been easy and convenient to collaborate with at all times. They’re ultra-flexible and have accompanied us in our expansion both in the UK and globally. For us it’s important to know that service and support are prompt and that you can depend on everything always working,”
explains Peter Mila, IT and Distribution Manager at Thomas Pink, continuing:
”MultiQ also has screens that suit our sophisticated, sober retail environment, which was also important as that’s a part of our brand.”
Thomas Pink continues to grow, and MultiQ’s screens are an integral part of every new shop.
16 | Employees
Values for the future
Employees are the core of the company and its major asset – without committed, motivated and competent employees MultiQ will never achieve the ambitious targets and expectations that exist. As an element of work to further strengthen employees and the culture, this year the company worked on values. The ambition is to be an attractive work- place both now and in the future.
During the year MultiQ has undertaken a major initiative on values that has involved all employees. The background is the company acquisitions that saw three different corporate cultures and the need to develop common values.
By means of group sessions and ambassadors from the whole organisation, the company has identified four strong core values:
• Lead with Confidence
• Work Together
• Get Involved
• Love the Challenge
In addition to the concrete results in the form of core values, work on the values engendered a major sense of commitment among employees and a stronger team spirit.
Spotlight on the individual
Employee questionnaires give an indication of the HR policy’s effectiveness and provide guidelines for the process of change. These are supplemented by personal appraisal discussions to identify what each employee needs and how the person wishes to develop. Each employee has his or her own personal development plan with specific objectives. An- other important element of this is skills development. Stimu- lating greater learning with training courses is an important success factor for both the company and the individual.
Ergonomic working environment
It speaks for itself that people who are healthy do a better job. This is why MultiQ also invests resources in the physical working environment. During the year work has continued to improve the working environment, and each employee has now had a meeting with an ergonomist to review the workplace. Action has since been taken to meet needs for factors such as flexibility and ergonomics. The aim is an effective working environment in an open, positive climate with a low level of stress. Absence through illness was very low during the year at 2.62 per cent.
Employees | 17
Opportunities with diversity
Equal opportunity and diversity are key concepts for MultiQ, under the motto of the right person in the right place. The company is actively looking for people from different back- grounds, different cultures and countries, both male and female. The reason behind this is clear – it creates a dynamic organisation and increases skills. Not least in linguistic matters, the company’s diversity has been positive. MultiQ’s workforce was reduced during the year by around eight per cent, from 42 to 39 employees. The average age is 41.2 and employees have worked for an average of 4.4 years in the company.
Employees in figures:
Number of men and women respectively in the company:
Distribution of all 39 employees in the company:
Anna Bergsten, 32 Marketing Assistant
What’s it like working at MultiQ?
MultiQ is a workplace that gives you tremendous opportunities to develop. We work in an industry that is constantly changing, and this places demands on the company to keep up with developments. This means that my day-to-day work is never boring, there are new challenges to face every day. I also have nice colleagues to work with.
How do you feel that MultiQ has changed during the year?
I feel that we’ve become a more cohesive company over the past year. I feel a greater sense of belonging, and that we’re now working more towards the same goal.
What does MultiQ’s core value Love the Challenge mean to you?
It’s about daring to challenge yourself and to think creatively when you’re trying to find solutions to the problems facing you. Daring to take the steps required to reach your goal.
That feels like MultiQ.
Men 75%
Women 25%
Economists 15%
Engineers 13%
Engineering- and economics graduates 49%
Upper secondary education 23%
18 | The MultiQ- Share
the MultiQ Share
Share price and trading
MultiQ’s share has been registered at NASDAQ OMX Nordic in the Small Cap category since 7 December 1999.
Before that the share had been registered on the Stock- holm Börsinformation (SBI) list since spring 1997.
13.5 million shares were traded in 2009. The highest price in 2009 was SEK 2.60 and the lowest 1.04. At the end of the year the price was SEK 1.91, and MultiQ’s market value was MSEK 54.6.
Share capital
As of 31-12-2009 the share capital in MultiQ totalled SEK 28 584 275, divided into 28 584 275 shares with a quota value of SEK 1. The shares provide equal entitlement to vote and to an equal share of the company’s assets and profit.
Anyone entitled to vote may vote at the AGM for the full number of shares owned and/or represented by him/her.
Since the company was founded in 1992 the share capital has grown as follows:
Year
Type of change Number of new shares
Total no. of shares Increase in share capital SeK
Share capital SeK
1992 Company founded 500 500 50 000 50 000
1995 New share issue 85 585 8 500 58 500
1996 New share issue 85 670 8 500 67 000
1996 New share issue 83 753 8 300 75 300
1996 New share issue 82 835 8 200 83 500
1996 Bonus issue 19 165 20 000 1 916 500 2 000 000
1996 Share split 100:1 1 980 000 2 000 000 0 2 000 000
1997 New share issue 1 500 000 3 500 000 1 500 000 3 500 000
1998 New share issue 1 750 000 5 250 000 1 750 000 5 250 000
1999 New share issue 5 250 000 10 500 000 5 250 000 10 500 000
2000 New share issue 609 153 11 109 153 609 153 11 109 153
2001 New share issue 11 109 153 22 218 306 11 109 153 22 218 306
2004 New share issue 2 416 195 24 634 501 2 416 195 24 634 501
2007 New share issue 2 077 717 26 712 218 2 077 717 26 712 218
2009 New share issue 1 872 057 28 584 275 1 872 057 28 584 275
The MultiQ Share | 19
Source: SIX
0 250 500 750 1000 1250 1500 1750 2000 Omsatt antal aktier i 1000-tal
feb jan dec nov okt sep aug jul jun maj apr mar feb 1,00 jan
1,25 1,50 1,75 2,00 2,25 2,50
SIX Generalindex MultiQ
2009 2010 ©
The performance of the MultiQ share during 2009 Company ownership
The number of shareholders as of 26-02-2010 was 3 160, compared with 3 140 as of 27-02-2009. Foreign owners accounted for 29 per cent of the ownership of MultiQ. Owner- ship by private individuals accounted for 71 per cent, and the proportion of nominee-registered shares was 83 per cent. The ten biggest shareholders controlled approx. 46 per cent of the capital and votes.
According to details provided by Euroclear Sweden AB as of 26-02-2010, the major shareholders in MultiQ were as follows:
Shareholders No. of shares Capital/
votes, % Clearstream Banking S.A. * 3 572 515 12.50 A. Ferd. Sjöberg Aktiebolag ** 2 162 000 7.56
Mikael Lönn 1 700 000 5.95
JP Morgan Bank 1 396 000 4.88
Cail 887 500 3.10
Royal Skandia Life 800 000 2.80
Avanza Pension 726 570 2.54
Richard Pettersson 674 932 2.36
Niklas Forslund 674 932 2.36
Stig Olofsson 620 430 2.17
Others 15 369 396 53.78
TOTaL 28 584 275 100.0
* Shares held in trust
** Holding transferred from Baazius Holding AB due to merger
As of 26-02-2010 the breakdown of the shares in terms of the size of holding and the number of shareholders was as follows:
Shares/
shareholders
No. of share- holders
Number of shares
%
1–1 000 1 830 820 966 2.87
1 001–2 000 502 921 419 3.22
2 001–10 000 593 3 069 480 10.74
10 001–50 000 174 3 858 186 13.50
50 001–100 000 32 2 380 655 8.33
100 001– 29 17 533 569 61.34
TOTaL 3 160 28 584 275 100,0
Dividend
The Board proposes that no dividend be paid for the financial year 2009.
number of shares traded in ’000
20 | Five-year Summary
2009 2008 2007 2006 2005
InCOME STATEMEnTS
Net revenue 143 942 146 467 105 715 87 457 82 369
Other operating income 8 463 7 027 7 093 15 146 4 622
Operating expenses -149 673 -148 362 -112 417 -99 338 -87 031
Operating profit (loss) 2 732 5 132 391 3 265 -40
Financial items -293 119 46 -33 -76
Profit (loss) after financial items 2 439 5 251 437 3 232 -116
Tax 102 -769 2 304 -262 1 347
Profit for the year 2 541 4 482 2 741 2 970 1 231
BALAnCE SHEETS
Intangible non-current assets 26 861 24 725 39 199 10 142 10 233
Tangible non-current assets 2 334 3 284 3 302 2 589 1 992
Financial non-current assets 5 580 5 580 6 198 2 800 3 101
Inventories 17 822 27 861 19 636 15 147 17 715
Trade and other receivables 33 236 27 911 33 470 15 999 18 598
Current receivables 6 743 3 997 940 2 908 1 190
Cash and bank balances 20 447 11 634 10 775 12 108 13 651
Total assets 113 023 104 992 113 520 61 693 66 480
Equity 62 126 55 864 51 522 38 890 36 521
Interest-bearing liabilities 16 696 8 140 8 588 1 423 9 644
Trade and other payables 18 268 20 308 16 226 10 615 14 029
Non interest-bearing liabilities and provisions 15 933 20 680 37 184 10 765 6 286 Total equity and liabilities 113 023 104 992 113 520 61 693 66 480
Five-year Summary
Amounts in SEK ’000
Five-year Summary | 21
2009 2008 2007 2006 2005
KEy RATIOS
Gross margin (%) 36.1 37.4 31.7 31.0 38.6
Operating margin (%) 1.9 3.5 0.4 3.7 neg.
Profit margin (%) 1.7 3.6 0.4 3.7 neg.
Return on equity (%) 4.3 8.3 6.1 7.9 3.5
Return on working capital (%) 1.5 11.2 1.5 8.2 0.8
Equity ratio (%) 55.0 53.2 45.4 63.0 54.9
Debt/equity ratio (multiple) 0.3 0.2 0.1 0.0 0.3
Share of risk-bearing capital (%) 57.1 55.6 47.4 63.9 55.7
Interest coverage ratio (multiple) 2.8 4.1 2.4 10.9 0.8
Equity 62 126 55 864 51 522 38 890 36 521
Working capital 78 822 63 982 60 110 40 313 46 165
Adjusted gross profit 52 029 54 771 33 498 27 111 31 785
Operating cash flow 3 383 4 346 -5 507 8 456 6 607
Net investments 3 249 3 168 2 673 1 633 515
Average number of employees 40 37 29 22 22
Revenue per employee 3 599 3 959 3 645 3 975 3 744
KEy RATIOS PER SHARE
No. of shares 28 584 275 26 712 218 26 712 218 24 634 501 24 634 501
Average number of shares 28 148 317 26 712 218 25 573 241 24 634 501 24 634 501
Earnings per share 0.09 0.17 0.10 0.12 0.05
Diluted earnings per share1) 0.09 0.16 0.10 0.12 0.05
Equity per share 2.17 2.09 1.93 1.58 1.48
Diluted equity per share1) 2.05 1.97 1.93 1.58 1.48
Net asset value per share 2.05 1.97 1.93 1.58 1.48
Diluted net asset value per share1) 2.05 1.97 1.93 1.58 1.48
Dividend per share - - - - -
Cash flow per share 0.03 0.03 -0.06 0.36 -0.14
Share price at end of year 1.91 1.10 3.00 3.37 5.35
1) The effect of dilution is only taken into account in cases where it causes the earnings per share to be worse.
2005–2007 according to IAS/IFRS See note 1 for definitions.
