Net revenue at SKr 729 million (Q4 '09: SKr 750 million) was 3% higher currency adjusted.

Transcription

1 YEAR-END REPORT JANUARY DECEMBER Strong earnings and cash flow in FINANCIAL AND OPERATIONAL HIGHLIGHTS OCTOBER DECEMBER (FOURTH QUARTER) Net revenue at SKr 729 million ( '09: SKr 750 million) was 3% higher currency adjusted. EBIT at SKr 110 million ( '09: SKr 116 million) was 3% lower currency adjusted. Cash and cash equivalents at the end of the period were SKr 445 million ( '09: SKr 355 million). JANUARY DECEMBER (FULL YEAR) Net revenue at SKr 2,585 million ('09: SKr 2,605 million) was up 4% adjusted for currency. EBIT was SKr 221 million ('09: SKr 198 million), up 14% adjusted for currency. Cash flow after investments was SKr 234 million ('09: SKr 186 million). Earnings per share after full dilution amounted to SKr 4.96 ('09: SKr 4.57). Proposed dividend for amounting to SKr 3.00 per share (: SKr 2.00). OUTLOOK IFS expects good organic growth in 2011, with stronger license sales and an improvement in EBIT. ENQUIRIES IFS Alastair Sorbie, President & CEO Tel: Paul Smith, Chief Financial Officer Tel: Frédéric Guigues, Investor Relations Tel: HUDSON SANDLER Financial & Corporate Communications Andrew Hayes / Wendy Baker Tel: INDUSTRIAL AND FINANCIAL SYSTEMS, IFS AB (publ.)

2 YEAR-END REPORT JANUARY DECEMBER CHIEF EXECUTIVE SUMMARY Continued strong profits and cash flow We continue to execute on our communicated strategy by growing profit, improving cash flow, and performing acquisitions. As commented upon in previous reports during, currency has had a marked effect on our reported numbers and it is therefore necessary to adjust for this when considering key results. In addition, exchange-rate differences negatively affected the valuation of assets and liabilities for the full year by SKr 26 million (14). Market conditions continued to improve in all regions with the resulting EBIT increasing by 14% and net revenue growing by 4%, both adjusted for currency. A good number of new customers were signed by us during the year as we further strengthened our presence in our target markets. The Aerospace and Defense market, while experiencing cut-backs in some geographies, e.g. United Kingdom, is in contrast seeing strong investment occurring in other regions such as the Middle East, India, and the Far East. We are well placed to benefit from this activity thanks to our strong market solution and established global partnerships. A number of high-profile and strongly-competed new customers were won including the U.S. Army, the U.S. Federal Aviation Administration, Sabreliner Corporation, and a European defense organization. Building upon recent success in the specialist markets of Engineering, Procurement, Construction, and Installation (EPCI) as well as Offshore Marine, we have secured additional high-profile customers such as Technip Engineering, Semco Marine, and Huber SE. Also, we continue to sell well into our long-standing sectors of process and general manufacturing, with many new customers being signed during the year, including such names as William Grant & Sons Ltd. Maintenance revenue increased by 7% adjusted for currency and the margin also improved. The customer base continued to grow by the winning of new customers, by existing customers extending their use with international deployments, and by customers contracting for additional components as they make deeper use of the expanding functionality in IFS Applications. Although there was strong demand for consulting services throughout, the first half of the year saw delays in the launch of a number of large projects, resulting in a drop in consulting revenue. As predicted, this reduction was temporary, and consulting performed much better in the second half of the year, outperforming the corresponding period in. Consulting revenue for the full year increased by 3% currency adjusted and the consulting margin, which continues to improve year on year, increased to 23% (19%). The consulting backlog and delivery continue strongly into The acquisition of 360 Scheduling in October was a clear demonstration of IFS executing on its growth strategy. 360 Scheduling is a market-leading complementary product that further strengthens our offering to companies in the service-management sector. Thanks to our international sales coverage, this product now gets a far wider reach, and both customers and prospects have shown great interest in it. We will increase the pace of acquisitions in 2011, supported in this goal by the strong increase in cash flow after investments to SKr 234 million (186). At a number of successful international customer summits during the second half of the year, we announced the launch of the next major release of IFS Applications Version 8, which is scheduled to go to early adopters in The world economy is forecast to continue to improve in 2011 and 2012, despite some uncertainties and with different areas of strengths and weaknesses. Similarly, the global IT market is expected to grow in 2011 a trend that is thought to accelerate the following year. The view among industry analysts is that the software market in general, and the enterprise application market in particular, will grow in Analyst firm Gartner forecasts such growth to be in the region of 5 6%. We are well positioned to benefit from this upturn thanks to our market strategy and world-class customers. Acquisitions will continue to be a high priority for us in 2011 and are expected to become an increasingly more significant activity within the business. Due to the market segments we are focused on, the timing of contracts and projects has a marked impact on our results as reported quarterly. Business that did not close in will likely benefit Also, we enter the year with a full order book of active projects, thereby favoring the consulting outlook. Currency exchange rates are expected to continue to influence the consolidated results of our global operations. The long-term target to achieve an EBIT margin of 15% in 2013 remains in place and we expect good organic growth in 2011, with stronger license sales and an improvement in EBIT. 2 Industrial and Financial Systems, IFS AB (publ.) Registration number

3 YEAR-END REPORT JANUARY DECEMBER SIGNIFICANT EVENTS DURING THE QUARTER A number of significant agreements were signed in the fourth quarter, including: BAE Systems Technology and Solution Services (defense manufacturing, United States) BSBK Engineers Pvt. Ltd. (EPCI contractor, India) Casco Adhesives (process industries, Sweden) Control Components (industrial manufacturing, USA) Huber SE (project-based manufacturing, Germany) Kazakhmys Group (mining and metals, Kazakhstan) Lockheed Martin (defense manufacturing, USA) Natural Power Consultants Ltd (renewable energy, United Kingdom) Paradyż Group (industrial manufacturing, Poland) Parisot (discrete manufacturing, France) Pellenc (machinery manufacturing, France) Ravema (machinery manufacturing, Sweden) SAAB (defense manufacturing, Sweden) Samson AG Mess- und Regeltechnik (industrial manufacturing, Germany) SCA Graphic Sundsvall (process industry, Sweden) SPG Holdings (solar-energy systems, USA) Static Systems Group (project-based manufacturing, United Kingdom) Svenska Kraftnät (energy and utilities, Sweden) Toyo Denki Seizo K.K. (machinery manufacturing, Japan) NEC delivers IFS Applications in the Cloud In November, IFS and partner NEC Corporation announced the expansion of their alliance to provide IFS Applications as a service hosted in NEC s cloud-oriented data center. The service will offer IFS Applications components that support financials, supply chain, and manufacturing functionality as well as add-ons developed by NEC. One of the main features of this offering is that IFS Applications is component based, which is made possible by IFS s service-oriented architecture. NEC will start selling the services to customers based in Asia and aims to sign 50 customers in the next five years. New partnerships IFS expanded its alliance with Veyron, a Mexico-based software consulting organization. The reseller agreement will allow Veyron, a services partner of IFS, to market and sell IFS Applications throughout Mexico. Under this agreement, Veyron can offer total support around IFS Applications, including sales, marketing, and services. New R&D organization To meet the business challenges for the coming years, prepare for business growth, and ensure productdevelopment agility in response to rapid market changes, IFS re-organized its R&D operation during the quarter. The new organization became effective January 1st. Industrial and Financial Systems, IFS AB (publ.) Registration number

4 YEAR-END REPORT JANUARY DECEMBER FINANCIAL OVERVIEW Net revenue whereof License revenue Maintenance and support revenue Consulting revenue Gross earnings whereof Licenses Maintenance and support Consulting EBIT EBIT margin 15% 15% 9% 8% Earnings before tax Earnings for the period Cash flow after investment operations All comments refer to figures for the quarter unless otherwise stated. Revenue Net revenue amounted to SKr 729 million (750), a decrease of 3% including, and an increase of 3% excluding, exchange rate differences. License revenue decreased by 23% including, and 19% excluding, exchange rate effects. Maintenance and support revenue increased by 1% including, and 6% excluding, exchange rate effects. Consulting revenue increased by 5% including, and 10% excluding, exchange rate effects. Costs Total costs amounted to SKr 619 million (634), a decrease of 2% including, and an increase of 4% excluding, exchange rate differences. Earnings EBIT decreased to SKr 110 million (116). Earnings before tax amounted to SKr 101 million (118). Interest expenses were SKr -2 million (1). Net financial items as a whole were affected by exchange rate effects and lower bank charges and amounted to SKr -9 million (2). Tax for the year amounted to SKr 55 million (45), equivalent to a tax rate of 29% (27). Tax actually paid amounted to SKr 13 million (10), due to significant tax losses carried forward. Earnings for the period amounted to SKr 69 million (90). Cash flow and investments Cash flow after investments amounted to SKr 70 million (96). The change in working capital amounted to SKr 4 million (-11) and is mainly explained by a reduction in accounts receivable. Investments amounted to SKr -101 million (-47), whereof capitalized product development was SKr -48 million (-36). During the quarter, payments amounting to SKr 53 million were made pertaining to the acquisition of 360 Scheduling. Cash and cash equivalents totaled SKr 445 million (355) at the end of the period. Available assets amounted to SKr 894 million (594). Liabilities to credit institutions amounted to SKr 60 million (81) at the end of the period. OUTLOOK IFS expects good organic growth in 2011, with stronger license sales and an improvement in EBIT. 4 Industrial and Financial Systems, IFS AB (publ.) Registration number

5 YEAR-END REPORT JANUARY DECEMBER OTHER INFORMATION Parent Company Net revenue for the fourth quarter amounted to SKr 3 million (5), with earnings of SKr 200 million (9) before tax. Available assets, including unutilized lines of credit, amounted to SKr 613 million (331). The number of shares increased by 1,000 series B shares during the quarter as previously issued warrant programs were exercised. During the quarter 3,200 shares of series A were converted into shares of series B. This resulted in a decrease in the total number of votes by 2,880. Acquisition On October 1, the Group acquired 100% of the capital stock in 360 Scheduling Ltd for a total consideration of SKr 99 million. Of this, SKr 47 million is contingent on achievement of revenue and growth targets up to August The actual value of the contingent consideration is based on an assessment of the likelihood that established targets are achieved. Transferred consideration has been fully paid in cash. The fair value of identified net assets and liabilities in 360 Scheduling Ltd amounts to SKr 41 million, of which SKr 32 million in software, SKr 19 million in customer relations, and SKr 14 million in deferred tax liabilities. The remaining SKr 58 million represents group goodwill. The goodwill recognized for the acquisition corresponds to the company s market position and technical skills in the service & asset industry. Based in the United Kingdom and with sites in France and the United States, the company is one of the world s leading providers of advanced mobile-workforce scheduling and optimization software for both on-premises and cloud (software-as-a-service) deployment. The acquired company is included in consolidated revenue for the fourth quarter with SKr 15 million and in EBIT with SKr 6 million. Acquisition-related expenditure amounts to SKr 2 million for the period and is recognized as other operating expenses in the consolidated earnings for the period. The prepared acquisition analysis is preliminary. Events occurring after the end of the period Thomas Petersson, Senior VP and Head of the Product & Marketing division, left IFS effective January 31. His responsibilities have been transferred to existing members of his management team. Annual general meeting of stockholders The annual general meeting of stockholders for 2011 will be held on March 25, 2011, at the Courtyard by Marriott, Rålambshovsleden 50, Stockholm, Sweden. The board of directors will submit the notification convening the annual general meeting on February 25, 2011, at the latest. Dividend The Board of Directors is proposing a dividend for amounting to SKr 3.00 per share (: SKr 2.00). Annual report The Annual Report for will be available on the IFS Web site, and at the company s headquarters no later than March 4, There will be no hard-copy version of the annual report for. Miscellaneous The report for the first quarter of 2011 will be published on April 21, Linköping, February 9, 2011 The Board of Directors Audit report This interim report has not been subject to review by the company s auditors. Industrial and Financial Systems, IFS AB (publ.) Registration number

6 YEAR-END REPORT JANUARY DECEMBER CONSOLIDATED INCOME STATEMENT License revenue Maintenance and support revenue Consulting revenue Other revenue Net revenue License expenses Maintenance and support expenses Consulting expenses Other expenses Direct expenses Gross earnings Product development expenses Sales and marketing expenses Administration expenses Other operating revenue* Other operating expenses Indirect expenses, net EBIT Result from participations in associated companies Interest expenses Other financial items Earnings before tax Tax Earnings for the period Earnings for the period are allocated as follows: Owners of the Parent Company () Non-controlling interests () Earnings per share pertaining to Parent Company shareholders (SKr) Earnings per share pertaining to Parent Company shareholders, after full dilution (SKr) Number of shares (thousands) At the end of the period At the end of the period, after full dilution Average for the period Average for the period, after full dilution * Other operating revenue includes exchange rate differences (net) and other operating revenue. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Earnings for the period Other comprehensive income Exchange rate differences Other comprehensive income for the period, net of tax Total comprehensive income for the period Total comprehensive income allocated as follows: Owners of the Parent Company Non-controlling interests Industrial and Financial Systems, IFS AB (publ.) Registration number

7 YEAR-END REPORT JANUARY DECEMBER CONSOLIDATED BALANCE SHEET Assets Capitalized expenditure for product development Goodwill Other intangible fixed assets Intangible fixed assets Tangible fixed assets Participations in associated companies 3 3 Deferred tax receivables Other long-term receivables and other participations Financial fixed assets Non-current assets Accounts receivable Other receivables Cash and cash equivalents Current assets Assets Equity and liabilities Share capital Other capital contributed Accumulated earnings, including earnings for the period and other reserves Shareholders' equity pertaining to Parent Company shareholders Non-controlling interests 0 0 Shareholders' equity Liabilities to credit institutions 1 7 Pension obligations Other provisions and other liabilities 17 5 Non-current liabilities Accounts payable Liabilities to credit institutions Other provisions and other liabilities Current liabilities Liabilities Equity and liabilities Pledged assets Contingent liabilities 9 9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Pertaining to parent company shareholders Mkr Share capital Other contributed capital Reserves Profit brought forward Total Minority interest Total stockholders' equity Opening balance January 1, Total comprehensive income for the period Issue of call option program, TO7B Dividend Cancellation of repurchased shares Closing balance December 31, Opening balance January 1, Total comprehensive income for the period New share issue Issue of call option program, TO8B Dividend Repurchase of own shares Repurchase of call options Cancellation of repurchased shares Closing balance December 31, Industrial and Financial Systems, IFS AB (publ.) Registration number

8 YEAR-END REPORT JANUARY DECEMBER CONSOLIDATED STATEMENT OF CASH FLOWS Earnings before tax Adjustments for items not included in the cash flow Cash flow from operations before change in working capital Change in working capital Cash flow from current operations Acquisition of subsidiaries Acquisition of intangible fixed assets Cash flow from other investment operations Cash flow after investment operations Dividend distributed Repurchase of own shares Cash flow from other financing operations Cash flow for the period Cash and cash equivalents at the beginning of the period Exchange rate differences in cash and cash equivalents Cash and cash equivalents at the end of the period CONSOLIDATED ORGANIC NET REVENUE SKr, million Translation effect Structural changes Adjusted Translation effect Structural changes Adjusted License revenue Maintenance and support revenue Total product revenue Consulting revenue Net revenue (including other revenue) CONSOLIDATED ORGANIC OPERATING EXPENSES SKr, million Translation effect Structural changes Adjusted Translation effect Structural changes Adjusted Operating expenses Capital gains/losses Exchange rate gains/losses Restructuring costs/ redundancy costs Reversal of restructuring costs Amortization/depreciation and net capitalization of product development Adjusted operating expenses Industrial and Financial Systems, IFS AB (publ.) Registration number

9 YEAR-END REPORT JANUARY DECEMBER CONSOLIDATED SEGMENT REPORTING, FOURTH QUARTER FOURTH QUARTER Europe North Europe West Europe Central License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period FOURTH QUARTER Europe East Americas Africa, Asia, and Pacific License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period FOURTH QUARTER Defense Corporate items * GROUP License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period * Undistributed corporate revenue and expenses Industrial and Financial Systems, IFS AB (publ.) Registration number

10 YEAR-END REPORT JANUARY DECEMBER CONSOLIDATED SEGMENT REPORTING, FULL YEAR FULL YEAR Europe North Europe West Europe Central License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period FULL YEAR Europe East Americas Africa, Asia, and Pacific License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period FULL YEAR Defense Corporate items * GROUP License revenue Maintenance and support revenue Consulting revenue Other revenue Total external revenue Internal revenue Total revenue External operating expenses Internal operating expenses Other operating items, net Operating expenses EBIT, undistributed Numbers of employees Average for the period At the end of the period * Undistributed corporate revenue and expenses 10 Industrial and Financial Systems, IFS AB (publ.) Registration number

11 YEAR-END REPORT JANUARY DECEMBER INCOME STATEMENT OF THE PARENT COMPANY Net revenue Administration expenses Other operating revenue Other operating expenses EBIT Result from participations in subsidiaries Result from participations in associated companies Financial revenue Financial expenses Earnings before tax Tax Earnings for the period BALANCE SHEET OF THE PARENT COMPANY Assets Participations in subsidiaries Deferred tax receivables Receivables in subsidiaries Other long-term receivables and other participations 8 3 Financial fixed assets Non-current assets Receivables in subsidiaries Prepaid expenses and accrued income 12 8 Cash and cash equivalents Current assets Assets Equity and liabilities Share capital Statutory reserve Retained earnings, including earnings for the period and share premium reserve Shareholders' equity Provisions for pensions and similar commitments 2 3 Liabilities to credit institutions - 5 Non-current liabilities 0 5 Liabilities to credit institutions Liabilities to subsidiaries Other liabilities Current liabilities Shareholders' equity and liabilities OUTSTANDING SHARES Series A Series B TOTAL Number of shares on January 1, Conversion of series-a shares into series-b shares Cancellation of shares bought back Use of options TO6B and TO7B Number of shares on December 31, Repurchasing of shares, in own custody Number of outstanding shares on December 31, Number of voting rights on December 31, Additional shares after full dilution Number of shares on December 31, after full dilution Industrial and Financial Systems, IFS AB (publ.) Registration number

12 YEAR-END REPORT JANUARY DECEMBER KEY FIGURES FOR THE GROUP Revenue indicator Net revenue per employee SKr, ' Expense and expenditure indicators Product development expenses/net revenue % 7% 7% 8% 7% Sales and marketing expenses/net revenue % 19% 17% 18% 18% Administration expenses/net revenue % 10% 10% 10% 10% Amortization and depreciation SKr, M of which amortization of capitalized product development expenditure SKr, M Capitalized product development expenditure SKr, M Margin indicators License margin % 95% 94% 90% 88% Maintenance and support margin % 62% 59% 62% 62% Consulting margin % 30% 22% 23% 19% Gross margin % 51% 49% 46% 43% EBIT margin % 15% 15% 9% 8% Earnings margin % 14% 16% 7% 6% Return on average operating capital % 12% 11% 23% 19% Capital indicators Equity/assets ratio % 51% 53% 51% 53% Accounts receivable (average 12 months)/ net revenue (rolling 12 months) % 21% 23% 21% 24% Interest-bearing liabilities SKr, M Liquidity indicators Net liquidity SKr, M Debt/equity ratio times Employees Average for the period At the end of the period DEFINITIONS available assets. Cash and cash equivalents plus unutilized lines of credit. consulting margin. Consulting revenue minus consulting expenses in relation to consulting revenue. In addition to expenses related to sub-contracted consultants, consulting expenses include mainly payroll expenses, travel expenses, and office rental pertaining to personnel staffing the Consulting service. debt/equity ratio. Interest-bearing liabilities in relation to equity, at the end of the period. earnings margin. Earnings before tax in relation to net revenue. equity/assets ratio. Equity in relation to total assets, at the end of the period. interest-bearing liabilities. Liabilities to credit institutions and pension obligations. license margin. License revenue minus license expenses in relation to license revenue. License expenses include only expenses related to partners and third-party suppliers. maintenance and support margin. Maintenance and support revenue minus maintenance and support expenses in relation to maintenance and support revenue. In addition to external expenses related to partners and thirdparty suppliers, maintenance and support expenses include mainly payroll expenses, travel expenses, and office rental pertaining to personnel staffing the Maintenance and Support service. net liquidity. Cash and cash equivalents minus interest-bearing liabilities to credit institutions, at the end of the period. organic change. Year-on-year figures adjusted for currency effects on consolidation as well as changes in structure. return on average operating capital. EBIT in relation to average operating capital. Operating capital refers to total assets, excluding liquid assets, and other interest-bearing assets, less total liabilities excluding interest-bearing liabilities. 12 Industrial and Financial Systems, IFS AB (publ.) Registration number

13 YEAR-END REPORT JANUARY DECEMBER FINANCIAL TREND FOR THE GROUP Q3 Q2 Q1 Q3 Q2 Q License revenue Maintenance and support revenue Consulting revenue Other revenue Net revenue License expenses Maintenance and support expenses Consulting expenses Other expenses Direct expenses Gross earnings Product development expenses Sales and marketing expenses Administration expenses Other operating revenue Other operating expenses Indirect expenses, net EBIT Result from participations in associated companies Interest expenses Other financial items Earnings before tax Tax Earnings for the period Cash flow after investment operations Number of employees at the end of the period RISKS AND UNCERTAINTIES In its operations, the IFS Group is exposed to certain risks that can affect earnings to a greater or lesser extent. Apart from the general concern about the economy, our assessment is that no new significant risks or uncertainties have arisen. For a detailed account of risks and uncertainty factors, please see the annual report for fiscal. ESTIMATES AND CRITICAL ASSUMPTIONS To present the financial reports in accordance with the IFRS, the management must make certain estimates and assumptions that affect the application of the accounting principles and the reported amounts pertaining to assets, liabilities, revenue, and expenses. s may differ from the estimates and assumptions. The estimates and assumptions are regularly reviewed. Changes in estimates are reported in the period in which the change is made if the change affects only that period, or in the period in which the change is made and future periods if the change affects both the current and future periods. ACCOUNTING PRINCIPLES This consolidated report has been prepared in accordance with International Financial Reporting Standards (IFRS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. In addition, recommendation RFR 1, Supplementary Accounting Rules for Groups, of the Swedish Financial Reporting Board (RFR) has been applied. This interim report for the Group has been prepared in accordance with the Swedish Annual Report Act and with IAS 34, Interim Financial Reporting. For the Parent Company, the Swedish Annual Report Act and RFR recommendation RFR 2, Accounting for Legal Entities, have been applied. Industrial and Financial Systems, IFS AB (publ.) Registration number

14 YEAR-END REPORT JANUARY DECEMBER The changes in IFRS that came into force in have affected consolidated statements during the period. The changes in IFRS 3, Business Combinations, and IAS 27, Consolidated and Separate Financial Statements are mandatory for accounting periods that begin on July 1, or later. With respect to IFRS 3, the changes will apply only to acquisitions made on or after the change came into force, i.e. January 1,. The Group applied the revised standard to the acquisition of the capital stock in 360 Scheduling Ltd during the quarter. With the exception of these changes, the accounting principles applied are the same as those applied during the previous year. For detailed information about the accounting principles: see annual report. FINANCIAL INFORMATION 2011 Interim report January March 2011 April 21, 2011 Interim report January June 2011 July 21, 2011 Interim report January September 2011 October 27, 2011 ABOUT IFS IFS is a public company (OMX STO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications, a fully-integrated, component-based extended ERP suite built on SOA technology. The company has more than 2,000 customers in more than 50 countries and focuses on seven main industries: aerospace & defense, utilities & telecom, manufacturing, process industries, automotive, retail & wholesale distribution, and construction contracting & service management. IFS has 2,700 employees and net revenue in was SKr 2.6 billion. IFS, BOX 1545, SE LINKÖPING, SWEDEN 14 Industrial and Financial Systems, IFS AB (publ.) Registration number