BIMobject AB: Year-end Report 2020
February 12, 2021
This press release features multimedia. View the full release here: https://mfn.se/a/bimobject/bimobject-ab-year-end-report-2020
Fourth quarter: Oct - Dec 2020
- Net sales of MSEK 32.5 (31.2), +4%. Platform net sales of MSEK 25.0 (22.1), +13%.
- EBITDA of MSEK -18.6 (-38.8), corresponding to an EBITDA margin of -57% (-125%).
- Basic earnings per share amounted to SEK -0.19 (-0.36).
- Group cash flow* from operating activities of MSEK -11.0 (-30.7).
- The accumulated number of users in thousands increased by 27% to approximately 2,267 (1,785).
- The accumulated number of downloads amounted to 73.8 million (49.1).
- The number of brands amounted to 2,019 (1,656).
- Correction of prepaids and equity of 6 MSEK coming from historic periods before 2019.
Full year: Jan-Dec 2020
- Net sales of MSEK 136.7 (134.1), +2%. Platform net sales of MSEK 101.1 (89.0), +13.5%.
- EBITDA of MSEK -63.5 (-123.5), corresponding to an EBITDA margin of -46% (-92%).
- Basic earnings per share amounted to SEK -0.64 (-1.06).
- Group cash flow* from operating activities of MSEK -38.1 (-117.0).
* Current investments have after a change in assessment been separated from cash and cash equivalents in the cash flow statement. All key ratios have been restated.
Significant events during the quarter
No significant events to report.
Significant events after the quarter
No significant events to report.
Analysts, investors and the media are invited to participate in the presentation at 14.00 CET February 12 2021.
Dial-in numbers: SE: +46 8 5055 8355, UK: +44 3333 009261, US: +1 833 2498406
The complete report is available on the company’s website http://investors.bimobject.com.
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A year out of the ordinary.
2020 was truly a year of extremes. Despite the turbulence, we have emerged stronger than ever before.
To a business leader, change is good - something natural, expected and positive. But if there was a year when even I felt there was such a thing as too much change, 2020 was it. We’ve seen extreme, repeated swings, in everything from macroeconomic conditions and stock market valuations to the way we are able to lead our lives.
To transform a company from the inside and out in this context has been extremely challenging, but I’m proud of what we have accomplished. On the outside, BIMobject has retained and fortified our market leadership. On the inside, we’re a completely different company than what we were in 2020.
The financial and operational transformation is complete.
I think it’s important to first summarise the scope of financial and operational transformation we have undergone this year, and have now completed.
Through our cost savings program, concluded at the end of December, we have captured cost savings of MSEK 58 in 2020. Adjusted for the final actions taken in late December, and new hires joining in January, our current headcount is about 160 employees. Our quarterly EBITDA has improved to MSEK -18.6 (-38.8 in Q4 2019), and our operating cash flow to MSEK -11.0 (-30.7). Through the directed share issue carried out during the autumn, we now hold nearly MSEK 400 in cash and current investments.
Continued platform growth.
Despite the massive reduction in personnel and expenses, our Platform revenues have continued to grow, amounting to MSEK 25.0 (+13%). As I highlighted in the Q3 report, the resurgence of COVID-19 in our main markets once again impacted our ability to close new deals, as customers hesitated to launch new initiatives. At the same time, the long-term effect is clearly net positive to our business, as our customers continue to reallocate spend from tradeshows and other analogue, local marketing channels to digital, global alternatives like BIMobject.
For existing customers, our new pricing model gives us the ability to raise prices significantly. While COVID-19 has impacted marketing budgets, we have generally been able to secure acceptance for our price increases, or as a minimum to reduce discounts where customers have downgraded their plan due to budgetary constraints.
A consistent learning from implementing these changes is the need for strong sales leadership and a proactive Customer Success function driving product adoption and results with the customers. In December, we took the decision to close the French office, moving sales to our Munich office and Customer Success to our EMEA team in Malmö. With our strong market position stemming from our Polantis acquisition, I’m convinced we can be more successful and much more profitable in the French market with a new approach.
From an end user perspective, Q4 2020 was our most successful quarter ever, with strong development in user registrations and user activity. Downloads were especially impressive, with our accumulated downloads reaching 73.8 million (49.1), driven by consistent and focused product development as well as increased global adoption of BIM. Growth came from both established markets and emerging markets, such as Brazil, Mexico and India.
Outlook for 2021.
The strong growth of our platform and our continued product innovation provides a solid foundation for optimism, regardless of short-term macroeconomic uncertainties.
In 2021, BIMobject anticipates continued revenue growth. With our new scalable operating model, we will be able to invest in growth opportunities without sacrificing improved profitability.
Perhaps the most positive outlook of all - 2021 will be another year when BIM adoption increases worldwide, bringing construction another step towards a more sustainable and smart future.