Year-end Report Jan–Dec 2011

Satisfied customers give growth ( February 10, 2012)

October - December

Net sales totaled SEK 52.0 million (46.9)

Software revenues (licenses and maintenance) totaled SEK 40.1 million (38.0).

Operating profit (EBITDA) was SEK 7.1 million (8.4), the operating margin (EBITDA) 14% (18)

Net profit per share was SEK 0.76 (-1.84)

Cash flow from continuing operations was SEK 12.4 million (12.6)

January - December

Net sales totaled SEK 187.5 million (177), and increased by 6 % (-2)

Software revenues (licenses and maintenance) totaled SEK 148.9 million (142.0).

Operating profit (EBITDA) was SEK 30.8 million (27.7), the operating margin (EBITDA) 16%  (16)

Net profit per share was SEK 3.64 (0.02)

Cash flow from continuing operations was SEK 32.2 million (14.3)

The Board of Directors proposes a dividend of SEK 2 per share (1.50)

CEO’s comment on performance

In 2011 Jeeves’ turnover increased by 6 percent, maintaining an EBITDA margin of 16 percent. Growth in the fourth quarter was 11 percent with an EBITDA margin of 14 percent.

Interest in ERP systems and the number of tenders are at healthy levels. We are satisfied with new sales that are on par with last year, when they rose sharply in the Nordic region. Our new sales strengthened toward the end of the year with a higher number of deals.The deals being closed are primarily going to smaller firms in the SME segment, while the larger firms tend to take more time. Profitability is up, which we achieved through effective cost controls and utilization of consultants. Maintenance income continued to be good.

I am gratified by the interested that Jeeves has received in North America. During the year we signed contracts with a couple of major experienced partners that specialize in marketing and sales, which gives us the opportunity to expand cost-effectively. We also closed several deals in the fourth quarter. European sales have been weak, with the exception of Sweden.

We are also pleased to report that our customers are very satisfied. Our annual customer survey shows that nearly 90 percent of our customers would recommend Jeeves to others. Satisfied customers who want to grow with Jeeves and advise others to choose us are the basis for our stability.