Proact: Fiscal 1Q18 Financial Results

(in SEK million)	1Q17	1Q18	Growth
Revenue	873	759	*-13%*
Profit after tax	23.9	25.3	6%

Proact IT Group AB announced its financial results for 1FQ18 ended March 2018.

The first quarter in brief:
• As from January 1, 2018, the company applies the new accounting standard IFRS 15. In conjunction to this, the company has changed accounting principle for the part of system revenues referring to supplier’s guarantees and maintenance. In total, these changes have had a negative effect on the quarter’s revenues with SEK 95 million, at the same time costs of goods and services sold have been affected positively. These revenues and costs will be recognized over future periods, over a period of one to three years.
• Revenues decreased by 13% to SEK 759 (873) million. Growth in local currencies was -15%.
• EBITDA decreased by 4 % and amounted to SEK 50.2 (52.2) million.
• Profit before tax increased by 2% to SEK 33.2 (32.7) million. Adjusted for items affecting comparability (SEK 2.6 million), relating to costs for change of CEO, the increase was 10%.
• Profit after tax increased by 6% to SEK 25.3 (23.9) million.
• Profit per share amounted to 2.76 (2.52) SEK.
• Return on equity over the last 12 months amounted to 29.3% (31.6%).