Business areas

Transcription

Business areas

ANNUAL REPORT 2012
PAYEX HOLDING AB
I
PayEx is owned by Max Hansson and was founded by
him in 1972. However, the story really begins earlier
than that.
As a young man, Max was sitting in his father's
office writing out invoices for his auction firm in Gotland when he got the idea of using carbon paper to
avoid having to write out the invoices twice. He also
used windowed envelopes to avoid writing out the
name and addresses twice. These things seem obvious
to us today, but they weren’t then.
Max eventually took over his father's auction company. But times had changed and the auctioneering
industry was in decline. It became increasingly difficult
for Max to do what he liked doing best. Invoicing.
In 1972, Max started up Faktab, which later became
PayEx. He took over responsibility for his customers'
paperwork and made it more efficient. The same concept is still used today, but new times bring new opportunities.
Today, Max runs the Nordic region's only comprehensive group in payments. What began with carbon
paper is today referred to as an Invoice Service.
II
PayEx Holding AB Annual Report 2012
Contents
The company in brief
2
The year in brief
2
A word from the CEO
4
Business concept and strategy
5
Market
7
Business areas
8
Sustainability
12
Employees
13
Board of directors and management
14
Administration report
17
Multi-year overview
18
Financial reports
19
Accounting principles
26
Notes
27
Board signatures and the auditor's signature
32
1
2012
The company in brief:
The year in brief:
Experts in payments
A strong team
PayEx is the only supplier in the Nordic region that offers
The establishment of a new organisation and manage-
comprehensive payment solutions. That makes us unique.
ment team began in January. The organisation was
Our wide range in terms of both services and channels
strengthened by the recruitment of a CFO, a Marketing
makes us the payment partner that companies in the Nor-
Manager, a Credit Manager and a Country Manager for
dic region need. We are PayEx – Experts in payments.
Finland.
The Nordic group with its roots in Gotland
Service and ability to deliver
PayEx operates in Sweden, Norway, Denmark and Fin-
PayEx always endeavours to deliver higher service levels
land. Its head office is in Visby on Gotland. The founder,
and higher quality at a lower cost. We established a col-
Max Hansson, is the sole owner of PayEx.
laboration with an offshore developer for more efficient,
more flexible IT development. A change process was
Three business areas
launched during the year in order to strengthen our qual-
We are organised in three business areas:
ity levels and our ability to deliver in the long term.
Invoicers, Merchants and Mobile. Our financial services
are managed by PayEx Credit AB.
SMS tickets
PayEx is a supplier to the text-messaging service intro-
Employees
duced by SL, UL and eight other public transport compa-
At 31 December 2012, PayEx had 465 employees.
nies on 1 February 2013. The agreement shows that our
well-established, well-tested services fully meet the public
transport companies' requirement for payment services at
the leading edge of technological development.
A wallet in your mobile phone
Business relating to mobile payments has taken off this
year. PayEx was one of the first operators on the market
to offer mobile payment platforms and is responsible for
the technology platform for WyWallet.
Acquisitions
The acquisition of Mynt Betalingsterminaler AS strengthens PayEx's position as a supplier of payment terminals
and as one of the leading providers of payment solutions
Integrated payment terminals
in the Nordic region.
2
A Word from the CEO
A Word from the CEO
3
A Word from the CEO
Over the past year, PayEx has strengthened its position as the
leading Nordic supplier of payment and financing solutions in
a competitive market.
We adjusted our cost base, strengthened our
organisation and delivered new, future-oriented
services to the market. 2012 was our strongest year
ever and, compared to 2011, our operating profit
rose by just over 30 MSEK, or 137 per cent. PayEx
is in a stable position and is prepared for continued growth and strong profitability in 2013.
Strong operator in many markets
Our payment services and related financial products were developed further during the year. PayEx
is a unique operator in the market because we can
offer a comprehensive concept for payments in all
channels – online, mobile, payment machines,
physical stores – with the widest range of payment and financing products on the market. Our
customers can thus make or accept payments
wherever, whenever and however they want. We
entered into important customer agreements that
combine our payment and financing services in
segments such as retail trade, banking, finance,
transportation, health care and telecoms.
We are proud to have strengthened our position as a leading provider of mobile payment solutions in 2012. This involved deliveries to customers such as 4T Sverige (WyWallet) and the
Norwegian transport companies NSB (train tickets) and Ruter (bus, train, tram). We also entered
into agreements with ten public transport companies for delivery of payment solutions for SMS
tickets. These entered into force on 1 February
2013.
Acquisitions have enabled us to achieve a
favourable position in the Nordic payment terminal market. That allows us to offer the most
modern terminal platforms in the Nordic region
where various loyalty solutions, gift cards, cou-
4
The obvious choice
PayEx is the Nordic region’s leading provider of payment solutions. 40 years’ experience combined with our great ability to
develop innovations and our focus on quality and relationships have made us what we
are today: the only provider in the Nordic
region that offers comprehensive payment
solutions. Our wide range in terms of both
services and channels makes us the payment
partner that companies in the Nordic region
need. We are the obvious choice for payments – today and tomorrow. We are “PayEx
– Experts in payments”.
PayEx invoicing services handle customers’ invoicing, payments, debt collections
and payment reminders, sales ledgers, etc.
This gives our customers more time for their
core activities, along with better control and
monitoring and reduced loan losses.
PayEx is also a leader in mobile payments
for retail sales in shops, payment machines
or online. Banks, operators, debit card companies, IT companies, telecoms companies
and a number of niche operators all agree
that the mobile phone will soon take over
as a wallet. When this happens for real, the
mobile phone will not only replace cash and
credit cards, it will also replace all the other
documents we have in our wallets. PayEx is
leading these developments and sees great
potential in this area.
pons and replenishment services are combined
as required. Important agreements in this field
have been signed with companies such as ATG,
Hertz, Narvesen, 7-Eleven Norge and Telenor
Sweden. We have thus created a good opportunity to become one of the three largest providers
of payment terminals in the Nordic region. We
have continued to focus on providing the best
services in the invoice management market and
our customers have shown renewed and increased
confidence in us in this important area.
Service and cost-effectiveness
We are constantly seeking to become more efficient and provide a better service for our customers. For that reason, this year also saw some
restructuring and steps to make our organisation
more efficient. This has led to a reduction in our
overall cost base, but we have also recruited new
skills to meet future demands and expectations.
Skills development will be carried on continuously
to improve our customer and service processes.
Growth is the order of the day
PayEx looks forward to 2013 with confidence.
Our aim is to further strengthen our position
in the Nordic market. By offering the Nordic
region's widest range of the most advanced services and focusing on providing the best service
every day, we hope for new assignments to help
our customers do more business and more profitable business.
Jonas Lagerstedt
CEO up to October 2012
Chairman of the Board from October 2012
Focus on technology and innovation
PayEx focuses particularly on technology,
innovation and entrepreneurship. This has
paved the way for our leading position in
mobile payment solutions, among other
things. Our company is founded on entrepreneurship. Today, we are passionate about
supporting other entrepreneurs to succeed
in their businesses. By leading technological
development and being the best at innovation and knowledge, we create new industry standards and new business for our customers.
Raymond Klavestad
CEO from October 2012
A Word from the CEO
Best at quality and reliability
Quality and reliability are important keywords for us at PayEx. We also cherish our
Gotland heritage and our core as a family
business. It leaves its mark both internally
and on our customer relationships. We build
long-term relationships and endeavour to
be a partner rather than a mere supplier to
our customers. Our business is based on the
premise that things are going well for us
when they are going well for our customers. When they make money, we can as well.
In recent years, PayEx has undergone a series
of changes to make its organisation more
professional and more efficient. We have
brought about conditions to allow us to continue growing and developing innovations.
A new management team was appointed in
2011 and the company has since undergone
a series of measures to increase efficiency
and raise quality levels. This has meant that
we can now concentrate on developing our
services to become an even more quickfooted, reliable, customer-oriented partner
to Nordic companies.
We have identified a number of key areas
to ensure that we are and will remain the
obvious choice for payments within the
Nordic region. PayEx endeavours to be:
• Customer-orientated with high service
levels
• The best in the industry for quality and
reliability
• The Nordic region’s best employer
• Financially strong so we have the
resources to develop new and better
services for our customers
To further strengthen us in terms of customer service, in 2012 we launched a new
customer service unit and took steps to further improve the quality and reliability of
our services.
always offer our customers the best, most
secure and most innovative solutions. In
2012, we acquired the Norwegian terminal company Mynt, which strengthened our
position in terminal payments in the Nordic region. PayEx has identified significant
opportunities for organic growth in Norway, Denmark and Finland, where we are
not yet as big in invoicing services as we are
in Sweden. (Read more in the Market section on page 7.)
Strong partners and demanding
customers
We have strong local partners such as Swedbank and Danske Bank. Our customers
include many of the Nordic region’s bestknown and most demanding customers,
including Apoteket, Reitan, Telia, Telenor,
ATG, Svenska Dagbladet, Aftonbladet,
Storstockholms Lokaltrafik, Blocket, Ica
and NSB. As far as they are concerned, we
are a reliable partner offering a broad range
of competitive services that is able to meet
their need for customised, flexible solutions.
Business concept
PayEx delivers comprehensive payment solutions to
companies in the Nordic
region.
Vision
The obvious choice in payments in the Nordic region.
Strategy
Our services must have the
highest levels of quality,
security and reliability. We
are driven by our high
service levels, ability to
develop innovation and
entrepreneurial spirit.
Acquisitions supplement organic
growth
PayEx is mainly growing organically but
also supplements that organic growth with
selected acquisitions to guarantee that we
5
Market
The conditions in the market for payment solutions differ from one country
to another and from one industry to another. However, what is common
to the Nordic market is a growing demand for suppliers who can adopt
a holistic approach and offer solutions that lead to higher profitability for
customers. PayEx is well positioned to meet those needs.
E-commerce is growing rapidly
Thanks to technological solutions, secure payments and easy access, we are seeing a change
in consumers' purchasing behaviour. We are no
longer dependent on shop opening hours, geographical distance or having money in our wallet.
E-commerce is a rapidly growing sales channel.
According to the Svensk Handel [Swedish Trade
Federation] report entitled "Nyckeltal för E-handel 2012–2013" [Key indicators for E-commerce
2012-2013], e-commerce increased by 15 per cent
during the year. Both companies and consumers
have matured and growth is steady.
Simplicity and security are the keywords for
e-commerce. Regardless of whether it is question
of invoice, direct, mobile or card payments, everything can be done on-line. This flexibility contributes to an increase in sales for the retailers.
At PayEx we are continually working on innovative solutions to meet our customers' needs.
We are constantly seeing how new trading sites
take shape online and it is exciting to be at the
centre of these changes. Our wide range of services is an advantage in an e-commerce market
in which the proportion of international players
on the increase. By offering comprehensive solutions, we ensure that our customers have no need
to go elsewhere.
Great opportunities in a rapidly developing market
One of the payment industry's most important
issues for the future is solutions for payments by
mobile phone. According to Gartner's "Market Trends: Mobile Payment, Worldwide 2012
" mobile payments will increase by 42 per cent a
year globally between now and 2016. In the Nordic region, however, mobile payments have been
slower to break through. One reason for this is
the lack of a standard solution. Mobile payments
is a broad area that involves a range of industries
and this lack of clarity causes uncertainty for both
companies and consumers.
Another reason is the investment required to
enable a merchant to offer mobile payments. If
consumers do not demand the service, the investment is postponed. In order for consumers to
begin demanding the option to pay via mobile
phone, they must see the benefits of the service
or that it is fun to use and they must feel that it
is secure. When that happens, development will
take off in earnest.
One clear trend is that industries are joining
together in partnerships to offer their mobile wallets. The four major mobile operators' launch of
WyWallet in June is one example of this. PayEx
supplies the technical solution for the system.
A pilot project involving mobile payments also
started up during the year in the grocery trade,
among others.
Debt collection – a topic for discussion
The debt collection industry has been the subject
of much discussion during the year. The debate
has centred around operators with major flaws
in their credit assessments and in the information they provide on loan conditions that, at the
same time, carry out aggressive marketing. This
has been highlighted in the media and the evening papers and metropolitan press have carried
reports of fake invoices and debt traps.
Kronofogden [the Swedish Enforcement
Authority] has noted that unpaid SMS loans to
private individuals have increased by 70 per cent
since 2011 and has sharply criticised the debt
collection companies that manage these loans.
Datainspektionen [the Swedish Data Inspection
Board] increased the requirements for transparency in demands for payment during the year and
it is therefore increasingly important for operators
such as PayEx, which offer serious debt collection
solutions, to be highlighted as reliable alternatives.
Package solutions
Companies want to offer several different payment
options to their customers and that makes packaging of payment services an attractive product,
which in turn leads to cooperation between different companies within the payment industry.
PayEx has a great advantage in that it is able to
offer such comprehensive solutions to its customers. At PayEx, there is cooperation between the
Merchants, Invoicers and Mobile business areas
to offer customers a comprehensive range of leading payment services in all situations.
Online card payments
6
Market
7
Business areas
Business areas
Invoicers – a challenging year with new customers
and a more efficient organisation.
Merchants – demand for PayEx Merchants' services has been high in
2012, particularly in e-commerce but also in solutions covering multiple
channels. Our transactions in e-commerce increased by over 40 per cent
during the year. We also made investments to enable us to offer invoicing and part-payment services to our merchants on our own account.
2012 was a year of development for Invoicers
on several levels. Our largest customers showed
renewed confidence in us and we concluded agreements with several new customers and made our
organisation more efficient to guarantee the quality of deliveries to our customers.
The Invoicers business area is responsible for
PayEx's invoicing services and sales of billing, debt
collection and financing services to new and existing customers. During the year, Invoicers has been
actively working to make the organisation more
efficient in order to focus even more on our sales
and to be in a better position to attend to and
further develop our existing client relationships.
We have also integrated Delivery Management
into the business area to guarantee the quality of
deliveries to our customers. These measures have
been successful and, as a result, we have obtained
several new customers and all our largest customers have shown renewed confidence in us.
The Merchants business area offers a comprehensive payment service for merchants who require
multiple channels such as payment terminals in
stores, payment solutions on the internet and
mobile payment solutions.
Demand for our solutions has increased greatly,
particularly from transaction-intensive companies
such as ATG, HBO and several public transport
companies. PayEx has a well-established position
among these companies, particularly in solutions
for e-commerce. We see significant growth opportunities in payment solutions for physical commerce.
We also offer additional services such as gift
cards, skimming, anti-fraud, subscription payment and reporting services and even here we
find that demand is growing.
We handled almost 350 million transactions
for our customers in 2012. A number of large customers have joined PayEx during the year, examples include ATG, Hertz, NSB, Ruter, SANOMA,
HBO Nordic and Dansk Supermarked.
New customers and closer cooperation
The final part of the deregulation of the pharmacy market will be implemented in 2013. It
relates to the sale of DOS packaged medicines.
Apoteket AB successfully retained half of the business, while the other half went to two new operators, Svensk DOS AB and Apotekstjänst Sverige
AB. Both these operators chose PayEx for management of their part-payments and invoicing.
PayEx is one of the leading providers of invoicing services to telecoms and media companies in
the Nordic region. We continued to strengthen
our position in relation to these customer groups
in 2012. One of the most exciting agreements during the year was with Svenska Dagbladet, which
chose to outsource all its subscription invoicing
to PayEx.
Canal Digital Kabel TV also chose PayEx as a
supplier in 2012.
The effective cooperation with our partner
banks continued during the year. They bring in
a steady flow of customers and we work actively
to support the banks in their work.
Active product development
During the year, we continued to invest heavily
in product development to enable us to offer the
8
latest products and ensure that we have the products the market demands.
We have continued to develop our successful
credit account product. We have also produced
a concept for dentists that involves a simple way
for them to offer their customers part-payment
for their treatments. We have also entered into a
cooperation agreement with the Nordic region's
leading provider of medical records to the dental
industry, Opus Dental. This means that our credit
account is directly integrated into the dentists' system. In the last few days of the year we signed an
agreement with TeliaSonera Finans whereby we
will deliver a platform with associated administration for credit accounts that TeliaSonera Finans
will offer to the Telia group in the Nordic region.
In 2012, we initiated a project in which we
highlighted Debt Collection as an important area
for investment in all Nordic countries. We are
going through our systems, processes and business models to ensure we will have the sharpest
range of debt collection products on the market
ready in 2013. We have also begun to strengthen
the sales side of our debt collection services during the year.
To continue to retain our position as a leading outsourcing company in invoicing, we have
started up an extensive project to produce a completely new sales ledger system using the latest
technology and with all the features required by
demanding invoicing customers. We have been
able to start-up a pilot customer in 2012 and will
continue to transfer our customer bases in 2013.
Considerable growth in e-commerce
E-commerce in the Nordic region is growing
annually by between 10 and 20 per cent and is
now valued at approximately SEK 100 billion.
PayEx has been active in e-commerce for twelve
years and is in a strong position, particularly in
Sweden and Norway. Our investments in Denmark in recent years have performed extremely
well. We are now also active in the Finnish market, where both development and the competitive situation provide excellent opportunities for
strong growth.
in 2012, the number of PayEx transactions
The future
The Invoicers business area laid a good foundation
for the future in 2012 in terms of both internal
processes and product development. We are seeing
a growing demand for our financial services and
we expect that this trend will continue in 2013.
We also expect more activity in debt collection
as a result of the investments we began in 2012.
Sweden and Norway are the Invoicers business
area's strongest markets, but we are seeing clear
signs that both Denmark and Finland will grow
strongly in the future and contribute even more to
strengthening our position in the Nordic region.
Business areas
Business areas
in the e-commerce segment rose by 40 per cent,
which represents growth that is stronger than it
has been for several years and that is clearly above
the general market trend. 2013 looks as though
it could see similar growth.
Invoicing and part-payment services on our
own account
PayEx has historically focused primarily on offering a comprehensive range of payment solutions
in which our partner companies act as issuers
and acquirers. During the year, investments were
made to enable us to offer invoicing and partpayment services to our merchants on our own
account. The services are being launched in early
2013 and are expected to contribute greatly to
PayEx's growth.
A comprehensive Nordic payment terminal
solution
In recent years, PayEx has invested in a joint Nordic solution for card payments in stores. The platform creates a unique opportunity for customers
with needs in several Nordic countries to use one
provider, one type of terminal and one cash register integration system.
The last piece of the puzzle fell into place
through the acquisition of the Norwegian company Mynt Betalingsterminaler AS, which provides us with distribution rights for Ingenico terminals in the Nordic market. This gives us full
control over the entire chain and all its constituent components. It creates a strong foundation for
challenging the established operators in the field.
9
Business areas
Mobile – leading the way with solutions for payments via mobile.
Mobile payments became a separate business area
within PayEx in 2012. It is a sign of how important we consider this area to be. With our mobile
payment platform, our customers can be the first
to experience the development when the mobile
phone replaces the wallet. We have complete solutions for payments via mobile: in-store, on-line,
using payment machines and on mobile websites
and using mobile applications.
During the year we have further developed our
platform for mobile payments and have delivered
a mobile payment service to WyWallet.
Further development of platforms for mobile payments
At PayEx, we have developed our platform for
mobile payments – mPayment solution – in 2012.
Our mobile payment platform means that we supply the technical solution and the customer fills it
with its contents. The relationship with the end
customer is seen to be strengthened through the
customer's brand.
The mPayment solution consists of a component that manages customer data and associated
mobile phone numbers and an account structure
that is able to manage a range of different account
types, such as so-called PrePaid accounts, credit
accounts and accounts that automatically transfer
purchases to external systems, such as a mobile
operator's ordinary mobile phone bill. (See the
fact box alongside.)
In addition to this, it also includes services from
other business areas within PayEx, such as invoice
processing from the Invoicers business area for
purchases on a credit account. A number of thirdparty services have also been integrated into the
mPayment solution, including services to verify
the user's identity.
Successful development of WyWallet
During the year, the Mobile business area also
delivered a mobile payment service to WyWallet
– the mobile wallet jointly owned by Telia, Tele2,
Telenor and HI3G – and thereby reached 97 per
cent of all Swedish mobile phone users.
Bright future prospects
Mobile payments is an area with very good future
prospects. Most market analysts agree that payments via mobile phone will become increasingly
common in the coming years and PayEx is well
equipped to meet demand in this growing market.
Payments can be made via
mobile phone in different
ways:
PrePaid is the most similar
to an ordinary wallet. The
customer tops up his or
her account with a certain
amount that is then available for shopping.
CreditAccount means that
the customer is invoiced for
his or her purchase subsequently, like a credit card
purchase.
Proxy Payment means
that an external account is
linked to the mobile wallet.
The expenditure can then,
for example, be drawn
from a normal debit card
or can be included in the
bill from the mobile phone
operator.
Stand-alone payment terminals
10
Business areas
Business areas
11
Sustainability through long-term relationships, reduced environmental impact and conservation of the
Visby world heritage site
As far as we at PayEx are concerned, sustainability means both sustainable and
long-term business relationships and protecting the environment, society and the
people around us.
We have taken several steps to reduce our use of
resources. We also see it as our responsibility to
preserve our historic properties in central Visby
that are included on the UNESCO world heritage list.
a cloud service that will mean a reduction in our
paper usage of up to 30 per cent in the long term.
Recycling is second nature to us at PayEx and all
IT materials we no longer use are sent to a supplier that recycles as much as possible.
Long-term ownership and long-term business relationships
The PayEx Group was founded by Max Hansson
in 1972, and he is still the sole owner. We have
driven development in our industry for over 40
years and are one of the Nordic region's foremost experts on payments, with comprehensive
and unsurpassed expertise in all forms of payment
solutions. Max's long-term independent ownership creates opportunities for us to adopt a longterm perspective and offer services that lead to
lasting partnerships.
Preserve world heritage
Over the years, PayEx has acquired a number
of properties in central Visby that have been
included on the UNESCO world heritage list
since 1995. A couple of PayEx's properties date
from the 1200s and we have carefully renovated
these properties with the aim of preserving them
as part of the world heritage. The older properties are tended to with great care and there are
employees in the group whose focus is to preserve
and take care of the properties to preserve them
as cultural heritage for the future.
PayEx are experts in payments and, with approximately 500 employees
in four countries, we must grow with our customers. Unique employees
with unique skills are required in order to make this possible.
There are a lot of us and we have a great deal of
ability, but we can be even better! Our employees are our most important resource and taking
care of that resource is one way of preserving our
equity. The challenge of becoming successful is
to be able to attract, develop and retain the right
employees with the necessary skills – both now
and in the future. It is one of the most important
issues at PayEx and it influences everything we do.
Activities in 2012
HR activities in 2012 can be summarised as
organisational development for greater customer
focus. During the year PayEx has:
• Medarbetarportalen [Employee Portal] and
Chefsportalen [Manager Portal).
Annual employee survey
In 2012, PayEx conducted a group-wide employee
survey in which the employees were able to provide feedback on their work situation and their
working environment and contribute ideas on
how the company can improve to become the
best workplace. In addition to this survey, we take
smaller measurements each year to provide the
business with faster feedback on the action plans
produced in conjunction with the employee survey.
The results of the employee survey in 2012
provide a measurable starting position for our further improvement.
Printing and transportation taking the environment into consideration
PayEx always endeavours to select the most environmentally-friendly option when we purchase
goods and services. We engage only responsible
printing and transportation companies. Our main
printing partner, Strålfors, is working actively to
promote sustainable development.
To reduce the load on the environment,
we endeavour to send digital invoices and also
encourage our suppliers to do the same. Together
with our customers, we offer consumers digitised
solutions and encourage the use of digital mailboxes such as Digipost and Netposti.
To reduce our electricity consumption, we are
working to virtualise our operating environment,
which will lead to lower electricity consumption.
A project to replace all our lighting with LEDs
was also started up in 2012.
In 2013, PayEx will become part of Smart Grid
Gotland along with GEAB and Vattenfall. This is
a development project that aims to integrate large
quantities of energy from renewable sources into
the network. The project began in 2012 and is
expected to continue until 2015.
We have also invested in a functional solution for office printers, which means that users
must enter a PIN when printing. The solution is
12
We protect our most important resource – our
employees
Employee strategy for achieving business
objectives
Our employee strategy is based on the priorities
that we consider essential to enable us to deliver
our business objectives. We have identified the
following key areas.
• To develop management by objectives in the
organisation.
By establishing quantitative and qualitative
targets in line with our business strategy, we
ensure that all levels of the organisation deliver
satisfactory results.
The PayEx board of directors is responsible for
Sustainability
Employees
establishing our strategic business objectives at
an overall level and for measuring results on
the basis of them. The PayEx group management is responsible for ensuring that the overall
objectives are broken down for the managers.
• To invest in the development of managers.
The managers at PayEx are responsible for
working with their teams to establish objectives at team and individual level. They also
ensure that our employees understand what
contribution they can make to overall business objectives. It is therefore important for
our leaders to have the opportunity to drive
good performance forward.
• To build up skills
It is important for us to carry on continuous,
systematic skills development and skills transfer. Our employees' need for skills development
is defined primarily in performance management interviews and the target plans drawn up
in those interviews. The target plans are continually corrected as necessary. Skills development can be carried on in many different ways
with external or internal initiatives.
• To create structure around roles, responsibilities and compensation and clarify career
paths.
Role descriptions create clearer career paths
and are a tool allowing PayEx to ensure that
the skills for each role are maintained and that
the employee in each role has the skills required
for the role or a target plan for obtaining the
required skills.
13
Jonas Lagerstedt Chairman of the
Board
Grew up on Gotland from the age of 5 and
moved to Stockholm in 1988 to study at the
Royal Institute of Technology (KTH). Worked
for 16 years at Boston Consulting Group,
where his duties included heading banking and
finance operations in the Nordic area. After
leaving BCG, Jonas started as an independent consultant and in 2011 he was also on the
board of MQ. In 2011, Jonas took over the role
of MD at PayEx, and then in October 2012
switched to the role of Chairman of the Board.
Motto: “ Nothing is impossible - just do it”
Max Hansson Director/Owner
Carl-Johan Ahlström Director
The Gotland Islander who took over his father’s
auction firm. Started Faktab in 1972 to manage
and streamline the monotonous paperwork of
his customers at that time. The company has
expanded and Max is today the owner of the
Nordic region’s only comprehensive group of
companies in payments. Along the way, Faktab
changed its name to PayEx and now has 500
employees in four countries. Motto: “Nothing
is so good that it can’t be improved”
Grew up in Paris, studied economics and
marketing in Geneva until 1990. Founded
X-change in Sweden 1990 and was CEO until
1998. Today Executive Chairman of Vixar AB,
a company that invests in small and mediumsized companies. Other than the PayEx Group,
also sits on the boards of: Teqnion AB, Cedergruppen AB, AB Alphace Coaching & Education AB, Eco2 Energy AB and Tripod Energy
AB. Motto: "There are no short cuts – the only
thing that works is hard work."
Top row from the left:
Bottom row from the left:
Louise Gauffin
Jenny Hellberg Hassel
Head of Communications and marketing Head of Operations
Nicklas Molin
Raymond Klavestad
Business Area Manager Merchants
CEO
Anders Karlsson
Jörgen Pettersson
Head of Legal Department
Head of Credit and Collection
(Head of Customer Service from
March 2013)
Jonas Lagerstedt
Chairman of the Board
Lars Stenberg Director
Bachelor of Law and BA at Lund University
1972. Started at the Lindahl law firm in 1978,
where he was a solicitor and later a partner
until 2008. Has run his own law firm since
2009. Directorships in addition to the PayEx
group: Aktiebolaget Amerix, H. Lundén Holding AB, Holbein Holdings AB, Sardis Securities Inc. Istanbul, TR Fastenings AB and uno
form i Stockholm AB. Motto: "It is always too
early to give up!"
14
Therese Westerlund Employee Representative
Remcia Bulut Employee Representative
Mikael Hellberg
Grew up in Stockholm and moved to Gotland in 1996 to undertake film studies until
1999. She joined PayEx in 2000 and currently
works as a Process Manager for PayEx debitering. Motto: "Enthusiasm finds opportunities
and energy makes sure that you can make the
most of them."
Therese Westerlund was replaced by Marie
Lydahl on 11 April 2013.
Previously worked as a salesperson at an agency
working for Eniro. Is currently quality administrator for Mobile, Merchant and POS in First
Line Support. Motto: "Finds his inner palace
in the gym."
Niklas Levin
Mikael Wandt
CFO
(November 2012)
Therese Johansson
Head of HR
Acting Business Area Manager Mobile
Business Area Manager Invoicers
Lars Marlow Krosby
Head of IT
15
Administration Report
General information on the company's activities
PayEx Holding AB, organisation registration
number 556714-2798, was founded in the first
quarter of 2007. The company is the parent
company of the PayEx group, which operates
in five main areas in Sweden, Norway, Denmark and Finland. PayEx began operating in
1972 under the name Faktab Finans AB. The
founder of that company, Max Hansson, is still
the sole owner of the group.
Invoicing and sales ledger service
PayEx is a complete provider of services for
managing time-consuming, cost-generating
work in finance and administration. The services include processing of supporting documents for invoices, invoicing/billing, sales
ledger services and payment monitoring. The
customer system PayEx Online allows the customer to gain a complete overview and control of business-critical processes. Customers are offered simpler, more secure and more
cost-effective solutions that free up capital and
capacity. PayEx handles customers' payment
processes so that customers can focus on their
core business.
Debt Collection Services
PayEx is a leading provider of debt collection
services. PayEx is expert at reducing credit time
and limiting losses from outstanding debts.
Services include reminder procedures, monitoring of debtors' financial situation, debt collection, purchase of debts, management of mismanaged loans and credits. PayEx has highly
qualified employees who monitor customers'
outstanding debts in a systematic, professional
manner.
Electronic payments on-line and instore
PayEx is a complete provider of electronic payment services for on-line commerce, mobile
commerce and trading of goods in the Nordic
market. In the European market, we cooperate
with leading suppliers to enable us to deliver
payment services to customers in the Nordic
region who wish to make or receive payments
outside the Nordic region. We assist companies with integration and development of userfriendly payment solutions for small amounts,
large one-time purchases, tailor-made solutions
and adaptation of existing standard solutions to
the customers' needs. In cooperation with our
larger customers and partners, we also develop
unique solutions for industries such as retail,
transport, hotels and restaurants, on-line commerce, telecommunications, media, fuel, universities, etc.
Stand-alone payment terminals
16
Financing
PayEx Credit AB is an authorised credit market company which is regulated by Finansinspektionen [the Swedish Financial Supervisory
Authority] and provides all the group’s financial
services. Examples of services provided include
invoice discounting, factoring, contract credit
and purchase of debt collection cases.
Organisation
PayEx carries on its business as an organisation consisting of three business areas (BA) and
three product/production units. The business
areas are responsible for sales of all the group’s
products and services to a particular customer
segment. The various business areas are also
responsible for management and development
of products in each area. Business is conducted
in Sweden, Norway, Denmark and Finland.
BA Merchants
BA Merchants has full responsibility for existing and new customers in the retail segment. It
sells and delivers the group’s full range of products and services to these customers.
BA Invoicers
BA Invoicers has full responsibility for existing
and new customers for businesses that use the
PayEx invoicing service. It sells and delivers
the group’s full range of products and services
to these customers.
BA Mobile
BA Mobile is responsible for working closely
with our customers to develop and implement
innovative and high-tech solutions. PayEx
must be at the leading-edge as far as development is concerned.
Credit and Collection product area
Credit and Collection is responsible for products and services and much of the operational
work within our business for debt collection
and financing. PayEx Credit AB lies entirely
within the unit. Management of the areas of
credit assessment, risk management, liquidity
and capital adequacy forms an important part
of the business activities carried on a PayEx
Credit AB. PayEx Credit AB is responsible for
our products and services in financing (including deposits).
Operations Unit
PayEx Operations consists of over 200 employees who manage the entire customer process.
This includes all administrative services such
as hardware and software, paper and envelopes, payment registration, sales ledger management, statistics, process development and
training. The work includes processing invoice
support documentation, invoicing/billing, sales
ledger management and payment monitoring
and customer services for our own customers and our customers' customers. The unit
is also responsible for ongoing customer relationships in day-to-day work and for starting
up new customers.
IT Unit
IT consists of over 100 employees who are
engaged in the development and operation
of IT systems on our behalf and on behalf
of our customers. The unit also assists with
advanced support issues for customers and our
own employees.
PayEx Invest
Manages the group's stock of properties. All
properties are located in the medieval inner city
centre of Visby. Holdings of shares in companies that are not included in any of the other
business areas are owned by PayEx Invest.
Results
The group's profit before tax and minority shareholding amounted to 45,620 TSEK
(–11,491 TSEK). The loss last year was a result
of impairments and non-recurring loan losses.
The parent company's operating loss amounted
to –25,437 TSEK (–16,884 TSEK).
Significant events during the financial
year
The following changes in company names
occurred during the financial year: PayEx
Finance AB changed its name to PayEx Sverige AB. PayEx AS changed its name to PayEx
Norge AS. PayEx OY changed its name to
PayEx Suomi OY. PayEx A/S changed its
name to PayEx Danmark A/S. The Norwegian company Mynt Betalingsterminaler AS
was acquired in July 2012. This strengthens
the group's position in the Nordic market for
payment terminals. In September 2012, a share
dividend was distributed to PayEx Holding AB
from PayEx Solutions AS. All shares in PayEx
Solutions AB were distributed. Two mergers
were carried out in December 2012: PayEx
Solutions AS, Mynt Betalings-terminaler AS
and PayEx Esol AS were merged with PayEx
Norge AS. PayEx Solutions AB was merged
with PayEx Sverige AB. At the same time, a
transfer of assets and liabilities was carried out
from PayEx Collection AB to PayEx Sverige
AB. PayEx Holding AB made a capital contribution of 12 MSEK to PayEx Danmark A/S.
During the financial year, a wholly-owned
property company, Faktab K8 AB, was sold off.
Significant events after the end of the
financial year
After the end of the financial year, two whollyowned property companies, Faktab H1 AB and
Faktab H2 AB, were sold off.
17
Multi-year overview
Financial reports
Consolidated income statement
Overview of group
2012
Net sales (TSEK)
Profit before tax and minority shareholding (TSEK)
Balance sheet total (TSEK)
2011
2010
2009
2008
669,7371)
671,300
653,503
606,928
583,044
45,620
-11,491
32,419
44,540
25,135
TSEK
Net sales
Note
2012
2011
1
669,737
671,300
Operating expenses
2,022,826
1,538,477
1,037,659
1,294,782
1,086,025
Equity ratio
7%
8%
26%
27%
26%
Other external costs
2, 3
-313,418
-331,256
Average number of employees
491
527
489
489
504
Personnel costs
4
-266,347
-279,281
Depreciation
5
-37,561
-38,483
-617,326
-649,020
52,411
22,280
Overview of parent company
2012
Net sales (TSEK)
2011
2010
2009
2008
18,272
24,987
15,885
14,252
12,973
Profit/loss after net financial income and expenses (TSEK)
-38,919
-18,178
-21,766
-20,371
7,193
Balance sheet total (TSEK)
842,313
884,565
796,190
680,522
718,602
45%
42%
50%
58%
52%
26
24
16
10
10
Equity ratio
Average number of employees
1)
For 2012, net sales in the consolidated income statement were affected by the fact that income in a group company compared in a previous year was reclassified to
interest income. Without this adjustment, the sales for the year amounted to approximately 690,000 TSEK.
Total
Operating profit
Profit/loss from financial investments
7
Financial income
28,198
35,451
Financial expenses
-34,989
-69,222
Total
-6,791
-33,771
45,620
-11,491
-8,384
-2,723
-1,611
-706
35,625
-14,920
Profit/loss after financial items
Tax on profit/loss for the year
Minority shareholding
Future
The operations in the group and the parent
company will be conducted in line with the
changes implemented at the end of 2012. They
are expected to have a positive impact on the
results in the coming year.
PROFIT/LOSS FOR THE YEAR
8
Proposal for the allocation of profits
The following profits are at the disposal of the
Annual General Meeting:
Share premium reserve
profit/loss brought forward
profit for the year
300,098,600
44,621,794
699,704
345,420,098
distributed as follows:
Dividend to shareholders
10,000,000
carried forward to new accounts*335,420,098
345,420,098
*To the share premium reserve 300,098,600
As far as the company's results and position
in general are concerned, reference is made to
the following income statements and balance
sheets and the associated notes to the accounts.
18
19
Financial reports
Consolidated balance sheet
TSEK
Consolidated balance sheet
Note
31/12/2012
31/12/2011
TSEK
Assets
Equity and liabilities
Fixed assets
Equity
Intangible fixed assets
9
31/12/2012
31/12/2011
50,000
50,000
12
Restricted equity
Goodwill
43,865
16,566
Share capital (500,000 shares)
Trademarks
31,876
35,432
Restricted reserves
Other intangible fixed assets
63,998
43,214
Total restricted equity
139,739
95,212
Total intangible fixed assets
Note
8,128
15,699
58,128
65,699
Non-restricted equity
Tangible fixed assets
10
Land and buildings
105,480
101,426
715
588
Non-restricted reserves
52,975
71,666
Profit/loss for the year
35,625
-14,920
88,600
56,746
146,728
122,445
3,686
2,706
39,035
35,955
Total non-restricted equity
Expenses for improvements to property
owned by others
Equipment, tools, fixtures and fittings
Total tangible fixed assets
11,835
12,752
118,030
114,766
Total equity
Minority shareholding
Financial fixed assets
Shares and participating interests
6
6,569
19,376
Shares in associated companies
6
3,458
5,146
2,229
–
Deferred tax receivables
Receivables from associate companies
Long-term loans receivable
Total financial fixed assets
4,300
–
14,069
13,117
30,625
37,639
288,394
247,617
Provisions
Pensions
Liabilities
Current liabilities
Overdraft facility
Total fixed assets
Current assets
Stock
17,962
10,407
14
15
86,533
91,306
1,126,790
710,599
Liabilities to credit institutions
73,281
117,917
Accounts payable
39,284
37,748
Deposits from the public
358,137
201,684
Other current liabilities
115,517
173,767
Liabilities to clients/clearing debt
Accrued expenses and deferred income
Current receivables
Accounts receivable – trade
56,726
89,518
204,693
212,889
8,323
–
Current tax assets
20,685
–
Other receivables
35,577
65,176
Prepaid expenses and accrued income
58,871
46,419
384,875
414,002
Lending to the public
Receivables from associate companies
Total current receivables
Investments
5,597
–
1,325,997
866,451
Total current assets
1,734,431
1,290,860
TOTAL ASSETS
2,022,826
1,538,477
Cash and bank balances
20
33,835
44,350
Total current liabilities
1,833,377
1,377,372
Total provisions and liabilities
1,872,412
1,413,326
TOTAL EQUITY AND LIABILITIES
2,022,826
1,538,477
152,955
522,588
146,726
425,892
Pledged assets
Contingent liabilities
16
17
21
Financial reports
Parent company income statement
TSEK
Net sales
Parent company balance sheet
Note
2012
2011
TSEK
1
18,272
24,987
Assets
140
1
18,412
24,988
Other operating income
1
-1,708
-1,430
Other external costs
1, 2, 3
-20,290
-19,018
Trademarks
Personnel costs
4
-19,222
-18,795
Total intangible fixed assets
Depreciation and impairment of tangible
and intangible fixed assets
5
-2,629
-2,629
-25,437
-16,884
Profit/loss from financial investments
Profit/loss from participations in group
companies
-10,980
Profit/loss from other securities and receivables held as fixed assets
0
0
49
Interest income
7
6,043
9,879
Interest expenses
7
-8,545
-11,222
-38,919
-18,178
PROFIT FOR THE YEAR
22
8
39,898
17,074
-279
489
700
-615
39,442
42,071
39,442
42,071
Financial fixed assets
Participations in group companies
575,965
574,945
Total financial fixed assets
575,965
574,945
Total fixed assets
615,407
617,016
11
Current assets
Current receivables
Other receivables from group companies
Other receivables
Appropriations
31/12/2011
Accounts receivable – trade
PROFIT/LOSS AFTER FINANCIAL ITEMS
31/12/2012
Fixed assets
Operating expenses
OPERATING PROFIT
Note
Interim receivables
Total current receivables
Cash and bank balances
119
4
163,594
208,016
12,288
2
523
2,413
176,524
210,435
50,382
57,114
Total current assets
226,906
267,549
TOTAL ASSETS
842,313
884,565
23
Financial reports
Parent company balance sheet
TSEK
Cash flow statement
Note
31/12/2012
31/12/2011
TSEK
Equity and liabilities
Group
2012
2011
Parent Company
2012
2011
Current operations
Equity
12
Restricted equity
Share capital (500,000 shares)
Total restricted equity
50,000
50,000
50,000
50,000
Profit/loss after financial items
45,620
-11,490
-38,919
Adjustments for non-cash flow items, etc.
51,963
40,882
15,013
-18,178
3,527
Tax paid
-11,128
-12,920
-1,255
-6,801
Cash-flow from current activities before changes in working
capital
86,455
16,472
-25,161
-21,452
Cash flow from changes in working capital
Non-restricted equity
Share premium reserve
300,099
300,099
44,622
60,237
700
-615
Total non-restricted equity
345,421
359,721
Total equity
395,421
409,721
352
0
4,540
3,749
Profit/loss brought forward
Untaxed reserves
13
Provisions
14
-6,699
-1,657
–
–
Increase(–)/Decrease(+) in current receivables
16,459
-82,052
69,506
-31,342
Increase(+)/Decrease(–) in current liabilities
Total changes in working capital
Cash flow from operations
Investments in subsidiaries
Accounts payable
86,533
3,625
Other liabilities to group companies
Current tax liabilities
Other liabilities
Accrued expenses and deferred income
Total liabilities
2,508
-19,716
82,874
49,790
24,630
51,532
30,080
–
–
-12,000
–
6,150
–
–
Acquisitions/capitalisation of intangible fixed assets
-34,243
-29,325
–
–
Acquisitions of tangible fixed assets
-17,630
-25,597
–
–
–
8,837
–
–
-13,743
-14,280
–
–
Sales of financial fixed assets
2,671
–
–
–
Withdrawal from associate companies
4,000
–
–
–
947
–
–
–
-46,838
-54,216
-12,000
–
Change in short-term investments
348,750
372,042
0
976
825
2,002
Financing activities
2,267
2,672
Increase/decrease in current financial liabilities
-54,168
–
-4,362
–
Dividends paid to shareholders
-15,000
-15,000
-15,000
-15,000
442,000
TOTAL EQUITY AND LIABILITIES
90,895
524,866
441,157
457,629
11,160
Sales of subsidiaries
Acquisitions of financial assets
15
479,709
489,469
575,924
Investments
Sales of tangible fixed assets
Liabilities
Overdraft facility
Increase(–)/Decrease(+) in inventories
842,313
471,095
884,565
Pledged assets
16
None
None
17
781
100,719
Cash-flow from investments
Dividend to minority shareholding
Cash flow from financing activities
Cash flow for the year
Cash and cash equivalents at beginning of year
Translation difference in cash and cash equivalents
Cash and cash equivalents at end of year
-631
–
–
–
-69,799
459,287
866,451
259
1,325,997
-15,000
388,413
478,038
–
866,451
-19,362
-6,732
57,114
–
50,382
-15,000
15,080
42,034
–
57,114
Supplementary information to the cash flow statement
TSEK
Group
2012
2011
Parent Company
2012
2011
Interest paid and dividends received
Interest received
Interest paid
39,044
33,278
10,702
9,879
-30,835
-20,707
-12,591
-11,222
37,561
38,484
2,629
2,629
–
-1,262
–
–
20,725
–
12,000
–
3,080
5,329
791
898
–
Adjustments for non-cash flow items
Depreciation on fixed assets
Reversed impairments
Impairments on financial assets
Provisions for pensions
Capital gain on sale of subsidiary company
-11,307
–
–
Change in accrued interest
5,372
–
–
–
Unrealised loan losses
2,397
–
–
–
Share of profit/loss in associated companies
-2,312
–
–
–
Capital gain from sale of financial fixed assets
-2,112
–
–
–
Other profit/loss items not affecting liquidity
24
-1,441
-1,669
-407
–
51,963
40,894
15,013
3,527
25
Accounting principles
General
The financial statements have been prepared in
accordance with the Swedish Annual Accounts
Act and Bokföringsnämnden [Swedish Accounting Standards Board] general guidelines in addition to BFNAR [Bokföringsnämndens allmänna
råd – General Guidelines of the Swedish
Accounting Standards Board] 2008:1 Financial statements in smaller limited companies
(the K2 rules). In cases where there is no general recommendation from the Swedish Financial Accounting Standards Board, guidance is
obtained from Redovisningsrådet [the Swedish Financial Accounting Standards Council]
recommendations. The consolidated accounts
were prepared using the acquisition method.
This means that a subsidiary's assets and liabilities are recognized at the market value that
formed the basis for determining the purchase
price of the shares. The difference between the
purchase price and the equity of the acquired
company is recognized as goodwill. The consolidated shareholders' equity includes the parent company's equity and the portion of the
subsidiary's equity that arose after the acquisition of these companies. Income and expenses
have been allocated to a particular period in
accordance with generally accepted accounting principles. Receivables have been recognized at the amount estimated to be received.
Receivables and liabilities in foreign currency
were converted at the rate at the balance sheet
date. Exchange differences on operating receivables and liabilities are reported net in operating income, whereas exchange differences on
financial assets and liabilities are reported net as
financial items. Clearing funds are recognized
at their full value in the balance sheet under
current liabilities. "Clearing funds" means
funds paid in that have not yet been reported
to the customer at the balance sheet date. For
the ITP [Industrins och handelns tilläggspension – supplementary pension for employees in
industry and commerce] plan, the Pensionsregistreringsinstitutet [Pension Registration Institute (PRI)] calculates what provisions must be
made. Pension obligations are reported as a
provision in the balance sheet, to the extent
permitted by the Swedish Pension Obligations
Vesting Act, under the heading "Provisions for
pensions and similar obligations". A provision
is reported in the balance sheet when the company has a legal or constructive commitment
as a result of a past event for which it is probable that an outflow of resources is required to
settle the obligation and a reliable estimate of
the amount can be made. Other provisions,
assets and liabilities have been recognized at
cost, unless otherwise stated.
Fixed assets
Fixed assets are valued at cost, with a deduction
for accumulated depreciation. Depreciation is
26
Notes
carried out according to a systematic plan over
the assets' anticipated useful life as listed below:
Trademarks
Goodwill
Capitalised development costs
Condominiums
Equipment, tools and vehicles
Building equipment
Art
Computers
Properties
Land
Ground installations
20 years
5-10 years
3 years
None
5 years
10 years
None
3 years
50 years
None
20 years
The PayEx trademark has been valued by external valuers. The subsidiaries pay remuneration
in the form of a royalty to the parent company based on a percentage of their external
sales. The royalty is calculated to be payable
for at least 20 years and therefore the depreciation period on the trademark is set at 20 years.
Depreciation of goodwill takes place over 5–10
years from the year it occurred. This is based
on the fact that the assets are regarded as longterm strategic investments in new countries
and business areas. The item is mainly attributable to Solutionsgruppen, whose operations
are experiencing continued growth.
Parent company
The parent company applies the same accounting principles as the group, with the exception
that the parent company does not record a tax
asset on a loss and that the parent company has
adapted to K3 and reported a group contribution in the income statement.
Tax
The company and the group apply the Bokföringsnämnden [Swedish Accounting Standards Board] general guidelines on entry of
income taxes, BFNAR 2001:1. Total tax consists of current tax and deferred tax. Taxes are
reported in the income statement except when
the underlying transaction is entered directly
against equity whereupon the associated tax
effect is entered in equity. Current tax (previously referred to as paid tax) is tax to be paid
or received for the current year. Adjustment of
current tax relating to previous periods is also
included in this item. Deferred tax is estimated
in accordance with the balance sheet method
on the basis of temporary differences between
the book value and the value for tax purposes
of assets and liabilities. The amounts are calculated based on how the temporary differences
are expected to be settled and applying tax rates
and tax rules decided on or notified at the balance sheet date. Temporary differences are not
taken into consideration either in group goodwill or in differences relating to participations
in subsidiary and associated companies which
are not expected to be taxed in the foresee-
able future. In juridical persons, reporting of
untaxed reserves includes the deferred tax liability. However, in the consolidated accounts,
untaxed reserves are divided into deferred tax
liability and equity. Deferred tax receivables
relating to deductible temporary differences
and deductible deficiency are reported only if
it is likely that they will lead to lower tax payments in future.
Income
All figures in TSEK unless otherwise indicated.
Note 1
Note 4
Purchases and sales between group companies
Of the purchases for the year in the parent company, 3,324 (6,410)
relates to purchases from other group companies.
Of the sales for the year in the parent company, 18,248 (24,673)
relates to sales to other group companies.
Income is reported in accordance with BFNAR
2003:3 Income. The company reports as
income the true value of what was received or
what will be received. The company therefore
reports income at its nominal value (invoice
amount). Deductions are made for any discounts given. The income from the company’s
sales of services is reported as income when
the following conditions are met: the income
can be measured reliably, it is probable that
the economic benefits that the company will
derive from the transaction will flow to the
company and the costs incurred or expected
to be incurred as a result of the transaction can
be measured reliably. Other income is reported
as follows. Income that does not relate to core
business is included in this item in the period
to which it relates.
Sales per business segment
Notes to the financial statements
The leasing expenses for the year in the parent company amount to 0
TSEK (0). The leasing expenses for the year in the group amount to
0 TSEK (0).
The group’s research costs are entered as an
expense in the period they occur. Research
costs means expenditure on research aimed at
obtaining new scientific or technical knowledge. Development expenses means expenses
where the results of research or other knowledge are applied in order to bring about new
or improved products or processes. In the balance sheet, development expenses are included
at cost minus accumulated depreciation and
impairment. Additional expenses for an intangible assets are added to the acquisition cost
only when they increase the future economic
benefits in excess of the original assessment
and the expenses can be measured reliably. All
other expenses are entered as expenses when
they are incurred.
Cash flow statement
The cash flow statements are prepared using the
indirect method. The stated cash flow includes
only transactions that involve payments in or
out. With the exception of cash and bank holdings, liquid funds are classified as short-term
financial investments that are exposed only to
an insignificant risk of fluctuations in value and
– are traded on an open market at known
prices or – have a remaining duration of less
than three months from the moment of acquisition.
Group
2012
2011
Sales Invoicers
413,752
445,741
Sales Merchants
190,513
187,947
23,346
8,090
Business segment
Sales Mobile
Other sales
42,126
29,522
669,737
671,300
Comparative figures for 2011 have been translated based on new classifications of types of income introduced by the group from 2012 onwards.
The composition of sub-items therefore deviates from those presented
in the income statements for 2011.
Note 2
Employees and personnel expenses
2012
Average number of
employees
Number
Parent Company
Number
Of which
men
26
27%
24
63%
Subsidiaries
465
53%
503
48%
Total group
491
51%
527
48%
Gender distribution on boards of directors and in company management
Parent company
Board of Directors
6
67%
3
100%
Other senior executives
including the CEO
2
100%
1
100%
6
67%
3
100%
12
75%
10
70%
Total group
Board of Directors
Other senior executives
including the CEO
Group
2012
Parent Company
2011
2012
2011
Salaries and other
remuneration:
Board of Directors and
CEO
Leasing agreements
2011
Of which
men
2,399
3,428
1,571
3,428
189,736
197,392
11,123
10,006
192,135
200,820
12,694
13,434
Other employees
Social security expenses:
Pension costs
Note 3
Board of Directors &
CEO
Fees and reimbursement of expenses
Auditing work means assessment of the annual accounts and accounting
records and the management by the board of directors and the CEO,
other work incumbent on the company's auditors and advice or other
assistance deriving from observation during that assessment or performance of that other work. Everything else is classified as other work.
Group
Parent Company
2012
2011
2012
2011
KPMG
Auditing work
2,669
3,409
409
590
Other audit assignments
309
197
279
150
Tax consultancy
services
185
89
0
0
1,940
113
550
0
5,104
3,808
1,238
740
Other services
Total
66
-946
66
-946
Other employees
14,430
15,637
1,457
1,319
Other social security
expenses
49,333
51,113
4,180
4,463
255,964
266,625
18,397
18,270
Total salaries and
remuneration and social security expenses
Pension costs for the year for the parent company include endowment
insurance entered as an expense at 263 TSEK (547).
A correction was made in 2011 for the pension costs for the Board
of Directors and the CEO paid in for the previous year.
Note 5
Depreciation
Depreciation according to plan
Group
2011
2012
Goodwill
7,344
4,793
–
–
Trademarks
2,445
2,460
2,629
2,629
21,815
24,972
–
–
1,559
1,437
–
–
Other intangible assets
Buildings
Expenses for improvements to leased
property
Stock and equipment
Subtotal depreciation
according to plan
Notes
Parent Company
2012
2011
228
46
4,172
4,775
–
–
37,561
38,483
2,629
2,629
27
Notes
Note 6
Note 7
Shares and participating interests
Note 9
Profit/loss from financial income and expenses
Note 10
Goodwill
Group
Opening balances
Acquisitions
Disposals
Translation difference
Closing balance
2012
2011
19,376
16,681
1,790
2,758
-14,597
–
–
-63
6,569
19,376
Participations in associate companies
Information on associate companies' organisation registration numbers and headquarters.
Associate
company
Org. reg. no.
Headquarters
Equity
Result
2012
Interest income group
receivables
Dividend group companies
Profit/loss from
other securities and
receivables held as
fixed assets
Other financial income
556708-0311
Stockholm
ValueCodes AS
895 772 852
Oslo
6,914
4,623
neg
neg
PayEx Invest AB owns 50% of Convenient Card i Sverige AB.
Capital
participations
Voting
right
participations
Number of
shares
Book
value
2011
Book
value
2012
Convenient Card i
Sverige AB
50%
50%
2,000
2,550
1,050
ValueCodes AS
49%
49%
2,450
–
–
2,550
1,050
Total
2011
32,181
33,278
7,910
7,903
–
–
–
–
–
1,048
–
–
Interest expenses from
group liabilities
Profit/loss from
other securities and
receivables held as
fixed assets
2011
Opening acquisition cost
43,833
49,496
Acquisition cost for the year
31,626
–
–
-5,663
4,979
–
Closing accumulated acquisition cost
80,438
43,833
Opening depreciation
-27,267
-22,477
-7,344
-4,793
–
1,484
Depreciation for the year
-4,994
2,173
–
49
1
–
-1,867
928
-29,344
-20,707
-8,538
-8,333
–
–
-8
-2,701
Sold off for the year
Closing accumulated depreciation
Closing residual value according to plan
–
-7,869
–
46,593
47,389
52,589
52,589
-11,957
-9,497
-10,518
-7,888
-2,445
-2,460
-2,629
-2,629
-315
–
–
–
–
1
-188
-6,791
-33,771
-2,502
-1,294
3,461
Repaid shareholders' contribution
-1,500
–
Current tax cost
Dividend
-2,500
–
Deferred tax
Closing balance
3,458
5,146
Total tax on the
profit/loss for the
year
-14,717
-11,957
-13,147
-10,518
31,876
35,432
39,442
42,071
Parent Company
2012
2011
2012
2011
-7,552
-11,912
-279
489
-831
9,189
–
–
-8,384
-2,723
-279
489
–
-1,559
-1,437
555
–
-7,328
–
105,480
-6,432
176
101,426
2011
634
–
354
634
5
–
993
634
-46
–
-228
-46
-3
–
-277
715
-46
588
Equipment, tools, fixtures and fittings
Group
Other intangible assets*
Group
Profit/loss and equity has not been determined for ValueCodes for 2012,
though it is known that the company will have negative equity at the
closing of the annual accounts.
-4,995
108
2012
2,312
-6,432
Group
–
-1,034
Share of profit/loss
Parent Company
–
Group
–
–
107,682
-796
–
–
112,807
52,589
–
-287
Sold/scrapped
52,589
–
1,685
-7,487
47,389
-7,575
2011
19,424
-8,850
47,389
-33,071
5,146
14,262
Sold/scrapped
2011
–
2012
183
2012
-1,481
16,566
95,745
2011
-4,794
Opening balances
–
43,865
2011
107,682
2012
Exchange rate losses
Note 8
–
-25,786
2012
Expenses for improvements to property owned by others
Group
Loan losses/earnings
Total net financial
income and expenses
-1,960
-36,572
Trademarks
Other financial
expenses
Group
2012
Expenses
Interest expenses
Convenient
Card i Sverige
AB
2012
Group
Income
Interest income
Land and buildings
Parent Company
2011
Tangible fixed assets
Sold off/scrapped for the year
2012
2011
133,963
114,685
37,938
29,325
–
-10,047
782
–
172,683
133,963
-86,434
-70,807
-21,815
-24,972
Sold off/scrapped for the year
–
9,345
-435
–
-108,684
-86,434
Impairment/scrapping for the year
Reclassification
–
-4,315
63,998
43,214
2011
43,475
50,807
3,014
5,537
–
-474
-293
-12,395
66
–
34,119
–
80,381
43,475
-30,584
-37,317
Impairment/scrapping for the year
Reclassification
2012
-4,172
-4,775
295
11,508
35
–
-34,119
–
-68,545
-30,584
–
-139
11,835
12,752
*Other intangible assets consist of capitalised development costs, see the more
detailed explanation under Accounting Principles and Notes to the Financial
Statements.
28
Notes
Notes
29
Notes
Note 11
Note 12
Participations in group companies
Equity
Group
Voting right participaCapital participations
tions
Number of shares
Book value 2011
Book value 2012
PayEx Invest AB
100%
100%
1,000
2,650
2,650
PayEx Credit AB
100%
100%
500,000
80,000
80,000
PayEx Sverige AB
100%
100%
500,000
349,999
351,019
PayEx Solutions AS
100%
100%
0
109,296
0
PayEx Norge AS
100%
PayEx Suomi Oy
100%
100%
100%
Total
Information on subsidiary companies' organisation registration numbers and headquarters
Org. reg. no.
Headquarters
100
33,000
10,000
142,296
0
0
574,945
575,965
Amount at the start of the year
Equity
Restricted reserves
50,000
15,699
Profit Brought Forward
Profit/loss for the
Year
Total
71,666
-14,920
122,445
-14,920
14,920
Transfer of profit/loss for the previous year
Adjustment for previous year
-191
Dividend
-1,283
-15,000
-15,000
-1,292
6,231
4,939
Change in share of equity in untaxed reserves
2,897
-2,896
1
Transfer between restricted and non-restricted
equity
-8,985
8,985
0
Equity
Result
Amount at the end of the year
556677-4781
Stockholm
381
-6,447
– Faktab H1 AB
556720-4846
Stockholm
107
4
– Faktab B1 AB
556720-4853
Stockholm
210
1,065
– Faktab B5 AB
556720-4895
Stockholm
101
-1
– Faktab Börsen 2 AB
556720-4887
Stockholm
458
361
– Faktab H2 AB
556720-4820
Stockholm
111
11
Dividend
– Faktab K1 AB
556720-4804
Stockholm
450
19
– Faktab S1 AB
556720-4903
Stockholm
147
-20
– Faktab V1 AB
556720-4796
Stockholm
198
1,222
PayEx Credit AB
556735-5671
Stockholm
98,478
4,455
PayEx Sverige AB
556174-3914
Stockholm
140,669
26,316
– PayEx Solutions Oy
188 25 69-2
Helsinki
-129
-26
979315503
Oslo
114,035
16,229
– PayEx Collection AB
556677-4799
Stockholm
2,354
4,228
– PayEx Danmark A/S
70986914
Copenhagen
8,253
6,215
– Oslo Kodebyrå AS
886219032
Oslo
10,424
4,524
– PayEx Retail AS
967057983
Oslo
PayEx Suomi Oy
215 68 11-3
Helsinki
27,459
9,791
-13,965
-3,724
35,625
35,625
50,000
8,128
52,975
35,625
146,728
Equity
Share premium
reserve
Profit brought
forward
Profit/loss for the
year
Total
50,000
300,099
60,237
-615
409,721
-615
615
Parent Company
PayEx Invest AB
PayEx Norge AS
Amount at the start of the year
Transfer of profit/loss for the previous year
Note 13
50,000
300,099
Note 16
Untaxed reserves
-15,000
44,622
Tax allocation reserves
352
0
0
2012
PRI provisions
63,500
63,500
–
–
Property mortgages
85,975
79,975
–
–
3,480
3,251
–
–
152,955
146,726
–
–
2011
2012
2011
39,035
35,955
4,540
3,749
39,035
35,955
4,540
3,749
Note 17
Group
Contingent liabilities Pension
guarantee
Overdraft facility
Group
Amount granted
Parent Company
2011
2012
2011
105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
Overdraft facility utilised at 31/12/2012: 86,533 TSEK
Notes
2011
2012
2011
690
644
91
75
–
–
690
644
Contingent liabilities for the
benefit of PayEx Credit AB
–
–
–
100,000
benefit of PayEx Invest AB
–
–
Unlimited
Unlimited
benefit of PayEx Sverige AB
–
–
Unlimited
Unlimited
benefit of Faktab Börsen 2 AB
–
–
Unlimited
Unlimited
Total contingent liabilities
Notes
Parent Company
2012
benefit of subsidiaries relating
to PRI
Unused portions of factoring
credits granted
2011
Parent Company
2012
2012
2012
Floating charges
Total pledged assets
Group
Parent Company
2011
For own liabilities to credit
institutions
Invoice claims
Provisions
700
395,421
Group
2011
352
700
700
Security given for own liabilities and provisions
Parent Company
2012
Note 15
0
-15,000
Amount at the end of the year
Note 14
30
0
-1,091
521,898
425,248
–
–
522,588
425,892
781
100,719
31
Board signatures and the auditor's signature
This is a translated version of the Annual report. Therefore, the audit
report is not signed.
ABCD
Auditor’s report
To the annual meeting of the shareholders of PayEx Holding AB, corp. id. 556714-2798
Report on the annual accounts and consolidated accounts
Stockholm, 29 April 2013
Ma
M
Maxx Hansson
Carl-Johan
nA
hlström
Ahlström
Lars Stenberg
We have audited the annual accounts and consolidated accounts of PayEx Holding AB for the year 2012. The annual
accounts and the consolidated accounts of the company are
included in the printed version of this document on pages 17–
32.
In addition to our audit of the annual accounts and consolidated
accounts, we have also audited the proposed appropriations of
the company’s profit or loss and the administration of the Board
of Directors and the Managing Director of PayEx Holding AB for
the year 2012.
Responsibilities of the Board of Directors and the Managing
Director for the annual accounts and consolidated accounts
Responsibilities of the Board of Directors and the Managing
Director
The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of these annual
accounts and consolidated accounts in accordance with the
Annual Accounts Act, and for such internal control as the Board
of Directors and the Managing Director determine is necessary
to enable the preparation of annual accounts and consolidated
accounts that are free from material misstatement, whether
due to fraud or error.
Jonas
Jonas Lagerstedt
Chairperson
Auditor's responsibility
Raymond Klavestad
Our responsibility is to express an opinion on these annual
accounts and consolidated accounts based on our audit. We
conducted our audit in accordance with International Standards
on Auditing and generally accepted auditing standards in Sweden. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts and consolidated accounts are free from material misstatement.
Remcia Bulut
CEO
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts and consolidated accounts. The procedures selected
depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the annual accounts and
consolidated accounts, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control
relevant to the company’s preparation and fair presentation of
the annual accounts and consolidated accounts in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the company’s internal control. An audit
also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates
made by the Board of Directors and the Managing Director, as
well as evaluating the overall presentation of the annual accounts and consolidated accounts.
Marie Lydahl
AUDITOR'S SIGNATURE
Our auditors' report was issued on 29/04/2013.
KPMG AB
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Dan Beitner
Authorised Public Accountant
Report on other legal and regulatory requirements
Opinions
In our opinion, the annual accounts and consolidated accounts
have been prepared in accordance with the Annual Accounts
Act and present fairly, in all material respects, the financial
position of the parent company and the group as of 31 December 2012 and of their financial performance and cash flows for
the year then ended in accordance with the Annual Accounts
Act. The statutory administration report is consistent with the
other parts of the annual accounts and consolidated accounts.
The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss, and the Board of
Directors and the Managing Director are responsible for administration under the Companies Act.
Auditor's responsibility
Our responsibility is to express an opinion with reasonable
assurance on the proposed appropriations of the company’s
profit or loss and on the administration based on our audit. We
conducted the audit in accordance with generally accepted
auditing standards in Sweden.
As basis for our opinion on the Board of Directors’ proposed
appropriations of the company’s profit or loss, we examined
the Board of Directors' reasoned statement and a selection of
supporting evidence in order to be able to assess whether the
proposal is in accordance with the Companies Act.
As basis for our opinion concerning discharge from liability, in
addition to our audit of the annual accounts and consolidated
accounts, we examined significant decisions, actions taken and
circumstances of the company in order to determine whether
any member of the Board of Directors or the Managing Director
is liable to the company. We also examined whether any member of the Board of Directors or the Managing Director has, in
any other way, acted in contravention of the Companies Act,
the Annual Accounts Act or the Articles of Association.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Opinions
We recommend to the annual meeting of shareholders that the
profit be appropriated in accordance with the proposal in the
statutory administration report and that the members of the
Board of Directors and the Managing Director be discharged
from liability for the financial year.
Stockholm 29 April 2013
KPMG AB
Dan Beitner
Authorized Public Accountant
We therefore recommend that the annual meeting of shareholders adopt the income statement and balance sheet for the
parent company and the group.
32
Auditors' Report
Auditors' Report
33
Payment
Invoicing
Financing
Mobile Services
Private
Other
Mobile payment
platform
Part-payment Services
Payment Guarantee
Invoices and Ledgers
Integrated payment
terminals
Invoices
Ledger Services
Credit Agreements
Stand-alone payment
terminals
Part-payment Services
Invoicing Services
Factoring
Part-Payment Services
for medicines
Get a loan
E-commerce
Gift cards
WyWallet
Reminder Services
Invoice Discounting
Dental accounts
Save
Shopping cart
Digital value codes
PayPal
Billing
Mobile
Economy department
Payment Gateway
Online card payments
Debt Collection
Services
Account
Computer
Call Centre Payment
Payment by direct
bank transfer
Cash card
Store
Card payment by
phone
Arrows
Invoicing package
Factoring
eCommerce Plus
eCommerce Max
Products
–Sales ledger service
–Reminder service
–Debt collection service
Products
-Sales ledger service
–Reminder service
–Debt collection service
–Invoice factoring
Products
–Online card payments
–Invoice
–Part-payment
–Direct payment via bank
–WyWallet
–PayPal
Products
–Invoice
–Part-payment
–Direct payment via bank
–WyWallet
–PayPal
–Card payment by phone
Value-added services
–Distribution
Subscription
Products
–Billing
–Invoicing service
–CMR
–Invoice factoring
34
–Print
–Distribution
eCommerce Basic
Products
–Invoice
–Obtain address
–Anti-fraud
–Skinning
–Obtain address
–Anti-fraud
–Skinning
–Subscription payment

Business areas

Transcription

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