Financial Key Figures 2020
Continued revenue growth
+50% in 4 years
Share of revenue
Market Growth Index
Financial Key Figures 2020
Strong growth in top line
Although 2020 was marked by the corona pandemic worldwide, it has not affected e-Boks’s business negatively. On the contrary, e-Boks performed its best year ever on the top line with a total revenue of DKK 266.7 million, corresponding to a growth of approx. 15% compared to 2019. Profit for the year in 2020 was DKK 41 million and totaled equity DKK 122 million. The result was in line with the expectations of DKK 30-40 million as stated in annual report 2019.
|Figures in KDKK||2020||2019||2018|
|Profit for the year||41,055||39,459||17,070|
|Cash flows from operating activities||91,342||77,452||44,291|
|Investment in techstack||43,914||60,835||52,181|
Up 2020 versus 2019.
Continued investment in international markets
There has been a strong organic growth on the home market while the international market sees implementation of new solutions and new customers.
We deliver solidly at our core business, where the number of delivered documents has increased by 18% to DKK 610 million.
Although e-Boks had a strong growth in revenue EBITDA margin decreased slightly compared to 2019. Higher cost of sales and an increase in other cost to support the international strategy and further development of the e-Boks techstack impacts short term earnings.
Performance Highlights 2020
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Ulrik Falkner Thagesen, CEO
20-year-old SaaS company on an international journey
In 2021, we celebrate the 20th anniversary of the founding of e-Boks. Our original vision to provide a secure digital postbox for every single Dane was realized a long time ago – along with many additions that comprise e-Boks’ present business. Next step is taking e-Boks’s value propositions out into more markets.
We look back on a year, in which COVID-19 imprinted an indelible stamp on the world. Many branches of industry are hard hit. We express our deepest sympathies to companies facing the full blow of the pandemic. However, the corona pandemic has also accelerated digitization processes. In Denmark we saw how well-functioning digital public infrastructures enable the speedy, reliable and frequent communication between governments, authorities, businesses and citizens. And how communication is central to enlisting the active support of populations in times of crisis.
As public authorities are required to deliver vital information to their citizens, more countries are now aware of the true value of having an efficient and secure digital infrastructure. In this respect, we have a stronger social obligation to bring our services to the world. And we are making good progress. We currently have more than 20 million users on six markets, most in the Nordics. However, when it comes to a secure digital infrastructure, many other countries still lack what we offer, and Danes now take for granted. From the international perspective, e-Boks is still unique and ground-breaking.
Launch of Value Added Services
Our customer base numbers the thousands of public and private senders in several countries who use the e-Boks platform not only to communicate securely, but also to sign documents and pay bills. The latest addition to the e-Boks family is the e-Boks Plus platform, which is designed to open new pathways that will give our users added value in the shape of new services via the e-Boks app. Our users have welcomed the new platform with open arms. For example, more than one million people have installed Digital Servicebog (digital vehicle service records), automatic receipts delivered by Storebox and legal services.
Our new Platform-as-a-Service
The new platform is an important driver in our international upscaling. We deliver it as a platform-as-a-service that offers complete integration into business´s architecture in each country. We have made special efforts to build a solution that works in a wide range of technical environments – private cloud, public cloud, hybrid, or on-premises – as this means we can scale the solution to meet the customer's wishes. Meanwhile, we are establishing partnerships with selected local partners on a variety of markets, most recently in the Middle East where we have entered a promising partnership with Batelco.
e-Boks A/S emerged from 2020 with a solid growth, on both top and bottom lines. We have succeeded in creating growth in Denmark and internationally. We generated annual revenue of MDKK 266.7, corresponding to about 15 % growth compared to 2019.
Our core business performed well. The total number of documents delivered has increased by 18 % to 610 million. Moreover, our new services got off to a flying start. Measured on revenue, e-Boks has grown by about 50 % in the last four years. All in all, we run a very healthy company.
We will use our strong foundation to invest in further developing e-Boks. We are ready to take our place in international markets, and currently undertaking important realignment in Denmark. Via a new interface, we seek, as always, to be the Danes’ favorite digital communication channel for public and private mail services. Looking ahead, we will be upgrading our domestic technical infrastructure.
Finally, I would like to thank our partners and users for their trust and confidence in us during a challenging year. Most of all, I would like to thank my dedicated e-Boks team. You have been extraordinary during extraordinary times. Thanks to you, e-Boks has played a pivotal role in reaching millions of people with communications about COVID-19 during times of great insecurity. There is enormous scope across the globe where we can help create better digital societies with citizens at the center – and thereby plenty of opportunities for us to make a difference.
As a digital platform provider, we acknowledge our social responsibility. We build our business on the UNGC Ten Principles and our commitment to deliver impact against Sustainable Development Goals 16: Peace, Justice and strong institutions and SDG 12: Sustainable Consumption and Production. We look forward to working with more customers with the implementation of digital sustainable solutions in the years to come.
Ulrik Falkner Thagesen, CEO
Denmark: A model country for digitisation
Denmark is a model country for digitisation and it even ranked third in the European Commission’s Digital Economy and Society Index (DESI) in 2020, with its connectivity ranked as the best among member states.
So, why is Denmark considered a leading country in terms of digital? This all started in 1996 when the government created a digitisation strategy, one of the firsts in the world. Since then, both public and private sector have worked together to make the lives of Danish citizens easier and more comfortable through technology. An example is the use of digital post boxes supplied by e-Boks, which allows the government to send messages to their citizens securely. The public can also access almost all services online. With the use of digital signatures, they can transact with businesses online. There are also portals where one can pay their taxes or apply for loans.
Other countries can emulate Denmark's example by investing in infrastruture and proper records systems. They should also bring in experts to work with them in terms of digitisation and communicate the benefits of such changes to the public.
Digital opportunities in the time of COVID-19
What are the digital opportunities in the time of COVID-19?
It is undeniable that the pandemic has changed the business landscape — from remote working, virtual events, digital documentation, and how we do our marketing. Businesses quickly adapted to these changing times by updating their communications platform or providing new services to their customers. This experience taught enterprises and even governments that digitisation is inevitable. By fully digitising how a business operates, it can save itself beyond the pandemic.
Fully digitised businesses can save money by speeding up processes and freeing up manual labor. These enterprises are also reducing their carbon footprint by eliminating paper in their operations (signing forms, sending payslips etc.) Aside from these, digitisation is also a way of upgrading a company's security, especially if they are partnering with experts in digitisation.
An example is our secure communications platform that provides digital postboxes to governments, banks, hospitals, and other enterprises.
Sustainable business is clever business
By helping our partners in developing their digital infrastructures we support the foundation of citizen’s inviolable human rights in a digital world: The right to privacy and confidentiality. The right to control own data. That is our contribution to SDG 16: Peace, justice and strong institutions. By providing access to paperless communication we help reduce the material footprint per capita and per GDP. This is our commitment to SDG 12.