Performance Highlights 2021
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Financial Key Figures 2021
In 2021, the realized result for the e-Boks Group were DKK 46.8 million and the equity totalled DKK 184.9 million. While document price only has been adjusted for inflation, there has been an increase in the total revenue both organically from existing markets, prolonging of the current generation of Digital Post form the Danish Government and the addition of a new country solution. The prolongation of Digital Post positively affected the 2021 numbers. The total cost was above expected due to delay in the mainframe migration, but due to savings on fixed cost the Operating Profit is in line with expectations set out last year.
|Figures in KDKK||2021*||2020||2019|
|Profit for the year||46,770||41,055||39,459|
|Cash flows from operating activities||189,989||91,342||77,452|
|Investment in techstack||47,631||43,914||60,835|
Up 2021 versus 2020.
*2021: e-Boks has in the year restructered the company structure, and as such the 2021 numbers are not directly comparable with the previous years
The revenue in current markets is expected to decrease due to the loss of the tender of developing and handling the New generation Digital Post for the Danish Government. The impact of the loss of the tender will occur in 2022. Though the combination of revenue from new markets with a high demand and decrease of production costs due the completion of the mainframe migration, will have a positive impact on the operating profit, expected to reach a level of 28-38 MDKK for 2022.
e-Boks has in the year restructured the company structure with transfers of IP Rights, contracts, employees etc.. This provides a more scaleable structure while mitigating risk on scaling. There is no effect on customer service and go to market strategy.
Ulrik Falkner Thagesen, CEO
A letter from our CEO
In 2021, more than 21 million citizens across the world used their secure digital postbox, delivered by e-Boks, to access, sign, and store critical documents from more than 30,000 public and private institutions – banks, insurance and pension funds, and utility companies. Through our secure platforms and digital postboxes, e-Boks plays a critical role in creating digital societies with citizens’ rights at the heart.
For me and the entire e-Boks team, we have a responsibility we never take lightly. I was particularly proud of our platform and team when e-Boks, managed to ensure that all Danish citizens could stay on e-Boks without experiencing any disruptions, while the infrastructure to a new digital public postbox solution was rolled out.
After several months of delays the shift finally became a reality in March 2022. Now we can look back with satisfaction on a transition in which e-Boks has taken on a new role. Going forward, e-Boks will remain a display client of public digital post in Denmark, and so far, over 4.4 million citizens and 484.000 businesses have consented to stay on e-Boks, receiving their public documents together with documents from private senders.
I am also very proud of the fact that we have managed to retain all our customers on the e-Boks platform. Through the daily dialogue we have with our customers we get valuable insights that we can turn into value-creating solutions, and we will do our best to live up to our customers´ high expectations.
We have a strong position as the Danes' most trusted and favorite postbox, and to maintain this position, we must continuously work on improving e-Boks further. We have new solutions in the pipeline, with “Action on documents” being one of them. The sender can initiate all sorts of actions on the document - for example make the document payable with MobilePay directly from the e-Boks inbox.
In addition, one of the new innovations is our warning service that is available through e-Boks Plus within the e-Boks app. Users can receive important messages from their local utilities e.g., about water breakdown.
e-Boks performed well in 2021 and the business is healthy, with a net revenue of MDKK 293.6, up 8.42 % compared to 2020.
The number of documents distributed by e-Boks increased by 22% to a total of 744 million documents, after another all-time high year.
Although the Danish domestic market also has a high priority in the future, we believe that the future growth will primarily be outside the borders of Denmark.
In the past few years, we have experienced growing public and private interest in our platform and solutions from across the world. In 2020, e-Boks entered a partnership with the national telecommunication company located in Bahrain, Batelco, to work together in bringing our secure digital postbox solutions to the region.
In January 2022, the new Batelco affiliate Beyon Connect was established, now responsible with rolling out the secure e-Boks solution named OneBox, and the secure digital ID, OneID, to Bahrain and beyond.
This has led to dialogues with several companies in the Middle East and recently Beyon Connect signed a joint venture agreement with the Egyptian National Postal Organization announcing that they will deliver the future digital infrastructure to Egypt Post.
In line with Egypt’s Vision 2030 moving towards digital transformation and sustainable development, the recently launched innovative digital postbox solution from Beyon Connect will enable national secure communication between the public sector, private businesses and Egyptian residents and support Egypt Post strategic focus on digital empowerment of citizens for both postal and financial services.
This is an exciting development, which gives me confidence that we through such partnerships can scale our impact significantly.
Security doesn’t have to be complex
The clear common denominator that transcends our Danish and international customers is the core of e-Boks' value proposition: unconditional security and stability. We have a solution that we know works, and with 21 years of experience in the Danish market delivering a secure digital postbox with no significant privacy breaches, weighs heavily abroad.
The countries that want to digitise at this point want to skip some steps and digitise quickly, but it needs to take place in a framework that has been tested and that lives up to privacy protection such as the European General Data Protection Regulation (GDPR). And here e-Boks fits right into the countries and companies demands.
Our experience is deeply incorporated in what we deliver, and therefore we do not build a new solution to a customer from scratch. There is enough complexity in the customer's business already, so we need to be an easy add-on that can fulfill their expectations in the digital area.
Thanks to our partners and customers
The changes that our business is currently undergoing has resulted in success, due to good customers, strong partners, and competent employees. Therefore, I would also like to take this opportunity to thank everyone who has made an extra effort in the past year.
Now that the Covid pandemic is being less present in the most parts of the world, we look forward to being able to meet physically again to an even greater degree. We look forward to continuing to deliver secure communication solutions to more places around the world.
In recent years, we have experienced a growing interest from our public and private stakeholders in e-Boks’ approach to sustainability. This is a development we welcome, as it confirms that all the work and effort, we put into being a sustainable business is valued by our stakeholders and is critical to our success as a business.
Ulrik Falkner Thagesen, CEO
What are the tech priorities of CIOs for 2022?
As the CIO, what should you look out for in 2022 and beyond? What are the trends should you consider so that your business can remain agile and more sustainable?
According to the 2021 State of the CIO report, an overwhelming 82% of CIO respondents said that they used new technologies, IT strategies, and methodologies to adapt and survive during the pandemic. To adjust to the new demands of the market and the uncertain times, 81% also said that they implemented new technology to enable better customer experiences and interactions.
The pandemic has changed the way companies run their businesses. According to the same report, 92% believe that the CIO role is becoming more digital and innovation-focused. In addition to that, 89% said they are more involved in leading digital transformation initiatives compared to their business counterparts.
In fostering these changes, what are the challenges you and other CIOs face? And how do they handle it?
Denmark is a privacy trademark
In January 2022, Jes Rude Dragsted took over as Chief Information Officer (CIO) at e-Boks. Here he explains about the focus areas in e-Boks’ development plans – and extols the virtues of supplying tried-and-tested solutions in volatile times.
A new role in an established Danish market. Rapidly growing international interest in the latest version of e-Boks’ secure platform. These are two parallel and closely connected tracks in e-Boks’ development, which Jes Rude Dragsted, CIO at e-Boks, has been responsible for since January 2022.
Foreign interest in e-Boks has grown steadily over several years, proven by a plethora of dialogues currently in progress with interested clients. International partners are often driven by a desire to optimise and cut costs, as they hope to find more efficient ways to reach their consumers. Demand is specific:
“Digitisation, as an example in the Middle East, is driven by a cost-cutting agenda which we are keen to help satisfy. Public authorities and certain sectors, including finance, telecommunications and utilities, are eager to explore new ways of getting into contact with their customers. In Denmark, we have progressed from snail mail via secure email services to mobile solutions. This is where we are today. Other countries are now hoping to find a way to skip the email phase and move directly into mobile solutions,” explains Jes Rude Dragsted.
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 and reduce our own CO2 footprint. This is our commitment to SDG 12 and SDG 13.