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Innofactor Plc Annual Report 2019.Pdf Annual Report 2019 1 2 INNOFACTOR PLC ANNUAL REPORT 2019 Innofactor Plc Annual Report January 1 to December 31, 2019 BUSINESS REVIEW 2019 Innofactor in Brief Content Innofactor is driven by a mission to help our customers succeed by modernizing and 4-33 Business Review 2019 digitalizing their organization. Our principle is to put people first in everything we do. We want Year 2019 in Brief 4 to create solutions that make people’s everyday work and life run smoothly and bring a smile CEO´s Review 6 to their faces. OF DIRECTORS OF THE BOARD REPORT Market, Competition and Strategy 8 We focus on the Microsoft ecosystem’s Business-to-Business solutions whose markets are Offering and Customers 10 growing faster than the IT market on average. We offer our customers planning services for business-critical IT solutions, project deliveries, implementation support and maintenance Personnel 26 services, and develop our own software and services. Sustainability 28 Our solutions are already being used by more than 1,500 organizations in the private, Administration 32 public, and third sectors in the Nordic countries. We are a strong and valued partner. Our long- term customer relationships are evidence of the customers’ trust in Innofactor. We utilize a 34-47 Report of the Board of Directors proactive and flexible delivery model that creates added value and helps us establish a leading position in the market. 48-89 Consolidated Financial Statements Innofactor employs over 500 enthusiastic and motivated top professionals in Finland, Comprehensive Consolidated Profit Sweden, Denmark, and Norway. We are united by our desire to work on the front line of innovation and new technology. We take pride in our highly competent professionals and and Loss Statement, IFRS 49 FINANCIAL STATEMENTS CONSOLIDATED significantly invest in competence development. Our employees maintain and improve their Consolidated Balance Sheet 50 skills by acquiring technological qualifications, such as Microsoft Certified Professional, and by Consolidated Cash Flow Statement 52 participating in training provided by our own Innofactor Academy. Their high level of expertise Consolidated Statement of Change is evidenced by the more than 1,000 individual Microsoft certificates in our organization. in Shareholders’ Equity 53 Our net sales in 2019 amounted to EUR 64.2 million, which shows an increase of 1.7 Notes to the Consolidated percent from the previous year. Our operating margin (EBITDA) was EUR 5.1 million, which Financial Statements 54 was 7.9 percent of net sales. The five-year growth rate of our net sales in 2015–2019 was 10 Parent Company Financial Statement (FAS) 76 percent annually on average (CAGR), and EBITDA averaged 5% of net sales in 2015–2019. The Signatures 84 long-term goals specified in our strategy are to achieve annual growth of about 20 percent, primarily through organic growth, and an operating margin (EBITDA) of about 20 percent in Auditor´s Report 85 relation to net sales as well as maintain positive cash flow and ensure a solid financial standing in all situations. 90-91 Additional Information Innofactor Plc share is listed on the main list of Nasdaq Helsinki Ltd. Innofactor is one of Key Figures per Share 90 the fastest-growing companies in the 2010s as measured by net sales on Nasdaq Helsinki. Shareholding 90 ADDITIONAL INFORMATION Innofactor has approximately 11,000 shareholders. Calculation of Key Figures 91 #ModernDigitalOrganization | #PeopleFirst | #CreatingSmiles Note: The English version of Innofactor’s Annual Report is a translation of the Finnish version and provided for reference only. In the event of any conflict or discrepancy between the Finnish and English versions, the Finnish version shall prevail and be treated as the correct version. 3 3 YEAR 2019 IN BRIEF Innofactor Achieved a Significant Positive Turnaround in 2019 In 2019, Innofactor focused particularly on improving its profitability. The integration of previously acquired companies in Sweden, Denmark and Norway had significantly reduced Innofactor’s profitability in 2017 and 2018. In the fall of 2018, Innofactor implemented measures to improve profitability, which had a positive impact in 2019. Innofactor’s net sales in 2019 were EUR 64.2 million (+1.7%) and operating profit before depreciation and amortization (EBITDA) was EUR 5.1 million (7.9% of net sales), which shows an increase of EUR 6.1 million. In 2019, Innofactor also increased its order backlog to a record-breaking level, approximately EUR 50 million. The Innofactor Group’s net sales in 2019 were EUR In all four countries, profitability per country was also end, a new Innofactor DigiStar Trainee Program was 64,198 thousand (EUR 63,144 thousand in 2018), substantially improved towards the end of the year. launched in Finland. In 2019, Innofactor recruited and showing an increase of 1.7 percent. Operating profit During 2019, we reinforced our Executive Board trained a total of 20 undergraduate students. For the before depreciation and amortization (EBITDA) was EUR with two new people: Markku Puolanne started as Chief first time in 2019, Innofactor also organized a Nordic 5,089 thousand (EUR -1,029 thousand in 2018), showing Financial Officer (CFO) in August 2019 and Jufo Peltomaa Trainee training day in Helsinki, attended by about 20 an increase of EUR 6,118 thousand. The share of EBITDA as Chief Technology Officer (CTO) in October 2019. trainees from the Nordic countries. of net sales was 7.9 percent (-1.6 percent in 2018). The In addition, Jørn Ellefsen, Country Manager, Norway, Innofactor® Virtual Data Center™ is a solution order backlog at the end of the review period was was also appointed as Country Manager, Denmark in developed in 2019 by leading Azure and data security EUR 49,753 thousand (EUR 30,642 thousand in 2018), January 2020 and Marcus Hasselblad was appointed as experts at Innofactor to implement the logic and principles showing an increase of 62.4 percent. Country Manager, Sweden in February 2020. of traditional physical data centers in the Microsoft Azure Innofactor has faced long-term growth and In May–June 2019, Innofactor organized a personnel public cloud environment. The Virtual Data Center enables profitability challenges, especially in its operating issue. In the personnel issue, 1.2 million new Innofactor a high level of data security, regulatory compliance countries outside Finland. During 2019, we were able to shares were offered for subscription. The issue was and manageability without compromising agility. The address these challenges to a substantial extent. In the subscribed in full. A total of 116 people gave an solution leverages advanced IaC (Infrastructure as Code) fourth quarter, net sales in all four countries — Finland, underwriting commitment and subscriptions were methods and a modern Azure management model. The Sweden, Norway and Denmark — increased in local made in all countries where Innofactor operates. The solution has attracted a lot of interest from customers, currency from the previous year. Group-wide growth was subscription price was EUR 0.50 per share. and many agreements have already been made on 9.7 percent, despite the challenges posed by the value of In 2019, Innofactor increased the recruitment and its implementation in Norway in 2019. The solution is Swedish krona and Norwegian krone against the euro. training of students nearing their graduation. To this expected to be sold to other Nordic countries in 2020. Norway 11% Denmark A strong customer base Continuous service 6% in the private, public, Delivery projects Sweden, Denmark and contracts and license sales and membership-based Licenses and consulting Norway presented 48% Public organizations provides 6% create a competitive edge a significant part of Private sector and stability for the business sector 34% stability against economic Innofactor’s net sales 50% Sweden Finland cycles 22% Professional services 61% Membership- Continuous service We aim to achieve a based The 10 largest contracts and are increasingly moving strong position in all of organizations software towards frame agreements 16% customers account for maintenance the Nordic countries approximately 24% of 22% and continuous maintenance net sales Expert services based on continuous contracts 4 INNOFACTOR PLC ANNUAL REPORT 2019 24% NET SALES BUSINESS REVIEW 2019 EUR million 2019 2018 2017 2016 2015 65.7 63.1 64.2 59.6 Net sales, EUR thousand 64,198 63,144 65,666 59,616 44,452 44.5 Operating profit before depreciation and amortization (EBITDA), EUR thousand 5,089 -1,029 1,308 4,831 3,705 percentage of net sales 7.9% -1.6% 2.0% 8.1% 8.3% 2015 2016 2017 2018 2019 Operating profit (EBIT), EUR thousand 795 -3,872 -1,461 2,332 2,542 percentage of net sales 1.2% -6.1% -2.2% 3.9% 5.7% NUMBER OF PERSONNEL average Earnings before taxes, EUR thousand 12 -3,811 -1,579 1,920 1,935 610 591 532 534 percentage of net sales 0.0% -6.0% -2.4% 3.2% 4.4% 409 Earnings, EUR thousand 418 -3,462 -2,007 1,536 1,548 percentage of net sales 0.7% -5.5% -3.1% 2.6% 3.5% Shareholders’ equity, EUR thousand 22,145 21,303 24,764 22,501 24,534 Interest bearing liabilities, EUR thousand 16,853 15,418 14,228 16,701 9,219 2015 2016 2017 2018 2019 Cash and cash equivalents, EUR thousand 963 258 910 902 843 EBITDA EUR million Deferred tax assets, EUR thousand 5,602 5,602 5,668 5,760 6,704 5.1 4.8 Return on equity 1.9% -13.8% -5.3% 6.5% 6.6% 3.7 Return on investment 2.3% -7,7% -2,4% 6,4% 7,6% Net gearing 71.8% 71,2% 53,8% 70,2% 34,1% 1.3 Equity ratio 40.2% 41,2% 43,4% 35,8%
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