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Innofactor Plc Interim Report for January 1-March 31, 2015 Janne Martola, CFO April 21, 2015

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Innofactor Plc Interim Report for January 1-March 31, 2015 Janne Martola, CFO April 21, 2015 Innofactor Plc Interim Report for January 1-March 31, 2015 Janne Martola, CFO April 21, 2015 © Innofactor Plc | April 21, 2015 Innofactor in Brief • A leading Microsoft-focused IT service provider in the Nordics - IT projects and IT systems maintenance (System integrator, SI) - Own products and services (Independent software vendor, ISV) • Top-notch Microsoft professionals - More than 500 individual Microsoft certificates - Eight enterprise-level Microsoft Gold competencies • Excellent track record in fast and profitable growth - 2014 Net Sales 44,1 million euros and EBITDA 4,1 million euros - Net sales growth 2010 to 2014: 45% p.a. - EBITDA margin 2010 to 2014: 9% of revenues in average • 400 employees, 1,000 customers Kajaani Kuopio Tampere Savonlinna • Listed in NASDAQ OMX Helsinki main list Turku - over 10,000 shareholders Lappeenranta Espoo Malmö Århus © Innofactor Plc | April 21, 2015 2 Copenhagen Mission, Vision and Strategy Mission Strategy We strengthen our customers’ competitiveness with outstanding IT solutions, products and services. Vision We are the number one Microsoft-based solution provider in the Nordic region. ”Focusing on Microsoft creates superior competencies and makes Innofactor a most wanted parter for Microsoftille, which helps in getting the best deals”, Sami Ensio, CEO, Innofactor. © Innofactor Plc | April 21, 2015 3 Innofactor’s Key Role in the Microsoft Ecosystem and Owner of Customer Relationships ”95 % of Microsoft’s Net Sales comes through partners and for each dollar in Microsoft’sNet Sales the Microsoft partners have 9 dollars”, Steve Ballmer, ex-CEO of Microsoft. The system integrator is in a pivotal role in the ecosystem as they typically ”own” the customer relationship. © Innofactor Plc | April 21, 2015 4 “Our complete Microsoft offering is geared to make your business flexible.” © Innofactor Plc | April 21, 2015 5 Strong references of about 1,000 private and public sector customers in the Nordics © Innofactor Plc | April 21, 2015 6 Customer Base and Long Term Contracts Bring Stability Distribution of net sales 1.1.–31.3.2015 Licenses 3 % Projects, Denmark Recurring consulting, 20 % revenues frame Private 24 % Sector agreements, Finland Public and 48 % other 80 % Third Sector maintenance 52 % work 73 % • Strong customers in both • Recurring revenues from service • Denmark represents a public and private sectors agreements and license sales significant portion of bring stability in economic bring competitive advantage and Innofactor’s revenues fluctuations business stability • Innofactor’s objective • 10 largest customers • Sales of labor moving is to create a strong account for approximately increasingly to frame agreements position in all Nordic 22% of net sales and continuous maintenance countries work © Innofactor Plc | April 21, 2015 7 Innofactor’s Key Competitive Advantages 1. Global Megatrends ”Customers’ buying behaviour is changing from purchasing large IT projects Cloud Social Mobility Big Data Security to purchasing agile cloud Media servioces.” 2. Microsoft and Its Ecosystem Will Succeed ”Microsoft focuses on building a global cloud • Microsoft’s strong position both in business and consumer sectors + devices and services infrastructure on Azure and • World’s largest IT product and service portfolio with USD 11 billion annual R&D investments providing generic cloud • Windows and Office are de facto standards services, such as Office • World’s largest partner network continuously innovates new solutions for customers 365, Dynamics CRM Online • Microsoft is growing in the business sector much faster than the IT market in general and Power BI.” 3. Innofactor Will Succeed ”Innofactor provides its • Leading position and understanding of Microsoft ecosystem in the Nordic region customers solutions for • One of the largest Microsoft-based solution, product and service portfolios in the Nordics strenghtening their • Profound understanding of several customer verticals in private, public and third sectors competitiveness, based on • Innofactor’s location in two of Microsoft’s key R&D countries: Finland and Denmark Innofactor’s own products, • Unique track record in profitable and fast growth and successful M&A’s services and Microsoft’s • Capability to innovate new services required by the changes in the marketplace Azure and cloud services.” © Innofactor Plc | April 21, 2015 9 Systematic growth orientation and entrepreneurship Net Sales, M€ Strategy 2015 Employees 50 Net Sales 500 Objective to 45 Employees in average Strategy 2011 450 become #1 40 #1 Microsoft 400 35 Strategy 2007 Microsoft 350 provider in 30 #1 in selected partner in 300 25 Finland 250 micro segments CAGR 46.6% Nordic 20 Strategy 2003 200 in Finland countries 15 150 “Startup” CAGR 67.4% 10 CAGR 91.3% 100 5 50 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 • Innofactor was • One of the first • Profitable growth • Organization tuned founded by Mr. Microsoft SharePoint despite financial to support future Sami Ensio in 2000 implementors crisis growth • Focus on Microsoft • First two small • Reverse IPO: • 5 acquisitions, of technologies acquisitions Nasdaq OMX HEX which 3 in Finland • 1-15 employees • 15-40 employees • 3 acquisitions and 2 in Denmark • 40-177 employees • Over 400 employees © Innofactor Plc | April 21, 2015 10 Several successful acquisitions Net Sales, M€ Strategy 2015 Employees 50 Net Sales 500 Objective to 45 Employees in average Strategy 2011 450 become #1 40 #1 Microsoft 400 35 Strategy 2007 Microsoft 350 provider in 30 #1 in selected partner in 300 25 Finland 250 micro segments CAGR 46.6% Nordic 20 Strategy 2003 200 in Finland countries 15 150 “Startup” CAGR 67.4% 10 CAGR 91.3% 100 5 50 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 AAAStrengtheningATheExpansion Aleading leadingleadingFinnishleading leading leading into Microsoft Project providerproviderproviderthepioneersoftwareMicrosoftMicrosoft’sFinnish Danish of inof of BI Parish business eServicesMicrosoftMicrosoftoperationsMicrosoft’sproviderhouseDynamicsandMicrosoft Portfolio in for -andbased AXBI byCRM - Finland websolutionsdocumentacquiringsolutionsparishDenmarkERPManagementhouse pages business industry inone andfor of PPM-business FinnishFinlandcasetheinsolution Finland leading provider managementSharepointin Finland municipalities eServices business solutionsbusinesses © Innofactor Plc | April 21, 2015 11 Q1/2015 results ”Best 1st quarter ever” Net Sales At the end of Q1/2015 equity ratio was 11.3 M€ 50.7 % (49.0 % at the end of Q1/2014) Increase +5.2% from Q1 2014 The operating cash flow in Q1 2015 was EUR 3.7 million (Q1 2014 EUR 1.3 million) and the group's liquid assets at EBITDA end of Q1/2015 totaled EUR 3.6 million euros (EUR 0.7 million at the end of 7.1% Q1/2014) 0.8 M€ Increase +12.8% Interest bearing debt at end of Q1/2015 from Q1 2014 was EUR 9.6 million (EUR 10.5 million at end of Q1/2014). In addition Innofactor has an EUR 3.2 million hybrid loan. © Innofactor Plc | April 21, 2015 12 Q1/2015 Actuals and 2015 Outlook Selected key figures Q1 Q1 Change CEO's comment /2015 /2014 (%) Net Sales ”During Q1/2015, Innofactor continued profitable growth in accordance with 11,271 10,718 +5.2% (kEUR) its strategy. The order book developed positively during the quarter.” EBITDA “EBITDA grew from previous year and was in acceptable level for a first (kEUR) 804 713 +12.8% quarter” Equity Ratio ”During Q1 2014 the cash flow from operations was 3.7 million euros, 50.7% 49.0% (%) showing an increase of 186% from 2014” Outlook for 2015 . Innofactor’s net sales and operating margin (EBITDA) in 2015 is estimated to increase from 2014, during which the net sales were EUR 44.1 million and operating margin was EUR 4.1 million. © Innofactor Plc | April 21, 2015 14 The last eleven consequtive quarters have been record breaking in both net sales and EBITDA EUR ‘000 Net Sales 14000 12 516 12000 11 090 10 718 11 226 11 271 9 659 10000 7 737 8 317 8000 6 297 5 541 6000 5 136 4 567 3 943 4 360 3 766 3 972 3 982 4000 2000 0 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1'14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 EUR ‘000 EBITDA 2000 1 794 1750 1500 1 321 1250 1 035 1000 892 804 714 713 708 750 606 584 665 412 496 500 275 150 250 -209 -108 0 -250 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1'14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 © Innofactor Plc | April 21, 2015 16 The last eleven consequtive quarters have been record breaking in both net sales and EBITDA EUR ‘000 Net Sales 14000 12 516 12000 10 718 11 271 11 226 11 090 9 659 10000 7 737 8 317 8000 6 297 5 541 6000 4 567 5 136 3 943 3 972 4 360 3 982 3 766 4000 2000 0 Q1 '11 Q1 '12 Q1 '13 Q1'14 Q1'15 Q2 '11 Q2 '12 Q2 '13 Q2 '14 Q3 '11 Q3 '12 Q3 '13 Q3 '14 Q4 '11 Q4 '12 Q4 '13 Q4 '14 EUR ‘000 EBITDA 2000 1 794 1750 1500 1 321 1250 1 035 1000 804 892 713 708 714 750 584 665 606 412 496 500 275 150 250 -209 -108 0 -250 Q1 '11 Q1 '12 Q1 '13 Q1'14 Q1'15 Q2 '11 Q2 '12 Q2 '13 Q2 '14 Q3 '11 Q3 '12 Q3 '13 Q3 '14 Q4 '11 Q4 '12 Q4 '13 Q4 '14 © Innofactor Plc | April 21, 2015 17 Key figures of the group, IFRS mo. 1–3 / 2015 mo. 1–3 / 2014 Change mo. 1–12 / 2014 Net sales, EUR thousand 11,271 10,718 +5.2% 44,119 Growth of net sales +5.2% +93.4% 35.0% Operating profit before depreciation and amortization (EBITDA), EUR 804 713 +12.8% 4,107 thousand percentage of net sales 7.1% 6.7% 9.3% Operating profit/loss (EBIT), EUR thousand 454 373 +21.7% 2,720 percentage of
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