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Annual Report 2017

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Annual Report 2017 Annual Report 2017 1 2 INNOFACTOR PLC ANNUAL REPORT 2017 Innofactor Plc Annual Report January 1 to December 31, 2017 BUSINESS REVIEW 2017 Innofactor in Brief Content Innofactor is a leading provider of digitalization and cloud solutions in the Nordic 4-31 Business Review 2017 countries. Our goal is to help our customers digitalize their business, promote a Year 2017 in Brief 4 collaborative way of working, and develop their business processes by utilizing OF DIRECTORS OF THE BOARD REPORT CEO´s Review 6 data-driven decision making and secure cloud services. We offer our customers Market, Competition and Strategy 8 business-critical solutions, project deliveries and maintenance services, and develop our own software products and services. Our offering is focused on Offering and Customers 10 solutions for Microsoft ecosystem organizations whose markets are growing faster Personnel 26 than the IT market on average. Responsibility 28 Our solutions are already being used by more than 1,500 organizations in the Administration 30 private, 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 32-47 Report of the Board of Directors in Innofactor. We utilize a proactive and flexible delivery model that creates added value and helps us establish a superior position in the market. 48-90 Consolidated Financial Statements Innofactor employs more than 600 enthusiastic and motivated top professionals in Finland, Sweden, Denmark, and Norway. We are united by our desire to work Comprehensive Consolidated Profit FINANCIAL STATEMENTS CONSOLIDATED on the front line of innovation and new technology. We take pride in our highly and Loss Statement, IFRS 51 competent professionals and significantly invest in competence development. Our Consolidated Balance Sheet 52 employees maintain and improve their professional skills by acquiring technological Consolidated Cash Flow Statement 54 qualifications, such as Microsoft Certified Professional, and by participating in training Consolidated Statement of Change provided by our own Innofactor Academy. Their high level of expertise is evidenced in Shareholders’ Equity, IFRS 55 by the more than 1,600 individual Microsoft certificates in our organization. Notes to the Consolidated Our net sales in 2017 amounted to EUR 66.1 million, up 10.9 percent from the Financial Statements 56 previous year. Our operating margin (EBITDA) was EUR 1.7 million, or 2.6 percent of Parent Company Financial Statement (FAS) 78 net sales. The five-year growth rate of our net sales in 2013–2017 was 20.2 percent annually on average (CAGR), and EBITDA averaged 7.5% of net sales in 2013–2017. Signatures 85 The long-term goals specified in our strategy are to achieve annual growth of about Auditor´s Report 86 20 percent, primarily through organic growth, an operating margin (EBITDA) of about 20 percent in relation to net sales, and to maintain positive cash flow and ensure a 91-92 Additional Information solid financial standing in all situations. Key Figures per Share 91 ADDITIONAL INFORMATION Innofactor Plc shares are listed on the main list of Nasdaq Helsinki Ltd. Innofactor Shareholding 91 is one of the fastest-growing companies as measured by net sales on Nasdaq Helsinki Calculation of Key Figures 92 and has approximately 12,000 shareholders. 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 2017 IN BRIEF Innofactor’s Nordic Integration Presented Challenges to Business Operations In 2017, Innofactor focused on the integration of the Nordic companies it had previously acquired in Sweden, Denmark, and Norway. Establishing harmonized Nordic operating models and systems proved to be slower than expected. The transition period manifested itself in the second half of the year as larger-than-anticipated impacts on the management of the company’s operations and, consequently, an unexpected negative EBITDA figure in the third quarter. Our net sales in 2017 were EUR 66.1 million (+10.9%) and our operating profit before depreciation and amortization was EUR 1.7 million (-64.2%). The Innofactor Group’s net sales in 2017 were EUR on this list of the 50 fastest-growing companies for ten joined the CleverHealth network in 2017 for the purpose 66,088 thousand (EUR 59,616 thousand in 2016), straight years since 2008. of collaborating with HUS as well as leading research showing an increase of 10.9 percent. Operating profit One example of Innofactor’s successful solutions institutes and enterprises to develop healthcare solutions before depreciation and amortization (EBITDA) was is Health Village, a virtual hospital solution developed for the international market. Innofactor achieved ISO EUR 1,730 thousand (EUR 4,831 thousand in 2016). in cooperation with the Hospital District of Helsinki 13485 certification in 2017, which enables the production The share of EBITDA of net sales was 2.6 percent (8.1 and Uusimaa (HUS) that covers specialized medical of the most challenging human healthcare solutions. We percent in 2016). care throughout Finland. In 2017, Innofactor signed also recruited a Nordic industry lead for Healthcare and Due to our continued strong growth, we were a partnership agreement with HUS with the aim of Welfare in 2017. The Healthcare and Welfare sector is an again included in the 2017 Deloitte Technology Fast 50 marketing and selling the solution in Sweden, Denmark, example of Innofactor’s growing investment in select list, in 47th place (33rd in 2016). The list presents the and Norway. In March 2018, the solution won the industries. Other key segments included the Public 50 technology companies in Finland that have grown international Microsoft Health Innovation Award in Sector, Service Industry and Manufacturing, which we the most in the past five years. We have been featured the Outstanding Innovation category. Innofactor also intend to increasingly invest in during the coming years. Licenses Norway Continuous service 6% 8% contracts and software Denmark maintenance 8% 19% A strong customer base Continuous service Sweden, Denmark in the private, public, contracts and license and Norway presented Public sector and membership-based sales create a competitive a significant part of Private sector 33% organizations provides edge and stability for the Innofactor’s net sales 48% stability against economic business Sweden 28% Finland Delivery projects 56% cycles We aim to achieve a and consulting 59% Professional services strong position in all The 10 largest customers are increasingly moving Expert of the Nordic countries account for approximately services towards frame agreements based on and continuous Membership- 25% of net sales based continuous maintenance organizations contracts 19% 16% 4 INNOFACTOR PLC ANNUAL REPORT 2017 66.1 NET SALES 59.6 BUSINESS REVIEW 2017 EUR million 2017 2016 2015 2014 2013 43.8 44.5 Net sales, EUR thousand 66,088 59,616 44,452 43,834 32,685 32.7 Operating profit before depreciation and amortization (EBITDA), EUR thousand 1,730 4,831 3,705 3,794 3,284 percentage of net sales 2.6% 8.1% 8.3% 8.7% 10.0% 2013 2014 2015 2016 2017 Operating profit (EBIT), EUR thousand -1,039 2,332 2,542 2,407 2,255 percentage of net sales -1.6% 3.9% 5.7% 5.5% 6.9% NUMBER OF PERSONNEL 610 average Earnings before taxes, EUR thousand -1,157 1,920 1,935 1,946 1,863 532 percentage of net sales -1.8% 3.2% 4.4% 4.4% 5.7% 421 409 Earnings, EUR thousand -926 1,536 1,548 1,556 1,407 307 percentage of net sales -1.4% 2.6% 3.5% 3.5% 4.3% Shareholders’ equity, EUR thousand 25,101 22,501 24,534 22,462 19,626 Interest bearing liabilities, EUR thousand 14,228 16,701 9,219 10,638 11,955 Cash and cash equivalents, EUR thousand 910 902 843 997 991 2013 2014 2015 2016 2017 Deferred tax assets, EUR thousand 5,583 5,760 6,704 7,238 7,604 EBITDA EUR million 4.8 Return on equity -3.9% 6.5% 6.6% 7.4% 8.4% 3.8 3.7 Return on investment -1.3% 6.4% 7.6% 9.1% 12.9% 3.3 Net gearing 53.1% 70.2% 34.1% 42.9% 55.9% 1.7 Equity ratio 43.8% 35.8% 56.9% 48.7% 43.1% Balance sheet total, EUR thousand 58,609 63,587 43,983 47,413 46,671 2013 2014 2015 2017 2016 Research and development, EUR thousand 3,298 3,394 2,495 1,981 2,067 EQUITY RATIO percentage of net sales 5.0% 5.7% 5.6% 4.5% 6.3% 57% Personnel on average during the year 610 532 409 421 307 49% 43% 44% Personnel at the end of the year 601 591 415 411 416 36% Number of shares at the end of the year 36,188,225 32,901,377 33,453,737 32,153,737 30,909,052 2013 2014 2015 2016 2017 Earnings per share (EUR) -0.0262 0.0467 0.0475 0.0485 0.0432 Shareholders’ equity per share (EUR) 0.694 0.684 0.733 0.699 0.635 5 CEO’S REVIEW We Will Focus on Completing Our Nordic Integration and Leveraging the Opportunities Presented by the Technological Transformation The year 2017 was a challenging one for our business. The implementation of our Nordic integration processes turned out to be a larger task than we anticipated. Innofactor’s vision is to be the leading provider of cloud services and digital transformation in each of the Nordic countries.
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