ADMICOM OYJ’S HALF-YEAR FINANCIAL REPORT: REVENUE +15% AND THE GROWTH OF EBITDA +28% IN A CHALLENGING OPERATING ENVIRONMENT, OUTLOOK REMAINS THE SAME
Unofficial translation of the company release on July 2, 2021 at 9 AM EEST. In case the document differs from the original, the Finnish version prevails.
Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated.
January-June 2021 summary (comparable period January 1, 2020 – June 30, 2020)
- Revenue of H1 amounted to EUR 12,364 million (10,738), resulting in +15% growth from comparison period. The growth was divided into organic growth 9,6% and the acquisition of Tocoman 5,6%.
- EBITDA grew by 28% and totalled EUR 5,922 million (4,639), amounting to 48% of revenues. During the past years the net change in customers’ annual adjustment fees has boosted profitability of H1, in this reporting period altogether EUR 0,804 million (0,857). The impact is typically strongest in Q2.
- Operating profit grew by 29%, amounting to EUR 5,200 million (4,029). Net result grew by 29%, totalling EUR 4,044 million (3,136).
- Outlook for the year 2021 will remain the same. Admicom guides the growth of revenue to be on a level of 10-20% during the ongoing year and the profitability to be on a level of 40-50% EBITDA.
Key figures
| ADMICOM GROUP | 1-6/2021 | 1-6/2020 | Change % | 2020 |
| Revenue, EUR 1 000 | 12 364 | 10 738 | 15,1% | 21 917 |
| EBITDA, EUR 1 000 | 5 922 | 4 639 | 27,7% | 9 954 |
| % of revenue | 47,9% | 43,2% | 45,4% | |
| Operating profit, EUR 1 000 | 5 200 | 4 029 | 29,1% | 8 618 |
| % of revenue | 42,1% | 37,5% | 39,3% | |
| Profit for the period, EUR 1 000 | 4 044 | 3 136 | 28,9% | 6 699 |
| % of revenue | 32,7% | 29,2% | 30,6% | |
| Return on equity, % | 36,3% | 35,6% | 34,5% | |
| Return on investment, % | 46,7% | 45,7% | 44,4% | |
| Equity ratio, % | 81,2% | 82,7% | 85,5% | |
| Net gearing, % | -69,3% | -52,1% | -61,4% | |
| Earnings per share, EPS, EUR | 0,82 | 0,64 | 28,6% | 1,36 |
| Balance sheet total, EUR 1 000 | 27 173 | 23 096 | 26 335 | |
| Employees at the end of the period | 177 | 172 | 162 | |
| Number of shares at the end of the period, 1 000 shares | 4 925 | 4 925 | 4 925 | |
| Number of shares on average, 1 000 shares | 4 925 | 4 911 | 4 918 |
The CEO, Petri Aho:
”The first half of the year 2021 went overall according to our growth objectives with revenue growth of +15%. The growth of new sales was still slowed down by the Covid-19 pandemic. The pandemic causes uncertainty amongst the customer base, makes face-to-face sales harder, and slows down the process of training new salespeople. However, the development of Construction and LITE segments was promising during the beginning of the year, and the sales activities clearly increased towards the end of the period. Customers’ lower annual adjustment fees pulled down the revenue growth in the first half of the year by around -0,5 percentage points. The estimation we gave at the beginning of April about the development of the annual adjustment fees (EUR 0,2-0,3 million) turned out to be too conservative during Q2. We still anticipate the impact of the annual adjustment fees on revenues to stay annually smaller than in the comparable period. Structural revenue growth was +5,6 percentage points as the acquisition of Tocoman on March 10, 2020 was consolidated only partly in H1 of 2020. Our profitability stayed on a strong level with EBITDA increasing to 48% of revenues.
The Company’s position in the construction industry has clearly strengthened with Tocoman. Tocoman’s new cloud-based version of cost calculation software was launched in March 2021, and it has received an enthusiastic welcome from the customer base. During the first half of the year we recruited new talents with whom we prepared for important personnel changes and supported the re-organising of the Company. We will continue investments supporting our growth and competitiveness during the end of the year. The Company is still actively investigating potential acquisition options to enhance the growth.
The new organisation, consistent with the strategy process in 2020, has started to establish its operational models after periods of change. We announced on June 4, 2021 that a reward system based on a personnel fund and covering the Group’s entire personnel will be introduced during 2021 to support entrepreneurial culture, ownership within the personnel, and the Company’s strategic aims and competitiveness.
One significant change at the beginning of the year was separating the CEO roles of Admicom’s parent company and subsidiaries. We announced on January 7, 2021 that Admicom Oyj’s CEO, Antti Seppä will leave the company during the ongoing year, and on January 15, 2021 we announced that managerial responsibilities of Admicom Finland Oy’s operative activities will be passed on to the CEO, Anna-Maija Ijäs. Admicom Oyj’s Board of Directors released Antti Seppä from the duties of the CEO on June 4, 2021 and appointed yours truly as the interim CEO of the Company. The Board will appoint a new CEO during the year 2021. On behalf of Admicom and the entire personnel, I want to express a great gratitude to Antti for his successful period as the CEO and for his significant contribution as the pilot of Admicom’s growth story.”
Outlook
The outlook given alongside with the publication of the annual report on January 15, 2021 remains the same: Admicom guides the growth of revenue during the ongoing year to be on a level of 10-20% and the profitability to be on a level of 40-50% EBITDA.
The Company also repeats the estimation given alongside with the Q1 interim report on April 1, 2021: The Company maintains the above-mentioned financial guidelines for the whole year, but comments that the more detailed outlook for the decline in customers' annual invoicing and the continuation of the Covid-19 pandemic e.g. as bankruptcies and challenges for customers in new sales, bring revenue growth prospects towards the bottom end of the projected 10-20% growth range. At the same time, the importance of successful structural growth is emphasised.
The Group’s revenue and financial development
The Group’s revenue in the period of January 1, 2021 – June 30, 2021 amounted to EUR 12,364 million (10,738). Revenue grew by 15% compared to the comparison period of 2020. Approximately 92% of Admicom’s revenue consisted of recurring invoicing, which creates continuity and predictability to the business. Revenue growth was driven especially by new sales and the acquisition of Tocoman. The amount of annual adjustment fees was close to last year’s level, totalling EUR 0,804 million (0,857). The impact of the annual adjustment fees on the growth of revenue was -0,5 percentage points negative.
The Group’s EBITDA in the first half of the year 2021 was EUR 5,922 million, amounting to 48% (4,639, 43%). EBITDA grew by 28% compared to the comparison period of 2020. The growth of EBITDA was positively impacted by the 15% revenue growth and the fact that costs remained approximately on last year’s level.
Operating profit from January 1, 2021 – June 30, 2021 was EUR 5,200 million, totalling 42% of the revenue (4,029, 38%). Net result of the financial year amounted to EUR 4,044 million (3,136). Compared to H1 last year the operating profit and the net result growth in H1 2021 were strained by depreciation of company goodwill, EUR 0,510 million, from acquiring Tocoman Oy’s shares.
The Company’s balance sheet, financing and cash flow
The Group’s balance sheet total amounted to EUR 27,173 million on June 30, 2021 (23,096). The Group’s equity at the end of the review period totalled EUR 22,072 million and the equity ratio was 81% (83%). During the review period, EUR 4,482 million of dividends were distributed to shareholders.
The Group has no long-term or short-term interest-bearing loans.
The Group’s cash flow was positive at the review period, and financing position has remained strong. The Group’s liquid funds grew in total by EUR 1,474 million (-6,459) during the review period amounting to EUR 15,292 million at the end of the review period.
The Group’s cash flow from operations totalled EUR +6,000 million (+3,537). Cash flow from operations before taxes and financial items amounted to EUR +6,570 million (+4,486).
The Group’s cash flow from investments amounted to EUR -0,044 million (-6,481), and it improved considerably compared to the comparable period of last year. In March 2020 the biggest expense was the acquisition of the subsidiary Tocoman Oy.
The Group’s cash flow from financing was EUR 4,482 million negative, which was due to the dividend distributed to shareholders. The dividend payment date was March 2, 2021.
Investments and depreciation
Investments in the review period focused on intangible and tangible assets and amounted altogether to EUR 0,044 million (0,068). Investments mainly consisted of equipment and server purchases, and software licenses. There has been no product development costs activated on the balance sheet in the review period.
Depreciations in the review period totalled EUR 0,722 million (0,610). 76% of the depreciations consist of depreciation of goodwill. 19% of the depreciations consist of depreciation of intangible assets, such as product development costs and software licenses. Depreciation plans of intangible assets mostly end by the end of the year 2022. The rest 5% consist of depreciation of machinery and equipment.
The Company’s rental liabilities were EUR 2,448 million (2,969). The Company’s leasing liabilities totalled 0,052 million (0,021).
Personnel, Management and Board of Directors
The Company’s number of employees was 177 on June 30, 2021 (162 on December 31, 2020). The number of employees was grown by the preparation for personnel changes in product development organisation and the re-organising of the sales organisation.
We announced on January 7, 2021 that Admicom Oyj’s CEO, Antti Seppä will leave the Company during the ongoing year, and on January 15, 2021 we announced that managerial responsibilities of Admicom Finland Oy’s operative activities will be passed on to the CEO, Anna-Maija Ijäs. Admicom Oyj’s Board of Directors released Antti Seppä from the duties of the CEO on June 4, 2021 and named the CFO, Petri Aho as the interim CEO of the Company. The Board will choose a new CEO during the year 2021.
Members of Admicom’s Executive Management Team are the interim CEO and CFO, Petri Aho and the CEOs of subsidiaries, Anna-Maija Ijäs and Miikka Enkovaara.
Members of the Company’s Board of Directors are Timo Häll, Sami Kettunen, Olli Nokso-Koivisto, Pasi Aaltola, Jarmo Suonpää and Kyösti Moisio.
Shares and shareholders
Issued shares and share capital
The Company had 4 927 698 shares on June 30, 2021 and the Company’s share capital was EUR 106 000 at the end of June 2021. Admicom held 2 520 of its own shares at the end of the review period.
Trading of shares
The closing price of Admicom Oyj’s share on Nasdaq First North Growth Market Finland list was EUR 86,0 on June 30, 2021 and the Company’s market value was EUR 423,78 million (EUR 419,84 million). The share’s average trading volume in the review period was 6 294 shares (5 285 shares).
Board of Directors’ authority to issue shares
The Annual General Meeting authorised the Board of Directors to decide on the issuance of shares. Under the authorisation the Board shall be able to resolve to issue shares through one or several share issues, altogether maximum of 2% of all shares in the Company to be issued to the employees of the Company and maximum of 18% of all shares in the to be issued for acquisitions or other arrangements related to the Company’s business.
The authorisation includes the right for the Board to decide on all other matters related to the issue of shares. The authorisation shall remain valid until March 31, 2022 at most, or until the next Annual General Meeting resolves on the possible new authorisation on the issuance of shares. The financial bases for the issue of shares to the employees of the Company is to secure the growth of the Company by improving entrepreneurial organisational culture and commitment, and for acquisitions to secure effective execution of acquisitions based on the Company’s growth strategy.
Additionally, the Annual General Meeting resolved to authorise the Board to decide on a share issue without payment (so called split) for the shareholders by the end of the year 2021. The Board was authorised to decide on all the conditions of the share issue.
The subsidiary has redemption authorisation for 144 000 of Admicom Oyj’s shares held by employees. These restrictions end by the end of the year 2021.
Shareholders
The Company had altogether 2 933 shareholders on June 30, 2021. Matti Häll had the largest share of ownership with 30,7%, SEB’s nominee-registered holdings accounted for the second largest ownership with 29,2%, and Nordea’s nominee-registered holdings accounted for the third largest ownership with 15,0%. Nominee-registered holdings accounted for 48% of the total number of shares on June 30, 2021. The 10 largest shareholders of the Company held 88,2% of the total shares.
Annual General Meeting
The Annual General Meeting of Admicom Oyj on February 19, 2021 approved the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 2020.
The Annual General Meeting decided that a dividend of EUR 0,91 per share to be distributed from the financial year 2020. The dividend payment date was resolved to be March 2, 2021. The Annual General Meeting also authorised the Board of Directors to decide on the issuance of shares (valid until March 31, 2022). Under the authorisation the Board shall be able to resolve to issue shares to the employees of the Company (maximum of 2% of all shares) and for acquisitions or other arrangements related to the Company’s business (maximum of 18 % of all shares). Additionally, the Annual General Meeting resolved to authorise the Board to decide on a share issue without payment (so called split) for the shareholders by the end of the year 2021.
The Annual General Meeting elected Sami Kettunen, Olli Nokso-Koivisto, Pasi Aaltola, Timo Häll, Jarmo Suonpää and Kyösti Moisio as members of the Board of Directors.
KPMG Oy Ab was re-elected as the Auditor of the Company for the term continuing until the end of the next Annual General Meeting. APA Anna-Riikka Maunula shall continue as the main responsible auditor.
Risks and uncertainty factors
The most relevant risks for the Company’s business are:
- Focusing on specific customer segments increases the vulnerability for economic cyclicality, which might slow down the growth or appear as unexpected customer churn due to bankruptcies. The Company aims at reducing the risk by supporting customers’ business with consulting and improving customer service, and by offering customers solutions that enhance their cost-efficiency.
- Technological risks and information security risks are critical areas for SaaS companies. The Company is constantly taking actions to detect and prevent technological risks and information security risks.
- Reputation risk, which is essentially linked with information security risks and risks of service failures. To reduce the risk, employees of the Company are trained for information security and customer satisfaction is regularly measured.
- Risks related to key personnel. The Company is constantly recruiting new talents in preparation for critical departures. In addition, the Company has invested in developing new reward systems during the ongoing year. Also, the risk from the Covid-19 pandemic is actively managed by supporting remote working and its management.
- Risks related to changes in the field of competitors. Activities with acquisitions and foreign venture capitalists’ and companies’ interests in Finnish software companies seem to have increased, which might change the power dynamics in the field of competitors. Also, new small and focused software houses have been founded in the industry. The Company is actively observing the changes in the field of competitors and takes the changes into consideration in its strategic work.
- Risks related to Admicom’s possible acquisitions. These risks are typical when acquiring or integrating businesses. Integrating businesses during the acquisition of Tocoman Oy and broadening the know-how on mergers teaches the Company how to manage the risk better in the future.
- Development of new sales and customer churn might be affected by the Covid-19 pandemic, which causes uncertainty within the customer base, makes face-to-face sales harder, and slows down the process of training new salespeople. The Company aims at controlling this risk by developing the sales processes and by focusing sales activities and customer service on the right customer target groups.
Accounting principles of the half-year financial report
The half-year financial report has been prepared in accordance with good accounting principles and Finland’s legislation. The figures in the half-year financial report are unaudited and in FAS-format. The information has been presented in extent of which is required by the rules of First North, section 4.4 (e). The presented figures have been rounded up from the exact figures.
All the figures in the half-year financial report are figures of Admicom Group.
Relevant events after the review period
Admicom Oyj’s subsidiary Admicom Finland Oy has on July 1, 2021 signed the contract to acquire Lakeus Tilitoimisto Oy’s operations. Transfer of the business will be executed on August 1, 2021. Execution of the acquisition is conditional to the decision of the general meeting of Lakeus Tilitoimisto Oy. When the contract was signed, majority of Lakeus Tilitoimisto’s shareholders gave an irreversible obligation to accept the acquisition.
The debt-free purchase price is altogether EUR 668 000, which will be paid during 2021 in two cash instalments by Admicom Finland Oy. The acquired business will support the growth prospects of Admicom’s core business, will expand the Group’s office locations to new areas and will strengthen the resources of accounting services. The acquisition does not have significant short-term impact on Admicom Group’s financial position or outlook.
Financial publications
The Company will publish the Q3 interim report on October 4, 2021 and the annual report of 2021 approximately on January 14, 2022.
Admicom Oyj
BOARD OF DIRECTORS
Additional information:
Petri Aho
Interim CEO, CFO
+358 44 724 1767
Approved advisor:
Oaklins Merasco Oy
+358 09 612 9670
Admicom Oyj Admicom, established in 2004, is a Finnish forerunner and provider of cloud-based ERP solutions for construction, building services engineering and manufacturing companies and a comprehensive partner in software and accounting services. The Company’s cloud-based SaaS ERP solution Adminet helps small and medium-sized companies enhance their competitive advantage by automating manual processes of production site and office seamlessly all the way to accounting.
The cost calculation and the production management software developed by our daughter company Tocoman Oy have a long history and a stable position on the market. Combining the product strengths of Tocoman with the strengths of Adminet creates by far the most extensive cloud-based solution for the construction industry.
The Company employs more than 180 professionals in Jyväskylä, Vantaa, Tampere, Oulu and Helsinki. Further information: www.admicom.fi/investors
| PROFIT AND LOSS STATEMENT, GROUP | |||||
| EUR 1 000 | 1-6/2021 | 1-6/2020 | 1-12/2020 | ||
| REVENUE | 12 364 | 10 738 | 21 917 | ||
| Other operating income | 1 | 2 | 4 | ||
| Materials and services | -657 | -478 | -1 059 | ||
| Personnel expenses | -4 535 | -4 307 | -8 209 | ||
| Depreciation and amortisation | -722 | -610 | -1 336 | ||
| Other fixed operating costs | -1 251 | -1 317 | -2 699 | ||
| OPERATING PROFIT (LOSS) | 5 200 | 4 029 | 8 618 | ||
| Financial income and expenses | |||||
| Other interest income and other financial income | 3 | 3 | 7 | ||
| Interest and other financial expenses | -9 | -16 | -16 | ||
| PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES | 5 194 | 4 016 | 8 609 | ||
| Income taxes | -1 149 | -879 | -1 910 | ||
| PROFIT (LOSS) FOR THE FINANCIAL PERIOD | 4 044 | 3 136 | 6 699 | ||
| BALANCE SHEET, GROUP | ||||||
| EUR 1 000 | 6/2021 | 6/2020 | 12/2020 | |||
| ASSETS | ||||||
| NON-CURRENT ASSETS | ||||||
| Intangible assets | ||||||
| Capitalised development costs | 284 | 474 | 379 | |||
| Intangible rights | 135 | 182 | 134 | |||
| Other intangible assets | 3 | 6 | 5 | |||
| Goodwill | 8 938 | 10 035 | 9 486 | |||
| Total intangible assets | 9 360 | 10 698 | 10 005 | |||
| Tangible assets | ||||||
| Machinery and equipment | 218 | 269 | 251 | |||
| Total tangible assets | 218 | 269 | 251 | |||
| Investments | ||||||
| Other shares and rights of ownership | 3 | 3 | 3 | |||
| Total investments | 3 | 3 | 3 | |||
| TOTAL NON-CURRENT ASSETS | 9 580 | 10 970 | 10 258 | |||
| CURRENT ASSETS | ||||||
| Inventory | ||||||
| Raw materials and consumables | 14 | 14 | 15 | |||
| Total inventory | 14 | 14 | 15 | |||
| Short-term receivables | ||||||
| Accounts receivable | 2 003 | 1 955 | 2 032 | |||
| Other receivables | 82 | 75 | 124 | |||
| Prepayments and accrued income | 203 | 219 | 89 | |||
| Total short-term receivables | 2 288 | 2 250 | 2 244 | |||
| Cash and cash equivalents | 15 292 | 9 863 | 13 818 | |||
| TOTAL CURRENT ASSETS | 17 593 | 12 126 | 16 077 | |||
| TOTAL ASSETS | 27 173 | 23 096 | 26 335 | |||
BALANCE SHEET, GROUP | ||||||
| EUR 1 000 | 6/2021 | 6/2020 | 12/2020 | |||
| EQUITY AND LIABILITIES | ||||||
| EQUITY | ||||||
| Share capital | 106 | 106 | 106 | |||
| Other reserves | 12 489 | 12 489 | 12 489 | |||
| Retained earnings/loss | 5 434 | 3 216 | 3 216 | |||
| Profit/loss of the financial year | 4 044 | 3 136 | 6 699 | |||
| TOTAL EQUITY | 22 072 | 18 947 | 22 510 | |||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Received advances | 0 | 187 | 0 | |||
| Trade payables | 108 | 48 | 54 | |||
| Other payables | 984 | 905 | 812 | |||
| Accruals and deferred income | 4 008 | 3 008 | 2 958 | |||
| Total current liabilities | 5 101 | 4 148 | 3 825 | |||
| TOTAL LIABILITIES | 5 101 | 4 148 | 3 825 | |||
| TOTAL EQUITY AND LIABILITIES | 27 173 | 23 096 | 26 335 | |||
| CHANGES IN EQUITY | |||||||
| EUR 1 000 | 1-6/2021 | 1-6/2020 | 1-12/2020 | ||||
| RESTRICTED EQUITY | |||||||
| Share capital | 106 | 106 | 106 | ||||
| TOTAL RESTRICTED EQUITY | 106 | 106 | 106 | ||||
| NON-RESTRICTED EQUITY | |||||||
| Invested unrestricted equity reserve at the beginning of the financial year | 12 489 | 9 489 | 9 489 | ||||
| Share issue* | 3 000 | 3 000 | |||||
| Invested unrestricted equity reserve at the end of the financial year | 12 489 | 12 489 | 12 489 | ||||
| Profit (loss) of previous financial years at the beginning of the financial year | 9 916 | 6 732 | 6 732 | ||||
| Distribution of dividend | -4 482 | -3 516 | -3 516 | ||||
| Profit (loss) of previous financial years at the end of the financial year | 5 434 | 3 216 | 3 216 | ||||
| Profit/loss of the financial year | 4 044 | 3 136 | 6 699 | ||||
| TOTAL NON-RESTRICTED EQUITY | 21 966 | 18 841 | 22 404 | ||||
| TOTAL EQUITY | 22 072 | 18 947 | 22 510 | ||||
| * Acquisition of Tocoman Oy’s shares | |||||||
CASH FLOW STATEMENT, GROUP | ||||||
| EUR 1 000 | 1-6/2021 | 1-6/2020 | 1-12/2020 | |||
| Cash flow from operating activities | ||||||
| Profit (loss) before appropriations and taxes | 5 194 | 4 016 | 8 609 | |||
| Adjustments: | ||||||
| Depreciation and amortisation | 722 | 610 | 1 336 | |||
| Financial income and expenses | 6 | 13 | 9 | |||
| Profit on sale of fixed assets | ||||||
| Cash flow before changes in working capital | 5 922 | 4 639 | 9 954 | |||
| Changes in working capital | ||||||
| Increase (-) / decrease (+) in short-term non-interest-bearing receivables | -57 | 41 | 55 | |||
| Increase (-) / decrease (+) in inventories | 1 | 0 | -1 | |||
| Increase (+) / decrease (-) in short-term non-interest-bearing liabilities | 704 | -194 | -603 | |||
| Cash flow from operating activities before financial items and taxes | 6 570 | 4 486 | 9 405 | |||
| Interest and other financial costs paid | -9 | -16 | -16 | |||
| Interest received | 3 | 1 | 7 | |||
| Income taxes paid | -563 | -933 | -1 889 | |||
| Cash flow from operating activities (A) | 6 000 | 3 537 | 7 507 | |||
| Cash flow from investing activities | ||||||
| Investments to tangible and intangible assets | -44 | -68 | -83 | |||
| Proceeds from tangible and intangible assets | 61 | 61 | ||||
| Acquisition of the subsidiary minus its cash in the acquisition moment | -6 474 | -6 474 | ||||
| Cash flow from investing activities (B) | -44 | -6 481 | -6 495 | |||
| Cash flow from financing activities | ||||||
| Dividends paid and other distribution of profit | -4 482 | -3 516 | -3 516 | |||
| Cash flow from financing activities (C) | -4 482 | -3 516 | -3 516 | |||
| Change in cash and cash equivalents (A+B+C), increase (+) / decrease (-) | 1 474 | -6 459 | -2 504 | |||
| Cash and cash equivalents at the beginning of the financial year | 13 818 | 16 322 | 16 322 | |||
| Cash and cash equivalents at the end of the financial year | 15 292 | 9 863 | 13 818 | |||
| Change in cash and cash equivalents | 1 474 | -6 459 | -2 504 | |||
| LIABILITIES, GROUP | |||||||
| EUR 1 000 | 6/2021 | 6/2020 | 12/2020 | ||||
| Rental liabilities of business premises | |||||||
| Rental liabilities | 2 448 | 2 969 | 2 763 | ||||
| Rent security guarantee deposits | 81 | 75 | 92 | ||||
| Total | 2 529 | 3 044 | 2 855 | ||||
| Leasing liabilities | |||||||
| Payable during next 12 months | 10 | 13 | |||||
| Payable later | 42 | 8 | |||||
| Total | 52 | 21 | |||||
Calculation of key ratios
| Equity ratio, % = | Equity | x 100 | |
| Balance sheet total - prepayments received | |||
| Net gearing, % = | Interest-bearing debt - cash at banks | x 100 | |
| Equity | |||
| Return on equity, % = | Operating profit before appropriations and taxes - income tax | x 100 | |
| Equity on average | |||
| The top row in the key ratio of return on equity has been divided by the number of months (6) in the review period and multiplied by number 12 before calculation. | |||
| Return on investment, % = | Operating profit before appropriations and taxes + net financing expenses | x 100 | |
| Balance sheet total on average – non-interest-bearing debts on average | |||
| The top row in the key ratio of return on investment has been divided by the number of months (6) in the review period and multiplied by number 12 before calculation. | |||
| EBITDA, % of revenue = | Operating profit + depreciation and amortisation | x 100 | |
| Revenue | |||
| Operating profit, % of revenue = | Operating profit | x 100 | |
| Revenue | |||
| Earnings per share (EPS), EUR = | Profit of the financial year | ||
| Number of shares on average during the financial year | |||