ADMICOM OYJ’S HALF-YEAR FINANCIAL REPORT – Growth and profitability at a strong level: revenue +26% and EBITDA margin 47%, financial guidance reiterated
Unofficial translation of the company release on July 6, 2022 at 8.30 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 2022 summary (comparable period January 1, 2021 – June 30, 2021)
- Revenue of H1 amounted to EUR 15.536 million (12.364), resulting in +25.7% growth from comparison period. Of the growth 13.4 percentage points was organic and 12.3 percentage points was inorganic growth related to acquisitions.
- EBITDA grew by 24.3% and totalled EUR 7.360 million (5.922), amounting to 47.4% of revenues. Operating profit grew by 17.2%, amounting to EUR 6.096 million (5.200). Profit for the period grew by 13.7%, totalling EUR 4.597 million (4.044).
- The Group's number of employees at the end of the review period was 238 (177). The increase in the number of employees was mainly due to acquisitions.
- In February, the company announced the appointment of Petri Kairinen as CEO of Admicom Oyj as of June 20, 2022.
- During the review period, the Group completed two acquisitions. In May, the entire share capital of the software company PlanMan Oy was acquired and in June the entire share capital of the software company Kotopro Oy and Kotopro Holding Oy were acquired.
- The financial guidance for 2022 remains unchanged. Admicom guides for the 2022 financial year over 20% revenue growth and profitability to be 40-50% in terms of EBITDA.
Key figures
| ADMICOM GROUP | 4-6/2022 | 4-6/2021 | Change-% | 1-6/2022 | 1-6/2021 | Change % | 2021 |
| Revenue, EUR 1 000 | 8 214 | 6 471 | 26.9% | 15 536 | 12 364 | 25.7% | 24 857 |
| EBITDA, EUR 1 000 | 4 068 | 3 246 | 25.3% | 7 360 | 5 922 | 24.3% | 11 862 |
| % of revenue | 49.5% | 50.2% | 47.4% | 47.9% | 47.7% | ||
| Operating profit, EUR 1 000 | 3 367 | 2 885 | 16.7% | 6 096 | 5 200 | 17.2% | 10 374 |
| % of revenue | 41.0% | 44.6% | 39.2% | 42.1% | 41.7% | ||
| Profit for the period, EUR 1 000 | 2 538 | 2 251 | 12.8% | 4 597 | 4 044 | 13.7% | 8 054 |
| % of revenue | 30.9% | 34.8% | 29.6% | 32.7% | 32.4% | ||
| Return on equity, % | 41.0% | 43.0% | 32.1% | 36.3% | 29.8% | ||
| Return on investment, % | 42.9% | 55.1% | 34.5% | 46.7% | 38.4% | ||
| Equity ratio, % | 53.0% | 81.2% | 53.0% | 81.2% | 83.1% | ||
| Net gearing, % | 10.2% | -69.3% | 10.2% | -69.3% | -57.3% | ||
| Earnings per share, EPS, EUR | 0.51 | 0.46 | 11.4% | 0.92 | 0.82 | 12.3% | 1.63 |
| Balance sheet total, EUR 1 000 | 49 663 | 27 173 | 49 663 | 27 173 | 37 934 | ||
| Employees at the end of the period | 238 | 177 | 238 | 177 | 209 | ||
| Number of shares at the end of the period, 1 000 shares | 4986 | 4925 | 4 986 | 4 925 | 4 986 | ||
| Number of shares on average, 1 000 shares | 4986 | 4925 | 4 986 | 4 925 | 4 927 |
CEO's review
Interim CEO Petri Aho (until June 19, 2022):
“Admicom's growth and profitability development were at the level of the targets of the strategy period in the first half of the year, with revenue increasing by 26% and EBITDA by 24%. Revenue growth was accelerated especially by acquisitions, but our organic growth rate also strengthened clearly from the comparison period. Although the acquired businesses have a negative impact on the Group’s relative profitability, due to the strong profitability of the core businesses we maintained an excellent level of 47% in the EBITDA margin.
Our operating environment was affected by many uncertainties in January-June, but we proceeded as planned in new sales and took important steps in the development of our products and services. The impact of customers' annual adjustment fees on revenue growth turned positive in the first half of the year (+2.8pp), which reflects the turnaround in the development of net sales in our customer industries over the last year. Based on Statistics Finland's data, growth in customer industries has also continued to be strong in early 2022.
The war in Ukraine, which began in February, has no direct impact on our business. Indirectly, however, war can affect the demand outlook for our business through a weakening of general economic development or through possible denial-of-service attacks affecting the reliability of cloud services, such as those of public authorities or banks. The increase in uncertainty is reflected, among other things, by the confidence indicators reported by the Confederation of Finnish Industries (EK) for construction and industrial companies, which started to decline clearly in the first half of 2022.
During the review period, we took the first steps in the integration of the Aitio Finland and Hillava acquisitions made at the end of 2021. The expertise of Aitio Finland and Hillava's personnel in software products, building technology and construction and technology complements Admicom's and Tocoman's expertise well.
Active work to implement M&A that support growth, competitiveness and forerunner position, expand the partner network and grow the ecosystem continued at the beginning of the year. This work was most concretely seen in our business through the Kotopro and PlanMan acquisitions we completed in early summer. Through the acquisitions, we significantly strengthened the competitiveness of our software suite in scheduling, project management, data collection and documentation, specifically in areas that are critical to our customers' productivity. In addition, the acquisitions will significantly increase Admicom's customer base and target market size, thus opening up new opportunities for organic growth, internationalization, new services, and the development of sales and distribution channels.
In the second half of 2022, we will make significant investments in development projects and recruitments that support our growth, know-how and competitiveness. At the same time, we will strengthen cooperation and economies of scale between the Group's businesses and streamline the Group's administrative and legal structure.
The important announcement at the beginning of the year was Petri Kairinen's appointment as CEO of Admicom Oyj as of June 20, 2022. I warmly welcome Petri to Admicommunity. The composition of Admicom's Board of Directors was also renewed at the Annual General Meeting held on 25 February 2022. Petri Niemi (Chairman of the Board), Pasi Aaltola, Olli Nokso-Koivisto, Henna Mäkinen and Marko Somerma were elected to the Board of Directors.”
Petri Kairinen, CEO (since 20 June 2022):
”I have had the pleasure of getting to know Admicom's people and business quite extensively right after my start. I'm impressed with the work and know-how the company has. At the same time, I would like to thank interim CEO Petri Aho and the rest of the management and all the staff once again for the excellent performance and achievements during the review period.
In a short time, Admicom has grown from a company built around a single software product to a group of product solutions and subsidiaries. During the autumn, we will strengthen our operating model and build the prerequisites for future growth. Our customers' needs to develop and streamline their operations continue to grow and Admicom is in an excellent position to meet these needs."
Outlook
Financial guidance
The financial guidance given alongside with the publication of the annual report on January 21, 2022 remains the same: In line with the Group’s financial targets for the 2021-2023 strategy period, the Company guides for the 2022 financial year over 20% revenue growth and profitability to be 40-50% in terms of EBITDA.
Themes affecting net sales and profitability
In the second half of 2022, net sales growth is supported especially by acquisitions completed at the end of 2021 and early summer 2022. However, the weakening of the demand outlook of our customer industries and the risk factors related to general economic development create uncertainty on organic revenue growth and increase the risk of customer churn. We estimate that acquisitions, development investments planned for the end of the year and the use of Aitio Finland Oy's software development resources more strongly to the Group's internal use will have a clearly negative impact on relative profitability in the second half of 2022.
The Group’s revenue and financial development
The Group’s revenue in the period of January 1, 2022 – June 30, 2022 amounted to EUR 15.536 million (12.364). Revenue grew by 25.7% compared to the comparison period of 2021. Approximately 89% of Admicom’s revenue consisted of recurring invoicing, which creates continuity and predictability to the business. Net sales were boosted especially by the sales to new customers and the acquisition of the business of Aitio Finland Oy and Hillava Oy. The business operations of PlanMan Oy and Kotopro Oy, which were incorporated into the Group in May-June, also had a slightly positive impact on growth. The amount of annual adjustment fees grew significantly from the comparison period, totalling EUR 1.152 million (0.804). The impact of the increase in annual adjustment fees on the group's net sales growth was approximately 2.8 percentage points positive.
The Group’s EBITDA in the first half of the year 2022 was EUR 7.360 million, amounting to 47.4% (5.922, 48%) EBITDA grew by 24.3% compared to the comparison period of 2021. The growth in EBITDA was positively impacted by strong growth in net sales, significant growth in annual adjustment fees and strong relative profitability of core businesses.
Operating profit from January 1, 2021 – June 30, 2022 was EUR 6.096 million, totalling 39.1% of the revenue (5.200, 42.1%). Profit for the review period amounted to EUR 4.597 million (4.044). The growth in operating profit and profit in relation to the increase in EBITDA was slowed down during the review period by a significant increase in the group goodwill depreciation due to the acquisition of shares in Aitio Finland Oy, Hillava Oy, PlanMan Oy, Kotopro Holding Oy and Kotopro Oy.
The Company’s balance sheet, financing and cash flow
The Group’s balance sheet total amounted to EUR 49.663 million on June 30, 2022 (27.173). The Group’s equity at the end of the review period totalled EUR 26.020 million and the equity ratio was 53.0% (81.2%).
The Group's cash flow during the review period was -7.638 million (1,474) negative due to acquisitions made and dividend payments during the review period. Despite investments and dividend payments, the Group's financial position remained strong and the Group's liquid cash and cash equivalents were EUR 10.418 million at the end of the period (15,292).
The Group's cash flow before taxes and financing items was EUR +8.341 million (+6,570) and cash flow from operating activities +EUR 5.569 million (+6,000).
The Group's cash flow from investments was EUR -16.233 million (-0.044), which shows the acquisitions of subsidiary PlanMan Oy and Kotopro Holding Oy and Kotopro Oy as the largest items.
The Group's cash flow from financing activities was EUR 3.027 million (4.482). On March 8, 2022, the company paid its shareholders a total of EUR 9.973 million (4.482) in dividend and an additional equity capital repayment. In order to finance the Kotopro acquisition, Admicom Oyj agreed on a floating rate loan financing of EUR 13.0 million maturing in 2025.
Investments and depreciation
The most significant investment during the review period was the acquisition of Kotopro Holding Oy and Kotopro Oy. The total valuation of the arrangement is EUR 15.3 million and is paid at cash consideration. 80% of the purchase price, or EUR 12.25 million, was paid to the sellers at the time of signature of the deed. The remainder (the "Additional Purchase Price") will be paid to the sellers 37 months after the transaction and will be tied to the development of Kotopro Oy's recurring revenue growth (MRR) and profitability in the 36-month period following the transaction. The Additional purchase price is EUR 0.0-3.1 million. As of 18 June 2022, the group goodwill of EUR 15.6 million resulting from the acquisition of Kotopro Holding Oy and Kotopro Oy will be amortized in 20 years in accordance with the National Financial Reporting Standard (FAS).
The acquisition of PlanMan Oy was the second significant investment of the review period. The purchase price consists of the debt-free value of the EUR 4.5 million share capital and, in addition, approximately EUR 2.0 million was paid to the sellers for excess liquid assets. The third instalment of approximately EUR 0.5 million is conditional on ensuring business continuity and product development and will be paid on 31 May 2025. The group goodwill generated by the acquisition of PlanMan Oy of EUR 4.6 million will be amortized during its income generation period from 1 June 2022 in 10 years in accordance with the National Accounting Standard (FAS).
Depreciations in the review period totalled EUR 1.264 million (0.722). 78% of the depreciations consist of depreciation of goodwill. 15% 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. 5% of the depreciations were generated by goodwill generated by the acquisition of Lakeus Tilitoimisto business. The rest 2% consist of depreciation of machinery and equipment.
The Company’s rental liabilities were EUR 3.025 million (2.448). The Company’s leasing liabilities totalled 0.065 million (0.052).
Personnel, Management and Board of Directors
The Company’s number of employees was 238 on June 30, 2022 (177). The growth in the number of employees was particularly affected by the acquisitions of Aitio Finland, Hillava and Kotopro during the review period.
As announced on February 14, 2022, Petri Kairinen has been appointed CEO of Admicom Oyj as of June 20, 2022. He has started his work in his new position and as chairman of the Admicom Group's Executive Committee.
Members of Admicom’s Executive Management Team are Petri Kairinen (CEO of Admicom Oyj), Petri Aho (CFO of Admicom Oyj),
Anna-Maija Ijäs (CEO of Admicom Finland Oy), Thomas Raehalme (CEO of Aitio Finland Oy and Head of Product Development at the Group) and
Mikko Järvi (CEO of Kotopro Oy)
Petri Niemi (Chairman of the Board), Pasi Aaltola, Olli Nokso-Koivisto, Henna Mäkinen and Marko Somerma serve on the Board of Directors.
On 28 April 2022, the Board of Directors of Admicom Oyj decided to establish an Audit Committee, of which Henna Mäkinen (Chairman), Marko Somerma and Petri Niemi were elected as members.
Shares and shareholders
Issued shares and share capital
The Company had 4,988,985 shares on June 30, 2022 and the Company’s share capital was EUR 106 000 at the end of June 2022. 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 50.4 on June 30, 2022 and the Company’s market value was EUR 251.44 million (EUR 423.78 million). The share’s average trading volume in the review period was 8 244 shares (6 294 shares).
Shareholders
The Company had altogether 3 330 shareholders on June 30, 2022. SEB’s nominee-registered holdings accounted for the largest share of ownership with 41.40%, Matti Häll had the second largest ownership with 26.77%, and Danske Invest Finnish Equity Fund accounted for the third largest ownership with 4.40%.
Nominee-registered holdings accounted for 48.70% of the total number of shares on June 30, 2022. The total holdings of the Board of Directors and the Management Team were 1.369 shares (0.03% of the share capital).
Nominee registered shareholders owned 48.70% of the share capital as of June 30, 2022.
The total holdings of the Board of Directors and the Management Team were 1,369 shares (0.03% of the share capital).
Annual General Meeting
The Annual General Meeting of Admicom Oyj on February 25, 2022 approved the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 2021.
The Annual General Meeting resolved that a dividend of EUR 1.50 per registered share be paid of the profit for the financial period, a total of EUR 7,483,477.50, and an additional equity repayment of EUR 0.50 per registered share be distributed from the invested unrestricted equity fund, a total of EUR 2,494,492.50. The dividend and the equity repayment were paid on March 8, 2022.
The Annual General Meeting elected the following persons as members of the Board of Directors: Pasi Aaltola, Olli Nokso-Koivisto, Petri Niemi, Henna Mäkinen and Marko Somerma. In addition, the Annual General Meeting resolved to elect Petri Niemi as Chairman of the Board.
KPMG Oy Ab was re-elected as the company's audit firm for a term that will continue until the end of the next Annual General Meeting. Anna-Riikka Maunula, APA, will continue to audit the company as the principal auditor.
Risks and uncertainty factors
The main risks and uncertainties of Admicom Group's business include:
- 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 and business operations.
- Risks related to Admicom's possible mergers and acquisitions, which are typical when buying or integrating businesses. Merging of operations related to already completed acquisitions and expanding competence related to the acquisition processes enhances the company’s ability to manage the risks 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
No relevant events.
Financial publications
The Company will publish the Q3 interim report on October 3, 2022 and the annual report of 2022 approximately on January 13, 2023.
Admicom Oyj
BOARD OF DIRECTORS
Additional information:
Petri Kairinen
CEO
petri.kairinen@admicom.fi
+358 40 832 1832
Petri Aho
CFO
petri.aho@admicom.fi
+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 especially for small and medium-sized construction, building services engineering and manufacturing companies. Admicom's cloud-based ERP system Adminet efficiently automates the customer company's routines from site and production functions to office processes. Admicom also provides training, consulting, and accounting services.
Our subsidiary Tocoman Oy's software is one of the leading software solutions especially in the construction industry. Tocoman's cost calculation and production management software has a long history and a solid position on the market. By combining the strengths of Tocoman's software with the strengths of Adminet, the end result is clearly the most extensive cloud-based solution for the construction industry.
Our subsidiary Aitio Finland Oy provides its customers and Admicom Oyj with software solution development services, as well as related integration and maintenance services, mobile applications and cloud solutions. The subsidiary Hillava Oy develops and markets a cloud-based ERP system especially for field work planning and management. Lastly, our subsidiary Kotopro Oy develops browser-based documentation and information management software specifically aimed at the construction and real estate sector, which facilitates the everyday life of the construction site and improves the flow of information between the parties.
Admicom Oyj employs over 230 professionals in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku. Further information: https://investors.admicom.fi/
| PROFIT AND LOSS STATEMENT, GROUP | |||||
| EUR 1 000 | 1-6/2022 | 1-6/2021 | 1-12/2021 | ||
| REVENUE | 15 536 | 12 364 | 24 857 | ||
| Other operating income | 10 | 1 | 63 | ||
| Materials and services | -753 | -657 | -1 395 | ||
| Personnel expenses | -5 887 | -4 535 | -9 010 | ||
| Depreciation and amortisation | -1 264 | -722 | -1 488 | ||
| Other operating expenses | -1 546 | -1 251 | -2 654 | ||
| OPERATING PROFIT (LOSS) | 6 096 | 5 200 | 10 374 | ||
| Financial income and expenses | |||||
| Other interest income and other financial income | 2 | 3 | 3 | ||
| Interest and other financial expenses | -72 | -9 | -46 | ||
| PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES | 6 026 | 5 194 | 10 331 | ||
| Income taxes | -1 400 | -1 149 | -2 274 | ||
| Minority interest | -29 | 0 | -3 | ||
| PROFIT (LOSS) FOR THE FINANCIAL PERIOD | 4 597 | 4 044 | 8 054 | ||
| BALANCE SHEET, GROUP | |||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 | ||||
| ASSETS | |||||||
| NON-CURRENT ASSETS | |||||||
| Intangible assets | |||||||
| Capitalised development costs | 294 | 284 | 315 | ||||
| Intangible rights | 16 | 135 | 94 | ||||
| Goodwill | 549 | 0 | 5 | ||||
| Other intangible assets | 1 | 3 | 9 486 | ||||
| Group goodwill | 35 137 | 8 938 | 15 898 | ||||
| Total intangible assets | 35 997 | 9 360 | 16 835 | ||||
| Tangible assets | |||||||
| Machinery and equipment | 224 | 218 | 251 | ||||
| Total tangible assets | 224 | 218 | 251 | ||||
| Investments | |||||||
| Other shares and rights of ownership | 3 | 3 | 3 | ||||
| Total investments | 3 | 3 | 3 | ||||
| TOTAL NON-CURRENT ASSETS | 36 223 | 9 580 | 17 051 | ||||
| CURRENT ASSETS | |||||||
| Inventory | |||||||
| Raw materials and consumables | 17 | 14 | 15 | ||||
| Total inventory | 17 | 14 | 15 | ||||
| Long-term receivables | 21 | 0 | 21 | ||||
| Other receivables | 21 | 0 | 21 | ||||
| Short-term receivables | |||||||
| Accounts receivable | 2 599 | 2 003 | 2 584 | ||||
| Other receivables | 43 | 82 | 108 | ||||
| Prepayments and accrued income | 342 | 203 | 99 | ||||
| Total short-term receivables | 2 984 | 2 288 | 2 791 | ||||
| Cash and cash equivalents | 10 418 | 15 292 | 18 055 | ||||
| TOTAL CURRENT ASSETS | 13 441 | 17 593 | 20 883 | ||||
| TOTAL ASSETS | 49 663 | 27 173 | 37 934 | ||||
| BALANCE SHEET, GROUP | |||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 | ||||
| EQUITY AND LIABILITIES | |||||||
| EQUITY | |||||||
| Share capital | 106 | 106 | 106 | ||||
| Other reserves | 15 308 | 12 489 | 17 802 | ||||
| Retained earnings/loss | 6 008 | 5 434 | 5 434 | ||||
| Profit/loss of the financial year | 4 597 | 4 044 | 8 054 | ||||
| TOTAL EQUITY | 26 020 | 22 072 | 31 396 | ||||
| LIABILITIES | |||||||
| Long-term liabilities | |||||||
| Loans from financial institutions | 13 088 | ||||||
| Other liabilities | 3 563 | ||||||
| Total long-term liabilities | 16 651 | ||||||
| Current liabilities | |||||||
| Loans from financial institutions | 4 | ||||||
| Received advances | 284 | 0 | 0 | ||||
| Trade payables | 155 | 108 | 78 | ||||
| Other payables | 1 700 | 984 | 1 152 | ||||
| Accruals and deferred income | 4 720 | 4 008 | 5 196 | ||||
| Total current liabilities | 6 863 | 5 101 | 6 427 | ||||
| TOTAL LIABILITIES | 23 514 | 5 101 | 6 427 | ||||
| TOTAL EQUITY AND LIABILITIES | 49 663 | 27 173 | 37 934 | ||||
| CHANGES IN EQUITY | |||||||
| EUR 1 000 | 1-6/2022 | 1-6/2021 | 1-12/2021 | ||||
| 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 | 17 802 | 12 489 | 12 489 | ||||
| Equity repayment from the invested unrestricted equity fund | -2 493 | ||||||
| Share issue* | 5 313 | ||||||
| Invested unrestricted equity reserve at the end of the financial year | 15 308 | 12 489 | 17 802 | ||||
| Profit (loss) of previous financial years at the beginning of the financial year | 13 488 | 9 916 | 9 916 | ||||
| Distribution of dividend | -7 480 | -4 482 | -4 482 | ||||
| Profit (loss) of previous financial years at the end of the financial year | 6 008 | 5 434 | 5 434 | ||||
| Profit/loss of the financial year | 4 597 | 4 044 | 8 054 | ||||
| TOTAL NON-RESTRICTED EQUITY | 25 914 | 21 966 | 31 290 | ||||
| TOTAL EQUITY | 26 020 | 22 072 | 31 396 | ||||
* Acquisition of Aitio Finland Oy’s shares
CASH FLOW STATEMENT, GROUP | ||||||
| EUR 1 000 | 1-6/2022 | 1-6/2021 | 1-12/2021 | |||
| Cash flow from operating activities | ||||||
| Profit (loss) before appropriations and taxes | 6 026 | 5 194 | 10 331 | |||
| Adjustments: | ||||||
| Depreciation and amortisation | 1 264 | 722 | 1 488 | |||
| Financial income and expenses | 70 | 6 | 43 | |||
| Other adjustments | -50 | |||||
| Cash flow before changes in working capital | 7 360 | 5 922 | 9 954 | |||
| Changes in working capital | ||||||
| Increase (-) / decrease (+) in short-term non-interest-bearing receivables | 285 | -57 | 64 | |||
| Increase (-) / decrease (+) in inventories | -2 | 1 | 0 | |||
| Increase (+) / decrease (-) in short-term non-interest-bearing liabilities | 699 | 704 | 472 | |||
| Cash flow from operating activities before financial items and taxes | 8 341 | 6 570 | 12 220 | |||
| Interest and other financial costs paid | -72 | -9 | -46 | |||
| Interest received | 2 | 3 | 3 | |||
| Income taxes paid | -2 702 | -563 | -948 | |||
| Cash flow from operating activities (A) | 5 569 | 6 000 | 11 229 | |||
| Cash flow from investing activities | ||||||
| Investments to tangible and intangible assets | -8 | -44 | -59 | |||
| Acquisition of the subsidiary minus its cash in the acquisition moment | -16 225 | -1 951 | ||||
| Divested business | 50 | |||||
| Acquired business | -550 | |||||
| Cash flow from investing activities (B) | -16 233 | -44 | -2 510 | |||
| Cash flow from financing activities | ||||||
| Withdrawals of long-term loans | 13 000 | |||||
| Dividends paid and other distribution of profit | -9 973 | -4 482 | -4 482 | |||
| Cash flow from financing activities (C) | 3 027 | -4 482 | -4 482 | |||
| Change in cash and cash equivalents (A+B+C), increase (+) / decrease (-) | -7 638 | 1 474 | 4 237 | |||
| Cash and cash equivalents at the beginning of the financial year | 18 055 | 13 818 | 13 818 | |||
| Cash and cash equivalents at the end of the financial year | 10 418 | 15 292 | 18 055 | |||
| Change in cash and cash equivalents | -7 638 | 1 474 | 4 237 | |||
| LIABILITIES, GROUP | ||||||||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 | |||||||||
| Rental liabilities of business premises | ||||||||||||
| Rental liabilities | 3 025 | 2 448 | 3 088 | |||||||||
| Rent security guarantee deposits | 66 | 81 | 61 | |||||||||
| Rent guarantees | 55 | 55 | ||||||||||
| Total | 3 145 | 2 529 | 3 204 | |||||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 | |||||||||
| Leasing liabilities | ||||||||||||
| Payable during next 6 months | 10 | 10 | 14 | |||||||||
| Payable later | 55 | 42 | 37 | |||||||||
| Total | 65 | 52 | 51 | |||||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 | |||||||||
| Guarantees under rights in rem | ||||||||||||
| Vehicle mortgage | 24 | 0 | 0 | |||||||||
| Total | 24 | 0 | 0 | |||||||||
| EUR 1 000 | 6/2022 | 6/2021 | 12/2021 |
| Liabilities secured by corporate mortgages | |||
| Loans from financial institution | 13 000 | 0 | 0 |
| Corporate mortgages | 19 500 | 0 | 0 |
Calculation of financial ratios
| Equity ratio, % = | Equity + minority interest | x 100 | |
| Balance sheet total – advance payments received | |||
| Net gearing, % = | Interest-bearing debt - cash at banks | x 100 | |
| Equity + minority interest | |||
| Return on equity, % = | Operating profit before appropriations and taxes - income tax | x 100 | |
| Equity on average + minority interest on average | |||
| 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 | |||
| 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 | |||
