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07.05.2018 07:30:00
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Innofactor publishes new financial figures for 2017 adjusted for the effects of the new IFRS 15 standard
Innofactor Plc Stock Exchange Release May 7, 2018, at 08:30 Finnish time
Innofactor has implemented the IFRS 15 Revenue from Contracts with Customers standard starting from January 1, 2018, and will prepare its new financial reports in accordance with the new standard starting from the interim report for January–March 2018 that will be published on May 8, 2018.
The IFRS 15 standard affects the timing of the net sales from software licenses sold by Innofactor in cases where the software licenses are sold in connection with a project delivery. The effect of the IFRS 15 standard on the adjusted net sales and operating margin for 2017 is EUR -422 thousand (Q1/2017: -265, Q2/2017: -303, Q3/2017: +196, and Q4/2017: -50).
Innofactor's adjusted financial figures for 2017 will form the comparison data for the quarterly reports in 2018. The adjusted financial figures have not been audited.
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Consolidated Profit and Loss Statement by Quarter, IFRS | ||||||
| EUR thousand | Adjusted Jan 1–Mar 31, 2017 | Adjusted Apr 1–Jun 31, 2017 | Adjusted Jul 1–Sep 31, 2017 | Adjusted Oct 1–Dec 31, 2017 | Change Jan 1–Dec 31, 2017 | Published Jan 1–Dec 31, 2017 |
| Net sales | 17,252 | 17,149 | 14,126 | 17,139 | -422 | 66,088 |
| Growth of net sales | 20.0% | |||||
| Other operating income | 103 | 19 | 16 | -50 | 88 | |
| Materials (–) | -1,144 | -2,005 | -1,775 | -1,317 | -6,241 | |
| Employee benefits/expenses (–) | -12,270 | -11,818 | -10,276 | -12,326 | -46,690 | |
| Depreciation (–) | -676 | -670 | -667 | -756 | -2,769 | |
| Other operating expenses (–) | -3,043 | -2,778 | -2,772 | -2,922 | -11,515 | |
| Operating profit/loss | 222 | -103 | -1,348 | -232 | -422 | -1,039 |
| Financial income | 5 | 3 | 0 | 518 | 526 | |
| Financial expenses (–) | -146 | -131 | -73 | -294 | -644 | |
| Profit/loss before taxes | 81 | -231 | -1,421 | -8 | -422 | -1,157 |
| Income taxes | -16 | 46 | 284 | 2 | 85 | 231 |
| Profit/loss for the financial period | 65 | -185 | -1,137 | -6 | -337 | -926 |
| Other comprehensive income | ||||||
| Items that may be later recognized | ||||||
| in profit or loss: | ||||||
| Exchange differences | -199 | -116 | -52 | -377 | -744 | |
| Total comprehensive income | -134 | -301 | -1,189 | -383 | -337 | -1,670 |
| Earnings per share calculated from the profit attributable to equity holders of the parent: | ||||||
| basic earnings per share (EUR) | 0.0020 | -0.0051 | -0.0314 | -0.0002 | -0.0262 | |
| diluted earnings per share (EUR) | 0.0020 | -0.0051 | -0.0314 | -0.0002 | -0.0262 | |
| Consolidated Balance Sheet, IFRS | |||||||
| ASSETS | |||||||
| Change Jan 1–Dec 31, 2017 | |||||||
| EUR thousand | Adjusted Mar 31, 2017 | Adjusted Jun 30, 2017 | Adjusted Sep 30, 2017 | Adjusted Dec 31, 2017 | Published Dec 31, 2017 | ||
| Non-current assets | |||||||
| Tangible assets | 664 | 742 | 686 | 640 | 640 | ||
| Goodwill | 27,673 | 27,542 | 27,615 | 26,398 | 26,398 | ||
| Other intangible assets | 8,875 | 8,679 | 8,295 | 7,797 | 7,797 | ||
| Shares and holdings | 62 | 62 | 62 | 62 | 62 | ||
| Receivables | 628 | 392 | 375 | 342 | 342 | ||
| Deferred tax assets | 5,765 | 5,655 | 5,653 | 5,668 | 85 | 5,583 | |
| Non-current assets | 43,667 | 43,072 | 42,686 | 40,907 | 85 | 40,822 | |
| Current assets | |||||||
| Trade and other receivables | 19,047 | 19,606 | 16,843 | 16,455 | -422 | 16,877 | |
| Cash and cash equivalents | 1,370 | 377 | 545 | 910 | 910 | ||
| Current assets | 20,417 | 19,983 | 17,388 | 17,365 | -422 | 17,787 | |
| TOTAL ASSETS | 64,084 | 63,055 | 60,074 | 58,272 | -337 | 58,609 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||||||
| Change Jan 1–Dec 31, 2017 | |||||||
| EUR thousand | Adjusted Mar 31, 2017 | Adjusted Jun 30, 2017 | Adjusted Sep 30, 2017 | Adjusted Dec 31, 2017 | Published Dec 31, 2017 | ||
| Equity attributable to the shareholders of the parent company | |||||||
| Share capital | 2,100 | 2,100 | 2,100 | 2,100 | 2,100 | ||
| Share premium reserve | 72 | 72 | 72 | 72 | 72 | ||
| Other reserves (+/–) | 59 | 59 | 59 | 59 | 59 | ||
| Fund for invested unrestricted equity | 20,262 | 20,262 | 20,262 | 20,321 | 20,321 | ||
| Retained earnings | 4,144 | 4,055 | 3,108 | 2,212 | -337 | 2,549 | |
| Total shareholders' equity | 26,637 | 26,548 | 25,601 | 24,764 | -337 | 25,101 | |
| Non-current liabilities | |||||||
| Loans from financial institutions | 7,983 | 6,830 | 6,436 | 7,280 | 7,280 | ||
| Deferred tax liabilities | 2,214 | 2,112 | 2,009 | 1,826 | 1,826 | ||
| Long term liabilities total | 10,197 | 8,942 | 8,445 | 9,106 | 9,106 | ||
| Current liabilities | |||||||
| Loans from financial institutions | 7,584 | 6,654 | 8,377 | 6,948 | 6,948 | ||
| Trade and other payables | 19,666 | 20,911 | 17,651 | 17,454 | 17,454 | ||
| Current liabilities total | 27,250 | 17,565 | 26,028 | 24,402 | 24,402 | ||
| Total liabilities | 37,447 | 36,507 | 34,473 | 33,508 | 33,508 | ||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 64,084 | 63,055 | 60,074 | 58,272 | -337 | 58,609 | |
| Consolidated Cash Flow Statement, IFRS | |||||||
| EUR thousand | Adjusted Jan 1–Dec 31, 2017 | Published Jan 1–Dec 31, 2017 | Change Jan 1–Dec 31, 2017 | ||||
| Cash flow from operating activities | |||||||
| Operating profit | -1,461 | -1,039 | 422 | ||||
| Adjustments: | |||||||
| Depreciation | 2,769 | 2,769 | |||||
| Non-cash transactions | 485 | 485 | |||||
| Changes in working capital: | |||||||
| Change in trade or other receivables (+/–) | 2,346 | 1,924 | -422 | ||||
| Change in trade and other payables (+/–) | 633 | 633 | |||||
| Interests paid (–) | -643 | -643 | |||||
| Interests received | 40 | 40 | |||||
| Total cash flow from operating activities | 4,169 | 4,169 | 0 |
The estimate of the effect of the IFRS 15 standard to the net sales and operating margin in 2018 has been updated, and it is estimated to be approximately EUR 0.4–0.6 million (previous estimate EUR 0.5–1.0 million), which would be transferred in its entirety to 2019. Applying the IFRS 15 standard has no effect on Innofactor's long term financial goals.
Additional information on applying the IFRS 15 standard and its effects on Innofactor can be found in the Finnish Annual Report 2017, pages 56–57. The English version of the Annual Report will be published during May at https://www.innofactor.com/invest-in-us/releases-publications-and-reports/.
Espoo, May 7, 2018
INNOFACTOR PLC
Sami Ensio, CEO
Additional information:
Marko Lehtonen, CFO
Innofactor Plc
Tel: +358 50 575 2006
marko.lehtonen@innofactor.com
Distribution:
Nasdaq Helsinki
Main media
www.innofactor.com
Innofactor
Innofactor is a leading Nordic provider of digitalization and cloud solutions. Innofactor has Microsoft Ecosystem’s leading expertise and the most comprehensive offering in the Nordics. Innofactor has over 600 eager and motivated top professionals in Finland, Sweden, Denmark and Norway. Innofactor serves over 1,500 commercial, public, and third sector organizations. In 2013 to 2017, the annual growth of Innofactor’s net sales has been approximately over 20%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Ltd. www.innofactor.com
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