Innofactor Plc Financial Statement
Innofactor’s full-year net sales for 2023 grew by 12.8 percent and exceeded
October–December 2023 in brief:
- Net sales were approximately
EUR 21.9 million (2022: 20.5), representing an increase of 6.8% - The operating margin was approximately
EUR 2.9 million (2022: 2.6), which shows an increase of 10.2% - Operating profit was
EUR 1.9 million (2022: 1.8), representing an increase of 7.0% - The order backlog at the end of the review period was
EUR 71.6 million (2022: 75.8),
representing a decrease of 5.6%- We transferred part of the order backlog to the framework agreement backlog, which had a value of
EUR 29.8 million at the end of the quarter (2022: 18.9)
- We transferred part of the order backlog to the framework agreement backlog, which had a value of
Innofactor received several significant orders in the fourth quarter, for example:- Continued development and maintenance of IF Metall’s membership management system, approximately
EUR 1.6 million - A comprehensive system delivery to
Tampereen Infra Oy ,EUR 1.6 million
- Continued development and maintenance of IF Metall’s membership management system, approximately
January–December 2023 in brief:
- Net sales were approximately
EUR 80.3 million (2022: 71.1), which shows an increase of 12.8%- Of the growth, approximately 9.1% was organic, excluding the
Invenco acquisition ofJune 30, 2022
- Of the growth, approximately 9.1% was organic, excluding the
- The operating margin was approximately
EUR 9.1 million (2022: 7.8), representing an increase of 16.6%
- Operating profit was
EUR 5.8 million (2022: 4.8), which shows an increase of 22.8%
Key figures of the group, IFRS
. | Oct 1–Dec 31, 2023 | Oct 1–Dec 31, 2022 | Change | Jan 1–Dec 31, 2023 | Jan 1–Dec 31, 2022 | Change | |
Net sales, EUR thousand | 21,930 | 20,536 | +6.8% | 80,263 | 71,130 | +12.8% | |
Growth of net sales | 6.8% | 17.1% | 12.8% | 7.2% | |||
Operating result before depreciation and amortization (EBITDA), EUR thousand | 2,879 | 2,612 | +10.2% | 9,101 | 7,808 | +16.6% | |
percentage of net sales | 13.1% | 12.7% | 11.3% | 11.0% | |||
Operating profit/loss (EBIT), EUR thousand | 1,931 | 1,805 | +7.0% | 5,835 | 4,751 | +22.8% | |
percentage of net sales | 8.8% | 8.8% | 7.3% | 6.7% | |||
Earnings before taxes, EUR thousand | 1,623 | 1,678 | -3.3% | 5,174 | 4,178 | +23.9% | |
percentage of net sales | 7.4% | 8.2% | 6.4% | 5.9% | |||
Earnings, EUR thousand | 878 | 1,328 | -33.9% | 3,438 | 3,320 | 3.6% | |
percentage of net sales | 4.0% | 6.5% | 4.3% | 4.7% | |||
Order backlog | 71,555 | 75,831 | -5.6% | 71,555 | 75,831 | -5.6% | |
Net gearing | 36.1% | 50.0% | -13.9% | 36.1% | 50.0% | -13.9% | |
Net gearing without IFRS 16 | 23.1% | 30.0% | -6.9% | 23.1% | 30.0% | -6.9% | |
Equity ratio | 48.3% | 44.8% | +3.5% | 48.3% | 44.8% | +3.5% | |
Equity ratio without IFRS 16 | 51.5% | 49.2% | +2.3% | 51.5% | 49.2% | +2.3% | |
Active personnel on average during the review period* | 581 | 562 | +3.4% | 578 | 536 | +7.8% | |
Active personnel at the end of the review period* | 581 | 564 | +3.0% | 581 | 564 | +3.0% | |
Earnings per share (EUR) | 0.02 | 0.04 | -33.9% | 0.09 | 0.09 | 3.6% |
*) In accordance with IFRS 3, the operating result for October 1–December 31, 2023, includes
**)
Innofactor’s future outlook for 2024
Innofactor’s net sales and operating margin (EBITDA) in 2024 are estimated to increase from 2023, during which net sales were
CEO
Our net sales in the fourth quarter of 2023 amounted to
Net sales for the full year 2023 totaled
Price competition in the markets remained intense in the fourth quarter of 2023, although the weighted average prices of new contracts continued to increase slightly from the preceding quarter. We expect customer prices to continue to increase in 2024, although we predict that the situation will remain challenging at least for the first half of the year.
Our sales performance was excellent in the fourth quarter. Among other contracts, we signed a contract to continue the development, maintenance and support of IF Metall’s membership management system in
In 2023, we managed to increase the share of SaaS and licenses to approximately 31.5 percent of net sales, compared to approximately 27.3 percent in the previous year. Increasing the share of SaaS and licenses is one of our key strategic objectives, and our target is to increase it to over 33 percent in the long term.
In 2023,
Innofactor’s strength lies in our highly competent and motivated personnel. In 2023, we strengthened our team, trained our personnel, completed certifications and developed our organization and management style. Innofactor’s company-specific collective agreement for
Generative artificial intelligence (ChatGPT, Microsoft Azure Open AI and Microsoft Copilot) received growing attention in the market in 2023. Generative AI presents our customers – and
Innofactor’s aim is to be the leading provider of organizations’ digital transformation in each of the Nordic countries. We believe in our chosen Nordic strategy and in reaching our long-term goals. This requires perseverance and determination from the company's management and employees as well as investors.
I am pleased that we were able to use our distributable funds to purchase our own shares in 2023 and will be able to distribute funds to our shareholders for the year 2023 in accordance with our dividend policy at
Strategy and its realization in the review period
Innofactor’s strategy comprises our purpose, mission, vision, strategic choices, values, working principle, and long-term financial goals.
Our purpose: Innovating to make the world work better
Our mission: Driving the modern digital organization
Our vision: Leading Nordic digital transformation partner in the Microsoft ecosystem
Our strategic choices:
- The most competent Nordic teams
- Productized and specialized offering
- Proactive and agile way of working
- Innovation with top customers
Our values:
- Accountability
- Empowerment
- Innovation
- Customer
Our working principle: Our principle is to put people first in everything we do. We want to provide solutions that make our customers’ everyday work and life run smoothly and bring a smile to their faces.
Employer promise: Be the real you
Our long-term financial goals:
- To achieve annual growth of about 20 percent, the majority of which is intended to be achieved by organic growth
- To achieve about 20 percent EBITDA in relation to the net sales
- To keep the cash flow positive and secure good financial standing in all situations.
Innofactor’s net sales for the review period January 1–December 31, 2023, amounted to
The operating margin (EBITDA) increased in the review period of January 1–December 31, 2023, from
Innofactor’s operating cash flow for the review period January 1–December 31, 2023, amounted to
Board of Directors’ proposal on the distribution of profits
At the end of the financial year 2023, the distributable assets of the Group's parent company amounted to
The Board of Directors proposes that
The Board of Directors further proposes that the Annual General Meeting authorize the Board to decide on a repayment of capital amounting to a maximum of
Espoo,
Board of Directors
Additional information:
CEO
tel. +358 50 584 2029
sami.ensio@innofactor.com
Briefings concerning the financial statement of January 1–December 31, 2023
A briefing for media, investors and analysts will be held in Finnish on the same day beginning at 10:00 via Teams. The report will be presented by CEO
Please register for the conferences beforehand by sending an e-mail to ir@innofactor.com.
The presentation materials will be available on Innofactor’s website after the conferences.
Financial releases in 2024
The annual report for 2023 will be published on the company’s website on
The Annual General Meeting will be held on
The schedule for financial releases in 2024 is as follows:
- Interim report January–March 2024 (Q1) on
Tuesday, April 23, 2024 - Half-yearly report January–June 2024 (Q2) on
Thursday, July 18, 2024 - Interim report January–September 2024 (Q3) on
Tuesday, October 22, 2024
Distribution:
NASDAQ
Main media
www.innofactor.com
Attachment
- Innofactor Plc Financial Statement 2023 (IFRS)
© OMX, source