JULY-
- Net sales increased 18.1% and were
EUR 6,825 thousand (5,781) - EBITDA was
EUR 2,604 thousand (2,069), 38.2% (35.8) of net sales - Adjusted EBITDA was
EUR 2,604 thousand (2,150), 38.2% (37.2) of net sales - EBIT was
EUR 2,218 thousand (1,830), 32.5% (31.7) of net sales - Adjusted EBIT was
EUR 2,394 thousand (2,001), 35.1% (34.6) of net sales - Profit of the review period was
EUR 1,673 thousand (1,410), 24.5% (24.4) of net sales
JANUARY-
- Net sales increased 17.4% and were
EUR 18,907 thousand (16,101) - EBITDA was
EUR 5,703 thousand (5,044), 30.2% (31.3) of net sales - Adjusted EBITDA was
EUR 5,924 thousand (5,288), 31.3% (32.8) of net sales - EBIT was
EUR 4,771 thousand (4,558), 25.2% (28.3) of net sales - Adjusted EBIT was
EUR 5,385 thousand (4,913), 28.5% (30.5) of net sales - Profit of the review period was
EUR 3,621 thousand (3,534), 19.2% (21.9) of net sales
7-9/2023 | 7-9/2022 | Change | 1-9/2023 | 1-9/2022 | Change | 1-12/2022 | |
Net sales | 6,825 | 5,781 | 18.1 % | 18,907 | 16,101 | 17.4 % | 22,550 |
SaaS | 4,929 | 4,490 | 9.8 % | 14,070 | 12,408 | 13.4 % | 16,989 |
Transaction | 693 | 288 | 141.1 % | 1,408 | 863 | 63.1 % | 1,172 |
Consulting and other | 1,203 | 1,003 | 20.0 % | 3,429 | 2,829 | 21.2 % | 4,390 |
Gross margin | 5,953 | 5,105 | 16.6 % | 16,459 | 14,184 | 16.0 % | 19,982 |
Gross margin, % of net sales | 87.2 % | 88.3 % | 87.1 % | 88.1 % | 88.6 % | ||
EBITDA | 2,604 | 2,069 | 25.9 % | 5,703 | 5,044 | 13.1 % | 7,332 |
EBITDA, % of net sales | 38.2 % | 35.8 % | 30.2 % | 31.3 % | 32.5 % | ||
Adjusted EBITDA | 2,604 | 2,150 | 21.1 % | 5,924 | 5,288 | 12.0 % | 7,589 |
Adjusted EBITDA, % of net sales | 38.2 % | 37.2 % | 31.3 % | 32.8 % | 33.7 % | ||
EBIT | 2,218 | 1,830 | 21.2 % | 4,771 | 4,558 | 4.7 % | 6,594 |
EBIT, % of net sales | 32.5 % | 31.7 % | 25.2 % | 28.3 % | 29.2 % | ||
Adjusted EBIT | 2,394 | 2,001 | 19.6 % | 5,385 | 4,913 | 9.6 % | 7,054 |
Adjusted EBIT, % of net sales | 35.1 % | 34.6 % | 28.5 % | 30.5 % | 31.3 % | ||
Profit (Loss) of the period | 1,673 | 1,410 | 18.7 % | 3,621 | 3,534 | 2.5 % | 5,128 |
Profit (Loss) of the period, % of net sales | 24.5 % | 24.4 % | 19.2 % | 21.9 % | 22.7 % | ||
Equity ratio, % | 59.0 % | 69.8 % | 59.0 % | 69.8 % | 69.7 % | ||
Net debt | 1,883 | -7,026 | -126.8 % | 1,883 | -7,026 | -126.8 % | -8,661 |
Gearing, % | 6.6 % | -28.4 % | 6.6 % | -28.4 % | -32.9 % | ||
Earnings per share (EPS) | 0.09 | 0.08 | 17.6 % | 0.20 | 0.19 | 1.4 % | 0.28 |
Return on invested capital, % (ROIC) | 6.1 % | 6.5 % | 12.9 % | 16.1 % | 22.5 % | ||
Return on equity, % (ROE) | 6.1 % | 6.0 % | 12.9 % | 15.1 % | 21.2 % | ||
Number of employees at the end of the period | 213 | 187 | 13.9 % | 213 | 187 | 13.9 % | 184 |
Outstanding shares at the end of the period | 18,562,005 | 18,393,440 | 18,562,005 | 18,393,440 | 18,393,440 | ||
Average outstanding shares during the period | 18,562,005 | 18,393,440 | 18,516,551 | 18,326,932 | 18,343,559 |
CEO
The third quarter of 2023 was stable and profitable for
The number of
From a market demand point of view, we saw an improvement in Q3, with more leads being generated, especially in the industrial manufacturing & PSA verticals. Work time management and project/resource management applications are interesting to customers, but there was no significant change in terms of new customer sales in the quarter with customers still being careful with new investments. There was, however, a good uptake in our order backlog for application integrations. Customer churn through bankruptcies is more visible in Q3 compared to Q2, reflecting the current economic cycle in
The actions ongoing to improve our organic growth – such as increasing the focus on the current customer base as well as product bundling and pricing – continue as planned. Positive results from these actions are already visible at the end of Q3. As a second growth engine, we keep scanning the market for attractive acquisition targets with good growth and profitability to complement our current product portfolio and customer base.
The penetration of ERP systems varies by industry. Low-penetration industries, such as transportation and logistics, provide us clear greenfield opportunities. In contrast, high-penetration industries are already entering a period of replacing older legacy systems with standard, SaaS-based alternatives. We are well placed to take advantage of both opportunities in our own business, where growth is driven by applications such as manufacturing execution, warehouse management, transport cost optimization, invoice life cycle management and ESG-reporting, as well as application integrations.
Our commitment to providing a great customer experience and being a product leader in the market is clear. Making it as easy as possible to buy, deploy and use our
Group financial result and profitability
July-
Net sales for the review period were
The share of SaaS income was 72.2% (77.7), the share of transaction income 10.2% (5.0), and consulting and other income 17.6% (17.3). The share of transaction income increased especially due to the acquisition of
EBITDA was
EBIT was
Profit for the review period was
Cash flow from operating activities was
January-
Net sales for the review period were
The share of SaaS income was 74.4% (77.1), the share of transaction income 7.4% (5.4), and consulting and other income 18.1% (17.6).
EBITDA was
EBIT was
Profit for the review period was
Cash flow from operating activities was
Balance sheet, financing and investments
The balance sheet total at the end of the review period was
The Group has capitalized development expenses of
Equity was
Equity ratio was 59.0% (69.7 at the end of the year 2022) and interest-bearing debt was
Cash and cash equivalents at the end of the review period were
Personnel, management and administration
The Group number of employees was 213 (187) on
- R&D 93 employees
- Customer functions 105 employees
- Other functions, a total of 15 employees
Shares and shareholders
Share capital and number of shares
The company has one series of shares, and all shares have equal rights. At the end of the review period, Lemonsoft Oyj’s share capital consisted of 18,562,005 (18,393,440) shares. The average number of shares during the review period was 18,562,005 (18,326,932).
The company's share is traded on the First North Growth Market Finland marketplace maintained by
On
Authorizations of the Board of Directors
- By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company’s own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.7% of all the company’s shares. The authorization includes the right to accept the company’s own shares as a pledge.
The authorization is valid until the 2024 Annual General Meeting, but not beyond
The Annual General Meeting authorized the Board to decide on a share issue against payment or a share issue without payment and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments with the following terms and conditions:
- By virtue of the authorization the share issue may be a maximum of 2,000,000 shares. The authorization applies to both issuing new shares and to transferring of treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for implementation of share-based incentive schemes, to develop the company’s capital structure, and for other purposes decided by the Board.
- The authorization entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right.
The authorization is in force until the next Annual General Meeting; however, no longer than until
As part of the completion of the acquisition of
Significant short-term risks and uncertainties
The deterioration of the economic situation, the impact of inflation and events with a global impact, such as the war in
In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.
In
The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in
Risks related to information security and the IT systems of service providers are a significant factor affecting the security and continuity of the Group's business.
Success in acquisitions and related integration work is a key factor for
Events after the review period
There were no significant events after the review period.
Outlook 2023
Profit forecast for 2023
Financial information
Webcast for investors and media
https://lemonsoft.videosync.fi/results-q3-2023.
A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.
Board of Directors
For further information, please contact:
CEO
jan-erik.lindfors@lemonsoft.fi
+358 50 382 3331
Director, M&A and IR
alpo.luostarinen@lemonsoft.fi
+358 50 911 3507
Certified Adviser:
About
Get to know us better at www.lemonsoft.fi.
Distribution
Principal media
TABLES SECTION
Consolidated income statement, IFRS
7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 | |
6,825 | 5,781 | 18,907 | 16,101 | 22,550 | |
Other operating income | 0 | 3 | 0 | 4 | 4 |
Materials and services | -872 | -679 | -2,448 | -1,921 | -2,572 |
Employee benefit expenses | -2,764 | -2,490 | -8,795 | -7,586 | -10,564 |
Depreciation and amortisation | -386 | -239 | -933 | -487 | -737 |
Other operating expenses | -585 | -547 | -1,960 | -1,554 | -2,086 |
EBIT | 2,218 | 1,830 | 4,771 | 4,558 | 6,594 |
Financial income | 63 | 2 | 80 | 5 | 10 |
Financial expenses | -136 | -41 | -179 | -59 | -70 |
PROFIT (LOSS) BEFORE TAXES | 2,146 | 1,790 | 4,671 | 4,504 | 6,535 |
Income taxes | -472 | -380 | -1,051 | -970 | -1,407 |
PROFIT (LOSS) FOR THE PERIOD | 1,673 | 1,410 | 3,621 | 3,534 | 5,128 |
PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO | |||||
Owners of the parent company | 1,660 | 1,402 | 3,579 | 3,511 | 5,030 |
Non-controlling interests | 14 | 8 | 42 | 23 | 98 |
Consolidated balance sheet, IFRS
ASSETS | ||||
NON-CURRENT ASSETS | ||||
23,102 | 15,101 | 15,718 | 6,424 | |
Intangible assets | 7,051 | 3,341 | 3,638 | 60 |
Tangible assets | 1,405 | 1,403 | 1,382 | 1,265 |
Investments | 3,920 | 2,874 | 2,878 | 1,874 |
Deferred tax assets | 4 | 12 | 12 | 85 |
TOTAL NON-CURRENT ASSETS | 35,483 | 22,732 | 23,627 | 9,708 |
CURRENT ASSETS | ||||
Inventory | 90 | 58 | 88 | 52 |
Trade and other receivables | 5,879 | 2,562 | 2,787 | 1,710 |
Cash and cash equivalents | 6,978 | 10,584 | 11,692 | 19,060 |
TOTAL CURRENT ASSETS | 12,946 | 13,204 | 14,567 | 20,822 |
TOTAL ASSETS | 48,429 | 35,936 | 38,194 | 30,530 |
EQUITY AND LIABILITIES | ||||
EQUITY | ||||
Share capital | 80 | 80 | 80 | 80 |
Reserve for invested unrestricted equity | 17,767 | 16,480 | 16,480 | 14,980 |
Retained earnings | 10,586 | 8,084 | 9,603 | 6,930 |
Equity of the owners of the parent company | 28,433 | 24,644 | 26,163 | 21,990 |
Share of non-controlling owners | 269 | 54 | 129 | 30 |
TOTAL EQUITY | 28,702 | 24,698 | 26,292 | 22,021 |
LIABILITIES | ||||
NON-CURRENT LIABILITIES | ||||
Loans from financial institutions | 6,392 | 1,950 | 1,500 | 2,400 |
Lease liabilities | 189 | 386 | 306 | 475 |
Deferred tax liabilities | 1,200 | 678 | 699 | 4 |
TOTAL NON-CURRENT LIABILITIES | 7,781 | 3,014 | 2,505 | 2,879 |
CURRENT LIABILITIES | ||||
Loans from financial institutions | 1,872 | 900 | 900 | 900 |
Lease liabilities | 408 | 323 | 325 | 257 |
Advances received | 237 | 621 | 660 | 535 |
Trade and other payables | 9,429 | 6,381 | 7,512 | 3,938 |
TOTAL CURRENT LIABILITIES | 11,947 | 8,225 | 9,397 | 5,630 |
TOTAL LIABILITIES | 19,727 | 11,239 | 11,902 | 8,509 |
TOTAL EQUITY AND LIABILITIES | 48,429 | 35,936 | 38,194 | 30,530 |
Consolidated cash flow statement, IFRS
7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 | |
Cash flow from operating activities: | |||||
Profit (Loss) for the period | 1,673 | 1,410 | 3,621 | 3,534 | 5,128 |
Adjustments: : | 1,276 | 618 | 2,198 | 1,457 | 2,146 |
Depreciation and amortisation | 386 | 239 | 933 | 487 | 737 |
Other income and expenses without payment | -14 | -5 | -152 | -15 | -18 |
Financial income and expenses | 73 | 5 | 99 | 15 | 19 |
Taxes | 470 | 380 | 1,058 | 970 | 1,407 |
Other adjustments | 361 | 0 | 260 | 0 | 0 |
Cash flow before change in working capital | 2,950 | 2,029 | 5,819 | 4,991 | 7,274 |
Change in working capital | -2,310 | -757 | -2,394 | -666 | 44 |
Cash flow before financial items and taxes | 640 | 1,272 | 3,424 | 4,325 | 7,318 |
Net financial items and taxes | -417 | -392 | -1,134 | -871 | -1,110 |
Net cash flow from operating activities (A) | 222 | 880 | 2,290 | 3,454 | 6,208 |
Cash flow from investing activities: | |||||
Acquisition of tangible and intangible assets | -331 | -1,080 | -1,775 | -1,579 | -2,693 |
Other investments | -33 | -1,000 | -1,042 | -1,000 | -1,000 |
Acquisition of subsidiary, net of cash acquired | -133 | -1,957 | -5,813 | -6,310 | -6,310 |
Net cash flow from investing activities (B) | -496 | -4,037 | -8,631 | -8,889 | -10,003 |
Cash flow from financing activities: | |||||
Dividends paid | 0 | 0 | -2,595 | -2,376 | -2,376 |
Net cash flow from non-current loans | -838 | 0 | 4,417 | -450 | -900 |
Lease liabilities repayment | -111 | -82 | -294 | -215 | -297 |
Proceeds from capitalization by non-controlling interests | 98 | 0 | 98 | 0 | 0 |
Net cash flow from financing activities (C) | -851 | -82 | 1,626 | -3,040 | -3,573 |
Change in cash and cash equivalents (A + B + C) increase (+) / decrease (–) | -1,125 | -3,240 | -4,714 | -8,476 | -7,368 |
Cash and cash equivalents at the beginning of the period | 8,102 | 13,824 | 11,692 | 19,060 | 19,060 |
Cash and cash equivalents at the end of the period | 6,978 | 10,584 | 6,978 | 10,584 | 11,692 |
Change in cash | -1,125 | -3,240 | -4,714 | -8,476 | -7,368 |
Consolidated statement of changes in equity, IFRS
Equity of the owners of the parent company | Share of non-controlling owners | Total equity | ||||
Share capital | Invested unrestricted equity reserve | Retained earnings | Total | |||
Equity | 80 | 14,980 | 6,930 | 21,991 | 30 | 22,021 |
Profit (Loss) for the period | 3,511 | 3,511 | 23 | 3,534 | ||
Changes in non-controlling interests | 18 | 18 | 18 | |||
Directed share issue | 1,500 | 1,500 | 1,500 | |||
Dividends paid | -2,376 | -2,376 | -2,376 | |||
Equity | 80 | 16,480 | 8,084 | 24,644 | 54 | 24,698 |
Equity | 80 | 16,480 | 9,603 | 26,163 | 129 | 26,292 |
Profit (Loss) for the period | 3,579 | 3,579 | 42 | 3,621 | ||
Changes in non-controlling interests | 0 | 98 | 98 | |||
Directed share issue | 1,286 | 1,286 | 1,286 | |||
Dividends paid | -2,595 | -2,595 | -2,595 | |||
Equity | 80 | 17,767 | 10,586 | 28,433 | 269 | 28,702 |
Accounting principles
The Group's interim financial report has been prepared in accordance with IAS34 Interim Financial Reporting. The interim financial report is unaudited.
This is an interim report prepared in accordance with IFRS. The company will publish the first consolidated financial statements in accordance with IFRS for the financial year ending
The information in the interim report is presented in thousands of Euro, except when otherwise stated. All figures presented have been rounded, and consequently the sum of individual figures may deviate from the presented aggregate figure.
NOTES
Distribution of net sales
7-9/2023 | 7-9/2022 | Change | 1-9/2023 | 1-9/2022 | Change | 1-12/2022 | |
Net sales | 6,825 | 5,781 | 18.1 % | 18,907 | 16,101 | 17.4 % | 22,550 |
SaaS | 4,929 | 4,490 | 9.8 % | 14,070 | 12,408 | 13.4 % | 16,989 |
Transaction | 693 | 288 | 141.1 % | 1,408 | 863 | 63.1 % | 1,172 |
Consulting and other | 1,203 | 1,003 | 20.0 % | 3,429 | 2,829 | 21.2 % | 4,390 |
9/2023 | 9/2022 | 12/2022 | |
Acquisition cost 1.1. | 21,779 | 9,688 | 8,748 |
Additions | 11,300 | 12,109 | 13,031 |
Deductions | 0 | 0 | 0 |
Reclassifications | 0 | 0 | 0 |
Acquisition cost at the end of the period | 33,079 | 21,797 | 21,779 |
Accumulated depreciation and amortisation 1.1. | 2,424 | 3,205 | 2,158 |
Accumulated depreciation and amortisation on deductions and transfers | 0 | 0 | 0 |
Depreciation and amortisation for the period | 502 | 150 | 266 |
Accumulated depreciation and amortisation at the end of the period | 2,926 | 3,355 | 2,424 |
Book value at the end of the period | 30,154 | 18,442 | 19,356 |
Tangible assets
9/2023 | 9/2022 | 12/2022 | |
Acquisition cost 1.1. | 2,659 | 1,339 | 1,339 |
Additions | 454 | 1,207 | 1,320 |
Deductions | 0 | 1 | 0 |
Reclassifications | 0 | 0 | 0 |
Acquisition cost at the end of the period | 3,113 | 2,545 | 2,659 |
Accumulated depreciation and amortisation 1.1. | 1,277 | 805 | 805 |
Accumulated depreciation and amortisation on deductions and transfers | 0 | 0 | 0 |
Depreciation and amortisation for the period | 431 | 336 | 471 |
Accumulated depreciation and amortisation at the end of the period | 1,707 | 1,142 | 1,277 |
Book value at the end of the period | 1,405 | 1,403 | 1,382 |
Financial assets and liabilities
Level | Fair value through profit or loss | Amortised cost | Carrying amount | Fair value | |
Non-current financial assets | |||||
Equity investments | 3 | 1,874 | 0 | 1,874 | 1,874 |
Investments | 2 | 0 | 2,045 | 2,045 | 2,045 |
Total non-current financial assets | 1,874 | 2,045 | 3,920 | 3,920 | |
Current financial assets | |||||
Trade receivables | 0 | 5,356 | 5,356 | 5,356 | |
Other receivables | 0 | 523 | 523 | 523 | |
Cash and cash equivalents | 0 | 6,978 | 6,978 | 6,978 | |
Total current financial assets | 0 | 12,857 | 12,857 | 12,857 | |
Non-current financial liabilities | |||||
Loans from financial institutions | 2 | 0 | 6,392 | 6,392 | 6,392 |
Lease liabilities | 0 | 189 | 189 | 189 | |
Total non-current financial liabilities | 0 | 6,581 | 6,581 | 6,581 | |
Current financial liabilities | |||||
Loans from financial institutions | 2 | 0 | 1,872 | 1,872 | 1,872 |
Lease liabilities | 0 | 408 | 408 | 408 | |
Advances received | 0 | 237 | 237 | 237 | |
Trade payables | 0 | 1,264 | 1,264 | 1,264 | |
Contingent consideration | 3 | 4,705 | 0 | 4,705 | 4,705 |
Other payables | 0 | 3,461 | 3,461 | 3,461 | |
Total current financial liabilities | 4,705 | 7,242 | 11,947 | 11,947 |
Group’s commitments
9/2023 | 9/2022 | 12/2022 | |
Collateral securities | |||
Cash pledges (movable object, security) * | 1,073 | 1,073 | 1,073 |
Business mortgage, parent company | 15,000 | 2,000 | 2,000 |
Total collateral securities | 16,073 | 3,073 | 3,073 |
* The value of cash pledges corresponds to the purchase price of the pledged real estate shares
Business acquisitions 2023
On
The purchase price for the share capital of
In addition, the parties agreed on a contingent consideration based on Finvoicer’s financial results for 2023-2025. The contingent additional purchase price amounts to a maximum of
Identifiable assets acquired and liabilities assumed as assets are valued at their fair values at the date of acquisition. Acquired assets include intangible assets recognized separately from goodwill, consisting of customer relationships and technology. The goodwill is based on the expected synergy benefits from the acquisition of
Lemonsoft Group's net sales in
The following table shows the total fair values of the assets and liabilities acquired.
Consideration transferred | |
In cash | 5,963 |
In shares | 195 |
Contingent consideration | 3,250 |
Total consideration transferred | 9,408 |
Assets acquired and liabilities assumed at the date of acquisition | |
Customer relationships | 1,421 |
Technology | 1,132 |
Other intangible assets | 0 |
Right-of-use assets | 147 |
Other tangible assets | 37 |
Trade and other receivables | 2,477 |
Cash and cash equivalents | 415 |
Total assets | 5,629 |
Lease liabilities | 147 |
Trade and other payables | 2,952 |
Deferred tax liabilities | 511 |
Total liabilities | 3,610 |
Total acquired net assets | 2,019 |
Total consideration transferred | 9,408 |
7,389 | |
Cash flow impact of acquisitions | |
Consideration paid in cash | 5,963 |
Cash and cash equivalents transferred | -415 |
Net cash flow on acquisition | 5,548 |
Business acquisitions 2022
On
The purchase price of Logentia Oy's share capital was
In addition, the parties agreed on a contingent consideration based on Logentia Oy's financial results for 2022-2023. The contingent additional purchase price amounts to a maximum of
Identifiable assets acquired and liabilities assumed as assets are valued at their fair values at the date of acquisition. Acquired assets include intangible assets recognized separately from goodwill, consisting of customer relationships and technology. The goodwill is based on the expected synergy benefits from the acquisition of
On
The total purchase price of the acquired businesses was
In addition, the parties agreed on a contingent consideration based on Finazilla Oy's net sales for 2022-2025. The contingent additional purchase price amounts to a maximum of
Identifiable assets acquired and liabilities assumed as assets are valued at their fair values at the date of acquisition. Acquired assets include intangible assets recognized separately from goodwill, consisting of customer relationships and technology. The goodwill is based on the expected synergy benefits from the acquisition of
Duunissa.fi business
On
The purchase price of Duunissa.fi business was negligible, so the acquisition is not specified in the table below.
Logentia Oy's net sales were
The following table shows the total fair values of the assets and liabilities acquired.
Consideration transferred | ||
In cash | 6,422 | 2,804 |
In shares | 1,500 | 0 |
Contingent consideration | 1,000 | 1,500 |
Total consideration transferred | 8,922 | 4,304 |
Assets acquired and liabilities assumed at the date of acquisition | ||
Customer relationships | 1,370 | 183 |
Technology | 717 | 598 |
Other intangible assets | 0 | 107 |
Right-of-use assets | 32 | 152 |
Trade and other receivables | 736 | 113 |
Cash and cash equivalents | 2,317 | 233 |
Total assets | 5,172 | 1,386 |
Lease liabilities | 32 | 152 |
Trade and other payables | 1,164 | 90 |
Deferred tax liabilities | 417 | 156 |
Total liabilities | 1,613 | 398 |
Total acquired net assets | 3,559 | 988 |
Total consideration transferred | 8,922 | 4,304 |
5,363 | 3,316 | |
Cash flow impact of acquisitions | ||
Consideration paid in cash | 6,422 | 2,804 |
Cash and cash equivalents transferred | -2,317 | -233 |
Net cash flow on acquisition | 4,105 | 2,571 |
Events after the review period
There were no significant events after the review period.
Alternative performance measures
Adjusted EBITDA
7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 | |
EBITDA | 2,604 | 2,069 | 5,703 | 5,044 | 7,332 |
EBITDA, % of net sales | 38.2 % | 35.8 % | 30.2 % | 31.3 % | 32.5 % |
M&A expenses | 0 | 82 | 220 | 244 | 257 |
Adjusted EBITDA | 2,604 | 2,150 | 5,924 | 5,288 | 7,589 |
Adjusted EBITDA, % of net sales | 38.2 % | 37.2 % | 31.3 % | 32.8 % | 33.7 % |
Adjusted EBIT
7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 | |
EBIT | 2,218 | 1,830 | 4,771 | 4,558 | 6,594 |
EBIT, % of net sales | 32.5 % | 31.7 % | 25.2 % | 28.3 % | 29.2 % |
M&A expenses | 0 | 82 | 220 | 244 | 257 |
Amortisation of intangible assets related to business combinations | 176 | 90 | 394 | 111 | 203 |
Adjusted EBIT | 2,394 | 2,001 | 5,385 | 4,913 | 7,054 |
Adjusted EBIT, % of net sales | 35.1 % | 34.6 % | 28.5 % | 30.5 % | 31.3 % |
Organic growth of net sales
7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 | |
Net sales | 6,825 | 5,781 | 18,907 | 16,101 | 22,550 |
Impact of acquisitions | -1,101 | -896 | -3,008 | -2,542 | -3,625 |
Net sales of comparison period | 5,781 | 4,427 | 16,101 | 12,284 | 17,227 |
Organic growth of net sales, % | -1.0 % | 10.3 % | -1.3 % | 10.4 % | 9.9 % |
Calculation of key figures
Gross Margin
Net sales + Other operating income - Materials and services
EBITDA
EBIT+ Depreciation and amortisation
Adjusted EBITDA
EBIT + Depreciation and amortisation + M&A expenses +/- Other significant non-recurring items affecting comparability
EBIT
Net sales + Other operating income - Materials and services - Employee benefit expenses - Other operating expenses - Depreciation and amortisation
Adjusted EBIT
EBIT + Amortisation of intangible assets related to business combinations + M&A expenses +/- Other significant non-recurring items affecting comparability
Equity ratio, %
Equity +/- Non-controlling interests x100 / (Balance sheet total - Advances received)
Net debt
Loans from credit institutions + Lease liabilities - Cash and cash equivalents
Gearing, %
(Loans from credit institutions + Lease liabilities - Cash and cash equivalents) x100 / Equity
Earnings per share (EPS)
Profit (loss) for the period attributable to owners of the parent company / Weighted average number of ordinary shares outstanding during the financial year
Return on invested capital (ROIC), %
(Profit (loss) for the period + Financial expenses + Tax expense) / (Equity + Loans from credit institutions + Lease liabilities)
Return on equity (ROE), %
Profit (loss) for the period / ((Equity at the beginning of the period + Equity at the end of the period) /2)
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