2011-08-09 07:30:00 CEST
2011-08-09 08:09:54 CEST
REGULATED INFORMATION
Innofactor Oyj - Interim report (Q1 and Q3)
Innofactor Plc's interim report for January 1 - June 30, 2011 (IFRS)
Innofactor Plc Stock Exchange Release August 9, 2011 at 8:30 Finnish time
Summary
Innofactor group's key figures for April 1 - June 30, 2011:
-- Net sales EUR 4,360 thousand (2010: 2,148), increase of 103.0%
-- Earnings before interest, taxes, depreciation and amortization (EBITDA),
EUR 275* thousand (2010: 78), increase of 252.6%
-- EBITDA percentage 6.3%* (2010: 3.6%)
-- Earnings before interest and taxes (EBIT) EUR 142* thousand (2010: 8)
-- EBIT percentage 3.3%* (2010: 0.4%)
Innofactor group's key figures for January 1 - June 30, 2011:
-- Net sales EUR 8,303 thousand (2010: 4,358), increase of 90.5%
-- Earnings before interest, taxes, depreciation and amortization (EBITDA),
EUR 425* thousand (2010: 426), decrease of 0.2%
-- EBITDA percentage 5.1%* (2010: 9.8%)
-- Earnings before interest and taxes (EBIT) EUR 161* thousand (2010: 287)
-- EBIT percentage 1.9%* (2010: 6.6%)
* The figures include one-off costs related to the relisting and the
combination of shares to the amount of about EUR 200 thousand during January 1
- March 31, 2011 and to the amount of about EUR 100 thousand during April 1 -
June 30, 2011.
The future outlook for Innofactor remains the same. The group's net sales for
2011 are expected to be about EUR 17 million, which will be an increase of
about 70% on 2010. In addition, earnings before interest, taxes, depreciation
and amortization (EBITDA) are expected to be higher both in euros and in
percentage than in 2010 (2010: EUR 979 thousand and 9.9%)
Key figures of the group
The figures presented in this interim report have not been audited.
mo. 4-6 mo. 4-6 Change mo. 4-6 mo. 4-6 Change mo. 4-6
/2011 /2010 /2011 /2010 /2010
--------------------------------------------------------------------------------
--
--------------------------------------------------------------------------------
--
Net 4,360 2,148 +103.0 8,303 4,358 +90.5% 9,862
sales %
, EUR
thous
and
Earnin 275 78 +252.6 425 426 -0.2% 979
gs %
befor
e
inter
est,
taxes
,
depre
ciatio
n and
amort
izatio
n
(EBIT
DA),
EUR
thous
and*
percen 6.3% 3.6% 5.1% 9.8% 9.9%
tage
of
net
sales
*
Earnin 142 8 +1 161 287 -43.9% 702
gs 675.0
befor %
e
inter
est
and
taxes
(EBIT
), EUR
thous
and*
percen 3.3% 0.4% 1.9% 6.6% 7.1%
tage
of
net
sales
*
Earnin 139 7 +1 155 285 -45.6% 696
gs 885.7
befor %
e
taxes
, EUR
thous
and*
percen 3.2% 0.3% 1.9% 6.5% 7.1%
tage
of
net
sales
*
Earnin 108 5 +2 121 207 -41.5% 505
gs, 060.0
EUR %
thous
and*
percen 2.5% 0.2% 1.5% 4.7% 5.1%
tage
of
net
sales
*
Equity 12,399 2,328 +432.6 12,399 2,328 +432.6 12,278
, EUR % %
thous
and
Return 3.5% 0.8% 1.9% 16.8% 6.8%
on
equit
y**
Return 4.6% 1.4% 2.6% 23.3% 9.7%
on
inves
tment*
*
Net -6.1% -19.4% -6.1% -19.4% -14.0%
geari
ng
Equity 75.6% 51.9% 75.6% 51.9% 68.6%
ratio
Balanc 17,967 4,811 +273.5 17,967 4,811 +273.5 19,517
e % %
sheet
total
, EUR
thous
and
Resear 654 1,246 1,173
ch and
devel
opment
, EUR
thous
and***
percen 15.0% 15.0% 11.9%
tage
of
net
sales
***
Person 175 102 +71.6% 173 95 +82.1% 108
nel on
avera
ge
durin
g the
revie
w
perio
d
Person 185 144 +28.5% 185 144 +28.5% 171
nel at
the
end
of
the
revie
w
perio
d
Number 29,261 800 19,314 925 +51.5% 29,261 800 19,314 925 +51.5% 29,261
849
of
share
s at
the
end
of
the
revie
w
perio
d****
Earnin 0.0037 0.0003 +1,133 0.0041 0.0121 -66.1% 0.0274
gs per .3%
share
(EUR)
****
Shareh 0.424 0.121 +250.4 0.424 0.121 +250.4 0.420
olders % %
'
equit
y per
share
(EUR)
****
--------------------------------------------------------------------------------
--
* The figures include one-off costs of related to the relisting and the
combination of shares to the amount of about EUR 200 thousand during January 1
- March 31, 2011 and to the amount of about EUR 100 thousand during April 1 -
June 30, 2011.
** The return on equity and the return on investment as percentages have been
adjusted to correspond with the 12-month period.
**** There are no comparison data for the corresponding review period in as
Innofactor did not draft comparable interim reports in 2010 due to the reverse
acquisition in accordance with IFRS 3.
**** The number of shares before December 27, 2010 presented in the table has
been calculated from the number of Innofactor Oy shares due to the reverse
acquisition in accordance with IFRS 3. In accordance with the decision of the
Innofactor Plc's Annual General Meeting on April 28, 2011, twenty old shares
were consolidated into one new share (registered in the Trade Register on May
7, 2011) which reduced the total number of shares to 1/20 of the previous
number. The key figures presented in the table have been adjusted to correspond
with the current number of shares.
Reporting
Innofactor Plc operates on a single segment and mainly in Finland, offering
software, systems and related services. No distribution of net sales or
earnings by segment or geographical area is therefore presented.
CEO Sami Ensio's review:
During April 1 - June 30, 2011, Innofactor's net sales grew by 103.0% from the
corresponding period last year. This increase was largely based on acquisitions
made in 2011, and about 34% of the increase was organic growth. Growth for the
whole year is expected to be about 70%.
Research and development continued to focus on new versions of old products and
Innofactor's first cloud solutions in particular. Research and development
costs recognized in the profit and loss statement were EUR 654 thousand during
April 1 - June 30, 2011 (there is no comparison figure available for the same
period in 2010; total research and development costs in 2010 were EUR 1,173
thousand).
Earnings before interest, taxes, depreciation and amortization (EBITDA) during
April 1 - June 30, 2011 were EUR 275 thousand (6.3%) and earnings before
interest and taxes (EBIT) were EUR 142 thousand (3.3%),
In May 2011, the company launched a cost-effectiveness program described in the
previous interim report, which places special emphasis on unifying and
improving practices related to project management and resource allocation and
cutting other business costs. The program has already helped to increase
productivity in June 2011 already, when the company's business results were
clearly higher than in the previous months. Cutting other business costs is
expected to reduce costs from July 2011 on. Profitability for the rest of the
year is expected to improve due to our strong order book and the planned
decrease in research and development from the first half of the year.
In June, Innofactor revamped its brand, which involved a renewed customer
promise called Your Partner. Your Solution.™, which underlined the company's
long-term collaboration with its customers.
Innofactor continues to seek potential strategic partnerships in Finland and
neighboring countries. The group will seek growth, which can be organic or
based on mergers or acquisitions.
Market outlook and business environment
In June 2011, Innofactor was awarded the Microsoft Country Partner of the Year,
which reinforced the company's position as one of Microsoft's key partners in
Finland.
On July 10, 2011, at the Microsoft Worldwide Partner Conference in Los Angeles,
USA, Innofactor launched its new cloud services. These services drew a fair
amount of attention, and Innofactor believes there is a significant
international market for them.
Innofactor's market outlook is positive.
Espoo, August 9, 2011
INNOFACTOR PLC
Board of Directors
Additional information:
Sami Ensio, CEO, Innofactor Plc
tel. +358 50 584 2029
sami.ensio@innofactor.com
Distribution:
NASDAQ OMX Helsinki
Main media
www.innofactor.fi
Financial releases in 2011
The interim reports of Innofactor Plc will be published as follows:
-- Interim report January-September on November 1, 2011, at 8:30 Finnish time
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