Earnings Release • Oct 29, 2015
Earnings Release
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| 2015 | 2014 | 2014* | change* | 2015 | 2014 | $2014*$ | change * | 2014 | 2014* | |
|---|---|---|---|---|---|---|---|---|---|---|
| All figures in NOK million | 7-9 | $7-9$ | $7-9$ | % | $1-9$ | $1-9$ | $1-9$ | % | $1 - 12$ | $1 - 12$ |
| Sales revenue | 94.0 | 102.3 | 96.0 | $-2\%$ | 322.3 | 329.5 | 323.2 | $0\%$ | 439.8 | 433.6 |
| Gross profit | 80.0 | 84.7 | 80.3 | $0\%$ | 270.3 | 272.2 | 267.8 | 1% | 363.9 | 359.6 |
| EBITDA | 9.3 | 7.7 | 7.7 | 21% | 26.9 | 22.2 | 22.1 | 22 % | 25.2 | 25.1 |
| EBITDA margin | 9.9% | 7.6% | 8.0% | 8.3% | 6.7% | 6.8% | 5.7% | 5.8% | ||
| Operating profit (EBIT) before non-recurring items | 4.5 | 2.5 | 2.6 | 70 % | 12.0 | 6.1 | 6.2 | 92% | 3.8 ° | 4.0 |
| EBIT margin before non-recurring items | 4.8% | 2.4% | 2.7% | 3.7% | $1.8 \%$ | 1.9% | 0.9% | 0.9% | ||
| Operating profit (EBIT) | 6.5 | 2.5 | 2.6 | 146 % | 10.3 | 6.1 | 6.2 | 64 % | 0.2 | 0.3 |
| EBIT margin | 6.9% | 2.4% | 2.7% | 3.2% | $1.8 \%$ | 1.9% | 0.6% | 1.3% | ||
| Profit before tax | 6.2 | 2.3 | 2.5 | 147 % | 9.9 | 5.7 | 5.8 | 70 % | $-1.6$ | $-1.4$ |
| Profit for the period | 4.6 | 1.7 | 1.9 | 140 % | 7.2 | 4.1 | 4.3 | 68 % | $-4.9$ | $-4.8$ |
| Profit margin | 4.8% | 1.7% | 2.0% | 2.2% | $1.3\%$ | 1.3% | $-1.1%$ | $-1.1%$ | ||
| Net cash flow from operating activities | 5.3 | $-3.2$ | $-3.2$ | 268 % | $-9.3$ | $-1.0$ | $-1.0$ | $-879%$ | 22.5 | 22.5 |
| Number of employees at the end of the period | 401 | 459 | 429 | $-6\%$ | 401 | 459 | 429 | $-6%$ | 447 | 417 |
The Group's operating revenue of NOK 94.0 million for the third quarter of 2015 represents a decrease of NOK 2 million relative to the same period in 2014.
The operating result before non-recurring items for the third quarter was a profit of NOK 4.5 million (2.6). Improvements were seen in the profitability of Itera's consulting activities in Norway and Denmark and in the profitability of its IT hosting activities in Norway. Itera's consulting activities in Sweden generated weaker results than in the same quarter last year.
The third quarter of 2015 contained the same number of working days as the third quarter of 2014. A change of one working day represents an impact on earnings of approximately NOK 1 million.
This consolidated interim financial report includes Itera ASA and its subsidiaries, and was prepared in accordance with IAS 34, which covers interim reporting, and the Securities Trading Act. The report has not been audited, and does not contain all the information required in an annual financial report. More information about the accounting principles used can be found in Itera's annual report for 2014.
The numbers given in brackets in this report are pro forma figures for the third quarter of 2014. The comparable figures for tax expense and for balance sheet and cash flow items are the figures reported at 30 September 2014.
The Group reports operating revenue of NOK 94.0 million (96.0) for the third quarter of 2015. There was a higher volume of onward sales of software, hardware and thirdparty consultancy in the third quarter of 2014 than in the third quarter of 2015. There was a small decrease in the revenue generated by Itera's own consultants and the revenue generated by Itera's nearshore activities was somewhat lower. Itera's IT hosting activities in Norway grew well again this quarter.
"Gross profit 1" (revenue – cost of goods sold) was NOK 80.0 million (80.3) in the third quarter of 2015.
The Group's operating costs totalled NOK 89.5 million (93.4) in the third quarter of 2015, representing a decrease of 4% relative to the same period last year.
Cost of goods sold was NOK 14.0 million (15.7) in the third quarter of 2015. Cost of goods sold principally consists of services purchased from sub-consultants, costs related to the Group's data centres, and third-party software licences and hardware that form part of larger deliveries. Cost of
goods sold can vary significantly from quarter to quarter. The decrease in the cost of goods sold in the third quarter was due to a smaller volume of onward sales of hardware, software and third-party consultancy.
Personnel costs were NOK 59.4 million (60.8) in the third quarter of 2015, representing a decrease of 2% relative to the same period last year. The decrease was related to the Group having fewer employees. Personnel costs per employee were 6% higher in the third quarter of 2015 than in the same period last year. This was partly due to increases in salaries and partly due to the company having a lower nearshore ratio than in the same period last year, and also due to the Norwegian krone (NOK) being weaker against the US dollar (USD).
Total depreciation and amortisation was NOK 4.8 million (5.0) in the third quarter of 2015, and other operating costs totalled NOK 11.3 million (11.9).
The operating result before depreciation (EBITDA) for the third quarter of 2015 was a profit of NOK 9.3 million (a profit of NOK 7.7 million in Q3 2014), and the operating result before non-recurring items (EBIT) was a profit of NOK 4.5 million (a profit of NOK 2.6 million in Q3 2014).
A gain of NOK 2.0 million was booked in the third quarter of 2015 from the sale of Itera's IT hosting activities in Sweden. The gain was classified as a non-recurring item. There were no non-recurring items in the third quarter of 2014.
Net financial items were NOK -0.2 million (-0.1) in the third quarter of 2015.
The operating result before tax for the third quarter of 2015 was a profit of NOK 6.2 million (a profit of NOK 2.5 million in Q3 2014). Tax expense totalled NOK 1.7 million (0.6) in the third quarter, and tax paid was NOK 0.0 million (0.0).
The Group had deferred tax assets of NOK 3.2 million (8.0) at 30 September 2015, NOK 3.2 million of which is capitalised on the balance sheet.
Itera's cash flow from operations in the third quarter of 2015 was NOK 5.3 million (-3.2). There were changes to working capital which, in conjunction with the improvement in profit, led to an improvement in cash flow from operations relative to the third quarter of 2014.
Accounts receivable from customers were 12% lower at 30 September 2015 than at 30 September 2014.
Work in progress at 30 September 2015 was NOK 2.3 million higher than at the same point in 2014, and this related to fixed-price projects invoiced according to project milestones. Other current receivables increased by NOK 12.4 million, principally due to a change in the principle used for classifying implementation projects.
Accounts payable were NOK 3.9 million higher at 30 September 2015 than at 30 September 2014, while tax payable and public duties payable were in line with the same point in 2014. Other current liabilities were NOK 21.7 million
higher, principally as a result of the above-mentioned reclassification of implementation projects.
Bank deposits totalled NOK 53.8 million (25.0) at 30 September 2015, and the Group has an undrawn credit facility of NOK 25 million.
The Group had interest-bearing liabilities totalling NOK 12.2 million (17.5) at 30 September 2015 related to financial lease agreements entered into in order to finance investments related to IT hosting contracts.
Itera purchased 25,500 of its own shares in the third quarter. The shares were subsequently sold in the third quarter to employees who wished to exercise their share options. Itera did not hold any of its own shares at 30 September 2015.
Equity at 30 September 2015 totalled NOK 62.2 million (60.6). This represented an equity ratio of 33% (36%).
The Group invested in total NOK 2.1 million (2.2) in the third quarter of 2015. Net payments of NOK 8.9 million were received in the third quarter of 2015 in connection with the sale of Itera's IT hosting activities in Sweden. There were no comparable effects in the same period last year.
Investment in Itera's IT hosting activities amounted to NOK 0.2 million (2.6) in the third quarter of 2015. Leasing accounted for NOK 0.0 (0.6) of this amount. Investment in intangible assets (including software developed in-house for ongoing yearly agreements) totalled NOK 1.5 million (1.4) in the third quarter of 2015.
The revenue generated by Itera's own consulting services in Norway and Denmark grew again in the third quarter, while the equivalent services in Sweden saw negative growth due to a reduction in the number of employees. Itera's IT hosting activities in Norway are back in growth, and the restructuring that was carried out has had the desired effect on profits.
Itera's IT hosting activities in Sweden were sold with effect from 1 July 2015 and have been deconsolidated from this date. Pro forma figures have been produced for the company so that the figures reported are comparable for continuing operations. Itera received consideration of SEK 17 million from the sale, SEK 12 million of which was paid when ownership was transferred on 1 July 2015 and SEK 1 million of which is to be paid in October 2015. The variable part of the consideration, SEK 4 million, will be paid between December 2015 and December 2017 on condition that the associated criteria are satisfied.
The Group experienced good order inflows in the third quarter of 2015. Agreements were signed with customers such as Storebrand Livsforsikring, Eika, KLP, Santander, the Norwegian Defence Estates Agency, PRA Group, Norconsult, Lovisenberg Diakonale Sykehus, If, the Norwegian Agriculture Agency, OBOS Forsikring and VPS. A high proportion of these agreements are extensions or expansions of existing commitments. This is in line with the company's strategy, which is to develop long-lasting relationships with customers that have the potential to purchase the whole range of services offered by Itera.
Technology and new services are causing market dynamics and established business models to change significantly. Digitisation is progressing in many instances more quickly than business development, and innovation and time-tomarket are increasingly important for many of Itera's customers. One example of this is provided by Santander. Itera and Santander have collaborated for a long time, and have long been convinced that the automotive industry in Norway will sooner or later go through exactly the same process as other industries, such as the music, video and consumer electronics industries, as well as the clothing and footwear industries.
Tesla was the first to launch on-line car sales in Norway, with the rest of the industry hesitating. In collaboration with Santander, Itera developed the market's first mainstream online service for car sales, with delivery to the customer's door available. Unlike with Tesla, the solution provides customers with financing options in real time. Norwegian car dealers have adopted the solution, and regard it as an important supplement to their traditional dealer model.
The public sector is a special focus area for Itera, and it is a sector that Itera assists in the areas of digitisation and efficiency improvements by delivering a broad range of communication and technology services. The sector is facing a major transformation on account of its ambition to make digital communication its primary means of interaction with citizens.
The City of Oslo is an example of an organisation where Itera has a long-standing and strategic involvement. The City of Oslo has started a historic drive to digitise public services and to modernise its own ICT solutions. Its aim is to increase the availability of self-service options, to enhance customer satisfaction, to strengthen its reputation and to increase the efficiency of case management. Itera has collaborated with the City of Oslo on service design (requirements mapping, customer journeys, concept development, prototyping, design, user testing etc.), and the work in which Itera has participated has been ongoing since 2010.
The City of Oslo's 50 departments are set to digitise their services, and the work involved will take many years. Itera currently has contracts to the end of 2016.
Another example of Itera's involvement in efficiency and digitisation work in the public sector is provided by the Norwegian Defence Estates Agency. As discussed in the second quarter report, the Norwegian Defence Estates Agency was able to reduce the amount of time that a central task took by 97% with the help of a solution developed by Itera that was inspired by the disruptive global booking service Airbnb.
Itera has a strong customer portfolio in the Nordic region, and many customers have the potential to purchase the whole range of services offered by the Group. A key part of Itera's strategy is to maintain and develop the Group's largest and most strategic relationships across national borders and areas of expertise.
The revenue from Itera's 30 largest customers grew by 2% in the third quarter of 2015 and accounted for 70% of the Group's operating revenue, up from 68% in the third quarter of 2014.
The Group's headcount at the end of the third quarter of 2015 was 401 as compared to 429 at the end of the same quarter in 2014. This represents a decrease of 12%. Some of the reduction is due to the closure of an unprofitable department in Itera's IT hosting activities in Norway as previously announced, and the nearshore ratio has also been somewhat lower.
The proportion of Itera's capacity that is located nearshore (its nearshore ratio) was 31% (33%) at the end of the third quarter. The Group's development centre in Bratislava provides flexibility with regard to meeting the target of achieving a nearshore ratio of 50% in the future.
Itera's activities are influenced by a number of different factors, some of which are within the company's control, and some of which are not. As a service company, Itera faces business risks associated with competition and pressure on prices, project overruns, recruitment, loss of key resources, customers' performance and bad debts. Market-related risks include risks related to the business cycle. Financial risks include currency fluctuations, principally in relation to the Swedish krona (SEK) and the Danish krone (DKK), as well as in relation to the US dollar (USD) and the euro (EUR) against the Norwegian krone (NOK) in connection with the Group's nearshore activities. In addition, interest rate changes will affect the returns earned by the Group on its bank deposits, as well as leasing costs and the cost of credit facilities.
The Group is exposed through its nearshore activities in Ukraine to new risk factors such as country risk, data security and corruption. Itera has a zero tolerance policy on corruption and has therefore decided not to deliver services to the public or private sector in Ukraine.
More information about risks and uncertainties can be found in Itera's annual report for 2014.
The company's overall strategy of developing large, longterm customer relationships, increasing the number of project deliveries which involve the full range of the Group's services, using nearshore resources and focusing on operational efficiency remains unchanged.
Itera is developing its range of services to meet customers' requirements, and its services are based on combining communication and technology.
The interim report for the fourth quarter of 2015 will be published and presented on 19 February 2016.
| 2015 | 2014 | $2014*$ | change* | 2015 | 2014 | $2014*$ | change* | 2014 | 2014* | |
|---|---|---|---|---|---|---|---|---|---|---|
| All figures in NOK 1000 | $7-9$ | $7-9$ | $7-9$ | % | $1-9$ | $1-9$ | $1-9$ | % | $1 - 12$ | $1 - 12$ |
| Sales revenue | 94 006 | 102 251 | 96 004 | $-2\%$ | 322 278 | 329 467 | 323 220 | $0\%$ | 439 845 | 433 598 |
| Operating expenses | ||||||||||
| Cost of sales | 14 003 | 17 598 | 15 683 | $-11%$ | 51 984 | 57 305 | 55 390 | $-6%$ | 75926 | 74 011 |
| Personnel expenses | 59 402 | 64 017 | 60799 | $-2%$ | 206 883 | 213018 | 209 800 | $-1%$ | 288 639 | 285 421 |
| Depreciation | 4816 | 5 2 9 8 | 5031 | $-4\%$ | 14 9 14 | 16 113 | 15846 | $-6%$ | 21 407 | 21 140 |
| Other operating expenses | 11 3 12 | 12888 | 11865 | $-5%$ | 36511 | 36 968 | 35 945 | 2% | 50 047 | 49 0 24 |
| Total operating expenses | 89 533 | 99 801 | 93 378 | $-4%$ | 310 292 | 323 404 | 316981 | $-2%$ | 436 019 | 429 596 |
| Operating profit before non-recurring items | 4473 | 2450 | 2626 | 70 % | 11986 | 6 0 6 3 | 6 2 3 9 | 92% | 3826 | 4 0 0 2 |
| Non-recurring items | $-2000$ | $\bf{0}$ | 0 | 1732 | 0 | 0 | 3668 | 3668 | ||
| Operating profit after non-recurring items | 6473 | 2450 | 2626 | 146 % | 10 254 | 6063 | 6 2 3 9 | 64 % | 158 | 334 |
| Financial items | ||||||||||
| Other financial income | 748 | 149 | 149 | 402 % | 2821 | 416 | 416 | 578 % | 1462 | 1462 |
| Other financial expenses | 981 | 251 | 244 | 302 % | 3 1 4 7 | 818 | 811 | 288 % | 3 1 7 4 | 3 1 6 7 |
| Net financial items | $-233$ | $-102$ | $-95$ | $-145%$ | $-326$ | $-402$ | -395 | 17% | $-1712$ | $-1705$ |
| Profit before tax | 6 2 4 0 | 2 3 4 8 | 2531 | 147 % | 9928 | 5662 | 5845 | 70 % | $-1554$ | $-1371$ |
| Tax | 1685 | 634 | 634 | 166 % | 2681 | 1529 | 1529 | 75 % | 3 3 9 4 | 3 3 9 4 |
| Profit for the period | 4555 | 1714 | 1897 | 140 % | 7 247 | 4 1 3 3 | 4316 | 68 % | $-4947$ | -4764 |
| 2015 | 2014 | change | 2014 | |
|---|---|---|---|---|
| All figures in NOK 1000 | Sep 30 | Sep 30 | % | 31 Dec |
| ASSETS | ||||
| Non-current assets | ||||
| Deferred tax assets Other intangible assets |
3 177 14 966 |
7 999 15 205 |
-60 % -2 % |
5 810 15 871 |
| Fixed assets | 20 027 | 28 463 | -30 % | 26 922 |
| Total non-current assets | 38 170 | 51 667 | -26 % | 48 604 |
| Current assets | ||||
| Work in progress | 9 163 | 6 840 | 34 % | 12 228 |
| Accounts receivable | 59 969 | 68 031 | -12 % | 59 692 |
| Other receivables | 30 086 | 17 707 | 70 % | 17 221 |
| Bank deposits | 53 777 | 25 008 | 115 % | 67 189 |
| Total current assets | 152 996 | 117 586 | 30 % | 156 331 |
| Total assets | 191 166 | 169 253 | 13 % | 204 935 |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 24 656 | 24 656 | 0 % | 24 656 |
| Other equity | 29 606 | 31 771 | -7 % | 34 159 |
| Net profit for the period | 7 247 | 4 133 | 75 % | -4 947 |
| Total equity | 61 509 | 60 560 | 2 % | 53 868 |
| Non-current liabilities | ||||
| Non-current interest bearing liabilities | 12 230 | 17 507 | -30 % | 16 032 |
| Total non-current liabilities | 12 230 | 17 507 | -30 % | 16 032 |
| Current liabilities | ||||
| Accounts payable | 17 958 | 14 056 | 28 % | 27 245 |
| Tax payable | 11 | 11 | -2 % | 5 |
| Public duties payable | 25 699 | 25 975 | -1 % | 30 801 |
| Other short-term liabilities | 73 759 | 51 143 | 44 % | 76 984 |
| Total current liabilities | 117 427 | 91 186 | 29 % | 135 035 |
| Total liabilities | 129 656 | 108 693 | 19 % | 151 066 |
| Total equity and liabilities | 191 166 | 169 253 | 13 % | 204 935 |
| Equity ratio | 32 % | 36 % | 26 % |
| 2015 | 2014 | change | 2015 | 2014 | change | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | 7-9 | 7-9 | % | 1-9 | 1-9 | % |
| Cash flow from operating activities | ||||||
| Profit before taxes | 6 240 | 2 348 | 166 % | 9 928 | 5 662 | 75 % |
| Profit from sale of subsidiary | -2 000 | 0 | -2 000 | 0 | ||
| Tax paid | 0 | 0 | 0 | -521 | 100 % | |
| Depreciation | 4 816 | 5 298 | -9 % | 14 914 | 16 113 | -7 % |
| Change in w ork in progress |
3 506 | 830 | 322 % | 2 663 | 8 817 | -70 % |
| Change in accounts receivable | -2 787 | -957 | -191 % | -5 465 | 1 651 | -431 % |
| Change in accounts payable | -2 372 | -7 861 | 70 % | -7 382 | -13 115 | 44 % |
| Change in other accruals | -3 115 | -2 442 | -28 % | -22 495 | -18 446 | -22 % |
| Effect of currency changes | 1 044 | -392 | 366 % | 520 | -1 113 | 147 % |
| Net cash flow from operating activities | 5 333 | -3 176 | 268 % | -9 318 | -952 | -879 % |
| Cash flow from investment activities | ||||||
| Investment in fixed assets | -508 | -814 | 38 % | -2 389 | -3 921 | 39 % |
| Investment in intangible assets | -1 564 | -1 389 | -13 % | -4 781 | -3 505 | -36 % |
| Receipt from sale of shares in other companies | 8 872 | 8 872 | ||||
| Net cash flow from investment activities | 6 800 | -2 203 | 409 % | 1 702 | -7 426 | 123 % |
| Cash flow from financing activities | ||||||
| Purchase of ow n shares |
-75 | -67 | -12 % | -75 | -67 | -12 % |
| Sales of ow n shares |
69 | 69 | ||||
| Borrow ings repaid |
-2 079 | -1 830 | -14 % | -5 790 | -5 740 | -1 % |
| Dividend | 0 | 0 | 0 | -28 765 | 100 % | |
| Net cash flow from financing activities | -2 085 | -1 897 | -10 % | -5 796 | -34 572 | 83 % |
| Net cash flow | 10 048 | -7 276 | 238 % | -13 412 | -42 950 | 69 % |
| Bank deposits at the beginning of the period | 43 729 | 32 284 | 35 % | 67 189 | 67 958 | -1 % |
| Bank deposits at the end of the period | 53 777 | 25 008 | 115 % | 53 777 | 25 008 | 115 % |
| New borrowing related to leasing | 0 | 635 | -100 % | 1 988 | 7 420 | -73 % |
| Share | Ow n |
Other | Translation | Other | Total | |
|---|---|---|---|---|---|---|
| All figures in NOK 1000 | capital | shares | equity | differences | equity | equity |
| Shareholders' equity as of 31 Dec 2013 | 24 656 | 0 | 138 | -1 140 | 63 280 | 86 935 |
| Comprehensive income for the year | 0 | 0 | 0 | 545 | -4 947 | -4 402 |
| Option costs | 0 | 0 | 168 | 0 | 0 | 168 |
| Purchase of ow n shares |
0 | 315 | 0 | 0 | -315 | 0 |
| Sale of ow n shares |
0 | -315 | 0 | 0 | 248 | -67 |
| Dividend | 0 | 0 | 0 | 0 | -28 765 | -28 765 |
| Shareholders' equity as of 31 Dec 2014 | 24 656 | 0 | 306 | -595 | 29 500 | 53 868 |
| Comprehensive income year to date 2015 | 0 | 0 | 0 | 401 | 7 247 | 7 648 |
| Purchase of ow n shares |
0 | 75 | 0 | 0 | 0 | 75 |
| Sale of ow n shares |
0 | -75 | 0 | 0 | - 6 |
-81 |
| Shareholders' equity as of 30 Sep 2015 | 24 656 | 0 | 306 | -194 | 36 741 | 61 509 |
There have been no material transactions with related parties during the reporting period 31 December 2014 to 30 September 2015.
There have been no events after 30 September 2015 that would have an effect on the interim accounts.
| 2015 | 2014 | 2014* | change* | 2015 | 2014 | 2014* | change* | 2014 | $2014*$ | |
|---|---|---|---|---|---|---|---|---|---|---|
| All figures in NOK 1000 | $7-9$ | $7-9$ | $7-9$ | % | $1-9$ | $1-9$ | $1-9$ | % | $1 - 12$ | $1-12$ |
| Profit & Loss | ||||||||||
| Sales revenue | 94 006 | 102 251 | 96 004 | $-2%$ | 322 278 | 329 467 | 323 220 | 0% | 439 845 | 433 598 |
| Gross profit 1 | 80 003 | 84 653 | 80 321 | 0% | 270 294 | 272 162 | 267830 | 1% | 363 919 | 359 587 |
| EBITDA | 9 2 8 9 | 7748 | 7657 | 21 % | 26 900 | 22 177 | 22 086 | 22 % | 25 233 | 25 142 |
| EBITDA margin | 9.9% | 7.6% | 8.0% | 8.3% | 6.7% | 6.8% | 5.7% | 5.8% | ||
| Operating profit (EBIT) before non-recurring items | 4 4 7 3 | 2 4 5 0 | 2626 | 70 % | 11 986 | 6063 | 6239 | 92 % | 3826 | 4 0 0 2 |
| EBIT margin before non-recurring items | 4.8% | 2.4% | 2.7% | 3.7% | 1.8% | 1.9% | 0.9% | 0.9% | ||
| Operating profit (EBIT) | 6473 | 2 4 5 0 | 2626 | 146 % | 10 254 | 6063 | 6239 | 64 % | 158 | 334 |
| EBIT margin | 6.9% | 2.4% | 2.7% | 3.2% | 1.8% | 1.9% | 0.0% | 0.1% | ||
| Profit before taxes | 6 2 4 0 | 2 3 4 8 | 2531 | 147 % | 9928 | 5662 | 5845 | 70 % | $-1554$ | $-1371$ |
| Profit for the period | 4555 | 1714 | 1897 | 140 % | 7 247 | 4 1 3 3 | 4 3 1 6 | 68 % | $-4947$ | $-4764$ |
| Balance sheet | ||||||||||
| Non-current assets | 38 170 | 51 667 | 51 667 | $-26%$ | 38 170 | 51 667 | 51 667 | $-26%$ | 48 604 | 48 604 |
| Bank deposits | 53777 | 25 008 | 25 008 | 115% | 53777 | 25 008 | 25 008 | 115% | 67 189 | 67 189 |
| Current assets | 152 996 | 117 586 | 117 586 | 30 % | 152 996 | 117 586 | 117 586 | 30 % | 156 331 | 156 331 |
| Total assets | 191 166 | 169 253 | 169 253 | 13% | 191 166 | 169 253 | 169 253 | 13% | 204 935 | 204 935 |
| Equity | 61 509 | 60 560 | 60 560 | 2% | 61 509 | 60 560 | 60 560 | 2% | 53 868 | 53 868 |
| Total current liabilities | 117 427 | 91 186 | 91 186 | 29 % | 117427 | 91 186 | 91 186 | 29 % | 135 035 | 135 035 |
| Equity ratio | 32.2% | 35.8% | 35.8% | $-10%$ | 32.2% | 35.8% | 35.8% | $-10%$ | 26.3% | 26.3% |
| Current ratio | 1.30 | 1.29 | 1.29 | 1% | 1.30 | 1.29 | 1.29 | 1% | 1.16 | 1.16 |
| Cash flow | ||||||||||
| Net cash flow from operating activities | 5 3 3 3 | $-3176$ | $-3176$ | 268 % | $-9318$ | $-952$ | $-952$ | $-879%$ | 45 846 | 45 846 |
| Net cash flow | 10 048 | $-7276$ | $-7276$ | 238 % | $-13412$ | -42 950 | $-42950$ | 69% | $-770$ | $-770$ |
| Share information | ||||||||||
| Number of shares | 82 186 624 | 82 186 624 | 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 | 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 |
| Weighted average basic shares outstanding | 82 186 624 | 82 186 624 | 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 | |
| Weighted average diluted shares outstanding | 82 186 624 | 82 186 624 | 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 82 186 624 | $0\%$ | 82 186 624 | 82 186 624 | |
| EBIT per share | 0.06 | 0.02 | 0.02 | 166 % | 0.09 | 0.05 | 0.05 | 68 % | $-0.06$ | $-0.06$ |
| Diluted EBIT per share | 0.06 | 0.02 | 0.02 | 166 % | 0.09 | 0.05 | 0.05 | 68 % | $-0.06$ | $-0.06$ |
| EBITDA per share | 0.11 | 0.09 | 0.09 | 20% | 0.33 | 0.27 | 0.27 | 22 % | 0.31 | 0.31 |
| Equity per share | 0.75 | 0.74 | 0.74 | 2% | 0.75 | 0.74 | 0.74 | 2% | 0.66 | 0.66 |
| Dividend per share | 0.00 | 0.06 | 0.06 | $-100%$ | 0.00 | 0.06 | 0.06 | $-100%$ | 0.35 | 0.35 |
| Employees | ||||||||||
| Number of employees at the end of the period | 401 | 459 | 429 | $-6%$ | 401 | 459 | 429 | $-6%$ | 447 | 417 |
| Average number of employees | 412 | 462 | 447 | $-8%$ | 434 | 462 | 452 | $-4\%$ | 458 | 443 |
| Operating revenue per employee | 228 | 221 | 215 | 6 % | 742 | 714 | 716 | 4 % | 960 | 979 |
| Gross profit 1 per employee | 194 | 183 | 180 | 8% | 623 | 589 | 593 | 5 % | 795 | 812 |
| Personnel expenses per employee | 144 | 139 | 136 | 6% | 477 | 461 | 464 | 3% | 630 | 644 |
| Other operating expenses per employee | 27 | 28 | 27 | 3% | 84 | 80 | 80 | 6 % | 109 | 111 |
| EBITDA per employee | 23 | 17 | 17 | 32 % | 62 | 48 | 49 | 27 % | 55 | 57 |
| EBIT per employee | 16 | 5 | 6 | 167% | 24 | 13 | 14 | 71% | $\bf{0}$ | 1 |
EBITDA
EBIT
* = pro forma
EBITDA margin
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