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Klappir Grænar Lausnir hf. Annual Report 2024
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Annual Report
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Un-audited Consolidated Financial Statements for 2024
Financial statement release for 2024
Annual Report
Business 2024 highlights
Impact
- 9 Klappir's ecosystem is expa:di:g rapidly, :ow comprisi:g over 2,000 compa:ies i: the Busi:ess Ecosystem, with growi:g opportu:ities i: global markets" The compa:y's global operatio:s :ow exte:d to more tha: 30 cou:tries!
- 9 The global part:er :etwork is growi:g, :ow e:compassi:g 30 part:ers who are steadily i:creasi:g Klappir's marketi:g prese:ce a:d reach across various markets!
- 9 Subscriptio: reve:ue grew 18"2% year-over-year, reflecti:g stro:g performa:ce across various markets!
- 9 Subscriptio: reve:ue was 64% of the total reve:ue compared to 54% i: 2022!
- 9 The operati:g profit was 97"0 millio: i: 2024!
- 9 The :et profit was 81"4 millio: i: 2024" If we i:clude the periodical allocatio: of reve:ue the :et profit is 31"8 millio:s"
Financial
- 9 Total reve:ue reached 602"9 millio:, reflecti:g a: 5"1% i:crease from the previous year" Of this, subscriptio: reve:ue accou:ted for 384"3 millio:, represe:ti:g a 18"2% growth year-over-year!
- 9 EBITDA was 153"9 millio: (25"5%) compared to 97"2 millio: (16"9%) i: 2023 reflecti:g solid a:d efficie:t orga:isatio:!
- 9 Operati:g profit (EBIT) was 97"0 millio:, compared with 46"0 millio: i: 2023!
- 9 Net profit was 81"4 millio: compared to 8"8 millio: i: 2023" If we i:clude the periodical allocatio: of reve:ue the :et profit is 31"8 millio:s"n
- 9 Total assets were 913"4 millio:, compared with 804"9 millio: i: 2023!
- 9 Total liabilities were 504"5 millio: compared with 427"1 millio: i: 2023!
- 9 Equity ratio was 44"8%, compared with 46"9% i: 2023!
- 9 Cash a:d cash equivale:ts at the e:d of 2024 was 265 millio:"
2.000+
Companies in the Business Ecosystem
30+
Countries where Klappir's Products and Services are now available
200+
Dedicated Klappir's Employees (including the Partner Network)
Revenue Progress
Message from the CEO
Jon Agust Thorsteinsson
Strong Subscription Growth and Increased Customer Subscription Value
The 2024 results show strong growth in subscription revenue, increasing 18.2% YoY. Additionally, average revenue per customer subscription is rising. This indicates increased user adoption within organizations and a growing recognition of sustainability's importance.
Healthy Operating Results Fuel R&D and Marketing Expansion
Partnership Strategy Boosts Sales, Shows Promising Scalability
Klappir's Sustainability Initiatives Make Impact in Brazil and Denmark
As our global leadership and recognition in the sustainability sector grow, we are invited to participate in impactful projects that positively affect communities. Our projects in Brazil and Denmark exemplify our commitment to educating the market and implementing technical frameworks that help thousands of companies and individuals recognize sustainability as a key driver in our society.
A healthy 25.5% EBITDA margin strengthens the company's ability to invest in product innovation and market expansion. As the market evolves, it is increasingly important for companies to choose the right partner for the sustainability journey – one with a market-leading product and the capacity to adapt it to international requirements. Klappir foresees AI becoming a key driver in collecting and processing sustainability data, simplifying processes and increasing data quality. Klappir is investing heavily in this technology to maximize benefits for its customers and stay ahead of the curve in product innovation.
Despite uncertainty in the market for sustainability accounting and reporting, Klappir is coming out with a good year. The subscription revenue had an impressive 18.2% growth, and the EBITDA ratio is 25.5% of the total revenue. This positive performance comes despite a challenging economic climate, demonstrating the resilience and strength of Klappir's business model. Even with this challenging environment, we notice increasing interest in our sustainability software and a willingness from Nordic countries to start their sustainability journey. Companies are starting to understand the importance of implementing end-to-end sustainability solutions that create the technical environment for companies to fulfill compliance requirements and, at the same time, lead them further into their sustainability journey.
A strong focus on becoming a partner-first organization allows us to act locally and expand globally with our sustainability product. This go-to-market strategy not only helps us recruit new partners and expand our footprint in the market, but it also enables us to scale our business and improve efficiency. As our customer base and business partnerships grow, we've invested in predefined blueprints and best practices programs to enhance customer onboarding and elevate our customer success service levels. Additionally, we've established a customer advisory board to gather valuable feedback, strengthening our product roadmap
New Subscription Plans Support Customer Sustainability Journeys
In 2024, Klappir invested significant effort to align its product features with companies' sustainability journeys. These new offerings have been well-received by our customers, who can now better identify their position on the sustainability roadmap and set their ambitions for the coming years.
AI Simplifies Data Collection and Management
Predefined Customer Success Program Enhances Service Quality
Redesigned UI and New Reporting Module Enhance User Experience
Klappir has consistently invested a significant portion of its revenue into research and development to maintain product leadership in the sustainability sector and strengthen its position as a pureplay, product-led company. This strategic focus has resulted in continuous product improvement, including this year's UI redesign, a new reporting module, and numerous other released features
| ISK million | 2024* | 2024 | 2023 | 2023-24 |
|---|---|---|---|---|
| Income statement | Change | |||
| Total revenue | 602.9 | 602.9 | 573.50 | 5.1% |
| Allocation of revenue | (49.6) | |||
| Net revenue | 553.3 | 602.9 | 573.50 | |
| Cost of service sold | (47.3) | (47.3) | ||
| Gross profit | 506.0 | 555.6 | 573.50 | |
| Salaries and other employee expences | (301.0) | (301.0) | (285.3) | 5.5% |
| Other operating expenses | (100.7) | (100.7) | (191.0) | -47.3% |
| Amortisation and depreciation | (57) | (57) | (51.2) | 11.2% |
| Operating profit | 47.3 | 97.0 | 46.02 | 110.8% |
| Financial income | 8.5 | 8.5 | 4.3 | 95.9% |
| Financial expences | (37.7) | (37.7) | (35.1) | 7.1% |
| Net currency difference | 13.6 | 13.6 | (7.50) | -280.0% |
| Profit before income taxes | 31.8 | 81.4 | 7.76 | 948.6% |
| Income taxes | 0.0 | 0.0 | 0.99 | |
| Net profit | 31.8 | 81.4 | 8.8 | 830.0% |
Income statements
For the period from January 1, 2024, to December 31, 2024.
| ISK million | 2024* | 2024 | 2023 | 2023-24 |
|---|---|---|---|---|
| Financial highlights | Change | |||
| Net revenue | 553.3 | 602.9 | 573.6 | 5.1% |
| EBITDA | 104.3 | 153.9 | 97.2 | 58.3% |
| EBITDA margin | 18.8% | 25.5% | 16.9% | |
| EBIT margin | 8.5% | 16.1% | 8.0% | |
| EBT margin | 5.7% | 13.5% | 1.4% | |
| Net profit margin | 5.7% | 13.5% | 1.5% | |
| Total assets | 913.4 | 913.4 | 804.9 | 13.5% |
| Total liabilities | 504.5 | 504.5 | 427.2 | 18.1% |
| Total equity and liabilities | 913.4 | 913.4 | 804.9 | 13.5% |
| Cash and cash equivalents at the end of year | 265.1 | 265.1 | 274.3 | |
| Share performance and capital allocation | ||||
| Current ratio | 3.6 | 3.6 | 6.2 | |
| Equity ratio | 44.8% | 44.8% | 46.9% | |
| Value of share capital - equity/share capital | 2.9 | 2.9 | 2.7 |
Balance sheet
as of December 31, 2024
| ISK million | Note | 2024* | 2024 | 2023 |
|---|---|---|---|---|
| Non-Current Assets | ||||
| Intangible assets | 2 | 380.2 | 380.2 | 285.2 |
| Operating assets | 2 | 3.5 | 3.5 | 5.1 |
| Deposits | 1.4 | 1.4 | 1.4 | |
| Deferred tax assets | 28.1 | 28.1 | 28.4 | |
| Total non-current assets | 413.2 | 413.2 | 320.1 | |
| Current Assets | ||||
| Accounts receivable | 21.3 | 21.3 | 16.4 | |
| Other short term receivables | 213.8 | 213.8 | 194.1 | |
| Cash and cash equivalents | 265.1 | 265.1 | 274.3 | |
| Total current assets | 500.2 | 500.2 | 484.8 | |
| Total assets | 913.4 | 913.4 | 804.9 |
139.0
478.2 135.4 (375.0) 0.55 378.2 313.1 35.3 348.4 22.4 56.3 0.0 78.7 427.2 805.4
2023
| ISK million | Note | 2024* | 2024 | |
|---|---|---|---|---|
| Equity and liabilities | ||||
| Share capital | 139.0 | 139.0 | ||
| Share premium | 478.2 | 478.2 | ||
| Reserved equity | 135.4 | 135.4 | ||
| Accumulated deficit | (343.2) | (293.6) | ||
| Translation differences | (0.4) | (0.4) | ||
| Total equity | 1 | 408.9 | 458.6 | |
| Long term loans | 329.5 | 329.5 | ||
| Owed to related parties | 35.3 | 35.3 | ||
| Total non-current liabilities | 364.8 | 364.8 | ||
| Account payables | 24.6 | 24.6 | ||
| Other short term liabilities | 66.1 | 66.1 | ||
| Pre collected income |
48.9 | 0.0 | ||
| Total current liabilities | 139.6 | 90.7 | ||
| Total liabilities | 504.4 | 455.5 | ||
| Total equity and liabilities | 913.4 | 914.1 |
Cash flow statement
for the period ended December 31 2024
| ISK million | 2024* | 2024 | 2023 |
|---|---|---|---|
| Cash flow statement | |||
| Net profit | 47.3 | 96.9 | 46.0 |
| Items not affecting cash flows: | |||
| Depreciation and amortisation | 57.0 | 57.0 | 51.2 |
| Loss (-profits) from sale of fixed assets | 0.0 | 0.0 | (19.8) |
| Change in working capital | 104.3 | 153.9 | 77.4 |
| Current receivable, (increase)/decrease | (24.6) | (24.6) | (20.4) |
| Current liabilities, increase/(decrease) | 24.2 | 24.2 | (8.4) |
| Interest received | 8.5 | 8.5 | 4.3 |
| Interest paid | (0.9) | (0.9) | (5.6) |
| Currency exchange rate differences | (0.1) | (0.1) | (7.5) |
| Net cash generated from operating activities | 111.4 | 111.4 | 39.9 |
| Purchase of intangible assets | (150.2) | (150.2) | (96.1) |
| Purchase of tangible assets (equipment) | (0.2) | (0.2) | 0.0 |
| Net cash from investment activities | (150.5) | (150.5) | (80.5) |
274.2
2023
| ISK million | 2024* | 2024 | |
|---|---|---|---|
| Financing activities | |||
| Own shares, sold/(purchased) | 0.0 | 0.0 | |
| Proceeds from sales of intangible assets | 0.0 | 0.0 | |
| Net cash from financing activities | 0.0 | 0.0 | |
| Changes in cash and cash equivalents | 9.0 | 9.0 | |
| Cash and cash equivalents at beginning of period | 274.3 | 274.3 | |
| Effects of currency exchange rate difference | -0.2 | -0.2 | |
| Cash and cash equivalents at end of period | 265.1 | 265.1 |
Notes
to the financial statements
SHAREHOLDERS' EQUITY
Tangible and intangible assets
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| Share capital | Share premium | Restricted equity | Retained earnings | Total equity | Goodwill | Research and development |
Other tangible assets |
Samtals | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 01.01.2023 | 139.353.700 | 482.279.200 | 113.010.584 | (361.229.402) | 373.414.082 | Balance at O1 .01.2023 | 71.549.984 | 166.619.898 | 8.873.075 | 247.042.957 |
| Purchased own stock | (310.000) | (4.080.000) | (4.390.000) | Purchased during the year | 96.111.129 | 96.111.129 | ||||
| Translation difference | (68.911) | 68.911 | Sold during the year | (20.000.000) | (20.000.000) | |||||
| Profit/(loss) for the period | 8.754.277 | 8.754.277 | Capital gain (loss) of sale of asset | 19.830.435 | 19.830.435 | |||||
| Correction | (1.658.026) | (1.658.026) | ||||||||
| Equity at 31.12.2023 | 139.043.700 | 478.199.200 | 113.010.584 | (352.544.036) | 377.709.488 | The year s amortization/depreciation |
(17.920.881) | (30.853.807) | (2.269.094) | (51.043.782) |
| Purchased own stock | 0 | |||||||||
| Translation difference | (489.911) | (489.911) | Balance at 31.12.2023 | 53.629.103 | 230.049.629 | 6.603.981 | 290.282.713 | |||
| Profit/(loss) for the period | 31.718.817 | 31.718.817 | Purchased during the year | 150.236.700 | 236.058 | 150.472.758 | ||||
| The year s amortization/depreciation |
(17.920.881) | (37.295.747) | (1.764.542) | (56.981.170) | ||||||
| Equity at 30.06.2024 | 139.043.700 | 478.199.200 | 113.010.584 | (321.315.130) | 408.938.354 | Balance at 30.06.2023 | 35.708.222 | 342.990.582 | 5.075.497 | 383.774.301 |
Klappir is a leading sustainability software company, founded in 2014 and headquartered in Iceland. Klappir stands out due to its comprehensive approach to operations, trusted experience, groundbreaking product portfolio, and strategic expansion into new markets. In a world increasingly focused on sustainability, Klappir is not only driving its own growth but also spearheading a transformative shift in how businesses align with the complex challenges of sustainability accounting and reporting.
About Klappir
Klappir has emerged as the foremost provider of sustainability software, offering an advanced platform thoroughly crafted to empower effective sustainability management across various sectors such as businesses, municipalities, and governments. The core of Klappir's offering lies in its ability to seamlessly facilitate engagement with sustainability data, enabling enhanced efficiency and well-informed decision-making.
Klappir B shares are listed on Nasdaq First North Iceland (KLAPP-B). For more information, visit klappir.com
As a leader in sustainability software solutions, Klappir holistic approach to operations, innovative product offerings, and strategic market expansion pave the way for Klappir to thrive in an increasingly sustainability-driven world. Klappir's visionary journey promises not only growth but also a transformative impact on how companies navigate and embrace the complexities of sustainability accounting and reporting.
klappir.com [email protected]
