iLOQ’s net sales increased by 24.3% during the first half-year and the company continued strategic investments in international growth

January–June 2019:

EUR million 1-6/2019 1-6/2018 1-12/2018
Net sales 27.4 22.0 50.2
EBITDA (1) 3.0 4.7 9.5
EBITA (2) 1.6 4.2 8.3
Interest-bearing net debt (3) -1.8 -5.2 -4.2

The key figures are consolidated figures calculated and reported in accordance with IFRS. The interim figures have not been audited.

(1) EBITDA = Operating profit + Depreciations and amortizations

(2) EBITA = Operating profit + amortizations of intangible assets arising from corporate acquisitions

(3) Interest-bearing net debt = Interest-bearing debt – cash and cash equivalents and loans receivable. Interest-bearing debt on June 30, 2019 includes EUR 1.5 million of debt related to IFRS 16.

The company continued to strengthen its organization to support growth

During the first half-year, iLOQ continued to implement its growth strategy by investing strongly in marketing and by strengthening its organization to support the company’s long-term internationalization and growth targets. The efforts in the organization were focused especially on strengthening the company’s international sales, key customer sales and product development.

CEO Heikki Hiltunen:

“The figures for the first half-year are an excellent indication that iLOQ’s growth strategy, which was updated last year, is working. Our net sales increased by 24.3% from the corresponding period in the previous year to EUR 27.4 million. In accordance with our strategy, we have made significant investments to ensure future growth and international expansion. The investments will have a short-term negative impact on the company’s result, as planned.”

Financial development in the review period

iLOQ continued to grow in line with its targets in January–June 2019. The company’s net sales amounted to EUR 27.4 million, increasing by 24.3% compared to the corresponding period in the previous year. Gross profit amounted to 54.2% (56.9%) of net sales. Operating profit (EBIT) was EUR 1.6 (4.2) million.

The company’s liquidity and financing position were strong. Cash flow from operating activities totaled EUR 4.1 (3.1) million, improving year-on-year, especially due to the increased operative result. The group had a balance sheet total of EUR 29.0 (23.0) million and an equity ratio of 56.6% (64.1%) at the end of the review period.



Heikki Hiltunen

More information

CEO Heikki Hiltunen
Tel. +358 40 317 0260

CFO Esa Myllylä
Tel. +358 40 317 0222

iLOQ in brief

iLOQ is a rapidly growing Finnish company that is leading the technological revolution in the digital locking industry. iLOQ transforms mechanical locks into digital and mobile access management. iLOQ solutions are based on technologies developed and patented by the company, enabling electronic and mobile locking without batteries or cables. iLOQ replaces mechanical and electromechanical locking systems with environmentally friendly solutions that solve the problems of lost or copied keys, reduce lock maintenance and minimize lifecycle costs.