CAPNOR WEASEL BIDCO OYJ – Half-Year Financial Report, January – June 2022
Half-Year Financial Report 2022
|
|
|
|
Change |
|
|
Change |
|
|
EUR thousand |
Q2 2022 |
Q2 2021 |
in % |
H1 2022 |
H1 2021 |
in % |
FY 2021 |
|
Revenue |
28,790 |
23,172 |
24% |
54,506 |
42,215 |
29% |
102,921 |
|
EBITDA |
4,684 |
4,291 |
9% |
10,052 |
6,785 |
48% |
22,588 |
|
EBITDA margin |
16% |
19% |
|
18% |
16% |
|
22% |
|
EBIT |
2,405 |
2,230 |
8% |
5,487 |
2,722 |
102% |
14,382 |
|
EBIT margin |
8% |
10% |
|
10% |
6% |
|
14% |
|
Operational Cash Flow |
442 |
1,277 |
-65% |
3,893 |
-1,917 |
-303% |
7,339 |
|
Operational Cash Flow % |
2% |
6% |
|
7% |
-5% |
|
7% |
|
Adjusted EBITDA* |
5,172 |
4,291 |
21% |
10,540 |
6,785 |
55% |
22,588 |
|
Adjusted EBITDA margin* |
18% |
19% |
|
19% |
16% |
|
22% |
|
Adjusted EBIT* |
2,893 |
2,230 |
30% |
5,976 |
2,722 |
120% |
14,382 |
|
Adjusted EBIT margin* |
10% |
10% |
|
11% |
6% |
|
14% |
|
Adjusted Operational Cash Flow* |
930 |
1,277 |
-27% |
4,381 |
-1,917 |
-329% |
7,339 |
|
Adjusted Operational Cash Flow %* |
3% |
6% |
|
8% |
-5% |
|
7% |
* Q2/H1 2022 EBITDA, EBIT & Operational Cash Flow include an impact from a market study conducted with and external company, which is an item affecting comparability. The impact of this study included in EBITDA, EBIT and Operational Cash Flow was 488 thousand euros and is not a recurring item. This cost has been excluded in the Adjusted EBITDA, EBIT and Operational Cash Flow figures above.
Management overview of the second quarter
Following a strong Q1 2022, iLOQ was able to continue on its growth path in Q2 2022. The Group’s revenue growth was 24% year-on-year with strong performance across all regions and segments.
The successful actions to mitigate potential supply-chain disruptions due to the global electronics component shortages continued in Q2 2022. Management successfully continued measures to secure delivery capability and to mitigate possible unforeseen supply-chain disruptions in the second quarter to be able to meet customer demand. These actions continued the trend of higher inventory levels compared to Q2 2021. The company is likely to continue to hold higher than normal inventory levels in the coming quarters to mitigate any possible supply-chain disruption coming from the global component shortage. This increase in working capital had a material negative effect on the Group’s cash situation, but management continues to hold the view that, by strategically prioritizing delivery capability, the Group has been able to continue gaining market share in Q2 2022.
In addition to the global electronics component shortages, the timing of China's COVID-19 restrictions, the increased geopolitical risks related to the crisis in Ukraine and the rising inflation especially in building materials are having a material impact to global supply chains. Despite the above-mentioned uncertainties, iLOQ has been able to continue its strong growth trajectory and management continues to take necessary mitigation actions to secure delivery capability.
Q2 2022 included multiple significant events for iLOQ: iLOQ’s plans to expand to the USA was announced, the company’s first sustainability report was published and Jaana Klinga was appointed as iLOQ’s General Counsel.
Second quarter 2022
Total revenue grew 24% compared to Q2 2021, driven by strong sales across all regions and segments. ILOQ continues to rapidly gain market share with its leading self-powered digital solutions. To date, iLOQ has had no delivery issues despite the negative supply-chain disruptions affecting the industry.
Adjusted EBITDA amounted to MEUR 5.2 (4.3), corresponding to a 18% (19%) EBITDA margin. The increase in EBITDA was mainly caused by the increased volumes.
Adjusted EBIT amounted to MEUR 2.9 (2.2), corresponding to a 10% (10%) EBIT margin. The increase in EBIT was mainly caused by the increased volumes.
Adjusted Operational Cash Flow was MEUR 0.9 (1.3). The decrease was mainly caused by increases in the receivables, which is expected to come back to normal levels during H2 2022. The decision to continue having increased inventories to mitigate any possible global component situation shortage related supply chain disruptions had a material negative impact on the Q2 2022 Operational Cash Flow. The company is expected to continue having higher than normal inventories until the global component situation improves to guarantee its ability to produce and ship iLOQ products to customers.
First half 2022
Total revenue grew 29% compared to first half 2021, driven by strong sales across all regions and segments. In addition to iLOQ’s strong product offering, the strong revenue and delivery performance can be partly credited to the management’s decision to strategically increase short-term inventory levels to mitigate any possible supply-chain disruptions and therefore be able to gain market share due to high delivery capability.
Adjusted EBITDA amounted to MEUR 10.5 (6.8), corresponding to a 19% (16%) EBITDA margin. The increase in EBITDA was mainly caused by the increased volumes and operating leverage.
Adjusted EBIT amounted to MEUR 6.0 (2.7), corresponding to a 11% (6%) EBIT margin. The increase in EBIT was mainly caused by the increased volumes and operating leverage.
Adjusted Operational Cash Flow was MEUR 4.4 (-1.9). The increase was mainly caused by increased profitability, partly offset by the continued higher inventory levels.
Events after the reporting period
On the 8th of July, iLOQ announced that it had acquired Kodinportti / IT-Salonen Ltd’s share capital. Under the trade name DreamIt, IT-Salonen specializes in providing a wide range of IT services and various cyber services, and also develops software products. "The acquisition will strengthen iLOQ's digital competence and competitiveness. By bringing DreamIt's expertise to us, we will be able to develop new features for the iLOQ HOME access management system," explains Heikki Hiltunen, President and CEO of iLOQ.
Key Figures
|
FINANCIAL KEY FIGURES |
H1 2022 |
H1 2021 |
FY 2021 |
|
Revenue (EUR 1,000) |
54,506 |
42,215 |
102,921 |
|
Operating profit (EUR 1,000) |
5,487 |
2,722 |
14,382 |
|
Operating profit (%) |
10.1 % |
6.4 % |
14.0 % |
|
Equity ratio (%) |
60.8 % |
60.5 % |
60.9 % |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees for the financial period |
241 |
208 |
214 |
|
|
|
|
|
Quarterly Information
|
QUARTERLY INFORMATION |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
Revenue |
14,040 |
15,234 |
16,412 |
28,440 |
19,043 |
23,172 |
21,282 |
39,424 |
25,716 |
28,790 |
|
EBITDA |
-116 |
1,437 |
3,669 |
7,644 |
2,494 |
4,291 |
3,986 |
11,818 |
5,368 |
4,684 |
|
EBITDA margin |
-1% |
9% |
22% |
27% |
13% |
19% |
19% |
30% |
21% |
16% |
|
EBIT |
-1,991 |
-537 |
2,011 |
5,606 |
492 |
2,230 |
1,902 |
9,758 |
3,083 |
2,405 |
|
EBIT margin |
-14% |
-4% |
12% |
20% |
3% |
10% |
9% |
25% |
12% |
8% |
|
Operational Cash Flow |
693 |
387 |
1,509 |
5,428 |
-3,194 |
1,277 |
-859 |
10,114 |
3,451 |
442 |
|
Operational Cash Flow % |
5% |
3% |
9% |
19% |
-17% |
6% |
-4% |
26% |
13% |
2% |
|
Adjusted EBITDA |
1,123 |
1,437 |
3,669 |
7,644 |
2,494 |
4,291 |
3,986 |
11,818 |
5,368 |
5,172 |
|
Adjusted EBITDA margin |
8% |
9% |
22% |
27% |
13% |
19% |
19% |
30% |
21% |
18% |
Declaration of the Board
We confirm that, to the best of our knowledge, the condensed financial statements give a true and fair view of the Group’s assets, liabilities, financial position and results of operations for the period. We also confirm, to the best of our knowledge, that the management overview includes a fair review of important events that have occurred during the first half 2022.
Espoo August 12, 2022
Heikki Hiltunen Karl Petersson
President and CEO Member of the Board
INCOME STATEMENT
|
CONSOLIDATED INCOME STATEMENT, IFRS |
|
|
|
|
|
|
EUR Thousand |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
FY 2021 |
|
|
|
|
|
|
|
|
Revenue |
28,790 |
23,172 |
54,506 |
42,215 |
102,921 |
|
Other income |
|
|
0 |
0 |
0 |
|
|
|
|
|
|
|
|
Materials and services |
-12,345 |
-9,907 |
-23,479 |
-18,487 |
-44,459 |
|
Employee benefit exenses |
-6,928 |
-5,772 |
-12,985 |
-10,700 |
-22,072 |
|
Depreciation, amortization and impairment losses |
-2,279 |
-2,060 |
-4,564 |
-4,063 |
-8,207 |
|
Other operating expenses |
-4,833 |
-3,202 |
-7,990 |
-6,243 |
-13,802 |
|
Operating profit |
2,405 |
2,230 |
5,487 |
2,722 |
14,382 |
|
|
|
|
|
|
|
|
Finance income |
5 |
17 |
10 |
38 |
73 |
|
Finance cost |
-1,089 |
-999 |
-2,162 |
-1,924 |
-3,947 |
|
Net financial expenses |
-1,084 |
-982 |
-2,152 |
-1,886 |
-3,874 |
|
|
|
|
|
|
|
|
Profit (-loss) before taxes |
1,321 |
1,248 |
3,335 |
835 |
10,507 |
|
|
|
|
|
|
|
|
Income taxes |
-512 |
-480 |
-1,077 |
-435 |
-2,014 |
|
|
|
|
|
|
|
|
Profit (loss) for the financial period |
809 |
769 |
2,258 |
401 |
8,493 |
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
|
Translation differences |
15 |
17 |
12 |
1 |
-19 |
|
|
|
|
|
|
|
|
Total comprehensive income |
824 |
786 |
2,270 |
402 |
8,474 |
|
|
|
|
|
|
|
|
Earnings per share, undiluted (EUR) |
8,089 |
7,684 |
22,581 |
4,005 |
84,933 |
|
Earnings per share, diluted (EUR) |
8,089 |
7,684 |
22,581 |
4,005 |
84,933 |
BALANCE SHEET
|
CONSOLIDATED BALANCE SHEET, IFRS |
|
|
|
|
EUR Thousand |
Jun 2022 |
Jun 2021 |
Dec 2021 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
101,024 |
101,712 |
101,313 |
|
Goodwill |
91,672 |
91,672 |
91,672 |
|
Property, plant and equipment |
6,416 |
4,802 |
4,983 |
|
Deferred tax assets |
411 |
481 |
494 |
|
Total non-current assets |
199,523 |
198,667 |
198,461 |
|
|
|
|
|
|
|
|
|
|
|
Inventories |
22,876 |
15,179 |
19,804 |
|
Trade and other receivables |
17,240 |
14,903 |
16,826 |
|
Cash and cash equivalents |
6,297 |
1,666 |
7,536 |
|
Total current assets |
46,413 |
31,748 |
44,165 |
|
|
|
|
|
|
Total assets |
245,936 |
230,415 |
242,626 |
|
|
|
|
|
|
EQUITY & LIABILITIES |
|
|
|
|
Equity |
|
|
|
|
Share capital |
80 |
80 |
80 |
|
Invested unrestricted equity fund |
143,240 |
142,980 |
143,240 |
|
Translation difference |
8 |
-1 |
-5 |
|
Retained earnings |
6,187 |
-4,151 |
3,949 |
|
Total equity |
149,515 |
138,908 |
147,264 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Financial liabilities |
54,495 |
54,308 |
54,400 |
|
Non-current lease liabilities |
1,469 |
739 |
680 |
|
Non-current provisions |
263 |
993 |
807 |
|
Deferred tax liabilities |
17,505 |
18,319 |
17,919 |
|
Total non-current liabilities |
73,732 |
74,360 |
73,805 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Short-term interest-bearing liabilities |
0 |
0 |
0 |
|
Account payables and other liabilities |
19,799 |
15,303 |
18,132 |
|
Current lease liabilities |
1,398 |
998 |
933 |
|
Current provisions |
920 |
634 |
1,009 |
|
Current tax liabilities |
573 |
211 |
1,484 |
|
Total current liabilities |
22,688 |
17,147 |
21,557 |
|
|
|
|
|
|
Total liabilities |
96,421 |
91,507 |
95,362 |
|
|
|
|
|
|
Total equity and liabilities |
245,936 |
230,415 |
242,626 |
STATEMENT OF CASH FLOWS
|
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS |
|
|
|
|
|
|
EUR Thousand |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
FY 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FORM OPERATING ACTIVITIES |
|
|
|
|
|
|
Profit (Loss) for the financial period |
809 |
768 |
2,258 |
400 |
8,493 |
|
Adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
2,279 |
2,061 |
4,564 |
4,063 |
8,207 |
|
Unrealized exchange rate gains and losses |
0 |
0 |
0 |
0 |
9 |
|
Financial Income |
-6 |
-17 |
-10 |
-38 |
-73 |
|
Financial Expense |
1,089 |
999 |
2,162 |
1,924 |
3,947 |
|
Taxes |
513 |
480 |
1,077 |
435 |
2,014 |
|
Other adjustments |
0 |
0 |
0 |
0 |
0 |
|
Change in Working Capital: |
|
|
|
|
|
|
Change in trade and other receivables |
-3,885 |
-1,581 |
-316 |
-2,753 |
-4,651 |
|
Change in inventory |
-2,413 |
-2,946 |
-3,072 |
-4,933 |
-9,557 |
|
Change in trade and other payables |
4,698 |
2,970 |
1,681 |
1,703 |
4,528 |
|
Change in provisions |
-511 |
26 |
-633 |
142 |
330 |
|
Interest paid |
-775 |
-787 |
-1,525 |
-1,524 |
-3,181 |
|
Interest received |
0 |
0 |
0 |
0 |
12 |
|
Income tax paid |
-449 |
-348 |
-2,313 |
-2,098 |
-2,868 |
|
Other financial items |
-54 |
-43 |
-106 |
-90 |
-200 |
|
Net cash flow from operating activities (A) |
1,294 |
1,584 |
3,767 |
-2,769 |
7,012 |
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
|
Investments in intangible assets |
-1,674 |
-1,075 |
-3,075 |
-2,134 |
-4,406 |
|
Investments in tangible assets |
-458 |
-408 |
-744 |
-726 |
-1,495 |
|
Business acquisitions |
0 |
0 |
0 |
0 |
0 |
|
Net cash flow from investing activities (B) |
-2,132 |
-1,483 |
-3,819 |
-2,860 |
-5,900 |
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
Common control merger |
0 |
0 |
0 |
0 |
6 |
|
Payments of lease liabilities |
-410 |
-297 |
-811 |
-559 |
-1,204 |
|
Proceeds from short-term liabilities |
0 |
0 |
0 |
0 |
0 |
|
Payments of short-tem liabilities |
0 |
0 |
0 |
0 |
0 |
|
Net cash flow from financing activities (C) |
-410 |
-297 |
-811 |
-559 |
-1,198 |
|
|
|
|
|
|
|
|
CHANGE IN CASH AND EQUIVALENTS (A+B+C) |
-1,247 |
-196 |
-863 |
-6,188 |
-87 |
|
|
|
|
|
|
|
|
Cash and cash equivalents, in the beginning of period |
7,735 |
1,974 |
7,536 |
8,013 |
8,013 |
|
Net effect of exchange rate changes on cash and cash equivalents |
-190 |
-112 |
-376 |
-159 |
-391 |
|
Cash and cash equivalents, at the end of period |
6,297 |
1,666 |
6,297 |
1,666 |
7,536 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
EUR thousand |
||||||
|
Equity on Jan 1, 2022 |
80 |
0 |
143,240 |
-4 |
3,949 |
147,265 |
|
Adjustment for previous year's retained earnings |
|
|
|
|
-20 |
-20 |
|
Comprehensive income |
|
|
|
|
|
|
|
Profit for the financial year |
0 |
0 |
0 |
12 |
2,258 |
2,270 |
|
Total comprehensive income |
80 |
0 |
143,240 |
8 |
6,187 |
2,270 |
|
Equity on Jun 30, 2022 |
80 |
0 |
143,240 |
8 |
6,187 |
149,515 |
|
EUR thousand |
||||||
|
Equity on Jan 1, 2021 |
80 |
0 |
142,980 |
15 |
-4,568 |
138,507 |
|
Adjustment for previous year's retained earnings |
0 |
0 |
0 |
0 |
0 |
0 |
|
Comprehensive income |
|
|
|
|
|
|
|
Profit for the financial year |
0 |
0 |
0 |
1 |
401 |
401 |
|
Total comprehensive income |
0 |
0 |
0 |
1 |
401 |
401 |
|
Equity on Jun 30, 2021 |
80 |
0 |
142,980 |
16 |
-4,167 |
138,908 |
|
EUR thousand |
||||||
|
Equity on Jan 1, 2021 |
80 |
0 |
142,980 |
15 |
-4,568 |
138,507 |
|
Adjustment for previous year's retained earnings |
|
|
|
|
23 |
23 |
|
Comprehensive income |
|
|
|
|
|
|
|
Profit for the financial year |
0 |
0 |
0 |
-19 |
8,493 |
8,474 |
|
Total comprehensive income |
80 |
0 |
142,980 |
-19 |
3,925 |
8,474 |
|
|
|
|
|
|
|
|
|
Transactions with shareholders |
|
|
|
|
|
|
|
Common interest merger |
|
|
260 |
|
|
260 |
|
Total transactions with shareholders |
0 |
0 |
260 |
0 |
0 |
260 |
|
Equity on Dec 31, 2021 |
80 |
0 |
143,240 |
-4 |
3,949 |
147,265 |
Notes to the interim consolidated financial statements
- Reporting Entity
Capnor Weasel Bidco Oyj (the Company) is domiciled in Finland. These condensed interim financial statements for the quarter ended June 30, 2022 comprise the Company and its subsidiaries (together referred to as the ‘Group’)
- Accounting Principles
The Group’s Interim Report for January-June 2022 has been prepared in line with IAS 34, ‘Interim Financial Reporting’ and should be read in conjunction with the Group’s financial statements for 2021, published on April 7, 2022. The Group has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2021. The information presented in this Interim Report has not been audited.
- Seasonality
The Group operates in an industry that sees seasonal changes in revenue. In a typical year, the first three quarters amount to approximately two thirds of the Group’s full-year revenue while the last quarter sees the revenue rise to amount to one third of the full-year revenue. Therefore, in a normalized year, the financial results of the fourth quarter can be expected to be stronger than compared to the first three quarters.
- Segment reporting
Capnor Weasel Bidco Group is a Finnish group of companies. In addition to the parent company Capnor Weasel Bidco Oyj, iLOQ Group belongs to the Group. Industrial operations are in the iLOQ Group that offers solutions for electronical locking. iLOQ Group operates with a network business model in the manufacture and distribution of products. iLOQ Group’s products are sold through iLOQ’s distribution channel providing professional installation and maintenance services. iLOQ Group has subsidiaries in Sweden, Denmark, Norway, Germany, the Netherlands, France, Spain, Great Britain and Canada.
The Group's business operations are managed and monitored as one entity. Subsidiaries are sales organizations and their turnover consists of commission charges from the iLOQ Group's parent company. Based on the similarity of business operations, products, services and production process, the Group has only one operating segment. The Executive Board is iLOQ Group's chief operative decision maker. The Executive Board evaluates the performance of the company and the use of resources as a whole.
Composition of the Group's turnover and geographical distribution is presented with the notes related to turnover. The Group has no external customers with net sales over 10% of the Group's total net sales. The Group's most significant non-current assets are located at the domicile state of the parent company.
- Revenue
The revenue of Capnor Weasel Bidco Group consists of digital locking and access management systems. The Group's products consist of supplied locks and software as well as lock operation and maintenance services. The Group's customers are retailers and partners of locking products.
Revenue is recognized when control over the goods or the service is transferred to the customer. Lock deliveries are recognized as revenue when control is transferred on the basis of the delivery of the products, when the risks and benefits have been transferred to retailers. EX Works Incoterms delivery term is generally used on the delivery of products. For one significant customer, performance obligation is satisfied at the time of the delivery, and for these deliveries Delivered Duty Paid Incoterms are applied. Revenue from maintenance and repair services is recognized over time as the customer receives the benefits simultaneously as the service is provided. Sales contracts are made with the regular payment terms. A yearly discount can be granted to customers for products sold.
The Group's revenue by geographical area is presented below.
|
REVENUE BY GEOGRAPHY |
Q2 2022 |
% of Rev |
Q2 2021 |
% of Rev |
H1 2022 |
% of Rev |
H1 2021 |
% of Rev |
|
EUR thousand |
||||||||
|
Finland |
10,195 |
35 % |
9,652 |
42 % |
19,759 |
36 % |
16,657 |
39 % |
|
Northern Europe excl Finland |
9,037 |
31 % |
7,172 |
31 % |
16,360 |
30 % |
13,596 |
32 % |
|
Rest of the World |
9,559 |
33 % |
6,348 |
27 % |
18,387 |
34 % |
11,962 |
28 % |
|
Total Sales |
28,790 |
100 % |
23,172 |
100 % |
54,506 |
100 % |
42,215 |
100 % |
The classification of revenue according to the timing of product deliveries and service production is presented below
|
REVENUE |
Q2 2022 |
% of Rev |
Q2 2021 |
% of Rev |
H1 2022 |
% of Rev |
H1 2021 |
% of Rev |
|
EUR thousand |
||||||||
|
Revenue is recognized at point in time |
28,170 |
97,8 % |
22,768 |
98,3 % |
53,336 |
97,9 % |
41,468 |
98,2 % |
|
Revenue is recognized over time |
620 |
2,2 % |
403 |
1,7 % |
1,170 |
2,1 % |
747 |
1,8 % |
|
Total Sales |
28,790 |
100 % |
23,172 |
100 % |
54,506 |
100 % |
42,215 |
100 % |
INTANGIBLE ASSETS
|
EUR thousand |
||||||||
|
Acquisition cost, Jan 1, 2022 |
80,424 |
322 |
12,865 |
91,672 |
1,875 |
12,142 |
6,013 |
205,313 |
|
Transfer between items |
42 |
|
|
|
|
|
-154 |
-112 |
|
Additions |
631 |
40 |
|
|
372 |
|
2,032 |
3,075 |
|
Acquisition cost, Jun 30, 2022 |
81,097 |
362 |
12,865 |
91,672 |
2,247 |
12,142 |
7,891 |
208,276 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2022 |
8,330 |
105 |
1,764 |
|
464 |
1,663 |
|
12,327 |
|
Amortization |
2,166 |
36 |
429 |
|
218 |
404 |
|
3,253 |
|
Accumulated depreciations and impairment Jun 30, 2022 |
10,496 |
141 |
2,193 |
|
682 |
2,067 |
|
15,580 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2022 |
72,094 |
216 |
11,101 |
91,672 |
1,411 |
10,479 |
6,013 |
192,986 |
|
Carrying amount Jun 30, 2022 |
70,601 |
220 |
10,672 |
91,672 |
1,565 |
10,075 |
7,891 |
192,696 |
|
EUR thousand |
||||||||
|
Acquisition cost, Jan 1, 2021 |
79,699 |
210 |
12,865 |
91,672 |
850 |
12,142 |
3,103 |
200,540 |
|
Transfer between items |
-228 |
|
|
|
|
|
254 |
26 |
|
Additions |
|
52 |
|
|
821 |
|
1,259 |
2,132 |
|
Acquisition cost, Jun 30, 2021 |
79,471 |
262 |
12,865 |
91,672 |
1,670 |
12,142 |
4,616 |
202,698 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2021 |
4,251 |
46 |
906 |
|
162 |
854 |
|
6,219 |
|
Amortization |
2,012 |
28 |
429 |
|
222 |
405 |
|
3,095 |
|
Accumulated depreciations and impairment Jun 30, 2021 |
6,263 |
74 |
1,335 |
|
384 |
1,259 |
|
9,314 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2021 |
75,448 |
164 |
11,959 |
91,672 |
688 |
11,288 |
3,103 |
194,321 |
|
Carrying amount Jun 30, 2021 |
73,209 |
187 |
11,531 |
91,672 |
1,287 |
10,885 |
4,616 |
193,384 |
|
EUR thousand |
||||||||
|
Acquisition cost, Jan 1, 2021 |
79,699 |
210 |
12,865 |
91,672 |
850 |
12,142 |
3,103 |
200,540 |
|
Transfer between items |
91 |
|
|
|
1,003 |
|
-1,094 |
|
|
Additions |
268 |
112 |
|
|
22 |
|
4,004 |
4,406 |
|
Common control merger |
366 |
|
|
|
|
|
|
366 |
|
Acquisition cost, Dec 31, 2021 |
80,424 |
322 |
12,865 |
91,672 |
1,875 |
12,142 |
6,013 |
205,313 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2021 |
4,251 |
46 |
906 |
|
162 |
854 |
|
6,219 |
|
Amortization |
4,079 |
59 |
858 |
|
302 |
809 |
|
6,108 |
|
Accumulated depreciations and impairment Dec 31, 2021 |
8,330 |
105 |
1,764 |
|
464 |
1,663 |
|
12,327 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2021 |
75,448 |
164 |
11,959 |
91,672 |
688 |
11,288 |
3,103 |
194,321 |
|
Carrying amount Dec 31, 2021 |
72,094 |
216 |
11,101 |
91,672 |
1,411 |
10,479 |
6,013 |
192,986 |
PROPERTY, PLANT AND EQUIPMENT
|
Owned property, plant and equipment |
|
|
|
Right-of-use assets |
|
|
|
EUR thousand |
||||||
|
Acquisition cost, Jan 1, 2022 |
4,194 |
586 |
195 |
1,869 |
2,012 |
8,857 |
|
Transfer between items |
290 |
-354 |
0 |
0 |
0 |
-64 |
|
Additions |
209 |
410 |
125 |
347 |
1,719 |
2,810 |
|
Acquisition cost, Jun 30, 2022 |
4,693 |
641 |
320 |
2,216 |
3,731 |
11,602 |
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2022 |
1,482 |
0 |
85 |
1,041 |
1,267 |
3,875 |
|
Amortisation |
430 |
0 |
64 |
305 |
513 |
1,311 |
|
Accumulated depreciations and impairment Jun 30, 2022 |
1,912 |
0 |
149 |
1,346 |
1,779 |
5,186 |
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2022 |
2,712 |
586 |
110 |
828 |
745 |
4,983 |
|
Carrying amount Jun 30, 2022 |
2,781 |
641 |
171 |
870 |
1,952 |
6,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned property, plant and equipment |
|
|
|
Right-of-use assets |
|
|
|
EUR thousand |
||||||
|
Acquisition cost, Jan 1, 2021 |
2,401 |
286 |
104 |
1,014 |
713 |
4,519 |
|
Transfer between items |
168 |
-191 |
0 |
0 |
0 |
-23 |
|
Additions |
200 |
474 |
54 |
0 |
595 |
1,323 |
|
Acquisition cost, Jun 30, 2021 |
2,768 |
569 |
158 |
1,014 |
1,308 |
5,818 |
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2021 |
651 |
0 |
39 |
513 |
575 |
1,778 |
|
Changes in agreements |
|
|
|
48 |
0 |
48 |
|
Amortisation |
358 |
0 |
22 |
252 |
336 |
968 |
|
Accumulated depreciations and impairment Jun 30, 2021 |
1,009 |
0 |
61 |
813 |
911 |
2,793 |
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2021 |
2,401 |
286 |
104 |
1,014 |
713 |
4,519 |
|
Carrying amount Jun 30, 2021 |
2,411 |
570 |
135 |
714 |
972 |
4,802 |
|
Owned property, plant and equipment |
|
|
|
Right-of-use assets |
|
|
|
EUR thousand |
||||||
|
Acquisition cost, Jan 1, 2021 |
3,052 |
287 |
143 |
1,527 |
1,288 |
6,297 |
|
Transfer between items |
669 |
-670 |
0 |
0 |
0 |
0 |
|
Additions |
473 |
970 |
52 |
342 |
724 |
2,561 |
|
Acquisition cost, Dec 31, 2021 |
4,194 |
586 |
195 |
1,869 |
2,012 |
8,857 |
|
|
|
|
|
|
|
|
|
Accumulated depreciations and impairment Jan 1, 2021 |
651 |
0 |
39 |
513 |
575 |
1,778 |
|
Amortisation |
831 |
0 |
46 |
528 |
692 |
2,097 |
|
Accumulated depreciations and impairment Dec 31, 2021 |
1,482 |
0 |
85 |
1,041 |
1,267 |
3,875 |
|
|
|
|
|
|
|
|
|
Carrying amount Jan 1, 2021 |
2,401 |
286 |
104 |
1,014 |
713 |
4,520 |
|
Carrying amount Dec 31, 2021 |
2,712 |
586 |
110 |
828 |
745 |
4,982 |
RELATED PARTY TRANSACTIONS
The Group’s related parties consist of parent company iLOQ Oy and its subsidiaries. In addition, related parties include iLOQ-Group’s Board members as key management personnel, the CEO and members of the Group management, as well as entities that are under the control of key management personnel and their family members. There were no related party transactions during the reported period.
CONTINGENT LIABILITIES
|
COLLATERALS AND CONTINGENT LIABILITIES |
|
|
|
|
EUR thousand |
H1 2022 |
H1 2021 |
FY 2021 |
|
Contingent liabilities |
|
|
|
|
Credit facility |
15,000 |
15,000 |
15,000 |
|
Standby letter of credit |
0 |
0 |
0 |
|
Lease guarantee |
281 |
225 |
225 |
|
Corporate credit card |
74 |
36 |
149 |
|
Total |
15,355 |
15,261 |
15,374 |
|
|
|
|
|
|
Credit facility of EUR 15.000.000 has not been used during period Jan 1 – Jun 30 2022. |
|
|
|
|
|
|
|
|
|
EUR thousand |
H1 2022 |
H1 2021 |
FY 2021 |
|
Collateral given for own commitments |
155,000 |
155,000 |
155,000 |
|
Collateral given on behalf of others |
|
|
|
|
Collateral |
0 |
0 |
0 |
|
Guarantee |
890 |
764 |
1,021 |
|
Total |
155,890 |
155,764 |
156,021 |
Definitions of alternative performance measures
- EBITDA = EBIT before depreciation, amortization and impairments
- Operational Cash Flow = EBITDA + Change in trade and other receivables + Change in inventory + Change in trade and other payables + Change in provisions + Net cash flow from investing activities (C). Operational cashflow is used internally by the group to follow EBITDA which takes into account investments and change in working capital
- Operational Cash Flow % = Operational Cash Flow / Revenue
- Adjusted EBITDA, Adjusted EBIT & Adjusted Operational Cash Flow = Same as above, but excluding the impact from a market study conducted with and external company, which is an item affecting comparability. The impact of this study included in EBITDA, EBIT and Operational Cash Flow was 488 thousand euros and is not a recurring item.
- Equity Ratio = Total Equity / Total assets
CONTACT
Additional information about the company can be found on the corporate website www.iloq.com. The company can be contacted by e-mail, info@iloq.com
For questions concerning this report please contact:
Heikki Hiltunen
CEO and President
Timo Pirskanen
CFO