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

Share capital

Share premium reserve

Reserve for invested non-restricted equity

Translation reserve

Retained earnings

Total

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

Share capital

Share premium reserve

Reserve for invested non-restricted equity

Translation reserve

Retained earnings

Total

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

Share capital

Share premium reserve

Reserve for invested non-restricted equity

Translation reserve

Retained earnings

Total

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

 

  1. 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’)

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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

Technology

Intagible Rights

Brand

Goodwill

Other Intagible assets

Customer relations

Work in progress

Total

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

Technology

Intagible Rights

Brand

Goodwill

Other Intagible assets

Customer relations

Work in progress

Total

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

Technology

Intagible Rights

Brand

Goodwill

Other Intagible assets

Customer relations

Work in progress

Total

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

Machinery and equipment

Work in progress

Other tangible assets

Cars

Premises

Total

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

Machinery and equipment

Work in progress

Other tangible assets

Cars

Premises

Total

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

Machinery and equipment

Work in progress

Other tangible assets

Cars

Premises

Total

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

 

  1. EBITDA = EBIT before depreciation, amortization and impairments

 

  1. 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

 

  1. Operational Cash Flow % = Operational Cash Flow / Revenue

 

  1. 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.

 

  1. 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

Heikki.Hiltunen@iloq.com

 

Timo Pirskanen

CFO

Timo.Pirskanen@iloq.com