Financial Statement 1.1.2020 – 31.12.2020

ANNUAL REPORT OF THE BOARD OF DIRECTORS 2020

 

Capnor Weasel Bidco Oyj was established in 2019. It is a limited liability company domiciled in
Helsinki and its main business area is management consultancy.

The company’s subsidiary, iLOQ, is a Finnish rapidly expanding and internationalising technology
company that transforms mechanical locking into digital access management.

The company’s subsidiary iLOQ’s technological solutions enable electronic locking without batteries
or cables. The Company’s products are sold through iLOQ’s distribution channel providing
professional installation and maintenance services. The Company has more than 1,000 resellers
globally. Revenue increased steadily during the financial period 2020 in both the oval and DIN lock
cylinder markets. The manufacturing of the products is based on outsourced, flexibly scalable
production, distributed by the iLOQ-managed distribution centre. In addition, the company has a
small-scale production unit to support product development needs.

In accordance with its growth strategy, the company’s subsidiary iLOQ continued in 2020 to
strengthen its organisation to support the Company’s long-term internationalisation and growth
targets. The most significant investments were focused particularly on strengthening the company’s
international sales and marketing as well as product development. In accordance with its growth
strategy, iLOQ continued in 2020 to strengthen its organisation to support the Company’s long-term
internationalisation and growth targets. iLOQ opened a subsidiary company in Canada at the end of
2020. The company has subsidiaries in Sweden, Norway, Denmark, Germany, the Netherlands,
France, Spain, UK and Canada.

The company’s subsidiary iLOQ launched iLOQ S5 in the Nordic countries in fall 2019 and in Central
Europe in spring 2020. With the publication of iLOQ S5, the company utilises even further the
opportunities offered by digitalisation and the Internet of Things in improving safety, decreasing
administration and reducing lifecycle costs.

The company’s subsidiary iLOQ also made strong investments in improving the transaction
experience of its reseller network and end customers by introducing the iLOQ partner portal and by
enhancing the effectiveness of expert support processes and tools. In addition to expanding its
reseller network, the company established significant cooperation with Cellnex Telecom during the
financial year. iLOQ also started cooperation with the ski resort Levi and Vaasa Hospital’s H new
construction project and continued its cooperation with Sato, Hoas and the student housing
foundation in Vaasa. In addition, in order to increase the brand and awareness of iLOQ, a number of
measures have been implemented and started aiming at achieving good visibility among the main
target groups in key market areas in Central and Northern Europe.