Financial Statement Bulletin January – December 2021

CAPNOR WEASEL BIDCO OYJ

Financial Statement Bulletin

January – December 2021

 

 

 

 

Financial Statement Bulletin 2021

 

KEY FINANCIALS

 

 

Change

 

 

Change

EUR thousand

Q4 2021

Q4 2020

in %

FY 2021

FY 2020

in %

Revenue

39,424

28,440

39%

102,921

74,125

39%

EBITDA

11,818

7,644

55%

22,588

12,635

79%

EBITDA margin

30%

27%

 

22%

17%

 

EBIT

9,758

5,606

74%

14,382

5,089

183%

EBIT margin

25%

20%

 

14%

7%

 

Operational Cash Flow

10,114

5,428

86%

7,339

8,017

-8%

Operational Cash Flow %

26%

19%

 

7%

11%

 

Adjusted EBITDA

11,818

7,644

55%

22,588

13,874

63%

Adjusted EBITDA margin

30%

27%

 

22%

19%

 

 

 

* FY 2020 EBITDA, EBIT & Operational Cash Flow include an impact from goodwill bridge calculation in which there is an inventory fair value adjustment of MEUR -1.2. This adjustment was done in connection with Nordic Capital Fund IX’s acquisition of iLOQ and is an item affecting comparability. This impact has been eliminated in the Adjusted EBITDA

 

Management overview of the fourth quarter

 

Following the strong first nine months of 2021, iLOQ was able to continue on its growth path in Q4 2021. For the sixth quarter in a row, the Group’s revenue growth was 30% or higher with Q4 2021 revenue growth being 39%. Despite the comparison quarter Q4 2020 having strong revenue growth partly due to multiple projects being shipped and delivered in Q4 2020 instead of the original schedule of Q2 2020 due to COVID-19, the strong revenue performance proved that iLOQ has been able to continue accelerating its growth path.

 

The actions to mitigate potential supply chain disruptions continued in Q4 2021. Management successfully continued measures to secure delivery capability and to mitigate possible unforeseen supply chain disruptions in the fourth quarter to be able to meet customer demand. These actions continued the trend of higher inventory levels compared to Q4 2020. The company is likely to continue to hold higher than normal inventory levels in 2022 to mitigate any possible supply chain disruption coming from the global component shortage.

 

Q4 2021 included the signing of a frame agreement with leading European residential real estate company Heimstaden. Heimstaden’s portfolio consists of approximately 150,000 apartments across ten countries. Their common and global objective is to create friendly homes and proactively work in the years to come to phase out mechanical locking systems by retrofitting existing properties and equipping new builds with the latest iLOQ 5 Series software platform which includes the revolutionary new iLOQ HOME solution launched in January 2022. The cooperation demonstrates that Heimstaden clearly recognizes and understands the benefits of digital access management throughout the housing value chain.

 

Management believes that the continued strong financial results achieved in Q4 2021 were a result of continuing to execute the Group’s long-term strategic plan which leverages the accelerating penetration rates of digital access management systems in its key markets. By continuing to follow the Group’s long-term strategy, management believes that iLOQ is well positioned to continue executing its long-term growth in 2022, as well as in the coming years.

 

 

Fourth quarter 2021

 

Total revenue grew 39% compared to Q4 2020, driven by strong sales across all regions. Despite the strong comparison quarter, the Group’s revenue growth was 30% or higher for the sixth consecutive quarter. The strong comparison quarter Q4 2020 was partly caused by projects which were postponed from Q2 2020 to Q3 and Q4 2020.

 

EBITDA amounted to MEUR 11.8 (7.6), corresponding to a 30% (27%) EBITDA margin. The increase in EBITDA was mainly caused by the increased volumes and related operational leverage.

 

EBIT amounted to MEUR 9.8 (5.6), corresponding to a 25% (20%) EBIT margin. The increase in EBIT was mainly caused by the increased volumes and related operational leverage.

 

Operational cash flow was MEUR 10.1 (5.4). The increased inventories to mitigate any possible supply chain disruptions continued to have a material negative impact on the Q4 2021 Operational Cash Flow. The company is expected to continue to have higher than normal inventories during 2022 and until the global component situation improves to guarantee its ability to produce and ship iLOQ products to customers. 

 

Full year 2021

 

Total revenue grew 39% compared to full year 2020, driven by strong sales across all regions. Management believes that the company has been able to continue taking market share in 2021 and is well positioned to continue the growth momentum in all regions during 2022.

 

EBITDA amounted to MEUR 22.6 (12.6), corresponding to a 22% (17%) EBITDA margin. The increase in EBITDA was mainly caused by the increased volumes and related operational leverage.

 

EBIT amounted to MEUR 14.4 (5.1), corresponding to a 14% (7%) EBIT margin. The increase in EBIT was mainly caused by the increased volumes and related operational leverage.

 

Operational Cash Flow was MEUR 7.3 (8.0). The increased inventories to mitigate any possible supply chain disruptions had a material negative impact on the full year 2021 Operational Cash Flow. The company is expected to continue to have higher than normal inventories during 2022 and until the global component situation improves to guarantee its ability to produce and ship iLOQ products to customers. 

 

 

 

Events after the reporting period

 

 

As of 12th of January, iLOQ HOME was introduced, which is a solution that enables residents to have visibility and control of their keys in a ground-breaking way that has never been seen before in the residential sector. As of 1st February, Erja Sankari has been appointed as Executive Vice President and Chief Operating Officer. Erja will also become a member of iLOQ’s Management Team. Before joining iLOQ, Sankari has been working as Vice President of Global Supply Chain at Nokia. She will replace Esa Myllylä who will be retiring in 2022.

 

 

Key figures

 

FINANCIAL KEY FIGURES

FY 2021

FY 2020

Revenue (EUR 1,000)

102,921

74,125

Operating profit (EUR 1,000)

14,382

5,089

Operating profit (%)

14.0 %

6.9 %

Return on equity (%) (ROE)

5.9 %

0.4 %

Equity ratio (%)

60.9 %

60.3 %

 

 

 

 

 

 

Average number of employees for the financial period

212

170

 

 

Quarterly Information

 

QUARTERLY INFORMATION

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Revenue

14,040

15,234

16,412

28,440

19,043

23,172

21,282

39,424

EBITDA

-116

1,437

3,669

7,644

2,494

4,291

3,986

11,818

EBITDA margin

-1%

9%

22%

27%

13%

19%

19%

30%

EBIT

-1,991

-537

2,011

5,606

492

2,230

1,902

9,758

EBIT margin

-14%

-4%

12%

20%

3%

10%

9%

25%

Operational Cash Flow

693

387

1,509

5,428

-3,194

1,277

-859

10,114

Operational Cash Flow %

5%

3%

9%

19%

-17%

6%

-4%

26%

Adjusted EBITDA

1,123

1,437

3,669

7,644

2,494

4,291

3,986

11,818

Adjusted EBITDA margin

8%

9%

22%

27%

13%

19%

19%

30%

 

 

 

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 financial year 2021.

 

 

Espoo February 13, 2022

 

 

 

                                                     Heikki Hiltunen                                             Karl Petersson

                                                  President and CEO                                         Member of the Board

INCOME STATEMENT

 

CONSOLIDATED INCOME STATEMENT, IFRS

 

 

 

 

EUR Thousand

Q4 2021

Q4 2020

FY 2021

FY 2020

 

 

 

 

 

Revenue

39,424

28,440

102,921

74,125

Other income

0

0

0

1

 

 

 

 

 

Materials and services

-16,332

-11,813

-44,459

-33,789

Employee benefit expenses

-6,616

-4,922

-22,072

-15,474

Depreciation, amortization and impairment losses

-2,060

-2,038

-8,207

-7,545

Other operating expenses

-4,659

-4,061

-13,802

-12,229

Operating profit

9,758

5,606

14,382

5,089

 

 

 

 

 

Finance income

35

40

73

133

Finance cost

-1,055

-954

-3,947

-4,067

Net financial expenses

-1,020

-913

-3,874

-3,934

 

 

 

 

 

Profit (-loss) before taxes

8,738

4,693

10,507

1,155

 

 

 

 

 

Income taxes

-1,252

-1,144

-2,014

-637

 

 

 

 

 

Profit (loss) for the financial period

7,486

3,549

8,493

518

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss

 

 

 

 

Translation differences

-15

-4

-19

15

 

 

 

 

 

Total comprehensive income

7,470

3,545

8,474

533

 

 

 

 

 

Earnings per share, undiluted (EUR)

74,856

35,489

84,933

5,181

Earnings per share, diluted (EUR)

74,856

35,489

84,933

5,181

BALANCE SHEET

 

CONSOLIDATED BALANCE SHEET, IFRS

 

 

EUR Thousand

Dec 2021

Dec 2020

 

 

 

ASSETS

 

 

Non-current assets

 

 

Intangible assets

101,313

102,650

Goodwill

91,672

91,672

Property, plant and equipment

4,983

4,519

Deferred tax assets

494

478

Total non-current assets

198,461

199,319

 

 

 

 

 

 

Inventories

19,804

10,246

Trade and other receivables

16,826

12,119

Cash and cash equivalents

7,536

8,013

Total current assets

44,165

30,378

 

 

 

Total assets

242,626

229,697

 

 

 

EQUITY & LIABILITIES

 

 

Equity

 

 

Share capital

80

80

Invested unrestricted equity fund

143,240

142,980

Translation difference

-5

15

Retained earnings

3,949

-4,568

Total equity

147,264

138,507

 

 

 

LIABILITIES

 

 

Non-current liabilities

 

 

Financial liabilities

54,400

54,218

Non-current lease liabilities

680

731

Non-current provisions

807

1,026

Deferred tax liabilities

17,919

18,743

Total non-current liabilities

73,805

74,719

 

 

 

Current liabilities

 

 

Short-term interest-bearing liabilities

0

0

Account payables and other liabilities

18,132

13,569

Current lease liabilities

933

1,017

Current provisions

1,009

460

Current tax liabilities

1,484

1,425

Total current liabilities

21,557

16,471

 

 

 

Total liabilities

95,362

91,190

 

 

 

Total equity and liabilities

242,626

229,697

 

STATEMENT OF CASH FLOWS

 

CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS

 

 

 

 

EUR Thousand

Q4 2021

Q4 2020

FY 2021

FY 2020

 

 

 

 

 

 

 

 

 

 

CASH FLOW FORM OPERATING ACTIVITIES

 

 

 

 

Profit (Loss) for the financial period

7,485

3,549

8,493

518

Adjustments:

 

 

 

 

Depreciation and amortization

2,060

2,038

8,207

7,545

Unrealized exchange rate gains and losses

9

-150

9

-150

Financial Income

-36

-40

-73

-133

Financial Expense

1,055

953

3,947

4,067

Taxes

1,252

1,144

2,014

637

Other adjustments

0

186

0

186

Change in Working Capital:

 

 

 

 

Change in trade and other receivables

-1,987

-2,627

-4,651

-1,255

Change in inventory

-38

-465

-9,557

-1,774

Change in trade and other payables

1,862

2,432

4,528

2,580

Change in provisions

147

307

330

712

Interest paid

-891

-755

-3,181

-3,261

Interest received

12

1

12

1

Income tax paid

-422

-45

-2,868

-1,050

Other financial items

-48

-99

-200

-319

Net cash flow from operating activities (A)

10,462

6,428

7,012

8,304

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

Investments in intangible assets

-1,182

-1,275

-4,406

-3,671

Investments in tangible assets

-507

-587

-1,495

-1,210

Net cash flow from investing activities (B)

-1,688

-1,863

-5,900

-4,881

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

Merger under common control

6

0

6

0

Payments of lease liabilities

-356

-293

-1,204

-1,027

Proceeds from short-term liabilities

0

0

0

10,000

Payments of short-term liabilities

-2,535

0

0

-10,000

Net cash flow from financing activities (C)

-2,885

-293

-1,198

-1,027

 

 

 

 

 

CHANGE IN CASH AND EQUIVALENTS (A+B+C)

5,888

4,273

-87

2,396

 

 

 

 

 

Cash and cash equivalents, in the beginning of period

1,785

3,773

8,013

5,784

Net effect of exchange rate changes on cash and cash equivalents

-138

-32

-391

-167

Cash and cash equivalents, at the end of period

7,536

8,013

7,536

8,013

 

 

 

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, 2021

80

 

142,980

15

-4,568

138,507

Adjustment for previous year's retained earnings

 

 

 

 

23

23

Comprehensive income

 

 

 

 

 

 

Profit for the financial year

 

 

 

-19

8,493

8,474

Total comprehensive income

80

 

142,980

-19

8,493

8,474

 

 

 

 

 

 

 

Transactions with shareholders

 

 

 

 

 

 

Merger under common control

 

 

260

 

 

260

Total transactions with shareholders

 

 

260

 

 

260

Equity on Dec 31, 2021

80

 

143,240

-4

3,949

147,265

 

 

 

EUR thousand

Share capital

Share premium reserve

Reserve for invested non-restricted equity

Translation reserve

Retained earnings

Total

Equity on Jan 1, 2020

 

 

142,778

 

-5,017

137,761

Adjustment for previous year's retained earnings

 

 

 

 

-69

-69

Comprehensive income

 

 

 

 

 

 

Profit for the financial year

 

 

 

15

518

533

Total comprehensive income

 

 

 

15

518

533

 

 

 

 

 

 

 

Transactions with shareholders

 

 

 

 

 

 

Unmatched investment

 

 

282

 

 

282

Issue of shares

80

 

-80

 

 

0

Total transactions with shareholders

80

 

202

 

 

282

Equity on Dec 31, 2020

80

 

142,980

15

-4,568

138,507

 

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 which ended on December 31, 2021 comprise the Company and its subsidiaries (together referred to as the ‘Group’)

 

  1. Accounting Principles

 

The Group’s Financial Statement Bulletin for January–December 2021 has been prepared in line with IAS 34, ‘Interim Financial Reporting’ and should be read in conjunction with the Group’s financial statements for 2020, published on April 30, 2021. The Group has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2020. The information presented in this Interim Report has not been audited.

 

Revenue from IFRS IC finalized in April 2021 its agenda decision Configuration or Customization Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets). In this agenda decision, IFRS IC considered whether, applying IAS 38, the customer recognizes an intangible asset in relation to configuration or customization of the application software, and, if an intangible asset is not recognized, how the customer accounts for the configuration or customization costs.  IFRIC agenda decisions have no effective date, so they are expected to be applied as soon as possible. As the Group has cloud computing arrangements in place, it analyzed if this agenda decision had an impact on the accounting policies applied to implementation costs in cloud computing arrangements. The Group undertook this analysis during the fall 2021, and the possible impacts have been implemented retrospectively in the financial statements 2021 with no significant material impacts.

 

 

  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, Benelux, France, Spain, the United Kingdom 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 processes, 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 one external customer 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, software as well as lock operation and maintenance services. The Group's main customers are retailers and partners of locking products, except one major end customer in the Critical Infrastructure segment with a signed frame agreement.

 

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

Q4
2021

% of
Rev

Q4
2020

% of
Rev

FY
2021

% of
Rev

FY
2020

% of
Rev

EUR thousand

Finland

17,695

45%

14,802

52%

44,859

44%

36,094

49%

Northern Europe excl Finland

14,376

36%

8,378

29%

34,218

33%

23,218

31%

Rest of the World

7,354

19%

5,261

18%

23,844

23%

14,813

20%

Total Sales  

39,424

100%

28,440

100%

102,921

100%

74,125

100%

 

The classification of revenue according to the timing of product deliveries and service production is presented below

 

REVENUE

Q4
2021

% of
Rev

Q4
2020

% of
Rev

FY
2021

% of
Rev

FY
2020

% of
Rev

EUR thousand

Revenue is recognized at point in time 

38,930

98.7 %

28,132

98.9 %

101,250

98.4 %

73,102

98.6 %

Revenue is recognized over time 

495

1.3 %

307

1.1 %

1,671

1.6 %

1,023

1.4 %

Total Sales  

39,424

100%

28,440

100%

102,921

100%

74,125

100%

INTANGIBLE ASSETS

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

Additions

268

112

 

 

22

 

4,004

4,406

Transfer between items

91

 

 

 

1,003

 

-1,094

0

Merder under common control

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

Amortisation

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

 

 

EUR thousand

Technology

Intagible Rights

Brand

Goodwill

Other Intagible assets

Customer relations

Work in progress

Total

Acquisition cost, Jan 1, 2020

77,472

148

12,865

91,672

209

12,142

2,361

196,869

Correction of the previous year misstatement

-65

 

 

 

 

 

 

-65

Additions

2,834

62

 

 

641

 

200

3,736

Transfer between items

-542

 

 

 

 

 

542

 

Acquisition cost, Dec 31, 2020

79,699

210

12,865

91,672

850

12,142

3,103

200,540

 

 

 

 

 

 

 

 

 

Accumulated depreciations and impairment Jan 1, 2020

220

2

48

 

39

45

 

354

Amortization

4,031

44

858

 

123

809

 

5,865

Accumulated depreciations and impairment Dec 31, 2020

4,251

46

906

 

162

854

 

6,219

 

 

 

 

 

 

 

 

 

Carrying amount Jan 1, 2020

77,252

146

12,817

91,672

170

12,097

2,361

196,515

Carrying amount Dec 31, 2020

75,449

164

11,959

91,672

688

11,288

3,103

194,321

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT

 

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

Additions

473

970

52

342

724

2,561

Transfer between items

669

-670

0

0

0

0

Acquisition cost, Dec 31, 2021

4,194

586

195

1,869

2,012

8,857

 

 

 

 

 

 

 

Accumulated depreciations and impairment Jan 1, 2021

651

 

39

513

575

1,778

Amortisation

831

 

46

528

692

2,097

Accumulated depreciations and impairment Dec 31, 2021

1,482

 

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

 

 

EUR thousand

Machinery and equipment

Work in progress

Other tangible assets

Cars

Premises

Total

Acquisition cost, Jan 1, 2020

1,613

553

105

835

943

4,049

Additions

1,439

736

38

692

345

3,250

Reductions

 

-1,002

 

 

 

-1,002

Transfer between items

 

 

 

 

 

 

Acquisition cost, Dec 31, 2020

3,052

287

143

1,527

1,288

6,296

 

 

 

 

 

 

 

Accumulated depreciations and impairment Jan 1, 2020

36

 

1

26

32

96

Amortization

615

 

38

487

542

1,681

Accumulated depreciations and impairment Dec 31, 2020

651

 

39

513

575

1,778

 

 

 

 

 

 

 

Carrying amount Jan 1, 2020

1,577

554

104

809

911

3,954

Carrying amount Dec 31, 2020

2,401

286

104

1,014

713

4,519

 

 

 

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

Dec 2021

Dec 2020

Contingent liabilities

 

 

Credit facility

15,000

15,000

Standby letter of credit

0

0

Lease guarantee

225

225

Corporate credit card

149

32

Total

15,374

15,257

 

 

 

Credit facility of EUR 15,000,000 has been in use at times during the review period but was not in use at the end of the review period of Jan 1 – Dec 31, 2021.

 

 

 

 

 

EUR thousand

H1 2021

H1 2020

Collateral given for own commitments

155,000

155,000

Collateral given on behalf of others

 

 

Collateral

0

13

Guarantee

1,623

766

Total

156,623

155,780

 

 

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 Cash Flow 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

 

 

 

 

CONTACT

 

Additional information about the company can be found on the corporate website www.iloq.com. The company can be contacted by e-mail, vasb@vybd.pbz

 

For questions concerning this report please contact:

 

Heikki Hiltunen

CEO and President

Urvxxv.Uvyghara@vybd.pbz

 

Timo Pirskanen

CFO

Gvzb.Cvefxnara@vybd.pbz