ADMICOM OYJ HALF-YEAR FINANCIAL REPORT – Revenue growth 13% and EBITA 38%
Unofficial translation of the company release on July 5, 2023 at 9 AM EEST. In case the document differs from the original, the Finnish version prevails.
Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated. Figures are unaudited.
April-June 2023 summary (April 1, 2022 – June 30, 2022):
- Revenue of Q2 amounted to EUR 9.417 million (8.214), an increase of +14.7% year-on-year. Recurring revenue was EUR 8.737 million (7.546), an increase of +15.8% year-on-year. In line with our guidance, comparable organic revenue from recurring revenue was EUR 8.139 million (7.098), an increase of 14.7% year-on-year.
- EBITDA totalled EUR 3.586 million (4.068), amounting to 38.1% of revenue (49.5%).
- EBITA totalled EUR 3.559 million (3.928), amounting to 37.8% of revenue (47.8%).
- Operating profit (EBIT) amounted to EUR 2.836 million (3.367).
- Earnings per share was EUR 0.42 (0.51).
- The company appointed Satu Helamo as the Group's CFO and member of the Leadership Team as of 9th of October at the latest. Petri Aho, the company's current CFO, will continue in the Leadership Team and move into the role of Chief Development Officer, responsible for strategy and acquisitions, as of 7th of July.
January-June 2023 summary (January 1, 2022 – June 30, 2022):
- Revenue of H1 amounted to EUR 17.625 million (15.536), an increase of +13.4% year-on-year. Recurring revenue was EUR 16.304 million (13.778), an increase of +18.3% year-on-year. Comparable organic recurring revenue was EUR 14.992 million (13.187), an increase of +13.7% year-on-year.
- EBITDA totalled EUR 6.595 million (7.360), amounting to 37.4% of revenue (47.4%).
- EBITA totalled EUR 6.524 million (7.141), amounting to 37.1% of revenue (46.0%).
- Operating profit (EBIT) amounted to EUR 5.099 million (6.096).
- Earnings per share was EUR 0.74 (0.92).
- The company appointed Pekka Pulkkinen as the Admicom Chief Growth Officer and as a member of the Leadership Team as of 2nd of May and Satu Helamo as the Group's CFO and member of the Management Team as of 9th of October at the latest. Petri Aho will move into the role of Chief Development Officer, responsible for strategy and acquisitions, as of 7th of July.
- The financial guidance for 2023 remains unchanged.
Key figures
ADMICOM GROUP |
4-6/2023 |
4-6/2022 |
Change-% |
1-6/2023 |
1-6/2022 |
Change-% |
2022 |
Revenue, EUR 1 000 |
9 417 |
8 214 |
14.7% |
17 625 |
15 536 |
13.4% |
31 615 |
Comparable organic recurring revenue, EUR 1 000 1 |
8 139 |
7 098 |
14.7% |
14 992 |
13 187 |
13.7% |
27 340 |
% of revenue |
86.4% |
86.4% |
85.1% |
84.9% |
86.5% |
||
EBITDA, EUR 1 000 |
3 586 |
4 068 |
-11.8% |
6 595 |
7 360 |
-10.4% |
14 115 |
% of revenue |
38.1% |
49.5% |
37.4% |
47.4% |
44.6% |
||
EBITA, EUR 1 000 2 |
3 559 |
3 928 |
-9.4% |
6 542 |
7 141 |
-8.4% |
13 735 |
% of revenue |
37.8% |
47.8% |
37.1% |
46.0% |
43.4% |
||
Operating profit |
2 836 |
3 367 |
-15.8% |
5 099 |
6 096 |
-16.4% |
10 811 |
% of revenue |
30.1% |
41.0% |
28.9% |
39.2% |
34.2% |
||
Profit for the period, EUR 1 000 |
2 073 |
2 538 |
-18.3% |
3 668 |
4 597 |
-20.3% |
7 975 |
% of revenue |
22.0% |
30.9% |
20.8% |
29.6% |
25.2% |
||
Earnings per share, EPS, EUR |
0.42 |
0.51 |
-18.3% |
0.74 |
0.92 |
-20.2% |
1.60 |
Balance sheet total, EUR 1 000 |
38 605 |
49 663 |
38 605 |
49 663 |
49 611 |
||
Return on equity, % |
32.6% |
41.0% |
26.3% |
32.1% |
26.3% |
||
Return on investment, % |
33.2% |
42.9% |
27.8% |
34.5% |
29.2% |
||
Equity ratio, % |
69.4% |
53.0% |
69.4% |
53.0% |
59.9% |
||
Net gearing, % |
-4.4% |
10.2% |
-4.4% |
10.2% |
-8.3% |
||
Employees at the end of the period |
275 |
238 |
275 |
238 |
241 |
||
ARR 3, MEUR |
31.6 |
28.9 |
9.3% |
31.6 |
28.9 |
9.3% |
30.0 |
Number of shares at the end of the period, 1 000 shares |
4986 |
4986 |
4 986 |
4 986 |
4 986 |
||
Number of shares on average, 1 000 shares |
4986 |
4986 |
4 986 |
4 986 |
4 986 |
1 Comparable organic recurring revenue includes recurring software revenue and revenue from recurring accounting services. PlanMan Oy has merged into Tocoman Oy on 31.12.2022 and is reported as part of organic revenue as of 1.1.2023. The revenue of non-strategic customers in the Industrial vertical and Lakeus have been adjusted out of comparable recurring revenue for the reporting and comparison period.
2 Operating profit before amortization of consolidated goodwill and goodwill and impairment.
3 The annualised recurring revenue has been calculated by converting the end-of-period monthly recurring revenue (MRR) to the annual level and adding the revenue generated during the last 12 months of the annual adjustment and financial statement fees.
CEO Petri Kairinen
"We have now been, for the past six months, implementing a ‘focus for growth’ -phase of our refreshed strategy. During this phase we are building the prerequisites for the next phase of accelerated growth. The execution of the strategy has got off to a good start and at the same time strengthened our belief that the digitalisation of the construction industry offers huge opportunities for a comprehensive product portfolio where data remains intact and helps improve productivity. In product development, we have, among other things, modernized our software development methods, built integrations between products and improved cybersecurity. A significant new initiative in line with our strategy was the launch of Admicom Tempo, a browser-based scheduling application, in a fast development cycle. We have also started exploring the possibilities of artificial intelligence in our customer offering and our own operations.
Winning customer experience is at the core of our updated strategy, and to support this goal, we have strengthened our customer service, communications and processes. Under the leadership of our new Chief Growth Officer Pekka Pulkkinen, sales and marketing will be developed to be more multichannel and make better use of digital sales models. We have also prepared for the transition to a unified Admicom brand, which we plan to launch during the autumn. International growth is a key element of our strategy: last week we announced that Satu Helamo will start as the new CFO at the beginning of October, bringing us financial management expertise of an international network of subsidiaries.
We strongly believe in our strategy and Admicom's potential to become a significant player as a European provider of vertical SaaS solutions for the construction industry. In the short term, however, the construction industry is overshadowed by the ongoing recession, which in the Finnish market is particularly visible as a slowdown in new building construction.
For Admicom, the effects of the downturn in the construction industry began to show during the first quarter of the year, as customer churn increased, especially in for partial solutions, such as the project management solutions business, and at the same time new sales slowed down. The amount of customer churn increased further during the second quarter, especially as insolvencies increased. In new sales, we initiated focused measures and managed to bring the end of the quarter in line with our targets. We grew our comparable recurring revenues organically over 13 % for H1, which we can be satisfied with. However, large part is attributed to volume based pricing annual adjustments of Adminet product, which are strongest in Q2 and which effect will diminish in the future. Our profitability lowered according to our investment plans, with the EBITA being within our guidance at 37 % of revenues. Large part of the investments are in the form of increased personnel costs, that have now reached the planned level.
We estimate, that the increased churn due to recession will continue to weigh on our growth figures in the second half of the year. In terms of new sales, we aim to identify growth pockets and opportunities in the construction and facility maintenance sector and target sales more during challenging times. However, we expect the organic growth rate in the second half of the year to be clearly lower than that of the first half.
We announced earlier that we are investigating the separation of customers and business operations in the manufacturing industry sector into a separate company. However, after the analysis, we decided not to separate software and operations and we continue to serve our customers in the sector with our unified organization. Our growth efforts will still be directed mainly on customers in the construction and real estate sectors.
At the beginning of June, the entire Admicom attended our first joint AdmiFair, familiarising ourselves with all the Admicom different solutions. The enthusiasm and atmosphere of working together was strong, and this is also reflected in improved employee satisfaction. I would like to thank all Admicom employees for their courage to embark on our strategy journey and for their readiness to adopt new things."
Outlook
Financial guidance
Comparable recurring revenue in 2023 will grow organically by 8-15% and EBITA will be 35-40% of revenue.
Comparable recurring revenue is defined as a sum of recurring software revenue and revenue from recurring accounting services. Admicom's comparable recurring revenue in 2022 was approximately EUR 27.3 million, from which non-strategic revenue related to accounting business and industrial sector has been eliminated. EBITA is defined as operating profit before amortization and impairment of group goodwill and goodwill.
Themes affecting revenue and profitability
The company sees significant growth opportunities in the Group's software solutions and in expansion revenue and cross-selling to existing customers, but the economic downturn in construction sector is causing uncertainty in the development of new sales in 2023 and raising the risk of customer churn. In addition, the growth in revenue in 2023 will be slowed down by the growing use of Aitio Finland Oy's software development resources for Admicom Group's internal product development projects and the change in the business model implemented in the Lakeus business towards the end of 2022. Strategic investments in growth, growing R&D investments and structural changes in the business weaken the development of profitability.
Revenue and financial development
The Group's revenue for the period 1.1.2023 – 30.6.2023 was EUR 17.625 million (15.536). Revenue increased by 13.4% from the previous year. Of the growth, 7.3 percentage points were organic and 6.1 percentage points inorganic growth related to acquisitions. The organic growth is mainly explained by growth in new software sales and annual adjustments fees. During the review period, organic growth was weakened by approximately 4 percentage points due to the planned increased use of Aitio Finland Oy's software development resources for Admicom Group's internal product development projects and the effects of the business model change implemented in the Lakeus business at the end of 2022. Recurring revenue was EUR 16.304 million (13.778). In line with financial guidance, comparable organic recurring revenue increased by 13.7% to EUR 14.992 million (13.187). The impact of annual adjustment fees on the growth of the Group's revenue was +3.9 percentage points during the review period, and revenue for the period included annual adjustment fees totalling EUR 1.753 million (1.152).
SaaS invoicing accounted for 76% (73%) of revenue during the review period, accounting services consisting mainly of recurring income for 18% (22%), and training and consulting income and other income for 6% (5%). Revenue by business area were divided as follows: ERP solutions 78%, project management solutions 13%, documentation solutions 7%, and software development services 2%.
The Group's EBITDA decreased by 10.4% year-on-year and was EUR 6.595 million (7.360), or 37.4% of revenue (47.4%). EBITDA development during the review period was positively impacted by recurring revenue growth and strong profitability in core businesses. However, strategic investments in growth and development, increased R&D investments and structural changes in business operations weakened the overall development of profitability compared to the comparison period, as anticipated.
The Group's operating profit before amortization of goodwill (EBITA) for the period 1.1.–30.6.2023 was EUR 6.542 million (7.141), or 37.1% of net sales (46.0%). EBIT for the review period was EUR 5.099 million (6.096) and profit EUR 3.668 million (4.597). During the review period, the growth of EBIT and profit relative to EBITDA development was weakened by the significant increase in amortization of Group goodwill due to the PlanMan and Kotopro acquisitions carried out in May-June 2022.
Revenue for the second quarter 1.4.2023 – 30.6.2023 amounted to EUR 9.417 million (8.214). Revenue grew by 14.7% in the second quarter, of which organic growth accounted for 9.1 percentage points. Recurring revenue amounted to EUR 8.737 million (7.546). In line with financial guidance, comparable organic recurring revenue increased by 14.7% to EUR 8.139 million (7.098).
The Group's EBITDA in the second quarter decreased by 11.8% year-on-year and was EUR 3.586 million (4.068), or 38.1% of revenue (49.5%).
Second quarter 1.4.2023 – 30.6.2023 operating profit before amortization of goodwill (EBITA) decreased by 9.4% compared to the corresponding period in 2022 to EUR 3.559 million and 37.8% of revenue (3.928, 47.8%). EBIT for the second quarter 1.4.–30.6.2023 was EUR 2.836 million (3.367) and result for the review period EUR 2.073 million (2.538).
Balance sheet, financing and cash flow
The Group's balance sheet total on 30.6.2023 was EUR 38.605 million (49.663). The balance sheet total decreased from the comparison period due to amortization of Group goodwill and cash and cash equivalents due to loan repayment and dividend. Consolidated goodwill totalled EUR 29,166 million (35,137) at the end of the review period.
The Group's equity at the end of the review period was EUR 26,583 million (26,020) and the equity ratio was 69.4% (53.0%). A dividend of EUR 6.486 million was distributed to shareholders during the review period.
To finance the Kotopro acquisition, Admicom Oyj raised a floating rate loan of EUR 13.0 million maturing in 2025 on 17.6.2022. The principal of the loan was repaid by EUR 9.0 million at the end of the review period. At the time of the review, the outstanding balance of the loan is EUR 4.0 million. The Group had interest-bearing liabilities totalling EUR 4.084 million (13.092) at the end of the review period.
The Group's cash flow during the review period was EUR -10.285 million negative (-7.638) due to loan repayment and dividend payment. The Group's cash flow from operating activities before financial items and taxes was EUR 6.956 million (8.341) during the review period. Cash flow from operating activities was 5.428 million euros (5.569), cash flow from investing activities was -0.176 million euros (-16.233), and cash flow from financing activities was -15.538 million euros (3.027).
The Group's financial position remained strong despite loan repayments, dividend payments and R&D investments, and the Group's liquid cash and cash equivalents on 30.6.2023 were EUR 5.247 million (10.418). On 30.6.2023, the Group's net debt was EUR -1.163 million and gearing was -4.4%.
Investments and depreciation
Capital expenditure during the review period was mainly directed at intangible assets and totalled EUR 0.176 million (-16.233). During the review period, development costs related to the development of new software were capitalised in the balance sheet totalling EUR 0.174 million (0.0). Depreciation of capitalization of R&D investments will commence on 1.7.2023 and depreciation will be made on a straight-line basis over five years.
Depreciation during the period considered amounted to EUR 1,496 million (1,264). 95% of the amortization consists of amortization of Group goodwill and goodwill. 2% of depreciation consists of amortization of intangible assets, such as R&D expenses and software licenses. The remaining 1% of depreciation consisted of depreciation of machinery and equipment.
The conditions for the payment of the additional purchase price related to the acquisition of the share capital of Kotopro Holding Oy and Kotopro Oy carried out in June 2022 were not fulfilled in accordance with the purchase agreement during the review period ending on 16 June 2023, due to which no additional purchase price will be paid at all. In the 2022 financial statements, the Group's management estimated that the realization of the additional purchase price is unlikely, which is why the related contingent liability has already been valued at zero in the balance sheet as of 31.12.2022.
Personnel, Management and Board of Directors
The Group had 275 employees (238) at the end of the review period. Of the personnel, 31% worked in accounting services. 26% in product and software development, 22% in services, 16% in sales and marketing, and 5% in administration.
At the end of the review period, the Group Management Team consisted of:
- Petri Kairinen. CEO
- Petri Aho. Deputy CEO and CFO. M&A and Strategy.
- Pekka Pulkkinen. Chief Growth Officer (as of 2 of May, 2023)
- Anna-Maija Ijäs, Business Unit Director, ERP Solutions
- Jari Kangassalo, Business Unit Director, Project management solutions
- Mikko Järvi, Business Unit Director, Documentation solutions
- Thomas Raehalme, CTO and Business Unit Director of software development services
On 30.6.2023, the company announced upcoming changes in the Group Management Team. Admicom Group’s CFO Petri Aho will transfer to a new position as Chief Business Development Officer as of 7.7.2023, responsible for strategy and acquisitions. while continuing as a member of the Management Team. Satu Helamo (M.Sc. Econ.) has been appointed as Admicom Group’s new CFO and member of the Management Team. She will move to his new position as Director of WithSecure Plc. Group Finance and has previously had a long career at the consulting company KPMG. Helamo has over 15 years of experience in financial management. She will start in his position no later than 9.10.2023. As of 7.7.2023, Group Senior Business Controller Katariina Lähdesniemi (M.Sc. Econ.) will act as interim CFO and member of the Management Team. She has already been responsible for the financial management of the ERP business.
The members of the Board of Directors are Petri Niemi (Chairman of the Board), Pasi Aaltola, Olli Nokso-Koivisto, Henna Mäkinen, Marko Somerma, Camilla Skoog and Tomi Lod.
Admicom’s Board of Directors have established an Audit Committee, of which Henna Mäkinen (Chairperson of the Committee), Marko Somerma and Petri Niemi were elected as members.
Shares and shareholders
Issued shares and share capital
The number of shares in the company on 30 June 2023 was 4,988,985 and the company's share capital at the end of June 2023 was EUR 106,000. At the end of the review period, Admicom Finland Oy held 2,520 Admicom Plc shares.
Trading in a share
The closing price of Admicom Oyj's share on Nasdaq First North Growth Market Finland on 30.6.2023 was EUR 40.8, resulting in a market capitalization of EUR 203.55 million (251.44). The average daily trading volume was 6,453 (8,244) during the review period.
Shareholders
Admicom Oyj had a total of 5,869 shareholders on 30.6.2023. The largest shareholder was nominee registered shares in Skandinaviska Enskilda Bank (SEB) with a 39.20% stake, followed by Matti Häll with 24.07% and Danske Invest Finnish Equity Fund with 6.02%.
Nominee registered shareholders held 45.70% of the share capital on 30.6.2023.
The total holdings of the Board of Directors and the Management Team were 65,483 shares (1.31% of the share capital).
Annual General Meeting
Admicom Oyj's Annual General Meeting on 21.3.2023 approved the company's financial statements for 2022 and discharged the members of the Board of Directors and CEO from liability for the financial year 2022.
Profit distribution
The Annual General Meeting decided. that a dividend of EUR 1.30 per registered share be distributed for the financial year 2022 from the profit for the financial year. The dividend was paid to the shareholder on 30.3.2023.
Board of Directors
The Annual General Meeting resolved that the number of members of the Board of Directors shall be seven (7). The Annual General Meeting re-elected the following members of the Board of Directors: Pasi Aaltola. Petri Niemi. Henna Mäkinen. Marko Somerma and Olli Nokso-Koivisto. Camilla Skoog and Tomi Lod were elected as new members of the Board of Directors. The Annual General Meeting elected Petri Niemi as Chairman of the Board of Directors.
The Annual General Meeting decided that the remuneration of the Board of Directors for the term from the Annual General Meeting to the next Annual General Meeting shall be EUR 26,000 for a member of the Board of Directors and EUR 58,000 for the Chairman of the Board of Directors. In addition, the Chairperson of the Audit Committee will be paid EUR 5,000 and each other member of the Audit Committee EUR 2,500 for the term. If a member of the Board of Directors resigns during the term of office, they shall be paid in proportion to the duration of the term of office.
Auditor
KPMG Oy Ab was re-elected as the company's auditing firm for the term of office, which will continue until the close of the next Annual General Meeting. Anna-Riikka Maunula will continue as the auditor with principal responsibility for the company's audit.
Authorizations of the Board of Directors
The Annual General Meeting authorised the Board of Directors to decide on the issuance of shares and the issuance of special rights entitling to shares as referred to in chapter 10, section 1 of the Finnish Limited Liability Companies Act in one or more tranches either against payment or free of charge. The Board may use the authorisation for share issues and share-based incentive arrangements associated with incentivising and promoting the commitment of the personnel and management. The total maximum number of shares to be issued based on the authorisation, including the shares issued on the basis of special rights, is 249,449 shares. The Board of Directors can decide to either issue new shares or dispose of any treasury shares held by the Company. The proposed maximum amount of the authorisation corresponds to approximately 5% of all the shares in the Company as at the date of the notice to the General Meeting. The authorisation entitles the Board of Directors to decide on all terms of the share issue and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right provided that there is a weighty financial reason to do so. The authorisation is valid until the end of the next Annual General Meeting, however, for a maximum of 18 months from the General Meeting’s resolution on authorisation.
The Annual General Meeting authorised the Board of Directors to decide on the issuance of shares in one or several tranches either against payment or free of charge. The Board may use the authorisation to finance and enable, for example, corporate and business transactions or other business arrangements and investments. The total maximum number of shares to be issued based on the authorisation is 498,898 shares. The Board of Directors can decide to either issue new shares or dispose of any treasury shares held by the Company. The maximum amount of the authorisation corresponds to approximately 10% of all the shares in the Company as at the date of the notice to the General Meeting. The authorisation entitles the Board of Directors to decide on all terms of the share issue, including the right to deviate from the shareholders’ pre-emptive subscription right provided that there is a weighty financial reason to do so. The authorisation is valid until the end of the next Annual General Meeting, however, for a maximum of 18 months from the General Meeting’s resolution on authorisation.
The Annual General Meeting authorised the Board of Directors to decide on the repurchase of the Company’s shares using the Company’s unrestricted equity. The total maximum number of shares to be repurchased under the authorisation is 498,898 shares, which corresponds to approximately 10% of all the shares in the Company as at the date of the notice to the Annual General Meeting. The shares will be repurchased in public trading arranged by Nasdaq Helsinki Ltd at their market value on Nasdaq First North Growth Market Finland at the time of the repurchase. Based on the authorisation, the Board of Directors may decide on the repurchase of the Company’s own shares also in deviation from the proportional holdings of the shareholders. The authorisation is valid until the end of the next Annual General Meeting, however, for a maximum of 18 months from the General Meeting’s resolution on authorisation.
Risks and uncertainty factors
The main risks and uncertainties of Admicom Group's business include:
- The focus on construction sector customers increases the sensitivity to economic cycles, which can slow down growth or be reflected in unforeseen customer churn through bankruptcies. The aim is to reduce the risk by supporting the customers' business through consulting and developing customer service, as well as by offering customers solutions that improve productivity and cost-effectiveness.
- Technology and information security risks are a critical area for a cloud service company. The company is constantly taking measures to detect and prevent technology and information security threats.
- Reputational risk, which is essentially linked to data protection and information security risks as well as risks of service failures. In order to reduce the risk, the company continuously develops its software and the organization's data protection and information security processes, familiarizes its personnel with data protection and information security issues, and regularly monitors customer satisfaction.
- Risks related to key personnel. The company is constantly recruiting new experts to prepare for critical removals, in addition to which the company has invested in the development of new remuneration systems and management.
- Risks related to changes in the competitor field. The number of mergers and acquisitions and the interests of foreign private equity investors and companies in software companies in the industry have increased, which can shape power relations in the competitor field. In addition, small, focused software houses have emerged in the industry. focused software companies. The company actively monitors changes in the competitive field and takes into account changes in them in strategy work and business operations.
- Risks related to possible mergers and acquisitions of Admicom, which are typical when acquiring or integrating businesses. The combination of operations related to completed acquisitions and the expansion of process expertise related to mergers and acquisitions will help to manage risks.
Relevant events after the end of the reporting period
No material events.
Accounting principles of the annual financial report
The half-yearly report has been prepared in accordance with good accounting practice and Finnish legislation. The figures in this half-yearly financial report are unaudited and have been prepared in accordance with national legislation (FAS). The information has been presented to the extent required by the Nasdaq First North Growth Market rules. The figures presented have been rounded off from the exact figures.
All figures presented in the review are Admicom Group figures.
Financial publications
The company will publish a Q3 quarterly earnings release on 5th of October, 2023.
Admicom Oyj
BOARD OF DIRECTORS
Additional information:
Petri Kairinen
CEO
petri.kairinen@admicom.fi
+358 50 303 4275
Petri Aho
CFO
petri.aho@admicom.fi
+358 44 724 1767
Certified Advisor:
Oaklins Merasco Oy
+358 9 6129 670
PROFIT AND LOSS STATEMENT, GROUP |
|||
EUR 1 000 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
REVENUE |
17 625 |
15 536 |
31 615 |
Other operating income |
15 |
10 |
11 |
Materials and services |
-772 |
-753 |
-1 491 |
Personnel expenses |
-7 656 |
-5 887 |
-12 178 |
Depreciation and amortisation |
-1 496 |
-1 264 |
-3 304 |
Other operating expenses |
-2 617 |
-1 546 |
-3 842 |
OPERATING PROFIT (LOSS) |
5 099 |
6 096 |
10 811 |
Financial income and expenses |
|||
Other interest income and other financial income |
1 |
2 |
6 |
Interest and other financial expenses |
-115 |
-72 |
-195 |
PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES |
4 986 |
6 026 |
10 622 |
Income taxes |
-1 284 |
-1 400 |
-2 594 |
Minority interest |
-34 |
-29 |
-53 |
PROFIT (LOSS) FOR THE FINANCIAL PERIOD |
3 668 |
4 597 |
7 975 |
BALANCE SHEET, GROUP |
|||||||||||
EUR 1 000 |
6/2023 |
6/2022 |
12/2022 |
||||||||
ASSETS |
|
|
|
||||||||
NON-CURRENT ASSETS |
|
|
|
||||||||
Intangible assets |
|
|
|
||||||||
Capitalised development costs |
318 |
294 |
171 |
||||||||
Intangible rights |
8 |
16 |
11 |
||||||||
Goodwill |
43 |
549 |
60 |
||||||||
Other intangible assets |
0 |
1 |
0 |
||||||||
Group goodwill |
29 166 |
35 137 |
30 595 |
||||||||
Total intangible assets |
29 535 |
35 997 |
30 837 |
||||||||
Tangible assets |
|
|
|
||||||||
Machinery and equipment |
168 |
224 |
192 |
||||||||
Total tangible assets |
168 |
224 |
192 |
||||||||
Investments |
|
|
|
||||||||
Other shares and rights of ownership |
3 |
3 |
3 |
||||||||
Total investments |
3 |
3 |
3 |
||||||||
TOTAL NON-CURRENT ASSETS |
29 705 |
36 223 |
31 031 |
||||||||
CURRENT ASSETS |
|
|
|
||||||||
Inventory |
|
|
|
||||||||
Raw materials and consumables |
14 |
17 |
15 |
||||||||
Total inventory |
14 |
17 |
15 |
||||||||
Long-term receivables |
|||||||||||
Other receivables |
21 |
21 |
21 |
||||||||
Total long-term receivables |
21 |
21 |
21 |
||||||||
Short-term receivables |
|
|
|
||||||||
Accounts receivable |
3 057 |
2 599 |
2 692 |
||||||||
Other receivables |
99 |
43 |
121 |
||||||||
Prepayments and accrued income |
461 |
342 |
200 |
||||||||
Total short-term receivables |
3 618 |
2 984 |
3 013 |
||||||||
Cash and cash equivalents |
5 247 |
10 418 |
15 532 |
||||||||
TOTAL CURRENT ASSETS |
8 900 |
13 441 |
18 580 |
||||||||
TOTAL ASSETS |
38 605 |
49 663 |
49 611 |
||||||||
|
|||||||||||
EQUITY AND LIABILITIES |
|||||||||||
EQUITY |
|||||||||||
Share capital |
106 |
106 |
106 |
||||||||
Other reserves |
15 308 |
15 308 |
15 308 |
||||||||
Retained earnings/loss |
7 501 |
6 008 |
6 008 |
||||||||
Profit/loss of the financial year |
3 668 |
4 597 |
7 975 |
||||||||
TOTAL EQUITY |
26 583 |
26 020 |
29 398 |
||||||||
Minority interest |
65 |
129 |
147 |
||||||||
LIABILITIES |
|
|
|
||||||||
|
|
|
|
||||||||
Long-term liabilities |
|
|
|
||||||||
Loans from financial institutions |
4 081 |
13 088 |
13 088 |
||||||||
Other liabilities |
500 |
3 563 |
500 |
||||||||
Total long-term liabilities |
4 581 |
16 651 |
13 581 |
||||||||
|
|
|
|
||||||||
Current liabilities |
|
|
|
||||||||
Loans from financial institutions |
4 |
4 |
8 |
||||||||
Received advances |
189 |
284 |
260 |
||||||||
Trade payables |
208 |
155 |
323 |
||||||||
Other payables |
1 926 |
1 700 |
1 189 |
||||||||
Accruals and deferred income |
5 048 |
4 720 |
4 706 |
||||||||
Total current liabilities |
7 376 |
6 863 |
6 485 |
||||||||
TOTAL LIABILITIES |
11 957 |
23 514 |
20 066 |
||||||||
TOTAL EQUITY AND LIABILITIES |
38 605 |
49 663 |
49 611 |
CHANGES IN EQUITY |
|||||
EUR 1 000 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
||
RESTRICTED EQUITY |
|
|
|
||
Share capital at the beginning of the financial year |
106 |
106 |
106 |
||
Share capital |
106 |
106 |
106 |
||
TOTAL RESTRICTED EQUITY |
106 |
106 |
106 |
||
NON-RESTRICTED EQUITY |
|
|
|
||
Invested unrestricted equity reserve at the beginning of the financial year |
15 308 |
17 802 |
17 802 |
||
Distribution of funds from the invested unrestricted equity fund |
-2 493 |
-2 493 |
|||
Invested unrestricted equity reserve at the end of the financial year |
15 308 |
15 308 |
15 308 |
||
Profit (loss) of previous financial years at the beginning of the financial year |
13 984 |
13 488 |
13 488 |
||
Distribution of dividend |
-6 482 |
-7 480 |
-7 480 |
||
Profit (loss) of previous financial years at the end of the financial year |
7 501 |
6 008 |
6 008 |
||
Profit/loss of the financial year |
3 668 |
4 597 |
7 975 |
||
TOTAL NON-RESTRICTED EQUITY |
26 477 |
25 914 |
29 292 |
||
TOTAL RESTRICTED AND NON-RESTRICTED EQUITY |
26 583 |
26 020 |
29 398 |
CASH FLOW STATEMENT, GROUP |
|||
EUR 1 000 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Cash flow from operating activities |
|
|
|
Profit (loss) before appropriations and taxes |
4 986 |
6 026 |
10 622 |
Adjustments: |
|||
Depreciation and amortisation |
1 496 |
1 264 |
3 304 |
Financial income and expenses |
113 |
70 |
189 |
Other adjustments |
5 |
||
Cash flow before changes in working capital |
6 595 |
7 360 |
14 120 |
Changes in working capital |
|
|
|
Increase (-) / decrease (+) in short-term non-interest-bearing receivables |
-619 |
285 |
283 |
Increase (-) / decrease (+) in inventories |
0 |
-2 |
0 |
Increase (+) / decrease (-) in short-term non-interest-bearing liabilities |
980 |
699 |
990 |
Cash flow from operating activities before financial items and taxes |
6 956 |
8 341 |
15 392 |
Interest and other financial costs paid |
-174 |
-72 |
-136 |
Interest received |
1 |
2 |
6 |
Income taxes paid |
-1 354 |
-2 702 |
-4 064 |
Cash flow from operating activities (A) |
5 428 |
5 569 |
11 197 |
Cash flow from investing activities |
|
|
|
Investments to tangible and intangible assets |
-174 |
-8 |
-8 |
Acquisition of the subsidiary minus its cash in the acquisition moment |
-1 |
-16 225 |
-16 777 |
Divested business |
37 |
||
Cash flow from investing activities (B) |
-176 |
-16 233 |
-16 748 |
|
|
|
|
Cash flow from financing activities |
|
|
|
Withdrawals of long-term loans |
|
13 000 |
13 000 |
Repayments of long-term loans |
-9 000 |
|
|
Dividends paid and other distribution of profit |
-6 538 |
-9 973 |
-9 973 |
Cash flow from financing activities (C) |
-15 538 |
3 027 |
3 027 |
|
|
||
Change in cash and cash equivalents (A+B+C), increase (+) / decrease (-) |
-10 285 |
-7 638 |
-2 524 |
|
|
||
Cash and cash equivalents at the beginning of the financial year |
15 532 |
18 055 |
18 055 |
Cash and cash equivalents at the end of the financial year |
5 247 |
10 418 |
15 532 |
Change in cash and cash equivalents |
-10 285 |
-7 638 |
-2 524 |
LIABILITIES, GROUP |
|||
EUR 1 000 |
6/2023 |
6/2022 |
12/2022 |
Rental liabilities of business premises |
|
|
|
Rental liabilities |
2 623 |
3 025 |
2 696 |
Rent security guarantee deposits |
61 |
66 |
66 |
Rent guarantees |
55 |
55 |
55 |
Total |
2 739 |
3 145 |
2 817 |
|
|
|
|
EUR 1 000 |
6/2023 |
6/2022 |
12/2022 |
Leasing liabilities |
|
|
|
Payable during next 6 months |
14 |
10 |
20 |
Payable later |
57 |
55 |
42 |
Yhteensä |
71 |
65 |
62 |
|
|||
EUR 1 000 |
6/2023 |
6/2022 |
12/2022 |
Guarantees in rem |
|
|
|
Vehicle mortgages |
11 |
24 |
15 |
Total |
11 |
24 |
15 |
|
|
|
|
EUR 1 000 |
6/2023 |
6/2022 |
12/2022 |
Company protected liabilities |
|
|
|
Loans from financial institutions |
4 000 |
13 000 |
13 000 |
Total |
4 000 |
13 000 |
13 000 |
Calculation of financial ratios
Operating profit, % of revenue = |
Operating profit |
x 100 |
Revenue |
||
EBITDA, % of revenue = |
Operating profit + depreciation and amortisation |
x 100 |
Revenue |
||
EBITA, % of revenue = |
Operating profit + depreciation of company goodwill + depreciation of goodwill + amortisation of goodwill |
x 100 |
Revenue |
||
Return on equity, % = |
Operating profit before appropriations and taxes - income tax |
x 100 |
Equity on average + minority interest on average |
||
Return on investment, % = |
Operating profit before appropriations and taxes + net financing expenses |
x 100 |
Balance sheet total on average – non-interest-bearing liabilities on average |
||
Equity ratio, % = |
Equity + minority interest |
x 100 |
Balance sheet total – advance payments received |
||
Net gearing, % = |
Interest-bearing liabilities - cash and cash equivalents |
x 100 |
Equity + minority interest |
||
Earnings per share (EPS), EUR = |
Profit of the financial year |
|
Number of shares on average during the financial year |
Admicom Oyj
Founded in 2004, Admicom is a forerunner in IT system development for SMEs and a comprehensive software and accounting services partner. At the core of our service package is the Adminet ERP system, which covers a wide range of solutions for managing clients' operations, from construction site mobile tools to real-time financial monitoring and project management. A highly automated SaaS solution helps SMEs improve their competitiveness and profitability and significantly saves time on site and in the office. We also provide our customers training, consulting and accounting services.
Our software suite also includes Adminet Lite, a cost-effective software and service package for small businesses, Hillava, a precision solution for mobile work control, Kotopro, a modern software solution for high-quality documentation, and Tocoman, a pioneer in project management software solutions for the construction industry, including quantity and cost calculation, scheduling and BIM3 solutions for building information modeling.
We work continuously to enhance the integration between our software solutions to provide our customers with a coherent user experience, thus enabling them to build a more profitable business by using modern software solutions.
The ever-growing Admicommunity employs more than 240 people in its offices in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku. Further information: https://investors.admicom.fi/.
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Latest releases from Admicom Oyj
Inside information: Change in Admicom's Leadership Team10.12.2024 11:05:00 EET | Press release
Unofficial translation of the company release on December 10, 2024 at 11:00 a.m. EET. In case the document differs from the original, the Finnish version prevails. Petri Aho, Chief Development Officer and member of Admicom's ("Admicom") Leadership Team, has announced his decision to leave Admicom. Aho will continue in his position as Chief Development Officer until the end of January 2025, but will leave the Group Management Team as of 10 December 2024. "On behalf of the entire personnel, Leadership Team and Board of Directors, I would like to warmly thank Petri for his strong contribution. Petri has played a significant role in Admicom's growth management, strategy renewal and development, and taking the first steps towards internationalization. We wish Petri all the best for the next phase of his career," comments Admicom's interim CEO Satu Helamo. "It has been a privilege to lead and develop Admicom's unique growth story and to see first-hand the company's strong capabilities and ex
Insider information: Admicom has signed an agreement to acquire Estonian Bauhub OÜ, enabling stronger focus on international expansion and unique project management suite for construction3.12.2024 10:00:00 EET | Press release
Unofficial translation of the company release on December 3, 2024 at 9:56 a.m. EET. In case the document differs from the original, the Finnish version prevails. Transaction highlights: Admicom Oyj’s subsidiary Tocoman Oy has signed an agreement to acquire share capital of Estonian Bauhub OÜ, a developer of SaaS workspace for construction project management. The transaction is subject to fulfilment of the conditions to complete the arrangement. Bauhub enables integration of Admicom's leading project control and planning solutions into a unified project management software suite, facilitating efficient execution and seamless information flow from planning to handover. Strategically, the acquisition expands Admicom’s international growth opportunities and market potential, strengthens customer value proposition, and enhances cross and upsell opportunities in existing markets. Bauhub’s enterprise value is EUR 6.0 MEUR, and the transaction will be paid fully with cash at closing which is e
Admicom lanseeraa uuden ohjelmiston – Admicom Quantima mullistaa määrälaskennan2.12.2024 08:00:00 EET | Tiedote
Lehdistötiedote 2.12.2024 Julkaisuvapaa Admicom Quantima mullistaa määrälaskennan Rakennusalan digitalisaation edelläkävijä Admicom on julkaissut uuden määrälaskentaratkaisun - Admicom Quantiman. Tekoälypohjainen määrälaskentaratkaisu mahdollistaa sekä määrien että kustannusten laskemisen saumattomasti samassa tuoteperheessä. "Admicom Quantima edustaa uutta aikakautta määrälaskennassa. Se tarjoaa asiakkaillemme modernin, helppokäyttöisen ja skaalautuvan työkalun, joka vastaa rakentamisen ja talotekniikan yritysten haastavimpiinkin tarpeisiin. Uskallamme julistaa Quantiman olevan markkinoiden nopein ja älykkäin määrälaskentaratkaisu", sanoo Admicomin liiketoimintajohtaja Jari Kangassalo. Selain- ja tekoälypohjainen Admicom Quantima tekee määrälaskennasta merkittävästi nopeampaa perinteisiin ohjelmistoihin verrattuna. Se toimii itsenäisesti stand alone -ohjelmistona tai osana Admicomin tuotteiden kokonaisuutta, tuoden asiakkaille suurimman mahdollisen lisäarvon. Admicom Quantimassa laske
Admicom Oyj: Cancellation of a notification of change in holdings according to Chapter 9, Section 5 of the Securities Markets Act22.11.2024 11:50:00 EET | Press release
Unofficial translation of the company release on November 22, 2024 at 11:45 a.m. EET. In case the document differs from the original, the Finnish version prevails. Admicom Oyj has today received a notification according to which, in accordance with Chapter 9, Section 5 of the Finnish Securities Markets Act, Admicom’s shares owned directly or indirectly by Danske Bank A/S has not decreased below 5 % of all votes in Admicom Oyj on November 19, 2024, contrary to the announcement published on November 20, 2024. Below is information on up-to-date shareholdings. Total positions of person(s) subject to the notification obligation % of shares and voting rights % of shares and voting rights through financial instruments Total of both in % Total number of shares and voting rights of issuer Resulting situation on the date on which threshold was crossed or reached 7.05% 0 7.05% 4,988,985 Position of previous notification (if applicable) 8.2% 0 8.2% 4,988,985 Notified details of the resulting situa
Admicom Oyj: Notification of change in holdings according to Chapter 9, Section 5 of the Securities Markets Act20.11.2024 21:56:21 EET | Press release
Unofficial translation of the company release on November 20, 2024 at 21.55 p.m. EEST. In case the document differs from the original, the Finnish version prevails. Admicom Oyj has today received a notification in accordance with Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which Admicom’s shares owned directly or indirectly by Danske Bank A/S decreased below 5 % of all votes in Admicom Oyj on November 19, 2024. Total positions of person(s) subject to the notification obligation % of shares and voting rights % of shares and voting rights through financial instruments Total of both in % Total number of shares and voting rights of issuer Resulting situation on the date on which threshold was crossed or reached 4.93% 0 4.93% 4,988,985 Position of previous notification (if applicable) 5.25% 0 5.25% 4,988,985- Notified details of the resulting situation on the date on which the threshold was crossed or reached A: Shares and voting rights Number of shares and voti
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