Admicom Oyj

ADMICOM OYJ HALF-YEAR FINANCIAL REPORT – Revenue growth 13% and EBITA 38%

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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

Admicom Oyj: Notice convening the annual general meeting 202427.2.2024 10:05:00 EET | Press release

Unofficial translation of the company release on February 27, 2024 at 10:00 a.m. EET. In case the document differs from the original, the Finnish version prevails. Notice is given to the shareholders of Admicom Oyj of the Annual General Meeting to be held on Tuesday 19 March 2024 at 13.00EET at Hotelli Verso, conference room (2nd floor), Kauppakatu 35, 40100 Jyväskylä, Finland. The reception of persons who have registered for the meeting and the distribution of ballots at the meeting venue will commence at 12.30 EET. Shareholders may also exercise their voting rights by voting in advance. Instructions on advance voting can be found in this notice under section C. Shareholders who have registered for the General Meeting and their proxy representatives may also follow the meeting via an online broadcast. A link to the online broadcast will be sent to the email address and/or mobile phone number provided at the time of registration. It is not possible to present questions, make counterpro

Proposals from Admicom’s Nomination Committee for the AGM 20241.2.2024 09:05:00 EET | Press release

Unofficial translation of the company release on February 1, 2024 at 9:00 a.m. EET. In case the document differs from the original, the Finnish version prevails. The nomination committee As decided by Admicom’s AGM in 2023, a nomination committee has been formed among Admicom’s largest owners to prepare proposals for the AGM 2024. The members of the nomination committee are: Jan Andersson, elected by Swedbank Robur Fonder, Antti Katajisto, elected by SEB Investment Management, Ville Kivipelto, elected by Danske Fonder and Jonathan Schönbäck, elected by ODIN Fonder. Petri Niemi, chairman of board of Admicom, has been co-opted to the nomination committee. The nomination committee has held three meetings to prepare it proposals to the 2024 AGM. Beside discussing the Company’s strategy and challenges over the next few years with the chairman, the nomination committee has made individual interviews with all board members and have concluded that the board work is efficient with ambitious and

Admicom vahvistaa edelläkävijyyttä rakennusalan ohjelmistoratkaisuissa ostamalla kalustonhallinta- ja IoT ohjelmistoratkaisu Trackinnon19.1.2024 12:00:00 EET | Tiedote

Lehdistötiedote 19.1.2024 klo 12 Admicom ostaa pilvipohjaista kalustonhallinta-, kunnossapito- ja paikannusratkaisua kehittävän Trackinno Oy:n koko osakekannan. Kaupan myötä Admicomin ohjelmistoperhe ja liiketoiminta vahvistuvat uusilla älykäillä toiminnallisuuksilla, IoT-ratkaisuilla, kumppanuuksilla, ja kasvu- ja kansainvälistymispotentiaalilla. Vuonna 2015 perustettu Trackinno Oy kehittää erityisesti rakennus- ja kiinteistöalalle ja teollisuuteen suunnattua mobiilisovelluksella tai selaimella käytettävää ohjelmistoratkaisua. Ratkaisu tehostaa ja yksinkertaistaa kaluston, laitteiden, varastojen hallintaa, ylläpitoa ja käytön optimointia, sekä parantaa liiketoiminnan dataohjautuvuutta. Trackinno Oy:n liikevaihto vuodelta 2023 oli noin 0,5 miljoonaa euroa ja käyttökate 14 % liikevaihdosta. Yhtiön toistuvien ohjelmistotuottojen liikevaihto muodosti vuonna 2023 noin 87 % liikevaihdosta. Vuoden 2023 lopussa yhtiön toistuvien ohjelmistotuottojen sopimuskanta oli vuositasolle muutettuna (AR

Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno19.1.2024 12:00:00 EET | Press release

Press release 19.1.2024 at 12 noon EET Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno Admicom acquires the entire share capital of Trackinno Oy, a company developing a cloud-based asset management, maintenance and tracking solution. With the acquisition, Admicom's software family and business operations will be strengthened with new smart functionalities, IoT solutions, partnerships, and growth and internationalisation potential. Trackinno Oy, founded in 2015, develops a software solution that can be used with a mobile application or browser especially for the construction, real estate and industrial sectors. Software solution enhances and simplifies the management, maintenance and optimisation of the use of equipment, building systems, inventory, and improves visibility for operational data. Trackinno Oy's revenue for 2023 was approximately EUR 0.5 million and EBITDA

ADMICOM OYJ’S FINANCIAL STATEMENTS RELEASE 2023: Execution of growth strategy continued in a challenging market. Organic recurring revenue growth +11% and EBITDA margin 37% of revenue19.1.2024 09:05:00 EET | Press release

Admicom Oyj: Financial statements release 1.1. -31.12.2023 Unofficial translation of Admicom Oyj’s financial statements release January 19, 2024 at 9:00 EET. In case the document differs from the original, the Finnish version prevails. October – December 2023 (Q4) Comparable organic recurring revenue grew to EUR 7.5 million (7.0), an increase of 6.7% year-on-year Revenue grew to EUR 8.2 million (8.0), an increase of 1.9% year-on-year. Growth was entirely organic. The operating margin (EBITDA) decreased by 17.2% to EUR 2.4 million (2.9), or 29.8% of revenue (36.7%). Operating profit before amortization of goodwill (EBITA) decreased by 16.1% to EUR 2.4 million (2.9), or 29.4% of revenue (35.7%). Operating profit (EBIT) decreased by 59.7% to EUR 0.7 million (1.8) and profit for the review period was EUR 0.5 million (1.2). During the review period, an additional amortization of EUR 1.0 million was recognised in Kotopro's goodwill due to a change in the amortization period. Helena Marjokorp

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