Innofactor as an Investment

Our Annual Report 2017 has been published in Finnish.
The English version of the Annual Report is estimated to be available during April 2018.

Leading Nordic Provider of Digitalization and Cloud Solutions

Innofactor is a leading Nordic provider of digitalization and cloud solutions. Innofactor has Microsoft Ecosystem's leading expertise and the most comprehensive offering in the Nordics. Innofactor has over 600 eager and motivated top professionals in Finland, Sweden, Denmark and Norway. Innofactor serves over 1,500 commercial, public, and third sector organizations. In 2013 to 2017, the annual growth of Innofactor's net sales has been approximately over 20%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Ltd.

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Innofactor Plc Financial Statement 2017 (IFRS)

Quarter 10–12/2017

  • The net sales were approximately EUR 17.2 million (2016: 18.0), which shows a decrease of 4.5%.
  • The operating margin was approximately EUR 0.6 million (2016: 2.0), which shows a decrease of 71.2%. The weaker than expected profitability was contributed to by the lower than expected net sales of which a significant part consisted of net sales from licensing.
  • The operating loss was EUR 182 thousand (2016: operating profit 1,326) and decreased by 113.7 %.
  • On October 13, 2017, Innofactor announced in a stock exchange release that Innofactor would change the result forecast for 2017 to state that the operating margin of 2017 will be lower than the operating margin of 2016.
  • Innofactor got several significant orders on the last quarter, for example, the Finnish Communications Regulatory Authority, approximately EUR 0.9 million; Finnish Safety and Chemicals Agency (Tukes), approximately EUR 0.6 million; and a financial organization, approximately EUR 0.6 million.

Year 1–12/2017:

  • The net sales were approximately EUR 66.1 million (2016: 59.6), which shows an increase of 10.9%.
  • The operating margin was approximately EUR 1.7 million (2016: 4.8), which shows a decrease of 64.2%.
  • The operating loss was approximately EUR 1,0 million (2016: operating profit 2.3), decreasing by 144.6% due to increased write-offs related to acquisitions, in accordance with IFRS 3, resulting in a decrease of EUR 2,030 thousand (2016: 1,884).

CEO's Review

March 6, 2018

The last quarter continued to be challenging – completing the ERP project and unification of the Nordic operating models is central in ensuring future profitability and Nordic growth strategy

The net sales decreased by 4.5 percent in the last quarter (net sales EUR 17.2 million). Especially the net sales from licensing was significantly lower than we expected. In the last quarter of 2017, the operating margin (EBITDA) was EUR 0.6 million (3.3 percent of the net sales) and decreased by 71.2 percent from the previous year. The weaker than expected profitability was primarily contributed to by the lower than expected net sales.

The net sales for the entire year grew by 10.9 percent (net sales EUR 66.1 million) and the main part of this was based on inorganic growth resulting from the Lumagate acquisition. The operating margin (EBITDA) for the entire year was EUR 1.7 million (2.6 percent of the net sales) and decreased by 64.2 percent from the previous year. The weak profitability was especially due to the lower than expected net sales on the second half of the year, especially in licensing net sales, and the resulting decrease in the operating margin.

Realizing common Nordic operating models and systems has been slower than expected. The transition stage manifested itself on the second half of the year in greater than expected effects on the management of the company's operations and the resulting unexpected negative operating margin.

Innofactor's vision is to be the leading implementer of cloud solutions and digitalization in each of the Nordic Countries. Despite the challenges of 2017, we believe in our chosen Nordic strategy and in reaching our long term goals. This requires perseverance and determination from the company's management and employees as well as investors.

In its first stage, reaching organic growth of approximately 20 percent and operating margin of approximately 20 percent in long term requires especially completing the common Nordic operating models and central information system projects, the most important one being the Nordic ERP (enterprise resource planning) system. The ERP system has been introduced in Denmark in 2016, in Finland in 2017, and in Norway at the beginning of 2018. In Sweden, the goal is to introduce it as soon as possible. The entire ERP project is planned to be finished by the end of 2018 (including group level consolidation, budgeting for 2019, and internal accounting). This means that this one system will eventually replace 20 separate systems. The new ERP system has already clearly improved the control of our operations in several areas, but the most important benefits from it are expected to be gained starting from the second half of 2018.

The realization of the strategy and means for reaching the long terms goals are described in more detail below, in the section "Strategy and its realization in the review period".

Innofactor is still actively looking for new strategic partnerships in the Nordic Countries. The Group's goal is to grow both organically and through acquisitions.

Business Environment

Market Outlook and Business Environment

Main forces affecting market changes and main trends of innovation are, for example, augmented and virtual reality, Internet of Things (IoT), artificial intelligence, and robotics. Factors enabling these include transfer of software into the cloud, data analytics, social media, and mobility. The purchase habits of customers have continued to change as these business changes are taking place. Our customers expect their IT provider to focus more on business benefits instead of technology benefits. Our customers want to get solutions that are ready for use without a need to make major customer-specific changes. Additionally, customers increasingly wish to purchase continuous services instead of large one-off projects.

We estimate that the IT service market in the Nordic Countries grew by approximately 2–3% in 2016. In Finland, the growth was still slower than in the other Nordic Countries, but increased slightly. We estimate that the growth of the IT service market in the Nordic Countries in 2017 will be approximately 3–4%. The competitiveness contract signed in 2016 is estimated to have a positive effect on markets in Finland. Our estimate is based on research institutes' forecasts and our own outlook on markets.

As concerns Microsoft-based solutions, competition in the Nordic Countries is divided between different kinds of parties. The first group is formed by large companies that operate in all of the Nordic Countries. Typically, these companies offer a wide range of IT solutions for companies and organizations, using several competing technologies of which Microsoft technology is one option. The second group is formed by companies that focus on a narrower solution area in the Nordic level. These companies also offer IT solutions for companies and organizations using several competing technologies of which Microsoft technology is typically just one option. The third group is formed by companies operating in just one country. These small or medium-sized companies often focus on one solution area, client and/or field.

Innofactor has made a strategic choice by focusing on solutions implemented with and utilizing the Microsoft platforms and by selecting as its solution areas the ones in which Microsoft's growth and offering, and thus its partners' and ecosystem's growth, has exceeded the general average growth of IT service and software markets many times over. Innofactor is primarily focused on Nordic large and medium-sized companies and government organizations, which have high standards in their IT solution acquisitions. Innofactor develops solutions, products and services suitable for this group by itself and in cooperation with its partners. Innofactor's strategy supports well the change in the markets. Innofactor believes it can gain market share from its competitors and utilize possible IT market growth in the future.

Microsoft's partner network in the Nordic Countries, as well as elsewhere in Europe, is quite fragmented and mainly consists of a large number of small and medium-sized local providers. For Innofactor, this provides interesting potential for consolidation and globalization. Innofactor's good reputation concerning the Microsoft ecosystem, unique proofs of rapid and profitable growth and successful acquisitions together with business culture with entrepreneurial spirit make Innofactor a very attractive partner when making reorganizations in the field in the Nordic Countries.

Mission, vision and strategy

Strategy and its realization in the review period

Innofactor is the one of the leading implementers of cloud solutions and digitalization in the Nordic Countries. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordic Countries. Innofactor has over 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. Innofactor's customers include over 1,500 companies and public administration and third sector organizations. During the years 2018–2020, Innofactor will primarily strive to unify its operating model and offering in the Nordic Countries in its selected areas. Unifying the offering may take place either through organic growth or selected acquisitions.

Innofactor's mission:

We empower organizations and people to make a difference in the digital world.

Innofactor's vision:

We are the leading implementer of cloud solutions and digitalization in each of the Nordic Countries (Finland, Sweden, Denmark and Norway).

Innofactor's strategy for achieving this vision includes:

  • The best Nordic professionals in the Microsoft ecosystem
  • The leading offering in cloud solutions and digitalization
  • A proactive, value-adding and flexible delivery model
  • Spearhead customers in selected fields in the Nordic Countries

Innofactor's long term financial goal is to grow profitably:

  • To achieve annual growth of approximately 20 percent, most of which should be organic
  • To achieve approximately 20 percent operating margin (EBITDA) in relation to the net sales
  • To keep the cash flow positive and to secure solid financial standing in all situations

Innofactor's net sales in the review period of January 1–December 31, 2017, grew by 10.9 percent and the main part of this was based on inorganic growth resulting from the Lumagate acquisition. The company did not reach the goal it had set for organic growth.

Innofactor's operating margin (EBITDA) in relation to net sales was 2.6 percent in the review period. This is a record low and very far away from the set target level of 20 percent.

The main actions for reaching the approximately 20 percent growth and 20 percent operating margin:

  • In the Nordic Countries, we will focus on those fields and customer segments, which have great growth potential, such as social services and health services.
  • We will improve sales of our products and services to existing customers in order to get a greater share of the budget the customers are using for digitalization.
  • We will invest in using modern digital marketing methods to improve our sales.
  • We will concentrate on management of know-how, recruiting, and resource optimization in the Nordic level.
  • In the future, we will increasingly shift the focus of our offering to products and productized services.
  • We will continuously strengthen the professional competence of our experts to ensure that our customers are prepared to pay their services and our leading offering prices that are above the industry average.
  • We will develop our flexible and quick delivery model, which facilitates the creation of added value, in such a way as to further minimizing unnecessary work, improving invoicing ratio and increasing customer satisfaction.
  • We drive operational excellence to improve Financial Quarterly Accountability (FQA), internal information systems and predictability.

Innofactor's operating cash flow in the review period of January 1–December 31, 2017, was EUR 4.2 million positive (2016: EUR 3.4 million). Innofactor's financial stability is good. Net gearing at the end of the review period was 53.1 percent (2016: 70.2 percent).

Key Figures

2017

2016

2015

2014

2013

Net Sales, EUR thousand

66,088

59,616

44,452

43,834

32,685

Earnings Before Interest, Taxes, Depreciation,
and Amortization (EBITDA) EUR thousand

1,730

4,831

3,705

3,794

3,284

percentage of net sales

2.6%

8.1%

8.3%

8.7%

10.0%

Operating profit (EBIT) EUR thousand

-1,039

2,332

2,542

2,407

2,255

percentage of net sales

-1.6%

3.9%

5.7%

5.5%

6.9%

Earnings before taxes, EUR thousand

-1,157

1,920

1,935

1,946

1,863

percentage of net sales

-1.8%

3.2%

4.4%

4.4%

5.7%

Earnings, EUR thousand

-926

1,536

1,548

1,556

1,407

percentage of net sales

-1.4%

2.6%

3.5%

3.5%

4.3%

Shareholders' equity, EUR thousand

25,101

22,501

24,534

22,462

19,626

Interest bearing liabilities, EUR thousand

14,228

16,701

9,219

10,638

11,955

Cash and cash equivalents, EUR thousand

910

902

843

997

991

Deferred tax assets, EUR thousand

5,583

5,760

6,704

7,238

7,604

Return on equity

-3.9%

6.5%

6.6%

7.4%

8.4%

Return on investment

-1.3%

6.4%

7.6%

9.1%

12.9%

Net Gearing

53.1%

70.2%

34.1%

42.9%

55.9%

Equity ratio

43.8%

35.8%

56.9%

48.7%

43.1%

Balance sheet total, EUR thousand

58,609

63,587

43,983

47,413

46,671

Research and development, EUR thousand

3,298

3,394

2,495

1,981

2,067

percentage of net sales

5.0%

5.7%

5.6%

4.5%

6.3%

Personnel on average during the review period

610

532

409

421

307

Personnel at the end of the review period

601

591

415

411

416

Number of shares at the end of the review period

36,188,225

32,901,377

33,453,737

32,153,737

30,909,052

Earnings per share (EUR)

-0.0262

0.0467

0.0475

0.0485

0.0432

Shareholders' equity per share (EUR)

0.694

0.684

0.733

0.699

0.635

Growth and Financial Targets

Innofactor's growth has been fast and profitable. Annual net sales growth from 2013 to 2017 has been over 20% on average.

Systematic Growth since 2000

 

Innofactor's long-term financial goal is to grow profitably:

  • By achieving annual growth of about 20 percent, of which majority is intended to be achieved by organic growth
  • By achieving approximately 20 percent operating margin (EBITDA) in relation to the net sales
  • By keeping cash flow positive and securing a solid financial standing in all situations

We believe that we can achieve the 20% organic growth by following means:

  • In the Nordic Countries, we will focus on those fields and customer segments, which have great growth potential in digitalization and implementing cloud services. Social services and healthcare along with wellbeing services are an example of a field in which we will focus strongly in 2017 and coming years.
  • We will improve sales of our products and services to existing customers in order to compete for an increasing share of the budget the customers are using for digitalization and to develop customer relationships in long term.
  • We will invest in using modern digital marketing methods to improve acquiring of new customers and to strengthen the customers' image of Innofactor as the leading Nordic implementer of digitalization and cloud services, as well as to improve our sales.

In addition to what was presented above, we believe that we can achieve the 20% operating margin by following means:

  • We will move the focus in our offering more and more to our own products and productized services, which ease our customers' transfer to cloud services and maintenance. Thus, we can continue to offer our customers better services and greater added value, while strengthening long-term customer relationships.
  • We will improve the skills of our own specialists, so that our customers will see significant added value in their know-how as compared to our competitors and will be willing to pay a rate that is higher than the field's average.
  • We will develop our flexible delivery model, which enables fast added value, in such a way that it will further improve customer satisfaction. In the development of our delivery model, we will focus on as efficient planning of the work as possible, while minimizing unnecessary work that will not provide added value to the customer. At the same time, our invoicing rate will improve.
  • In the Nordic level, we will focus on gaining synergies that provide cost savings, for example, by implementing in 2017–2018 the cloud-based Nordic Microsoft Dynamics 365 for Operations ERP system.

Customers

Innofactor's business operations were focused on Finland, Sweden, Denmark and Norway. Of the net sales in January 1–December 31, 2017, approximately 56 percent came from Finland, approximately 28 percent from Sweden, approximately 8 percent from Denmark and approximately 8 percent from Norway.

Of the net sales in January 1–December 31, 2017, approximately 48 percent came from commercial clients, approximately 33 percent from public sector clients and approximately 19 percent from third sector clients.

Innofactor's net sales in the review period of January 1–December 31, 2017, came from the following sources:

  • approximately 59 percent from IT system delivery projects and consulting
  • approximately 16 percent from specialist work based on recurring service contracts, such as smaller customer-specific changes and further development of IT systems
  • approximately 19 percent from services based on recurring service contracts, such as SaaS, cloud and hosting services, and from software maintenance
  • approximately 6 percent from licenses, of which the share of licensing income to third parties was approximately 4 percent of the net sales

Innofactor's 10 largest clients accounted for approximately 25 percent of the net sales during the review period January 1–December 31, 2017.

More information about our customers can be found on the customers section.

Personnel

Innofactor's personnel

Primarily, Innofactor monitors the number of active personnel. The number of active personnel does not include employees who are on a leave of over 3 months.

The average number of active personnel in October 1–December 31, 2017, was 613 persons (2016: 589), which shows an increase of 4.1 percent.

The average number of active personnel in January 1–December 31, 2017, was 610 persons (2016: 532), which shows an increase of 14.7 percent.

In the review period of January 1–December 31, 2017, net sales per active person were approximately EUR 108.3 thousand (2016: 112.1), which shows an approximate decrease of EUR 3.7 thousand per person. In the future, we will focus on increasing the net sales per active person.

At the end of the review period, the number of active personnel was 601 (2016: 591), which shows an increase of 1.7 percent.

At the end of the review period, the average age among personnel was 38.9 years (2016: 39.4).

Women accounted for 28 percent (2016: 28%) of the personnel. Men accounted for 72 percent (2016: 72%) of the personnel.

Read more about our people.

Offering

Innofactor is a leading Nordic provider of cloud solutions and digital transformation with Microsoft Ecosystem's leading expertise and the most comprehensive offering in the Nordics. We offer our customers business-critical solutions, project deliveries and maintenance services, and develop our own software products and services. Our own product development is focused on Microsoft-based cloud solutions.

We offer our customers comprehensive Microsoft-based solutions that builds on the leading products, services, and expertise of the ecosystem. Our offering has been developed based on our customers' needs. We serve more than 1,500 commercial, public sector and membership-based customers in Finland, Sweden, Denmark and Norway.

Read more about our solutions for modern digital organization.

Acquisitions

Our aspiration is to grow organically and through acquisitions. Our past acquisitions are as follows:

10 October, 2016
Innofactor signed a contract to acquire the entire share capital of the Lumagate group.
See Stock Exchange Release for more details.

1 January, 2016
Innofactor signed a contract to acquire the entire share capital of the Swedish company Cinteros AB.
See Stock Exchange Release for more details.

1 January, 2016
Finnish Arc Technology, which is focused on HR systems, bought Innofactor Plc's HRM (Human Resources Management) business.
See press release for more details.

31 December, 2013
Innofactor signed a contract to acquire the entire share capital of Enabling Group.
See Stock Exchange Release for more details.

30 September, 2013
Innofactor acquired Dynamic Team (company name Lainetar Oy, based in Tampere, Finland) and its business in order to strengthen its offering in the Microsoft Dynamics AX business area.
See press release for more details.

6 June, 2013
Innofactor signed a contract to acquire the entire share capital of atBusiness Ltd.
See Stock Exchange Release for more details.

30 November, 2012
Innofactor signed a contract to acquire the Microsoft project and project portfolio management solutions business from Tietotalo Infocenter Ltd.

25 June, 2012
Innofactor signed a contract to acquire the entire share capital of Bridgeconsulting A/S.
See Stock Exchange Release for more details.

3 December, 2010
Westend ICT Plc and Innofactor Ltd merged to become the Innofactor Plc Group.
See Stock Exchange Release for more details.

3 June, 2010
Visual Management Ltd became part of Innofactor Software Ltd.

12 October, 2009
Innofactor Software Ltd acquired Software Innovation Finland Ltd.

1 April, 2007
Innofactor purchased the Enfo Ltd business unit responsible for electronic business solutions.

15 December, 2004
Innofactor Software Ltd acquired TietoEnator Plc's parish-software business.

Sustainability

Responsibility is an integral aspect of Innofactor's day-to-day operations. Our operations are guided by the company's strategy, values, corporate governance, quality system, personnel policy, corporate responsibility, and legislation.

Innofactor commits to be a reliable employer and business partner and thus requires all members of the organization to adhere to the standards set by Code of Conduct, approved by Innofactor Board of Directors on September 4, 2017.

The Environment and Sustainable Development

As a provider of digital solutions and a pioneer in new technology, we help our customers operate in more environmentally ways. In our operations, we adhere to the principles of sustainable development and the environmental guidelines of the Federation of Finnish Technology Industries. We help our customers achieve their environmental goals and contribute to the sustainable development of society through the digital solutions that we have developed. We deliver digital solutions and web services that decrease the environmental impact of our customers' operations.

The continuous assessment and development of a more environmentally friendly work community play a key role in our own operations. In 2016, we invested in more energy-efficient equipment and new digital solutions. Our current operating model makes it possible for our employees to work remotely and interact with customers and colleagues via online channels. This has significantly reduced the CO2 emissions of our day-to-day operations. We encourage our employees to make environmentally friendly commuting choices. In 2016, we were awarded the "Employer that makes you move" certificate for smart commuting by Helsinki Region Transport.

Innofactor's environmental policy ensures that key environmental issues are taken into account in day-today operations and their development. The principles underpinning Innofactor's environmental policy are the continuous improvement of environmental matters and reacting to changing environmental factors.

Social Responsibility

We aim to promote well-being at our workplaces, local communities, and at the Nordic level. We provide our employees with an inspiring and supportive environment that promotes their continued professional development. Employee well-being is essential for our operations. We ensure employee well-being by maintaining a stable, safe, communicative and engaging atmosphere, and by building reliable paths for future development. Each year, we invest in the development of employee wellbeing and arrange various well-being campaigns. We also invest in employee training, mainly through onthe-job learning and job rotation. Innofactor's high level of job satisfaction, which continues to rise from one year to the next, is evidence of the continuous improvement of employee well-being.

In 2016, Innofactor engaged in the goal-oriented recruitment of young talents and participated in several employment-oriented training programs, such as the Microsoft Azure Academy. Being a growing company, we have had an excellent opportunity for several years now to employ and train new talents. This allows us to promote youth employment and help employees adapt to the changes brought about by digitalization and globalization both in local communities and at the Nordic level. In 2016, the work of our experts supported the activities of Save the Children Denmark as well as the digital transformation of Finland as a nation through participation in "Code for Finland", a workshop-type course organized by Technology Industries of Finland and the Finnish Ministry of Transport and Communications.

We strive to establish long-term partnerships with our customers and other ICT companies, adding value and providing innovative solutions through a network of complementary expertise. By working actively with partners, universities and stakeholders that develop business at the local and national levels, we continuously create new partner networks to lower the globalization threshold in our industry and play a part in developing the software business in the Nordic region.

Financial Responsibility

Responsible growth and employee commitment are in everyone's interest. Innofactor has more than 10,000 shareholders and a strong tradition of creating employee commitment through subsidized share programs. We continuously pursue profitable growth through acquisitions as well as organic growth. As a company that is listed on the main list of Nasdaq Helsinki Ltd stock exchange, we operate transparently and in compliance with all regulatory principles. We have been one of the fastest-growing companies in terms of net sales for several years now, and all of our investment decisions are made based on careful analyses and sustainable growth forecasts, utilizing the best available expertise. This helps us ensure that Innofactor is an attractive and stable investment now and in the future.

"Innofactor is committed to operating profitably and increasing its net sales while taking into account the social impacts of its operations."
Sami Ensio, Founder and CEO of Innofactor

Code of Conduct

Introduction

Innofactor Plc together with all its affiliates ("Innofactor") commits to be a reliable employer and business partner and thus requires all members of the organization to adhere to the standards set by this Code of Conduct. In addition to the Code of Conduct, Innofactor follows applicable laws, certain international standards and its binding obligations. Innofactor also requires that all its suppliers, subcontractors and partners commit to similar level of compliance.

Innofactor has an appropriate management system in place to enable adherence to this Code of Conduct.

Innofactor reserves the right to change and update this Code of Conduct.

Conflict of interest

All employees, directors (jointly hereinafter "Employees") and Board Members must recognize possible sources of conflicts of interest and take appropriate actions to avoid such conflicts and situations that may be deemed as conflicting by third parties. Any potential conflict of interest shall be properly disclosed by the person subject to it as soon as it arises.

Anti-corruption and anti-trust

Innofactor condemns all forms of corruption, including bribery and unlawful restriction of fair competition. Transparency and fairness in business practices are key, especially when co-operating with government officials. Conformity with anti-trust laws is enforced.

Employees shall withhold from conducting any acts affecting competition that would be deemed to be unethical.

Insider information

Abuse of insider information is forbidden. We take our utmost to follow the EU Market Abuse Regulation and national insider guidelines and emphasize in all occasions that insider information must be kept strictly confidential and may not be disclosed to any non-insider within or outside Innofactor, including family members.

Innofactor whistleblowing-scheme exists to ensure that violations are caught and made notifications may be dealt with confidentiality.

Confidentiality and data processing

Confidentiality and lawful processing of personal data must be respected. Confidential information shall be handled with care and vigilance, especially information regarding Innofactor's customers and business partners. Access to all confidential information must be limited.

All Employees are required to participate in information security trainings.

Non-discrimination

An accepting and welcoming work environment is essential for the well-being of our Employees. Innofactor offers each Employee equal opportunity to succeed and advance in their career regardless of gender, nationality, religion, race, age, disability, sexual orientation, political opinion, union membership, or social or ethnic origin. Employees are expected to act according to non-discrimination policies both within and outside the workplace.

Innofactor has a zero-tolerance policy regarding harassment and abuse. Employees are encouraged to report any disruptive behavior should they become aware of it.

Fair labor and wages

Innofactor acts in accordance to treaties composed by the International Labor Organization and does not utilize child labor nor forced labor. We respect our Employees' right of association.

All Employees shall be paid a fair wage in accordance to the law and applicable collective bargaining agreements.

Health and safety, training

The health and safety of our Employees is a priority. We provide our Employees with safe working conditions and sufficient training to conduct their work with minimal hazard. Employee health is supported through promoting healthy living habits and offering occupational health care. We value lifelong learning and education and encourage our Employees' active participation to various courses and training programs.

Environment

Innofactor abides by the principles of sustainable development. Our environmental policy ensures that important environmental factors are considered in our daily functions, projects and further development.

Accountability

Innofactor does not condone diversions from the Code of Conduct. Employees who fail to abide by the Code of Conduct shall be held accountable. Avenues for reporting violations are upheld.

Future Outlook

Innofactor's future outlook for 2018

Innofactor's future outlook for 2018 Innofactor's net sales and operating margin (EBITDA) in 2018 is estimated to increase from 2017, during which the net sales were EUR 66.1 million and operating margin was EUR 1.7 million.

The most significant risks have been desribed in risk, management and control.

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