Innofactor as an Investment

Innofactor Plc Annual Report for 2018 has been published in Finnish. The English version of the Annual Report is estimated to be available during April–May 2019.


The Leading Driver of the Modern Digital Organization in the Nordic Countries

Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its over 1,500 customers in commercial, public and third sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has approximately 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. In 2014–2018, the annual growth of Innofactor's net sales has been approximately over 14%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. #ModernDigitalOrganization

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The last quarter of 2018 was very challenging, the net sales and operating margin were under the target, also for the entire year 2018 – the cooperation negotiations in the last quarter together with other actions are believed to have an effect already starting from the first quarter of 2019


Quarter 10–12/2018

  • The net sales were approximately EUR 15.9 million (2017: 17.1), which shows a decrease of 7.3%.
  • The operating margin was approximately EUR -0.9 million (2017: 0.5), which shows a decrease of 272.1%.
  • The weaker than expected profitability was contributed to by the fact that
    • customers' purchase habits in Finland in the last quarter of the year differed significantly from previous years, as regards the Dynasty product family updates, as customers decided to wait for the turn of the year and a new version of the product family.
    • The net sales in Denmark in the fourth quarter were significantly lower than estimated.
    • Additionally, a need for write-offs arose, for example, in relation to project deliveries.
  • The operating loss was EUR -1.7 million (2017: operating loss -0.2), which shows a decrease of 629.8%.
  • On October 8, 2018, Innofactor announced in a stock exchange release that it estimates that its result prospects for 2018 will be weaker than previously stated, due to reorganization.
  • Innofactor got several significant orders in the last quarter, for example, the renewal of the Hilma service for Hansel, approximately EUR 4.0 million, and the delivery of the Dynasty 10 case management system for 13 municipalities in the North Karelia region, approximately EUR 0.5 million.

Year 1–12/2018:

  • The net sales were approximately EUR 63.1 million (2017: 65.7), which shows a decrease of 3.8%.
  • The operating margin was approximately EUR -1.0 million (2017: 1.3), which shows a decrease of 178.7%.
  • The operating loss was approximately EUR -3,9 million (2017: operating loss -1.5), decreasing by 165% due to increased write-offs related to acquisitions, in accordance with IFRS 3, resulting in a decrease of EUR 2,030 thousand (2017: 2,030).

 

Q4 2018 result interview

Innofactor's CEO Sami Ensio's result interview by Inderes' analyst Joni Grönqvist. Video is in Finnish with English subtitles.

CEO's Review

March 5, 2019

CEO Sami Ensio's review: 2018 was a big disappointment – I trust there will be a significant change in 2019

The net sales decreased by 7.3 percent in the last quarter of 2018 (net sales EUR 15.9 million). Especially the net sales from licensing was significantly lower than we expected. In the last quarter of 2018, the operating margin (EBITDA) was EUR -0.9 million (5.7 percent of the net sales) and decreased by 71.2 percent from the previous year.

For the entire year, the decrease in net sales was 3.8 percent (net sales EUR 63.1 million). The operating margin (EBITDA) for the entire year was EUR -1.0 million (1.6 percent of the net sales) and decreased by 178.7 percent from the previous year.

2018 was extremely challenging for our business operations. It was definitely one of the hardest years in Innofactor's 19 years history. The last time we had major challenges like this was during the first couple of years of Innofactor's operation in the early 2000s. For me personally, it is especially painful that we could not fulfill the financial promises we had made to the market. My apologies for that.

The weak profitability was especially due to the lower than expected net sales on the second half of the year, for example, due to customers' purchase habits in Finland differing significantly from previous years, as regards the Dynasty product family updates, as customers decided to wait for the turn of the year and a new version of the product family. Also, the net sales in Denmark in the fourth quarter were significantly lower than estimated. Additionally, an unforeseen need for write-offs arose, for example, in relation to project deliveries.

In the first quarter of 2018, Innofactor focused on integrating the Nordic companies acquired in previous years in Sweden, Denmark and Norway. The common Nordic ERP system was finally implemented in all countries at the beginning of July. As the top management was focused on the implementation of the Nordic integration, the Finnish business operations met unforeseen hardships, which weakened the result on the second half of 2018. Innofactor implemented corrective actions in autumn 2018, for example, by having cooperation negotiations in its Finnish companies. In these companies, self-organized teams were introduced, the number of supervisors was reduced from 50 to 16, and the number of organization levels was reduced from 7 to 4. The total effect of these actions in 2019 is estimated to be EUR 2.4 million.

Innofactor's vision is to be the leading implementer of digitalization in each of the Nordic Countries. 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 2019, Innofactor will focus on improving the profitability of its business operations. This will be done with hard work, immense perseverance, but also with a twinkle in our eyes. Our goal is to improve our profitability right at the beginning of the year. This is now our most important task with our top personnel. It is the basis for all of our future actions and development.

2019 has started positively. We have made several significant deals, for example, Traficom selected Innofactor as the development and maintenance provider for their technical platform for digital services (VISA) (value of the procurement is approximately EUR 5.0 million), which is the largest individual deal in Innofactor's history, and a Swedish organization selected Innofactor to implement their membership management project (value of the procurement is approximately EUR 1.3 million). Up to the date of publishing this release, we have sold a total of 38 updates for our Dynasty 10 case management software. We estimate that the delay in these updates affected the 2018 result negatively, and they will now have a positive effect on 2019.
Innofactor's order book development at the beginning of the year has been very positive, and is currently the largest in its history, approximately EUR 32 million what is about 40% increase compered same time in 2018. As of the first quarter of 2019, we will also report our order book to our investors.

Sami Ensio
Innofactor's founder, major owner, and CEO

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, robotics, and blockchains. Factors enabling these include transfer of software into the cloud, data analytics, social media, and mobility. The purchase habits of customers have changed 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 3–5% in 2018. We estimate that the growth of the IT service market in the Nordic Countries in 2019 will remain on the same level of approximately 3–5%. 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 medium-sized companies operating in just one country and typically offering a wide range of IT solutions for companies and organizations, using several competing technologies. The fourth group is formed by small companies operating in one country and often focusing 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, and also 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, proofs of rapid and profitable growth and successful acquisitions together with business culture with entrepreneurial spirit make Innofactor an attractive partner when making reorganizations in the field in the Nordic Countries.

Mission, Vision and Strategy

Innofactor is the leading provider of modern digital organization for companies, public administration and third sector for its over 1,500 customers in the Nordic Countries. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordic Countries. Innofactor has approximately 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The focus of our strategy in the Nordic level is even more strongly in our five application areas (Journeys) and selected industries for which Innofactor strives to create a uniform operating model and offering in the Nordic Countries. Unifying the offering may take place either through organic growth or selected acquisitions.

Innofactor's mission:

Driving the #ModernDigitalOrganization

Innofactor's vision:

The leading provider of organizations' digital transformation 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
  • Highly productized cloud offering and managed services
  • A proactive, value-adding and flexible delivery model
  • Innovation creation with leading customers in selected industries

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

  • To achieve annual growth of about 20 percent, of which majority is intended to be achieved by organic growth
  • To achieve about 20 percent EBITDA in relation to the net sales
  • To keep the cash flow positive and secure solid financial standing in all situations
  • In the review period of January 1–September 30, 2018, Innofactor's net sales decreased by 2.6 percent. The company did not reach the goal it had set for organic growth.

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

  • Focus on selected industries and solution areas (customer journeys) that provide the highest growth opportunities and allow us to best scale existing offering in the Nordics
  • Focus on current customers and cross sales to get a bigger share of wallet of customers' digital transformation budgets
  • Improving modern digital marketing and sales skills to achieve better and more cost-effective sales results
  • Focus on competence planning, recruiting and resource optimization across Nordics
  • Shifting revenues from projects and professional services toward products, IP-based and continuously managed services that support selected solution areas and industries
  • Strengthening continuously our specialists' professional skills and improving our leading offering in order for our customers to pay hour price above market average
  • Aiming to move to self-organized teams and to reduce organizational layers achieving better communication and faster decision making
  • Continuously improving our flexible value-adding delivery model minimizing number of non-invoiced hours and maximizing customer satisfaction

In the review period of January 1–December 31, 2018, Innofactor's net sales decreased by 3.8 percent. The company did not reach the goal it had set for organic growth.

Innofactor's operating margin (EBITDA) in relation to net sales was -1.6 percent in the review period. This is a record low and very far away from the set target level of 20 percent.

Innofactor's operating cash flow in the review period of January 1–December 31, 2018, was EUR -0.6 million positive (2017: EUR 4.2 million). Net gearing at the end of the review period was 71.2 percent (2017: 53.8 percent).

Key Figures

2018

2017

2016

2015

2014

Net sales, EUR thousand

63,144

65,666

59,616

44,452

43,834

Operating profit before depreciation
and amortization (EBITDA), EUR thousand

-1,029

1,308

4,831

3,705

3,794

percentage of net sales

-1.6%

2.0%

8.1%

8.3%

8.7%

Operating profit (EBIT), EUR thousand

-3,872

-1,461

2,332

2,542

2,407

percentage of net sales

-6.1%

-2.2%

3.9%

5.7%

5.5%

Earnings before taxes, EUR thousand

-3,811

-1,579

1,920

1,935

1,946

percentage of net sales

-6.0%

-2.4%

3.2%

4.4%

4.4%

Earnings, EUR thousand

-3,462

-2,007

1,536

1,548

1,556

percentage of net sales

-5.5%

-3.1%

2.6%

3.5%

3.5%

Shareholders' equity, EUR thousand

21,303

24,764

22,501

24,534

22,462

Interest bearing liabilities, EUR thousand

15,418

14,228

16,701

9,219

10,638

Cash and cash equivalents, EUR thousand

258

910

902

843

997

Deferred tax assets, EUR thousand

5,602

5,668

5,760

6,704

7,238

Return on equity

-13.8%

-5.3%

6.5%

6.6%

7.4%

Return on investment

-7.7%

-2.4%

6.4%

7.6%

9.1%

Net Gearing

71.2%

53.8%

70.2%

34.1%

42.9%

Equity ratio

41.2%

43.4%

35.8%

56.9%

48.7%

Balance sheet total, EUR thousand

51,875

58,272

63,587

43,983

47,413

Research and development, EUR thousand

2,860

3,298

3,394

2,495

1,981

percentage of net sales

4.5%

5.0%

5.7%

5.6%

4.5%

Personnel on average during the year

591

610

532

409

421

Personnel at the end of the year

550

601

591

415

411

Number of shares at the end of the year

36,188,225

36,188,225

32,901,377

33,453,737

32,153,737

Earnings per share (EUR)

-0.0880

-0.0357

0.0467

0.0475

0.0485

Shareholders' equity per share (EUR)

 0.589

0.684

0.684

0.733

0.699


* Innofactor primarily monitors the number of active personnel. The number of active personnel does not include employees who are on a leave of over 3 months. However, for 2014, the figures include also these persons, so the figures cannot be compared.

Growth and Financial Targets

Innofactor's growth has been fast and profitable. Annual net sales growth from 2014 to 2018 has been over 14% on average.

 


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

  • To achieve annual growth of about 20 percent, of which majority is intended to be achieved by organic growth
  • To achieve about 20 percent EBITDA in relation to the net sales
  • To keep the cash flow positive and secure solid financial standing in all situations

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

  • Focus on selected industries and solution areas (customer journeys) that provide the highest growth opportunities and allow us to best scale existing offering in the Nordics
  • Focus on current customers and cross sales to get a bigger share of wallet of customers' digital transformation budgets
  • Improving modern digital marketing and sales skills to achieve better and more cost-effective sales results
  • Focus on competence planning, recruiting and resource optimization across Nordics
  • Shifting revenues from projects and professional services toward products, IP-based and continuously managed services that support selected solution areas and industries
  • Strengthening continuously our specialists' professional skills and improving our leading offering in order for our customers to pay hour price above market average
  • Aiming to move to self-organized teams and to reduce organizational layers achieving better communication and faster decision making
  • Continuously improving our flexible value-adding delivery model minimizing number of non-invoiced hours and maximizing customer satisfaction

Customers

Innofactor's business operations were focused on Finland, Sweden, Denmark and Norway. In January 1–December 31, 2018, approximately 58 percent of the net sales came from Finland, approximately 26 percent from Sweden, approximately 10 percent from Norway, and approximately 6 percent from Denmark.

Of the net sales in January 1–December 31, 2018, approximately 47 percent came from commercial clients, approximately 30 percent from public sector clients, and approximately 23 percent from third sector clients.

 

Net sales distribution 2018


Innofactor's net sales in the review period of January 1–December 31, 2018, came from the following sources:

  • approximately 55 percent from IT system delivery projects and consulting
  • approximately 19 percent from specialist work based on recurring service contracts, such as smaller customer-specific changes and further development of IT systems
  • approximately 20 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 3,8 percent of the net sales

Innofactor's 10 largest clients accounted for approximately 24 percent of the net sales during the review period January 1–December 31, 2018.

Get to know our customer stories 

Personnel

Our strength lies in our highly competent and motivated personnel. We employ approximately 600 enthusiastic and motivated top professionals in Finland, Sweden, Denmark, and Norway who are united by the desire to work on the front line of innovation and new technology. We take pride in our highly competent professionals and significantly invest in competence development. Our employees maintain and improve their professional skills by acquiring technological qualifications, such as Microsoft Certified Professional, and by participating in training provided by our own Innofactor Academy. Their high level of expertise is evidenced by more than 1,600 individual Microsoft certificates in our organization.

Number of Personnel and Key Figures

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, 2018, was 567 persons (2017: 613), which shows a decrease of 7.5 percent.

The average number of active personnel in January 1–December 31, 2018, was 591 persons (2017: 610), which shows a decrease of 3.1 percent.

In the review period of January 1–December 31, 2018, net sales per active person were approximately EUR 106.8 thousand (2017: 107.6), which shows an approximate decrease of EUR 0.8 thousand per person.

At the end of the review period, the number of active personnel was 550 (2017: 601), which shows a decrease of 8.5 percent.

At the end of the review period, the average age among personnel was 40.8 years (2017: 38,9).

Women accounted for 27 percent (2017: 28%) of the personnel. Men accounted for 73 percent (2017: 72%) of the personnel.


The significant decrease in the number of personnel is explained by the cooperation negotiations in the last quarter of 2018, conducted on production-related and financial grounds in Innofactor's Finnish companies. Through the negotiations, Innofactor reduced the number of personnel by a total of 13, which will result in annual savings of approximately EUR 1.4 million starting from 2019. Finnish delivery organization changed into self-organized teams, and same time three organization levels were removed by replacing the current 50 supervisors, most of who were acting as supervisors in addition to their actual tasks, with 16 full-time supervisors and line supervisors, which means that a significant part of current supervisors will have much more time for sales and customer work, and also by an arrangement in which the Innofactor Group's CEO Sami Ensio took to himself also the tasks of the Finnish Country Manager. Also other changes in Innofactor organization has been carried out in order to make the operation more streamline and effective. This has also had the effect of decreasing the number of personnel.

Innofactor Academy Focuses on Competence Development

Two key cornerstones of Innofactor's success are highly competent personnel and the capability for the renewal of expertise. Innofactor established Innofactor Academy in early 2017 to support the competence development of the Group's personnel. In its first year, Innofactor Academy focused on becoming more systematical in competence development, on providing centrally training courses to wider audiences and on improving the visibility of courses for the company's personnel. The Academy has conducted programs on sales management as well as on various concepts, such as PRINCE2 and ITIL. The Academy facilitates the sharing of knowledge and expertise within the company, but also utilizes external expertise on a selective basis. Innofactor Academy's activities have included classroom training as well as online training. The company aims to continue the gradual development of Innofactor Academy and competence development in general.

A Growing Company Needs Harmonized Operating Models

When a company grows, the renewal of its operating model, processes and tools becomes necessary. Harmonized basic processes help support Innofactor's Nordic growth. Annual development discussions and performance management are key management models that are used to ensure the systematic setting of targets, the monitoring of their achievement and the development of the company's personnel. Innofactor harmonized its performance management processes across the Nordic countries in 2017 to ensure that a uniform model is applied in development discussions and performance evaluations throughout the organization. A further goal has been to emphasize the employee's long-term development in the discussions as well as focus on how the employee's current role supports their long-term competence development.

Innofactor has already deployed the Microsoft Dynamics 365 ERP system in Finland, Denmark and Norway, and the use of the system will be expanded to Sweden in 2018. Using a shared HR system enables consistent ways of working and a harmonized management culture throughout the organization. The system also automates the reporting of personnel information and, going forward, it will facilitate better utilization of employee data.

The Leadership Culture Supports Integration

Innofactor's business operations are based on competent employees with a good work-life balance and high work satisfaction. The single most significant factor in employee satisfaction is the leadership capability of the immediate supervisor. Innofactor initiated a systematic leadership development program for team leads. A group of team leads from each country organization was selected for the first three-day program. The program focused on identifying each participant's natural leadership style, applying the right leadership style to different situations, and practicing coaching skills through concrete exercises. The practical program featured concrete exercises to provide the team leads with tools to improve their day-to-day leadership skills. The development of leadership skills is set to continue, and the plan is to have team leads participate in the same program in all of the Nordic countries.

Offering

We Help Our Customers to Build a Modern Digital Organization

Our offering and delivery model are designed to deliver our customers long-term value by leveraging new technology and innovations in ways that take into account their current state and objectives.

Based on years of experience working at the forefront of digitalization with more than 1,500 private, public and third sector customers and the expertise of approximately 600 leading business and cloud technology professionals, we have developed a vision of a Modern Digital Organization. It's founded on a framework we're successfully using to help our customers take advantage of cloud technology and new innovations across their organization and operations. The approach is simple and effective, delivering quick, tangible results and paving the way for long-term customer relationships. We start with defining the big picture – helping our customers determine their current state, define their objectives and build a digitalization roadmap for their organization. We then continue our joint journey to build a modern digital organization leveraging the five areas of our framework. Innofactor offers leading solutions, services and products in each area, as well as an agile delivery model that helps our customers to successfully design, deploy and continuously develop new solutions.

Our Solutions and Services for Building a Modern Digital Organization

Our Modern Delivery Model Ensures Effective Deployment and Adoption to Maximize the Lifetime Value of New Solutions

Our delivery model is based on years of experience in delivering both traditional IT projects as well as cloud services. It consists of five stages, each of which delivers our customers quick, tangible value. We offer our customers five productized delivery models, called Journeys, that are founded on our Modern Organization framework. The value of our deliveries is based on not only helping our customers to design and implement a specific solution, but also supporting them in adopting it within their organization and evaluating its impact to their business processes and IT architecture. In our delivery model, we focus on providing managed services and continuous development of our solutions throughout their lifecycle.

read more about our solutions for modern digital organization

Acquisitions

In 2018 Innofactor made no acquisitions, but focused on integrating Cinteros AB, acquired in 2015, and the Lumagate companies, acquired in 2016, into the Innofactor Group. 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.


22 December, 2015

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


22 December, 2015

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

The key operating principles governing sustainability at Innofactor are documented in the company's Code of Conduct and environmental policy. The Code of Conduct is based on legal requirements and the underlying international standards, such as the ILO Declaration on Fundamental Principles and Rights at Work, the UN Universal Declaration of Human Rights, the UN Sustainable Development Goals and the ICC Business Charter for Sustainable Development.

Innofactor's internal operations are managed through various processes and standards. The key processes related to sustainability include the company's processes pertaining to legal affairs, risk management and employees, which govern many of the key aspects of corporate responsibility. The framework for Innofactor's operations is provided by the ISO 9001, ISO 27001, ISO 13485 and AQAP-2110 standards, which the company's various processes adhere to.

Innofactor is committed to supporting the achievement of the UN Sustainable Development Goals (SDGs) by 2030. Accordingly, we have mapped the main objectives from the perspective of our business operations.

Read more about Innofactor's sustainability

Future Outlook

Innofactor's future outlook for 2019

Innofactor's net sales and operating margin (EBITDA) in 2019 is estimated to increase from 2018, during which the net sales were EUR 63.1 million and operating margin was EUR -1.0 million.

Do you want to hear more about Innofactor? Contact us!
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