Okay. Hello, everybody. It's 2:00 A.M. in my time in Seattle, West Coast, U.S. So, my name is Sami Ensio. I'm founder and CEO for Innofactor, if we have new people here. But, we have also totally new person here, Antti Rokala, our new CFO. He will present our presentation, but, would you like to, Antti, say some nice words before we start? Thank you, Sami. Yes. I joined Innofactor as CFO one month ago. I will be sharing with you the highlights of the past year. I find myself rather confident in doing that after one month, because what I have learned is that Innofactor has extremely well-established financial and operational follow-up, and well-established management processes. So it's kind of easy to join the company, and that keeps the learning curve short. Nice to hear, Antti, and you probably can present the presentation from your computer. Of course, if you have any questions to me, please, please ask during the presentation or after that, but please, Antti. Thank you, Sami. As said, Sami is 10 hours different time zone, and there is maybe challenges with connection, so I take us through the highlights of, highlights of the last year. I tried to hide you, Sami, but I hide the presentation. Here it is. Here it is. Very shortly about the reference of the company. We are about 1,600 professionals working in the Nordic, throughout the Nordic area, with 1,000 customers in Nordic countries, Scandinavia and Finland. First time last year, Innofactor reached revenue of EUR 80 million, plus EUR 80 million, and we reached EBITDA of 11%. We will go through these numbers more in detail as we enter into financial part, but want to share you before that very shortly. What is driving? What is driving the development in the coming years? Artificial intelligence is going to convert the way we work, convert the way we act in private life, and it's going to affect heavily in industries and businesses, and it's going to heavily affect our business as well. How exactly remains to be seen, but we have to keep in mind that artificial intelligence is going to shape our world in the coming years, coming months, even. This time is the first time Innofactor is reporting what we call solution areas. Solution areas are similar to what Microsoft has. We are Microsoft partner. The solution areas reported first time in this quarterly report, which was released this morning, is digital services, business solution, information and case management. Then we combine data, cloud, and cybersecurity into one solution area for a reason you will see, understand when once you see the numbers by area. Management team, new management team. It's actually the same as last year. It's only my picture that has appeared since January. Going further, both management and board are heavily involved in company by their investment, even and share ownership. Even I had an opportunity to place something before I joined the company, and I intend to continue doing so in the future. I also show this organization for a reason, that it has been changed from last year in a way, that these three solution areas remain as they have been. And then we have, yeah, again, combined data, cloud, and cybersecurity to one solution area to establish four equally strong areas throughout the company. Financial information. Innofactor reached revenues of about EUR 22 million in the last quarter of 2023. It represents growth of about 7%, 6.8%. We have a long-term goal of growing 20%, so we have a journey to go before we are there. However, we improved, Innofactor improved in all the areas in 2023, even if we are not in our long-term goal. EBITDA of EUR 2.9 million represents 13% of revenues, and it also grew by 10% compared to last quarter year ago. Order backlog is showing a slight decrease compared to what we had a year ago. However, we had some orders which we moved from order backlog to frame agreements, which we publish or record first time this year. Yeah, acknowledging these orders move to order backlog, it would have been rather stable, if not growing actually, from year to year. Price competition we experience quite heavily, quite intense. However, Innofactor was able to keep or even increase slightly average selling prices in 2023. And we expect this price competition to continue given the economic environment and some downturn in economy and some challenges our customers are having in their economic outlook. I'll go further. Was freezing a little bit. You can see that net sales reaching more than EUR 80 million for the first time, grew by 13%. If I exclude the acquisition done last year, the organic growth would have been 9%. EBITDA exceeded EUR 9 million for the first time, representing a growth of 16.6% compared to last year again. Order backlog, okay, would have been stable if we had reporting exactly the same way. However, we moved some orders, as said, to the frame agreements, which is also released, as well, released for the first time, published for the first time now. Equity ratio is very close to 50%, giving company a solid foundation to further growth and even investments. There is a simple slide which is revealing how order backlog is affecting revenues. Typically, when we establish an order, the lead time to revenues is about 1 or even 2 quarters. So sales now is revenue in summer or autumn. The revenues are typically immediately reflected to EBITDA. That's no surprise. And we need number of people to deliver the growth in revenues. However, we need sales in order to grow a number of people, and sales in this market environment may appear a little bit challenging for a short temporary period. We can see that we have a rather good balance between the public and commercial customers, which gives also us a solid foundation given some economic uncertainty in the market. We have a goal of having 33% recurring revenue from licenses and software as a service, and we came close to that goal in the last quarter. We reached... Or last year, we reached 31.5%. On the other hand, Sweden, Denmark, and Norway, they are underrepresented in revenues. This picture should be more balanced in the future, and they are also underrepresented in profits. The profit mainly comes from Finland. We have a lot of key performance indicators. This table is directly drawn from quarterly report. I don't think I go through these numbers in detail. You may place questions at the end of this session, regarding these numbers or regarding our environment, and market and operations. But just I refer to EBIT, EBITDA and revenues, they were record high in 2023. They never have been EUR 80 million and EUR 9 million. EUR 80 million in revenues and EUR 9 million in EBITDA. These are the solution areas I reflected earlier. This is the first time we are publishing our key performance indicators by solution area. We can see that we have rather stable revenues between those solution areas. On the other hand, we have deviation in value added by these solution areas, also profit generation. EBITDA in information and case management, which represents where we represent our own database product called Dynasty, is the highest. In digital services, we develop own solutions to customers, tailor-made solution to customers. And in business solutions, we represent Microsoft products like customer relationship management and enterprise resource planning. And then we have data cloud services and cybersecurity services in one separate solution area. And you can see here that challenges are different by solution area. We may discuss this a little bit later, how do we tackle those challenges. Long-term goals remain 20% growth, 20% EBITDA. How did we achieve these goals in last year? This reflects, okay, our revenues increased by 13%, of which 9% was organic and 3% came from acquisition last year. EBITDA for year, okay, it grew by 16.6%, but it is still not in the level of 20%, which we have as a long-term goal. We have a strong cash flow, EUR 7 million operating cash flow, so with an increase of almost 8% and giving us also a solid equity position of 41, 48-49%. How do we want to reach our goals? Shortly, I comment. Operating efficiency, very simple. Invoicing rate, we will have 80%-85% invoicing rates per person, billable person. We will have recurring revenues. We will grow the recurring revenues as percent of the operating income of the company. We have a goal of having licenses and software as service to at least or over 33%. We came close last year. Then we will increase the billable personnel, but that requires sales. First, sales, then billable personnel. And then increase the share of wallet, wallet in other Nordic countries. The Nordic countries, as I said, is underrepresented for the time being in revenues and profit. According to the dividend policy, the board of directors is proposing to distribute repayment of capital amounting to 0.07 cents per share, and the board of directors is also proposing to authorize to be authorized for further 7% per share later on. Market guidance. Our expectations remain that Innofactor would increase in EBITDA and revenues from the last year. Some positive news on the last quarter that we released in Nasdaq Helsinki, we gained a couple of orders, significant orders. One from Metal Union, a Swedish labor union, worth EUR 1.6 million, and another order bought by City of Tampere in Finland, another EUR 1.6 million. So we had a successful last quarter in sales in 2023. Here I have listed... We have listed some key points or from CEO's review. These are just, just repeating what Sami and CEO Sami Ensio is saying in quarterly report. Quite competition remains, but we remained, but we managed to keep the price level or even increase a little bit the price level. Sales was successful in fourth quarter, contributing to revenues this year. Software as a service and licenses exceeded 30% of revenues for the first time. And then we are also... company is also working on to increase the stability of its personnel by establishing a personal bonus fund to decrease the turnover of personnel and to commit the personnel better and earlier. We know that in IT sector, IT companies are heavily competing for highly competent personnel. Largest shareholders remain. CEO Sami Ensio is holding more than 20%, 22% of the shares through his descendants. Also, the insurance company, Ilmarinen, and another board member, Risto Linturi, as major shareholder. The trading of stocks has been more, more active in 2022 and 2021, and it was in 2023. 18.6% of shares were traded last year. And one year change in stock valuation is almost stable. Almost stable, and that's what I have to say. Market capitalization increased from EUR 39 million to EUR 45 million. To respect your time, I would like to keep this introduction short to give you a possibility to come to place questions at the end of this presentation. So please, you are free to comment or question. Then I stop sharing to show the presentation. Okay, if there is not any questions, I would like to thank all of you being interested in this. So we'll have next quarter info in April, I think so, or something like that. So thank you, everybody. Have a nice day. Thanks. Bye-bye.
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