Key figures (IFRS)
| EUR 1000, unless otherwise specified | 1-12/20223 | 1-12/20211 | 1-12/20202 |
|---|---|---|---|
| Net sales | 149,921 | 104,509 | 77,953 |
| Growth of net sales, % | 43.5% | 34,1 % | 21,7 % |
| EBITDA | 22,736 | 17,062 | 12,329 |
| EBITDA margin, % | 15.2% | 16,3 % | 15,8 % |
| EBITA, adjusted | 21,987 | 14,646 | 10,778 |
| EBITA, adjusted, margin, % | 14.7% | 14,0 % | 13,8 % |
| EBITA | 20,426 | 14,451 | 9,908 |
| EBITA margin, % | 13.6% | 13,8 % | 12,7 % |
| Operating profit (EBIT) | 16,637 | 12,197 | 8,750 |
| Operating profit (EBIT) margin, % | 11.1% | 11,7 % | 11,2 % |
| Profit for the period | 12,223 | 9,073 | 6,903 |
| Earnings per share, EPS (diluted), EUR4 | 0.78 | 0.61 | 0.49 |
| Effective dividend yield, % | 1.5% | 1,2 % | 1,4 % |
| Price-Earnings ratio, P/E | 28.5 | 39,5 | 34,8 |
| Return on equity (ROE), % | 17.3% | 18,6 % | 20,2 % |
| Return on investment (ROI), % | 18.8% | 19,1 % | 18.3 % |
| Equity ratio, % | 54.0% | 61.5 % | 47.1 % |
| Net gearing, % | -29.5% | -41.1 % | -15,4 % |
| Average overall capacity, FTE | 1,035 | 745 | 597 |
| Average subcontracting, FTE | 159 | 113 | 83 |
| Number of employees at the end of the period | 1,297 | 852 | 724 |
1CCEA Finland Oy’s figures have been consolidated with the figures of the Gofore Group as of 1 March 2021.
2Qentinel Finland Oy figures have been combined with the Gofore Group figures from 1 September 2020.
3 Devecto Oy’s figures have been combined with Gofore Group figures as of 3 January 2022, and eMundo GmbH’s numbers as of 1 November 2022.
4The diluted earnings per share (EPS) correspond to the non-diluted earnings per share.
Formulas of Key Figures (APM)
| EBITDA | = | Operating profit + depreciations and amortisation | |
| EBITDA margin, % | = | Operating profit + depreciations and amortisationNet sales | x 100 |
| Operating profit before amortisation of intangible assets identified in PPA and impairment of goodwill (EBITA) | = | Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwill | |
| Operating profit before amortisation of intangible assets identified in PPA and impairment of goodwill (EBITA) margin -% | = | Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwillNet sales | x 100 |
| Operating Profit (EBIT) margin -% | = | Operating profitNet sales | x 100 |
| Earnings per share (EPS), diluted, euros | = | Profit for the period attributable for shareholders of the companyWeighted average number of shares outstanding during the financial period adjusted for share issues | x 100 |
| Effective dividend yield | = | Dividend per shareShare price at the end of financial period | x 100 |
| Price-Earnings ratio (P/E) | = | Share price at the end of financial periodEarnings per share | |
| Return on equity (ROE) -% | = | Profit for the period (annualised)Average shareholder’s equity | x 100 |
| Return on investment (ROI) -% | = | Profit before taxes (annualised) + financial income and expenses (annualised)Average shareholder’s equity + average interest-bearing loans and borrowings | x 100 |
| Equity ratio, % | = | Shareholders’ equityBalance sheet total – advances received | x 100 |
| Net gearing, % | = | Non-current interest-bearing liabilities + Non-current lease liabilities + Current interest-bearing liabilities + Current lease liabilities – Cash and cash equivalents – Other rights of ownership under Current and Non-current investmentsShareholders’ equity | x 100 |
| Average overall capacity, FTE | = | The Average overall capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group’s personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The capacity of acquired companies personnel has been considered as of the acquisition date. | |
| Average subcontracting, FTE | = | The Average subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees. Subcontracting used by acquired companies has been included as of the acquisition date. | |
| Number of employees at the end of financial period | = | The number of employees at the end of the financial period. |
Alternative Performance Measures
The Company determines term “Adjusted EBITA” as follows:
| Adjusted EBITA | = | Reported EBITA + (+ goodwill impairment +/- costs/gains directly related to acquiring business combinations + restructuring costs of business structure – gains of sales of fixed assets + losses of sales of fixed assets). |
Gofore applies ESMA (European Securities and Markets Authority) guidelines on alternative performance measures effective from 2016.
Gofore uses and presents the following alternative performance measures to better illustrate the operative development of its business: operating profit before amortization of PPA (EBITA), EBITDA, ROI, ROE, equity ratio and net gearing. PPA amortizations arise from assets recognised in fair value in acquired business combinations.
The items included in the EBITA, adjusted EBITA and EBITDA consist of the following:
Adjusted EBITA and EBITDA
| 31.12.2022 | 31.12.2021 | 31.12.2020 | |
|---|---|---|---|
| EBIT | 16,637 | 12,197 | 8,750 |
| Amortisation of intangible assets identified in PPA | 3,789 | 2,254 | 1,158 |
| EBITA | 20,426 | 14,451 | 9,908 |
| Transaction costs from business combinations | 1,587 | 195 | 321 |
| Restructuring costs | 0 | -1 | 562 |
| Gains or losses from sales of fixed assets | -26 | 0 | -13 |
| Adjusted EBITA | 21,987 | 14,646 | 10,778 |
| EBIT | 16,637 | 12,197 | 8,750 |
| Depreciations | 2,310 | 2,610 | 2,421 |
| Amortisation of intangible assets identified in PPA | 3,789 | 2,254 | 1,158 |
| EBITDA | 22,736 | 17,062 | 12,329 |