Innofactor - A softer end to the year
Innofactor’s Q4 results were below our expectations. Net sales amounted to EUR 17.5m (Evli EUR 18.6m), while EBITDA amounted to EUR 1.7m (Evli EUR 2.6m). Net sales in 2022 are expected to increase from 2021 and EBITDA from comparable 2021 EBITDA of EUR 7.5m. Dividend proposal EUR 0.08 per share (Evli EUR 0.06).
- Net sales in Q4 amounted to EUR 17.5m (EUR 18.3m in Q4/20), below our estimates (Evli EUR 18.6m). Net sales in Q4 declined 4.0% y/y but organically on par with Q4/20. Net sales increased in Norway and Denmark but decreased in Finland and Sweden.
- EBITDA in Q4 was EUR 1.7m (EUR 1.6m in Q4/20), below our estimates (Evli EUR 2.6m), at a margin of 9.5%. EBITDA was positive by a clear margin in all operating countries.
- Operating profit in Q4 amounted to EUR 0.5m (EUR 0.4m in Q4/20), clearly below our estimates (Evli EUR 1.8m), at a margin of 3.0%.
- Order backlog at EUR 72.3m, up 31% y/y. Innofactor received several significant orders in Q4, for instance a EUR 1.2m contract with a large Finnish manufacturing industry company.
- Guidance for 2022: Innofactor’s net sales is expected to increase from 2021 (EUR 66.4m) and EBITDA is expected to increase from EUR 7.5m, which would have been EBITDA without the proceeds of EUR 2.6m from the sale of the Prime business.
- Dividend proposal: Innofactor’s BoD proposes a dividend of EUR 0.08 per share (Evli EUR 0.06).