Innofactor - Write-down burdened profitability
Innofactor’s Q4 results were on an adj. basis above our expectations. Net sales amounted to EUR 18.3m (Evli EUR 17.6m), while EBITDA amounted to EUR 1.6m (Evli EUR 2.1m). EBITDA included one-offs of EUR 1.0m and adj. figures were better than expected. Dividend proposal EUR 0.04 per share (Evli EUR 0.03). Net sales and EBITDA in 2021 are estimated to increase compared to 2020.
- Net sales in Q4 amounted to EUR 18.3m (EUR 17.4m in Q4/19), slightly above our estimates (Evli EUR 17.6m). Net sales in Q4 grew 4.7% y/y.
- EBITDA in Q4 was EUR 1.6m (EUR 1.6m in Q4/19), below our estimates (Evli EUR 2.1m), at a margin of 8.7%. EBITDA included a write-off of approx. EUR 1.0m relating to a customer project in Sweden. EBITDA excl. NRI’s would have been EUR 2.6m, at a margin of 14.0%.
- Operating profit in Q4 amounted to EUR 0.4m (EUR 0.5m in Q4/19), below our estimates (Evli EUR 1.0m), at a margin of 2.2%. EBIT excl. NRI’s would have been EUR 1.4m.
- Order backlog at EUR 60.4m, up 21.4% y/y. Innofactor received several significant orders during Q3, which boosted the order backlog in Q4.
- Guidance for 2021: Innofactor’s net sales and EBITDA in 2021 are estimated to increase compared to 2020.
- Dividend proposal: Innofactor’s BoD proposes a total distribution of EUR 0.04 per share (Evli EUR 0.03).
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