Innofactor - Slightly below estimates
Innofactor’s Q4 earnings were as expected negative and the results as a whole were slightly below our estimates. Innofactor’s net sales in Q4 amounted to EUR 15.9m (Evli 16.4m) and EBITDA was -0.9m (Evli -0.7m). Innofactor expects its net sales and EBITDA in 2019 to increase from 2018 levels (EUR 63.1m and EUR -1.0m respectively). Innofactor reported an order backlog of EUR 32m, up some 40% y/y.
- Innofactor’s net sales in Q4 were EUR 15.9m, slightly below our estimates of EUR 16.4m. Sales growth in Q4 was -7.3 % y/y.
- The EBITDA in Q4 amounted to EUR -0.9m, falling slightly below our estimates (Evli EUR -0.7m), at an EBITDA-margin of -5.7 %. The weaker profitability was according to Innofactor due to weaker Dynasty product sales, weaker than anticipated revenue in Denmark and some project write-downs.
- Guidance: Innofactor’s net sales and EBITDA in 2019 are expected to increase from 2018 levels, when the net sales and EBITDA amounted to EUR 63.1m and EUR -1.0m respectively.
- Dividend proposal: Innofactor’s BoD proposes that no dividend be paid for 2018 (Evli EUR 0.0).
- Operating cash flow during 2018 was EUR -0.6m.
- Active personnel at the end of the period 550 (2017: 601)
- Order backlog at around EUR 32m, up around 40% y/y. Has not previously been reported.