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    The company’s operating profit improvedBrief look at January – March 2019

    Solteq Plc Interim Report 1 January – 31 March 2019

    • Solteq Group implemented the IFRS 16 Leases -standard effective from 1 January 2019

      • The new standard was implemented using the modified retrospective approach, in which the comparative figures for prior financial periods were not restated.

    • Revenue totaled 14,930 thousand euros (14,871).

    • EBITDA was 2,455 thousand euros (1,924).

    • Operating profit was 1,530 thousand euros (1,305).

    • The implementation of IFRS 16 -standard improved EBITDA by 459 thousand euros and the operating profit by 46 thousand euros during the review period.

    • Earnings per share was 0.04 euros (0.04).

    • Solteq Group’s equity ratio was 31.1 percent (32.9).

    • The Group’s equity ratio excluding the impact from adopting the IFRS 16 -standard would have been 34.0 percent during the review period.

    • Net cash flow from operating activities was 890 thousand euros (-94).

    • The revenue was 0.4 percent higher than in the comparison period. Continuous services accounted for approximately one third of the revenue.

    • We invest strongly in future growth by focusing on the development of our own cloud-based software products and services. During the reporting period the product development investments amounted to EUR 1.0 million.

    Key figures

      1-3/2019 1-3/2018 Change-% 1-12/2018 Rolling 12mos
    Revenue, TEUR 14,930 14,871 0.4 56,867 56,925
    EBITDA, TEUR 2,455 1,924 27.6 4,766 5,296
    Adjusted EBITDA, TEUR 2,465 1,910 29.1 5,417 5,972
    Operating profit, TEUR 1,530 1,305 17.2 2,466 2,690
    Adjusted operating profit, TEUR 1,540 1,291 19.3 3,117 3,366
    Profit for the financial period, TEUR 810 658 23.2 356 508
    Earnings per share, EUR 0.04 0.04 18.6 0.02 0.03
    Operating profit, % 10.2 8.8   4.3 4.7
    Adjusted operating profit, % 10.3 8.7   5.5 5.9
    Equity ratio, % 31.1 32.9   32.4 30.7

    CEO Olli Väätäinen: The company’s operating profit improved

    The Solteq Group’s revenue for the review period was 14.9 million euros, an increase of 0.4 percent. One fifth of revenue originated from outside Finland. Continuous services accounted for approximately one third of the revenue. The company’s own software products and the related services accounted for approximately one-third and digital services approximately two-thirds of the revenue.

    The EBITDA for the review period was 2.5 million euros and operating profit 1.5 million euros, which was in line with the company’s expectations. The operating profit increased by 13.7 percent, considering the impact of the implementation of IFRS 16 -standard. Performance of company’s international operations developed positively.

    Solteq continued to invest significantly in the development of its own cloud-based software products and services. The company signed several new contracts for these products. Company’s own cloud-based software products are delivered as Software as a Service-model and they increase the company’s ARR (Annual Recurring Revenue). The product development investment during the first quarter was 1.0 million euros. The investment into product development is estimated to increase to approximately 3.5 million euros by the end of the financial year.

    The Group’s personnel increased by 35 people compared to the corresponding period of the previous year and was 586 at the end of the review period.

    The Group’s order intake was significantly better in the first quarter than in the corresponding period last year. The business outlook has remained unchanged, and the company’s profitability is expected to develop positively.

    Profit guidance 2019

    Solteq Group’s operating profit is expected to grow clearly compared to the financial year 2018.


    Solteq Plc Interim Report 1 Jan – 31 Mar 2019

    Further information

    Olli Väätäinen, CEO
    tel. +358 50 5578 111

    Martti Nurminen, CFO 
    tel. +358 40 751 7194


    NASDAQ OMX Helsinki
    Key media 

    Solteq in brief

    Solteq is a Nordic IT service provider and software house that specializes in digital business solutions and vertical software markets.