In addition, Gofore has prepared the IFRS key figures in the table below, as at and for the nine months ended
The financial information disclosed in this release is prepared based on IFRS Standards effective as at
The key differences between IFRS and FAS resulting from the transition to IFRS are described in accompanying notes to the release (Description of IFRS transition effects and exemptions applied) and contain periods 1.1.2019, 30.6.2019,
Additional information on the historical financial information prepared in accordance with FAS is available on Gofore's website at www.gofore.com.
IFRS Key Figures | |||||
EUR thousand, unless otherwise specified | 1.1.- | 1.1.- | 1.1.- | 1.1.- | 1.1.- |
53 668 | 46 800 | 37 376 | 33 453 | 64 066 | |
EBITDA | 8 275 | 6 979 | 6 102 | 5 405 | 9 223 |
EBITDA margin -% | 15,4 % | 14,9 % | 16,3 % | 16,2 % | 14,4 % |
EBITA, Adjusted | 7 517 | 5 964 | 5 629 | 4 835 | 7 710 |
EBITA, Adjusted, margin -% | 14,0 % | 12,7 % | 15,1 % | 14,5 % | 12,0 % |
EBITA | 6 495 | 5 550 | 4 911 | 4 466 | 7 296 |
EBITA margin -% | 12,1 % | 11,9 % | 13,1 % | 13,3 % | 11,4 % |
Operating Profit (EBIT) | 5 789 | 5 082 | 4 495 | 4 205 | 6 620 |
Operating Profit (EBIT) margin -% | 10,8 % | 10,9 % | 12,0 % | 12,6 % | 10,3 % |
Profit for the period | 4 203 | 3 868 | 3 236 | 3 217 | 5 096 |
Earnings per share, EPS (diluted) * | 0,30 | 0,28 | 0,23 | 0,24 | 0,37 |
Equity ratio -% | 47,1 % | 59,2 % | 56,9 % | 54,8 % | 58,1 % |
Net gearing -% | -4,6 % | -21,3 % | -29,5 % | -13,3 % | -33,4 % |
* EPS diluted equals to EPS undiluted |
Consolidated Statement of Financial Position as at 30.6.2020, 30.6.2019, | ||||||||||
Consolidated Statement of Financial Position as at | ||||||||||
EUR Thousand | Notes | FAS as at | Re-classification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS as at |
Assets | ||||||||||
Non-current assets | ||||||||||
2, 3 | 17 149 | -3 929 | 2 960 | -969 | 16 180 | |||||
Other intangible assets | 2, 10 | 632 | -155 | 3 246 | 3 091 | 3 723 | ||||
Property, plant and equipment | 10 | 357 | 155 | 155 | 512 | |||||
Right-of-use assets | 1 | 0 | 5 342 | 5 342 | 5 342 | |||||
Investments | 51 | 0 | 51 | |||||||
Deferred tax assets | 1, 4, 5 | 0 | 6 | 0 | 9 | 16 | 16 | |||
Total non-current assets | 18 188 | 0 | 5 349 | -683 | 2 960 | 0 | 9 | 7 636 | 25 824 | |
Current assets | ||||||||||
Trade receivables | 5, 10 | 10 455 | -199 | -47 | -246 | 10 209 | ||||
Contract assets | 10 | 0 | 214 | 214 | 214 | |||||
Other current assets | 2, 6, 10 | 2 129 | -15 | 88 | 13 | 87 | 2 216 | |||
Cash and cash equivalents | 19 496 | 0 | 0 | 19 496 | ||||||
Total current assets | 32 080 | 0 | 0 | 88 | 0 | 0 | -33 | 55 | 32 135 | |
Total assets | 50 268 | 0 | 5 349 | -595 | 2 960 | 0 | -24 | 7 691 | 57 958 | |
Equity and liabilities | ||||||||||
Equity | ||||||||||
Share capital | 80 | 0 | 80 | |||||||
9 | 0 | -409 | -409 | -409 | ||||||
Share-based payments | 4 | 0 | 534 | 0 | 534 | 534 | ||||
Translation differences | 8 | 1 | -11 | -11 | -10 | |||||
20 323 | 0 | 20 323 | ||||||||
Retained earnings | 1, 2, 3, 4, 5, 6, 7, 8 | 10 600 | -23 | -1 283 | 2 960 | -534 | 394 | 1 515 | 12 115 | |
Equity attributable to equity holders of the parent | 31 005 | 0 | -23 | -1 283 | 2 960 | 0 | -27 | 1 628 | 32 633 | |
Non-controlling interests | 13 | 0 | 0 | 13 | ||||||
Total equity | 31 018 | 0 | -23 | -1 283 | 2 960 | 0 | -27 | 1 628 | 32 646 | |
Non-current liabilities | ||||||||||
Interest-bearing loans and borrowings | 3 784 | 0 | 3 784 | |||||||
Other non-current financial liabilities | 148 | 0 | 148 | |||||||
Provisions | 307 | 0 | 307 | |||||||
Lease liabilities | 1 | 0 | 3 217 | 3 217 | 3 217 | |||||
Accrued expenses | 0 | 0 | 0 | |||||||
Deferred tax liabilities | 2, 6 | 0 | 688 | 3 | 691 | 691 | ||||
Total non-current liabilities | 4 239 | 0 | 3 217 | 688 | 0 | 0 | 3 | 3 908 | 8 147 | |
Current liabilities | ||||||||||
Trade and other payables | 5 123 | 0 | 5 123 | |||||||
Contract liabilities | 628 | 0 | 628 | |||||||
Interest-bearing loans and borrowings | 1 376 | 0 | 1 376 | |||||||
Lease liabilities | 1 | 0 | 2 155 | 2 155 | 2 155 | |||||
Accrued expenses | 7 885 | 0 | 7 885 | |||||||
Income tax payable | 0 | 0 | 0 | |||||||
Total current liabilities | 15 011 | 0 | 2 155 | 0 | 0 | 0 | 0 | 2 155 | 17 165 | |
Total liabilities | 19 250 | 0 | 5 372 | 688 | 0 | 0 | 3 | 6 063 | 25 313 | |
Total equity and liabilities | 50 268 | 0 | 5 349 | -595 | 2 960 | 0 | -24 | 7 691 | 57 958 |
Consolidated Statement of Financial Position as at | ||||||||||
EUR Thousand | Notes | FAS as at | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS as at |
Assets | ||||||||||
Non-current assets | ||||||||||
2, 3, 10 | 19 129 | -432 | -3 699 | 846 | -3 285 | 15 844 | ||||
Other intangible assets | 2, 10 | 153 | -120 | 3 814 | 3 694 | 3 846 | ||||
Property, plant and equipment | 10 | 506 | 120 | 120 | 627 | |||||
Right-of-use assets | 1 | 0 | 4 208 | 4 208 | 4 208 | |||||
Investments | 63 | 0 | 63 | |||||||
Deferred tax assets | 1, 4, 5 | 0 | 3 | 8 | 7 | 19 | 19 | |||
Total non-current assets | 19 852 | -432 | 4 211 | 115 | 846 | 8 | 7 | 4 756 | 24 608 | |
Current assets | ||||||||||
Trade receivables | 5, 10 | 14 253 | -131 | -37 | -168 | 14 085 | ||||
Contract assets | 10 | 0 | 131 | 131 | 131 | |||||
Other current assets | 2, 6, 10 | 1 805 | 432 | 88 | 13 | 534 | 2 338 | |||
Cash and cash equivalents | 14 125 | 0 | 14 125 | |||||||
Total current assets | 30 182 | 432 | 0 | 88 | 0 | 0 | -24 | 496 | 30 678 | |
Total assets | 50 034 | 0 | 4 211 | 203 | 846 | 8 | -16 | 5 252 | 55 286 | |
Equity and liabilities | ||||||||||
Equity | ||||||||||
Share capital | 80 | 0 | 80 | |||||||
0 | 0 | |||||||||
Share-based payments | 4 | 0 | 153 | 153 | 153 | |||||
Translation differences | 8 | -9 | -11 | -11 | -20 | |||||
20 163 | 0 | 20 163 | ||||||||
Retained earnings | 1, 2, 3, 4, 5, 6, 7, 8 | 9 662 | 0 | -10 | -577 | 846 | -144 | -8 | 107 | 9 769 |
Equity attributable to equity holders of the parent | 29 896 | 0 | -10 | -577 | 846 | 8 | -19 | 248 | 30 144 | |
Non-controlling interests | 0 | 0 | ||||||||
Total equity | 29 896 | 0 | -10 | -577 | 846 | 8 | -19 | 248 | 30 144 | |
Non-current liabilities | ||||||||||
Interest-bearing loans and borrowings | 5 160 | 0 | 5 160 | |||||||
Other non-current financial liabilities | 0 | 0 | ||||||||
Provisions | 0 | 0 | ||||||||
Lease liabilities | 1 | 2 472 | 2 472 | 2 472 | ||||||
Accrued expenses | 6 | 0 | 6 | |||||||
Deferred tax liabilities | 2, 6 | 780 | 3 | 783 | 783 | |||||
Total non-current liabilities | 5 166 | 0 | 2 472 | 780 | 0 | 0 | 3 | 3 255 | 8 420 | |
Current liabilities | ||||||||||
Trade and other payables | 5 690 | 0 | 5 690 | |||||||
Contract liabilities | 293 | 0 | 293 | |||||||
Interest-bearing loans and borrowings | 1 405 | 0 | 1 405 | |||||||
Lease liabilities | 1 | 0 | 1 749 | 1 749 | 1 749 | |||||
Accrued expenses | 7 582 | 0 | 7 582 | |||||||
Income tax payable | 2 | 0 | 2 | |||||||
Total current liabilities | 14 972 | 0 | 1 749 | 0 | 0 | 0 | 0 | 1 749 | 16 722 | |
Total liabilities | 20 138 | 0 | 4 221 | 780 | 0 | 0 | 3 | 5 004 | 25 142 | |
Total equity and liabilities | 50 034 | 0 | 4 211 | 203 | 846 | 8 | -16 | 5 252 | 55 286 |
Consolidated Statement of Financial Position as at | ||||||||||
EUR Thousand | Notes | FAS as at | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS as at |
Assets | ||||||||||
Non-current assets | ||||||||||
2, 3 | 18 206 | -3 929 | 1 903 | -2 026 | 16 180 | |||||
Other intangible assets | 2, 3, 10 | 277 | -128 | 3 662 | 3 535 | 3 812 | ||||
Property, plant and equipment | 10 | 457 | 128 | 128 | 585 | |||||
Right-of-use assets | 1 | 0 | 5 309 | 5 309 | 5 309 | |||||
Investments | 51 | 0 | 51 | |||||||
Deferred tax assets | 1, 4, 5 | 0 | 4 | 27 | 3 | 35 | 35 | |||
Total non-current assets | 18 991 | 0 | 5 314 | -267 | 1 903 | 27 | 3 | 6 981 | 25 971 | |
Current assets | ||||||||||
Trade receivables | 5, 10 | 8 213 | -184 | -17 | -202 | 8 011 | ||||
Contract assets | 10 | 0 | 190 | 190 | 190 | |||||
Other current assets | 2, 6, 10 | 1 870 | -5 | 88 | 41 | 124 | 1 994 | |||
Cash and cash equivalents | 21 358 | 0 | 21 358 | |||||||
Total current assets | 31 441 | 0 | 0 | 88 | 0 | 0 | 23 | 112 | 31 553 | |
Total assets | 50 432 | 0 | 5 314 | -178 | 1 903 | 27 | 27 | 7 093 | 57 524 | |
Equity and liabilities | ||||||||||
Equity | ||||||||||
Share capital | 80 | 0 | 80 | |||||||
0 | 0 | 0 | ||||||||
Share-based payments | 4 | 0 | 360 | 360 | 360 | |||||
Translation differences | 8 | 32 | -11 | -11 | 21 | |||||
20 323 | 0 | 20 323 | ||||||||
Retained earnings | 1, 2, 3, 4, 5, 6, 7, 8 | 11 016 | -16 | -953 | 1 903 | -333 | 30 | 632 | 11 648 | |
Equity attributable to equity holders of the parent | 31 451 | 0 | -16 | -953 | 1 903 | 27 | 19 | 981 | 32 432 | |
Non-controlling interests | 0 | 0 | ||||||||
Total equity | 31 451 | 0 | -16 | -953 | 1 903 | 27 | 19 | 981 | 32 432 | |
Non-current liabilities | ||||||||||
Interest-bearing loans and borrowings | 4 472 | 0 | 4 472 | |||||||
Other non-current financial liabilities | 148 | 0 | 148 | |||||||
Provisions | 0 | 0 | 0 | |||||||
Lease liabilities | 1 | 0 | 3 305 | 3 305 | 3 305 | |||||
Accrued expenses | 6 | 0 | 6 | |||||||
Deferred tax liabilities | 2, 6 | 0 | 774 | 8 | 782 | 782 | ||||
Total non-current liabilities | 4 626 | 0 | 3 305 | 774 | 0 | 0 | 8 | 4 087 | 8 712 | |
Current liabilities | ||||||||||
Trade and other payables | 5 143 | 0 | 5 143 | |||||||
Contract liabilities | 1 734 | 0 | 1 734 | |||||||
Interest-bearing loans and borrowings | 1 390 | 0 | 1 390 | |||||||
Lease liabilities | 1 | 0 | 2 025 | 2 025 | 2 025 | |||||
Accrued expenses | 6 088 | 0 | 6 088 | |||||||
Income tax payable | 0 | 0 | 0 | |||||||
Total current liabilities | 14 355 | 0 | 2 025 | 0 | 0 | 0 | 0 | 2 025 | 16 380 | |
Total liabilities | 18 980 | 0 | 5 330 | 774 | 0 | 0 | 8 | 6 112 | 25 092 | |
Total equity and liabilities | 50 432 | 0 | 5 314 | -178 | 1 903 | 27 | 27 | 7 093 | 57 524 |
Consolidated Statement of Financial Position as at | ||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS as at |
Assets | ||||||||||
Non-current assets | ||||||||||
8 626 | 0 | 8 626 | ||||||||
Other intangible assets | 10 | 107 | -89 | -89 | 17 | |||||
Property, plant and equipment | 10 | 452 | 89 | 89 | 541 | |||||
Right-of-use assets | 0 | 4 560 | 4 560 | 4 560 | ||||||
Investments | 51 | 0 | 51 | |||||||
Deferred tax assets | 5 | 0 | 7 | 7 | 7 | |||||
Total non-current assets | 9 235 | 0 | 4 560 | 0 | 0 | 0 | 7 | 4 567 | 13 802 | |
Current assets | ||||||||||
Trade receivables | 5, 10 | 8 761 | -179 | -37 | -216 | 8 544 | ||||
Contract assets | 10 | 0 | 179 | 179 | 179 | |||||
Other current assets | 10 | 3 111 | -2 007 | -2 007 | 1 104 | |||||
Cash and cash equivalents | 10 | 13 417 | 2 007 | 2 007 | 15 424 | |||||
Total current assets | 25 289 | 0 | 0 | 0 | 0 | 0 | -37 | -37 | 25 252 | |
Total assets | 34 524 | 0 | 4 560 | 0 | 0 | 0 | -30 | 4 530 | 39 054 | |
Equity and liabilities | ||||||||||
Equity | ||||||||||
Share capital | 80 | 0 | 80 | |||||||
0 | 0 | 0 | ||||||||
Share-based payments | 0 | 0 | 0 | |||||||
Translation differences | 8 | 11 | -11 | -11 | 0 | |||||
8 | 12 859 | 0 | 12 859 | |||||||
Retained earnings | 5, 8 | 9 055 | -19 | -19 | 9 037 | |||||
Equity attributable to equity holders of the parent | 22 006 | 0 | 0 | 0 | 0 | 0 | -30 | -30 | 21 976 | |
Non-controlling interests | 0 | 0 | 0 | |||||||
Total equity | 22 006 | 0 | 0 | 0 | 0 | 0 | -30 | -30 | 21 976 | |
Non-current liabilities | ||||||||||
Interest-bearing loans and borrowings | 2 614 | 0 | 2 614 | |||||||
Other non-current financial liabilities | 516 | 0 | 516 | |||||||
Provisions | 0 | 0 | 0 | |||||||
Lease liabilities | 1 | 0 | 2 952 | 2 952 | 2 952 | |||||
Accrued expenses | 0 | 0 | 0 | |||||||
Deferred tax liabilities | 0 | 0 | 0 | |||||||
Total non-current liabilities | 3 130 | 0 | 2 952 | 0 | 0 | 0 | 0 | 2 952 | 6 082 | |
Current liabilities | ||||||||||
Trade and other payables | 4 297 | 0 | 4 297 | |||||||
Contract liabilities | 0 | 0 | 0 | |||||||
Interest-bearing loans and borrowings | 1 069 | 0 | 1 069 | |||||||
Lease liabilities | 1 | 0 | 1 608 | 1 608 | 1 608 | |||||
Accrued expenses | 4 020 | 0 | 4 020 | |||||||
Income tax payable | 2 | 0 | 2 | |||||||
Total current liabilities | 9 388 | 0 | 1 608 | 0 | 0 | 0 | 0 | 1 608 | 10 996 | |
Total liabilities | 12 518 | 0 | 4 560 | 0 | 0 | 0 | 0 | 4 560 | 17 078 | |
Total equity and liabilities | 34 524 | 0 | 4 560 | 0 | 0 | 0 | -30 | 4 530 | 39 054 |
Consolidated Statement of Profit & Loss and Consolidated Statement of Other Comprehensive Income for the period 1.1.-30.6.2020, 1.1.- | |||||||||||
Consolidated Statement of Profit & Loss and Consolidated Statement of Other Comprehensive Income 1.1.- | |||||||||||
EUR Thousand | Notes | FAS 1.1.- | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS 1.1.- | |
Revenue from contracts with customers (net sales) | 37 376 | 0 | 37 376 | ||||||||
Work performed by the entity and capitalised | 331 | 0 | 331 | ||||||||
Other operating income | 1 | 245 | 1 | 1 | 246 | ||||||
Materials and Services | |||||||||||
Purchases | -55 | 0 | -55 | ||||||||
External Services | -5 278 | 0 | -5 278 | ||||||||
-5 333 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 333 | |||
Employee benefits expense | |||||||||||
Salaries and compensations | -18 026 | 0 | -18 026 | ||||||||
Pensions | -2 673 | 0 | -2 673 | ||||||||
Other personnel expenses | 4 | -754 | -174 | -174 | -928 | ||||||
Depreciation and amortisation | 1, 2, 3 | -1 168 | -1 081 | -416 | 1 057 | -440 | -1 608 | ||||
Other operating expenses | 1, 5 | -5 964 | 1 102 | -29 | 1 073 | -4 891 | |||||
Operating profit (EBIT) | 4 034 | 0 | 22 | -416 | 1 057 | -174 | -29 | 460 | 4 495 | ||
Finance costs | 1, 6 | -33 | -31 | -61 | -93 | -126 | |||||
Finance income | 6 | 0 | 34 | 34 | 34 | ||||||
Profit before tax | 4 001 | 0 | -9 | -416 | 1 057 | -174 | -57 | 402 | 4 403 | ||
Income tax | 1, 2, 4, 5, 6 | -1 241 | 2 | 86 | -27 | 11 | 72 | -1 169 | |||
Non-controlling interests | 2 | 0 | 0 | 2 | |||||||
Profit for the financial period | 2 763 | 0 | -7 | -330 | 1 057 | -201 | -45 | 473 | 3 236 | ||
Other Comprehensive Income | |||||||||||
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods | |||||||||||
Exchange differences on translation of foreign operations | 8 | 0 | -30 | -30 | -30 | ||||||
Other comprehensive income, net of tax | 0 | -30 | -30 | -30 | |||||||
Total comprehensive income for the financial period | 2 763 | 0 | -7 | -330 | 1 057 | -201 | -76 | 443 | 3 206 |
Consolidated Statement of Profit & Loss and Consolidated Statement of Other Comprehensive Income 1.1.- | |||||||||||
EUR Thousand | Notes | FAS 1.1.- | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS 1.1.- | |
Revenue from contracts with customers (net sales) | 33 453 | 0 | 33 453 | ||||||||
Work performed by the entity and capitalised | 19 | 0 | 19 | ||||||||
Other operating income | 36 | 0 | 36 | ||||||||
Materials and Services | |||||||||||
Purchases | -55 | 0 | -55 | ||||||||
External Services | -4 610 | 0 | -4 610 | ||||||||
-4 665 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 665 | |||
Employee benefits expense | |||||||||||
Salaries and compensations | -15 386 | 0 | -15 386 | ||||||||
Pensions | -2 575 | 0 | -2 575 | ||||||||
Other personnel expenses | 4 | -597 | -153 | -153 | -750 | ||||||
Depreciation and amortisation | 1, 2, 3 | -937 | -849 | -261 | 846 | -263 | -1 200 | ||||
Other operating expenses | 1, 2 | -5 222 | 864 | -369 | 495 | -4 727 | |||||
Operating profit (EBIT) | 4 126 | 0 | 15 | -629 | 846 | -153 | 0 | 79 | 4 205 | ||
Finance costs | 1, 6 | -45 | -28 | -1 | -29 | -74 | |||||
Finance income | 6 | 0 | 15 | 15 | 15 | ||||||
Profit before tax | 4 082 | 0 | -13 | -629 | 846 | -153 | 13 | 65 | 4 146 | ||
Income tax | 1, 2, 4, 6 | -990 | 3 | 52 | 8 | -3 | 61 | -929 | |||
Non-controlling interests | 0 | 0 | |||||||||
Profit for the financial period | 3 092 | 0 | -10 | -577 | 846 | -144 | 11 | 125 | 3 217 | ||
Other Comprehensive Income | |||||||||||
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods | |||||||||||
Exchange differences on translation of foreign operations | 8 | 0 | -20 | -20 | -20 | ||||||
Other comprehensive income, net of tax | 0 | -20 | -20 | -20 | |||||||
Total comprehensive income for the financial period | 3 092 | 0 | -10 | -577 | 846 | -144 | -10 | 105 | 3 196 |
Consolidated Statement of Profit & Loss and Consolidated Statement of Other Comprehensive Income for the year 1.1.- | |||||||||||
EUR Thousand | Notes | FAS 1.1.- | Reclassification (A) | Leases (B) | Business combinations (C) | Reversal of | Share-based Payments (E) | Other adjustments (F) | Effects of IFRS adjustments, Total | IFRS 1.1.- | |
Revenue from contracts with customers (net sales) | 64 066 | 0 | 64 066 | ||||||||
Work performed by the entity and capitalised | 139 | 0 | 139 | ||||||||
Other operating income | 175 | 0 | 175 | ||||||||
Materials and Services | |||||||||||
Purchases | -178 | 0 | -178 | ||||||||
External Services | -8 493 | 0 | -8 493 | ||||||||
-8 671 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8 671 | |||
Employee benefits expense | |||||||||||
Salaries and compensations | -30 452 | 0 | -30 452 | ||||||||
Pensions | -5 034 | 0 | -5 034 | ||||||||
Other personnel expenses | 4 | -1 210 | -360 | -360 | -1 570 | ||||||
Depreciation and amortisation | 1, 2, 3 | -2 098 | -1 732 | -677 | 1 903 | -505 | -2 603 | ||||
Other operating expenses | 1, 2, 5 | -10 799 | 1 762 | -414 | 20 | 1 368 | -9 430 | ||||
Operating profit (EBIT) | 6 116 | 0 | 30 | -1 090 | 1 903 | -360 | 20 | 503 | 6 620 | ||
Finance costs | 1, 6 | -84 | -51 | -1 | -52 | -135 | |||||
Finance income | 6 | 0 | 42 | 42 | 42 | ||||||
Profit before tax | 6 033 | 0 | -20 | -1 090 | 1 903 | -360 | 61 | 493 | 6 526 | ||
Income tax | 1, 4, 5, 6 | -1 588 | 4 | 138 | 27 | -12 | 157 | -1 430 | |||
Non-controlling interests | 0 | 0 | |||||||||
Profit for the financial period | 4 445 | 0 | -16 | -953 | 1 903 | -333 | 48 | 651 | 5 096 | ||
Other Comprehensive Income | |||||||||||
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods | |||||||||||
Exchange differences on translation of foreign operations | 8 | 0 | 21 | 21 | 21 | ||||||
Other comprehensive income, net of tax | 0 | 21 | 21 | 21 | |||||||
Total comprehensive income for the financial period | 4 445 | 0 | -16 | -953 | 1 903 | -333 | 69 | 671 | 5 116 |
Description of IFRS transition effects and exemptions applied | |
The accounting policies that have had the most significant impact on the income statement and the statement of financial position of The alphabets in topics (A-F) refer to the columns in the calculation tables. | |
1. | Leases, Gofore as a lessee (B) |
The Group has adopted IFRS 16 standard by using the modified retrospective approach by recognising the cumulative effect of initially applying the standard in the opening balance sheet as at In applying IFRS 16, the lease expenses presented in FAS are replaced with the depreciation of the right-of-use asset. In addition, the interest costs of the lease liabilities are recognised as finance costs in the Statement of Profit and Loss. The standard contains practical expedients, under which low-value leases and short-term leases (lease-term under 12 months) can be exempted from recognition. The effect of leases has been presented in column B, "Leases" in the Statement of Profit and Loss and Statement of Financial Position. | |
2. | Business combinations (C) |
Gofore has elected to apply the exemption of IFRS 1 and it is not applying IFRS 3 Business Combinations retrospectively to past business combinations that occured before the date of transition to IFRS. Use of this exemption means that the FAS carrying amounts of assets and liabilities, that are required to be recognised under IFRS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with IFRS. Gofore did not recognise or exclude any previously recognised amounts as a result of IFRS recognition requirements. Gofore has restated the business combinations from the transition date Gofore has measured the cost of the acquisitions at the fair value of the considerations paid, allocated that cost to the acquired identifiable assets and liabilities on the basis of their fair values and the rest of the cost has been recorded as goodwill. For the acquisitions of Silverplanet and Mangodesign, Gofore has identified customer relationships and non-compete agreements as key intangible assets and allocated the cost accordingly to these identified intangible assets. These identified intangible assets are amortized within their underlying useful life between 5-6 years. Under FAS, transaction costs are included in the acquisition cost of the acquired company, while these items are expensed when incurred under IFRS. Accordingly, when preparing the PPAs for the business combinations in the conversion period, the transaction costs have been expensed for IFRS purposes. The adjustments for business combinations recalculated in accordance with IFRS 3, have been presented in the column C, "Business combinations" in the Statement of Profit and Loss and in the Statement of Financial Position. | |
3. | Reversal of goodwill amortizations (D) |
Following the transition exemption of IFRS 1, the businesses acquired prior to the IFRS trasition The adjustment for reversal of goodwill amotizations has been presented in adjustment column D, "Reversal of | |
4. | Share-based payments (E) |
Under local GAAP, the Group has recognised only the cost for the long-term incentive plan as an expense when incurred. IFRS requires the fair value of the share options to be determined using an appropriate pricing model and the expenses for the share-based payments are recognised over the vesting period. Gofore has only equity settled share-based payment programs in the reporting period and the expenses for these share based payment programs, have been recognised over the vesting period in IFRS. The adjustment has been recoded in other personell expenses and within share-based payments and retained earnings in equity. The effect of share-based payments has been presented in column E, "Share-based Payments" in the Statement of Profit and Loss and Statement of Financial Position. | |
5. | Impairment of financial assets (F) |
The adoption of IFRS has changed the Group’s accounting for impairment losses for financial assets by replacing incurred loss approach under FAS with a forward-looking expected credit loss (ECL) approach in accordance with IFRS 9. As a result Gofore has measured and recognised a loss allowance for expected credit losses for financial assets measured at amortized cost. The related change in the loss allowance during the conversion period has been recorded through profit and loss in other operating expenses. The effect of ECL has been presented in column F, "Other Adjustments" in Statement of Profit and Loss and Statement of Financial Position. | |
6. | Financial assets (F) |
In accordance with IFRS the financial assets shall be classified based on the business model. In the transition to Investments in other shares are measured at fair value through Statement of Other Comprehensive Income (OCI). In FAS these have been presented at acquisition cost. | |
7. | Deferred tax (B, |
The most significant impacts on deferred taxes are resulting from the business combinations presented in accordance with IFRS 3, from which deferred tax liabilities have been recorded in the conversion period. The deferred tax impacts of all IFRS adjustments have been presented in connection with each separate IFRS adjustment in the Statement of Profit and Loss and the Statement of Financial Position. | |
8. | Foreign currency translation (F) |
Under FAS, the Group has recognised translation differences on foreign operations in a separate component of equity. In the IFRS transition the cumulative currency translation differences for all foreign operations have been deemed to be zero as at The resulting adjustment has been recognised against retained earnings. Starting from the transition date 1.1.2019, the currency translation difference is presented through Statement of Other Comprehensive Income (OCI) in accordance with IFRS. The effect of the adjustment has been presented in column F, "Other Adjustments" in the Statement of Other Comprehensive Income and Statement of Financial Position. | |
9. | |
The own shares acquired are classified as treasury shares. At the end of The effect of the adjustment has been presented in column F, "Other Adjustments" in the Statement of Financial Position. | |
10. | Reclassifications (A) |
On The leasehold improvements have been reclassified from intangible assets in FAS to property, plant and equipment in accordance with IFRS. The timing of invoicing may differ from the timing of revenue recognition. When revenue is recognised prior to invoicing from a client, Gofore recognises a contract asset. In accordance with IFRS 15, contract assets are presented as a separate item in the Statement of Financial Position. In FAS these items have been presented as trade receivables and other current assets. Thus, the sales, which is recognised as revenue but not yet invoiced from the client, is reclassified from trade receivables and other current assets to contract assets. Based on the nature of a savings account in The effect of the reclassifications have been presented in column A, "Reclassifications" in the Statement of Financial Position. |
Formulas of | ||||
EBITDA | = | Operating profit + depreciations and amortisation | ||
EBITDA margin, % | = | Operating profit + depreciations and amortisation | x 100 | |
Net sales | ||||
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 goodwill | x 100 | |
Net sales | ||||
Operating Profit (EBIT) margin -% | = | Operating profit | x 100 | |
Net sales | ||||
Earnings per share (EPS), diluted, euros | = | Profit for the period attributable for shareholders of the company | x 100 | |
Weighted average number of shares outstanding during the period adjusted for share issues | ||||
Equity ratio, % | = | Shareholders equity | x 100 | |
Balance sheet total – advances received | ||||
Net gearing, % | = | Long term loans from credit institutions + Non-current lease liabilities + Short term loans from credit institutions + Current lease liabilities – Cash in hand and at banks – Other rights of ownership under Current and Non-current investments | x 100 | |
Shareholder equity |
Alternative Performance Measures | |||||
New ESMA ( | |||||
Adjusted EBITA | |||||
The Company determines term “Adjusted EBITA” as follows: | |||||
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). | |||||
| |||||
Adjusted EBITA (IFRS): | |||||
1.1.- | 1.1.- | 1.1.- | 1.1.- | 1.1.- | |
EBITA | 6 495 | 5 550 | 4 911 | 4 466 | 7 296 |
Direct costs related to acquiring business combinations | 304 | 414 | 0 | 369 | 414 |
Restructuring costs of business structure | 718 | 0 | 718 | 0 | 0 |
Gains of sales of fixed assets | 0 | 0 | 0 | 0 | 0 |
Losses of sale of fixed assets | 0 | 0 | 0 | 0 | 0 |
Adjusted EBITA | 7 517 | 5 964 | 5 629 | 4 835 | 7 710 |
EBITA, Adjusted, margin -%: | |||||
Adjusted EBITA | 7 517 | 5 964 | 5 629 | 4 835 | 7 710 |
Net sales | 53 668 | 46 800 | 37 376 | 33 453 | 64 066 |
EBITA, Adjusted, margin -% | 14,0 % | 12,7 % | 15,1 % | 14,5 % | 12,0 % |
Further information:
Teppo Talvinko, CFO,
tel. +358 40 715 3660
teppo.talvinko@gofore.com
Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210
Attachment
- Gofore Plc_IFRS-Transition
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