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Heeros Oyj: Financial statement report 1 January–31 December 2020

Heeros Oyj: Financial statement report 1 January–31 December 2020

February 11, 2021

Heeros Oyj’s financial statement report 1 January31 December 2020: Strong increase in profitability, success in implementing changes and improving order intake lay solid ground for future growth.

January–December 2020 summary:

  • Recurring revenue increased by 4% from the previous year to EUR 8.3 million (2019: EUR 8.0 million).
  • EBITDA increased by 56% to EUR 1.4 (0.9) million. Adjusted EBITDA increased by 108% to EUR 1.9 (0.9) million.
  • Adjusted operational cash flow increased by 259% from the previous year to EUR 1.4 (0.4) million.
  • Adjusted profit for the period was EUR 0.5 (-0.3) million.
  • Organizational change and other improvement measures increased operational efficiency and supported the positive financial performance in 2020.
  • The combined adjusted EBITDA margin and revenue growth percentage was 23% in 2020.
  • The Board of Directors proposes that no dividend shall be paid out for the 2020 financial period.
  • Heeros is expecting to increase the combined EBITDA margin (EBITDA, % of revenue) and revenue growth percentage (Rule of 40) to 30% level for the 2021 financial period.

July–December 2020 summary:

  • Recurring revenue increased by 3% from the previous year’s corresponding period to EUR 4.2 million (7–12/2019: EUR 4.1 million).
  • EBITDA increased by 101% to EUR 1.1 (0.6) million. Adjusted EBITDA increased by 104% to EUR 1.1 (0.6) million.
  • Adjusted operational cash flow was EUR 0.8 (0.0) million.
  • Adjusted profit for the period was EUR 0.4 (0.0) million.
  • Heeros announced its new strategy and financial goals for 2021–2023 on 29 October 2020.
  • Order intake ARR (Annual Recurring Revenue) increased to over EUR 300,000 in the fourth quarter. In JulyDecember ARR grew by 40% compared to the previous year.
  • Sales partnership with OpusCapita Solutions Oy opened a new sales channel to small- and medium-sized segment customers.

“2020 was an exceptional year in many ways. The COVID-19 pandemic had wide-ranging effects on business activity, while it also accelerated digitalisation of financial administration. 2020 also marked the 20th anniversary of Heeros and, on a personal note, my first year as the company’s CEO. We developed Heeros’ processes and management into more customer driven direction, made changes to our management team and streamlined our operations throughout the organisation. Our goal was to improve profitability but, first and foremost, to achieve quality service that better meets our customers’ needs.", -Mikko Pilkama, CEO Heeros Oyj

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