Gofore Plc: Transition to IFRS Reporting
GOFORE PLC COMPANY ANNOUNCEMENT 16 DECEMBER 2020 AT 16.47
Gofore Plc: Transition to IFRS Reporting
Gofore Plc announced on 15.11.2019 that the company is targeting to transfer to Nasdaq OMX Helsinki Main list in 2021. As part of the process, the Company will prepare its annual financial statements in accordance with the International Financial Reporting Standards (IFRS) for the period ending 31.12.2020.
Gofore Plc has prepared the following unaudited IFRS financial information to provide investors with comparative information for the consolidated statement of comprehensive income, balance sheet and for the company’s key figures as at and for the six months ended 30.6.2020 with comparatives for 2019. Additionally the corresponding information for the financial year ended 31.12.2019 as well as the opening balance for the IFRS transition date 1.1.2019 has been included in this transition release.
In addition, Gofore has prepared the IFRS key figures in the table below, as at and for the nine months ended 30.9.2020 with comparatives for 2019. Consolidated statement of financial position and consolidated statement of profit and loss are not presented for the nine months ended 30.9.2020 with comparatives for 2019. Key figures for the 1.1.-30.9.2020 include the acquisition of Qentinel Finland Oy made on 1.9.2020.
The financial information disclosed in this release is prepared based on IFRS Standards effective as at 31.12.2020. IFRS 1 First-time Adaption of International Financial Reporting Standards has been applied in the preparation of comparable key figures and transition calculations presented in this release. The financial information presented in the release is unaudited, except the income statement and statement of the financial position prepared in accordance with Finnish Accounting Standards (FAS) for the period ended 31.12.2019.
Gofore Plc will publish during Q1 2021 its annual report, which includes financial statements prepared in accordance with international financial reporting standards (IFRS) for the period ending 31.12.2020 with comparatives for the period ending 31.12.2019 as well as the opening balance for 1.1.2019.
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, 31.12.2019 and 30.6.2020.
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.-30.9.2020 | 1.1.-30.9.2019 | 1.1.-30.6.2020 | 1.1.-30.6.2019 | 1.1.-31.12.2019 |
Net Sales | 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 | ||||||||||
EUR Thousand | Notes | FAS as at 30.6.2020 | Re-classification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS as at 30.6.2020 |
Assets | ||||||||||
Non-current assets | ||||||||||
Goodwill | 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 | |||||||
Treasury shares | 9 | 0 | -409 | -409 | -409 | |||||
Share-based payments | 4 | 0 | 534 | 0 | 534 | 534 | ||||
Translation differences | 8 | 1 | -11 | -11 | -10 | |||||
Fund for unrestricted equity | 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 |
| ||||||||||
EUR Thousand | Notes | FAS as at 30.6.2019 | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS as at 30.6.2019 |
Assets | ||||||||||
Non-current assets | ||||||||||
Goodwill | 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 | |||||||
Treasury shares | 0 | 0 | ||||||||
Share-based payments | 4 | 0 | 153 | 153 | 153 | |||||
Translation differences | 8 | -9 | -11 | -11 | -20 | |||||
Fund for unrestricted equity | 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 |
| ||||||||||
EUR Thousand | Notes | FAS as at 31.12.2019 | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS as at 31.12.2019 |
Assets | ||||||||||
Non-current assets | ||||||||||
Goodwill | 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 | |||||||
Treasury shares | 0 | 0 | 0 | |||||||
Share-based payments | 4 | 0 | 360 | 360 | 360 | |||||
Translation differences | 8 | 32 | -11 | -11 | 21 | |||||
Fund for unrestricted equity | 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 |
| ||||||||||
EUR Thousand | Notes | FAS 1.1.2019 | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS as at 1.1.2019 |
Assets | ||||||||||
Non-current assets | ||||||||||
Goodwill | 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 | |||||||
Treasury shares | 0 | 0 | 0 | |||||||
Share-based payments | 0 | 0 | 0 | |||||||
Translation differences | 8 | 11 | -11 | -11 | 0 | |||||
Fund for unrestricted equity | 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 1.1.-30.6.2020 | |||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 |
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EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 |
| |||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 | |
| |
1. | Leases, Gofore as a lessee (B) |
Gofore Group has mainly leased offices, parking spaces, cars and office machinery. Under FAS, lease expenses have been recognized as other operating expenses in the P&L on a straight-line basis over the lease period. The Group has not capitalized the leases in FAS and has thus not followed the option to apply IFRS 16 in FAS. The commitments relating to the lease agreements have been disclosed in the notes to the financial statements as off-balance sheet items as part of contingent liabilities. | |
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. | |
3. | Reversal of goodwill amortizations (D) |
Following the transition exemption of IFRS 1, the businesses acquired prior to the IFRS trasition 1.1.2019 are recognised in Gofore's IFRS financial statements by using the carrying amount of goodwill as of 1.1.2019 as presented in the FAS Financial Statements. Gofore has reversed the FAS amortization in the conversion period by adjusting the goodwill amortizations in the Statement of Profit and Loss against the goodwill recognised in the Statement of Financial Position. In accordance with IFRS, goodwill shall no longer be amortized over its useful life but it will be tested for impairment in accordance with IAS 36 annually or whenever there are indications of impairment in the assets. The goodwill has been tested for impairment as of 1.1.2019 and 31.12.2019 and has not resulted any impairment recognition. | |
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. | |
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. | |
6. | Financial assets (F) |
In accordance with IFRS the financial assets shall be classified based on the business model. | |
7. | Deferred tax (B, C, E, F) |
Gofore Group has recognised deferrred taxes in FAS mainly relating to depreciation differences. In IFRS deferred tax assets and liabilities are recognised on all adjustments leading to temporary differences. | |
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 1 January 2019 applying the exepmtion of IFRS 1. Any gain or loss on a subsequent disposal of any foreign operation after the adoption of IFRS will exclude translation differences that arose before the date of transition but will include later translation differences. | |
9. | Treasury shares (F) |
The own shares acquired are classified as treasury shares. At the end of June 2020, company held 33 859 shares which are valued at the purchase price on the acquisition date. Treasury shares are presented as a separate line item within equity under IFRS, while in FAS financial statements these have been presented within retained earnings. | |
10. | Reclassifications (A) |
On 1 July 2019, Gofore Group acquired 100% of the shares in Mangodesign (officially named mangodesign Finke-Anlauff & Anlauff GbR). Gofore made a prepayment for the acquisition on 30 June 2019 amounting to EUR 432 thousands that was recognised in FAS as goodwill. For IFRS purposes the pre-payment has been reclassified from goodwill into other current assets at 30 June 2019. |
Formulas of Key Figures | ||||
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 |
| |||||
New ESMA (European Securities and Markets Authority) guidelines on alternative performance measures have been effective from 2016 fiscal year. Gofore uses and presents operating profit before amortization of PPA (EBITA), EBITDA, ROI, ROE, equity ratio and net gearing alternative performance measures to better illustrate the operative development of its business. PPA amortizations arise from assets recognised in fair value in acquired business combinations. | |||||
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.-30.9.2020 | 1.1.-30.9.2019 | 1.1.-30.6.2020 | 1.1.-30.6.2019 | 1.1.-31.12.2019 | |
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, Gofore Plc
tel. +358 40 715 3660
teppo.talvinko@gofore.com
Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210
Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia – top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2019, our net sales amounted to EUR 64.1 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com.
Attachment
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Consolidated Statement of Profit & Loss and Consolidated Statement of Other Comprehensive Income 1.1.-30.6.2020 | |||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 |
| |||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 |
| |||||||||||
EUR Thousand | Notes | FAS | Reclassification (A) | Leases (B) | Business | Reversal of Goodwill amortizations (D) | Share-based Payments (E) | Other | Effects of | IFRS | |
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 | |
| |
1. | Leases, Gofore as a lessee (B) |
Gofore Group has mainly leased offices, parking spaces, cars and office machinery. Under FAS, lease expenses have been recognized as other operating expenses in the P&L on a straight-line basis over the lease period. The Group has not capitalized the leases in FAS and has thus not followed the option to apply IFRS 16 in FAS. The commitments relating to the lease agreements have been disclosed in the notes to the financial statements as off-balance sheet items as part of contingent liabilities. | |
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. | |
3. | Reversal of goodwill amortizations (D) |
Following the transition exemption of IFRS 1, the businesses acquired prior to the IFRS trasition 1.1.2019 are recognised in Gofore's IFRS financial statements by using the carrying amount of goodwill as of 1.1.2019 as presented in the FAS Financial Statements. Gofore has reversed the FAS amortization in the conversion period by adjusting the goodwill amortizations in the Statement of Profit and Loss against the goodwill recognised in the Statement of Financial Position. In accordance with IFRS, goodwill shall no longer be amortized over its useful life but it will be tested for impairment in accordance with IAS 36 annually or whenever there are indications of impairment in the assets. The goodwill has been tested for impairment as of 1.1.2019 and 31.12.2019 and has not resulted any impairment recognition. | |
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. | |
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. | |
6. | Financial assets (F) |
In accordance with IFRS the financial assets shall be classified based on the business model. | |
7. | Deferred tax (B, C, E, F) |
Gofore Group has recognised deferrred taxes in FAS mainly relating to depreciation differences. In IFRS deferred tax assets and liabilities are recognised on all adjustments leading to temporary differences. | |
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 1 January 2019 applying the exepmtion of IFRS 1. Any gain or loss on a subsequent disposal of any foreign operation after the adoption of IFRS will exclude translation differences that arose before the date of transition but will include later translation differences. | |
9. | Treasury shares (F) |
The own shares acquired are classified as treasury shares. At the end of June 2020, company held 33 859 shares which are valued at the purchase price on the acquisition date. Treasury shares are presented as a separate line item within equity under IFRS, while in FAS financial statements these have been presented within retained earnings. | |
10. | Reclassifications (A) |
On 1 July 2019, Gofore Group acquired 100% of the shares in Mangodesign (officially named mangodesign Finke-Anlauff & Anlauff GbR). Gofore made a prepayment for the acquisition on 30 June 2019 amounting to EUR 432 thousands that was recognised in FAS as goodwill. For IFRS purposes the pre-payment has been reclassified from goodwill into other current assets at 30 June 2019. |
Formulas of Key Figures | ||||
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 |
| |||||
New ESMA (European Securities and Markets Authority) guidelines on alternative performance measures have been effective from 2016 fiscal year. Gofore uses and presents operating profit before amortization of PPA (EBITA), EBITDA, ROI, ROE, equity ratio and net gearing alternative performance measures to better illustrate the operative development of its business. PPA amortizations arise from assets recognised in fair value in acquired business combinations. | |||||
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.-30.9.2020 | 1.1.-30.9.2019 | 1.1.-30.6.2020 | 1.1.-30.6.2019 | 1.1.-31.12.2019 | |
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, Gofore Plc
tel. +358 40 715 3660
teppo.talvinko@gofore.com
Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210
Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia – top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2019, our net sales amounted to EUR 64.1 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com.
Attachment