Digitalist Group Plc’s Business Review, 1 January – 31 March 2022
Digitalist Group
Plc
Stock Exchange Release 29.4.2022 at 9:00
Digitalist Group Plc’s Business Review, 1 January – 31
March 2022
January–March 2022 (comparable figures for 2021 in
parentheses):
- Turnover: EUR 5.1 million (EUR 4,8 million), increase of
7,1%.
- EBITDA: EUR -0,4 million (EUR -0,7 million), -7,5% of turnover
(-14,3%).
- EBIT: EUR -1,3 million (EUR -1,2 million), -24,7% of turnover
(-26,0%).
- Net income: EUR -1,4 million (EUR -0,7 million), -26,9% of
turnover (-13,6%).
- Earnings per share (diluted and undiluted): EUR -0,00 (EUR
-0,00).
- Number of employees at the end of the review period: 161 (181),
reduction of -11%
CEO’s review
Compared to the same quarter last year we have
increased the turnover from EUR 4.8 million to EUR 5.1 million. The
EBITDA is slightly better, and we are continuing our work to reach
positive numbers. This includes primarily a stronger topline, but
also a constant focus on keeping the costs under control and
improving our ways of working.
When our studios in Helsinki, Vancouver and
Stockholm join forces we can create teams with diversity in both
culture and skills. This is valuable not only for international
clients, but also for local clients acting on markets that are more
international than ever.
The Covid pandemic and the resulting remote work
has helped both us and our clients to reach out across borders. As
examples, we are now serving a Whistler based entrepreneur with a
team from Stockholm as well as a Los Angeles based health care
company with a joint team from Vancouver and Helsinki.
During the first quarter we have signed up many
new clients. We are serving City of Turku with our Open Tech
solutions, helping a large industrial client in Finland with an
Artificial Intelligence exploration project, and helping a major
Swedish real-estate company to implement a new strategy and brand
direction. We are also continuing our long-term relationships
with well-known clients like Honda, Unionen, Electrolux, Posti and
Spotify.
Leanlab, our software-as-a-service (SaaS)
customer collaboration platform business, has during the first
quarter started to explore Swedish and Norwegian market entry.
In March, we also deepened our cooperation with
Yangi AB developing sustainable packaging technology, where our
Grow AB’s Future Lab team has been a close strategic partner since
2020 in developing the strategy, commercial concepts, and market
collaborations.
I strongly believe in our skilled teams and
every day we get feedback from clients that our combined skills
represent something unique. Going forward we will continue to focus
on expanding our client base delivering our services to even more
clients!
CEO Magnus
Leijonborg
FUTURE PROSPECTS
In 2022, turnover and EBITDA are expected to
improve in comparison with 2021.
OTHER EVENTS DURING THE FIRST
QUARTER
The stock exchange releases for the review
period are on the company’s website at
www.digitalist.global/investors/releases.
In March the Board decided to exercise the right
granted to Digitalist Group Plc by Holdix Oy Ab and convert
three-quarters of the Convertible Bonds into Converted Bonds and to
convert the capital thereof, altogether EUR 4,545,827.70, and the
unpaid interest on the capital of the Converted Bonds set out in
the Terms of the convertible bond into a capital loan meeting the
requirements of chapter 12, sections 1 and 2 of the Limited
Liability Companies Act, with the terms otherwise remaining the
same, where applicable. Holdix Oy Ab is the second largest
shareholder of Digitalist Group.
Digitalist Group Plc has made an agreement with
Turret Oy Ab on a loan amounting to EUR 500,000. The loan was
granted on market terms, and it will fall due on 30 April 2023.
Turret Oy Ab is the largest shareholder of Digitalist Group.
Digitalist Group has agreed to implement the
following arrangement (the “Arrangement”) regarding Yangi AB,
registered in Sweden. Digitalist Group's Swedish subsidiary, Grow
AB, will subscribe for a total of 11,111 shares in Yangi AB at a
total subscription price of SEK 5,000,000. To increase financial
flexibility, Grow AB will then sell a total of 7,778 Yangi AB
shares to Turret Oy Ab for a total purchase price of SEK
6,300,000.
EVENTS SINCE THE REVIEW
PERIOD
The company held its Annual General Meeting on
26 April 2022. The minutes of the Annual General Meeting and the
decisions made are available on the company’s website at:
https://investor.digitalistgroup.com/fi/investor/releases
The Annual General Meeting elected Paul
Ehrnrooth, Andreas Rosenlew, Esa Matikainen, Peter Eriksson, Maria
Olofsson and Johan Almquist as ordinary members of the Board. Audit
firm KPMG Oy Ab was appointed as the company’s auditor, with KHT
auditor Miika Karkulahti as the principal auditor.
The Annual General Meeting authorized the Board
to decide on a paid share issue and on granting option rights and
other special rights entitling to shares as set out in Chapter 10
Section 1 of the Finnish Limited Liability Companies Act or on the
combination of all or some of the aforementioned instruments in one
or more tranches. The number of shares to be issued under the
authorisation may not exceed 325,511,370, which corresponds to 50
per cent of all company shares at the time of convening the Annual
General Meeting.
The Annual General Meeting authorized the Board
to decide on acquiring or accepting as pledge, using the company’s
distributable assets, a maximum of 65,102,000 own shares, which
corresponds to around 10 per cent of the company’s total shares at
the time of convening the meeting. The acquisition may take place
in one or more tranches. The acquisition price will not exceed the
highest market price of the share in public trading at the time of
the acquisition.
The authorizations to the Board will be in
effect until the Annual General Meeting held in 2023, yet no
further than until 30 June 2023.
In its organizing meeting, the Board of
Directors of Digitalist Group Plc resolved to elect Esa Matikainen
as the chairman of the Board of Directors and Andreas Rosenlew as
the vice chairman of the Board of Directors. The Board also
resolved to establish an Audit Committee. Esa Matikainen was
elected as a chairman and Peter Eriksson and Maria Olofsson as
members of the Audit Committee.
When the business review was published, the
company expected its working capital to be sufficient to cover its
requirements over the next 12 months.
DIGITALIST GROUP OYJBoard of Directors
Additional information:Digitalist Group Plc- CEO
Magnus Leijonborg, tel. +46 76 315 8422,
magnus.leijonborg@digitalistgroup.com- CFO Mervi Södö, tel. +358 40
136 5959, mervi.sodo@digitalistgroup.com
Distribution:Nasdaq Helsinki LtdMajor
mediahttps://digitalist.global
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