SYSOPEN'S ROBUST Q4/2004 PERFORMANCE
REPORT ON SYSOPEN PLC'S FINANCIAL STATEMENTS FOR 2004
- Q4/2004 consolidated turnover came to MEUR 7.7 (Q4/2003: MEUR 6.5) and
profitability (EBITA) to 17.2% (Q4/2003: 6.0%)
- Consolidated turnover for 2004 totalled MEUR 26.2, up MEUR 1.0 on a year
- 2004 earnings before interest, taxes and goodwill amortisation (EBITA)
accounted for 8.7 per cent of consolidated turnover, amounting to MEUR 2.3, up
- 2004 profit before extraordinary items and taxes came to MEUR 2.5, up MEUR 0.2.
- Earnings per share for 2004, EUR 0.23, were at the same level as in 2003.
- The period-end number of employees totalled 288, up 18.
- The Board of Directors proposes that a per-share dividend of EUR 0.11 be paid
for the financial year 2004.
- The favourable trend in the market is expected to continue during 2005. SysOpen
expects its H1/2005 consolidated turnover and EBITA to markedly improve from
The same wariness and reliance on existing solutions during the past few years
continued in the first half of 2004, characterised by tamer-than-usual market
conditions in the IT services industry. However, investment activity showed signs
of recovery towards the summer, especially in the public and financial sectors.
This upward trend in demand continued during the autumn, giving a stimulus to new
project implementations. The pent-up demand for IT services which persisted for a
couple of years threw off its shackles and, compared with the first-half 2004
situation, markets showed considerable improvements towards the end of the year.
Demand for SysOpen's IT services during the first three quarters of 2004 remained
at a more subdued level than expected. However, due to the company's determined
service development efforts, business acquisitions carried out in the early
summer and a recovery in customer demand in the early autumn, SysOpen's business
clearly improved during the autumn.
Although operating profit for 2004 had not yet achieved the targeted level,
projects based on customer contracts concluded in the summer and autumn got off
the ground, generating considerable improvements in SysOpen's capacity
utilisation and invoicing rates towards the end of the year. Thanks to these
developments and the buoyancy in the software product business in late 2004,
SysOpen recorded very good profitability for the last quarter. The Group's equity
ratio and financial position remained good throughout the financial year. By
nurturing its competitiveness, SysOpen has maintained a solid basis for future
At its November meeting, SysOpen Plc's Board of Directors revised its corporate
mission, vision, service concept, goals and strategy for 2005-2007. According to
the new service concept, SysOpen will offer its services through the following
three business areas: 1) Enterprise Application Solutions, 2) Solutions Based on
Software Products and 3) Executive ICT Consulting.
During the fourth quarter of 2004, SysOpen made offers and contracts more briskly
than during the preceding quarter and promoted negotiations on IT development
projects with existing and new customers, strengthening its role and position.
For example, SysOpen concluded agreements with the following customers: Sales and
Marketing Professionals' Unemployment Fund SMKJ, Federation of Special Service
and Clerical Employees ERTO, Unemployment Fund for the Wood and Allied Workers'
Union and They's Unemployment Fund.
REPORTED YEAR-ON-YEAR TURNOVER
Consolidated turnover for 2004 amounted to EUR 26.2 million (2003: EUR 25.2
million, up 4.0 per cent), of which international operations accounted for 3.2
per cent (2.6 per cent).
Business acquisitions carried out late in the spring and during the summer,
coupled with the pickup in demand for IT services, contributed to some of the
improvement in consolidated turnover for 2004 as a whole.
Turnover by business area in 2004:
Enterprise Application Solutions 87.8%
Software Solutions 11.1%
Executive ICT Consulting 1.1%
TURNOVER BY QUARTER
Consolidated turnover for Q4/2004, EUR 7.7 million, grew considerably from the
previous quarter's figure (Q3/2004: EUR 5.4 million) and also showed a marked
year-on-year improvement (Q4/2003: EUR 6.5 million).
YEAR-ON-YEAR PROFITABILITY AND FINANCIAL PERFORMANCE
Consolidated earnings before interest, taxes and goodwill amortisation (EBITA)
amounted to EUR 2.3 million (2003: EUR 1.9 million, up 18.9 per cent), accounting
for 8.7 per cent of reported turnover (7.6 per cent). EBITA 2004 showed a year-on-
year improvement despite the fact that fixed-term layoffs and staff reductions in
2003 contributed to the 2003 EBITA, and the 2004 EBITA was weakened, for example,
by substantial service development expenses charges as annual expenses for 2004.
All the same, these development efforts are paying off now that the markets are
Financial income and expenses totalled EUR 0.6 million (EUR 0.7 million). The
significant growth in financial income for 2003 was due to the sale of
Create!Form Inc shares, held by SysOpen, to Bottomline Inc. Related to this sale,
2004 saw Bottomline Inc shares released from escrow and the payment of the
additional price paid to SysOpen in terms of Bottomline Inc shares in accordance
with the agreement. The resulting financial income recognised for 2004 totalled
EUR 0.5 million.
Profit before extraordinary items and taxes came to EUR 2.5 million (EUR 2.4
million, up 6.9 per cent).
Profit for the financial year totalled EUR 2.0 million (EUR 1.4 million, up 38.8
per cent). Earnings per share were EUR 0.23 (EUR 0.23).
PROFITABILITY AND FINANCIAL PERFORMANCE BY QUARTER
Consolidated operating profit before interest, taxes and goodwill amortisation
(EBITA) for Q4/2004, EUR 1,3 million, grew sharply from the previous quarter's
figure (Q3/2004: EUR 0.1 million) and also showed a multiple improvement on a
year earlier (Q4/2003: EUR 0.4 million).
FINANCIAL POSITION AND CAPITAL EXPENDITURE
With a positive cash flow, the Group's financial position remained at a healthy
level throughout the financial year.
The balance sheet total stood at EUR 19.3 million (EUR 16.1 million) and equity
ratio was 70 per cent (76 per cent). The ratio of net liabilities to
shareholders' equity, or net gearing, was -52 per cent (-68 per cent). Liquid
assets totalled EUR 5.6 million (EUR 7.8 million), with business acquisitions
paid in cash during the report period having a major effect on this fall.
Improved turnover posted towards the end of the year will contribute to current
assets only in January 2005. The Group has no interest-bearing liabilities.
The Group´s gross capital expenditure rose to EUR 1.6 million (EUR 0.2 million),
this significant growth coming mainly from the above-mentioned business
acquisitions coupled with in-house service development spending related to
strategy re-formulation and the related software purchases. The Group also
continued to spend on in-house software component engineering. All the related
resulting in-house research and development costs were expensed as incurred.
ROI AND ROE
Return on investment (ROI) stood at 23 per cent (19 per cent), while return on
equity (ROE) reached 20 per cent (17 per cent).
HUMAN RESOURCES, MANAGEMENT AND ADMINISTRATION
SysOpen continued to invest in human resources development and employee training,
both through bought-in training services and the company's in-house OpenCollege
training scheme. The working hours SysOpen spent on employee training were more
than double the industry average.
At the end of the financial year, the number of employees totalled 288, up 18 on
a year earlier, or 6.7 per cent (270). The number of employees during the year
averaged 286, down by four, or 1.5 per cent (290).
Reported employee turnover came to 10.5 per cent (13.2 per cent).
Employees by function, year-end 2004:
Enterprise Application Solutions 76%
Software Solutions 9%
Executive ICT Consulting 2%
Administration and Management 12%
International Operations 1%
Until the Annual General Meeting on 24 March 2004, SysOpen Plc's Board of
Directors comprised Kari Karvinen (Chairman), Matti Savolainen (Vice Chairman),
Jorma Kylätie and Risto Linturi. The new Board of Directors elected by the AGM
consists of Kari Karvinen (Chairman), Risto Linturi (Vice Chairman), Pekka
Eloholma, Reijo Koski-Lammi and Matti Mujunen.
Arto Sahla acted as SysOpen Plc's Managing Director throughout 2004.
During the financial year, KPMG Wideri Oy Ab, Authorised Public Accountants,
acted as the Group's auditor, with Ari Ahti, Authorised Public Accountant, acting
as the principal auditor.
In 2004, SysOpen adopted corporate governance procedures in line with the
recommendation on corporate governance for listed companies effective since 1
July 2004 and issued by HEX, the Confederation of Finnish Industry and Employers
(TT) and the Central Chamber of Commerce.
GROUP STRUCTURE AND ORGANISATION
On the balance sheet date of 31 December 2004, SysOpen Group consisted of SysOpen
Plc (Parent Company) and the following two operating subsidiaries: SysOpen Object
Team Oy (Parent Company's current holding of 93 per cent) and SysOpen Limited
(100 per cent).
In late 2004, SysOpen made the decision to reshape its organisation to make the
company's business units as follows as of 2005:
- Telecommunications and Industry
- Finance, Services and Trade
- Public Sector, and Associations and Unions
- Executive ICT Consulting
- SysOpen Object Team Oy
ADOPTION OF IFRS
The European Union requires that all listed companies registered in the EU
countries adopt IFRS (International Financial Reporting Standards) by 2005.
SysOpen will implement the IAS/IFRS standards in its interim and annual accounts
Convened on 24 March 2004, SysOpen Plc's Annual General Meeting (AGM) adopted the
financial statements for 2003, discharged Board members and the Managing Director
from liability and, pursuant to the Board's proposal, confirmed the profit
distribution for 2003 and Board emoluments, and elected the new Board of
In addition, the AGM decided to:
1) Reduce the share capital by EUR 10,000 by cancelling 100,000 treasury shares.
2) Authorise the Board of Directors, on certain conditions, to decide on issuing
one or several convertible bonds, issuing stock options and/or increasing the
company's share capital through one or several rights issues. The authorisation
is valid for one year as of the date of the AGM's decision. It has not yet been
3) Authorise the Board of Directors, on certain conditions, to decide on buying
back own shares using retained earnings. The authorisation is valid for one year
as of the date of the AGM's decision. It has not yet been exercised.
4) Authorise the Board of Directors, on certain conditions, to decide on
disposing of the company's own shares. The authorisation is valid for one year as
of the date of the AGM's decision. It has not yet been exercised.
5) Alter the content of § 6 of SysOpen Plc's Articles of Association to include
mention of the election of the Board's Vice Chairman.
6) Alter the content of § 8 of SysOpen Plc's Articles of Association so that
signing for the company requires two authorised people.
Convened on 13 December 2004, the Extraordinary General Meeting decided to
distribute extra dividends, as proposed by the Board of Directors.
SHARE CAPITAL AND SHARES
The nominal value of a share is EUR 0.1. At the beginning of the financial year,
SysOpen held a total of 100,000 treasury shares, which were cancelled upon the
AGM's decision on 24 March 2004. The number of shares at the end of 2004 totalled
SysOpen reported a total of 3,257 shareholders on 31 December 2004. Ten major
Shareholder Proportion (%) of shares
Kari Karvinen 17.1
Matti Savolainen 17.0
Jorma Kylätie 16.0
Mutual Pension Insurance Company Etera 2.4
Olli Ahonen 2.0
Sijoitusrahasto Pohjola Finland Kasvu 1.8
Seppo Sneck 1.2
Yrjö Toiviainen 1.1
Sijoitusrahasto Pohjola Korko + Osake 1.0
Jukka Riihimäki 0.9
Holding by the number of shares held, as of 31 December 2004
Number of shares Proportion (%) of Proportion (%) of
holdings shares and votes
1 - 100 26.8 0.7
101 - 1.000 55.0 8.9
1.001 - 10.000 16.4 15.4
10.001 - 100.000 1.6 16.4
100.001 - 1.000.000 0.1 8.5
1.000.001 - 3.000.000 0.1 50.1
Total number of shares: 9,262,914
Holding by sector, as of 31 December 2004
Proportion (%) Proportion
of holdings (%) of shares
Non-banking corporate sector 6.9 4.5
Financial institutions and insurance 0.3 4.5
Non-corporate public sector 0.1 2.5
Non-profit organisations 0.4 1.2
Households 91.9 87.1
Foreign holding 0.4 0.2
SHARE PERFORMANCE ON THE HELSINKI STOCK EXCHANGE DURING 2004
SysOpen Plc shares are quoted on the Main List of the Helsinki Stock Exchange
under the telecommunications and electronics business sector. One trading lot
includes 50 shares and the trading code is SYS1V. The lowest reported share
quotation in 2004 was EUR 2.90 and the highest EUR 5.35. The share closed at EUR
3.42 on the final trading day in 2004. The trade-weighted average amounted to EUR
3.66. The Group's market capitalisation totalled EUR 31,679,165.88 at the end of
the financial year.
SysOpen Plc's stock-option scheme 1999-2004 expired on 31 October 2004, with no
share subscriptions performed. The 1999-2004 stock options have been removed from
the book-entry securities system.
The number of stock options attached to the 2000-2005 stock-option scheme totals
21,060 as follows: 19,960 2000E stock options, 850 2000F stock options and 250
2000G stock options, all of which have been subscribed. The share subscription
period for all warrants will expire on 31 May 2005 and the share subscription
price for E warrants is set at EUR 8.30 per share, for F warrants at EUR 5.36 per
share and for G warrants at EUR 3.28. On 31 December 2004, SysOpen held no stock
options based on the 2000-2005 stock-option scheme.
The number of the stock options left included in the 2003 stock-option scheme
totals 670,000 as follows: 210,000 2003A stock options, 160,000 2003B stock
options, 150,000 2003C stock options and 150,000 2003D stock options, all of
which have been subscribed. The share subscription period for 2003A stock options
is from 2 May 2004 until 31 October 2005, 2003B stock options from 1 November
2004 until 31 October 2006, 2003C stock options from 1 November 2005 until 31
October 2007 and 2003D stock options from 1 November 2006 until 31 October 2008.
The dividend-adjusted share subscription prices for 2003A, 2003B and 2003C
options are currently EUR 2.98, EUR 2.89 and EUR 3.86, respectively. For 2003D
stock options, the subscription price will be determined during the period 1-30
April 2005 by SysOpen's share prices quoted in public trading less the
distributed dividends under the terms and conditions of the stock-option scheme.
On 31 December 2004, SysOpen Partners Oy, the Group's wholly owned subsidiary,
held a total of 237,235 stock options based on the 2003 stock-option scheme. The
2003A options have been quoted on the Helsinki Stock Exchange's Stock Options
list since 25 May 2004 and the 2003B options since 18 January 2005.
The number of all stock options issued by SysOpen totals 691,060. Shares to be
subscribed on the basis of the stock options will account for a maximum of 6.9
per cent of the company's shares and votes entitled by the shares after any
possible increase of the company's share capital. On 31 December 2004, SysOpen
Partners held 237,235 of all stock options. The dilution effect of the
distributed stock options was a maximum of 4.6 per cent at the end of December.
ACQUISITIONS AND DIVESTMENTS
In late April 2004, SysOpen acquired Done Information Oy's Software Solutions
business covering customer and software solutions operations both in Jyväskylä
and Helsinki. Through the acquisition, SysOpen strengthened its customer base and
presence in the Jyväskylä region while expanding the company's technology and
product offerings. As a result of the business acquisition and related
streamlining measures, 22 Done Information employees joined SysOpen's payroll
under the same employment terms.
In late June 2004, SysOpen agreed to buy the Kuopio software business of Yomi
Software Ltd based in Jyväskylä, with the result that 16 Yomi Software Oy
employees joined SysOpen's payroll, under the same employment terms, on 1 August
2004. This business acquisition has strengthened SysOpen's customer base and
regional presence in the Kuopio region, improving the company's competitiveness
in the manufacturing and telecoms sectors, in particular. As a result, SysOpen
has more than 50 employees in Kuopio.
In late October during the fourth quarter, SysOpen Plc divested its UK
subsidiary, SysOpen UK Limited, to Novo Ivc Limited, owing to changes in market
conditions and weaker business prospects. Following the divestment, SysOpen's
remaining subsidiary in the UK, SysOpen Limited, has a staff of three.
SysOpen's success has lain in its capabilities to respond to market changes.
During 2004, the company developed and upgraded its service and solution
offerings to meet changed customer needs. SysOpen is determined to continue these
development efforts and will specifically focus on business lines in which the
Group's profitability and business growth are expected markedly to exceed the
SysOpen will remain determined to implement its new strategic plan for 2005-07,
disclosed on 23 November 2004, and to continue to strengthen its core business -
customised IT services - with notable growth areas including portal solutions, in-
house and third-party products and software components, support and maintenance
services and tools and methods for streamlining project implementation and
SysOpen will strengthen its current J2EE expertise further and invest in new,
burgeoning technologies and architectures (especially Symbian OS, .NET and
Service Oriented Architecture). SysOpen will diversify its business within mobile
terminal software, such as intelligent mobile software, and invest in the
development of wireless solutions. In addition to organic growth, business
expansion will be based on focused company acquisitions supporting the company's
businesses and active involvement in the industry's restructuring activities.
SysOpen is of the view that pent-up demand for IT services and solutions has now
thrown off its shackles, and expects companies' IT investments to continue their
upward trend during 2005. This view is supported by SysOpen's capacity
utilisation rates rising towards the end of 2004 and market research firms'
Owing to the time lag between the completion of major projects and the
implementation of new ones, the Q1/2005 utilisation rate will not probably reach
the Q4/2004 level. SysOpen expects to report clearly higher H1/2005 consolidated
turnover and EBITA than in H1/2004. These estimates are based on current order
and bid volumes and, as stated above, the company's view of favourable market
PROPOSAL FOR DIVIDEND DISTRIBUTION
The Group's distributable retained earnings on 31 December 2004 totalled EUR
2,479,475.15, while those of the Parent Company came to EUR 1,326,040.20.
Earnings per share for 2004 were EUR 0.23 (EUR 0.23). SysOpen Plc's Board of
Directors proposes to the Annual General Meeting that a per-share dividend of EUR
0.11 for 2004 be distributed to shareholders (including the extra dividend, a
total of EUR 0.30). On 27 January 2005, the number of company shares (other than
treasury shares) totalled 9,262,914, coming to approximately EUR 1.0 million
(including an extra dividend, a total of EUR 2.8 million in 2003) in dividend
payment, as proposed by the Board of Directors.
SysOpen will hold a briefing on its Financial Statements for 2004 for analysts
and the press at the World Trade Center, Kabinetti 6&9, 3rd floor,
Aleksanterinkatu 17, FI-00100 Helsinki, on Friday, 28 January 2005, starting at
10.00 a.m. All are welcome.
Helsinki, 28 January 2005
Board of Directors
FOR FURTHER INFORMATION, PLEASE CONTACT
Arto Sahla, Managing Director
Tel.: +358 424 2020 339, gsm +358 400 442 986, email: firstname.lastname@example.org
The financial statements and associated slide show will be available at
www.sysopen.fi in the 'Investors' section from 11.00 a.m.
Helsinki Stock Exchange
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Key Figures and Ratios
These Financial Statements are based on audited figures.
Consolidated Income Statement for 1 January-3 December 2004
TURNOVER 26,174 25,211
Other operating income 210 243
Materials and services -934 -1,055
Personnel expenses -15,693 -15,101
Depreciation and write-downs -614 -666
Other operating expenses -6,872 -6,722
EBITA 2,271 1,910
Goodwill amortisation -320 -266
OPERATING PROFIT 1,952 1,644
Financial income and expenses 595 739
Profit before extraordinary items and 2,547 2,383
Extraordinary expenses -130 -667
Pre-tax profit 2,417 1,716
Direct taxes -347 -258
Minority interest -30 -35
PROFIT FOR THE PERIOD 2,040 1,442
Consolidated Balance Sheet, 31 December 2004, EUR 1,000
ASSETS 31 Dec. 31 Dec.
FIXED AND OTHER NON-CURRENT ASSETS
Development costs 57 10
Intangible rights 480 393
Other non-current assets 48 82
Goodwill 1,075 312
Total intangible assets 1,660 797
Tangible assets 913 1,137
Long-term investments 933 1,004
INVENTORIES AND CURRENT ASSETS
Short-term receivables 10,212 5,362
Short-term investments 2,542 2,014
Cash and bank receivables 3,008 5,767
TOTAL ASSETS 19,268 16,081
LIABILITIES AND SHAREHOLDERS' 31 Dec. 31 Dec.
Share capital 926 936
Issue premium fund 7,101 7,091
Retained earnings 439 1,796
Profit for the period 2,040 1,422
Translation difference, unrestricted 24 35
TOTAL SHAREHOLDERS' EQUITY 10,531 11,280
MINORITY INTEREST 122 153
Short-term liabilities 8,615 4,648
TOTAL LIABILITIES AND SHAREHOLDERS' 19,268 16,081
Consolidated Cash Flow Statement, EUR 1,000
Cash flow from business operations: 2004 2003
Cash flow from sales 24,066 26,279
Cash flow from other operations 210 243
Operating expenses -22,495 -23,446
Cash flow from business operations before 1,782 3,076
financial items and taxes
Interest paid and other financial expenses -9 -42
Interest received from operations 1
Direct taxes -137 -286
Cash flow before extraordinary items 1,636 2,748
Cash flow from business operations due to -185 -613
Cash flow from business operations 1,451 2,134
Cash flow from investments:
Investments in tangible and intangible assets -1,580 -226
Capital gains on tangible and intangible assets 11 78
Other investments -55 -34
Capital gains on other investments 572 775
Repayment of loans receivable 11 34
Dividends received from investments 24 6
Divested associated companies' shares 60
Interest income from investments 54 116
Cash flow from business operations -904 748
Cash flow from financing:
Dividends paid and other profit distribution -2,779 -3,516
Cash flow from financing -2,779 -3,519
Change in liquid assets -2,231 -637
Liquid assets at period-star 7,781 8,418
Liquid assets at period-end 5,550 7,781
Difference -2,231 -637
Group key figures and ratios, incl. comparative data
Extent of business
Turnover 26,174 25,211
- change %, year on year 4% -13%
Capital invested 10,662 11,432
Gross capital expenditure 1,599 223
- % of turnover 6% 1%
Capitalised R&D 47 10
- % of turnover 0% 0%
Personnel at period-end 288 270
Average personnel 286 290
EBITA 2,271 1,911
- % of turnover 9% 8%
Operating profit 1,952 1,644
- % of turnover 7% 7%
Profit before extraordinary items and 2,547 2,383
- % of turnover 10 % 9%
Profit for the period 2,040 1,422
- % of turnover 8% 6%
Return on equity (ROE) 20% 17%
Return on investment (ROI) 23% 19%
Financing and financial position
Interest-bearing liabilities 0 0
Short-term investments + cash and bank 5,550 7,781
Net gearing -52% -68%
Equity ratio 70% 76%
Cash flow from business operations 1,451 2,134
Earnings per share, EUR (Group), 0.23 0.23
Earnings per share, EUR (Group), 0.23 0.23
Equity per share 1.14 1.22
Dividend per share (proposal for 2004) 0.11 0.30
Dividend payout ratio, % 47.87 133.42
Price-earnings ratio (P/E) 14.88 17.28
Lowest share price 2.90 2.83
Highest share price 5.35 4.44
Average share prices 3.66 3.63
Market capitalisation at period-end 31,679 37,733
Group key figures and ratios by quarter, EUR 1,000
Q4/2004 Q3/2004 Q2/2004 Q1/2004 Q4/2003
Extent of business
Turnover 7,747 5,415 6,551 6,460 6,541
- change %, year on 18% 7% -1% -8% -15%
Gross capital 113 501 916 69 95
- % of turnover 1% 9% 14% 1% 1%
EBITA 1,330 71 449 421 393
- % of turnover 17% 1% 7% 7% 6%
Operating profit 1,248 -6 358 352 328
- % of turnover 16% 0% 5% 5% 5%
Profit before 1,560 279 381 327 343
- % of turnover 20% 5% 6% 5% 5%
Profit/loss for the 1,191 180 410 259 -253
% of turnover 15% 3% 6% 4% -4%
Cash flow from 1,310 -499 233 407 735
Earnings per share, 0.13 0.03 0.04 0.03 0.04
EUR (Group), undiluted
Earnings per share, 0.13 0.03 0.04 0.03 0.04
EUR (Group), diluted
The weighted share-issue adjusted number of shares averaged 9,262,914 in 2004.
The dilution-adjusted number of shares totalled 9,446,836 at the end of the
financial year. The number of outstanding shares totalled 9,262,914 at the end of
the financial year.
At the beginning of 2004, the company held a total of 100,000 treasury shares,
which were all cancelled on 16 April 2004 based on the Annual General Meeting's
The Group has no liabilities associated with derivative contracts.
Digia is a profitably growing IT service company that helps its customers harness digital opportunities
As a visionary partner, Digia develops and innovates solutions that support business operations together with its customers. We adapt our expertise to their specific industries to help them develop digital services, manage operations and utilise information. We employ 750 experts in Finland and Sweden. We are expanding our international presence together with our customers.
Digia’s continuing operations had net sales of EUR 81 million in 2015. The company is listed on NASDAQ Helsinki (DIG1V).