Innofactor's Q3 2015 net sales were EUR 9.3 million, which shows a decrease of 3.5% compared to the corresponding period in the previous year. The operating margin (EBITDA) was EUR 0.8 million (8.1 percent of the net sales), which shows a decrease of 15.4 percent since last year.

There has been changes in the Innofactor management team. On September 16, 2015, Innofactor let go the Country Manager in Denmark due to suspected misconduct and lack of confidence. Due to error in project assessments, Innofactor is correcting in this interim report the Group figures for the first and second quarter of 2015. For the time preceding the current financial period as a whole, the figures are corrected to the last quarter of 2014. The effect of the corrections in the Innofactor group's operating margin for 2015 is approximately EUR -0.24 million, for the operating margin of 2014 it is EUR -0.31 million, and in total approximately EUR -0.55 million.

Because investigations, starting official actions and other legal proceedings concerning the possible misconducts in the Danish business are in progress, it is not yet possible to estimate the potential amount of compensation for damage. The temporary Country Manager for Denmark is Anthony Gyursanszky (Innofactor's Chief Operating Officer), who has led the rearrangement of the management of the Danish business in order to ensure profitable growth in accordance with the strategy in Denmark. We are currently looking for a new Country Manager.

The Innofactor group has paid attention to strengthening the transparency of its operations. One of our central actions has been to increase the resources of the Nordic ERP process started in spring 2015, in order to complete the project quickly. In Innofactor's business culture, a strong trust in knowledgeable personnel and management will remain as a central factor.

Despite the above-mentioned write-offs, Innofactor's growth in the first three quarters of 2015 was 0.8 percent (net sales EUR 31.9 million). The operating margin (EBITDA) was EUR 2.0 million, which shows a decrease of 15.1 percent since last year. The cash flow from business activities in the first three quarters of the year was strong, increasing to EUR 2.5 million from the previous year's EUR -0.5 million.

Innofactor updated its strategy in September. I am very satisfied with the strategy process, which we went through with the Board of Directors, renewed Executive Board, other management and personnel. Our renewed mission of 'empowering organizations and people to make a difference in the digital world' describes well the passion, which was the basis on which I founded Innofactor 16 years ago. It also describes the way we in Innofactor want to still work daily with our customers and their customers and employees. The digital world offers totally new possibilities for the success of both organizations and individuals. On the basis of its renewed strategy, Innofactor has been planning on its operations for the next few years and will next move on to budgeting.

We think that Innofactor has good prerequisites to continue growing its business operations profitably in 2015. For Innofactor, the last quarter has typically been stronger than the other quarters. Innofactor is still actively looking for new strategic partnerships in the Nordic Countries. The Group will seek growth, which can be organic or based on mergers or acquisitions.

Sami Ensio
Founder and CEO of Innofactor Plc

Sami is the key influencer for Microsoft ecosystem and ranked as one of the most influential ICT visionaries in Finland.

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