MAIN PAGE & EXAMPLE PAGE- REPORT - NEW - 3 STEP IT - Flipbook - Page 28
REPORT OF THE
BOARD OF DIRECTORS
From a technology perspective, the PC and laptop market declined somewhat, with smaller
mobile devices growing to compensate. While
device numbers changed the overall value of the
device market was unchanged.
The business environment generally improved
in 2017: In the Eurozone, in Finland, our largest
market, the economy recovered, growing estimated 3.3% in 2017, faster than the EU and euro
area averages; Sweden’s economy grew by an
estimated 2.7%, fuelled by robust domestic demand.
In this positive environment, we continued to
focus on our core IT-related portfolio, especially
IT devices. We acquired 664 new customers and
Group revenue for the year increased by 13.7%.
Beyond the Eurozone, the UK economy grew by
1.8% in 2017, with a slow-down in the second
half of the year, perhaps related to Brexit uncertainties. In Norway the economy grew by 1.1%
for 2017 as a whole, with a deceleration in the
final quarter mainly driven by a fall in petroleum
activities and ocean transport. Denmark’s economy is enjoying a solid upswing, with real GDP
growth estimated to have reached 2.1% in 2017,
driven by net exports, private consumption and
Group financial overview
The Group’s revenue increased from 535.2 million euros in 2016 to 608.6 million euros in 2017.
Business in Finland, grew 19.2 per cent to 290.0
million euros and revenue from international operations grew 9.1 per cent to 318.6 million euros.
Group EBITDA increased 18.9 per cent.
The Group’s result includes a one-time sale income of 2.0 million euros. The acquisitions the
Group made in 2015 had a full year effect on 2016
figures, so they do not distort the 2016 to 2017
full year comparisons.
In the Far East, growth accelerated to 3.5% in
Singapore on the back of surging global demand
for electronic gadgets. Growth accelerated in
Malaysia to 5.8%, fuelled by strengthening domestic demand, improved labour market conditions, and wage growth, as well as improved
external demand for manufactured products and
Key ratios of Group financial position and operating results:
Operating prot (MEUR)
Operating prot, % of revenue
Return on equity (ROE), %
Return on investment (ROI), %
Equity ratio, %
Key ratios of Group personnel:
Average number of personnel
Salaries and fees (MEUR)