Stock Exchange Release

Digia Plc’s Financial Statement Bulletin 2020

Digia Plc Financial Statement Bulletin 9 February 2021 at 3:00 pm

Digia Plc’s Financial Statement Bulletin 2020

Strong performance during an exceptional year: January–December net sales up 5.5 per cent, operating profit (EBITA) improves by 45.4 per cent

October–December 2020

  • Net sales: EUR 37.9 (37.7) million, up 0.5 per cent
  • Operating profit (EBITA): EUR 4.6 (3.5) million, up 32.4 per cent; EBITA margin: 12.1 (9.2) per cent of net sales
  • Operating profit: EUR 4.1 (3.0) million, up 35.3 per cent; operating margin: 10.7 (8.0) per cent of net sales
  • Earnings per share: EUR 0.11 (0.08)
  • Agreement on the acquisition of the share capital in Climber International AB

January–December 2020

  • Net sales: EUR 139.0 (131.8) million, up 5.5 per cent
  • Operating profit (EBITA): EUR 16.0 (11.0) million, up 45.4 per cent; EBITA margin: 11.5 (8.3) per cent of net sales
  • Operating profit: EUR 14.1 (9.6) million, up 46.2 per cent; operating margin: 10.1 (7.3) per cent of net sales
  • Earnings per share: EUR 0.40 (0.27)
  • Return on investment: 16.5 (13.5) per cent
  • Equity ratio: 50.7 (47.2) per cent
  •  Digia’s Board of Directors proposes the payment of a dividend of EUR 0.15 per share (EUR 0.10 per share in 2019).
  • Profit guidance for 2021: Growth in Digia’s net sales will outpace the previous year (5.5% in 2020) and the EBITA margin will be at a level of about 10%.

Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year.


EUR 1,000 10–12/2020 10–12/2019 Change,% 1–12/2020 1–12/2019 Change,%
Net sales 37,867 37,680 0.5% 139,049 131,824 5.5%
Operating profit (EBITA) 4,591 3,469 32.4% 16,000 11,003 45.4%
- as a % of net sales 12.1% 9.2%   11.5% 8.3%  
Operating profit (EBIT) 4,060 3,001 35.3% 14,102 9,648 46.2%
- as a % of net sales 10.7% 8.0%   10.1% 7.3%  
Result for the period 2,961 2,236 32.4% 10,627 7,090 49.9%
- as a % of net sales 7.8% 5.9%   7.6% 5.4%  
Return on equity, % 18.7% 14.0%  
Return on investment, % 16.5% 13.5%  
Cash flow from operations 22,926 12,294 86.5%
Interest-bearing net liabilities 10,531 22,616 -53.4%
Net gearing, % 17.3% 42.5%  
Equity ratio, % 50.7% 47.2%  
Number of personnel at period-end 1,258 1,266 -0.6%
Average number of personnel 1,266 1,270 -0.4% 1,261 1,186 6.3%
Shareholders' equity 60,737 53,190 14.2%
Balance sheet total 121,078 114,116 6.1%
Earnings per share  0.11 0.08 31.7% 0.40 0.27 49.4%
Earnings per share (diluted) 0.11 0.08 32.4% 0.39 0.26 53.0%


“Digia continued to grow profitably in 2020. Our full-year net sales grew by 5.5 per cent to EUR 139.0 (131.8) million. At the same time, our EBITA margin improved to 11.5 (8.3) per cent of net sales. We prioritised safeguarding the profitability of our business in the exceptional and in some respects uncertain operating environment – and were successful in this effort. Our operating profit (EBITA) saw year-on-year growth of 45.4 per cent. Our financial objectives for the strategy period (2020-2022) are to achieve annual net sales growth of more than 10 per cent and an EBITA margin of about 10 per cent. We fell slightly short of our financial objective for net sales growth, but reached our profitability target. It should be noted that Digia does not report separately adjusted figures; instead, non-recurring expenses are included in the profitability target.

Growth in operating profit (EBITA) remained strong in the last quarter and net sales during the period stayed on a par with the previous year. Our fourth-quarter net sales amounted to EUR 37.9 (37.7) million and operating profit (EBITA) to EUR 4.6 (3.5) million. The EBITA margin rose to 12.1 (9.2) per cent of net sales in the last quarter.

In 2020, our customers focused on securing their core business and the functionality of related digital services. I am especially satisfied that Digia’s delivery capabilities remained robust all year. As we had already foreseen in the spring, the economic uncertainty ushered in by the coronavirus started becoming evident in demand for our services in the latter half of the year. Some of our customers postponed projects and in some cases downscaled their service development.

On the other hand, some companies have considered that this is the right time to digitalise their business. The need to boost the efficiency of business processes and utilise data was also evident in the demand for Digia’s services. Customers modernised their core systems and automated their processes and applications. In particular, demand for Microsoft ERP systems and customised solutions remained strong during the entire fiscal year. Demand for Digia’s own ERP systems, digital services, integrations and API management also remained steady. Integrations and API management are key enablers of data-driven business.

Operating profit (EBITA) was increased by good project management and the decline in travel, meeting and office work costs due to the coronavirus epidemic. I believe that some of the cost-reducing changes in our operating methods are here to stay for a long time.

The service and maintenance business continued to account for around 65 per cent of our net sales and the project business for about 35 per cent.

I am especially pleased about our stronger cash flow and balance sheet position. Our cash flow from operations rose to EUR 23.6 (12.3) million during the fiscal year, up 91.9 per cent. Our interest-bearing net liabilities in turn declined to EUR 10.5 (22.6) million and our net gearing improved to 17.3 (42.5) per cent. Our liquidity is at a good level and our financial position is stable.

In February, we announced Digia’s new strategy for the 2020-2022 period. Our “Next Level” strategy revolves around continuous change in digital business and smart data utilisation. Digitalisation will become an ever more important part of our customers’ core business – in this change, they need a visionary and responsible partner like Digia. We create value for our customers by harnessing our strong expertise in data-producing back-end systems, management platforms, integrations and business analytics.

As part of the implementation of our growth strategy, we announced two acquisitions in the fourth quarter. Our Digia Hub network for freelance developers was rounded out in October with the acquisition of NSD Consulting. In December, we signed an agreement for the acquisition of Climber International AB, a Swedish company specialising in business analytics. The acquisition entered into force on 7 January 2021. It strengthens Digia’s expertise and position in business analytics and expands the company’s geographical market position.

In the fourth quarter, we also announced a procurement agreement we signed with the Finnish Transport and Communications Agency Traficom, under which Traficom will acquire experienced software developers from Digia for system development tasks. Traficom expects to procure a maximum of around 50,000 person-work-days of expert resources from Digia during the seven-year contract period.

Key focus areas in our research and development efforts during the year now ended were our own ERP systems, the Digia Iiris monitoring solution and integration products. In the latter half of the year, we developed our cloud-based business and own business platform in particular as well as overhauled our sales operating models.

Our operations are based on professionally skilled employees who are committed to the objectives of our customers. We have supported coping at work in these exceptional circumstances by means such as coaching supervisors and project managers on leadership issues during the coronavirus epidemic. Due to market uncertainty, we took a very restrained approach to hiring new professionals in line with customer demand, and thus our personnel strength remained at the same level as last year. At the end of 2020, we had 1,258 (1,266) employees. 

The coronavirus caused uncertainty in the market and led customers to be cautious in their investments, which slowed down growth in our net sales during the review year – however, in our view, the digitalisation trend will remain strong and we believe that the epidemic will further accelerate demand for digitalisation services in the long term.

In 2021, our focus areas are organic growth and overhauling our own business platform, which seeks to not only promote growth but also support the utilisation of data in our operations and facilitate day-to-day work. As part of our growth target, we will also continue to develop our offering and assess acquirees that would be a suitable fit for our strategy.

Our success in the market is supported by our extensive product and service offering, which is not tied to any single field of business or customer account, and by the fact that a significant share of our operations is accounted for by continuous services. We at Digia believe in a world in which business value is created in digital ecosystems, making intelligent and responsible use of data. The companies and public-sector organisations that will thrive are those that can harness data to benefit business in a networked world. In this world, we serve as a responsible and visionary partner to our customers.



Profit guidance for 2021: Growth in Digia’s net sales will outpace the previous year (5.5% in 2020) and the EBITA margin will be at a level of about 10%.



A briefing for analysts will be held at 4 pm on Tuesday, 9 February 2021 as a Teams meeting. Attendance instructions have been emailed to participants.

CEO Timo Levoranta will give a webcast on the results in Finnish starting at 5 pm at

The material and presentation for the event will be available from 4 pm on 9 February 2021 on the company’s website:



Digia Plc’s 2020 Annual Report will be published in digital format on 22 February 2021 on the company’s website:

The Board of Directors' report and the financial statements for 2020 will be published as part of the Annual Report.



President & CEO Timo Levoranta, tel. (exchange) +358 (0)10 313 3000



Nasdaq Helsinki
Key media

Digia Financial Statement Bulletin 2020 (pdf)

Digia is a software and service company that helps its customers renew themselves in the networked world. There are more than 1,200 of us working at Digia. Our roots are in Finland and we operate with our customers in Finland and abroad. We are building a world in which digitalisation makes a difference – together with our customers and partners. Digia net sales were EUR 139.0 million in 2020. The company is listed on Nasdaq Helsinki (DIGIA).

Get our latest news to your e-mail.


News / Press Releases / Stock Exchange Releases / Manager's Transactions
Press Releases
Stock Exchange Releases / Manager's Transactions

Read our Privacy Policy

Select 'I'm not a robot'