Published: 2019-04-15 18:23:05 CEST
Annual Financial Report

HansaMatrix audited consolidated and parent company audited Financial and Corporate Governance report for financial year 2018

Net turnover of HansaMatrix Group in the financial year 2018 was EUR 21.15 million, which is 7.63% more than in the previous financial year 2017 and by 5.8% exceeded previously provided medium term guidance for Year 2018 results of EUR 20 million. The Group reported operational cash flow EBITDA as EUR 3.259 million, which is 10.95% decrease and net profit EUR 0.781 million, which is 36.35% decrease in comparison with EBITDA and normalized earnings* of year 2017.

Riga, 2019-04-15 18:23 CEST -- HansaMatrix Group completed the 2018 reporting period with net turnover of EUR 21.15 million, which is 7.63% greater than the EUR 19.65 million reported during the previous period. During the reporting period, the Group reported EBITDA result of EUR 3.259 million, compared to EUR 3.660 million in 2017; the net profit was EUR 0.781 million, compared to EUR 1.227 million normalized earnings* in 2017.

In 2018, the R&D turnover reached EUR 1.546 million which exceeded the turnover of 2017 by EUR 0.751 million or by 106%. In 2018, the R&D turnover represented 7.3% of the total consolidated sales. The considerable growth in the R&D sales in 2018 resulted from the increase in the manufacturing volume of optics and photonics products and represent strategic development of business model in direction of knowledge intensive manufacturing.

HansaMatrix Parent Company closed the year 2018 with a net turnover of EUR 20.53 million, which by 5.4% exceeded the EUR 19.48 million reported in the previous period. During the reporting period, the Parent Company reported EBITDA of EUR 1.743 million, compared to EUR 2.444 million in 2017; the net profit was EUR 0.660 million, compared to EUR 0.913 million normalized earnings* in 2017.

The majority of HansaMatrix business clients are in the Baltic and Nordic countries. In 2018 the highest growth was achieved in the other European Union countries and Nordic countries.

In 2018, the net turnover in other EU countries grew by 18% in comparison to 2017. This is due to the growing demand from a number of existing clients in the industrial market sector and starting cooperation with new clients in the industrial and other product market sector. In the Nordic countries, a 13% growth reflected the growing demand for industrial products. In the Baltic countries, the business grew by 2%. In 2018, the Group’s sales outside EU totaled EUR 364 thousand.

HansaMatrix sales are focused on four major market sectors: data network infrastructure products, the Internet of Things, industrial products, and other.

The largest market sector in 2018 was constituted by the data network infrastructure clients accounting for 47% of sales, down by 3% compared to the previous year. The second largest sector was that of industrial products with a 35% share of sales, an 9% increase over the year. The third largest sector in terms of volume represents all other products with a 13% of the market share and a 64% sales increase which can be explained by the increasing development of optics and photonics and growing volumes of product manufacturing. The share of the Internet of Things showed a 6% increase, up by 9% compared to 2017.

During the 12-months of 2018, the Parent Company invested approximately EUR 2.5 million in increasing the production capacity, research instruments, testing systems and development of new products.

*Normalized earnings in 2017: Net profit for 2017 – Deferred CIT liabilities reversed in 2017.

In 2017, deferred tax liabilities of EUR 0.451 million, calculated and recognized in the previous reporting periods, were reversed in the statement of profit or loss, pursuant to amendments made to the tax legislation of the Republic of Latvia, which entered into force on 1 January 2018; accordingly, the normalized earnings for the year 2017 was EUR 1.227 million.


  • HansaMatrix Audited Consolidated and Parent Company’s financial reports for the financial year 2018
  • Corporate Governance report for financial year 2018

Investor and media contact:

Māris Macijevskis
Finance director
Phone: (+371) 6780 0002


About HansaMatrix

HansaMatrix is a fast-growing, high-technology company offering product design, industrialization and complete manufacturing services in data networking, Internet of Things, industrial segments and other services to high added value business segments. In addition to complete manufacturing services of OEM products, the company offers an ODM business model to both start-up and established companies that seek product development partnerships.

HansaMatrix FS 2018 IFRS_2019-04-15_EN.pdf