2021 was a great year for Klappir. Key numbers and financial statement.

The year 2021 went very well in all areas - the number of users increased by 50% during the year, which is an excellent result, and operations have all become very efficient. Our most important tasks will continue to be to increase the number of users rapidly, strengthen the company’s infrastructure and secure capital for growth.

By Klappir

"From the beginning, Klappir has systematically worked to build a powerful digital infrastructure to monitor sustainability and create a digital sustainability ecosystem. In 2021, we invested heavily in product development and marketing. The brand has been redesigned and we have added a special marketing division which will focus on digital marketing.

We have focused on increasing the number of users in Denmark where there is a good foundation for growth. From Denmark, we intend to enter the other Nordic countries in stages as those markets open up for co-operation with Klappir. Based on a positive reception of Klappir's solution in Denmark, we worked on opening an office in Denmark, Klappir Nordic, which will handle sales and marketing in the Nordic countries.

To strengthen the company’s infrastructure, we began implementing an ISEA 3000 system that partially manages operations, the technology we are developing and security issues. We plan to have an audit of the system by 2022.

The international sustainability company ISS-ESG was also hired to audit Klappir’s operations and confirmed that it is green. The audit was based on the fact that over 90% of the company’s revenue comes from its software, the Sustainability Platform, which reduces greenhouse gas (GHG) emissions by companies, municipalities and public bodies. This is the first time that activities of this nature have received confirmation from a recognized body such as ISS-ESG, which is clearly great recognition for Klappir.

Klappir needs to have access to green growth capital in the form of equity, debt and loans to ensure the company’s long-term growth. That is why we have set up a new green financial framework. ISS-ESG has given a positive external opinion on this new green financial framework; this is the first time that ISS-ESG has done this in Iceland. A green financial framework will enable Klappir to seek green capital from investors and credit institutions to finance the company’s operations and growth. Klappir's green financial framework is a major step in opening access to green growth capital, whether in Iceland or abroad. Green growth capital gives Klappir the opportunity to continue working towards a greener and more sustainable future, and to grow and advance in international markets.

Today, Klappir is a driving force in sustainability issues in Iceland. Hundreds of companies and many municipalities along with public bodies work with Klappir’s digital sustainability ecosystem and Sustainability Platform, and use them to succeed in sustainability. Klappir’s digital sustainability ecosystem extends beyond Iceland’s shores, and foreign parties have begun to connect with the infrastructure, use the software solutions and/or continue to test the system through trial access.

Klappir’s opportunities for growth abroad are substantial as our methodology is international. There is a significant shortage of digital sustainability solutions to manage the sustainability of companies, municipalities and public bodies. In the coming months and years, the entire legal environment around sustainability will be strengthened. Monitoring and reliability requirements, traceability and transparency of accounts will be significantly tightened. Increased requirements and a clear legal framework around sustainability will encourage companies and municipalities to standardize data collection, data processing, analysis and reporting to stakeholders through Klappir’s Sustainability Platform".

Jon Agust Thorsteinsson, CEO of Klappir

Key numbers

Number of users 6,000
Operating income was ISK 380.1 million
EBITDA from regular operations was ISK 72.8 million (19.2%)
Depreciation and write-downs were ISK 64.1 million
Profit for the period amounted to ISK 6.8 million
Total assets were ISK 504.8 million
Total liabilities were ISK 83.3 million
Equity ratio was 83.5%
Working capital ratio was 5.3
Average number of employees during the year was 20

Operation

The number of users increased by 50% between years from 4,000 in 2020 to 6,000 users in 2021. EBITDA from the group’s regular operations increased from ISK 25.1 million in the year 2020 to ISK 72.8 million in 2021.

The group’s operating income increased by approximately 18.1% between years from ISK 321.8 million in 2020 to ISK 380.1 million in 2021.

Operating expenses decreased by 14.5% between years from ISK 351.8 million in 2020 to ISK 307.2 million in 2021.

The group’s profit increased by 117.9% between years from ISK -37.6 million in 2020 to ISK 6.8 million in 2021.

Finances

Total assets were ISK 504.8 million and equity amounted to ISK 421.5 million. Interest-bearing debt amounted to ISK 83.3 million at year end.

Approved annual accounts

The annual accounts were approved at the board meeting of Klappir Green Solutions on 17 March 2022. The financial statements have been audited by the company’s auditors, Deloitte, and are available under Investors.

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By Klappir17 March 2022