Strong growth: from a Finnish to an international cybersecurity company

Nixu Corporation
Company release, February 16, 2017 at 8:30 a.m.

Strong growth: from a Finnish to an international cybersecurity company

UNOFFICIAL TRANSLATION, Nixu Corporation Financial statements release for January 1 – December 31, 2016 (Audited)

Key facts for July–December 2016:

  • Revenue: EUR 11,434 thousand (July–December 2015: 9,163), change: 25%
  • EBITDA: EUR 665 thousand (1,243), change: -47 %, percentage of revenue 6% (14%)
  • EBITDA was affected by strategic investments in internationalization and development of technology-based services
  • EBIT: EUR 288 thousand (798), percentage of revenue 3% (9%)
  • Nixu founded a subsidiary in the United States
  • Nixu adopted an international organizational model
  • Nixu acquired Safeside Solutions AB, an information security consulting company

Key facts for January–December 2016:

  • Revenue: EUR 21,578 thousand (January–December 2015: 18,013), change: +20%
  • EBITDA: EUR 773 thousand (2,071), change: -63 %, percentage of revenue 4% (11%)
  • EBIT: EUR 116 thousand (1,194), percentage of revenue: 1% (7%)
  • Nixu acquired Europoint Networking AB and Safeside Solutions AB, establishing a strong foothold in the Swedish market
  • The Nixu Cyber Defense Center service secured a prominent position in the Finnish market
  • The Board of Directors believes that it is in the shareholders’ interest to exploit the growth potential in the markets, proposing that no dividend be paid

Key figures

EUR 1 000 7-12/2016 7-12/2015 Change, % 1-12/2016 1-12/2015 Change, %
Revenue 11,434.2 9,163.2 24.8 % 21,577.7 18,012.7 19.8 %
EBITDA 665.2 1,242.6 -46.5 % 772.7 2,071.2 -62.7 %
EBITDA, % of net sales 5.8 % 13.6 %   3.6 % 11.5 %  
EBIT1 287.9 797.8 -63.9 % 115.6 1,193.7 -90.3 %
EBIT, % of net sales 2.5 % 8.7 %   0.5 % 6.6 %  
Profit/loss for the period1 19.1 506.3 -96.2 % -241.6 687.2  
Earnings per share (EUR) 0.00 0.08 -96.5 % -0.04 0.11  
Earnings before goodwill amortization2 301.3 892.9 -66.3 % 247.8 1,460.5 -83.0 %
Earnings per share before goodwill amortization2 (EUR) 0.05 0.15 -67.1 % 0.04 0.24 -83.4 %
Number of shares at the end of the period 6,364,835 6,112,035   6,364,835 6,112,035  
Average number of shares 6,263,435 6,112,035   6,238,435 6,112,035  


1The 2016 figures are not directly comparable with those of previous periods because of a change in goodwill amortization.                
The company has decided to change the amortization period for goodwill from 5 years to 10 years from the beginning of fiscal year 2016.                
2The company's consolidated goodwill was EUR 6 080,9 k on December 31, 2016. Goodwill is amortized on a straight-line basis over ten years.                
In Jul-Dec 2016, the company recorded goodwill amortization of EUR 282,3k (in Jul_dec 2015: 386,6k).                
In Jan-Dec 2016, the company recorded goodwill amortization of EUR 489,4k (in Jan-Dec 2015: 773,3k).


EUR 1 000 31.12.2016 31.12.2015 Change, %
Equity ratio, % 50.9 % 52.6 %  
Net interest-bearing debt 28.6 -3,170.6 100.9 %
Net gearing, % 0.3 % -39.9 %  
Personnel at the end of the review period 222 159 39.6 %


Petri Kairinen, CEO of Nixu:

In 2016, we achieved several significant milestones in our journey toward becoming the number one choice as a trusted cybersecurity partner for companies with head offices in Northern Europe. We reinforced our position in the Dutch market, established a prominent foothold in the Swedish market, and prepared to launch our operations in the United States. In 2016, the share of revenue from clients outside Finland of our total revenue increased from January's 6 % to December's 28 %. The most important step, however, was taken in the fall, when we started working on our new operating model and corporate culture. The basis for this new philosophy lies not in disparate local companies, but in our employees, who will work and collaborate across borders.

This operating model allows us to fulfill our second primary goal: Providing the best workplace for cybersecurity professionals. The more open, collaborative, and mobile a community we can create, the better our employees can participate in interesting client projects and learn from both their colleagues at Nixu and clients from different sectors. As part of our best workplace strategy, we launched another shares issue directed at our personnel and, as a result, more than 100 Nixuans decided to become employee-owners.

In 2016, the demand for cybersecurity monitoring services and data protection consulting increased, especially in Finland. Our allocations to developing the Nixu Cyber Defense Center service turned out to be correctly timed. Our clients have particularly appreciated the comprehensive coverage of the service, which includes everything from detection to data break-in investigation. The new EU General Data Protection Regulation, which was confirmed in spring 2016, has also stimulated client interest. We have rapidly expanded our data protection expertise by recruiting privacy and data protection lawyers, which is a first time for Nixu. This means that we can now provide a comprehensive compliance package for our clients, providing a one stop shop for both interpreting regulatory requirements and building compliance on the technological level.

Our revenue was increased by corporate acquisitions and increased demand in Finland. In the second half of 2016, the group grew by 25 % and, despite our slow first half, our annual growth reached 20 %. Our current strategy places a strong emphasis on promoting growth. Growth allocations affected our result for 2016 as planned, but will ensure strong organic growth in the coming year. The key factors weakening our result included rapid expansion of our operations in the Netherlands, slow business in the first quarter, and development allocations in technology-based services, such as building up our Nixu Cyber Defense Center business and reinforcing our group administration to support our ability to operate as an international company. The operational profitability of our services has remained solid.

In the last three years, Nixu has completed three acquisitions. Based on our experiences, our integration model is effective, demonstrated by the fact that we have managed to retain both the talent and the clients of the companies who have joined Nixu. Thanks to this success, we decided to extend the planned goodwill amortization period required by Finnish accounting standards (FAS). Starting from the 2016 accounting period, the amortization period will be extended from five years to ten. We have also identified further potential for supporting our growth through acquisitions.

In 2017, we will continue to implement our strategy. Society is becoming increasingly digital. Digital scams, blackmail attempts, industrial espionage, and cybernetic warfare will become increasingly common. We believe that in the current situation, critical operators in our society will appreciate having a highly proficient, technology-independent cybersecurity partner that can provide comprehensive support at a local level. I believe that Nixu has every ability to deliver its promise of being a solid partner to its clients, enabling a digital future free of disruptions caused by cyber threats.

Financial instructions for 2017

Nixu will strive to continue its growth more quickly than its market while maintaining profitability. Our medium-term goal is to achieve an annual revenue growth rate of above 15 percent and an EBITDA margin of above 10 percent.

In 2017 Nixu is aiming to grow clearly faster than last fiscal year supported by last year's acquisitions and strong organic growth. We will also continue to invest in growth initiatives in the current accounting period.


As society as a whole is becoming more digital, it is inevitable that different operators have an increasing need to develop and offer different digital services to their stakeholders. Services are also becoming predominantly cloud-based, which means that traditional information security, which relies on antivirus software and firewalls, is no longer sufficient for controlling the ever-increasing cyber risks.

Nixu’s mission is to keep the digital society running. We pursue this mission by offering a wide range of cybersecurity services to key stakeholders in both the public and the private sectors. Nixu wants to be a true cybersecurity partner for its clients, providing comprehensive services that will allow them to implement new digital services safely, despite the cyber threats.

The main goal of Nixu’s growth strategy is to be the best workplace for information security professionals and the number one choice as a cybersecurity partner in Northern Europe.

Our growth strategy is defined by three strategic development areas:

1. Through internationalization, the company aims to expand its available market to include corporations that have their main office in Northern Europe. Nixu’s goal is to utilize local consultants and sales resources in each key metropolitan area near its clients, benefiting from the group’s entire range of services and production capabilities during customer assignments. Nixu will expand its market share in Northern Europe either through acquisitions (as in Sweden), by establishing new subsidiaries (as in the Netherlands), or by forming joint ventures with other industry operators. The key to success in all operations is creating a homogenous and congenial corporate culture across the entire group.

2. Nixu is strongly committed to developing scalable, technology-based continuous services (such as the Nixu Cyber Defense Center), which can be seamlessly integrated into the company's consultation business. These services ensure that Nixu has the resources and capabilities required for being a truly comprehensive cybersecurity partner for its clients. These services also secure lasting customer relationships and give Nixu a competitive edge over competitors acting purely in a consulting capacity. From a business standpoint, these services provide superior scaling of revenue and EBITDA versus the number of personnel. The technological component of the services is based on the best commercial solutions provided by our partners, as well as solutions developed internally for special needs.

3. Our third strategic development area consists of skills development, skills base expansion, and cybersecurity expert recruitment and cultivation. Nixu is increasingly engaged in various international research projects, such as the EU’s 5G Ensure, the results of which we can utilize directly in our own customer projects. To ensure its ability to grow, Nixu has started to promote its visibility as an employer among students. Our various trainee programs, in turn, ensure access to a sufficient, skilled workforce. By ensuring internal job rotation, Nixu is able to expand the skillset of its employees and provide new challenges to experienced cybersecurity experts who consider working at the company.

Revenue and profit development from January to December 2016

Nixu Group’s revenue was EUR 21,577.7 thousand. (2015: 18,012.7). Compared to the previous review period, the revenue increased by 19.8 %. The primary factors supporting revenue growth included organic growth in the Finnish market and the acquisition of Europoint Networking AB at the end of March 2016.

The company’s other operating income amounted to EUR 598.8 thousand (237.9). Other operating income increased by 152 % due to new research projects organized by the EU and Tekes, the Finnish Funding Agency for Innovation.

Nixu’s EBITDA for 2016 was EUR 772.7 thousand (2,071.2). Compared to the previous year, EBITDA decreased by 63 % due to strategic allocations in international growth and technology-based services development. These costs will not be capitalized. Moreover, slower than expected revenue intake between January and March affected profitability.

Nixu’s EBIT for the accounting period was EUR 115.5 thousand (1,193.7). EBIT was affected by the factors discussed above.

Loss for January–December 2016 was EUR 241.6 thousand (profit, 687.2). Profit before goodwill amortization was EUR 247.8 thousand (1,460.5).

As the goodwill amortization period was changed in the 2016 accounting period, the EBIT and the profit for the accounting period are incompatible with those of previous accounting periods. Based on successes in personnel and client retention after acquisition deals and positive growth in the company's business, the company decided to extend the planned goodwill amortization period from five to ten years. In 2016, goodwill amortization amounted to EUR 489.4 thousand (773.3). In the 2016 half-year financial report, goodwill amortization was reported under the previous amortization method.

The group’s effective tax rate has increased due to non-deductible goodwill amortization and loss-making operations in the Netherlands.

Financing and investments

On December 31, 2016, the Nixu Group's balance sheet totaled EUR 16,593.5 thousand (15,088.0).

On March 30, 2016, Nixu Oyj acquired Europoint Networking AB's entire stock capital and on October 28, 2016, Safeside Solutions AB's entire stock capital, increasing the balance sheet total value.

Furniture and repair investments made during the expansion and rationalizing of the company's Espoo office accounted for a substantial share of the increase in other long-term expenditure and tangible assets (EUR 219.5 thousand).

Non-current liabilities were reduced by loan amortization (EUR 716.4 thousand). The group net gearing was 0.3 % (-39.9 %) in the end of year 2016.

The company is looking into debt financing to support further acquisitions.

Personnel, leadership, and management

At the end of the accounting period, the number of personnel at the group was 222 (159), showing an increase of 63 employees. This increase is due to the acquisition of Europoint Networking AB and Safeside Solutions AB, as well as the new subsidiary founded in the Netherlands.

Nixu reshaped its organization to accommodate its new international structure. As part of this organizational change, Nixu formed a new Corporate Management Team, effective November 1, 2016. The Nixu Oyj Corporate Management Team includes Chief Executive Officer Petri Kairinen, Chief Financial Officer Janne Kärkkäinen, Chief Commercial Officer Valtteri Peltomäki, and Chief Development Officer Kim Westerlund. The company’s local management team in Finland will continue to run the Finnish operations.

At the end of August, Management Team Member and Chief Operational Officer Johan Boije af Gennäs ended his career with the company.

2016 Annual General Meeting

Nixu Oyj’s Annual General Meeting (AGM) was held on April 5, 2016. The AGM approved the company’s financial statements and discharged the members of the Board of Directors, CEO, and Deputy CEO of liability for the accounting period January 1–December 31, 2015.

In the review period, Nixu Oyj’s Board of Directors consisted of Kimmo Rasila (Chairman), Marko Kauppi (Deputy Chairman), Kati Hagros, Juhani Kaskeala, and Tuija Soanjärvi.

The AGM decided that the Chairman of the Board of Directors is to be paid EUR 2,800 per month, the Deputy Chairman EUR 2,100 per month, and other Members of the Board EUR 1,400 per month. The Board of Directors’ travel expenses shall be reimbursed in accordance with the company travel policy.

The AGM appointed PricewaterhouseCoopers Oy, a firm of Authorized Public Accountants, as the company's auditor (continuing in the position), and PWC appointed Authorized Public Auditor Heikki Lassila as the Auditor-in-Charge. The AGM agreed that the auditors shall be reimbursed against a reasonable invoice.

The AGM approved the proposal by the Board of Directors that the company distributes a dividend of EUR 0.09 per share for the accounting period that ended on December 31, 2015, amounting to a total of EUR 550,083.15.

The AGM authorized the Board of Directors to issue new shares and/or dispose of internally held company shares at their own discretion pursuant to the following terms:

By way of derogation from the shareholders' warrant, the Board of Directors may give up to 120,000 shares, either in one or several rounds, to company and subsidiary employees and CEOs, either through a new directed issue or by disposing of internally held company stock. The Board of Directors shall have quorum over all other matters concerning the disposal of shares and new shares issues.

The authorization shall remain valid until the next Annual General Meeting.

The AGM authorized the Board of Directors to buy back, at their own discretion, company stock in one or several rounds. Up to 200,000 shares can be acquired using the company’s unrestricted equity. By way of derogation from the rules governing shareholder association and ownership, employee bonus shares can be acquired from employee shareholders upon termination of their employment. The Board of Directors will decide upon the terms and conditions of buying company shares pursuant to the terms and conditions of the company’s incentive scheme. The authorization shall remain valid until the next Annual General Meeting.

At the end of the review period, the Board of Directors has the authorization of the October 30, 2014 Extraordinary General Meeting to decide upon one or several directed issues based on financial grounds material for the company, including stock exchange listing or acquiring funding for potential future acquisitions. The authorization is valid until October 30, 2019. The Board has remaining authorization for 2,045,909 shares.

Shares and shareholders

NIXU Trade Value (EUR) High (EUR) Low (EUR) Average (EUR)  Latest (EUR)
January-June 2016 847,813 4,062,282.81 5.40 4.41 4.88 4.95
July-December 2016 493,446 2,691,532.93 6.15 4.89 5.49 6.05
January-December 2016  1,341,259 6,753,815.74 6.15 4.41 5.18 6.05


  31.12.2016 31.12.2015
Stock value 38,550,811.75 30,010,091.90
Share holders  2,498 2,163

Nixu has one share series. Each share entitles the holder to equal voting and dividend rights. On December 31, 2016, the total number of shares was 6,372,035 (December 31, 2015: 6,112,035). The company holds 7,200 of its own shares.

The company’s share is listed on the Nasdaq First North marketplace in Helsinki, Finland.

Shares issues during the accounting period:

    Directed issue of 50,000 shares, launched to finance the acquisition cost of Europoint Networking AB,
    Directed issue of 90,000 shares, launched to finance the acquisition cost of Safeside Solutions AB, and
    Directed issue of 120,000 shares to employees and CEOs.

Dividend proposal

On December 31, 2016, the parent company’s assets subject to profit distribution amounted to EUR 9,330,473.05 of which the profit for the period amounts to EUR 723,882.21 The group’s profit before goodwill amortization was EUR 247,802.66. The Board of Directors proposes to the Annual General Meeting that no dividend be paid for 2016. The Board of Directors believes that instead of paying dividends, it is in the shareholders’ interest to exploit the growth potential in the company’s current markets.

Consequently, the dividend proposal deviates from the Nixu profit distribution policy: “Nixu strives to distribute 30–70 percent of its annual profit to shareholders”.

There have been no significant changes in Nixu’s financial status after the close of the accounting period.

Risks and uncertainties

The company’s biggest short-term risks are related to the uncertainty caused by the general economic situation, which may prompt key clients to postpone or cancel projects. In particular, protectionist policies adopted by the United States may influence the global economy and, more specifically, the revenue of Nixu’s operations in the United States.

As part of its growth strategy, the company has already started investing in international growth. If customer acquisition in new markets turns out to be more difficult than expected, the company’s entry into new markets may considerably compromise the company’s profitability. If the company does not manage to attract a sufficient customer base, some of its international operations may have to be discontinued.

As part of its growth strategy, the company has started investing heavily in its continuous scalable services business. The business models, methods, and the promised service levels in the services business are different from those in the consultation business. Implementing these changes can be challenging, potentially causing substantial direct and indirect adverse consequences for Nixu.

Moreover, the company’s growth expectations are heavily based on skilled personnel. If the company is unable to recruit the planned number of information security experts and keep them on its payroll, the development of the company’s revenue may suffer.

Increased economic growth as well as the rapidly increasing demand in the cybersecurity market may result in wage inflation, which, in turn, can have a material impact on the costs incurred by service companies.

Nixu’s business requires great trust from its clients. Information security attacks on our clients’ systems and potential problems in Nixu’s services may result in substantial direct and indirect adverse consequences for Nixu.

Unexpected delays and extra work are typical for big solution delivery projects, adding uncertainty which may incur costs that the company must bear in part or in full. Moreover, Nixu may not always be able to allocate personnel resources, schedule tasks for long-term projects, or plan its operations according to its predictions.

Even though Nixu’s strategy relies mainly on organic growth, the company is also constantly searching for growth opportunities from acquisitions. However, there might not be companies available which would support Nixu's strategy or otherwise be compatible with its operations. Moreover, there is no guarantee that Nixu would manage to successfully integrate any company it acquires into its business or achieve the strategic goals or synergy benefits expected from the acquisition. Consequently, there is no guarantee that acquisitions would generate the expected revenue or profit. Acquisitions may also present unexpected risks and latent responsibilities for which the company has been unable to prepare. Exploring acquisition opportunities and going through with the actual deals can tie up substantial management resources, which can have an adverse effect on the company’s core business.

If the future returns from consolidated goodwill do not match current expectations, it may be possible that the consolidated goodwill amortization period must be changed or an impairment charge might be required.

Company funding involves common covenants, which, if breached, may have an adverse effect on its financial position.

Events after the accounting period

There have been no material events concerning the company since the end of the accounting period.

Accounting principles

The financial statements release has been prepared in accordance with the laws of Finland and the generally accepted Finnish accounting principles. The figures included in the release have been audited. The information has been presented to the extent required in section 4.6 clause (e) of the First North Nordic Rulebook. The figures presented in this release have been rounded from exact figures.

Financial reporting in 2017

The company will publish its annual report 2016, including financial statements, on week 10/2017 on the corporate website

The company will publish its half-year financial report for January–June 2017 on Thursday, August 17, 2017. The planned date for the Annual General Meeting is Wednesday, April 19, 2017.

In addition to the half-year financial report and financial statements, Nixu provides yearly revenue information on the first and the third quarter.

Nixu will organize a revenue briefing for portfolio managers and media representatives on February 16, 2017 at 9:30 a.m. in Helsingin Pörssitalo, address: Fabianinkatu 14, FI-00100 Helsinki, Finland.

Consolidated income statement (FAS)

EUR 1 000 7-12/2016 7-12/2015 1-12/2016 1-12/2015
Revenue 11,434.2 9,163.2 21,577.7 18,012.7
Other operating income 155.2 134.0 598.8 237.9
Materials and services -692.5 -687.8 -1,541.6 -1,373.2
Personnel costs -7,640.4 -5,554.7 -14,993.3 -11,248.5
Other operating expenses -2,591.3 -1,812.2 -4,869.0 -3,557.8
Amortization, depreciation and impairments -377.3 -444.8 -657.1 -877.5
Operating profit/loss 287.9 797.8 115.6 1,193.7
Financial income and expenses -77.7 -56.1 -96.4 -119.8
Profit/loss before taxes 210.2 741.7 19.2 1,073.9
Income taxes -191.1 -235.5 -260.8 -386.7
Profit/loss for the accounting period 19.1 506.3 -241.6 687.2
Earnings per share (EUR) 0.00 0.083 -0.04 0.11
Number of shares at the end of the period 6,364,835 6,112,035 6,364,835 6,112,035
Average number of shares 6,263,435 6,112,035 6,238,435 6,112,035

Consolidated balance sheet (FAS)

EUR 1 000 31.12.2016 31.12.2015 31.12.2014
Intangible assets 6,218.7 2,990.8 3,684.8
Tangible assets 376.7 282.9 137.6
NON-CURRENT ASSETS IN TOTAL 6,595.4 3,273.7 3,822.5
Financial securities 94.2    
Current receivables 7,186.3 5,181.0 4,685.6
Cash in hand and at bank 2,717.7 6,633.3 8,798.3
CURRENT ASSETS IN TOTAL 9,998.2 11,814.3 13,484.0
ASSETS IN TOTAL 16,593.5 15,088.0 17,306.4
Share capital 94.8 94.8 94.8
Invested unrestricted equity reserve 6,713.9 5,401.8 5,401.8
Retained profit/loss 1,875.2 1,759.1 2,105.1
Profit/loss for the accounting period -241.6 687.2 143.0
SHAREHOLDERS' EQUITY IN TOTAL 8,442.4 7,943.0 7,744.8
Non-current liabilities 2,214.1 2,746.3 3,462.7
Current liabilities 5,937.1 4,398.8 6,099.0
LIABILITIES IN TOTAL 8,151.2 7,145.1 9,561.7


Consolidated cash flow statement (FAS)

EUR 1 000 7-12/2016 7-12/2015 1-12/2016 1-12/2015
Profit before extraordinary items 209.6 741.7 19.2 1,073.9
Amortization and depreciation 377.9 444.8 657.1 877.5
Taxes -236.8 -235.4 -318.3 -386.7
Change in working capital 249.0 1,424.1 -977.9 -838.6
Cash flow from operations 599.7 2,375.2 -619.9 726.1
Investments -1,347.1 -94.0 -2,356.6 -1,864.8
Cash flow from investments -1,347.1 -94.0 -2,356.6 -1,864.8
Repayments of non-current loans -358.2 -358.2 -716.4 -537.3
Cash proceeds from share issue 339.7   339.7  
Dividends paid 0.0   -550.1 -489.0
Purchase of own shares -12.4   -12.4  
Net cash flow from financing -30.9 -358.2 -939.2 -1,026.3
Change in liquid assets -778.3 1,923.0 -3,915.7 -2,165.0
Liquid assets at the start of the accounting period 3,496.0 4,710.3 6,633.3 8,798.3
Liquid assets at the end of the accounting period 2,717.7 6,633.3 2,717.7 6,633.3

Statement of Changes in Equity (FAS)

EUR 1 000 Shareholders' equity Invested unrestricted equity reserve Retained earnings Total
July 1, 2016 94.8 5,636.3 1,629.2 7,360.4
Shares issue   1,077.6   1,077.6
Purchase of own shares     -12.4 -12.4
Translation differences     -2.3 -2.3
Profit/loss for the period     19.1 19.1
December 31, 2016 94.8 6,713.9 1,633.6 8,442.4
Statement of Changes in Equity July 1 - December 31, 2015    
EUR 1 000 Shareholders' equity Invested unrestricted equity reserve Retained earnings Total
July 1, 2015 94.8 5,401.8 1,940.1 7,436.7
Profit/loss for the period     506.3 506.3
December 31, 2015 94.8 5,401.8 2,446.3 7,943.0
Statement of Changes in Equity January 1 - December 31, 2016  
EUR 1 000 Shareholders' equity Invested unrestricted equity reserve Retained earnings Total
January 1, 2016 94.8 5,401.8 2,446.3 7,943.0
Shares issue   1,312.1   1,312.1
Dividend distribution     -550.1 -550.1
Purchase of own shares     -12.4 -12.4
Calibri (Body)     -8.6 -8.6
Profit/loss for the period     -241.6 -241.6
December 31, 2016 94.8 6,713.9 1,633.6 8,442.4
Statement of Changes in Equity January 1 - December 31, 2015  
EUR 1 000 Shareholders' equity Invested unrestricted equity reserve Retained earnings Total
January 1, 2015 94.8 5,401.8 2,248.1 7,744.7
Dividend distribution     -489.0 -489.0
Profit/loss for the period     687.2 687.2
December 31, 2015 94.8 5,401.8 2,446.3 7,943.0

Collateral, contingent liabilities and other commitments

EUR 1 000 31.12.2016 31.12.2015
On own behalf    
Business mortgages 4,118.6 4,118.6
Leasing liabilities    
Due within the next 12 months 305.2 248.7
Due in more than 12 months 345.2 279.1
Total 650.4 527.8
Other commitments    
Rent liabilities 788.5 1,194.0
Rental security deposit accounts 138.6 140.4
Total 927.0 1,334.4

Calculation formulas


Espoo, February 15, 2017

Nixu Oyj
Board of Directors

Nasdaq Helsinki
Principal media

Further information:
Petri Kairinen, Chief Executive Officer, Nixu Oyj
Tel: +358 40 832 1832

Certified Advisor: Summa Capital Markets Oy, tel: +358 20 743 0280

Nixu in brief:
Nixu Corporation is a cybersecurity company. We work to improve our clients’ cybersecurity in solution areas of Corporate IT, Digital Business and Industrial Internet. Our clients trust Nixu in projects where developing, implementing or assessing of information security is a must. We ensure the confidentiality of our clients' data, business continuity and ease-of-access to digital services through planning and mitigation of cybersecurity risks., and twitter: @nixutigerteam