Financial Statements

The net result of the 2020 financial year amounts to 2.5 million EUR. This is a positive development, compared to the small deficit incurred in 2019 of 0.04 million EUR. Similarly, following shocks from the global pandemic, these financial results are balanced and are indicative of the resilience of the organisation. Operating expenses before depreciation and provisions for risks and charges have sharply decreased from 12.9 million EUR to 11.3 million EUR, a decrease of 11.9%. This is primarily due to activities related to the services function as well as the networks. Services costs have decreased drastically by 55% to 1.05 million EUR as a result of a reduction of activities due to the COVID-19 Pandemic. Less capacity building services have been delivered as well as less travel, as well as meeting expenses have been incurred. For the same reasons, costs incurred by the networks have decreased by 15.7% to 1.8 million EUR, as well as those by Public Affairs have decreased by 65.8% to 0.3 million EUR. Costs incurred by Strategy and Innovation have similarly decreased by 18.5% to 0.2 million EUR. Costs related to technology remained stable at 0.9 million EUR. Costs related to personnel and employees has increased by 9.5% from 5.6 million EUR to 6.2 million EUR due to an increase in average number of employees. This has increased from 47.2 to 50.6 Full Time Equivalents. The EBITDA (earnings before interests, taxes, depreciation and amortization) has increased from 1.4 million EUR to 4.5 million EUR. Depreciation charges have increased by 58.4% from 1.3 million EUR to 2.1 million EUR due to the capital expenditure incurred by the development of the new amfori Sustainability Platform. Similarly, technology investment accelerated depreciation of 0.3 million EUR with the use of the data-warehouse and BI reporting developed by Deloitte. Both will be in use until Q2 2022 when the new IT solution is completely operational.