Sanako’s Financial Report for Fiscal Year 2020
Main takeaways from 2020:
- We launched two new products to strengthen our focus on Online Cloud-Based Language Teaching Solutions
- We had strong positive operative cash flow throughout the year and this is predicted to grow in 2021
- We restructured and wrote-off some parts of our old subsidiaries to simplify our books and operations
Summary for 2020 and what we expect for 2021:
Our fiscal year ended in August 2020 as our fiscal year is 1st of September – 31st of August.
Our operative results were strong despite a challenging year due to the global Covid-19 pandemic. We delivered a good operating profit but the accounting profit and loss was lowered due to relatively big one-time write-off in our old subsidiary company. We predict the operating cash flow will grow in 2021.
We had good progress in our strategic focus areas of Online Products, gaining many new strategical customers especially in the US, the UK, and Europe.
We recognize, however, that we have faced challenges especially in those markets that were hit hardest by the schools’ closure and where the poor state of internet infrastructure causes problems for adapting to remote teaching and cloud-based teaching/learning solutions.
While I believe that the first half of 2021 will present its share of challenges as the world is slowly starting to bounce back from the 2020 health-crisis, I am confident that Sanako is taking the right steps to make our operations more efficient and while growing our strategic focus areas (product categories and geographical markets) over the course of the year and to position us for a stronger 2021.
Updated on January 5th 2021
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Financial Summary 2020
Sanako Headquarters is located in Turku, Finland