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Years Leading Business Innovation and Security

Hansab Group Annual Report 2015 The 25th Anniversary Edition

Hansab Group Annual Report 2015

“This annual report is dedicated to all people who helped build Hansab.�- Aigar Urva


Members of Hansab Group


Hansab Group Annual Report 2015

Table of Contents Aigar Urva

Jaak Õunpuu

Founder and CEO

Rūta Urva

Internal Audit Manager

Annika Urva-Ronk HR Manager

Markko Purge


Sigita Babarskaitė CMO

Sales Manager

Algo Puusepp Service Manager

Margus Tammoja

Development and IT manager

Nerijus Žikas

Business Development Manager

Kari Pavelson

Accountant and Quality Manager



Hansab Group Annual Report 2015

2006 A daughter company Moya OÜ founded to operate reverse vending machines Turnover rises to 15 million euros Employees: 117

Brand Timeline 90s 1991 Hansab AS established in Tallinn Estonia. Employees:5

1992 Hansab starts selling security and cash handling equipment to the financial sector

1993 Establishment of Hansab service department. Product portfolio expands to customer management systems.The first service agreement is signed. Hansab SIA founded in Riga, Latvia

1994 Hansab UAB founded in Vilnius, Lithuania

1995 The first financial crisis in the Baltic financial sector


1998 Second financial crisis in the Baltic financial sector after collapse of the Russian economy. Employees: 43 Turnover reaches 300 000 euros

1999 Sales and service of NCR ATMs begins. Period of rapid growth in the company.


Ellore OÜ established by Hansab and Voicecom to develop and integrate software with equipment sold by Hansab (specifically for payment systems). Turnover reaches 18,5 million euros, and net profit of 1,2 million Euros, resulting in the best financial results in the history of the company. Employees: 147 2500m2 Lithuanian headquarters are built in Vilnius


2000 ISO 9001 quality standard acquired

2003 1600m2 headquarters constructed in Tallinn

2004 Product portfolio joins POS terminal sales and service Hansab Group OÜ founded to unify and coordinate operations across the Baltics.

Global economic crisis begins Hansab introduces new strategy with the emphasis on key account management and additionally to finance – focus on public and retail sectors. Shift from product to solution sales. New products in security field – electronic security, EAS and access control.

2009 Hansab TOB Ukraine founded to manage operations in Ukraine. Hansab Kinnisvara OÜ founded in Estonia Turnover declines to 11.3 million Euros Employees:135

10s 2010 Hansab Turtas UAB founded in Vilnius

2011 ISO 20 000 certificate acquired. Hansab becomes one of the first companies to acquire this quality management certificate in the Baltics. Project department founded to manage complex projects and to divide responsibilities between the departments. Turnover recovers to pre-crisis level 17,5 million Euros Employees: 168 Hansab starts service export

2012 Hansab begins active operations in Belarus

2013 Hansab TOB Ukraine sold Turnover 17.4 million euros Employees: 192  and 65 people project based.

2014 Hansab OY founded in Finland Turnover 20 million euros

2015 - 25th anniversary 321 employees Record turnover 21.2 million Euros



Hansab Group Annual Report 2015

Hansab – 25 years of innovative technological development

HANSAB GROUP OÜ Est. 2005 in Tallinn, Estonia


Aigar Urva Founder and CEO Hansab Group At the beginning of the 1990’s when changes started to take place in the Baltics, I, just like many others during that time, wanted to do make something happen on my own and use the knowledge and experience I had gathered. Destiny had me meet an expatriate Estonian living in Sweden – Hans Tombach – who really wanted to strengthen his ties with Estonia, so on the 14 February 1991, a new company AS Hansab was registered at the Tallinn City Government. In the first years, we were engaged in various collaborative projects of Estonia and Sweden and helped launch several joint undertakings. It was clear from the very beginning that we needed to specialise. By analysing potential spheres of activity, we came to the conclusion that the financial sector has substantial potential in our quickly developing economic conditions. In addition, Hans had great knowledge in this field as he had designed the plans for several bank offices in Sweden. We started out by providing technological and security solutions to banks in cooperation with the leading manufacturers in the field from Sweden and later, from other countries as well. As Estonia is a

About Us

Est. 1991 Tallinn, Estonia

small country, we decided to focus on the entire Baltic region right away and have been operating in Latvia for already 22 and in Lithuania for 21 years. From the very beginning, Hans and I had a dream to take Estonia, Latvia and Lithuania technologywise to the level of the Nordic countries in our field of business. Thanks to our loyal and risk taking customers and excellent colleagues, we have fulfilled this dream. Today, in addition to the financial sector, Hansab is actively engaged with customers from the retail, transport, public and other sectors. From the original focus on selling products, we have moved forward to providing complex business solutions and paying close attention to services. This has been possible largely due to the focus on innovation right from the start. The current developments in technology, mainly in the various digital and automated solutions, offer us exciting challenges. With the growth of our company, our goals have also expanded and now we wish that our cutting edge solutions would be known across the world.


Est. 2014 Helsinki, Finland

Tartu, Pärnu, Jõhvi, Kuressaare,Kärdla


Est. 2006 Tallinn, Estonia


Est. 2007, Tallinn, Estonia

This year, Hansab celebrates 25 years of business with a record consolidated turnover of 21,2 million euros and a team of 324 professionals. Hansab consists of nine companies: Hansab Group OÜ that operates Hansab AS (Estonia), Hansab SIA (Latvia), Hansab UAB (Lithuania), Hansab OY (Finland), software development company Ellore OÜ, reverse vending machine technology and services company Moya OÜ and property companies Hansab Kinnisvara OÜ (Estonia) and Hansab Turtas UAB (Lithuania). Quality is a watchword for Hansab businesses and the companies aim at the highest level, acknowledged



Est.1993 Riga, Latvia

Est. 1994 Vilnius, Lithuania

Rezekne, Liepaja, Valmiera, Daugavpils

Kaunas, Klaipėda, Šiauliai, Panevėžys



Est. 2009 Tallinn, Estonia

Est. 2010 Vilnius, Lithuania

consistently with numerous quality management awards. Services and solutions, offered by Hansab, comply with ISO 9001, ISO 14001, ISO 20000 and ISO 27001 standards. Hansab complete solutions involve consultancy, software development and integration, software and hardware sales, project management and after sales services. Hansab offers a unique solutions and services portfolio. An official channel partner to more than 100 suppliers, the company sells products and solutions from leading manufacturers such as NCR, Ingenico, Q-Matic, Bosh, Sony, Samsung, Glory Global solutions and more.


Hansab Group Annual Report 2015

25th Anniversary Marks Watershed for Hansab Aigar Urva Founder and CEO Hansab Group

“This annual report is dedicated to all people who helped build Hansab.”- Aigar Urva

2015 was a year of achievement for Hansab. The company recorded an all-time high €21.2 million turnover, increasing 4% over last year. Similarly, net profit increased by 16% with EBITA up 3% to €994 thousand. At the same time, the Group’s financial effectiveness is modest, with an ROE hovering around 9%. Profitability is most affected by rising salaries, growing competition and price sensitivity, particularly from major customers. The best, and perhaps only, option to increase profit is to expedite the launch of innovative business solutions and actively implement new business models, our focus as of late. The results of our recent business planning should become evident in the near future.

Estonia’s Hansab AS ended the year as the Group’s strongest performer with record turnover of €8.8 million after successful business projects in the healthcare, transport and public sectors. Latvia’s Hansab SIA showed the greatest progress within the Group, posting turnover up 18% yearover-year. The company’s financial performance also improved by €234 thousand. based on new sales and service contracts, which will ensure the continued development in 2016. Lithuanian Hansab UAB posted more modest results in comparison to 2014, but the development of several new business lines in the retail, transport and public sectors should be realised this year. 2015 proved to be successful for Ellore, whose turnover increased by 28% and whose profit grew by 60%. Payment solutions were developed for the Belarusian market, and mPOS and contactless payment solutions, which, in large part, will be realised in 2016, were developed. Moya OÜ also demonstrated positive growth, achieving a turnover of €1 million, producing a financial profit for the first time, and increasing its market share through the development of new services. The Belarusian and Finnish markets proved difficult in 2015, leaving our plans in these countries without full realisation. Hansab Group has dedicated a great deal of energy to improving internal processes and introducing new standards of management quality. This culminated with quality audits in March, during which Hansab AS, Hansab SIA, Hansab UAB, Ellore OÜ and Moya OÜ were granted quality ISO 9001, ISO 14000, ISO 20000 and ISO 27000 certification. We have set ambitious goals for 2016, and we hope to exceed turnover of €25 million while increasing net profit.


Hansab Group Annual Report 2015

Financial Results of Hansab Group in 2015 Jaak Õunpuu CFO Hansab Group

In 2015, economic growth was modest in Estonia and in Lithuania, while the Latvian economy grew slightly faster. According to preliminary figures, last year’s economic growth was 1.1%, 2.6%, and 1.6% in Estonia, Latvia, and Lithuania, respectively. At the same time, prices decreased by 0.5% in Estonia and 0.9% in Lithuania, with a very low inflation of 0.2% in Latvia.

2015 Financial Overview

2015 was a successful year for the group, as consolidated turnover was more than €20 million for the second year in a row. The biggest improvement in the financial results was achieved by Latvian subsidiary Hansab SIA. Moya OÜ and Ellore OÜ also outpaced 2014 performances, while Hansab AS posted the highest profit. 2015 showed Hansab UAB less profit, while Hansab Oy resulted in losses, though, compared to 2014, the consolidated revenue of Hansab Group still increased by 4% to €21.2 million. Net profit increased to €354 thousand from €306 thousand in 2014.

Growth stemmed mainly from investments by our customers in the Estonian and Latvian banking sector, as well as from successful projects in the healthcare, transport, and public sectors. The group showed continuous growth in service revenues, increasing more than 14% year-over-year and accounting for 34% of total turnover. The largest growth resulted from increased sales of group companies in Estonia and Latvia. The turnover of Hansab AS increased by 14%, Hansab SIA by 18%, Ellore OÜ by 28% and Moya OÜ by 18%, while the sales of Hansab UAB decreased by 17%. The largest portion, 41%, of the consolidated turnover in 2015 was generated by Hansab AS, while the share generated from Hansab UAB and Hansab SIA amounted to 34% and 19%, correspondingly, with other group companies accounting for 6%. In 2015, Hansab AS generated the highest net profit with €233 thousand, followed by Hansab UAB with €104 thousand, Ellore OÜ with €82 thousand, and Moya OÜ with €32 thousand. Hansab SIA and Hansab Oy, produced small losses of €34 and €27 thousand, accordingly.








The largest investments of 2015 included the purchase of reverse vending machines and the renovation of service stations by Moya OÜ, the purchase of equipment for full-service rentals by Hansab AS, renovation in Hansab UAB headquarters, and various software developments. The total amount of investment in 2015 was €339 thousand. In regards to these investments, the group’s depreciation costs increased to €525 thousand from €472 thousand in 2014.

‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 Consolidated turnover of sales and service in thousands of euros



Hansab Group



5% Moya 1% Ellore 41% Hansab AS

34% Hansab UAB

Hansab Group Revenue by Companies

19% Hansab SIA

Annual Results

The interest expenses of Hansab Group were on par with 2014 at €80 thousand, while EBITDA increased to €994 thousand in 2015 from €970 thousand in 2014. The consolidated balance sheet decreased to €9.4 million from €10 million in 2014 based on the reduction of trade payables and other liabilities. Sales receivables and inventories remained stable, while the equity share, by the end of 2015, increased to 43% of the balance sheet. The consolidated return of equity (ROE) was near 9%, with the return on assets (ROA) nearing 4%.

Planning for 2016 and Beyond

We believe that Hansab Group’s financial policy, flexible cost base, and development strategies have created a basis for growth in the future.

Economic experts forecast faster growth (2.03.3%) for the Baltic region in 2016, and with the Finnish economy recovered from the recession, it should grow in the coming years. The main risks are still geopolitical tensions and uncertainty related to global economies which may negatively influence Baltic export.

Hansab Group Annual Report 2015



Hansab Group

Hansab Group Annual Report 2015

Consolidated Balance Sheet

Consolidated Income Statement

in thousands of euros

in thousands of euros

ASSETS 31/12/15 31/12/14

LIABILITIES AND EQUITY 31/12/15 31/12/14

2014 2015

Cash 246 741

Loans and borrowings 1 582 1 315

Revenue 20 451 21 174

Current assets

Trade receivables 2 174 2 086 Other receivables 304 319 Prepayments 101 101

Inventories 1 716 1 675 Total current assets 4 541

4 921

Non-current assets Long-term financial investments 285


Property, plant and equipment 4 428

4 637

Total non-current assets 4 861

5 060

Intangible assets 148 130

TOTAL ASSETS 9 402 9 981

Current liabilities Trade and other payables 1 616 1 990

Accrued expenses 423 563

Other operating income 55


Tax liabilities 503 623

Business expenses

Non-current liabilities

Operating expenses -2 214 -2 142

Total current liabilities 4 125 4 491

Loans and borrowings 1 266 1 531 Other long-term liabilities 0


Total non-current liabilities 1 266 1 533 TOTAL LIABILITIES

5 391

6 024


Share capital 3 3 Reserves 3 3

Non-controlling interest 146 106 Retained earnings 3 544 3 550 Currency translation differences 2 Net profit for the period 314 TOTAL EQUITY


4 011

9 402



3 957 9 981

Goods, materials, services -12 456 -12 792

Labour expenses -4 823 -5 227 Depreciation -472 -525 Other expenses -45 -74 Operating profit 469


Profit before income tax 418


Net profit for the financial year 354


Finance costs -51 -51 Income tax -140 -64 Equity holders of the parent company 314


Non-controlling interest 12 40


Hansab Group Annual Report 2015

75 Hansab UAB 46 Hansab SIA

Finding the Right People


Hansab AS 82

Annika Urva-Ronk HR Manager Hansab Group In 2015, one of the biggest challenges in HR was the lack of competent labour. It is important to keep in mind that suitable employees are no longer solely recruited only through traditional job applications, but instead, we must use a broader scope. We have started to pay closer attention to employee branding, a topic which is connected to corporate marketing, and are making use of various options, including corporate visual identity, new website development, and more active social media channels. Hansab has signed scholarship agreements with 3 schools: in Estonia, with the Estonian Information Technology College and Tallinn Polytechnic School, and in Latvia with the Riga Technical College. Successful cooperation with professional vocational schools and institutions of higher education is a priority, and we are attempting to create a corporate brand which draws top talent and educational partnerships. Last year, more than twenty students held internships with Hansab, allowing us to fill job openings quickly and flexibly with motivated, trained personnel. At the same time, it offers interns a smooth entrance into the labour market and allows them to attain valuable experience.


11 Hansab Group OÜ 6 Ellore OÜ

employees 101 Moya OÜ

Employee distribuition by company

Among the departments, customer service and project departments have grown the most over the years. While the project departments in the companies were established only a few years ago, nearly 20% of the company’s employees are now working in these departments. The growth was influenced by the sale of technological solutions which require implementation and integration, as well asincreasing corporate turnover. The growth of customer service departments is due to the increased number of service contracts, which require additional personnel. The personnel of sales departments have also significantly increased over the years. For us, employee satisfaction is a high priority, and the satisfaction survey has always been a good indicator of potential issues. Past experience shows there has been a correlation between good results in the employee satisfaction survey and the company’s financial results. 41%

Hansab AS


In Autumn 2015, we conducted the survey for the fifteenth time. 83% of all Hansab Group employees participated, resulting in a 4.1 average score (on a 5-point scale). The highest scores in the survey rose from positive evaluations of direct managers and employee pride in Hansab. In 2016, flexible restructuring of work in repairs, service and installation will be critical, in order to be more efficient when carrying out work. Pressure for salary increases in serviced markets means Hansab will need to make use of project-based resources, interns and part-time employees.

Hansab SIA


Hansab UAB




Hansab Group Annual Report 2015

Exceeding Expectations Algo Puusepp Service and Quality Manager Hansab Group 2015 saw a 14% increase in services turnover based on nearly 72,000 different client orders executed this past year, more than ever before. More than half of all maintenance orders originated from AS Hansab.

Efficiency is Key

In 2015, we focused on increasing service efficiency, especially in regards to the service planning process. Service planners and monitoring processes are yielding significant improvement in efficiency. Average service call volume per engineer per day was increased by 15%, and service call planning accuracy increased by 20%. In 2015, the Group started work on a centralised pan Baltic repair centre. Hansab AS is providing repair centre services for ATM modules across all Hansab Group companies. The change has provided positive results, as we provide our customers with more centrally managed services. The most significant changes concerned POS terminals’ services. In total, 21,000 different terminalrelated orders were executed, constituting 30% of all orders. This significant increase in terminal-related services was initiated by the continuous growth of Hansab’s market share in terminal sales.

8000 7000

Consistent Development Breeds Success

Larger developments were also connected to POS terminal maintenance. We introduced a new version of the terminal management server, improving the central configuration management of the terminals. The processes of terminal preparation, replacement and installation have been changed, as well, which will increase the speed and quality of our services. In 2015, the companies introduced changes to the Service Planner module, increasing the efficiency of order execution by developing a more sophisticated planning process.

ITIL in Ellore

Ellore offers software support services for customers based on ITIL best practices. During 2015, Ellore implemented all ITIL service processes, improving incident and release management processes, which, in March 2016, were ISO 20000 certified.

6000 5000 4000 3000 2000 1000

‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 Service Turnover

in thousands of euros



Hansab Group

Hansab SIA

Hansab AS 25 175


14 164

16 556

36 482

2015 10000



54 136

17 097

34 160



14 797

35 203


Hansab UAB

16 280 16 888

15 570 40000


17 639

68 580 67 604

The greatest challenge of 2015 was perfecting the quality system of the group’s companies. Moya OÜ and Ellore OÜ finished full implementation of the Hansab Group quality management system by the end of 2015. Hansab AS, Hansab SIA, Hansab UAB, Ellore OÜ and Moya OÜ have the same management system, certified by our partner, Bureau Veritas. We made a number of improvements to enhance protection, management and collection of data and began introducing environmental protection processes. Moreover, we renewed the document

Markko Purge Sales Manager Hansab Group

69 691


Number of Service Orders

Corporate Quality Standards

Growth, Development and New Quality Standards

management of the central quality management system and introduced environmental management and information security systems across all companies. In March 2016, our management systems were ISO 9001, ISO 14001, ISO 20000 and ISO 27001 certified. In 2016, the biggest developments planned are related to new services, including one which allows customers access to quick, remote incident solutions, which will be developed for different groups of equipment. Based on monitoring info, we can fix incidents before they have even arisen, enabling faster service, leading to improved customer satisfaction.

Hansab has consistently shown positive results in the banking and financial sectors. In previous years, the banking sector was responsible for more than half of Hansab’s turnover, however this year, we experienced significant growth in other sectors. Thanks to being successful in many state tenders and improved results in electronic security sales, the state and public services sector grew 46% year-over-year.

Efficiency and Security through Comprehensive Solutions and Automation

Demand from customers to reduce operational costs and increase efficiencies have been a key driver in the automation product segment, which grew 16% compared to 2014. Together with our partners, we implemented numerous customer experience and efficient material handling solutions, both in the public services and healthcare sectors. Each year, Hansab installs more comprehensive and integrated electronic security solutions which effectively manage customers’ security, ensuring their personnel and customers are safe at all times. Total revenue for electronic security rose by 17% in 2015, reaching €2.5 million.


Hansab Group

Hansab Group Annual Report 2015

3% Healtchare

4% Consumables 6% Money handling


1% Loyalty Cards 44% Finance

7% Security



Distribution of Revenue by Product Groups

Electronic security

4% Resellers

2%Education 1% Hotels

4% Industry 8% Transport

16% State

43% Banking

Distribution of Revenue by Strategic Segments

and Public services




Sales and competence improvement are essential 5000

Saving the Environment

‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 Sales Turnover

in thousands of euros

Since the beginning of 2016, Hansab has been ISO 14001 certified. We believe it is our duty to serve as an environmental leader through our implemented solutions. Epitomised in Hansab’s winning of two major tenders for Estonian harbours, benefits within the solution are economic, social and environmental. While passengers’ waiting time will be reduced by up to 320 thousand human hours per year through electronic check-in procedures, shorter waiting times and easier loading and unloading will translate into reduced environmental impact via fuel savings. This implemented solution will serve as an archetype moving forward across all Baltic Sea harbours.

With a deeply embedded sales culture, our employees focus mainly on strategic sectors, including banking, retail, state, transport, healthcare and, since last year, education. By consistently improving our sales and field managers’ competencies, in 2016, we will concentrate on the sales of comprehensive solutions, consultations and engineering services.

We keep our promises

In a tough environment, achieving high customer satisfaction is ever more difficult. We are pleased to report that customer survey feedback has been very high across all group companies. Our customer satisfaction index rose to 4.27 on a 5 point scale. Thanks to our loyal customers and partners, we will be able to achieve even more.

19% Retail


Hansab Group Annual Report 2015

A Step Higher Sigita Babarskaitė CMO Hansab Group

At Hansab Group, we centrally manage marketing strategy while executing on the local level. One corporate brand with one voice allows us to share, upcycle and create a truly scalable marketing network. In this way, we do not triple expenses, but gain momentum by sharing. We accomplished a new milestone in Hansab marketing efforts. We have devoted marketing specialists, dealing with brand management, marketing tasks and sales team support. We believe this decision will improve efficiency and information quality. In 2015, we aimed to bring a more systematic, intentional focus to the entire customer journey, regardless of channel or device, and in a way which is consistent with our brand promise.

Delivering Quality Content

The biggest achievement in 2015 was the launch of transformed Hansab websites. The yearlong project focused on creating the ultimate user experience. As a business solutions and security innovation provider, it was important for us to make solutions, services and products information easily accessible for our current and prospective clients. We endeavor to provide our clients with the most accurate, upto-date information and share our knowledge and expertise in the field. We aim to inform and educate our customers, not just sell. Hence, we have strengthened our content delivery, creating a series of articles in our social media channels, websites and newsletters. At the moment, we consider email marketing the single most effective tactic for awareness, acquisition, conversion and retention. In 2015, we took a much more targeted, personalized approach, focusing on each of our strategic segments, as well as education on industry trends, new solutions and products, which may potentially help clients with everyday operations.

Consistent Brand Communications

Hansab corporate visual identity is a strategic target for us. Our goal is to support our mission – to be the leading provider in technology solutions. Together, with our designer and marketing team, we developed an extensive CVI, featuring key design guidelines and templates.

Not Just Empty Bottles

In 2015, we began strengthening Moya’s brand awareness, an empty handling company within Hansab. In order to educate the general public to recycle PET bottles, we kick started a website, blog and a Facebook page to show our consumers where and how to recycle the empties. Using a friendly tone, we have created a dialogue with our audience, reflected in the company’s 2015 financial results. Our next organic step to consistent marketing communications is to provide our customers with an e-commerce channel, continuously better visual communications and identity within the organizations and better customer education.


Hansab Group Annual Report 2015

Three in a Row! Janno Kallikorm Managing Director Hansab AS Member of the Board

For the third consecutive year, total revenue for Hansab AS has grown by double-digits. Each growing by 25% year-over-year, the electronic security and payment solutions segments were the biggest contributors to continuous growth, resulting in overall sales revenue growth of 13%. Services revenue showed growth of 16% compared to 2014 numbers. While SLA growth was modest, up 5%, the installation revenue grew by an astonishing 160%. The total revenue for Hansab AS reached €8.85 million, 14% higher than in 2014. The number also marks a milestone - the most revenue ever recorded by a Hansab company. Profit before taxes is calculated at €300 thousand. Feedback from stakeholders continued to show positive results, as we were rated highly, 4.0 and 4.2 (on a 5-point scale), respectively, in our employee and customer satisfaction surveys.

Focus on Customer Experience and New Technologies

Customer satisfaction and interaction played a major role in Estonia’s retail investment strategies. We were able to provide enhanced security and multimedia solutions to many of our retail customers, most notably pharmacies, where there was more than one new installation or reconstruction per week, reaching a total of 75 different locations. In the financial sector, we saw continued investments in self-service equipment. In order to improve customer experience, Hansab AS installed more than 100 NCR ATMs for Swedbank, one of the Baltic region’s leading banks. Also, due to our market’s continuous move towards electronic payment channels, we deployed a vast number of payment terminals, which, with the future in mind, were all equipped with contactless technology.

Expansion to Nordics

In our second year of operations in Finland, Hansab Oy did not meet our expectations. During 2015, we strengthened our sales force in Finland by hiring a new sales representative with extensive knowledge of the Finnish electronic security market. We focused on marketing activities and on establishing a solid customer base, hoping to achieve a minor breakthrough in 2016.

Quality… Still in Focus

In 2015, our company made several improvements in our IT security-related processes, as well as in environmental operations, readying ourselves for ISO/IEC 27001 and ISO 14001 certifications. We can now say, as of March 2016, we are proud owners of both certificates which will help us to offer even higher level services to our customers.

Bigger than Ever

With 72 full-time and 10 part-time employees, our company is now bigger than ever before. We continuously invest in our employees because they are our greatest asset. With a strong team and our partners’ continued investment in new technologies, we hope to achieve a record 2016 with 15% growth and more than €10 million in revenue.


Hansab Group Annual Report 2015

Strengthening the Foundations Deniss Rubens Sales and Marketing Director Hansab SIA Member of the Board

Retail & Financial Sector Growth

Even during intense recruiting efforts, the company was still able to secure and finish projects, leading to growth of 70% in the retail segment, including Apotheka, which used our expertise in technology and innovation during its renovation process of nine pharmacies across Latvia. In the financial sector, growth was equally impressive, increasing by 27% year-over-year.

Service Quality

Despite many changes and challenges, 2015 has brought needed stability and a strong foundation for future growth. Efforts to improve operations and better plan for expenses led to â‚Ź4.1 million in gross revenue, an 18% increase from 2014. Ending a drought of qualified help, 2015 ended on a positive note with a strengthened team after the hiring of four new skilled sales project managers, as well as two new assistants.

In 2015, the company focused on improving the quality of field engineering, hiring new engineers and providing consistent internal and external training for existing service staff. Each engineer has participated in nine different training exercises throughout 2015, and as a result, our customers awarded us with significant improvement in our customer satisfaction survey, the average mark rising to 4.24 (out of 5-points) in comparison to last year’s 4.18.

To Come

We have established a solid foundation for growth in 2016, as we plan to introduce innovative solutions to the retail, transport, education and healthcare sectors. Our strong team and operational excellence will, we believe, allow us to achieve a 17% turnover increase in 2016.


Hansab Group Annual Report 2015

Consistent Growth Darius Žekonis Managing Director Hansab UAB

For the first time, sales from the retail sector were equal to those from the banking sector, both reaching 25% of the turnover. Revenue from services grew by 17% in 2015, influenced mostly by new service contracts and increase in system installations. The demand for installation services, generated by the project department, grew by 15%, while revenue from service exports increased by 30% in 2015. In addition, Hansab UAB has made a number of improvements in order to increase customer satisfaction, which was scored 4.55 on a 5-point scale, the highest from all of the group’s companies.

Success in Retail

In 2015, Hansab UAB was committed to repeat the results achieved in 2014 when the company attained record growth of 55%. Due to some postponed largescale projects, revenue decreased by 17% from €8.71 million in 2014 to €7.22 million in 2015. The surge in revenue from 2014 was caused by the introduction of the euro in Lithuania, but in 2015 euro-related equipment demand was minimal and sales only occurred in the first quarter. Such income loss was offset by successful sales of electronic security systems and video surveillance equipment, as well as various interactive display projects.

Hansab UAB has achieved consistent growth in sales within the retail sector, increasing by 33% in 2015. Among the key projects, we worked with the Ozas Shopping Center in Vilnius, the largest interactive video entertainment wall in the Baltic States. Also PayPost, Lithuania’s postal network of financial services, chose us to provide a national digital signage network. Finally, we continued cooperation with the region’s biggest “DIY” retail chain, Senukai, installing security solutions in the stores. For example, one of the newly opened store’s video cameras are equipped with a customer flow counter that also allow them to measure “hot zones,” places where the largest customer flows are moving.

The Belarus Operations

Hansab Belarus continued focusing on two strategic segments – banking and retail. Even though Belarussian economy was shocked with the 47% currency devaluation, we continued realizing several projects. We added customer flow management and automated solutions in the local banks. They gained focus primarily due to the stress on costs and efficiency and convenience; and we delivered the first self-service currency exchange solutions in Belarus. Last year, we developed Ingenico payment software for attended and unattended payment terminals, meeting local market requirements and passing through certification process. Hansab’s decades of experience in the key sectors and good reputation allows us to believe that we have set a solid footprint for the future growth in the market.

New Horizons

Towards the end of 2015, Hansab UAB decided to enhance the solutions portfolio for the retail sector by providing full-range IT solutions. New partners were selected in order to provide new software and hardware solutions: innovative front office products and features, as well as a retail suite for the back office, adding value on top of ERP. We hope these solutions will be one of the major drivers to increase revenue in coming years.


Hansab Group Annual Report 2015

Ellore: Expanding Its Reach Alar Alumaa Managing Director Ellore Member of the Board

Ellore sales revenue reached €771 thousand, growing by 21% year-over-year, with profit before taxes reaching €82 thousand. Increased sales of terminals, contactless technology deployment in 2016, and an 18% increase of card payment acceptance helped buoy growth, while Hansab Group’s internal and external projects doubled software development revenues. In order to improve the quality of management processes, Ellore implemented ITIL principles to manage service delivery and adjust the company’s main business processes according to ISO 9001 and ISO 20000 quality standards.

Hallmark Projects

The Payment Card Industry (PCI) and local card organization requirements enabled the company to deliver more than 5,000 card payment terminal software licenses across the Baltic region, focusing on core competencies in functionality and flexibility, as well as seamless integration with financial systems.

The Ellore team participated in integration projects, enabling card payment functionality, with Cinnamon Cinemas, McDonalds, HiParc, Kärcher, and many other notable firms, while our joint project with Cleveron Ltd. was nominated as Card Payment Solution of the Year. One of Ellore’s most critical projects involved supporting Hansab’s new software developments across the Group. Ellore also delivered customized software solutions, including video delivery systems, to Saarte Liinid and Pet City, and the company brought new payment functionality to Elisa billpayment kiosks. In addition, we had an important role in helping Lithuania migrate to the Euro, updating the POS terminal network and supporting all Hansab Group operations.

Looking to the Future

We succeeded in certifying card payment applications at the local certification authority in Belarus and began live pilots for attended and unattended terminal solutions, opening up new market opportunities over the next few years. As a Hansab Group company, Ellore supports global growth efforts of corporate customers by developing and providing modern, high quality and value-added solutions.


Hansab Group Annual Report 2015

The Year of the First Million Tarmo Koreinik Managing Director Moya Member of the Board

Last year, the turnover of Moya OÜ exceeded one million euros for the first time and the company earned a profit of 32 thousand euros. The turnover has doubled during the last four years. The machines operated by Moya collected nearly 30 million packages during 2015, which were all sent to recycling. We built 10 additional packaging collection points and we are planning to continue with our investments this year. New spots were mainly opened at Meie Toidukaubad retail chain, the new partner of Moya. In addition to building new collection points, we carried out a thorough development activity in several existing points. As many of 93% of Moya’s spots were acknowledged as “Excellent collection point”. The collection points are evaluated and acknowledged by an independent appraisers’ body of Eesti Pandipakend.

The Key to Success Is Constant Development The packaging collection solution developed for

smaller shops a year earlier and implemented in 2015 has justified itself, furthermore it has enabled Moya to increase and open new collection points, and continues to do so in the future. The new monitoring programme MOMO of Moya created practical additional value. This programme was developed by Ellore OÜ. More accurate and operational information about the status of the equipment and quality of the service allows making fast management decisions and offer high quality solutions. We are continuously working on increasing our client satisfaction and loyalty. The client satisfaction survey gave us 4.2 points on a 5-point scale. Furthermore, we received 4.5 points on a 5-point scale from the employee satisfaction survey. We value organizational culture and work process in Moya, which has resulted in a higher than average assessment. In 2015 Moya OÜ applied for environment, management and information security ISO certificates and got certified in the end of the financial year.

Even Greater Plans for the Future

We will develop new solutions for packaging collection points that should increase clients’ satisfaction and further improve the reliability of the equipment. Also we are going to continue with the development and installation of packaging solutions for small retailers. In addition, more than 10 new collection points will be opened.



Map and Contacts

Hansab Group Annual Report 2015

FINLAND St.Petersburg


Head Offices




Hansab Group OÜ

Hansab SIA

+372 6059800

+371 67325550

Keevise 11, Tallinn, 11415 Hansab AS





Other offices: Daugavpils, Rezekne, Valmiera, Liepaja


Baltic Sea




Piedrujas iela 7, LV-1073, Riga



Keevise 11, Tallinn, 11415 +372 6059800


Other offices: Tartu, Pärnu, Jõhvi, Kuressaare, Kärdla

Hansab UAB

Moya OÜ

Keevise 11, Tallinn, 11415 +372 6836440


Savanorių av. 180A, LT-03154, Vilnius +370 5 205 8800


Other offices: Kaunas, Klaipėda, Šiauliai, Panevėžys


Ellore OÜ


+372 6059813







Keevise 11, Tallinn, 11415





Our vision is to be the leading partner in innovative technology solutions.

Our mission is to help you become secure and efficient.

Annual Report 2015  
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