QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 18 FEBRUARY 2010 9.30 A.M.
FINANCIAL STATEMENTS 1 JANUARY - 31 DECEMBER, 2009
QPR SOFTWARE PLC'S
NET SALES IN 2009 EUR 6.6 MILLION,
OPERATING PROFIT
10.6% OF NET SALES
QPR SOFTWARE PLC'S NET SALES IN OCTOBER-DECEMBER 2009 EUR 1.8
MILLION, OPERATING
PROFIT 12.2% OF NET SALES
January-December 2009:
- Net sales EUR 6,618 thousand (1-12/2008: 7,512)
-
Operating profit EUR 705 thousand (893)
- Operating profit 10.6% of net sales
(11.9)
- Earnings per share EUR 0.04 (0.07)
October-December 2009:
- Net sales EUR 1,801
thousand (10-12/2008: 2,058)
- Operating profit EUR 218 thousand (415)
-
Operating profit 12.2% of net sales (20.2)
- Earnings per share EUR 0.01
(0.04)
Financial year 2009 was two-folded to QPR Software. Net sales and
operating
profit from the Finnish market grew year-on-year, but the
volume of
international channel sales was significantly smaller, especially in
the first
half of the year. Software Sales Finland´s net sales in 2009
increased 9.5 %
and operating profit 17.6%. International software sales
started to recover in
the third and the fourth quarter, but still remained on
a lower level than in
the previous year.
The Company introduced, as an
alternative for software license sales, a pricing
model based on subscription
fees in the second half of the year. This has led to
an increase in the number
of new customers. However, net sales and profit from
the subscription sales
accumulate slower than from the license sales. In
financial accounts,
QPR has included net sales from subscription sales in
maintenance net
sales.
The last
quarter was the best quarter of 2009 in net sales, and the operating
margin
rose to 12.2%. The full year net sales and operating profit, however,
remained lower than in previous year. This was mainly attributable to the
smaller average size of license deals and to the partial transfer
to
subscription sales. QPR Software estimates the Group´s net sales and
operating
profit to grow in 2010 compared to the previous year (net sales in
2009: EUR
6,618 thousand; operating profit: EUR 705 thousand).
The Board
of Directors proposes to the Shareholders' Meeting on 18 March 2010
that
the company would pay dividend for the financial year January 1 - December
31, 2009, EUR 0.02 per share. The dividend shall be paid to a shareholder
that
has been entered into the company's shareholders' register on the
record date of
the dividend payment on 23 March 2010. The Board of Directors
proposes to the
Shareholders´ Meeting that the dividend shall be paid on 6
April, 2010.
In addition, The Board of Directors proposes to the
Shareholders' Meeting that
the company would distribute funds to the
shareholders from the invested
non-restricted equity fund EUR 0.01 per share.
The funds shall be paid to a
shareholder that has been entered into the
company's shareholders' register on
the record date of payment on 23 March
2010. The Board of Directors proposes to
the Shareholders' Meeting that the
payment shall be made on the same day as the
proposed dividend shall be paid,
on 6 April, 2010.
KEY FIGURES
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|
(EUR 1,000) | 10-12/ | 10-12/ | Change- | 1-12/ | 1-12/ | Change-
|
| | 2009 | 2008 | % | 2009 | 2008 |
%
|
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---
|
Net sales | 1,801 | 2,058 | -12.5 | 6,618 | 7,512 | -11.9
|
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---
|
Operating profit | 218 | 415 | -47.4 | 705 | 893 | -21.1
|
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---
|
% of net sales | 12.2 | 20.2 | | 10.6 | 11.9 |
|
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---
|
Profit before | 191 | 434 | -56.0 | 668 | 927 | -27.9
|
| tax | | | | | |
|
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---
|
Profit for the | 134 | 543 | -75.3 | 517 | 928 | -44.3
|
| period | | | | | |
|
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|
% of net sales | 7.4 | 26.4 | | 7.8 | 12.4 |
|
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|
Earnings per | | | | 0.04 | 0.08 |
|
| share, EUR | | | | | |
|
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|
EPS (diluted), | | | | 0.04 | 0.07 |
|
| EUR | | | | | |
|
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|
Equity per | | | | 0.21 | 0.22 |
|
| share,EUR | | | | | |
|
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|
Cash flow from | | | | 953 | 1,518 |
|
| operating | | | | | |
|
| activities | | | | | |
|
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|
Cash and cash | | | 1,929 | 1,716 |
|
| equivalents | | | | |
|
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|
Net liabilities | | | | -831 | -1,534 |
|
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|
Gearing, % | | | | -32.3 | -56.1 |
|
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|
Equity ratio, % | | | | 42.5 | 52.9 |
|
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|
Return on | | | | 19.5 | 37.1 |
|
| equity, % | | | | | |
|
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---
|
Return on | | | | 21.4 | 33.6 |
|
| investment, % | | | | | |
|
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REPORTING
This
report complies with accounting and valuation principles of IFRS, but
in
preparations not all the requirements of IAS 34-standard have been
considered.
The accounting and valuation principles are the same as they were
in 2008
financial statements. This report is not audited.
QPR Software´s
business consists of software sales, software maintenance sales
and
professional services. The geographical segments used by the Company are
Domestic (Finland) and International markets.
As of January 1, 2009 QPR Software Plc has three business segments:
Software
Sales International (software license and maintenance sales
outside of Finland),
Software Sales Finland (software license and maintenance
sales in Finland) and
Service and Solutions (global professional service
sales).
The company has re-defined reporting
principles, and does not anymore monitor
minor inter-segment net sales or
report it. The company has also revised
accordingly the 2008 segment
information.
OCTOBER-DECEMBER 2009
COMPARED TO OCTOBER-DECEMBER 2008
THE GROUP
Group net sales by geography, (EUR
1,000):
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|
| 10-12/ | Share- % | 10-12/ | Share- % | Change- %
|
| | 2009 | | 2008 | |
|
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---
|
Domestic | 680 | 37.8 | 821 | 39.9 | -17.2
|
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---
|
International | 1,121 | 62.2 | 1,237 | 60.1 | -9.4
|
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---
|
Total | 1,801 | 100.0 | 2,058 | 100.0 | -12.5
|
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---
QPR
Software Group´s net sales in the fourth quarter of 2009 were EUR 1,801
thousand (2,058).
The decline in Domestic net sales was mainly due to lower average deal
size in
software license sales and partial transfer to subscription based
license sales.
International software license sales picked up in the fourth
quarter compared to
the previous three quarters, but still remained somewhat
lower than in the
previous year.
The Company has this year offered, as an
alternative for software license sales,
a pricing model based on subscription
fees. QPR Software believes that the
subscription pricing model based on
an annual fee will increase software sales
in the long term by lowering the
threshold for buying and by reducing the size
of the one-time investment
needed. The new pricing model has been well received
in the markets. The
share of subscription sales of QPR´s net sales are expected
to remain,
however, relatively small in the short term future.
Group
net sales divided into software licenses, maintenance services and
professional services as follows, (EUR 1,000):
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|
| 10-12/ | Share- % | 10-12/ | Share- % | Change- %
|
| | 2009 | | 2008 | |
|
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---
|
Software licenses | 742 | 41.2 | 1,059 | 51.5 | -29.9
|
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---
|
Maintenance | 816 | 45.3 | 739 | 35.9 | 10.4
|
| services | | | | |
|
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---
|
Professional | 243 | 13.5 | 260 | 12.6 | -6.5
|
| services | | | | |
|
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---
|
Total | 1,801 | 100,0 | 2,058 | 100.0 | -12.5
|
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---
The
Group´s software license net sales decreased to EUR 742 thousand compared
to
previous year (1,059). The decrease was mainly attributable to current
stringent
economic situation and the Company´s initiative to offer
subscription based
pricing model as an alternative to software license
sales.
Maintenance services net sales rose to EUR 816
thousand (739). The increase was
attributable to the maintenance customers'
good customer loyalty and including
subscription based software sales in
maintenance net sales.
The migration of maintenance
customers to the new QPR 8.1 software version,
launched October 2009,
started and continued swiftly during the whole quarter.
Migration to 8.1
version was started even faster than one year earlier to 8.0
version.
Due to
lower net sales operating profit from the quarter decreased to EUR 218
thousand (415). Operating profit was 12.2% (20.2).
Depreciation grew to EUR 131 thousand (93), which was partly due to
amortization of the purchase price of the business acquired from Mawell
Ltd.
Net profit after tax in October-December was EUR 134 thousand
(543), which
corresponded to 7.4% of net sales (26.4)
In the Group´s
balance sheet as of December 31, 2009, the remaining amount of
deferred tax
is EUR 413 thousand (539).
The
(diluted) earnings per share were EUR 0.04 (0.07).
BUSINESS SEGMENTS
Group net sales by business segments, (EUR 1,000):
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|
| 10-12/ | Share- | 10-12/ | Share- | Change-
|
| | 2009 | % | 2008 | % |
%
|
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---
|
Software Sales | 1,064 | 59.1 | 1,210 | 58.8 | -12.1
|
| International | | | | |
|
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---
|
Software Sales Finland | 495 | 27.5 | 589 | 28.6 | -16.0
|
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---
|
Service and Solutions | 242 | 13.4 | 259 | 12.6 | -6.6
|
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---
|
Total | 1,801 | 100.0 | 2,058 | 100.0 | -12.5
|
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Group
operating profit by business segments, (EUR 1,000):
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--
|
| 10-12/ | Share- | 10-12/ | Share- | Change-
|
| | 2009 | % | 2008 | % |
%
|
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---
|
Software Sales | 249 | 114.2 | 240 | 57.8 | 3.8
|
| International | | | | |
|
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|
Software Sales Finland | 143 | 65.6 | 235 | 56.6 | -39.1
|
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|
Service and Solutions | -46 | -21.1 | 46 | 11.1 | 200.0
|
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---
|
Not allocated | -128 | -58.7 | -106 | -25.5 | -20.8
|
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---
|
Total | 218 | 100.0 | 415 | 100.0 | -47.4
|
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Software
Sales International
Software Sales International business segment´s net sales in
October-December
2009 was EUR 1,064 thousand (1,210). Thanks to improved
efficiency operating
profit increased to EUR 249 thousand (240).
The
largest export markets by net sales were Russian Federation, United Arab
Emirates, South Africa, Belgium, Brazil, United Kingdom, Japan and Poland.
Software Sales Finland
Software Sales Finland business segment´s net
sales in October-December was EUR
495 thousand (589) and operating profit EUR
143 thousand (235). The decrease in
segment's net sales and operating profit
was mainly due to significant share of
subscription sales in the segment´s new
sales.
In Finland QPR delivered software,
among others, to Elematic Oy Ab, Lindorff
Oy, Pulssi Medical Center, Oy
Metsä-Botnia Ab, Onninen Ltd, Pretax Group,
Teollisuuden Voima Plc and to
Etelä-Pohjanmaa health care district and
to the National Audit
Office of Finland.
Service and Solutions
Service and Solutions business segment´s net sales
decreased in the stringent
competition to EUR 242 thousand (259). Operating
loss was EUR 46 thousand
(operating profit, 46). Net sales in the
review period were mainly derived from
Finland.
In its professional
services offering QPR focuses especially on business process
consulting, in
which QPR´s experts have significant experience across the
industries.
YEAR
2009 COMPARED TO YEAR 2008
THE GROUP
QPR Software Group´s net sales in January-December 2009 were EUR 6,618
thousand
(7,512).
International software sales was negatively impacted by longer
software purchase
processes among customers and smaller average deal sizes
than in the previous
year. However, international software sales picked up
in the second half of the
year compared to early 2009. In 2009 international
net sales amounted to EUR
3,835 thousand (4,478).
In Finland net sales grew to EUR 2,783
thousand (2,634). Growth was accelerated
by the expansion of QPR's software
and professional services sales to health
care sector in the beginning of
year 2009.
Group net sales by
geography, (EUR 1,000):
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|
| 10-12/ | Share- % | 1-12/ | Share- % | Change- %
|
| | 2009 | | 2008 | |
|
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|
Domestic | 2,783 | 42.1 | 2,634 | 35.1 | 5.7
|
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|
International | 3,835 | 57.9 | 4,878 | 64.9 | -21.4
|
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|
Total | 6,618 | 100.0 | 7,512 | 100.0 | -11.9
|
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Group
net sales divided into software licenses, maintenance services and
professional services as follows, (EUR 1,000)
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|
| 1-12/ | Share- % | 1-12/ | Share- % | Change- %
|
| | 2009 | | 2008 | |
|
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---
|
Software licenses | 2,394 | 36.2 | 3,619 | 48.2 | -33.8
|
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|
Maintenance | 3,338 | 50.4 | 2,958 | 39.4 | 12.8
|
| services | | | | |
|
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---
|
Professional | 886 | 13.4 | 935 | 12.4 | -5.2
|
| services | | | | |
|
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---
|
Total | 6,618 | 100.0 | 7,512 | 100.0 | -11.9
|
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Maintenance
service sales increased to EUR 3,338 thousand (2,958). The migration
of
maintenance customers to the new QPR 8.0 software version, launched at the
end of 2008, continued swiftly throughout the year. Migration to the QPR 8.1
version published in October 2009 started even faster than migration to 8.0
version a year ago.
EUR 226 thousand maintenance sales increase was due to business
acquired from
Mawell Ltd. The transfer of customer contracts was finalized
during the second
quarter.
Professional services net sales was EUR 886 thousand
(935). Its share of
Group's net sales increased slightly and was 13.4
percent (12.4).
Operating profit in January-December was EUR
705 thousand (893). Operating
margin was 10.6% (11.9). Depreciation grew
to EUR 466 thousand (301), which was
partly due to amortization of the
purchase price of the business acquired from
Mawell Ltd.
Cash flow from operating
activities was positive EUR 953 thousand (1,518).
Net profit after tax
in January-December was EUR 517 thousand (928), which
corresponded to
7.8% of net sales (12.4).
Earnings
per share (diluted) were EUR 0.04 (0.07).
BUSINESS SEGMENTS
Group net sales by primary business segments, (EUR 1,000):
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|
| 1-12/ | Share- | 1-12/ | Share- % | Change-
|
| | 2009 | % | 2008 | |
%
|
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---
|
Software Sales | 3,728 | 56.3 | 4,746 | 63.2 | -21.4
|
| International | | | | |
|
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|
Software Sales Finland | 2,042 | 30.9 | 1,864 | 24.8 | 9.5
|
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---
|
Service and Solutions | 848 | 12.8 | 902 | 12.0 | -6.0
|
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---
|
Total | 6,618 | 100.0 | 7,512 | 100.0 | -11.9
|
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---
Group
operating profit by business segments, (EUR 1,000):
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|
| 1-12/ | Share- | 1-12/ | Share- | Change-
|
| | 2009 | % | 2008 | % |
%
|
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---
|
Software Sales | 503 | 71.4 | 698 | 78.2 | -27.9
|
| International | | | | |
|
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|
Software Sales Finland | 668 | 94.9 | 568 | 63.6 | 17.6
|
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|
Service and Solutions | -67 | -9.5 | 76 | 8.5 | -188.2
|
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---
|
Not allocated | -400 | -56.8 | -449 | -50.3 | 10.9
|
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---
|
Total | 705 | 100.0 | 893 | 100.0 | -21.1
|
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Software
Sales International
Software Sales International business segment´s net sales decreased in
January-December to EUR 3,728 thousand (4,746), due to lower software
license
sales. For the same reason, the segment´s operating profit
decreased to EUR
503 thousand (698).
The Company delivered software to 70 countries
during the period (50). The
largest export countries by net sales were
Russian Federation, South Africa,
Sweden, Belgium, United Arab Emirates,
Japan, United Kingdom, USA, Mexico and
Turkey.
Software Sales Finland
Software Sales Finland
business segment´s net sales in January-December rose to
EUR 2,042 thousand
(1,864) thanks to increased sales. Operating profit rose due
to increased
sales to EUR 668 thousand (568).
Service
and Solutions
Service and Solutions business segment´s net sales in January-December was
EUR
848 thousand (902). Operating profit decreased to EUR 67 thousand
negative
(positive 76) due to lower international professional service
sales than in the
previous year and the outlays made in productized services.
Net sales were
mainly derived from Finland.
BUSINESS ACQUISITIONS
At the end of December, 2008 QPR agreed to
acquire all Mawell Ltd´s customer
contracts regarding QPR ProcessGuide,
QPR ScoreCard and CostPerform software
products. The transfer of contracts
was finalized in the second quarter. The
purchase price was approximately
EUR 600 thousand of which EUR 412 thousand
was recorded in 2008. QPR will
amortize the full purchase price in five years.
QPR Software Plc agreed on 2 November, 2009 to acquire the
business operations
of its reseller Trodos and consulting partner United
Project and Services Group
(UPSG) in Russian Federation and CIS countries.
Acquired business operations
comprise all QPR software related customer
contracts, solutions, and
intellectual property rights in Russia
and CIS countries.
The operations were transferred to
a joint venture QPR CIS, which started
operations in 1 January, 2010.
The sellers own 20% of the shares in the joint
venture.
The price for
acquired business operations is estimated to be approximately EUR
460 thousand
and is booked as intangible assets in 2009. The final price will
be based on
QPR CIS's earnings before depreciation, interest and tax (ebitda)
in 2010 and
is paid in February 2011 in cash and QPR Software shares. QPR will
amortize
the full purchase price in five years. QPR estimates that the deal
will have a
positive impact on its earnings per share in 2010.
FINANCE AND INVESTMENTS
The value of total
assets at the end of December 2009 was EUR 6,874 thousand
(6,047).
Cash flow
from operating activities was EUR 953 thousand (1,518). The main
reason
for decreased cash flow is increase in working capital during the review
period and treatment of the acquisition price of Mawell's QPR business in
financial accounts. Cash and cash equivalents at the end of the review
period
were EUR 1,929 thousand (1,716). A dividend of EUR 368 thousand
(368) and a
distribution from the unrestricted equity of EUR 244 thousand
(0) was paid.
The Group´s investments based on operating cash-flow in
the review period
totaled to EUR 970 thousand (436). The increase is
attributable to the
business acquisition from Mawell and the
investment made in new finance system.
The Group´s interest bearing
liabilities increased to EUR 1,098 thousand (182)
due to EUR 1,132 thousand
pension loan withdrawn during the review period. The
gearing ratio on 31
December, 2009 was -32.3% (-56.1). Return on capital
employed was
21.4% (33.6).
Short-term liabilities include deferred revenue in total of EUR 811
thousand
(878). At the end of reporting period, quick ratio was 2.05
(2.57).
At the end of the reporting period, the Group equity
stood at EUR 2,575 thousand
(2,732), and equity to assets ratio was 42.5%
(52.9). The decrease of equity to
assets ratio is attributable to the Russian
business acquisition and to EUR
1,132 thousand pension loan withdrawn
during the second quarter of 2009. Return
on equity was 19.5% (37.1).
PERSONNEL
At the end of the December
2009, the Group employed a total of 57 persons (55).
Average number of
personnel in 2009 was 57 (53).
PRODUCT
DEVELOPMENT
The
amount of R&D expenses in the review period were EUR 1,325 thousand
(1,540),
representing 20.0% of net sales (20.5 %).
In the review period, R&D expenses have been activated as assets
for a total
amount of EUR 174 thousand (268). The depreciation period of
capitalized R&D
expenses is 4 years. The depreciation of activated R&D
expense was EUR 165
thousand (93).
Product development employed 20 people (17) at
the end of the review period,
corresponding to 35% of the total personnel
(31%).
The core know-how of product
development remains centralized within the own
organization.
Long-term co-operation continued with established subcontractors. QPR
Software
has been a Microsoft Gold Certified Partner since 2007.
In the
review period, Research & Development activities focused on the
development of a new version of the server-based QPR product family, QPR 8.1,
released in October 2009. The new version broadens the integration between
the
QPR software products and the Microsoft Office product family by e.g.
enabling
publishing and distribution of process, quality, performance and
risk
information through Microsoft Office SharePoint Server
portals. The new QPR
product family is fully compatible with Microsoft
Windows 7™
In March QPR announced a new 8.0 version of
its desktop process modeling tool,
QPR ProcessGuide Xpress.
QPR´s software
products and customer solutions based on them received
international recognition in the reporting period. Skanska Group´s Finnish
subsidiary´s work safety best practice, utilizing QPR ScoreCard performance
management software, was awarded in the European Campaign on Risk
Assessment
competition in May. The U.S. Ventana Research Inc. awarded
QPR's technology with
the Overall Performance Management Leadership Award in
December 2009.
QPR offers an easy-to-use, ready-to-run software
that combines process modeling
and analysis (QPR ProcessGuide), performance
management and measurement (QPR
ScoreCard), and business intelligence (QPR
FactView) into one complete solution
for process management, quality
management, risk management and compliance.
With the help of QPR
software solutions, organizations optimize business
processes, take
control of risk and compliance issues, improve operational
performance
and drive strategy throughout their organization in order to comply
with
rules and regulation as well as manage transition caused by strategic or
regulatory demands.
The software products developed by QPR are fast to implement and adapt to
customers' evolving requirements and their chosen management
methodology. QPR
software applications are especially designed to be
compatible with Microsoft
software products and are scalable from a
single-user to an organization-wide
management system.
The QPR product family has been
localized into 26 languages (24).
COMPANY SHARES AND TRADING
IN COMPANY SHARES
The Company's share
capital on December 31, 2009 was EUR 1,359,089.93 divided
into 12,444,863
shares. QPR Software Plc has one share class. The book counter
value is EUR
0.11. Each share has one vote and equal right to dividend. The
shares are
incorporated to the book-entry system maintained by Euroclear Finland
Oy.
At
the end of review period, the Company had a total of 608 shareholders (572).
In January-December trading in company shares amounted to EUR 628 thousand
(384), i.e. an average of EUR 2,500 per trading day (1,516). Trading in
shares
was in total 716,800 shares (485,194), giving an average of 2,586
shares per
trading day (1,918). Turnover in shares corresponds to 5.0% of
the total shares
(3.9) and the average price was EUR 0.88 per share (0.79).
The highest closing
price during the period was EUR 1.08 (0.91) and the
lowest EUR 0.73 (0.57)
The total market value of the company shares
was EUR 11,578 thousand at 31
December, 2009 ((9,283) with closing price
of EUR 0.95.
OWN SHARES
The number of acquired own shares
in January - September was 97,850. At the end
of December the Company held
258,000 of its own shares with a total book counter
value of EUR 28,380 and a
total purchase price of EUR 209,102.93. Own
shares held by the
company represented 2.07% of the Company´s capital stock
(1.3).
The Board of
Directors has been granted by the Annual Shareholders Meeting of
March 12,
2009 a share repurchases authorization, valid until next Annual
Shareholders Meeting, to repurchase company shares in total of 250,000 shares
at
maximum. According to the authorization the company may acquire own shares
in
order to strengthen the company's capital structure, to be used as
payment in
corporate acquisitions or when the company acquires assets
related to its
business or as part of the company's incentive programs
in a manner and to the
extent decided by the Board of Directors, or to be
transferred for other
purposes or to be cancelled.
OTHER EVENTS IN THE REPORTING PERIOD
QPR Software's new business organization
came effective as of January 1, 2009.
From the same day, the Executive
Management Team consisted of the following
persons: Chief Executive
Officer Jari Jaakkola (chairman), Vice President
Software Sales
International Antti Ainasoja, Vice President Software Sales
Finland
Matti Erkheikki, Vice President Services and Solutions Maija Erkheikki,
Vice
President Marketing and Business Development Teemu Lehto
and Vice President Products and Technology Tony Virtanen. Päivi Vahvelainen
was
the acting CFO and member the management team from 1 January to 9 August,
2009.
Kari Pihlatie was the CFO and member of the Executive Management Team
from 10
August to 23 November, and Päivi Vahvelainen from 24 November onwards.
In its meeting on 19 January, 2009 the QPR Board of Directors approved
67,000
share subscriptions made under QPR Software Plc Stock Option Plan
2003/III A and
2003/B. The new shares were entered into the Trade Register in
February 10,
2009, after which the number of company´s shares rose to
12,444,863. The company
has no option schemes in effect.
The Board of Directors of QPR Software Plc decided
on 11 February, 2009 to
withdraw a pension loan of EUR 1,132 thousand,
with loan period of 5 years. The
loan was fully withdrawn during the second
quarter.
In its meeting on 23 September, 2009
the QPR Board of Directors approved
Company's new principles for risk
management reporting. Application of the
principles started in the third
quarter financial reporting in 2009.
Based on the authorization
granted by the 12 March, 2009 Shareholders' Meeting
the Board of Directors
decided on 20 November, 2009 to distribute funds to the
shareholders from the
unrestricted equity fund EUR 0.02 per share. The funds
were paid to a
shareholder that was entered into the company's shareholders'
register on
the record date of payment on 9 December, 2009. The distribution
totaling
in EUR 243,737.26 was paid in 17 December, 2009.
EVENTS AFTER THE REPORTING PERIOD
QPR Software's business operations in Russian Federation and CIS
countries will
be transferred in February, 2010 to OOO QPR Software
subsidiary. The company is
a fully owned subsidiary of QPR CIS Oy. The
company was registered in 29
December, 2009 and is domiciled in
Moscow.
The Executive Management Team
of QPR Software Plc consists of the following
persons as of 18 February,
2010: Chief Executive Officer Jari Jaakkola
(chairman), Vice
President Software Sales International Antti Ainasoja, Vice
President
Software Sales Finland Matti Erkheikki, Vice President Services and
Solutions Maija Erkheikki, Vice President Communications and Marketing
Jyrki Karasvirta, Vice President Business Development Teemu Lehto, CFO
Päivi
Vahvelainen and Vice President Products and Technology Tony Virtanen.
STRATEGY
According to the strategic guidelines of the Company, QPR aims
to substantially
increase the number of QPR software users both in new and
existing customer
organizations. The Company believes that this will have
a positive effect also
on the sales of professional services. Pricing will
be further simplified, and
affordable solutions are offered also to
organizations with large number of
users.
The company aims to accelerate its
software sales process and deployment of its
customer solutions by creating
service concepts around QPR software, and
offering replicable
frameworks that are based on target group specific needs.
In international
markets QPR focuses on further diversifying and strengthening
its sales
channel. In the near regions QPR will invest especially in sales to
Russia.
Product development is focused on supporting the chosen service offering,
by
utilizing both the existing QPR products and their strong Microsoft
compatibility.
The Company continues to follow the structural developments in
the software
Industry, and aims actively to participate in it.
DECISIONS MADE BY THE ANNUAL SHAREHOLDERS' MEETING AND
GOVERNANCE
The Annual Shareholders' Meeting held on 12 March,
2009 made the following
decisions:
The Annual Shareholders' Meeting confirmed
the company's financial statements
and the group's financial statements for
the financial period of January 1-
December 31, 2008 and released the
Board of Directors and the Managing
Directors from liability.
The Annual Shareholders'
Meeting approved the Board's proposal that a per-share
dividend of EUR 0.03,
a total of EUR 368,262.39, be paid for the financial year
2008. The dividend
was paid to shareholders entered in the company's shareholder
register,
maintained by Euroclear Finland Oy, on the record date of 17 March,
2009.
The dividend payment date was 26 March, 2009.
The Annual Shareholders' Meeting resolved that the Board of Directors shall
consist of five ordinary members. The Annual Shareholders' Meeting
elected the
following members to the Board of Directors: Jyrki Kontio,
Vesa-Pekka Leskinen,
Jarmo Niemi, Asko Piekkola and Topi Piela. In its first
meeting immediately
following the Annual Shareholders' Meeting, the Board
of Directors elected
Vesa-Pekka Leskinen as Chairman of the Board.
KPMG Oy Ab, Authorized Public Accountants,
continued as QPR Software Plc's
Auditors.
The Annual Shareholders' Meeting
decided to keep the Board of Directors´ yearly
emoluments the same as in
previous year. A yearly emolument of EUR 25,230 is
paid to the Chairman of
the Board and EUR 16,820 to the other Members of the
Board.
The Annual
Shareholders' Meeting decided to authorize the Board of Directors to
decide
on an issue of new shares and conveyance of the own shares held by the
company (share issue) either in one or in several occasions. The share issue
can
be carried out as a share issue against payment or without consideration
on
terms to be determined by the Board of Directors.
The authorization also included the right to issue special rights,
in the
meaning of Chapter 10 Section 1 of the Companies Act, which
entitle to the
company's new shares or the company's own shares held by
the company against
payment. In the share issue and/or based on the
special rights a maximum of
4,000,000 new shares can be issued and a
maximum of 250,000 own shares held by
the company can be conveyed. The
authorization is in force until the next Annual
Shareholders' Meeting.
The Annual Shareholders'
Meeting decided to authorize the Board of Directors to
decide on an
acquisition of own shares. Based on the authorization own shares
may be
acquired, either in one or in several occasions, the aggregate maximum
amount of 250,000 shares. The authorization is in force until the next Annual
Shareholders´ Meeting.
Further, the Annual Shareholders' Meeting decided to authorize the
Board of
Directors to decide on potential distribution of assets from the
invested
unrestricted equity fund, provided that the evaluations of the
financial
situation of the company and its market outlook are in favor
of such a decision.
The maximum distribution of assets is EUR 0.02 per share.
The authorization was
in force until the next Annual Shareholders´ Meeting.
The Board of Directors had
to make the decision no later than 31 December,
2009. The Board of Directors
decided on 20 November 2009 to distribute the
funds and the distribution
totaling in EUR 243,737.26 was paid in 17
December, 2009.
The conditions of all authorizations
of the Board are available in their
entirety on the investors section
of the company's web site, and on the stock
exchange release, published by
the company on 12 March, 2009.
QPR Software Plc announced
the following change in the reporting period in
accordance with Chapter
2, Section 10 of the Security Market Act:
The company
announced on 11 May, 2009 that the holding of Pohjolan Rahoitus Oy
(company
ID 0486816-5), a company controlled by Jouko Antero Pelkonen, in QPR
Software Plc has increased above one-20th (1/20) to 5.13% of QPR Software
Plc's
share capital and votes. Thus, the total holding of Jouko Antero
Pelkonen and
his controlled companies Electrosale Oy (company ID 0252032-5)
and Pohjolan
Rahoitus Oy (company ID 0486816-5) in QPR Software Plc
increased to 11.08% of
QPR Software Plc's share capital and votes.
CORPORATE GOVERNANCE
QPR Software Plc complies with the NASDAQ
OMX Helsinki Ltd's Guidelines for
Insiders issued on June 2, 2008 and the
Corporate Governance Code, including its
transitional provisions, effective as
of 1 January, 2009.
The Company's Corporate
Governance Statement is available in the Investor
section of the
Company's website, www.qpr.com. Also available in the
investor
section is further information, such as, administration of insiders
register, public insiders register, list of major shareholders, articles of
association, charter of the Board, description of how internal control and
internal audit is organized, introductions of the members of the Board
and
Executive Management Team, and the information published by the
company in the
review period.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management in QPR Software
Plc aims to ensure that the
Company operates efficiently and effectively,
distributes reliable
information, complies with regulations and
operational principles, reaches its
strategic goals and ensures continuity
of its business.
It is the duty of the Board of
Directors to monitor the appropriateness,
effectiveness and efficiency
of risk management and internal control in QPR
Software Group. The Board
of Directors also monitors that the Company has
defined operational
principles for internal control and that the Company
monitors the
effectiveness of internal control. Risk management report is
presented
to the Board in connection with quarterly financial reporting.
Coordination of risk management and internal control and related reporting
is
the responsibility of the Chief Financial Officer. QPR Software
identifies the
risks by their essentiality: if actualized, the risks
selected for monitoring
would have a material impact on the Company's
business operations.
QPR has identified the following four
groups of risks related to its operations:
risks related to business
operations (country, customer, result forecasting
process, personnel,
legal, financial), risks related to company's general
operational
environment (economic fluctuations), risks related to information
and
products (QPR products, IPR, data security) and risks related to financing
(foreign currency, bad debt). Property, operational and liability risks are
covered by insurance.
Reasonable credit risk concerning individual business partners is
characteristic
to any international business. QPR seeks to limit this credit
risk by continuous
monitoring of standard payment terms, receivables and
credit limits. The
management of QPR estimates that the company´s
credit loss risk is on customary
and reasonable level.
External business environment changes,
such as economic fluctuations, are
included in the Company´s market and
customer risks. The general economic
uncertainty, continuation of
negative development or deepening of such a
development may have a
negative impact on software market and thus, also to
QPR´s business
operations.
QPR´s
market and customer risks are mitigated by the following factors: the
Company conducts business in 70 countries (in 2009), both in public and
private
sector as well as in several different business verticals. In
addition, the
customer benefits produced by QPR´s products and solutions
are related to
optimization and streamlining of operations, strategy
implementation as well as
risk management and compliance. QPR believes, based
on its earlier experiences
from cyclical fluctuations that demand for these
customer benefits remains
relatively strong even in recession.
No significant changes have taken place in
QPR's short-term risks and
uncertainties during the financial
period.
FUTURE OUTLOOK
Market forecasts published
in the beginning of 2010 estimate that values of
global software sales
will increase 5-7% and global professional services sales
will increase 4-5%
in 2010 compared to 2009.
Based on
current software market growth forecasts, QPR´s own forecasts and
resellers' forecasts, QPR Software estimates net sales and operating profit
to
grow compared to 2009 (net sales in 2009: EUR 6,618 thousand; operating
profit:
EUR 705 thousand).
The nature of the software license business of the QPR Group is
seasonal.
Seasonality of large software deals can affect significantly
net sales and
profit of one individual quarter.
QPR SOFTWARE PLC'S FINANCIAL INFORMATION IN 2010
In 2010, QPR Software Plc will publish its
financial information as follows:
The audited Group Financial Statements
for 2009 and the Corporate Governance
Statement will be published on the
Company's web site, www.qpr.com, at Thursday,
4 March 2010.
Interim Report 1-3/2010:
Thursday, 22 April, 2010
Interim Report
1-6/2010: Friday, 6 August, 2010
Interim Report 1-9/2010: Friday, 22 October,
2010
The Annual General Meeting will be held
on Thursday, March 18, 2010
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0)40 5026 397
www.qpr.com
DISTRIBUTION
NASDAQ OMX
Helsinki Ltd
Main
Media
Neither this press release nor any copy of it may be taken, transmitted
into or
distributed in the United States of America or its territories or
possessions.
APPENDIX: TABLE SECTION
----------------------------------------------------------------------------
----
|
CONSOLIDATED INCOME STATEMENT | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | 10-12/ | 10-12/ | 1-12/ | 1-12/
|
| | 2009 | 2009 | 2009 |
2008
|
-----------------------------------------------------------------------------
---
|
Net sales | 1,801 | 2,058 | 6,618 | 7,512
|
-----------------------------------------------------------------------------
---
|
Other operating income | 0 | 12 | 35 | 51
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Material and services | 88 | 118 | 451 | 875
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Employee benefits | 991 | 991 | 3,524 | 3,653
|
| expenses | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 131 | 93 | 466 | 301
|
-----------------------------------------------------------------------------
---
|
Other operating | 373 | 453 | 1,508 | 1,841
|
| expenses | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | 218 | 415 | 705 | 893
|
-----------------------------------------------------------------------------
---
|
Financial income | -28 | 19 | -37 | 34
|
| and expenses | | | |
|
-----------------------------------------------------------------------------
---
|
Profit before tax | 191 | 434 | 668 | 927
|
-----------------------------------------------------------------------------
---
|
Income tax expense | -56 | 109 | -150 | 1
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 134 | 543 | 517 | 928
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other comprehensive income statement items: | |
|
-----------------------------------------------------------------------------
---
|
Exchange differences on | 1 | -31 | 11 | -35
|
| translating | | | |
|
| foreign | | | |
|
| operations | | | |
|
-----------------------------------------------------------------------------
---
|
Income tax relating to | - | - | - | -
|
| components of other | | | |
|
| comprehensive income | | | |
|
-----------------------------------------------------------------------------
---
|
Other comprehensive | 1 | -31 | 11 | -35
|
| income, net of tax | | | |
|
-----------------------------------------------------------------------------
---
|
Total comprehensive | 135 | 512 | 528 | 893
|
| income | | | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
Profit attributable to: | | | |
|
-----------------------------------------------------------------------------
---
|
Equity holders of the | | | |
|
-----------------------------------------------------------------------------
---
|
parent company | 134 | 543 | 517 | 928
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total comprehensive | | | |
|
| income attributable to: | | | |
|
-----------------------------------------------------------------------------
---
|
Equity holders of the | 135 | 512 | 528 | 893
|
-----------------------------------------------------------------------------
---
|
parent company | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Earnings per share | 0.01 | 0.04 | 0.04 | 0.07
|
| (diluted), EUR | | | |
|
-----------------------------------------------------------------------------
---
|
Earnings per share, EUR | 0.01 | 0.04 | 0.04 | 0.08
|
-----------------------------------------------------------------------------
---
-----------------------------------------------------------------------
---------
|
CONSOLIDATED BALANCE SHEET | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
|
Assets | |
|
-----------------------------------------------------------------------------
---
|
Non-current assets | |
|
-----------------------------------------------------------------------------
---
|
Tangible assets | 145 | 226
|
-----------------------------------------------------------------------------
---
|
Other intangible assets | 1,720 | 1,078
|
-----------------------------------------------------------------------------
---
|
Other investments | 5 | 5
|
-----------------------------------------------------------------------------
---
|
Deferred tax assets | 413 | 539
|
-----------------------------------------------------------------------------
---
|
Total non-current assets | 2,283 | 1,848
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current assets | |
|
-----------------------------------------------------------------------------
---
|
Trade and other receivables | 2,662 | 2,483
|
-----------------------------------------------------------------------------
---
|
Cash and cash equivalents | 1,929 | 1,716
|
-----------------------------------------------------------------------------
---
|
Total current assets | 4,591 | 4,199
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total assets | 6,874 | 6,047
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Equity and liabilities | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Equity | |
|
-----------------------------------------------------------------------------
---
|
Share capital | 1,359 | 1,359
|
-----------------------------------------------------------------------------
---
|
Reserve fund | 21 | 21
|
-----------------------------------------------------------------------------
---
|
Invested non-restricted | 127 | 360
|
| equity fund | |
|
-----------------------------------------------------------------------------
---
|
Translation differences | -94 | -105
|
-----------------------------------------------------------------------------
---
|
Treasure shares | -209 | -125
|
-----------------------------------------------------------------------------
---
|
Retained earnings | 1,371 | 1,222
|
-----------------------------------------------------------------------------
---
|
Equity attributable to shareholders | 2,575 | 2,732
|
| of the | |
|
| parent company | |
|
-----------------------------------------------------------------------------
---
|
Total equity | 2,575 | 2,732
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Non-current liabilities | |
|
-----------------------------------------------------------------------------
---
|
Interest-bearing | 793 | 79
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
|
Non-Interest-bearing | 460 | 0
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
|
Total non-current | 1,253 | 79
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current liabilities | |
|
-----------------------------------------------------------------------------
---
|
Accounts payables | 2,741 | 3,133
|
| and other payables | |
|
-----------------------------------------------------------------------------
---
|
Interest-bearing | 305 | 103
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
|
Total current | 3,046 | 3,236
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total liabilities | 4,299 | 3,315
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total equity and | 6,874 | 6,047
|
| liabilities | |
|
-----------------------------------------------------------------------------
---
|
CONSOLIDATED CASH FLOW STATEMENT | | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) |Jan 1 - Dec 31, |Jan 1 - Dec 31, |
|
| | 2009 | 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from | | |
|
| operating activities | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 517 | 928 |
|
-----------------------------------------------------------------------------
---
|
Adjustments for the profit | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 466 | 301 |
|
-----------------------------------------------------------------------------
---
|
Non-cash transactions | 11 | 83 |
|
-----------------------------------------------------------------------------
---
|
Changes in working capital | | |
|
-----------------------------------------------------------------------------
---
|
Changes in trade and | -53 | -67 |
|
| other | | |
|
| receivables | |
|
|
-----------------------------------------------------------------------------
---
|
Changes in accounts payable | 61 | 275 |
|
| and | | |
|
| other liabilities | |
|
|
-----------------------------------------------------------------------------
---
|
Interest expense and other financial | -31 | -10 |
|
| expenses | | |
|
-----------------------------------------------------------------------------
---
|
Interest income and other financial | 20 | 38 |
|
| income | | |
|
-----------------------------------------------------------------------------
---
|
Income taxes paid | -38 | -30 |
|
-----------------------------------------------------------------------------
---
|
Net cash from operating activities | 953 | 1,518 |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from investing activities | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Purchases of tangible assets | -38 | -54 |
|
-----------------------------------------------------------------------------
---
|
Purchases of intangible assets | -932 | -382 |
|
-----------------------------------------------------------------------------
---
|
Net cash used in investing activities | -970 | -436 |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from financing activities | | |
|
-----------------------------------------------------------------------------
---
|
Proceeds from issuance of | 11 | 4 |
|
| share | | |
|
| capital | |
|
|
-----------------------------------------------------------------------------
---
|
Proceeds from long-term loans | 1,132 | 0 |
|
-----------------------------------------------------------------------------
---
|
Repayments of financial leases | -217 | -187 |
|
-----------------------------------------------------------------------------
---
|
Purchases of own shares | -84 | -60 |
|
-----------------------------------------------------------------------------
---
|
Invested non-restricted equity fund | -244 | 0 |
|
| paid | | |
|
-----------------------------------------------------------------------------
---
|
Dividends paid | -368 | -368 |
|
-----------------------------------------------------------------------------
---
|
Net cash used in financing activities | 230 | -611 |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net change in cash and cash | 213 | 471 |
|
| equivalents | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash and cash equivalents | 1,716 | 1,245 |
|
| in the beginning of period | | |
|
-----------------------------------------------------------------------------
---
|
Cash and cash equivalents | 1,929 | 1,716 |
|
| in the end of period | | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
|
| 1 JANUARY-31 DECEMBER 2009
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Share | Reserve| Trans- | Trea- | Invested| Retained| Total
|
| | capital| fund | lation | sury | non-res-| earnings|
| | | | differ | shares | tricted | |
|
| | | | | equity | |
|
| | | | | | fund | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Share- | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732
|
| holders' | | | | | | |
|
| equity | | | | | | |
|
| 1.1.2009 | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Shares | | | | | 11 | | 11
|
| issued | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Dividends | | | | | | -368 | -368
|
| paid | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Invested | | | | | -244 | | -244
|
| non- | | | | | | |
|
| restricted | | | | | | |
|
| equity fund | | | | | | |
|
| paid | | | | | |
|
|
-----------------------------------------------------------------------------
---
|
Purchase | | | | -84 | | | -84
|
| of own | | | | | | |
|
| shares | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Comprehen- | | | 11 | | | 517 | 528
|
| sive income | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Change in | 0 | 0 | 11 | -84 | -233 | 149 | -157
|
| share- | | | | | | |
|
| holders' | | | | | | |
|
| equity | | | | | | |
|
| 1-12 | | | | | |
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Share- | 1,359 | 21 | -94 | -209 | 127 | 1,371 | 2,575
|
| holders' | | | | | | |
|
| equity | | | | | | |
|
| Dec 31, | | | | | | |
|
| 2009 | | | | | |
|
|
-----------------------------------------------------------------------------
---
-----------------------------------------------------------------------
---------
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
|
| 1 JANUARY-31 DECEMBER 2008
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Share | Reserve| Trans- | Trea- | Invested| Retained| Total
|
| | capital| fund | lation | sury | non-res-| earnings|
| | | | differ | shares | tricted | |
|
| | | | | equity | | |
|
| | | | | fund | |
|
-----------------------------------------------------------------------------
---
|
Share- | 1,359 | 253 | -70 | -65 | 0 | 787 | 2,264
|
| holders' | | | | | | |
|
| equity | | | | | | |
|
| 1.1.2008 | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Shares | | | | | 3 | | 3
|
| issued | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Dividends | | | | | | -368 | -368
|
| paid | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Purchase | | | | -60 | | | -60
|
| of own | | | | | | |
|
| shares | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Compre- | | | -35 | | | 928 | 893
|
| hensive | | | | | | |
|
| income | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Transfer | | -232 | | | 357 | -125 | 0
|
| of share | | | | | | |
|
| premium | | | | | | |
|
| fund | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Change in | 0 | -232 | -35 | -60 | 360 | 435 | 468
|
| share- | | | | | | |
|
| holders' | | | | | | |
|
| equity | | | | | | |
|
| 1-12 | | | | | |
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Share- | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732
|
| holders' | | | | | | |
|
| equity, | | | | | | |
|
| Dec 31, | | | | | | |
|
| 2008 | | | | | |
|
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
GROUP COMMITMENTS AND CONTINGENT LIABILITIES | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Business mortgage | 1,337 | 0
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current lease liabilities | |
|
-----------------------------------------------------------------------------
---
|
Liabilities maturing during one year | 222 | 284
|
-----------------------------------------------------------------------------
---
|
Liabilities maturing 2-5 years | 261 | 23
|
-----------------------------------------------------------------------------
---
|
Total | 483 | 307
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total commitments and | 1,820 | 307
|
| contingent liabilities | |
|
-----------------------------------------------------------------------------
---
-----------------------------------------------------------------------
---------
|
GROUP INTANGIBLE AND TANGIBLE ASSETS |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Change in intangible assets | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Acquisition cost 1.1. | 2,506 | 1,722
|
-----------------------------------------------------------------------------
---
|
Increase | 988 | 784
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Change in tangible assets | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Acquisition cost 1.1. | 945 | 891
|
-----------------------------------------------------------------------------
---
|
Increase | 38 | 54
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
CHANGE IN GROUP INTEREST BEARING LOANS |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
-------------------------------------------------------------------------
-------
|
(EUR 1,000) | Dec 31, 2009 | Dec 31, 2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Interest bearing | 182 | 369
|
| loans 1.1. | |
|
-----------------------------------------------------------------------------
---
|
Withdrawals | 1,132 | 0
|
-----------------------------------------------------------------------------
---
|
Repayments | -217 | -187
|
-----------------------------------------------------------------------------
---
|
Interest bearing loans | 1,098 | 182
|
| 30 September/31 | |
|
| December | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
NET SALES BY BUSINESS SEGMENT | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
1 October - 31 December 2009 | | | | |
|
-----------------------------------------------------------------------------
---
|
(1,000 EUR) | Software | Service| Software| Elimi- | Not | Group
|
| | Sales | & Solu-| Sales | nations| allo- |
Total |
| | Interna- | tions | Finland | | cated
| |
| | tional | | | |
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
INCOME STATEMENT INFORMATION | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 1,064 | 242 | 495 | 0 | 0 | 1,801
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Operating profit of | 249 | -46 | 143 | 0 | -128 | 218
|
| segment | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | | | | | | 218
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Finance income and expenses | | | | -28 | -28
|
-----------------------------------------------------------------------------
---
|
Income tax expense | | | | | -56 | -56
|
-----------------------------------------------------------------------------
---
|
Profit for the | 249 | -46 | 143 | 0 | -212 | 134
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the | | | | | | 134
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other information | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 64 | 11 | 56 | 0 | 0 | 131
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
1 January - 31 December 2009 | | | | |
|
-----------------------------------------------------------------------------
---
|
(1,000 EUR) | Software | Service| Software| Elimi- | Not | Group
|
| | Sales | & Solu-| Sales | nations| allo- |
Total |
| | Interna- | tions | Finland | | cated
| |
| | tional | | | |
|
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
INCOME STATEMENT INFORMATION | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 3,728 | 848 | 2,042 | 0 | 0 | 6,618
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Operating profit of | 503 | -67 | 668 | | -400 | 705
|
| segment | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | | | | | | 705
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Finance income and expenses | | | | -37 | -37
|
-----------------------------------------------------------------------------
---
|
Income tax expense | | | | | -150 | -150
|
-----------------------------------------------------------------------------
---
|
Profit for the | 503 | -67 | 668 | 0 | -587 | 517
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the | | | | | | 517
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other information | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 239 | 42 | 185 | 0 | 0 | 466
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
1 October - 31 December 2008 | | | | |
|
-----------------------------------------------------------------------------
---
|
(1,000 EUR) | Software | Service| Software| Elimi- | Not | Group
|
| | Sales | & Solu-| Sales | nations| allo- |
Total |
| | Interna- | tions | Finland | | cated
| |
| | tional | | | |
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
INCOME STATEMENT INFORMATION | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 1,210 | 259 | 589 | 0 | 0 | 2,058
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Operating profit of | 240 | 46 | 235 | 0 | -106 | 415
|
| segment | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | | | | | | 415
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Finance income and expenses | | | | 19 | 19
|
-----------------------------------------------------------------------------
---
|
Income tax expense | | | | | 109 | 109
|
-----------------------------------------------------------------------------
---
|
Profit for the | 240 | 46 | 235 | 0 | 22 | 543
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the | | | | | | 543
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other information | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 55 | 12 | 26 | 0 | 0 | 93
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
-------------------------------------------------------------------------
-------
|
1 January - 31 December 2008 | | | | |
|
-----------------------------------------------------------------------------
---
|
(1,000 EUR) | Software | Service| Software| Elimi- | Not | Group
|
| | Sales | & Solu-| Sales | nations| allo- |
Total |
| | Interna- | tions | Finland | | cated
| |
| | tional | | | |
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
-------------------------------------------------------------------------
-------
|
INCOME STATEMENT INFORMATION | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 4,746 | 902 | 1 864 | 0 | 0 | 7,512
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Operating profit of | 698 | 76 | 568 | | -449 | 893
|
| segment | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | | | | | | 893
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Finance income and expenses | | | | 34 | 34
|
-----------------------------------------------------------------------------
---
|
Income tax expense | | | | | 1 | 1
|
-----------------------------------------------------------------------------
---
|
Profit for the | 698 | 76 | 568 | 0 | -414 | 928
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the | | | | | | 928
|
| period | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other information | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 190 | 36 | 75 | 0 | 0 | 301
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------
-----------
|
CONSOLIDATED INCOME STATEMENT PER | | | | |
|
| QUARTER | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | 1-3/ | 1-3/ | 4-6/ | 4-6/ | 7-9/ | 7-9/ | 10-12/ | 10-12/
|
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 |
2008
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 1,628| 1,754| 1,688| 2,215 | 1,501 | 1,485 | 1,801 | 2,058
|
-----------------------------------------------------------------------------
---
|
Other | 7 | 11 | 25 | 21 | 3 | 7 | 0 | 12
|
| operating | | | | | | | |
|
| income | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Material and | 112 | 259 | 117 | 273 | 134 | 225 | 88 | 118
|
| services | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Employee | 895 | 943 | 890 | 986 | 748 | 733 | 991 | 991
|
| benefits | | | | | | | |
|
| expenses | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 114 | 70 | 95 | 69 | 126 | 69 | 131 | 93
|
-----------------------------------------------------------------------------
---
|
Other | 371 | 402 | 427 | 584 | 337 | 402 | 373 | 453
|
| operating | | | | | | | |
|
| expenses | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating | 143 | 91 | 184 | 324 | 159 | 63 | 218 | 415
|
| profit | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Financial | 6 | -2 | -5 | 6 | -10 | 12 | -28 | 19
|
| income | | | | | | | |
|
| and | | | | | | | |
|
| expenses | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit before | 149 | 89 | 179 | 330 | 149 | 75 | 191 | 434
|
| tax | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Income tax | -27 | -11 | -34 | -81 | -33 | -16 | -56 | 109
|
| expenses | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for | 122 | 78 | 145 | 249 | 116 | 59 | 134 | 543
|
| the period | | | | | | | |
|
-----------------------------------------------------------------------------
---
-----------------------------------------------------------------------
---------
|
GROUP KEY | | | | | | | |
|
| FIGURES | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
EUR (1,000) | 1-12/ | 1-12/ | 1-9/ | 1-9/ | 1-6/ | 1-6/ | 1-3/ | 1-3/
|
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 |
2008
|
-----------------------------------------------------------------------------
---
|
Net sales | 6,618 | 7,512 | 4,817 | 5,454 | 3,316 | 3,969 | 1,628 | 1,754
|
-----------------------------------------------------------------------------
---
|
Net sales | -11.9 | 6.4 | -11.7 | 7.7 | -16.5 | 2.9 | -7.2 | 7.3
|
| growth, % | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating | 705 | 893 | 486 | 478 | 327 | 415 | 143 | 91
|
| profit | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
% of net | 10.6 | 11.9 | 10.1 | 8.8 | 9.9 | 10.5 | 8.8 | 5.2
|
| sales | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit or | 668 | 927 | 477 | 493 | 328 | 419 | 149 | 90
|
| loss | | | | | | | |
|
| before tax | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
% of net | 10.1 | 12.3 | 9.9 | 9.0 | 9.9 | 10.6 | 9.2 | 5.1
|
| sales | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit for | 517 | 928 | 383 | 385 | 267 | 327 | 122 | 78
|
| the period | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
% of net | 7.8 | 12.4 | 8.0 | 7.1 | 8.1 | 8.2 | 7.5 | 4.5
|
| sales | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Return on | 19.5 | 37.1 | 18.9 | 22.8 | 20.2 | 29.2 | 18.6 | 14.8
|
| equity,% | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Return on | 21.4 | 33.6 | 19.7 | 25.8 | 19.8 | 32.8 | 21.4 | 14.7
|
| investment,% | | | | | |
|
-----------------------------------------------------------------------------
---
|
Interest | 1,098 | 182 | 1,200 | 261 | 1,313 | 285 | 182 | 369
|
| bearing | | | | | | | |
|
| liabilities | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Cash and | 1,929 | 1,716 | 2,042 | 1,530 | 2,105 | 1,397 | 1,163 | 1,077
|
| cash | | | | | | | |
|
| equivalents | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Net | -831 | -1,534| -842 | -1,269| -792 | -1,112| -981 | -708
|
| liabilities | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Equity | 2,575 | 2,732 | 2,684 | 2,244 | 2,568 | 2,214 | 2,495 | 1,968
|
-----------------------------------------------------------------------------
---
|
Gearing,% | -32.3 | -56.1 | -31.4 | -56.5 | -30.8 | -50.2 | -39.3 | -36.0
|
-----------------------------------------------------------------------------
---
|
Equity | 42.5 | 52.9 | 50.9 | 55.1 | 51.1 | 53.8 | 66.2 | 53.1
|
| ratio,% | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Total | 6,874 | 6,047 | 6,170 | 5,147 | 6,599 | 5,926 | 5,501 | 5,158
|
| balance | | | | | | | |
|
| sheet | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Investments | 1,026 | 837 | 649 | 161 | 559 | 91 | 96 | 37
|
| in | | | | | | | |
|
| non-current | | | | | | | |
|
| assets | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
% of net | 15.5 | 11.1 | 13.5 | 3.0 | 16.9 | 2.3 | 5.9 | 2.1
|
| sales | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Research | 1,325 | 1,540 | 884 | 1,142 | 575 | 770 | 308 | 384
|
| and | | | | | | | |
|
| development | | | | | | | |
|
| expenses | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
% of net | 20.0 | 20.5 | 18.4 | 20.9 | 17.3 | 19.4 | 18.9 | 21.9
|
| sales | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Average | 57 | 53 | 56 | 53 | 56 | 53 | 57 | 55
|
| number | | | | | | | |
|
| of | | | | | | | |
|
| personnel | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Personnel | 55 | 58 | 55 | 58 | 55 | 58 | 55 | 58
|
| at the | | | | | | | |
|
| beginning | | | | | | | |
|
| of period | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Personnel | 57 | 55 | 59 | 54 | 56 | 54 | 57 | 52
|
| at the end | | | | | | | |
|
| of period | | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Earnings | 0.04 | 0.08 | 0.03 | 0.03 | 0.02 | 0.03 | 0.01 | 0.01
|
| per share,€ | | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Earnings | 0.04 | 0.07 | 0.03 | 0.03 | 0.02 | 0.03 | 0.01 | 0.01
|
| per share | | | | | | | |
|
| (diluted), €| | | | | | | |
|
-----------------------------------------------------------------------------
--
|
Equity per | 0.21 | 0.22 | 0.22 | 0.18 | 0.21 | 0.18 | 0.20 | 0.16
|
| share, € | | | | | | | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
Company has redefined the booking principles of received advance payments as
|
| of July 1, 2009. Equity ratio figures for previous periods have been
revised |
| accordingly.
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
MAJOR SHAREHOLDERS DECEMBER 31, 2009 | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
| Number of | Percentage of
|
| | shares | shares
and |
| | |
votes
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Ulkomarkkinat Oy | 1,600,000 | 12.86 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Jouko Pelkonen | 420,000 | 3.37 %
|
-----------------------------------------------------------------------------
---
|
Pohjolan Rahoitus Oy | 736,000 | 5.91 %
|
-----------------------------------------------------------------------------
---
|
Electrosale Oy | 200,000 | 1.61 %
|
-----------------------------------------------------------------------------
---
|
Total | 1,356,000 | 10.90 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Vesa-Pekka Leskinen | 851,400 | 6.84 %
|
-----------------------------------------------------------------------------
---
|
Kauppamainos Oy | 475,170 | 3.82 %
|
-----------------------------------------------------------------------------
---
|
Total | 1,326,570 | 10.66 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Alesco S.A | 1,300,000 | 10.45 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Autocarrera Oy Ab | 1,245,817 | 10.01 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Kari Junkkonen | 512,016 | 4.11 %
|
-----------------------------------------------------------------------------
---
|
Fortel Invest Oy | 425,326 | 3.42 %
|
-----------------------------------------------------------------------------
---
|
SR Fides New Media | 341,800 | 2.75 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Päivi Marttila | 292,972 | 2.35 %
|
-----------------------------------------------------------------------------
---
|
Edina Oy | 33,900 | 0.27 %
|
-----------------------------------------------------------------------------
---
|
Total | 326,872 | 2.63 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Asko Piekkola | 316,438 | 2.54 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Jari Jaakkola | 235,000 | 1.89 %
|
-----------------------------------------------------------------------------
---
|
Value FM Oy | 15,000 | 0.12 %
|
-----------------------------------------------------------------------------
---
|
Total | 250,000 | 2.01 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Esa Pääkkönen | 246,054 | 1.98 %
|
-----------------------------------------------------------------------------
---
|
Veli-Mikko Leskinen | 232,530 | 1.87 %
|
-----------------------------------------------------------------------------
---
|
Matti Kanninen | 197,494 | 1.59 %
|
-----------------------------------------------------------------------------
---
|
Tony Virtanen | 172,112 | 1.38 %
|
-----------------------------------------------------------------------------
---
|
Janne Laakso | 140,287 | 1.13 %
|
-----------------------------------------------------------------------------
---
|
Kai-Erik Becker | 140,000 | 1.12 %
|
-----------------------------------------------------------------------------
---
|
Teemu Lehto | 136,468 | 1.10 %
|
-----------------------------------------------------------------------------
---
|
Other shareholders | 2,179,079 | 17.51 %
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total | 12,444,863 | 100.0 %
|
-----------------------------------------------------------------------------
---
CALCULATION
OF KEY INDICATORS:
Return
on equity (ROE).% (counted on yearly level):
Profit for the period x 100
________________________________________________
Shareholders' equity + minority interest (average)
Return on capital employed (ROCE).% (counted on yearly level):
Profit before taxes + interest and other financial expenses x 100
__________________________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio.%:
Shareholders' equity x 100
______________________________________
Balance sheet total - deferred revenue
Gearing.%:
Interest bearing liabilities - cash and cash equivalents
x 100
______________________________________________________________
Shareholders' equity
Earnings per share. Euro:
Profit for the period attributable to parent company shareholders
_________________________________________________________________
Adjusted number of shares over the financial year (average)
Equity per share. Euro:
Profit for the period attributable to parent company
shareholders
_________________________________________________________________
Adjusted number of shares at the end of the financial period
Dividend per share. Euro:
Total dividend paid
___________________________________________________________
Adjusted number of shares at the end of the financial period
Market value of share capital:
(Number of shares - own shares) x share price at the
end of the financial
period
Turnover of shares. % of share capital:
Turnover (number of shares) x 100
_________________________________
Number of shares issued (average)
Quick ratio:
Current assets - inventories
______________________________________
Current liabilities - deferred revenue
|