QPR SOFTWARE PLC STOCK EXCHANGE RELEASE, 22 OCTOBER, 2010 9.30 AM
INTERIM REPORT 1 JANUARY - 30 SEPTEMBER, 2010
QPR SOFTWARE´S NET SALES ROSE TO EUR 5 MILLION, OPERATING MARGIN 9.6%
Summary
July - September 2010:
- Net sales EUR
1,574 thousand (7-9/2009: 1,501), growth 5%
- Estimated
revenue to be recognized for current subscription agreements in the
next
twelve months is EUR 288 thousand (0)
-
The Company won a corporate framework agreement with Vattenfall AB for
Business Process Modeling tool
- Operating profit EUR 164 thousand (159)
- Operating margin 10.4% of net sales (10.6)
- Cash flow from operations EUR 274 thousand (156)
- Earnings per share EUR 0.01 (0.01).
January - September 2010:
- Net sales EUR 5,017 thousand (1-9/2009: 4,817), growth 4%
- Operating profit EUR 480 thousand (486)
- Operating margin 9.6% of net sales (10.1)
- Cash flow from operations EUR 762 thousand (399)
- Earnings per share were EUR 0.02 (0.03)
Outlook 2010:
The outlook remains unchanged. 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). Maintenance,
subscription and professional
services net sales are expected to show clear
improvement in the second
half of 2010 compared to the same period in 2009.
KEY FIGURES
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|
(EUR 1,000) | July- | July- |Change-| Jan- | Jan- |Change- | Jan-
|
| | Sept | Sept | % | Sept, | Sept, | % |
Dec, |
| | 2010 | 2009 | | 2010 | 2009 | |
2009
|
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|
Net sales | 1,574 | 1,501 | 4.9 | 5,017 | 4,817 | 4.2 | 6,618
|
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|
Operating profit | 164 | 159 | 3.1 | 480 | 486 | -1.2 | 705
|
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|
% of net sales | 10.4 | 10.6 | | 9.6 | 10.1 | | 10.6
|
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|
Profit before | 153 | 149 | 2.7 | 400 | 477 | -16.1 | 668
|
| tax | | | | | | |
|
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|
Profit for the | 98 | 116 | -15.5 | 286 | 383 | -25.3 | 517
|
| period | | | | | | |
|
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|
% of net sales | 6.2 | 7.7 | | 5.7 | 8.0 | | 7.8
|
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|
Earnings per | | | | 0.02 | 0.03 | | 0.04
|
| share, EUR | | | | | | |
|
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|
EPS (diluted), | | | | 0.02 | 0.03 | | 0.04
|
| EUR | | | | | | |
|
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|
Equity per | | | | 0.20 | 0.22 | | 0.21
|
| share, EUR | | | | | | |
|
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|
Cash flow from | | | | 762 | 399 | | 953
|
| operating | | | | | | |
|
| activities | | | | | | |
|
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|
Cash and cash | | | | 1,833 | 2,042 | | 1,929
|
| equivalents | | | | | | |
|
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|
Net liabilities | | | | -962 | -842 | | -831
|
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|
Gearing, % | | | | -38.1 | -31.4 | | -32.3
|
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|
Equity ratio, % | | | | 44.6 | 50.9 | | 42.5
|
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|
Return on | | | | 14.9 | 18.9 | | 19.5
|
| equity, % | | | | | | |
|
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|
Return on | | | | 16.3 | 19.7 | | 21.4
|
| investment, % | | | | | | |
|
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This
interim 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
2009 financial statements. This interim report is not audited.
NET SALES
QPR Software Group´s net sales in July - September were EUR
1,574 thousand
(1,501), representing a growth of 4.9% compared to the
equivalent period last
year.
In January - September, net sales rose 4.2% to
EUR 5,017 thousand (4,817).
Group net sales by geography, (EUR 1,000):
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|
| Domestic | International | Total
|
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|
July - Sept, 2010 | 613 | 961 | 1,574
|
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|
Share-% | 38.9 | 61.1 | 100.0
|
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|
July - Sept, 2009 | 577 | 924 | 1,501
|
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|
Share-% | 38.4 | 61.6 | 100.0
|
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|
Change-% | 6.2 | 4.0 | 4.9
|
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|
Jan - Sept, 2010 | 2,053 | 2,964 | 5,017
|
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|
Share-% | 40.9 | 59.1 | 100.0
|
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|
Jan - Sept, 2009 | 2,103 | 2,714 | 4,817
|
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|
Share-% | 43.7 | 56.3 | 100.0
|
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|
Change-% | -2.4 | 9.2 | 4.2
|
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|
Jan - Dec, 2009 | 2,783 | 3,835 | 6,618
|
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Net
sales from international operations were in July - September EUR 961
thousand (924). The growth is due to higher net sales in Russian market.
In January - September, international net sales development has been
positive:
net sales grew 9.2% to EUR 2,964 thousand (2,714). Demand for
QPR´s products has
in many markets been stronger than in the previous year,
although there are
still large variances in demand after the recession in
various markets.
In July - September net sales in Finland grew 6,2%
thanks to better software
sales than in previous year and was EUR 613
thousand (577). An increasing share
of Finnish software net sales is
subscription sales, which forms a solid
foundation for further net
sales growth.
In subscription based
model, net sales are accumulated in a slower manner than
in license sales,
but the share of recurring revenue is significantly larger.
QPR started
selling software in Finland as a subscription in autumn 2009.
This has had
a negative impact on net sales in Finland, although new software
sales have
been strong. Net sales in Finland in January - September were EUR
2,053
thousand (2,103).
Group net sales divided into software licenses, maintenance services and
professional services as follows, (EUR 1,000):
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|
| Software | Maintenance | Professional | Total
|
| | licenses | services | services |
|
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|
July - Sept, | 470 | 884 | 220 | 1,574
|
| 2010 | | | |
|
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|
Share-% | 29.9 | 56.1 | 14.0 | 100.0
|
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|
July - Sept, | 494 | 812 | 195 | 1,501
|
| 2009 | | | |
|
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|
Share-% | 32.9 | 54.1 | 13.0 | 100.0
|
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|
Change-% | -4.9 | 8.9 | 12.8 | 4.9
|
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|
Jan - Sept, | 1,439 | 2,692 | 886 | 5,017
|
| 2010 | | | |
|
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|
Share-% | 28.7 | 53.6 | 17.7 | 100.0
|
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|
Jan - Sept, | 1,652 | 2,522 | 643 | 4,817
|
| 2009 | | | |
|
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|
Share-% | 34.3 | 52.4 | 13.3 | 100.0
|
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|
Change-% | -12.9 | 6.7 | 37.8 | 4.2
|
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|
Jan - Dec, 2009 | 2,394 | 3,338 | 886 | 6,618
|
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License
net sales in July - September decreased 4.9 % and were EUR 470 thousand
(494). The largest markets for license sales were Finland, South Africa,
Russia
and United Arab Emirates.
Maintenance services net sales (including software subscription
sales) grew 8.9%
and were EUR 884 thousand (812). The increase is attributable
to growth in
subscription net sales. Maintenance net sales were
negatively affected by
currency changes. The estimated revenue to be
recognized for current
subscription agreements in the next twelve
months is EUR 288 thousand (0),
assuming similar churn rate as in
maintenance service contracts.
Professional services net
sales in July - September increased 12.8% and were EUR
220 thousand (195).
Professional services net sales were positively impacted by
the initiation of
direct sales in Russia.
Group net
sales by business segments, (EUR 1,000):
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|
| Software | Software | Service and | Total
|
| | Sales | Sales | Solutions |
|
| | International | Finland | |
|
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|
July - Sept, | 956 | 456 | 162 | 1,574
|
| 2010 | | | |
|
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|
Share-% | 60.7 | 29.0 | 10.3 | 100.0
|
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|
July - Sept, | 917 | 410 | 174 | 1,501
|
| 2009 | | | |
|
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|
Share-% | 61.1 | 27.3 | 11.6 | 100.0
|
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|
Change-% | 4.3 | 11.2 | -6.9 | 4.9
|
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|
Jan - Sept, | 2,928 | 1,307 | 782 | 5,017
|
| 2010 | | | |
|
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|
Share-% | 58.4 | 26.0 | 15.6 | 100.0
|
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|
Jan - Sept, | 2,664 | 1,547 | 606 | 4,817
|
| 2009 | | | |
|
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|
Share-% | 55.3 | 32.1 | 12.6 | 100.0
|
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|
Change-% | 9.9 | -15.5 | 29.0 | 4,2
|
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|
Jan - Dec, 2009 | 3,728 | 2,042 | 848 | 6,618
|
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Software
Sales Finland business segment´s net sales in July - September rose
11.2%
and were EUR 456 thousand (410). QPR delivered software, among others, to
Aalto University, Alma Media Corporation, City of Järvenpää, Kymenlaakso
Joint
Authority for Health and Social Care (Carea), Cargotec Corporation,
Oulu Region
Joint Authority for Education (OSEKK), Pohjois-Pohjanmaa
Healthcare District,
Samlink Ltd, Satakunta University of Applied Sciences,
Finnish Funding Agency
for Technology and Innovation and to the KuntaIT
unit of the Finnish Ministry of
Finance. Software Sales Finland´s net sales in
January - September decreased
15.5% from previous year and were EUR 1,307
thousand (1,547). The decrease was
due to the transition to software
subscription sales.
Software Sales International
business segment´s net sales in July - September
were EUR 956 thousand
(917). The growth is due to higher net sales in Russian
market. In the
review period, QPR signed a corporate, 3-year framework agreement
with
Vattenfall AB. Agreement icludes options for continuation for 4 years
at
maximum. Vattenfall chose QPR ProcessGuide for their Group Business
Process
Modeling tool. The contract is estimated to have a positive impact on
QPR´s
license and maintenance service sales for the next three years. Software
Sales
International´s net sales in January - September grew 9.9%, thanks to
improved
maintenance and services sales and were EUR 2,928 thousand (2,664).
In January
- September, QPR and its resellers sold software to 68 countries.
Service and Solutions business
segment´s net sales in July - September were EUR
162 thousand (174) and
decreased 6.9%. The segment´s net sales are expected to
significantly
increase in the last quarter of 2010 when service projects that
have started
after the summer holidays are delivered. In January - September,
the segment´s
net sales developped very favorably and were EUR 782 thousand
(606),
representing a growth of 29.0%. The growth was mainly due to good demand
for
QPR´s service products. Especially demand for Process management framework
-service product increased markedly during the period.
PROFIT DEVELOPMENT
Operating profit in July - September rose slightly from the previous
year and
was EUR 164 thousand (159). Depreciation grew EUR 25 thousand
compared to
July - September 2009. Increase in depreciation is mainly
attributable to the
acquisition of Russian business operations in the end of
2009 and amortization
of R&D expenses.
January - September operating profit was almost in
same level than last year and
was EUR 480 thousand (486). Costs were higher
than in the previous year, which
was attributable to investments made in
commencing direct sales in the Russian
market and development of service
business in Finland. Depreciation in January -
September grew to EUR 431
thousand (335).
Group operating
profit by business segments, (EUR 1,000):
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|
| Software | Software | Service | Not | Total
|
| | Sales | Sales | and | allocated |
|
| | Inter- | Finland | Solutions | |
|
| | national | | | |
|
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|
July - Sept, | 176 | 132 | -54 | -90 | 164
|
| 2010 | | | | |
|
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|
July - Sept, | 165 | 109 | -24 | -91 | 159
|
| 2009 | | | | |
|
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|
Change-% | 6.7 | 21.1 | -125.0 | 1.1 | 3.1
|
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|
Jan - Sept, | 488 | 215 | 28 | -251 | 480
|
| 2010 | | | | |
|
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|
Jan - Sept, | 254 | 525 | -21 | -272 | 486
|
| 2009 | | | | |
|
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|
Change-% | 92.1 | -59.0 | 233.3 | 7.7 | -1.2
|
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|
Jan - Dec, | 503 | 668 | -67 | -400 | 705
|
| 2009 | | | | |
|
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Software
Sales Finland´s operating profit in July - September rose 21.1% to EUR
132
thousand (109) due to positive development in net sales. Profitability in
January - September was lower than in the previous year due to transition to
subscription based software sales. Operating profit in January - September
was
EUR 215 thousand (525).
Software Sales International business segment´s operating profit in
July -
September increased 6.7% and reached EUR 176 thousand (165). The
increase was a
result of net sales growth in Russia. In January - September,
Software Sales
International´s operating profit grew 92.1% due to improved
net sales to EUR 488
thousand (254).
Service and Solutions business segment´s operating
profit in July - September
decreased to EUR -54 thousand (-24). The
decrease was mainly attributable to
increased personnel recruitments.
Recruitments are increased, because service
sales growth plays an important
part in the Company´s strategy. Operating profit
in January - September
increased to EUR 28 thousand (-21) thanks to net sales
growth.
Profit before
taxes in July - September was EUR 153 thousand (149). Net
financial
items were EUR 11 thousand (10). Profit after taxes in July -
September was EUR 98 thousand (116) and earnings per share were EUR 0.01
(0.01).
Profit before taxes in January - September was EUR 400 thousand
(477). Net
financial items rose to EUR 80 (9), which was mainly
attributable to booked
currency losses. Net interest costs in January -
September were EUR 15 thousand
(1). Profit after taxes in January - September
was EUR 286 thousand (383) and
earnings per share were EUR 0.02 (0.03).
FINANCE AND INVESTMENTS
The value of total assets at the end
of September 2010 was EUR 6,892 thousand
(6,170).
Cash flow from operating
activities was EUR 762 thousand (399). The main reason
for increase in cash
flow is the change in working capital. Cash and cash
equivalents at the end
of the review period were EUR 1,833 thousand (2,042). A
dividend of EUR 244
thousand (368) and a distribution of EUR 122 thousand (0)
from the invested
non-restricted equity fund were paid during the reporting
period.
The Group´s
investments in the review period totaled to EUR 227 thousand (649).
A
significant part of the investments were R&D investments.
The Group´s
interest bearing liabilities decreased and were EUR 871 thousand
(1,200)
at the end of the reporting period. The gearing ratio was -38.1%
(-31.4). Return on capital employed was 16.3% (19.7).
Short-term liabilities include deferred revenue in total of EUR 1,222
thousand
(901). At the end of reporting period, quick ratio was 2.33 (2.50).
At the end of the reporting period, the Group equity stood at
EUR 2,529 thousand
(2,684), and equity to assets ratio was 44.6% (50.9). The
decrease in equity to
assets ratio is attributable to the Russian business
acquisition in the end of
2009 and acquisition of own shares. Return on
equity was 14.9% (18.9).
PERSONNEL
At the end of the September 2010, the
Group employed a total of 62 persons (59).
Out of them eight were employed by
QPR's Russian subsidiary, OOO QPR Software,
in Moscow (0). Average number of
personnel in the review period was 63 (56).
PRODUCT AND SERVICES
DEVELOPMENT
The amount of
product development expenses in the review period were EUR 943
thousand
(884), representing 18.8 % of net sales (18.4%).
During the review period, product development expenses have been activated
as
assets for a total amount of EUR 162 thousand (87). The depreciation
period of
capitalized product development expenses is 4 years. The
depreciation of
activated product development expense was EUR 146
thousand (118).
Product development employed 15 (20) people
at the end of the review period,
corresponding to 24.1 % of the total
personnel (34%).
During the review period,
product development activities focused on the
development of a new
version of the QPR product family, QPR 8.2, planned to be
released in the
first half of 2011 as well as developing concepts and prototypes
for new
software products broadening the QPR offering. In addition development
of a
new tool for automatic process analysis, QPR ProcessAnalyzer, was
continued.
QPR
started development of QPR Enterprise Architecture Management Framework and
continued investments in Process Management Framework launched in Autumn
2009.
Professional Services offering to the domestic market was strengthened
by
developing vertical applications from the QPR ScoreCard Rapid
Implementation
service for public and health care sectors.
SHARES AND TRADING WITH COMPANY'S SHARES
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|
Trading of shares | Jan - Sept, | Jan - Sept, |
|
| | 2010 | 2009 |
|
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|
Shares traded, pcs | 759,446 | 592,817 |
|
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|
Volume, EUR | 698,995 | 510,799 |
|
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|
% of shares | 6.1 | 4.8 |
|
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|
Shares and market values | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
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---
|
Total number of shares, pcs | 12,444,863 | 12,444,863 | 12,444,863
|
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|
Treasury shares, pcs | 291,534 | 258,000 | 258,000
|
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|
Book counter value, EUR | 0.11 | 0.11 | 0.11
|
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|
Outstanding shares, pcs | 12,153,329 | 12,186,863 | 12,186,863
|
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|
Number of Shareholders | 605 | 579 | 608
|
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|
Closing price, EUR | 0.95 | 0.89 | 0.95
|
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|
Market value, EUR | 11,545,663 | 10,846,308 | 11,577,520
|
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|
Acquired treasury shares | 33,534 | 97,850 | 97,850
|
| Jan - Sept 2010, pcs | | |
|
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|
Book counter value of treasury | 32,069 | 28,380 | 28,380
|
| shares, EUR | | |
|
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|
Total purchase value of treasury | 247,629 | 209,103 | 209,103
|
| shares, EUR | | |
|
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|
Treasury shares % | 2.3 | 2.1 | 2.1
|
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The
Company has no active option schemes.
OTHER EVENTS IN THE REPORTING PERIOD
Subsidiary OOO QPR Software
started its operations in Russian Federation and CIS
countries as of 2 March,
2010. The company is a fully owned subsidiary of QPR
Software's subsidiary
QPR CIS Oy. OOO QPR Software is domiciled and located in
Moscow and employed
eight persons at the end of September.
The
distribution of EMT responsibilities were reorganized as of 18 February
2010
when EMT's secretary Jyrki Karasvirta received responsibility for
Company's
marketing and communications as an EMT member and Teemu Lehto
for business
development.
The Executive Management Team of QPR Software Plc
consists of the following
persons as of 1 July, 2010: Chief Executive
Officer Jari Jaakkola (chairman),
Vice President Software Sales
International Antti Ainasoja, Vice President
Business Operations Finland
Matti Erkheikki, Vice President Marketing and
Communications Jyrki
Karasvirta, Vice President Business Development Teemu
Lehto, Chief
Financial Officer Päivi Martti (previously Vahvelainen) and Vice
President
Products and Technology Tony Virtanen.
STRATEGY
The Board of Directors has approved a new strategy and business targets
for
years 2011 - 2014 for QPR Software. The Group targets for profitable
growth and
pursues to double its 2009 net sales by year 2014.
QPR aims to
accelerate its growth by expanding its offering to small and medium
sized
organizations. For these organizations, QPR and its resellers offer
software subscriptions without any upfront investments, as well as service
products that support software implementations and management methods
chosen by
the customers.
QPR expands its domestic service offering to large enterprises
especially in
enterprise architecture consulting services. The Company
believes that the
demand for these services will show strong increase in
Finnish public and
private sectors.
The Company delivers its international
resellers, in addition to software,
service products that support
software sales. These service products have
experienced strong demand
in Finland in the past year. The Company also
strengthens its
reseller network for QPR ProcessGuide software.
QPR pursues
strong growth in Russia, where it started its operations this year
after
acquiring its Russian resellers´ business operations. Russian market is in
a
strong growth phase, and offers significant opportunities to QPR´s technology
products and services.
The Company´s product development focuses on further development of
existing
products and building innovations aimed at process development.
The company
continues its close co-operation with Microsoft.
GOVERNANCE
The Annual Shareholders' Meeting held on 18 March,
2010 resolved that the Board
of Directors consists of five (5) ordinary
members. The Annual Shareholders'
Meeting elected the following members to
the Board of Directors: Aino-Maija
Fagerlund, Jyrki Kontio, Antti Laine,
Vesa-Pekka Leskinen and Asko Piekkola.
In its first meeting immediately
following the Annual Shareholders' Meeting, the
Board of Directors elected
Vesa-Pekka Leskinen as Chairman of the Board. The
Board of Directors noted
that both new members, Aino-Maija Fagerlund and Antti
Laine, are independent
from the Company and its main shareholders.
KPMG Oy Ab,
Authorized Public Accountants, continues as QPR Software Plc's
Auditors.
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).
The conditions of all authorizations of the Board and other decisions
made by
The Annual Shareholders' Meeting are available in their entirety on
the stock
exchange release published by the Company on 18 March, 2010 and
available on the
investors section of the company's web site, www.qpr.com.
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.
QPR has identified the
following four groups of risks related to its operations:
risks related to
business operations (country, customer, net sales 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.
Financial risks include reasonable credit risk concerning
individual business
partners, which 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 a customary
and reasonable level.
The Company has hedged 17.4% of its
foreign currency (non-Euro) cash
flow.
No significant changes have
taken place in QPR's short-term risks and
uncertainties during the
financial period. Risks related to QPR Software´s
business are further
described in the Annual Report 2009, page 25 onwards
(www.qpr.com/annual-reports.html).
FUTURE OUTLOOK
Market forecasts published in the beginning of 2010 estimate that the
value 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 in 2010 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
The unaudited financial
results for year 2010 are published on Friday, 18
February, 2011.
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
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|
CONSOLIDATED INCOME STATEMENT | | | | |
|
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|
(EUR 1,000) | July- | July- | Jan- | Jan- | Jan-
|
| | Sept | Sept | Sept, | Sept, |
Dec, |
| | 2010 | 2009 | 2010 | 2009
| 2009
|
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---
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|
Net sales | 1,574 | 1,501 | 5,017 | 4,817 | 6,618
|
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---
|
Other operating income | 13 | 3 | 50 | 35 | 35
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Material and services | 50 | 134 | 160 | 363 | 451
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Employee benefits expenses | 925 | 748 | 2,974 | 2,533 | 3,524
|
-----------------------------------------------------------------------------
---
|
Depreciation | 151 | 126 | 431 | 335 | 466
|
-----------------------------------------------------------------------------
---
|
Other operating expenses | 297 | 337 | 1,023 | 1,135 | 1,508
|
-----------------------------------------------------------------------------
---
|
Operating profit | 164 | 159 | 480 | 486 | 705
|
-----------------------------------------------------------------------------
---
|
Financial income and expenses | -11 | -10 | -80 | -9 | -37
|
-----------------------------------------------------------------------------
---
|
Profit before tax | 153 | 149 | 400 | 477 | 668
|
-----------------------------------------------------------------------------
---
|
Income tax expense | -55 | -33 | -114 | -94 | -150
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 98 | 116 | 286 | 383 | 517
|
-----------------------------------------------------------------------------
---
|
Profit for the period attributable to: | | | |
|
-----------------------------------------------------------------------------
---
|
Equity holders of the | | | | |
|
| parent company | 92 | 116 | 287 | 383 |
517
|
-----------------------------------------------------------------------------
---
|
Non-controlling interests | 6 | 0 | -1 | 0 | 0
|
-----------------------------------------------------------------------------
---
|
| 98 | 116 | 286 | 383 | 517
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Earnings per share (diluted), EUR | 0,01 | 0,01 | 0,02 | 0,03 | 0,04
|
-----------------------------------------------------------------------------
---
|
Earnings per share, EUR | 0,01 | 0,01 | 0,02 | 0,03 | 0,04
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Consolidated Statement of comprehensive income: | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 98 | 116 | 286 | 383 | 517
|
-----------------------------------------------------------------------------
---
|
Exchange differences on translating | -21 | 15 | 72 | 10 | 11
|
| foreign operations | | | | |
|
-----------------------------------------------------------------------------
---
|
Income tax relating to components of | - | - | - | - | -
|
| other comprehensive income | | | | |
|
-----------------------------------------------------------------------------
---
|
Total comprehensive income | 77 | 131 | 358 | 393 | 528
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total comprehensive income | | | | |
|
| attributable to: | | | | |
|
-----------------------------------------------------------------------------
---
|
Equity holders of the parent company | 71 | 131 | 359 | 393 | 528
|
-----------------------------------------------------------------------------
---
|
Non-controlling interests | 6 | 0 | -1 | 0 | 0
|
-----------------------------------------------------------------------------
---
|
| 77 | 131 | 358 | 393 | 528
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
CONSOLIDATED BALANCE SHEET | | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
|
Assets | | |
|
-----------------------------------------------------------------------------
---
|
Non-current assets | | |
|
-----------------------------------------------------------------------------
---
|
Tangible assets | 102 | 163 | 145
|
-----------------------------------------------------------------------------
---
|
Other intangible assets | 1,558 | 1,258 | 1,720
|
-----------------------------------------------------------------------------
---
|
Other investments | 5 | 5 | 5
|
-----------------------------------------------------------------------------
---
|
Deferred tax assets | 306 | 464 | 413
|
-----------------------------------------------------------------------------
---
|
Total non-current assets | 1,971 | 1,890 | 2,283
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current assets | | |
|
-----------------------------------------------------------------------------
---
|
Trade and other receivables | 3,088 | 2,238 | 2,662
|
-----------------------------------------------------------------------------
---
|
Cash and cash equivalents | 1,833 | 2,042 | 1,929
|
-----------------------------------------------------------------------------
---
|
Total current assets | 4,921 | 4,280 | 4,591
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total assets | 6,892 | 6,170 | 6,874
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Equity and liabilities | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Equity | | |
|
-----------------------------------------------------------------------------
---
|
Share capital | 1,359 | 1,359 | 1,359
|
-----------------------------------------------------------------------------
---
|
Reserve fund | 21 | 21 | 21
|
-----------------------------------------------------------------------------
---
|
Invested non-restricted equity fund | 5 | 371 | 127
|
-----------------------------------------------------------------------------
---
|
Translation differences | -22 | -95 | -94
|
-----------------------------------------------------------------------------
---
|
Treasure shares | -248 | -209 | -209
|
-----------------------------------------------------------------------------
---
|
Retained earnings | 1,413 | 1,237 | 1,371
|
-----------------------------------------------------------------------------
---
|
Equity attributable to shareholders | 2,528 | 2,684 | 2,575
|
| of the parent company | | |
|
-----------------------------------------------------------------------------
---
|
Non-controlling interest | 1 | 0 | 0
|
-----------------------------------------------------------------------------
---
|
Total equity | 2,529 | 2,684 | 2,575
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Non-current liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Interest-bearing liabilities | 566 | 974 | 793
|
-----------------------------------------------------------------------------
---
|
Non-Interest-bearing liabilities | 0 | 0 | 460
|
-----------------------------------------------------------------------------
---
|
Total non-current liabilities | 566 | 974 | 1,253
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Accounts payables and other payables | 3,492 | 2,286 | 2,741
|
-----------------------------------------------------------------------------
---
|
Interest-bearing liabilities | 305 | 226 | 305
|
-----------------------------------------------------------------------------
---
|
Total current liabilities | 3,797 | 2,512 | 3,046
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total liabilities | 4,363 | 3,486 | 4,299
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total equity and liabilities | 6,892 | 6,170 | 6,874
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
CONSOLIDATED CASH FLOW STATEMENT | | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Jan - Sept,| Jan - Sept,| Jan -
Dec,|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from operating activities | | |
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 286 | 383 | 517
|
-----------------------------------------------------------------------------
---
|
Adjustments for the profit | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 431 | 335 | 466
|
-----------------------------------------------------------------------------
---
|
Non-cash transactions | 73 | -58 | 11
|
-----------------------------------------------------------------------------
---
|
Changes in working capital | | |
|
-----------------------------------------------------------------------------
---
|
Changes in trade and other | -276 | 245 | -53
|
| receivables | | |
|
-----------------------------------------------------------------------------
---
|
Changes in accounts payable and | 291 | -461 | 61
|
| other liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Interest expense and other | -33 | -21 | -31
|
| financial expenses | | |
|
-----------------------------------------------------------------------------
---
|
Interest income and other | 18 | 8 | 20
|
| financial income | | |
|
-----------------------------------------------------------------------------
---
|
Income taxes paid | -28 | -32 | -38
|
-----------------------------------------------------------------------------
---
|
Net cash from operating activities | 762 | 399 | 953
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from investing activities | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Purchases of tangible assets | -32 | -27 | -38
|
-----------------------------------------------------------------------------
---
|
Purchases of intangible assets | -195 | -622 | -932
|
-----------------------------------------------------------------------------
---
|
Net cash used in investing | -227 | -649 | -970
|
| activities | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash flow from financing activities | | |
|
-----------------------------------------------------------------------------
---
|
Proceeds from issuance of share | 0 | 11 | 11
|
| capital | | |
|
-----------------------------------------------------------------------------
---
|
Proceeds from long-term loans | 0 | 1,131 | 1,132
|
-----------------------------------------------------------------------------
---
|
Repayments of long term loans | -226 | -113 | -217
|
-----------------------------------------------------------------------------
---
|
Purchases of own shares | -39 | -84 | -84
|
-----------------------------------------------------------------------------
---
|
Invested non-restricted equity fund | -122 | 0 | -244
|
| distribution | | |
|
-----------------------------------------------------------------------------
---
|
Dividends paid | -244 | -368 | -368
|
-----------------------------------------------------------------------------
---
|
Net cash used in financing | -631 | 576 | 230
|
| activities | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net change in cash and cash | -96 | 326 | 213
|
| equivalents | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Cash and cash equivalents in | 1,929 | 1,716 | 1,716
|
| the beginning of period | | |
|
-----------------------------------------------------------------------------
---
|
Cash and cash equivalents in | 1,833 | 2,042 | 1,929
|
| the end of period | | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
|
| 1 JANUARY - 30 SEPTEMBER, 2010
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | Jan 1, | Shares | Divi- | Purchase | Compre- | Sept 30,
|
| | 2010 | issued | dends | of own | hensive |
2010 |
| | | | paid | shares | income |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Share capital | 1,359 | | | | | 1,359
|
-----------------------------------------------------------------------------
---
|
Reserve fund | 21 | | | | | 21
|
-----------------------------------------------------------------------------
---
|
Translation | -94 | | | | 72 | -22
|
| differences | | | | | |
|
-----------------------------------------------------------------------------
---
|
Treasure shares | -209 | | | -39 | | -248
|
-----------------------------------------------------------------------------
---
|
Invested | 127 | | -122 | | | 5
|
| non-restricted | | | | | |
|
| equity fund | | | | | |
|
-----------------------------------------------------------------------------
---
|
Retained earnings | 1,371 | | -244 | | 286 | 1,413
|
-----------------------------------------------------------------------------
---
|
Non-controlling | 0 | | | | 1 | 1
|
| interest | | | | | |
|
-----------------------------------------------------------------------------
---
|
Total | 2,575 | 0 | -366 | -39 | 359 | 2,529
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
|
| 1 JANUARY - 30 SEPTEMBER, 2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | Jan 1, | Shares | Divi- | Purchase | Compre- | Sept 30,
|
| | 2009 | issued | dends | of own | hensive |
2009 |
| | | | paid | shares | income |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Share capital | 1,359 | | | | | 1,359
|
-----------------------------------------------------------------------------
---
|
Reserve fund | 21 | | | | | 21
|
-----------------------------------------------------------------------------
---
|
Translation | -105 | | | | 10 | -95
|
| differences | | | | | |
|
-----------------------------------------------------------------------------
---
|
Treasure shares | -125 | | | -84 | | -209
|
-----------------------------------------------------------------------------
---
|
Invested | 360 | 11 | | | | 371
|
| non-restricted | | | | | |
|
| equity fund | | | | | |
|
-----------------------------------------------------------------------------
---
|
Retained earnings | 1,222 | | -368 | | 383 | 1,237
|
-----------------------------------------------------------------------------
---
|
Total | 2,732 | 11 | -368 | -84 | 393 | 2,684
|
-----------------------------------------------------------------------------
---
APPENDIX:
ACCOUNTING PRINCIPLES
This interim report complies with accounting and valuation principles
of IFRS,
but in preparations not all the requirements of IAS 34-standard
have been
considered. Apart from the changes in accounting principles
stated below, the
accounting principles applied in the interim report are
the same as in the
financial statements at December 31, 2009.
Changes in the accounting principles
The Group adopted the following standards,
amendments to standard
interpretations from 1 January 2010
onwards:
- Revised IFRS 3 Business
Combinations
- Revised IAS 27 Consolidated and Separate Financial Statements.
Following newly adopted standards and interpretations have not had any
effect on
interim financial statements:
- Revised IFRS 2 Share-based Payment
- Revised IAS 39 Financial
Instruments: recognition and measurement
- IFRIC 17 Distributions of Non-cash
Assets to Owners
- IFRIC 18 transfer of Assets from customers
QPR
Software´s business consists of software license sales, software
subscription sales, software maintenance sales and professional services.
Software subscription net sales are reported as part of maintenance
services net
sales.
QPR Software Plc has three business segments: Software Sales
International
(software license, subscription and maintenance sales
outside of Finland),
Software Sales Finland (software license,
subscription and maintenance sales in
Finland) and Service and Solutions
(global professional service sales).
The geographical segments used
by the Company are Domestic (Finland) and
International markets. The
Company introduced hedging for its foreign currency
cash flows in June.
----------------------------------------------------------------------------
----
|
GROUP COMMITMENTS AND CONTINGENT LIABILITIES | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Business mortgage | 1,337 | 1,337 | 1,337
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Current lease liabilities | | |
|
-----------------------------------------------------------------------------
---
|
Liabilities maturing during one year | 201 | 146 | 222
|
-----------------------------------------------------------------------------
---
|
Liabilities maturing 2-5 years | 107 | 33 | 261
|
-----------------------------------------------------------------------------
---
|
Total | 308 | 179 | 483
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Total commitments and contingent | 1,645 | 1,516 | 1,820
|
| liabilities | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Currency Hedging (EUR 1,000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
|
Nominal value | 155 | 0 | 0
|
-----------------------------------------------------------------------------
---
|
Current value | 162 | 0 | 0
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
GROUP INTANGIBLE AND TANGIBLE ASSETS
------------------------------------------------------------------------------
--
------------------------------------------------------------------------------
--
|
Change in intangible assets | | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1,000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Acquisition cost Jan 1 | 3,494 | 2,528 | 2,506
|
-----------------------------------------------------------------------------
---
|
Increase | 195 | 424 | 988
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Change in tangible assets | | |
|
-----------------------------------------------------------------------------
---
|
(EUR 1 000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Acquisition cost Jan 1 | 983 | 1,099 | 945
|
-----------------------------------------------------------------------------
---
|
Increase | 32 | 27 | 38
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
CHANGE IN GROUP INTEREST BEARING LOANS | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(EUR 1,000) | Sept 30, | Sept 30, | Dec 31,
|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Interest bearing loans Jan 1 | 1,098 | 182 | 182
|
-----------------------------------------------------------------------------
---
|
Withdrawals | 0 | 1,131 | 1,132
|
-----------------------------------------------------------------------------
---
|
Repayments | -226 | -113 | -217
|
-----------------------------------------------------------------------------
---
|
Interest bearing loans | 871 | 1,200 | 1,098
|
| 30 September/31 December | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
INCOME STATEMENT INFORMATION BY SEGMENT | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
(1,000 EUR) | July- | July- | Jan- | Jan- |
|
| | Sept, | Sept, | Sept, | Sept, |
|
| | 2010 | 2009 | 2010 | 2009
|
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net Sales | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 956 | 917 | 2,928 | 2,664 |
|
| | International | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 456 | 410 | 1,307 | 1,547 |
|
| | Finland | | | | |
|
-----------------------------------------------------------------------------
---
|
| Service & | 162 | 174 | 782 | 606 |
|
| | Solutions | | | | |
|
-----------------------------------------------------------------------------
---
|
Total Net Sales | 1,574 | 1,501 | 5,017 | 4,817 |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Operating Profit | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 176 | 165 | 488 | 254 |
|
| | International | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 132 | 109 | 215 | 525 |
|
| | Finland | | | | |
|
-----------------------------------------------------------------------------
---
|
| Service & | -54 | -24 | 28 | -21 |
|
| | Solutions | | | | |
|
-----------------------------------------------------------------------------
---
|
| Not allocated | -90 | -91 | -251 | -272 |
|
-----------------------------------------------------------------------------
---
|
Total Operating | 164 | 159 | 480 | 486 |
|
| Profit | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Financial income | -11 | -10 | -80 | -9 |
|
| and expenses | | | | |
|
-----------------------------------------------------------------------------
---
|
Income tax expense | -55 | -33 | -114 | -94 |
|
-----------------------------------------------------------------------------
---
|
Profit for the | 98 | 116 | 286 | 383 |
|
| period | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Other information | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 84 | 61 | 230 | 175 |
|
| | International | | | | |
|
-----------------------------------------------------------------------------
---
|
| Software Sales | 57 | 54 | 172 | 129 |
|
| | Finland | | | | |
|
-----------------------------------------------------------------------------
---
|
| Service & | 9 | 11 | 28 | 31 |
|
| | Solutions | | | | |
|
-----------------------------------------------------------------------------
---
|
Total depreciation | 151 | 126 | 431 | 335 |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
CONSOLIDATED INCOME STATEMENT PER QUARTER
------------------------------------------------------------------------------
--
----------------------------------------------------------------------------
----
|
(EUR 1,000) | Jan- | Jan- | Apr- | Apr- | July- | July- | Oct-
|
| | March,| March,| June,| June, | Sept, | Sept, |
Dec, |
| | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 1,671 | 1,628 | 1,773| 1,688 | 1,574 | 1,501 | 1,801
|
-----------------------------------------------------------------------------
---
|
Other operating | 34 | 7 | 3 | 25 | 13 | 3 | 0
|
| income | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Material and | 47 | 112 | 63 | 117 | 50 | 134 | 88
|
| services | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Employee benefits | 1,009 | 895 |1,040 | 890 | 925 | 748 | 991
|
| expenses | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Depreciation | 129 | 114 | 151 | 95 | 151 | 126 | 131
|
-----------------------------------------------------------------------------
---
|
Other operating | 375 | 371 | 351 | 427 | 297 | 337 | 373
|
| expenses | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Operating profit | 145 | 143 | 171 | 184 | 164 | 159 | 218
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Financial income | -25 | 6 | -45 | -5 | -11 | -10 | -28
|
| and expenses | | | | | | |
|
-----------------------------------------------------------------------------
---
|
Profit before tax | 120 | 149 | 126 | 179 | 153 | 149 | 190
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Income tax | -25 | -27 | -33 | -34 | -55 | -33 | -56
|
| expenses | | | | | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Profit for the | 95 | 122 | 93 | 145 | 98 | 116 | 134
|
| period | | | | | | |
|
-----------------------------------------------------------------------------
---
-------------------------------------------------------------------------
-------
|
GROUP KEY FIGURES | | |
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
EUR (1,000) |Jan - Sept,| Jan - Sept,| Jan -
Dec,|
| | 2010 | 2009 |
2009
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Net sales | 5,017 | 4,817 | 6,618
|
-----------------------------------------------------------------------------
---
|
Net sales growth, % | 4.2 | -11.7 | -11.9
|
-----------------------------------------------------------------------------
---
|
Operating profit | 480 | 486 | 705
|
-----------------------------------------------------------------------------
---
|
% of net sales | 9.6 | 10.1 | 10.6
|
-----------------------------------------------------------------------------
---
|
Profit or loss before tax | 400 | 477 | 668
|
-----------------------------------------------------------------------------
---
|
% of net sales | 8.0 | 9.9 | 10.1
|
-----------------------------------------------------------------------------
---
|
Profit for the period | 286 | 383 | 517
|
-----------------------------------------------------------------------------
---
|
% of net sales | 5.7 | 8.0 | 7.8
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Return on equity,% | 14.9 | 18.9 | 19.5
|
-----------------------------------------------------------------------------
---
|
Return on investment,% | 16.3 | 19.7 | 21.4
|
-----------------------------------------------------------------------------
---
|
Interest bearing liabilities | 871 | 1,200 | 1,098
|
-----------------------------------------------------------------------------
---
|
Cash and cash equivalents | 1,833 | 2,042 | 1,929
|
-----------------------------------------------------------------------------
---
|
Net liabilities | -962 | -842 | -831
|
-----------------------------------------------------------------------------
---
|
Equity | 2,529 | 2,684 | 2,575
|
-----------------------------------------------------------------------------
---
|
Gearing,% | -38.1 | -31.4 | -32.3
|
-----------------------------------------------------------------------------
---
|
Equity ratio,% | 44.6 | 50.9 | 42.5
|
-----------------------------------------------------------------------------
---
|
Total balance sheet | 6,892 | 6,170 | 6,874
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Investments in non-current assets | 227 | 649 | 1,026
|
-----------------------------------------------------------------------------
---
|
% of net sales | 4.5 | 13.5 | 15.5
|
-----------------------------------------------------------------------------
---
|
Research and development expenses | 943 | 884 | 1,325
|
-----------------------------------------------------------------------------
---
|
% of net sales | 18.8 | 18.4 | 20.0
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Average number of personnel | 63 | 56 | 57
|
-----------------------------------------------------------------------------
---
|
Personnel at the beginning of period | 57 | 55 | 55
|
-----------------------------------------------------------------------------
---
|
Personnel at the end of period | 62 | 59 | 57
|
-----------------------------------------------------------------------------
---
---------------------------------------------------------------------------
-----
|
Earnings per share,€ | 0.02 | 0.03 | 0.04
|
-----------------------------------------------------------------------------
---
|
Earnings per share (diluted), € | 0.02 | 0.03 | 0.04
|
-----------------------------------------------------------------------------
---
|
Equity per share, € | 0.20 | 0.22 | 0.21
|
-----------------------------------------------------------------------------
---
CALCULATION
OF KEY INDICATORS:
Return
on equity (ROE), % (counted on yearly level):
Profit for the period x 100
________________________________________________
Shareholders' equity + non-controlling 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 - treasury 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
|