INTERIM REPORT JANUARY 1 - MARCH 31, 2011QPR SOFTWARE'S NET SALES ROSE TO EUR 1.8 MILLION, OPERATING MARGIN 8.9%
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 27, 2011 AT 9.00 AM
INTERIM REPORT JANUARY 1 – MARCH 31, 2011
QPR SOFTWARE’S NET SALES ROSE TO EUR 1.8 MILLION, OPERATING MARGIN 8.9%
Summary
January - March 2011:
-
Net sales EUR 1,768 thousand (January – March 2010: 1,671), growth 5.8%
-
Net sales in Finland grew 10.3% and international net sales grew 2.5%
-
Operating profit EUR 157 thousand (145), growth 8.3%
-
Operating margin 8.9% (8.7) of consolidated net sales
-
Cash flow from operating activities was EUR 521 thousand (349), growth 49.3%
-
Earnings per share EUR 0.01 (0.01)
Outlook 2011:
QPR Software estimates the consolidated net sales 2011 to grow faster than in the previous year (growth in year 2010: 4.8%) and operating margin to remain approximately 10% of net sales. In Finland, growth is expected especially in software subscription net sales and enterprise architecture services sales. In international markets, growth is expected from Russia and CIS countries.
KEY FIGURES
(EUR 1,000) |
Jan - March, 2011 |
Jan - March, 2010 |
Change-% |
Jan - Dec, 2010 |
Net sales |
1,768 |
1,671 |
5.8 |
6,937 |
Operating profit |
157 |
145 |
8.3 |
752 |
% of net sales |
8.9 |
8.7 |
|
10.8 |
Profit before tax |
141 |
120 |
17.5 |
707 |
Profit for the period |
100 |
95 |
5.3 |
527 |
% of net sales |
5.7 |
5.7 |
|
7.6 |
|
|
|
|
|
Earnings per share, EUR |
0.01 |
0.01 |
|
0.04 |
EPS (diluted), EUR |
0.01 |
0.01 |
|
0.04 |
Equity per share, EUR |
0.22 |
0.22 |
|
0.22 |
|
|
|
|
|
Cash flow from operating activities |
521 |
349 |
|
860 |
Cash and cash equivalents |
1,995 |
2,091 |
|
1,703 |
Net liabilities |
-1,315 |
-1,107 |
|
-910 |
Gearing, % |
-47.8 |
-40.8 |
|
-33.8 |
Equity ratio, % |
48.7 |
43.5 |
|
42.6 |
Return on equity, % |
14.6 |
14.4 |
|
20.0 |
Return on investment, % |
18.0 |
14.2 |
|
21.0 |
REPORTING
This interim report complies with accounting and valuation principles of IFRS, but in preparations not all the requirements of the IAS 34 standard have been considered. The accounting and valuation principles are the same as they were in the 2010 financial statements. This report is unaudited.
QPR Software´s business operations consist of software license, subscription, maintenance and professional services sales.
As of January 1, 2011 QPR Software has two segments; Software Sales International (software license and subscription sales, maintenance and professional services sales outside of Finland) and Business Operations Finland (software license and subscription sales, maintenance and professional services sales in Finland).
NET SALES
QPR Software Group´s net sales in the reporting period were EUR 1,768 thousand (1,671) and grew 5.8% compared to the equivalent period in the previous year.
QPR Software´s net sales in Finland rose 10.3 %, mainly due to strong growth in software net sales. Net sales were strong especially in software subscription sales aiming at process and enterprise architecture development. Professional services net sales was on the same level as last year and focused in particular to process development and software deployment services for customers.
The Company delivered software and professional services in the reporting period, among others, to Carea, DNA Oyj, Mikkeli University of Applied Sciences, Onninen Group, Outotec Corporation, Patria Corporation, SATO Corporation, Vacon Oyj and to City of Varkaus.
The Company acquired new customers also for its new QPR ProcessAnalyzer product and its process analysis services. QPR ProcessAnalyzer allows automatic and fast discovery of actual processes in the organization, utilizing data from business applications. Data is used to discover patterns and it is visualized as a process model. Apart from being fast, it also ensures an objective evaluation of the current state of business in light of time, cost and quality parameters.
International net sales grew 2.5% compared to previous year. International channel net sales were slightly lower than in the previous year. The difference is entirely due to currency exchange rate changes.
QPR´s net sales in Russia and CIS countries grew 36%. Net sales growth was due to positive development in professional services net sales. The Company acquired business operations of its Russian resellers in November 2009, and has since the beginning of 2010 operated locally in Russia through its subsidiary OOO QPR Software. The resources in the subsidiary will be further increased this year.
The largest markets outside Finland in the reporting period were Russia, Sweden, South Africa and Belgium. The Company delivered software, among others, to Abu Dhabi Sewerage Services Company in United Arab Emirates, Anglo Platinum in South Africa, City of Antwerp in Belgium, IRKUT in Russia, The Ministry of Health in Lithuania, The Ministry of Justice in Lithuania, City of Ludovika in Sweden, Millard Filters in Spain, The University of Santiago in Chile, United Chemical Company in Kazakhstan and Vattenfall in Sweden.
Consolidated net sales by business segments, (EUR 1,000):
|
Software Sales
International |
Business Operations
Finland |
|
Total |
Jan-March, 2011 |
984 |
784 |
|
1,768 |
Share-% |
55.7 |
44.3 |
|
100.0 |
Jan-March, 2010 |
960 |
711 |
|
1,671 |
Share-% |
57.5 |
42.5 |
|
100.0 |
Change-% |
2.5 |
10.3 |
|
5.8 |
Jan-Dec, 2010 |
4,077 |
2,860 |
|
6,937 |
Consolidated net sales by product group (EUR 1,000):
|
Software
licenses |
Maintenance
services |
Professional
services |
|
Total |
Jan-March, 2011 |
448 |
950 |
370 |
|
1,768 |
Share-% |
25.3 |
53.7 |
21.0 |
|
100.0 |
Jan-March, 2010 |
485 |
878 |
308 |
|
1,671 |
Share-% |
29.0 |
52.6 |
18.4 |
|
100.0 |
Change-% |
-7.6 |
8.2 |
20.1 |
|
5.8 |
Jan-Dec, 2010 |
2,101 |
3,622 |
1,214 |
|
6,937 |
PROFIT DEVELOPMENT
QPR Software’s consolidated operating profit in the reporting period rose 8.3% and was EUR 157 thousand (145). Depreciation and amortization remained in the same level as in the previous year and were EUR 130 thousand (129). Growth in operating profit was due to positive net sales development in Business Operations Finland. Growth in operating profit was adversely impacted by 5.0% rise in costs. Cost increase was due to outlays in business development. Outlays in the reporting period were focused mainly on Finnish and Russian markets, and the largest share of those were salary costs.
In the reporting period, resources were increased in Finland especially in development of new software product, QPR ProcessAnalyzer and in enterprise architecture consulting. QPR ProcessAnalyzer 2.0 version was launched in February and was well received both in Finland and in international markets.
In enterprise architecture consulting services QPR focused on offering development, service product development and marketing. Within these services, QPR believes that there is significant short term growth potential, especially in the Finnish public sector.
Operating profit by segments (EUR 1,000):
|
Software Sales
International |
Business Operations
Finland |
Not allocated |
|
Total |
Jan-March, 2011 |
154 |
87 |
-84 |
|
157 |
Jan-March, 2010 |
154 |
71 |
-80 |
|
145 |
Change-% |
0.0 |
22.5 |
-5.0 |
|
8.3 |
Jan-Dec, 2010 |
777 |
320 |
-345 |
|
752 |
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 521 thousand (349). Strong growth in subscription sales in the reporting period had a positive effect in cash flow from operating activities.
Cash and cash equivalents at the end of reporting period were EUR 1,995 thousand (2,091).
The Group’s investments totaled to EUR 92 thousand (65). The majority of the investments were made in product development.
The purchase price for business operations bought from QPR´s Russian resellers in November 2009 was set at EUR 272 thousand, including transaction costs. The price was set according to the terms agreed in purchase agreement and the financial results of the acquired operations between 1 March 2010 and 28 February 2011. The realized purchase price is in line with the valuation for the deal entered in QPR's financial statements 2010. The price is compensation for business operations that were transferred into OOO QPR Software and it will be paid in 2011. As part of the purchase price, the sellers received also 20 % share ownership in OOO QPR Software. For this 20% shareholding, a call option for QPR and put option for the sellers, have been agreed. These options can be exercised in January 2014, the earliest.
The Group´s interest bearing liabilities decreased and were EUR 680 thousand (984) at the end of reporting period. The gearing ratio was -47.8% (-40.8). Return on capital employed was 18.0% (14.2).
Current liabilities include deferred revenue in total of EUR 1,299 thousand (1,053). At the end of the reporting period, quick ratio was 2.16 (2.13).
At the end of the reporting period, consolidated shareholders’ equity stood at EUR 2,758 thousand (2,709) and equity to assets ratio was 48.7% (43.5). Return on equity was 14.6% (14.4).
As of 31 March 2011, the remaining amount of deferred tax in consolidated balance sheet is EUR 191 thousand (394).
PERSONNEL
At the end of the reporting period, the Group employed a total of 68 persons (60). Out of them 10 were employed by Group’s Russian subsidiary. Average number of personnel in the reporting period was 68 (59).
PRODUCT AND SERVICE DEVELOPMENT
The amount of product development expenses in the reporting period were EUR 347 thousand (353), representing 19.6% (21.1) of consolidated net sales.
In the reporting period, product development expenses have been activated as assets for a total amount of EUR 72 thousand (41). The amortization period for capitalized product development expenses is 4 years. Amortization of product development expenses in the reporting period was EUR 41 thousands (49).
Product development employed 17 persons at the end of reporting period, which corresponds to 25% of the total personnel.
Product development activities in the reporting period focused on development of a new version of the QPR product family, planned to be released at the end of 2011.
Development of QPR ProcessAnalyzer, a software tool for Automated Business Process Discovery, continued. The software executes automatically visual process analysis from depository data in business applications.
QPR ProcessAnalyzer product version 2.0 was launched in February 2011. Also in February, QPR and Marketing Resultant GmbH from Germany introduced a solution for call centers, utilizing automated business process discovery by QPR ProcessAnalyzer. In March, QPR and Nobultec Oy introduced an automated business process discovery solution for SAP-running companies.
QPR added resources into its enterprise architecture services business in early 2011. In February, the Company introduced a solution for public sector enterprise architecture, based on public JHS 179 recommendation.
SHARES AND TRADING WITH COMPANY’S SHARES
Trading of shares |
Jan - March,
2011 |
Jan - March,
2010 |
Jan - Dec,
2010 |
Shares traded, pcs |
134,806 |
104,953 |
881,585 |
Volume, EUR |
121,753 |
100,444 |
805,808 |
% of shares |
1.1 |
0.8 |
7.1 |
|
|
|
|
Shares and market values |
March 31,
2011 |
March 31,
2010 |
December 31,
2010 |
Total number of shares, pcs |
12,444,863 |
12,444,863 |
12,444,863 |
Treasury shares, pcs |
349,000 |
258,000 |
322,212 |
Book counter value, EUR |
0.11 |
0.11 |
0.11 |
Outstanding shares, pcs |
12,095,863 |
12,186,863 |
12,122,651 |
Number of Shareholders |
593 |
608 |
600 |
Closing price, EUR |
0.90 |
0.93 |
0.91 |
Market value, EUR |
10,886,277 |
11,333,783 |
11,031,612 |
Acquired treasury shares
at reporting period, pcs |
26,788 |
0 |
64,212 |
Book counter value of treasury shares, EUR |
38,390 |
28,380 |
35,443 |
Total purchase value of treasury shares, EUR |
298,914 |
218,103 |
274,701 |
Treasury shares % |
2.8 |
2.1 |
2.6 |
Company does not have active option schemes.
OTHER EVENTS IN THE REPORTING PERIOD
Sami Tähtinen (34) was appointed as Vice President, Products and Technology and Member of Executive Management Team at QPR Software Plc in January 24, 2011. He moved to QPR from CCC Corporation Ltd. Prior to this Mr. Tähtinen worked as Chief Technology Officer in Frends Technology from 2002 to 2009. Sami Tähtinen holds a Master’s degree in Engineering.
As of January 24, 2011 QPR Software Plc’s Executive Management Team consists of Chief Executive Officer Jari Jaakkola (chairman); Vice President, Software Sales International Antti Ainasoja; Vice President Business Operations Finland Matti Erkheikki; Vice President, Communications and Marketing Jyrki Karasvirta; Vice President, Business Development Teemu Lehto; Chief Financial Officer Päivi Martti; and Vice President, Products and Technology Sami Tähtinen.
QPR Software Plc’s Management System received ISO 9001: 2008 quality certification covering the Company’s all actions on January 27, 2011. Scope of the certification is design, marketing and delivery of software, services and solutions for Process Excellence.
QPR Software Plc’s Board of Directors decided on 25 March 2011 a new share-based incentive plan for the Group’s executive management team. The plan aims to align the objectives of shareholders and key employees to increase shareholders value, to commit key employees to the company and to offer them a competitive reward plan based on ownership of shares in the company.
GOVERNANCE
The Annual Shareholders' Meeting held on 18 March, 2011 approved the Board's proposal that a per-share dividend of EUR 0.03 (0.02), a total of EUR 362,876, is paid for the financial year 2010 (243,737). The dividend was paid to shareholders entered in the company's shareholder register, maintained by Euroclear Finland Oy, on the record date of 23 March, 2011. The dividend payment date was 1 April, 2011
The Annual Shareholders' Meeting resolved that the Board of Directors consists of four (4) ordinary members. The Annual Shareholders' Meeting elected the following members to the Board of Directors: Aino-Maija Gerdt, Jyrki Kontio, 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.
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 acquisition of its own shares from the market.
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, 2011 and available on the investors section of the company's web site, www.qpr.com.
SHORT-TEM RISK 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 three groups of risks related to its operations: risks related to business operations (country, customer, net sales forecasting process, personnel, legal and financial), 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. QPR monitors country, customer, personnel and finance risks also in the Russian subsidiary OOO QPR Software.
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 6.8% of its foreign currency (non-Euro) cash flow.
No significant changes have taken place in QPR's short-term risks and uncertainties during the reporting period. Risks related to QPR Software´s business are further described in the Annual Report 2010, page 15 onwards (www.qpr.com/annual-reports.html).
FUTURE OUTLOOK
Market forecasts published in the beginning of 2011 estimate that the value of global software sales will increase approximately 7.5% and global professional services sales will increase 5-8% in 2011 compared to 2010.
QPR Software estimates its consolidated net sales in 2011 to grow faster than in the previous year and operating margin to remain approximately 10% of net sales. In Finland, growth is expected especially in software subscription net sales and enterprise architecture services sales. In international markets, growth is expected especially from Russia and CIS countries.
Seasonality of large software deals can affect significantly net sales and profit of one individual quarter.
QPR SOFTWARE PLC’S FINANCIAL INFORMATION IN 2011
In 2011, QPR Software Plc will publish its interim report as follows:
- Interim Report 1-6/2011: Thursday, July 28, 2011
- Interim Report 1-9/2011: Thursday, October 20, 2011
QPR SOFWARE 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.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) |
Jan -March,
2011 |
Jan - March,
2010 |
Jan - Dec,
2010 |
Net sales |
1,768 |
1,671 |
6,937 |
Other operating income |
21 |
34 |
94 |
|
|
|
|
Material and services |
34 |
47 |
227 |
|
|
|
|
Employee benefits expenses |
1,122 |
1,009 |
4,094 |
Depreciation |
130 |
129 |
532 |
Other operating expenses |
346 |
375 |
1,426 |
Operating profit |
157 |
145 |
752 |
Financial income and expenses |
-16 |
-25 |
-45 |
Profit before tax |
141 |
120 |
707 |
Income tax expense |
-41 |
-25 |
-180 |
Profit for the period |
100 |
95 |
527 |
|
|
|
|
Profit for the period attributable to: |
|
|
|
Equity holders of the parent company |
106 |
95 |
527 |
Non-controlling interest |
-6 |
0 |
0 |
|
100 |
95 |
527 |
|
|
|
|
Earnings per share (diluted), EUR |
0.01 |
0.01 |
0.04 |
Earnings per share, EUR |
0.01 |
0.01 |
0.04 |
|
|
|
|
Consolidated Statement of comprehensive income: |
|
|
Profit for the period |
100 |
95 |
527 |
Exchange differences on translating foreign operations |
-12 |
48 |
23 |
Income tax relating to components of other comprehensive income |
- |
- |
- |
Total comprehensive income |
88 |
143 |
550 |
|
|
|
|
Total comprehensive income attributable to: |
|
|
Equity holders of the parent company |
94 |
143 |
550 |
Non-controlling interest |
-6 |
0 |
0 |
|
88 |
143 |
550 |
CONSOLIDATED BALANCE SHEET
(EUR 1,000) |
March 31,
2011 |
March 31,
2010 |
Dec 31,
2010 |
Assets |
|
|
|
Non-current assets |
|
|
|
Tangible assets |
85 |
136 |
85 |
Other intangible assets |
1,368 |
1,665 |
1,400 |
Other investments |
5 |
5 |
5 |
Other long-term receivables |
26 |
0 |
43 |
Deferred tax assets |
191 |
394 |
233 |
Total non-current assets |
1,675 |
2,200 |
1,766 |
|
|
|
|
Current assets |
|
|
|
Trade and other receivables |
3,292 |
2,994 |
3,781 |
Cash and cash equivalents |
1,995 |
2,091 |
1,703 |
Total current assets |
5,287 |
5,085 |
5,484 |
|
|
|
|
Total assets |
6,962 |
7,285 |
7,250 |
|
|
|
|
Equity and liabilities |
March 31,
2011 |
March 31,
2010 |
Dec 31,
2010 |
|
|
|
|
Equity |
|
|
|
Share capital |
1,359 |
1,359 |
1,359 |
Reserve fund |
21 |
21 |
21 |
Invested non-restricted equity fund |
5 |
127 |
5 |
Translation differences |
-82 |
-46 |
-70 |
Treasure shares |
-299 |
-218 |
-275 |
Retained earnings |
1,760 |
1,466 |
1,653 |
Equity attributable to shareholders of
the parent company |
2,764 |
2,709 |
2,693 |
Non-controlling interest |
-6 |
0 |
1 |
Total equity |
2,758 |
2,709 |
2,694 |
|
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing liabilities |
453 |
679 |
566 |
Non-Interest-bearing liabilities |
0 |
460 |
0 |
Total non-current liabilities |
453 |
1,139 |
566 |
|
|
|
|
Current liabilities |
|
|
|
Accounts payables and other payables |
3,524 |
3,132 |
3,763 |
Interest-bearing liabilities |
227 |
305 |
227 |
Total current liabilities |
3,751 |
3,437 |
3,990 |
|
|
|
|
Total liabilities |
4,204 |
4,576 |
4,556 |
|
|
|
|
Total equity and liabilities |
6,962 |
7,285 |
7,250 |
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) |
Jan - March,
2011 |
Jan - March,
2010 |
Jan - Dec,
2010 |
|
|
|
|
Cash flow from operating activities |
|
|
|
Profit for the period |
100 |
95 |
527 |
Adjustments for the profit |
|
|
|
Depreciation |
130 |
129 |
532 |
Non-cash transactions |
-12 |
48 |
24 |
Changes in working capital |
|
|
|
Changes in trade and other receivables |
543 |
-313 |
-908 |
Changes in accounts payable and
other liabilities |
-238 |
414 |
759 |
Interest expense and other financial expenses |
-4 |
-18 |
-42 |
Interest income and other financial income |
2 |
1 |
8 |
Income taxes paid |
0 |
-7 |
-40 |
Net cash from operating activities |
521 |
349 |
860 |
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
|
|
Purchases of tangible assets |
-19 |
-16 |
-39 |
Purchases of intangible assets |
-73 |
-49 |
-311 |
Net cash used in investing activities |
-92 |
-65 |
-350 |
|
|
|
|
Cash flow from financing activities |
|
|
|
Repayments of long term loans |
-113 |
-113 |
-305 |
Purchases of own shares |
-24 |
-9 |
-66 |
Invested non-restricted equity fund distribution |
0 |
0 |
-122 |
Dividends paid |
0 |
0 |
-244 |
Net cash used in financing activities |
-137 |
-122 |
-736 |
|
|
|
|
Net change in cash and cash equivalents |
292 |
162 |
-226 |
|
|
|
|
Cash and cash equivalents in the beginning of period |
1,703 |
1,929 |
1,929 |
Cash and cash equivalents in the end of period |
1,995 |
2,091 |
1,703 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY
JANUARY 1 – MARCH 31, 2011
(EUR 1,000) |
Jan 1, 2011 |
Purchase of
own shares |
Comprehensive
income |
March 31, 2011 |
Share capital |
1,359 |
|
|
1,359 |
Reserve fund |
21 |
|
|
21 |
Translation difference |
-70 |
|
-12 |
-82 |
Treasury shares |
-275 |
-24 |
|
-299 |
Invested non-restricted equity fund |
5 |
|
|
5 |
Retained earnings |
1,653 |
|
106 |
1,760 |
Non-controlling interest |
1 |
|
-6 |
-6 |
Total |
2,694 |
-24 |
88 |
2,758 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY
JANUARY 1 – MARCH 31, 2010
(EUR 1,000) |
Jan 1, 2010 |
Purchase of
own shares |
Comprehensive
income |
March 31, 2010 |
Share capital |
1,359 |
|
|
1,359 |
Reserve fund |
21 |
|
|
21 |
Translation difference |
-94 |
|
48 |
-46 |
Treasury shares |
-209 |
-9 |
|
-218 |
Invested non-restricted equity fund |
127 |
|
|
127 |
Retained earnings |
1,371 |
|
95 |
1,466 |
Total |
2,575 |
-9 |
143 |
2,709 |
APPENDIX
ACCOUNTING PRICIPLES OF CONSOLIDATED FINANCIAL STATEMENTS
The Interim Report has been prepared in accordance with the IAS 34 Interim report standard. The company has adopted certain new or revised IFRS standards and IFRIC interpretations at the beginning of the financial period as descripted in the Financial Statements for 2010. However, the adoption of these new and amended standards has not yet had an effect on the reported figures in practice. In other respects, the same accounting policies have been followed as in the Financial Statements for 2010.
Upon closing of consolidated financial statements, the Group makes estimates and assumptions regarding the future and makes considerations on the adoption of accounting principles, which means that the actual results may differ from those reported.
The amounts presented in the income statement and balance sheet are consolidated figures.
The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported. The Interim report is unaudited.
GROUP COMMITMENTS AND CONTINGENT LIABILTIIES
(EUR 1,000) |
March 31, 2011 |
March 31, 2010 |
Dec 31, 2010 |
|
|
|
|
Business mortgage |
1,337 |
1,337 |
1,337 |
|
|
|
|
Current lease liabilities |
|
|
|
Liabilities maturing during one year |
255 |
223 |
235 |
Liabilities maturing 2-5 years |
137 |
204 |
53 |
Total |
392 |
427 |
288 |
|
|
|
|
Total commitments and contingent liabilities |
1,729 |
1,764 |
1,625 |
|
|
|
|
Currency Hedging (EUR 1,000) |
March 31, 2011 |
March 31, 2010 |
Dec 31, 2010 |
Nominal value |
58 |
0 |
260 |
Current value |
55 |
0 |
258 |
GROUP INTANGIBLE AND TANGIBLE ASSETS
Change in intangible assets |
|
|
(EUR 1,000) |
March 31, 2011 |
March 31, 2010 |
|
|
|
Acquisition cost Jan 1 |
3,608 |
3,494 |
Increase |
73 |
49 |
|
|
|
Change in tangible assets |
|
|
(EUR 1,000) |
March 31, 2011 |
March 31, 2010 |
|
|
|
Acquisition cost Jan 1 |
1,021 |
983 |
Increase |
19 |
16 |
CHANGE IN GROUP’S INTEREST BEARING LIABILITIES
(EUR 1,000) |
March 31, 2011 |
March 31, 2010 |
|
|
|
Interest bearing loans Jan 1 |
793 |
1,098 |
Withdrawals |
0 |
0 |
Repayments |
-113 |
-113 |
Interest bearing loans
31 March |
680 |
984 |
CONSOLIDATED INCOME STATEMENT PER QUARTER
(EUR 1,000) |
Jan - March,
2011 |
Jan - March,
2010 |
April - June,
2010 |
July - Sept,
2010 |
Oct - Dec,
2010 |
|
|
|
|
|
|
Net sales |
1,768 |
1,671 |
1,773 |
1,574 |
1,920 |
Other operating income |
21 |
34 |
3 |
13 |
44 |
|
|
|
|
|
|
Material and services |
34 |
47 |
63 |
50 |
67 |
Employee benefits expenses |
1,122 |
1,009 |
1,040 |
925 |
1,120 |
Depreciation |
130 |
129 |
151 |
151 |
101 |
Other operating expenses |
346 |
375 |
351 |
297 |
403 |
Operating profit |
157 |
145 |
171 |
164 |
273 |
|
|
|
|
|
|
Financial income and expenses |
-16 |
-25 |
-45 |
-11 |
34 |
Profit before tax |
141 |
120 |
126 |
153 |
307 |
|
|
|
|
|
|
Income tax expenses |
-41 |
-25 |
-33 |
-55 |
-66 |
Profit for the period |
100 |
95 |
93 |
98 |
241 |
CONSOLIDATED INCOME STATEMENT BY SEGMENT
(EUR 1,000) |
Jan - March,
2011 |
Jan - March,
2010 |
Jan - Dec,
2010 |
Net sales |
|
|
|
|
Software Sales International |
984 |
960 |
4,077 |
|
Business Operations Finland |
784 |
711 |
2,860 |
|
Not allocated |
0 |
0 |
0 |
Total net sales |
1,768 |
1,671 |
6,937 |
|
|
|
|
|
Operating profit |
|
|
|
|
Software Sales International |
154 |
154 |
777 |
|
Business Operations Finland |
87 |
71 |
320 |
|
Not allocated |
-84 |
-80 |
-345 |
Total operating profit |
157 |
145 |
752 |
|
|
|
|
|
Financial income and expenses |
-16 |
-25 |
-45 |
Income tax expense |
-41 |
-25 |
-180 |
Profit for the period |
100 |
95 |
527 |
|
|
|
|
|
Other information |
|
|
|
Depreciation |
|
|
|
|
Software Sales International |
66 |
62 |
267 |
|
Business Operations Finland |
64 |
67 |
265 |
Total depreciation |
130 |
129 |
532 |
GROUP KEY FIGURES
EUR (1,000) |
Jan - March, 2011 |
Jan - March, 2010 |
Net sales |
1,768 |
1,671 |
Net sales growth,% |
5.8 |
2.6 |
Operating profit |
157 |
145 |
% of net sales |
8.9 |
8.7 |
Profit or loss before tax |
141 |
120 |
% of net sales |
8.0 |
7.2 |
Profit for the period |
100 |
95 |
% of net sales |
5.7 |
5.7 |
|
|
|
Return on equity,% |
14.6 |
14.4 |
Return on investment,% |
18.0 |
14.2 |
Interest bearing liabilities |
680 |
984 |
Cash and cash equivalents |
1,995 |
2,091 |
Net liabilities |
-1,315 |
-1,107 |
Equity |
2,758 |
2,709 |
Gearing,% |
-47.8 |
-40.8 |
Equity ratio,% |
48.7 |
43.5 |
Total balance sheet |
6,962 |
7,285 |
|
|
|
Investments in non-current assets |
92 |
65 |
% of net sales |
5.2 |
3.9 |
Research and development expenses |
347 |
353 |
% of net sales |
19.6 |
21.1 |
|
|
|
Average number of personnel |
68 |
59 |
Personnel at the beginning of period |
65 |
57 |
Personnel at the end of period |
68 |
60 |
|
|
|
Earnings per share, € |
0.01 |
0.01 |
Earnings per share (diluted), € |
0.01 |
0.01 |
Equity per share, € |
0.22 |
0.22 |
CALCULATION OF KEY INDICATORS
Return on equity (ROE), %: |
Profit for the period x 100
_________________________ |
Shareholders' equity (average) |
|
Return on investment (ROI), %: |
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 period
_________________________________________________ |
Adjusted number of shares over the financial year (average) |
|
Equity per share, euro: |
Shareholders' equity
________________________________________________ |
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 |
|
Dividend / profit, %: |
Dividend per share x 100
____________________ |
Earnings per share |
|
Effective dividend yield, %: |
Dividend per share (adjusted) x 100
___________________________________________ |
Adjusted share price at the end of the financial period |
|
Price-earnings ratio (P/E): |
Adjusted share price at the end of the financial period
___________________________________________ |
Earnings per share (adjusted) |
|
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 - advances received |
|