2016-04-28 08:00:01 CEST
2016-04-28 08:00:01 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
QPR SOFTWARE INTERIM REPORT JANUARY – MARCH 2016
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 28, 2016 AT 9.00 AM
INTERIM REPORT JANUARY – MARCH 2016
Summary first quarter 2016
-- Net sales EUR 2,042 thousand (2015: 2,524). Net sales were negatively
affected especially by decrease in consulting services and software license
net sales.
-- Operating profit excluding non-recurring items EUR -65 thousand (259).
-- Operating profit EUR -105 thousand (259).
-- Operating margin was -5.1% (10.3%).
-- Cash flow from operating activities EUR 1,230 thousand (1,447).
-- Profit before taxes EUR -123 thousand (272).
-- Profit for the quarter EUR -105 thousand (225).
-- Earnings per share EUR -0.009 (0.019).
Business operations
QPR Software focuses on providing organizations software and professional
services for strategy execution, performance and process management, process
mining and enterprise architecture. Our software and services are used in over
50 countries. The Company offers its customers insight to their business
operations through modeling, analysis and performance monitoring. This insight
enables customers to streamline and improve operations and to execute their
strategies swiftly and effectively.
OUTLOOK
Operating environment and market outlook
QPR expects the demand for process mining software to grow in its home market
in Finland, as well as in the broader European market. The software market for
process mining is relatively new and, for the time being, its market size is
still small. Market maturity varies greatly from one country to another, but
already last year we experienced strong market growth in several European
countries. This growth is expected to continue this year, and the Company
believes that its QPR ProcessAnalyzer product has a strong position in the
market.
In developed markets, competition in process and enterprise architecture
modeling and performance management software is expected to continue to
increase. In developing markets, especially in the Middle East and Africa,
there is still strong growth potential for these software products.
Outlook for 2016
The Company´s outlook is unchanged from published outlook in unaudited
financial results bulletin on February 11, 2016.
In process mining software and process analysis services, QPR continues its
investments in direct sales in Finland and international channel sales, and
estimates that this business will continue to grow this year.
In process and enterprise architecture modeling and performance management
software, the tightened competition is expected to continue to have a negative
impact on sales in part of QPR´s reseller channel, especially in developed
markets. To offset this impact, QPR seeks growth from new reseller partnerships
initiated in 2015, especially from Middle East and Africa.
The Company believes that in its home market, Finland, it will maintain the
leading position as a process modeling and analysis software vendor targeting
operational development functions in organizations; as well as to preserve
QPR’s in recent years strengthened position in operational development
consulting.
The Company estimates that its operating profit excluding non-recurring items
will grow in 2016 compared to 2015.
KEY FIGURES
--------------------------------------------------------------------------------
EUR in thousands, unless Jan-Mar, Jan-Mar, Change, Jan-Dec,
otherwise indicated 2016 2015 % 2015
--------------------------------------------------------------------------------
Net sales 2,042 2,524 -19.1 9,436
EBITDA 86 459 -81.2 1,190
% of net sales 4.2 18.2 12.6
Operating profit -105 259 -140.6 368
% of net sales -5.1 10.3 3.9
Profit before tax -123 272 -145.0 347
Profit for the period -105 225 -146.5 338
% of net sales -5.1 8.9 3.6
Earnings per share, EUR -0.009 0.019 -146.3 0.028
Equity per share, EUR 0.226 0.274 -17.7 0.234
Cash flow from operating 1,230 1,447 -15.0 406
activities
Cash and cash equivalents 1,116 2,427 -54.0 585
Free cash flow 1,031 1,006 2.5 -742
Net borrowings -1,116 -2,427 -54.0 -85
Gearing, % -39.8 -71.2 -2.9
Equity ratio, % 66.2 57.3 42.7
Return on equity, % -14.6 27.3 11.1
Return on investment, % -19.9 34.2 12.0
--------------------------------------------------------------------------------
REPORTING
QPR Software innovates, develops, sells and delivers software and services in
international markets aimed at operational development in organizations. QPR
Software reports one operating segment: Operational development of
organizations. In addition to this, the Company reports revenue from products
and services as follows: Software license sales, Software maintenance services,
Software rentals, and Consulting. Software rentals and Software maintenance
services together form the recurring revenue reported by the Company. Recurring
revenue is based on long-term contracts continuing for the time being or for a
fixed period of several years. Typically rental and maintenance charges are
invoiced annually in advance.
Geographical areas reported are Finland, the rest of Europe (including Russia
and Turkey), and the rest of the world. Net sales are reported according to the
customer´s location.
REVIEW BY THE CEO
The business environment remained challenging and economic growth was weak in
most markets. This was the case especially in the Company’s largest market
area, Europe (including Finland).
The Company’s consulting and software net sales decreased compared to the
corresponding period last year. Consulting net sales were negatively affected
mainly by the decrease in technical SAP consulting and a slow start in
operational development consulting projects at the beginning of the year.
Software net sales were negatively affected by the tightened competition in
process and enterprise architecture modeling software, as well as performance
management software.
In the challenging market conditions, we decided to streamline our operations
and implemented EUR 0.7 million annual cost savings. This year, we expect these
measures to result into approximately EUR 0.4 million in cost reductions after
non-recurring items.
In 2015, we invested in recruiting and training new reseller partners; as well
as in marketing and product launches in new markets. In process mining
software, we expanded distribution especially into developed European markets,
such as Germany, Sweden, Belgium and the Netherlands. For performance
management and process modeling software, we recruited many new resellers from
Middle East, Africa and South America.
We believe these investments will have a positive impact on net sales this
year, but at the same time, we estimate that the tightened competition will
continue to have a negative impact on sales in part of QPR´s reseller channel.
We estimate that the operating profit excluding non-recurring items will grow
in 2016, as compared to 2015.
Jari Jaakkola
CEO
NET SALES DEVELOPMENT 1 JANUARY – 31 MARCH, 2016
Net sales in the first quarter were EUR 2,042 thousand (2,524) and decreased
19% compared to the corresponding period last year. The decrease resulted
especially due to the decline in consulting net sales and software license net
sales.
NET SALES BY PRODUCT GROUP
--------------------------------------------------------------------------------
EUR in thousands Jan-Mar, 2016 Jan-Mar, 2015 Change, Jan-Dec,
% 2015
--------------------------------------------------------------------------------
Software licenses 204 355 -42 1,427
Software maintenance 683 736 -7 2,873
services
Software rentals 414 439 -6 1,774
Consulting 740 994 -26 3,362
--------------------------------------------------------------------------------
Total 2,042 2,524 -19 9,436
--------------------------------------------------------------------------------
NET SALES BY GEOGRAPHIC AREA
--------------------------------------------------------------------------------
EUR in thousands Jan-Mar, 2016 Jan-Mar, 2015 Change, Jan-Dec,
% 2015
--------------------------------------------------------------------------------
Finland 1,418 1,746 -19 6,499
Europe incl. Russia and 407 459 -11 1,740
Turkey
Rest of the world 217 319 -32 1,197
--------------------------------------------------------------------------------
Total 2,042 2,524 -19 9,436
--------------------------------------------------------------------------------
Software license net sales decreased 42% compared to previous year. Net sales
were negatively affected by the tightened competition in process and enterprise
architecture modeling software, as well as performance management software.
The majority of license sales derived from international markets.
Net sales from software maintenance services and software rentals decreased
(-7% and -6% respectively). Currency exchange rates had a negative impact to
software maintenance service net sales. The share of recurring revenues was 54%
(47) of total net sales.
Consulting net sales (-26%) were negatively affected by the decrease in
technical SAP consulting net sales and a slow start in operational development
consulting projects at the beginning of the year.
Of the Group net sales, 69% (69) derived from Finland, 20% (18) from the rest
of Europe (including Russia and Turkey) and 11% (13) from the rest of the
world.
FINANCIAL PERFORMANCE 1 JANUARY – 31 MARCH, 2016
In the first quarter, the Group’s operating result weakened due to decreased
net sales. Operating loss before non-recurring items was EUR -65 thousand
(operating profit EUR 259 thousand), or –3.2% of net sales (10.3).
Non-recurring items were related to organizational downsizing implemented in
the first quarter. Group operating loss was EUR 105 thousand (operating profit
EUR 259 thousand), or -5.1% of net sales (10.3).
The Group´s fixed costs were EUR 2,012 thousand (2,160), and decreased 7%
compared to the corresponding period in the previous year. Personnel expenses
represented 77% (75) of the fixed costs and amounted to EUR 1,557 thousand
(1,622). Credit losses, included in fixed costs, were EUR 4 thousand (22).
Net financial expenses in the review period were EUR 18 thousand (net financial
income EUR 14 thousand) and included currency exchange losses of EUR 10
thousand (currency exchange gains of EUR 14 thousand). Profit before taxes was
EUR -123 thousand (272) and profit for the period was EUR -105 thousand (225).
Earnings per share (fully diluted) were EUR -0.009 (0.019).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 1,230 thousand (1,447) in the first
quarter. Cash and cash equivalents at the end of the quarter were EUR 1,116
thousand (2,427).
Investments in the first quarter totaled EUR 199 thousand (441). Investments
were mainly related to product development expenditure.
At the end of the quarter, the Company had no interest-bearing liabilities. The
gearing ratio was -40% (-71). Current liabilities include deferred revenue in
total of EUR 2,739 thousand (2,142).
At the end of the quarter, the equity ratio was 66% (57) and the consolidated
shareholders’ equity was EUR 2,807 thousand (3,411).
PRODUCT DEVELOPMENT
Product development expenses in the first quarter added up to EUR 488 thousand
(479), equal to 24% (19) of net sales. Product development expenses do not
include amortization of capitalized product development expenses.
During the quarter, product development expenses were capitalized for a total
amount of EUR 180 thousand (166). The amortization period for capitalized
product development expenses is four years. The amortization of capitalized
product development expenses for the quarter was EUR 108 thousand (115).
The Company develops the following software products: QPR EnterpriseArchitect,
QPR Metrics, QPR ProcessDesigner, and QPR ProcessAnalyzer. In addition, QPR
develops services and solutions that are complementary to its software.
PERSONNEL
At the end of the quarter, the Group employed a total of 76 persons (85). The
average number of personnel during the quarter was 80 (84).
For incentive purposes, the Company has a bonus program that covers all
employees. Remuneration of the top management consists of salary, fringe
benefits and a possible annual bonus based on net sales performance. In 2016,
the maximum annual bonus of the executive management team, including the CEO,
is 30% of the annual base salary. More information on the bonus program can be
found in the Annual Report 2015
(http://cdn.qpr.com/sites/default/files/QPR_Software_Annual_Report_2015_1.pdf).
SHARES AND SHAREHOLDERS
--------------------------------------------------------------------------------
Trading of shares Jan-Mar, Jan-Mar, Change, Jan-Dec,
2016 2015 % 2015
--------------------------------------------------------------------------------
Shares traded, pcs 235,112 2,041,032 -88 4,558,065
Volume, EUR 255,262 2,682,845 -90 6,350,859
% of shares 2.0 16.4 38.0
Average trading price, EUR 1.09 1.31 -17 1.39
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shares and market capitalization Mar 31, Mar 31, Change, Dec 31,
2016 2015 % 2015
--------------------------------------------------------------------------------
Total number of shares, pcs 12,444,863 12,444,863 - 12,444,863
Treasury shares, pcs 457,009 457,009 - 457,009
Book counter value, EUR 0.11 0.11 - 0.11
Outstanding shares, pcs 11,987,854 11,987,854 - 11,987,854
Number of shareholders 1,213 1,085 12 1,212
Closing price, EUR 1.03 1.49 -31 1.20
Market capitalization, EUR 12,347,490 17,861,902 -31 14,385,425
Book counter value of all treasury 50,271 50,271 - 50,271
shares, EUR
Total purchase value of all 439,307 439,307 - 439,307
treasury shares, EUR
Treasury shares, % of all shares 3.7 3.7 - 3.7
--------------------------------------------------------------------------------
The Annual General Meeting held on March 22, 2016 approved the Board's proposal
to pay a per-share dividend of EUR 0.02 (0.05), a total of EUR 240 thousand
(599) for the financial year 2015. Dividends were paid to all shareholders
registered in the Company's shareholder register, maintained by Euroclear
Finland Oy, on the record date of March 24, 2016. Dividends were paid on April
5, 2016.
The Annual General Meeting approved the Board´s proposal to authorize the Board
of Directors, subject to its discretion, on payment of an extra dividend of EUR
0.01 during 2016. The authorization is valid until 31 December, 2016.
OTHER EVENTS DURING THE QUARTER
In January, QPR and the Swedish business and IT services company iStone
announced that they have signed a reseller agreement for QPR ProcessAnalyzer -
the software that enables automated process analysis based on existing data
from Enterprise Resource Planning (ERP) systems. The partnership creates new
opportunities in automated process mapping and process flow optimization,
especially for those organizations using the ERP system Infor M3.
QPR Software and PricewaterhouseCoopers (PwC) Portugal announced in February
that they have signed a consulting agreement on using QPR ProcessAnalyzer in
PwC’s process and operational improvement consulting in Portugal. QPR
ProcessAnalyzer enables automated process analysis based on existing data from
enterprise IT systems, utilizing technology patented in the United States by
QPR.
In March, QPR completed co-determination negotiations with its personnel. As a
result of the negotiations, the Company reduces its annual expenses by
approximately EUR 0.7 million. Of the total, EUR 0.1 million will be realized
by reducing external purchases and EUR 0.6 million through personnel
reductions.
QPR signed an agreement in March on delivering software for business process
management purposes in one of the world’s largest lighting manufacturing
companies. The signed agreement is valid for three years, and the value of the
entire three year agreement is approximately EUR 0.2 million before reseller
commissions.
In March, QPR announced the launch of QPR MobileDashboard, an application that
makes it even easier to access and browse actionable performance information on
the go.
EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the reporting period.
GOVERNANCE
The Annual General Meeting on March 22, 2016 resolved that the number of Board
Members is four (4).
The Annual General Meeting re-elected Kirsi Eräkangas, Vesa-Pekka Leskinen,
Juho Malmberg and Topi Piela as members of the Company´s Board of Directors.
The term of office of the members of the Board of Directors expires at the end
of the next Annual General Meeting. At its organizing meeting, the Board of
Directors elected Vesa-Pekka Leskinen as its Chairman.
The Annual General Meeting re-elected Authorized Public Accountants KPMG Oy Ab
as QPR Software´s auditor with Kirsi Jantunen, Authorized Public Accountant,
acting as principal auditor. The term of office of the auditor expires at the
end of the next Annual General Meeting.
The Annual General Meeting decided to authorize the Board of Directors to
decide on an issue of new shares and conveyance of the own shares held by the
Company (share issue) either in one or in several occasions. The share issue
can be carried out as a share issue against payment or without consideration on
terms to be determined by the Board of Directors.
All authorizations of the Board and other decisions made by the Annual General
Meeting are available in their entirety on the stock exchange release published
by the Company on March 22, 2016 and available on the investors section of the
Company's web site, http://www.qpr.com/investors/stock-exchange-releases.htm.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management at QPR Software aims to ensure that the
Company operates efficiently and effectively, distributes reliable information,
complies with regulations and operational principles, reaches its strategic
goals, reacts to changes in the market and operational environment; and ensures
the continuity of its business.
QPR has identified the following groups of risks related to its operations:
risks related to business operations (country, customer, personnel, legal),
risks related to information and products (QPR products, IPR, data security)
and risks related to financing (foreign currency, short-term cash flow). The
Company has an insurance policy for property, operational and liability risks.
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. In the reporting period, EUR 4 thousand (22) of
credit losses were recorded. The amount of trade receivables over 60 days past
due was 13% (6) of total trade receivables at the end of the quarter.
Approximately 71% of Group’s trade receivables were in Euro at the end of the
quarter (66). At the end of the quarter, the Company had not hedged its
non-euro trade receivables.
No significant changes have taken place in the Company’s short-term risks and
uncertainties during the quarter. Risks and risk management related to the
Company’s business are further described in the Annual Report 2015, pages 14-15
(http://cdn.qpr.com/sites/default/files/QPR_Software_Annual_Report_2015_1.pdf).
FINANCIAL INFORMATION
In 2016, QPR Software will publish interim reports in English and Finnish on
the following dates:
-- Interim Report Q2/2016: Tuesday, August 2, 2016.
-- Interim Report Q3/2016: Thursday, October 27, 2016
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0) 40 5026 397
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
Neither this press release nor any copy of it may be taken, transmitted or
distributed, directly or indirectly, in or into the United States of America or
its territories or possessions.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
EUR in thousands, unless otherwise indicated Jan-Mar Jan-Mar Change Jan-Dec
, 2016 , 2015 , , 2015
%
--------------------------------------------------------------------------------
Net sales 2,042 2,524 -19 9,436
Other operating income 6 0 1
Materials and services 141 105 33 558
Employee benefit expenses 1,557 1,622 -4 6,477
Other operating expenses 264 338 -22 1,211
--------------------------------------------------------------------------------
EBITDA 86 459 -81 1,190
Depreciation and amortization 191 200 -4 822
--------------------------------------------------------------------------------
Operating profit -105 259 -141 368
Financial income and expenses -18 14 -21
--------------------------------------------------------------------------------
Profit before tax -123 272 -145 347
Income taxes 18 -47 -138 -9
--------------------------------------------------------------------------------
Profit for the period -105 225 -146 338
Earnings per share, EUR
(basic and diluted) -0.009 0.019 -146 0.028
Consolidated statement of
comprehensive income:
Profit for the period -105 225 338
Other items in comprehensive income that may
be reclassified subsequently to profit or
loss:
Exchange differences on -2 -10 -21
translating foreign operations
Income tax relating to components - - -
of other comprehensive income
--------------------------------------------------------------------------------
Total comprehensive income -107 215 317
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
EUR in thousands March 31, March Change Dec 31,
2016 31, , 2015
2015 %
--------------------------------------------------------------------------------
Assets
Non-current assets:
Intangible assets 2,066 1,910 8 2,041
Goodwill 513 513 0 513
Tangible assets 257 320 -20 274
Other non-current assets 27 27 0 27
--------------------------------------------------------------------------------
Total non-current assets 2,863 2,770 3 2,855
Current assets:
Trade and other receivables 3,002 2,894 4 4,592
Cash and cash equivalents 1,116 2,427 -54 585
--------------------------------------------------------------------------------
Total current assets 4,118 5,321 -23 5,177
Total assets 6,981 8,092 -14 8,033
================================================================================
Equity and liabilities
Equity:
Share capital 1,359 1,359 0 1,359
Other funds 21 21 0 21
Treasury shares -439 -439 0 -439
Translation differences -244 -231 6 -242
Invested non-restricted equity fund 5 5 0 5
Retained earnings 2,105 2,696 -22 2,210
--------------------------------------------------------------------------------
Equity attributable to shareholders 2,807 3,411 -18 2,914
of the parent company
Non-current liabilities:
Non-interest-bearing liabilities 5 21 -75 9
--------------------------------------------------------------------------------
Total non-current liabilities 5 21 -75 9
Current liabilities:
Interest-bearing liabilities - - 500
Advances received 2,739 2,142 28 1,209
Accrued expenses and prepaid income 1,102 1,985 -44 2,932
Trade and other payables 328 533 -39 468
--------------------------------------------------------------------------------
Total current liabilities 4,169 4,658 -11 5,109
Total liabilities 4,174 4,681 -11 5,119
Total equity and liabilities 6,981 8,092 -14 8,033
================================================================================
CONSOLIDATED CASH FLOW STATEMENT
------------------------------------------------------------------------
EUR in thousands Jan-M Jan-Mar, Change, Jan-Dec,
ar, 2015 % 2015
2016
------------------------------------------------------------------------
Cash flow from operating
activities:
Profit for the period -105 225 -147 338
Adjustments to the profit 189 189 0 850
Working capital changes 1,178 1,057 11 -645
Interest and other financial -20 -1 1,864 -38
expenses paid
Interest and other financial 2 0 12
income received
Income taxes paid -14 -23 -39 -111
------------------------------------------------------------------------
Net cash from operating 1,230 1,447 -15 406
activities
Cash flow from investing
activities:
Purchases of tangible and -199 -441 -55 -1,148
intangible assets
------------------------------------------------------------------------
Net cash used in investing -199 -441 -55 -1,148
activities
Cash flow from financing
activities:
Proceeds from short term - - 500
borrowings
Repayments of long-term -500 - -
borrowings
Dividends paid - - -599
------------------------------------------------------------------------
Net cash used in financing -500 0 -99
activities
Net change in cash and cash 531 1,006 -47 -841
equivalents
Cash and cash equivalents at the 585 1,426 -59 1,426
beginning of the period
Effects of exchange rate changes 0 -5 -102 1
on cash and cash equivalents
------------------------------------------------------------------------
Cash and cash equivalents at the 1,116 2,427 -54 585
end of the period
------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
EUR in Share Other Translatio Treasur Invested Retained Total
thousand capita funds n y non-restricted earnings
s l difference shares equity fund
s
--------------------------------------------------------------------------------
Equity 1,359 21 -221 -439 5 2,471 3,196
Jan 1,
2015
Comprehen -10 225 215
sive
income
Equity 1,359 21 -231 -439 5 2,696 3,411
Mar 31,
2015
--------------------------------------------------------------------------------
Dividends -599 -599
paid
Comprehen -11 113 102
sive
income
--------------------------------------------------------------------------------
Equity 1,359 21 -242 -439 5 2,210 2,914
Dec 31,
2015
Comprehen -2 -105 -107
sive
income
--------------------------------------------------------------------------------
Equity 1,359 21 -244 -439 5 2,105 2,807
Mar 31,
2016
--------------------------------------------------------------------------------
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRICIPLES
This report complies with requirements of IAS 34 ”Interim Financial Reporting”.
Starting from the beginning of 2016, the Group has applied certain new or
revised IFRS standards and IFRIC interpretations as described in the
Consolidated Financial Statements 2015. The implementation of these new and
revised requirements have not impacted the reported figures. For all other
parts, the accounting principles and methods are the same as they were in the
2015 financial statements.
When preparing the consolidated financial statements, management is required to
make estimates and assumptions regarding the future and to consider the
appropriate application of accounting principles, which means that actual
results may differ from those estimated.
All amounts presented in this report are consolidated figures, unless otherwise
noted. The amounts presented in the report are rounded, so the sum of
individual figures may differ from the sum reported. This report is unaudited.
During the reporting period, the Group did not have any financial instruments
measured at fair value.
INTANGIBLE AND TANGIBLE ASSETS
--------------------------------------------------------------------------------
EUR in thousands Jan-Mar, Jan-Mar, Jan-Dec,
2016 2015 2015
--------------------------------------------------------------------------------
Increase in intangible assets:
Acquisition cost Jan 1 7,862 6,956 6,956
Increase 182 266 906
Increase in tangible assets:
Acquisition cost Jan 1 1,707 1,465 1,465
Increase 16 175 242
--------------------------------------------------------------------------------
CHANGE IN INTEREST-BEARING LIABILITIES
--------------------------------------------------------------------------------
EUR in thousands Jan-Mar, Jan-Mar, Jan-Dec,
2016 2015 2015
--------------------------------------------------------------------------------
Interest-bearing liabilities Jan 1 500 - -
Proceeds from short term borrowings - - 500
Repayments 500 - -
--------------------------------------------------------------------------------
Interest-bearing liabilities Mar - - 500
31/Dec 31
--------------------------------------------------------------------------------
PLEDGES AND COMMITMENTS
--------------------------------------------------------------------------------
EUR in thousands Mar 31, Mar 31, Dec 31, Change,
2016 2015 2015 %
--------------------------------------------------------------------------------
Business mortgages (held by the 1,391 1,391 1,392 0
Company)
Minimum lease payments based on
lease
agreements
Maturing in less than one year 353 329 357 -1
Maturing in 1-5 years 6 347 89 -93
--------------------------------------------------------------------------------
Total 359 676 446 -20
Total pledges and commitments 1,750 2,067 1,838 -5
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT BY QUARTER
--------------------------------------------------------------------------
EUR in thousands Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
--------------------------------------------------------------------------
Net sales 2,042 2,520 1,989 2,402 2,524
Other operating income 6 - - 1 -
Materials and services 141 156 148 149 105
Employee benefit expenses 1,557 1,734 1,398 1,723 1,622
Other operating expenses 264 346 239 287 338
--------------------------------------------------------------------------
EBITDA 86 284 204 243 459
Depreciation and amortization 191 206 206 211 200
--------------------------------------------------------------------------
Operating profit -105 78 -1 32 259
Financial income and expenses -18 -30 11 -16 14
--------------------------------------------------------------------------
Profit before tax -123 48 10 16 272
Income taxes 18 7 13 18 -47
--------------------------------------------------------------------------
Profit for the period -105 55 23 35 225
--------------------------------------------------------------------------
GROUP KEY FIGURES
--------------------------------------------------------------------------------
EUR in thousands, unless Jan-Mar or Mar Jan-Mar or Mar Jan-Dec or Dec
otherwise indicated 31, 2016 31, 2015 31, 2015
--------------------------------------------------------------------------------
Net sales 2,042 2,524 9,436
Net sales growth, % -19.1 13.4 -1.1
EBITDA 86 459 1,190
% of net sales 4.2 18.2 12.6
Operating profit -105 259 368
% of net sales -5.1 10.3 3.9
Profit before tax -123 272 347
% of net sales -6.0 10.8 3.7
Profit for the period -105 225 338
% of net sales -5.1 8.9 3.6
Return on equity (per -14.6 27.3 11.1
annum), %
Return on investment (per -19.9 34.2 12.0
annum), %
Borrowings - - 500
Cash and cash equivalents 1,116 2,427 585
Free cash flow 1,031 1,006 -742
Net borrowings -1,116 -2,427 -85
Equity 2,807 3,411 2,914
Gearing, % -39.8 -71.2 -2.9
Equity ratio, % 66.2 57.3 42.7
Total balance sheet 6,981 8,092 8,033
Investments in non-current 199 441 1,148
assets
% of net sales 9.7 17.5 12.2
Product development 488 479 1,821
expenses
% of net sales 23.9 19.0 19.3
Average number of personnel 80 84 86
Personnel at the beginning 83 78 78
of period
Personnel at the end of 76 85 83
period
Earnings per share, EUR -0.009 0.019 0.028
Equity per share, EUR 0.226 0.274 0.234
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