2007-04-25 09:01:57 CEST
2007-04-25 09:01:57 CEST
REGULATED INFORMATION
QPR Software - Quarterly report
QPR SOFTWARE PLC´S NET SALES REACHED 1.634 MILLION EURO, OPERATING PROFIT WAS 1.2% OF NET SALES
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 25 April 2007
at 10.00 AM
INTERIM REPORT JANUARY 1 - MARCH 31, 2007
QPR SOFTWARE PLC´S NET SALES REACHED 1.634 MILLION EURO, OPERATING
PROFIT WAS 1.2% OF NET SALES
QPR Software Group´s net sales were 1.634 (1.671) million euros
during the first quarter in 2007, and reached almost the same
level as in the corresponding period previous year. Net sales from
QPR Software Plc´s international operations grew 21% and the Group
delivered software licenses to 36 different countries in the
review period. The share of international operations increased to
69% (55%) of net sales.
Operating profit was 0.019 (0.232) million euros. Operating profit
in the corresponding period previous year includes other operating
income of 110 thousand euros due to a received resolution of
waiving a product development loan. Profit for the review period
was 0.019 (0.186) million euros.
QPR Software Plc´s outlook for year 2007 remains the same: the
Group estimates its net sales and operating profit to increase
from the previous year.
GROUP KEY FIGURES
(EUR 1000) 1-3/ 1-3/ Change 1-12/
2007 2006 % 2006
Net Sales 1 634 1 671 -2.2 6 901
Operating profit 19 232 -91.8 517
% of net sales 1.2 13.9 7.5
Profit before tax 34 257 -86.7 577
Profit for the period 19 186 -89.7 702
% of net sales 1.2 11.1 10.2
Earnings per share, EUR 0.00 0.02 -89.8 0.06
EPS (diluted), EUR 0.00 0.02 -89.7 0.06
Equity per share, EUR 0.17 0.17 1.8 0.21
Cash flow from operating -47 656 976
activities
Cash and cash equivalents 1 244 1 932 1 884
Net liabilities -768 -1 369 -1 408
Gearing, % - 36.4 -66.6 -54.4
Equity ratio, % 52.0 53.9 59.0
Return on equity, % 3.3 35.9 30.0
Return of investment, % 5.1 36.2 19.2
OUTLOOK FOR YEAR 2007
QPR Software Group aims to continue its sales growth especially in
the international markets in 2007. The Group's delivery and service
capabilities are strengthened cost-efficiently in cooperation with
the key business partners in the most important export markets.
QPR Software Group's net sales and operating profit in year 2007
are estimated to increase from the previous year. 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.
REPORTING
This interim report complies with accounting- and valuation
principles of IFRS.
This interim report is not audited.
BUSINESS HIGHLIGHTS IN THE FIRST QUARTER
QPR Software Group's net sales were MEUR 1.634 (1.671). Domestic
software license and service sales was weaker than during the
corresponding quarter previous year, whereas the Group's
international operations continued its growth in sales of both
software licenses and maintenance services. The license sales
developed especially positively in Japan, where the QPR Group has
together with its local partner started successfully to deliver a
solution to respond to the challenges of the local security
markets law. The new security markets law came in force at the
beginning of this year in Japan, and QPR estimates that demand for
the said software solution remains good among the Japanese listed
companies during this year and next year.
During the first quarter, the international business accumulated
net sales of MEUR 1.120 and represented 69% (55%) of Group net
sales. Software licenses and maintenance services sales
represented a share of 86% (81%) of the total net sales.
In first quarter, international operations represented 86% (65%)
of the total software license sales and were MEUR 0.637 (0.498).
Geographically, the biggest export markets in the first quarter
were Japan, England, Sweden and South Africa.
NET SALES AND FINANCIAL PERFORMANCE 1-3/2007
QPR Group´s net sales in the first quarter reached MEUR 1.634
(1.671).
The Groups net sales are accrued in its entirety from software
business, with the following break-down during the review period,
(EUR 000):
1-3/ 1-3/ Change- 1-12/
2007 2006 % 2006
Software licenses 741 765 -3.2 3 256
Maintenance services 668 580 15.1 2 509
Professional services 225 325 -30.7 1 136
Total 1 634 1 671 -2.2 6 901
The geographical break-down of the net sales was as follows, (EUR
000):
1-3/ Share- 1-3/ Share- Change- 1-12/
2007 % 2006 % % 2006
Domestic 514 31.5 746 44.6 -31.1 2 288
International 1 120 68.5 925 55.4 21.1 4 613
Total 1 634 100.0 1 671 100.0 -2.2 6 901
Operating profit was MEUR 0.019 (0.232), representing 1.2% (13.9%)
of net sales. Operating profit in the corresponding period
previous year includes other operating income of 110 thousand
euros due to a received resolution of waiving a product
development loan.
Net profit for the first quarter was MEUR 0.019 (0.186),
representing 1.2% (11.1 %) of net sales.
The retained losses, for which no entry has been made in the
parent company's books as deferred tax assets, neither in the
closure of the review period nor earlier, are approximately MEUR
2.0, corresponding to approximately MEUR 0.5 deferred tax assets.
During January through March 2007, the deferred tax assets have
been diminished by 12 thousand euros, based upon the taxable
income during that period. In the Group´s balance sheet as of
March 31, 2007, the remaining amount of deferred tax is 318
thousand euros.
Diluted earnings per share were EUR 0.00 (0.02).
FINANCE AND INVESTMENTS
The value of the total assets was MEUR 5.876 (5.533) at the end of
March 2007. The Group's investments in fixed assets during the
review period totaled to MEUR 0.104 (0.073).
Cash flows from operating activities were negative during the
review period and were MEUR -0.047 (0.656). Cash and cash
equivalents at the end of the review period were MEUR 1.244
(1.932). The growth of international business and the average size
of deals, as well as, the slower payment patterns of international
key partners have caused the amount of due accounts receivable to
increase and thus, for its part, have weakened the Group´s cash
flows from operating activities.
The Group's interest-bearing liabilities were MEUR 0.476 (0.563).
Gearing, a ratio of net liabilities and equity, was -36.4% (-
66.6%). Return on investment was 5.1% (36.2%).
Short-term liabilities contain deferred revenue in total of MEUR
1.814 (1.715). At the end of review period, quick ratio was 2.9
(3.7).
At the end of the financial year, the Group's equity was MEUR
2.111 (2.059), and the Group's equity ratio reached 52.0% (53.9%).
Return on equity was 3.3% (35.9%).
PERSONNEL
At the end of the review period, the Group employed a total of 60
people (54).
For incentive and commitment purposes, the Group has personnel
bonus scheme covering the whole personnel and personnel stock
option plan.
PRODUCT DEVELOPMENT
The amount of R&D expenses in the review period totaled to MEUR
0.344 (0.398), representing 21.0% (23.8%) of net sales.
During the review period, R&D expenses have been capitalized for a
total amount of 25 thousand euros (0). The depreciation period of
capitalized R&D expenses is 4 years.
Product development employed 13 (12) people at the end of the
review period, corresponding to 22% of the total personnel. The
core know-how of product development remains centralized in the
own organization. Long-term co-operation continues with
established subcontractors.
During the review period, Research & Development activities
focused on the development work of the QPR 7 product family and on
the completion of a new product version to be released in the
second half of 2007. The new version will broaden the scope of the
QPR software offering particularly in the area of Business Process
Management (BPM) by introducing full support for the BPMN and BPEL
standards and workflow modeling. As part of the new release, the
QPR product family will also become fully compatible with
Microsoft Windows Vista.
QPR 7 suite is an interactive, easy-to-use, ready-to-run software
solution that combines strategic performance management (QPR
ScoreCard), business process management (QPR ProcessGuide) and
business analytics (QPR FactView) into one complete collaborative
management solution (QPR Collaborative Management Suite). With the
help of QPR software solutions, organizations improve their
business processes and bring clarity to organizations' objectives,
support their people's commitment hereto and improve their ability
to change. The software products developed by QPR are fast to
implement and adapt to the changes in the customer's business
environment and the management methodologies deployed. QPR
software applications are scalable from a single-user to an
organization-wide management system, and integrate seamlessly to
the customer's other information systems.
QPR 7 product family has been localized into 22 languages.
DECISIONS MADE BY THE ANNUAL SHAREHOLDERS' MEETING, AND GOVERNANCE
The Annual Shareholders' Meeting held on 14 March 2007 made the
following decisions:
The Annual Shareholders' Meeting confirmed the company's financial
statements and the group's financial statements for the financial
period 1 January - 31 December 2006 and released the Board of
Directors and the Managing Director from liability.
The Annual Shareholders' Meeting approved the Board's proposal
that a per-share dividend of EUR 0.04, a total of EUR 489,430.56,
be paid for the financial year 2006. The record date for the
payment of dividend was 19 March 2007 and the dividend payment
date was 26 March 2007.
The Annual Shareholders' Meeting resolved that the Board of
Directors consist of five (5) ordinary members. The Annual
Shareholders' Meeting elected the following members to the Board
of Directors: Vesa-Pekka Leskinen, Asko Piekkola, Topi Piela,
Jarmo Niemi and Niklas Sonkin. In its first meeting immediately
following the Annual Shareholders' Meeting, the Board of Directors
elected Vesa-Pekka Leskisen as Chairman of the Board.
KPMG Oy Ab, Authorized Public Accountants, continues as QPR
Software Plc's auditor, and Authorized Public Accountant Sixten
Nyman as the principle auditor.
The Annual Shareholders' Meeting decided that the emoluments to
the Chairman of the Board and the other Members of the Board shall
be the same as in previous year.
The Annual Shareholders' Meeting decided to change the articles of
association in its totality. The primary content of the amendment
was as follows:
- The provisions on minimum and maximum share capital were
deleted (3§);
- The provisions on minimum and maximum amount of shares were
deleted(4 §);
- The provisions on the record date were deleted (6§);
- The provisions on representation of the company were amended
to correspond to the terminology of the new Companies Act
(8§);
- The Articles of Association were amended so that the company
has one (1) auditor, which is required to be an auditing company
approved by the Central Chamber of Commerce (9§);
- The agenda of the Annual Shareholders Meeting was amended to
Correspond to the contents of the new Companies Act and the
Article 13 of the current Articles Of Association - according to which the
Annual Shareholders' Meeting shall be held in Helsinki, Espoo or
Vantaa as decided by the Board of Directors - was included to the same
section (11§); and
- The numbering of the Articles of Association was amended
accordingly.
The company's articles of association is available in its entirety
on the investors section of the company's internet pages, and on
the stock exchange release, published by the company on 14 March
2007.
The Annual Shareholders' Meeting decided to authorize the Board of
Directors to decide on an issue of new shares and conveyance of
the own shares held by the company (share issue) either in one or
in several occasions. In the share issue and/or based on the
special rights a maximum of 4,000,000 new shares can be issued and
a maximum of 250,000 own shares held by the company can be
conveyed. The authorization shall be in force until the next
Annual Shareholders' Meeting. The conditions of the authorization
of the Board are available in their entirety on the investors
section of the company's internet pages, and on the stock exchange
release, published by the company on 14 March 2007.
The Annual Shareholders' Meeting decided to authorize the Board of
Directors to decide on an acquisition of own shares. Based on the
authorization own shares may be acquired, either in one or in
several occasions, the aggregate maximum amount of 250,000 shares.
The authorization shall be in force until the next Annual
Shareholders' Meeting. The conditions of the authorization of the
Board are available in their entirety on the investors section of
the company's internet pages, and on the stock exchange release,
published by the company on 14 March 2007.
COMPANY SHARES AND TRADING IN COMPANY SHARES 1-3/2007
The Company's share capital at the end of the review period was
EUR 1,345,934.04 divided into 12,235,764 shares, the book-counter
value being EUR 0.11.
At the end of review period, the Company had a total of 678
shareholders. During the review period, trading in company shares
amounted to MEUR 0.939, i.e. an average of EUR 14,672 per trading
day. Trading in shares totaled 1,103,087 shares, giving an average
of 17,236 shares per trading day. Turnover in shares corresponds
to 9.0% of the total shares and the average price was EUR 0.85 per
share.
At the end of the review period, the total market value of the
company shares was MEUR 10.156 at the review period´s closing
price of EUR 0.83.
STOCK OPTION PROGRAMS
During the review period, the Company had three prevailing stock
option programs. Each stock option issued under these stock option
programs entitle to subscribe one new share in the Company.
At the end of the review period, based on stock option program
2003/II, in total of 40,000 hitherto unconverted stock options
have been issued, and there are no more stock options of the stock
option program 2003/II in the possession of QPR Software Plc or
any of its subsidiaries.
At the end of the review period, based on stock option program
2003/III, in total of 232,500 hitherto unconverted stock options
have been issued, and in total of 121,290 stock options are in the
possession of the Company's subsidiary.
At the end of the review period, based on stock option program
2005/I, in total of 49,599 shares have been subscribed, which
subscriptions the Board of Directors has not yet approved as at
the review date, and in total of 150,401 stock options are in the
possession of the Company's subsidiary.
At the end of the review period, in total of 272,500 hitherto
unconverted stock options have been issued, and in addition, in
total of 271,691 stock options were in the possession of the
Company's subsidiary, to be given to present and future employees
and management.
CORPORATE GOVERNANCE
QPR Software Plc complies with the Helsinki Exchanges' Guidelines
for Insiders entered into force on 1 January 2006 and the
Recommendation on Corporate Governance entered into force on 1
July 2004. The Company's Corporate Governance Statement is
available in the Investor sector of the Company's website.
RISKS AND FACTORS OF UNCERTAINTY IN THE NEAR FUTURE
In the financial statements of 2006 the risks related to the
company's activities have been reported in more detailed. It is
the duty of the Board of Directors to approve QPR's risk
management and reporting procedures, and to monitor the adequacy,
appropriateness and effectiveness of the company's risk
management. The management of the risks relating to company's
business operations is supported by continuous development of its
operating processes and control points. A part of the nature of
international business is a reasonable credit risk concerning
individual business partners, the risks of which the company seeks
to limit by continuous monitoring of receivables and credit
limits. The growth of international business and the average size
of deals, as well as, the slower payment patterns of international
key partners have caused the amount of due accounts receivable to
increase and thus, for its part, have weakened the Group´s cash
flows from operating activities.
FUTURE OUTLOOK
QPR Software Plc´s outlook for 2007 remains the same. QPR Software
Group aims to continue its sales growth especially in the
international markets. The Group's delivery and service
capabilities are strengthened cost-efficiently in cooperation with
the key business partners in the most important export markets.
The management of QPR Software Group estimates that net sales and
operating profit in year 2007 will increase from the previous
year. 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.
The Company aims at strengthening its product offering portfolio
by establishment of business alliances with selected software
product vendors, and by investments into its internal product
development. The Company's product development will continue to
focus on developing ready-to-run software products for business
performance management and business process management. Product
versions will be released to offer added value through expansion
to new solution areas, and by introducing further versatility of
product functionality.
In addition, the Company further intends to follow the
developments in the re-structuring of software industry, and aims
to actively participate in it.
Helsinki 25 April 2007
QPR SOFTWARE PLC
The Board of Directors
QPR Software Plc´s interim reports will be published as follows:
- Interim report 1-6/2007 Wednesday, 26 July 2007
- Interim report 1-9/2007 Thursday , 25 October 2007
For more information, please contact:
QPR SOFTWARE PLC
Matti Kanninen, CEO
Tel. +358 40 545 5877
matti.kanninen@qpr.com
http://www.qpr.com
Enclosures: Financial information of QPR Software Plc
Income statements 1.1.-31.3.2007
Balance sheet 31.3.2007
Statement of changes in shareholders equity 1.1.-31.3.2007
Cash flow statement 1.1.-31.3.2007
Profit statements per quarter
Commitments and contingent liabilities
Key figures 2006, 1-3/2006 and 1-3/2007
Calculation formulas of key figures
Major shareholders
GROUP`S INCOME STATEMENT 1.1.-31.3.2007
(EUR 1000) 1-3/ 1-3/ 1-12/
2007 2006 2006
Net sales 1 634 1 671 6 901
Other operating income 19 159 268
Material and services 73 120 736
Employee benefits expenses 1 044 948 3 846
Depreciation 42 48 206
Other operating expenses 476 482 1 864
OPERATING PROFIT 19 232 517
Finance income and expenses 15 25 60
PROFIT BEFORE TAX 34 257 577
Income tax expense -15 -71 125
PROFIT FOR THE PERIOD 19 186 702
Sharing of profit:
To the parent company's
shareholders 19 186 702
Earnings per share (dil.),EUR 0.00 0.02 0.06
Earnings per share, EUR 0.00 0.02 0.06
GROUP`S BALANCE SHEET 31.3.2007
(EUR 1000) 31.3.2007 31.3.2006 31.12.2006
NON-CURRENT ASSETS
Tangible assets 330 278 307
Other intangible assets 250 111 213
Trade and other receivables 75 273 75
Deferred tax assets 318 121 330
NON-CURRENT ASSETS 974 783 925
CURRENT ASSETS
Trade and other receivables 3 658 2 818 3 104
Cash and cash equivalents 1 244 1 932 1 884
CURRENT ASSETS 4 902 4 750 4 988
TOTAL ASSETS 5 876 5 533 5 913
EQUITY AND LIABILITIES
(EUR 1000)
EQUITY
Share capital 1 346 1 335 1 346
Share issue 9
Share premium 195 181 195
Reserve fund 22 21 21
Translation difference -54 -31 -49
Retained earnings 602 545 1 072
PARENT COMPANY'S SHAREHOLDERS' 2 111 2 059 2 586
INTEREST
TOTAL EQUITY 2 111 2 059 2 586
NON-CURRENT LIABILITIES
Interest-bearing liabilities 285 476 285
NON-CURRENT LIABILITIES 285 476 285
CURRENT LIABILITIES
Trade and other payables 3 289 2 913 2 850
Interest-bearing liabilities 191 86 191
CURRENT LIABILITIES 3 480 2 999 3 041
LIABILITIES 3 765 3 475 3 327
TOTAL EQUITY AND LIABILITIES 5 876 5 533 5 913
GROUP`S CASH FLOW STATEMENT 1.1.-31.3.2007
(EUR 1000) 1.1.-31.3. 1.1.-31.3. 1.1.-31.12.
2007 2006 2006
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit for the period 19 186 702
Adjustment for the profit
Deprecation 42 48 206
Non-cash transactions 17 -122 -354
Changes in working capital:
Changes in trade and -576 167 55
other receivables
Changes in trade payables 439 353 323
and other liabilities
Interest expense and other -2 7 5
financial liabilities
Interest income and other 17 17 55
and other financial income
Income taxes paid -3 -2 -16
Net cash from operating -47 656 976
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of tangible assets -38 -42 -173
Purchases of intangible assets -66 -17 -188
Net cash used in investing -104 -58 -361
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of 0 9 25
share capital
Repayments of financial 0 -1 0
leases
Repayments of long term 0 -12 -95
borrowings
Dividends paid -489 -243 -243
Net cash used in financing -489 -247 -313
activities
Net change in cash and -640 350 302
cash equivalents
Cash and cash equivalents at the 1 884 1 582 1 582
beginning of period
Cash and cash equivalents at the 1 244 1 932 1 884
end of period
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-31.3.2007
Share- Trans-
holders' Share Share lation Retained
(EUR 1.000) equity issue premium differ. earnings Total
SHAREHOLDERS´
EQUITY 1.1.2007 1 346 0 217 -49 1 072 2 586
Dividends paid -489 -489
Translation differences -5 -5
Profit for the period 19 19
CHANGE IN SHAREHOLDERS' 0 0 0 -5 -470 -475
EQUITY 1-3
EQUITY 31.3.2007 1 346 0 217 -54 602 2 111
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-31.3.2006
Share- Trans-
holders' Share Share latio Retained
(EUR 1.000) equity issue premium differ. earnings Total
SHAREHOLDERS´
EQUITY 1.1.2006 1 335 0 203 -48 602 2 091
Subscription, options 9 9
Dividends paid -243 -243
Translation differences 16 16
Profit for the period 185 185
CHANGE IN SHAREHOLDERS' 0 9 0 16 -58 -33
EQUITY 1-3
EQUITY 31.3.2006 1 335 9 203 -31 545 2 059
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-31.12.2006
Share- Trans-
holders' Share Share lation Retained
(EUR 1.000) equity issue premium differ. earnings Total
SHAREHOLDERS´
EQUITY 1.1.2006 1 335 0 203 -48 602 2 091
Shares issued 11 11
Share premium 14 14
Employees options 10 10
Dividends paid -243 -243
Translation -1 -1
differences
Profit for the period 702 702
CHANGE IN SHAREHOLDERS' 11 0 14 -1 470 494
EQUITY 1-12
EQUITY 31.12.2006 1 346 0 217 -49 1 072 2 586
GROUP´S COMMITMENTS AND CONTINGENT LIABILITIES
(EUR 000) 31.3.2007 31.12.2006
Lease liabilities 618 636
Total 618 636
Current lease liabilities
Lease liabilities maturing during one year 25 15
Lease liabilities maturing 1-5 years 30 18
Total 54 33
Total commitments and contingent liabilites 673 669
GROUP INCOME STATEMENT PER QUARTER
1-3/ 1-3/ 4-6/ 7-9/ 10-12/
(EUR 1000) 2007 2006 2006 2006 2006
Net sales 1 634 1 671 2081 1 362 1 787
Other operating income 19 159 2 0 107
Material and services 73 120 273 126 217
Employee benefits
expenses 1 044 948 960 799 1 140
Depreciation 42 48 49 50 58
Other operating 476 482 572 374 436
expenses
Operating profit 19 232 228 13 43
Financial 15 25 8 12 15
income/expenses
Profit before tax 34 257 236 26 58
Income tax -15 -71 -53 -7 256
Profit for the period 19 186 184 18 314
GROUP KEY FIGURES
Key figures illustrating the financial development of the Group
EUR (000) 1-3/ 1-3/ 1-12/
2007 2006 2006
Net sales 1 634 1 671 6 901
Growth of net sales % -2.2 5.3 8.4
Operating profit 19 232 517
% of net sales 1.2 13.9 7.5
Profit or loss before tax 34 257 577
% of net sales 2.1 15.4 8.4
Net Profit 19 186 702
% of net sales 1.2 11.1 10.2
Return of equity,% 3.3 35.9 30.0
Return of investments,% 5.1 36.2 19.2
Interest bearing liabilities 476 563 476
Cash and cash equivalents 1 244 1 932 1 884
Net liabilities -768 -1 369 -1408
Equity 2 111 2 059 2 586
Gearing,% -36.4 -66.6 -54.4
Equity ratio, % 52.0 53.9 59.0
Total balance sheet 5 876 5 533 5 913
Investment in non-current assets 104 73 361
% of net sales 6.4 4.4 5.2
Research and development expenses 344 398 1 245
% of net sales 21.0 23.8 18.0
Personnel average for period 59 55 58
Personnel at the beginning of 59 56 56
period
Personnel at the end of period 60 54 59
Earnings per share ,EUR 0.00 0.02 0.06
Earnings per share /diluted),EUR 0.00 0.02 0.06
Equity per share, EUR 0.17 0.17 0.21
CALCULATION OF KEY INDICATORS
Return on equity (ROE), % (counted on yearly level):
Profit/loss before tax - taxes x 100
__________________________________________________
Shareholders' equity + minority interest (average)
Return on investment (ROI), (counted on yearly level): %:
Profit/loss before tax + interest and other financial expenses x 100
________________________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio, %:
Shareholders' equity + minority interest x 100
_______________________________________________
Balance sheet total - advances received
Gearing, %:
Interest bearing liabilities - cash and cash equivalents x 100
______________________________________________________________
Shareholders' equity + minority interest
Earnings per share, euro:
Profit before tax - taxes -/+ minority interest
__________________________________________________________
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
Quick ratio:
Current assets - inventories
________________________________________
Current liabilities - advances received
MAJOR SHAREHOLDERS 31.3.2007
Shares and
Number of votes
shares %
Ulkomarkkinat Oy 1 600 000 13.08 %
Vesa-Pekka Leskinen 851 400 6.96 %
+ Kauppamainos Oy 707 700 5.78 %
Total 1 559 100 12.74 %
Alesco S.A 1 300 000 10.62 %
Jouko Pelkonen 355 000 2.90 %
Pohjolan Rahoitus Oy 410 000 3.35 %
Electrosale Oy 305 300 2.50 %
Total 1 070 300 8.75 %
Kari Junkkonen 512 016 4.18 %
Fortel Invest Oy 425 326 3.48 %
Fides New Media, investment 376 000 3.07 %
fund
Procurator-Holding Oy 337 000 2.75 %
Päivi Marttila 293 072 2.40 %
Edina Oy 33 900 0.28 %
Total 326 972 2.67 %
Asko Piekkola 316 438 2.59 %
Jaakkola Jari 250 000 2.04 %
Value FM Oy 57 000 0.47 %
Total 307 000 2.51 %
Pääkkönen Esa 246 054 2.01 %
other shareholders 3 859 558 31.54 %
Total 12 235 764 100.00 %
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