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2007-07-25 09:00:00 CEST 2007-07-25 09:00:00 CEST REGULATED INFORMATION QPR Software - Quarterly reportQPR SOFTWARE PLC´S NET SALES REACHED MEUR 2.2 IN THE SECOND QUARTER, OPERATING PROFIT WAS 10.5% OF NET SALESQPR SOFTWARE PLC STOCK EXCHANGE RELEASE 25 July 2007 at 10.00 AM INTERIM REPORT JANUARY 1 - JUNE 30, 2007 QPR SOFTWARE PLC´S NET SALES REACHED MEUR 2.2 IN THE SECOND QUARTER, OPERATING PROFIT WAS 10.5% OF NET SALES JANUARY-JUNE NET SALES WERE MEUR 3.9, OPERATING PROFIT 6.5% OF NET SALES, EARNINGS PER SHARE WAS 0.02 EURO QPR Software Group's net sales grew 6.9% in the second quarter of 2007 and reached MEUR 2.225 (2.081). Net sales from international operations increased 9.9% compared to the corresponding period previous year and were MEUR 1.643 (1.494). Operating profit grew MEUR 2.3% and reached MEUR 0.233 (0.228), which corresponded to 10.5% (11.0%) of the total net sales. In January-June, the Group net sales reached MEUR 3.859 (3.752) and grew 2.9%. Operating profit reached MEUR 0.252 (0.460), corresponding to 6.5% (12.3%) of the net sales. Earnings per share were 0.02 (0.03). Net sales from QPR Software´s international operations grew 14.2% in January-June and the Group delivered software licenses to 45 countries. The international operations represented 71.6% (64.5%) of the net sales. QPR Software estimates its net sales and operating profit in year 2007 to increase from the previous year. KEY FIGURES (EUR 1000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/ 2007 2006 % 2007 2006 % 2006 Net Sales 2 225 2 081 6.9 3 859 3 752 2.9 6 901 Operating profit 233 228 2.3 252 460 -45.2 517 % of net sales 10.5 11.0 6.5 12.3 7.5 Profit before tax 241 236 2.0 275 494 -44.2 577 Profit for the period 183 184 -0.2 203 370 -45.2 702 % of net sales 8.2 8.8 5.2 9.9 10.2 Earnings per share, EUR 0.02 0.03 -45.7 0.06 EPS (diluted), EUR 0.02 0.03 -45.3 0.06 Equity per share, EUR 0.19 0.18 2.7 0.21 Cash flow from operating activities 325 650 976 Cash and cash equivalents 1 389 1 748 1 884 Net liabilities -996 -1 271 -1 408 Gearing, % -42.9 -57.1 -54.4 Equity ratio, % 52.0 56.1 59.0 Return on equity, % 16.5 34.3 30.0 Return on investment, % 19.3 34.7 19.2 OUTLOOK FOR YEAR 2007 QPR Software´s target is to grow its sales 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. The management of QPR Software estimates an increase from the previous year to the Group's net sales and operating profit in 2007. 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 interim reporting standard IAS 34 implemented in EU. The accounting- and valuation principles are the same as they were in 2006 financial statements. This interim report is not audited. BUSINESS HIGHLIGHTS IN THE SECOND QUARTER QPR Software Group's net sales rose to MEUR 2.225 (2.081). Software license and service sales in Finland decreased slightly compared with the corresponding quarter previous year, whereas the Group's international operations continued to grow sales both in software licenses and maintenance services. The Group delivered software licenses to 33 different countries in the second quarter. Largest net sales were in South Africa and Japan. The success of South Africa was positively affected by a significant software license deal to a company operating in financial sector. QPR Software Plc´s subsidiary in South Africa started its operations during the second quarter and the local sales resources were increased. In Japan, sales development for QPR´s and its local partner´s solution to respond to the challenges of the local security market law was very good. 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. Among others, the following customers acquired QPR software products in the second quarter: Brasil Telecom, Emirates Identity Authority, Ferris University (USA), InBev (Belgium), Kameda General Hospital (Japan), Newcastle upon Tyne Hospitals NHS Foundation Trust (UK), Onninen, Raisio Yhtymä, San Diego County Airport (USA) and Tata Teleservices (India). Net sales from international operations grew 9.9% in the second quarter compared to the corresponding period last year and were MEUR 1.643 (1.494), and corresponded to 73.8% (71.8%) of the Group´s total net sales. In the second quarter, the software license net sales rose to MEUR 1.338 (1.204). Software license sales and maintenance service sales represented 90.0% (87.8%) of the total net sales of the Group. The geographical break-down of the net sales was as follows, (EUR 000): 4-6/ Share-% 4-6/ Share-% Change-% 2007 2006 Finland 582 26.2 587 28.2 -0.9 International 1 643 73.8 1 494 71.8 9.9 Total 2 225 100.00 2 081 100.0 6.9 The Groups net sales are accrued in its entirety from software business, with the following break-down during the review period, (EUR 000): 4-6/ Share-% 4-6/ Share-% Change-% 2007 2006 Software licenses 1 338 60.1 1 204 57.8 11.1 Maintenance services 664 29.8 623 29.9 6.5 Professional services 224 10.0 254 12.2 -12.0 Total 2 225 100.0 2 081 100.0 6.9 Operating profit of the second quarter was MEUR 0.233 (0.228), representing 10.5% (11.0%) of net sales. Operating profit was negatively affected by the recorded bad debt provisions in the second quarter of MEUR 0.128 (0.092). Net profit of the second quarter was MEUR 0.183 (0.184), representing 8.2% (8.8%) of net sales. NET SALES AND FINANCIAL PERFORMANCE 1-6/2007 In January-June QPR Software Group´s net sales grew 2.9% and reached MEUR 3.859 (3.752). Net sales from international operations increased 14.2% and the Group delivered software licenses to 45 countries in total. The share of international business rose to 71.6% (64.5%) of the net sales. Geographically, the biggest export markets during the period January through June were Japan, England, Sweden and South Africa. The geographical break-down of the net sales was as follows, (EUR 000): 1-6/ Share-% 1-6/ Share-% Change-% 1-12/ 2007 2006 2006 Domestic 1 096 28.4 1 333 35.5 -17.8 2 288 International 2 763 71.6 2 419 64.5 14.2 4 613 Total 3 859 100.0 3 752 100.0 2.9 6 901 The Group´s net sales are accrued in its entirety from software business, with the following break-down during the review period, (EUR 000): 1-6/ Share-% 1-6/ Share-% Change-% 1-12/ 2007 2006 2006 Software licenses 2 079 53.9 1 969 52.5 5.6 3 256 Maintenance services 1 331 34.5 1 204 32.1 10.6 2 509 Professional services 449 11.6 579 15.4 -22.6 1 136 Total 3 859 100.0 3 752 100.0 2.9 6 901 Operating profit in the review period was 0.252 (0.460), and its share from net sales was 6.5% (12.3%). Net profit was MEUR 0.203 (0.370), representing 5.2% (9.9%) of the Group´s total 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 June 2007, the deferred tax assets have been diminished by 46 thousand euros, based upon the taxable income during that period. In the Group´s balance sheet as of June 30, 2007, the remaining amount of deferred tax is 284 thousand euros. Diluted earnings per share were EUR 0.02 (0.03). FINANCE AND INVESTMENTS The value of the total assets was MEUR 6.191 (5.697) at the end of June 2007. The Group's investments in fixed assets during the review period totaled to MEUR 0.279 (0.155). Cash flow from operating activities was positive during the review period and reached MEUR 0.325 (0.650). Cash and cash equivalents at the end of the review period were MEUR 1.389 (1.748). The Group's interest-bearing liabilities decreased by MEUR 0,083 during the review period and were MEUR 0,393 (0,476). Gearing was -42.9% (-57.1%). Return on investment was 19.3% (34.7%). The total amount of dividend paid was MEUR 0.489 (0.243) in the review period. Short-term liabilities contain deferred revenue in total of MEUR 1.728 (1.725). At the end of review period, quick ratio was 2.8 (3.9). At the end of the review period, the Group's equity stood at MEUR 2,320 (2,228), and the Group's equity ratio reached 52.0% (56.1%). Return on equity was 16.5% (34.3%). PERSONNEL At the end of the review period, the Group employed a total of 63 people (56). For incentive and commitment purposes, the Group has personnel bonus scheme covering the whole personnel and personnel stock option plan. TRANSACTIONS OF THE INSIDERS QPR Software Plc`s Board members and their related parties held on June 30, 2007 in total of 2,253,090 QPR Software Plc´s shares, which represented 18.7% of Group´s shares and votes. Corresponding ownership was 18.3% on December 31, 2006. These figures include their own holdings and the holdings of their spouses, persons under guardianships and controlled corporations. The Board members and managing director (and their related parties) did not hold any issued options as at June 30, 2007. The Group`s management, Board members, managing director and executive management team, received salaries, compensation fees and fringe benefits in total of EUR 327 thousand (321) in the review period. PRODUCT DEVELOPMENT The amount of R&D expenses in the review period totaled to MEUR 0.736 (0.687), representing 19.1% (18.3%) of net sales. During the review period, R&D expenses have been capitalized for a total amount of 117 thousand euros (35). The depreciation period of capitalized R&D expenses is 4 years. Product development employed 14 (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 continued with established subcontractors. In 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™. As a proof of this compatibility QPR ProcessGuide was Certified for Microsoft Windows Vista™ in the review period. 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´s 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 Leskinen 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 renew the articles of association. 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 1-6/2007 The Company's share capital at the end of the review period was EUR 1,359,089.93 divided into 12,355,363 shares, the book-counter value being EUR 0.11. The share capital was increased once during the review period when 119,599 new shares were subscribed based on the stock option programs 2003/II, 2003/III and 2005/I. The corresponding increase of EUR 13,155.89 in the Company's share capital was entered in the Finnish trade register on June 11, 2007. At the end of review period, the Company had a total of 685 shareholders. During the review period, trading in company shares amounted to MEUR 1.335, i.e. an average of EUR 10,766 per trading day. Trading in shares totaled 1,606,675 shares, giving an average of 12,957 shares per trading day. Turnover in shares corresponds to 13% of the total shares and the average price was EUR 0.83 per share. At the end of the review period, the total market value of the company shares was MEUR 9.267 at the review period's closing price of EUR 0.75. OWN SHARES QPR Software Plc has one share class and company has repurchased 23,600 of its shares during the review period for an average price of EUR 0.78 per share. At the end of the review period the company held 23,600 of its shares with a total nominal value of EUR 2,596 and a total purchase price of EUR 18,318. These shares represent 0.2% of the company´s capital stock. The purchase cost has been deducted from shareholders´equity in the consolidated financial statements. The Board of Directors has been granted by the Annual Shareholder´s Meeting of 14 March 2007, a share repurchase authorization, valid until next Annual Shareholders´ Meeting, to repurchase company shares in total of 250,000 shares at maximum. 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 there were no unconverted stock options left of the stock option program 2003/II, and QPR Software Plc or any of its subsidiaries held no more stock options of the stock option program 2003/II. At the end of the review period, based on stock option program 2003/III, in total of 202,500 hitherto unconverted stock options have been issued, and 121,290 stock options are held by the Company's subsidiary. Based on stock option program 2005/I, there are no more unconverted stock options as on 30 June 2007. QPR Software Plc´s subsidiary held still 150,401 stock options, but their subscription period has ended. At the end of the review period, in total of 202,500 hitherto unconverted stock options have been issued, and in addition, in total of 121,290 stock options were in the possession of the Company's subsidiary, to be given to present and future employees and management. OTHER EVENTS IN THE REVIEW PERIOD QPR Software has on 21 May 2007 appointed M.Sc.(Eng) Matti Erkheikki as Vice President for Business Operations in Finland and member of the executive management team as of 1st July, 2007. 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. EVENTS AFTER THE REVIEW PERIOD No essential events have occured after the review period. 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 detail. 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. Risk management relating to company's business operations is supported by continuous development of the company´s operating processes. Reasonable credit risk concerning individual business partners is characteristic to any international business.QPR seeks to limit this credit risk by continuous monitoring of receivables and credit limits. The growth of QPR´s international business and growing average deal size have caused the amount of due accounts receivable to increase. To prepare for possible credit losses, the Group recorded MEUR 0.128 bad debt provision during the second quarter. FUTURE OUTLOOK The management of QPR Software Group estimates, based on its view of the business for the rest of the year, that net sales and operating profit in year 2007 will increase from the previous year. Net sales and operating profit are estimated to be emphasized, similar to the previous years, to the last quarter of the year. QPR Software´s target is to grow its sales 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. 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. In this Autumn, the Company complements its product offering portfolio by launching an OEM-technology based software product, QPR WorkFlow, for effective execution of business process. 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. ENCLOSURES: TABLE PART GROUP`S INCOME STATEMENT 1.1.-30.6.2007 (EUR 1000) 4-6/ 4-6/ 1-6/ 1-6/ 1-12/ 2007 2006 2007 2006 2006 NET SALES 2 225 2 081 3 859 3 752 6 901 Other operating income 17 2 36 161 268 Material and services 383 273 456 393 736 Employee benefits expenses 1 059 960 2 103 1 907 3 846 Depreciation 48 49 90 98 206 Other operating expenses 518 572 993 1 055 1 864 OPERATING PROFIT 233 228 252 460 517 Finance income and expenses 8 8 23 33 60 PROFIT BEFORE TAX 241 236 275 494 577 Income tax expense -58 -53 -73 -124 125 PROFIT FOR THE PERIOD 183 184 203 370 702 Sharing of profit: To the parent company's shareholders 183 184 203 370 702 Earnings per share (diluted),EUR 0.02 0.03 0.06 Earnings per share, EUR 0.02 0.03 0.06 GROUP`S BALANCE SHEET 30.6.2007 NON-CURRENT ASSETS (EUR 1000) 30.6.2007 30.6.2006 31.12.2006 NON-CURRENT ASSETS Tangible assets 343 290 307 Other intangible assets 365 131 213 Trade and other receivables 75 266 75 Deferred tax assets 284 64 330 NON-CURRENT ASSETS 1 067 752 925 CURRENT ASSETS Trade and other receivables 3 734 3 197 3 104 Cash and cash equivalents 1 389 1 748 1 884 CURRENT ASSETS 5 123 4 945 4 988 TOTAL ASSETS 6 191 5 697 5 913 EQUITY AND LIABILITIES (EUR 1000) EQUITY Share capital 1 359 1 341 1 346 Share premium 231 189 195 Reserve fund 22 21 21 Translation difference -60 -52 -49 Retained earnings 768 729 1 072 PARENT COMPANY'S SHAREHOLDERS' INTEREST 2 320 2 228 2 586 TOTAL EQUITY 2 320 2 228 2 586 NON-CURRENT LIABILITIES Interest-bearing liabilities 285 476 285 NON-CURRENT LIABILITIES 285 476 285 CURRENT LIABILITIES Trade and other payables 3 477 2 993 2 850 Interest-bearing liabilities 108 0 191 CURRENT LIABILITIES 3 585 2 993 3 041 LIABILITIES 3 871 3 470 3 327 TOTAL EQUITY AND LIABILITIES 6 191 5 697 5 913 GROUP`S CASH FLOW STATEMENT (EUR 1000) 1.1.-30.6/ 1.1.-30.6/ 1.1.-31.12/ 2007 2006 2006 CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 202 370 702 Adjustment for the profit Deprecation 90 98 206 Non-cash transactions 73 -102 -354 Changes in working capital: Changes in trade and other receivables -663 -44 55 Changes in trade payables and other 627 294 323 liabilities Interest expense and other -4 7 5 financial liabilities Interest income and other 27 26 55 and other financial income Income taxes paid -27 2 -16 Net cash from operating activities 325 650 976 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of tangible assets -94 -93 -173 Purchases of tangible assets -185 -62 -188 Net cash used in investing activities -279 -155 -361 CASH FLOWS FROM FINANCING ACTIVITIES Equity issued 49 13 25 Repayments of financial leases 0 -2 0 Repayments of long term borrowings -83 -98 -95 Purchase of own shares -18 0 0 Dividends paid -489 -243 -243 Net cash used in financing activities -542 -330 -313 Net change in cash and cash equivalents -495 166 302 Cash and cash equivalents at the beginning of period 1 884 1 582 1 582 Cash and cash equivalents at the end of period 1 389 1 748 1 884 GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-30.6.2007 Share- Trans- holders' Share Share lation Retained equity issue premium differ. earnings Total SHAREHOLDERS´ 1 346 0 217 -49 1 072 2 586 EQUITY 1.1.2007 Shares issued 13 13 Issue premium 36 36 Employees options 0 0 Dividends paid -489 -489 Translation differences -11 -11 Purchase of own shares -18 -18 Profit for the period 203 203 CHANGE IN SHAREHOLDERS' 13 0 36 -11 -304 -266 EQUITY 1-6 EQUITY 30.6.2007 1 359 0 253 -60 768 2320 GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-30.6.2006 Share- Trans- (EUR 1.000) holders' Share Share lation Retained equity issue premium differ. earnings Total EQUITY 1.1.2006 1 335 0 203 -48 602 2 091 Shares issued 6 6 Issue premium 7 7 Dividends paid -243 -243 Translation differences -4 -4 Profit for the period 370 370 CHANGE IN SHAREHOLDERS' 6 0 7 -4 127 136 EQUITY 1-6 EQUITY 30.6.2006 1 341 0 210 -52 729 2 228 GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-31.12.2006 Share- Trans- (EUR 1.000) holders' Share Share latio Retained equity issue premium differ. earnings Total 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 differences -1 -1 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) 30.6.2007 31.12.2006 Commitments Lease leabilities 566 636 Total 566 636 Current lease liabilities Lease liabilities maturing during one year 30 15 Lease liabilities maturing 2-5 years 36 18 Total 66 33 Total commitments and contingent 631 669 liabilities GROUP`S INTANGIBLE AND TANGIBLE ASSETS Intangible assets: Computer software and R&D expenses (EUR 000) 30.6.2007 30.6.2006 31.12.2006 Cost 1.1. 437 238 238 Increase 185 63 199 Tangible assets: Machinery and equipments (EUR 000) 30.6.2007 30.6.2006 31.12.2006 Cost 1.1. 748 586 586 Increase 94 93 162 GROUP INCOME STATEMENT PER QUARTER 1-3/ 1-3/ 4-6/ 4-6/ 7-9/ 10-12/ (EUR 1000) 2007 2006 2007 2006 2006 2006 Net sales 1 634 1 671 2 225 2 081 1 362 1 787 Other operating income 19 159 17 2 0 107 Material and services 73 120 383 273 126 217 Employee benefits expenses 1 044 948 1 059 960 799 1 140 Depreciation 42 48 48 49 50 58 Other operating expenses 476 482 518 572 374 436 OPERATING PROFIT 19 232 233 228 13 43 Financial income/expenses 15 25 8 8 12 15 Profit before tax 34 257 241 236 26 58 Income tax -15 -71 -58 -53 -7 256 PROFIT FOR THE PERIOD 19 186 183 184 18 314 GROUP KEY FIGURES Key figures illustrating the financial development of the Group EUR (000) 1-6/ 1-6/ 1-3/ 1-3/ 2006 2007 2006 2007 2006 Net sales 3 859 3 752 1 634 1 671 6 901 Growth of net sales % 2.9 15.8 -2.2 5.3 8.4 Operating profit 252 460 19 232 517 % of net sales 6.5 12.3 1.2 13.9 7.5 Profit or loss before tax 275 494 34 257 577 % of net sales 7.1 13.2 2.1 15.4 8.4 Profit for the period 203 370 19 186 702 % of net sales 5.2 9.9 1.2 11.1 10.2 Return on equity,% 16.5 34.3 3.3 35.9 30.0 Return on investment,% 19.3 34.7 5.1 0.4 19.2 Interest bearing liabilities 393 476 476 563 476 Cash and cash equivalents 1 389 1 748 1 244 1 932 1 884 Net liabilities -996 -1 271 -768 -1 369 -1 408 Equity 2 320 2 228 2 111 2 059 2 586 Gearing,% -42.9 -57.1 -36.4 -66.6 -54.4 Equity ratio, % 52.0 56.1 52.0 53.9 59.0 Total balance sheet 6 191 5 697 5 876 5 534 5 913 Investment in non-current assets 279 155 104 73 361 % of net sales 7.2 4.1 6.4 4.4 5.2 Research and development expenses 736 687 344 411 1 245 % of net sales 19.1 18.3 21.0 24.6 18.0 Personnel average for period 61 56 59 55 59 Personnel at the beginning of 58 56 58 56 56 period Personnel at the end of period 63 56 59 54 58 Earnings per share ,e 0.02 0.03 0.00 0.02 0.06 Earnings per share /diluted), e 0.02 0.03 0.00 0.02 0.06 Equity per share, e 0.19 0.18 0.17 0.17 0.21 *) Return on equity and return on investments 1-6/2006 have been adjusted to correspond the yearly returns. 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 *) Return on equity and return on investment are adjusted to correspond the yearly level returns by multiplying the profit for period. MAJOR SHAREHOLDERS 30.6.2007 Number of Shares and votes shares % Ulkomarkkinat Oy 1 600 000 12.95 % Vesa-Pekka Leskinen 851 400 6.89 % + Kauppamainos Oy 707 700 5.73 % Total 1 559 100 12.62 % Alesco S.A 1 300 000 10.52 % Jouko Pelkonen 359 000 2.91 % Pohjolan Rahoitus Oy 414 100 3.35 % Electrosale Oy 313 000 2.53 % Total 1 086 100 8.79 % Kari Junkkonen 512 016 4.14 % Fortel Invest Oy 425 326 3.44 % Fides New Media, investment fund 376 000 3.04 % Procurator-Holding Oy 338 000 2.74 % Päivi Marttila 293 072 2.37 % Edina Oy 33 900 0.27 % Total 326 972 2.65 % Jaakkola Jari 260 000 2.10 % Value FM Oy 57 000 0.46 % Total 317 000 2.57 % Asko Piekkola 316 438 2.56 % Pääkkönen Esa 246 054 1.99 % other shareholders 3 952 357 31.99 % Total 12 355 363 100.00 % Helsinki 25 July 2007 QPR SOFTWARE PLC The Board of Directors QPR Software Plc´s next interim report 1-9/2007 will be published on 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 |
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