2010-04-22 08:00:00 CEST
2010-04-22 08:00:05 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
INTERIM REPORT 1 JANUARY - 31 MARCH, 2010
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 22 APRIL, 2010 9.00 AM
INTERIM REPORT 1 JANUARY - 31 MARCH, 2010
QPR SOFTWARE'S NET SALES ROSE TO EUR 1,671 THOUSAND,
OPERATING MARGIN WAS 8.7%, EARNINGS PER SHARE EUR 0.01
Summary
January - March 2010:
- Net sales EUR 1,671 thousand (January-March 2009: 1,628)
- Operating profit EUR 145 thousand (143)
- Operating margin 8.7% of net sales (8.8)
- Cash flow from operations rose to EUR 349 thousand (251)
- Earnings per share were EUR 0.01 (0.01).
QPR Software´s international software sales increased by 13%, and service and
solutions sales by 32% compared to previous year. However, transition to
subscription based software sales in Finland affected adversely to Group net
sales. This transition led to a decrease in Software Sales Finland segment's
net sales (-24%). Despite this, new software sales increased also in Finland
and the company estimates that the transition to subscription sales will have a
positive impact on net sales in Finland in the longer term.
Operating profit was EUR 145 thousand, and remained on last year´s level (143).
Costs increased 5% compared to previous year, which was mainly due to increase
in personnel.
The company established a subsidiary in Moscow in the first quarter of the year
and transferred the business operations acquired in November 2009 from its
Russian and CIS resellers to the founded subsidiary. The majority the
resellers´personnel were employed by QPR after the review period in the
beginning of April.
The outlook remains unchanged. QPR Software estimates the Group´s net sales and
operating profit to grow in 2010 compared to the previous year (net sales in
2009: EUR 6,618 thousand; operating profit: EUR 705 thousand).
KEY FIGURES
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| (EUR 1,000) | Jan-March,|| Jan-March,| Change,%| Jan-Dec, |
| | 2010 | 2009| | 2009 |
--------------------------------------------------------------------------------
| Net sales | 1,671 | 1,628 | 2.6 | 6,618 |
--------------------------------------------------------------------------------
| Operating profit | 145 | 143 | 1.4 | 705 |
--------------------------------------------------------------------------------
| % of net sales | 8.7 | 8.8 | | 10.6 |
--------------------------------------------------------------------------------
| Profit before tax | 120 | 149 | -19.5 | 668 |
--------------------------------------------------------------------------------
| Profit for the period | 95 | 122 | -22.1 | 517 |
--------------------------------------------------------------------------------
| % of net sales | 5.7 | 7.5 | | 7.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | 0.20 | | 0.21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | 349 | 251 | | 953 |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 2,091 | 1,163 | | 1,929 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| Net liabilities | -1,107 | -981 | | -831 |
--------------------------------------------------------------------------------
| Gearing,% | -40.8 | -39.3 | | -32.3 |
--------------------------------------------------------------------------------
| Equity ratio,% | 43.5 | 66.2 | | 42.5 |
--------------------------------------------------------------------------------
| Return on equity,% | 14.4 | 18.6 | | 19.5 |
--------------------------------------------------------------------------------
| Return on investment,% | 14.2 | 21.4 | | 21.4 |
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REPORTING
This interim report complies with accounting and valuation principles of IFRS,
but in preparations not all the requirements of IAS 34-standard have been
considered. The accounting and valuation principles are the same as they were
in 2009 financial statements. This interim report is not audited.
QPR Software´s business consists of software license sales, software
subscription sales, software maintenance sales and professional services.
QPR Software Plc has three business segments: Software Sales International
(software license, subscription and maintenance sales outside of Finland),
Software Sales Finland (software license, subscription and maintenance sales in
Finland) and Service and Solutions (global professional service sales).
The geographical segments used by the Company are Domestic (Finland) and
International markets.
JANUARY - MARCH 2010 COMPARED WITH JANUARY - MARCH 2009
THE GROUP
Group net sales by geography, (EUR 1,000):
--------------------------------------------------------------------------------
| | Jan- | Share,| Jan - | Share, | Change, | Jan - |
| | March, | % | March, | % | % | Dec, |
| | 2010 | | 2009 | | | 2009 |
--------------------------------------------------------------------------------
| Domestic | 710 | 42.5 | 758 | 46.6 | -6.3 | 2,783 |
--------------------------------------------------------------------------------
| International | 961 | 57.5 | 870 | 53.4 | 10.5 | 3,835 |
--------------------------------------------------------------------------------
| Total | 1,671 | 100.0 | 1,628 | 100.0 | 2.6 | 6,618 |
--------------------------------------------------------------------------------
QPR Software Group´s net sales in the first quarter of 2010 were EUR 1,671
thousand (1,628), representing a growth of 3%. International net sales grew
11%. Growth in net sales, however, was slowed down by the transition to software
subscription sales in the Finnish home market.
QPR has since the second half of 2009 offered, as an alternative for software
license sales, a pricing model based on subscription fees. The new pricing
model has been well received in the markets. Unrecognized revenue from
subscription sales stood at EUR 205 thousand at the end of the review period.
QPR reports subscription net sales as part of maintenance services. In
subscription based model, net sales are accumulated in a slower manner than in
license sales, but the share of recurring revenue is significantly larger.
Group net sales divided into software licenses, maintenance services and
professional services as follows, (EUR 1,000):
--------------------------------------------------------------------------------
| | Jan - | Share, | Jan - | Share, | Change, | Jan - |
| | March, | % | March, | % | % | Dec, |
| | 2010 | | 2009 | | | 2009 |
--------------------------------------------------------------------------------
| Software licenses | 485 | 29.0 | 529 | 32.5 | -8.3 | 2,394 |
--------------------------------------------------------------------------------
| Maintenance | 878 | 52.6 | 868 | 53.3 | 1.2 | 3,338 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Professional | 308 | 18.4 | 231 | 14.2 | 33.3 | 886 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,671 | 100.0 | 1,628 | 100.0 | 2.6 | 6,618 |
--------------------------------------------------------------------------------
Software license sales decreased somewhat from last year and were EUR 485
thousand (529). The decrease was due to transition to subscription sales in
Finland. International software license sales grew 22% compared to previous
year.
Maintenance services net sales were EUR 878 thousand (868). The previous year´s
net sales include one-off revenue recognitions from earlier periods, totaling
EUR 50 thousand.
Professional services net sales rose 33% to EUR 308 thousand (231). Net sales
growth was impacted by the improved economic situation and new packaged service
products offered by the company.
Operating profit in January - March was to EUR 145 thousand (143). Costs
increased from previous year by 5%, which was mainly due to increase in
personnel. Operating margin was 8.7% (8.8) from net sales.
Depreciation and amortization grew to EUR 129 thousand (114). Net profit before
tax was EUR 120 thousand (149), and after tax EUR 95 thousand (122).
In the Group´s balance sheet as of 31 March, 2010, the remaining amount of
deferred tax is EUR 394 thousand (521). The full amount is in the books of the
parent company.
Earnings per share (diluted) were EUR 0.01 (0.01).
BUSINESS SEGMENTS
Group net sales by business segments, (EUR 1,000):
--------------------------------------------------------------------------------
| | Jan - | Share,| Jan - | Share, | Change, | Jan - |
| | March, | % | March, | % | % | Dec, |
| | 2010 | | 2009 | | | 2009 |
--------------------------------------------------------------------------------
| Software Sales | 955 | 57.1 | 845 | 51.9 | 13.0 | 3,728 |
| International | | | | | | |
--------------------------------------------------------------------------------
| Software Sales | 424 | 25.4 | 561 | 34.5 | -24.4 | 2,042 |
| Finland | | | | | | |
--------------------------------------------------------------------------------
| Service and | 292 | 17.5 | 222 | 13.6 | 31.5 | 848 |
| Solutions | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,671 | 100.0 | 1,628 | 100.0 | 2.6 | 6,618 |
--------------------------------------------------------------------------------
Group operating profit by business segments, (EUR 1,000):
--------------------------------------------------------------------------------
| | Jan - | Share,| Jan - | Share,-| Change, | Jan -
| March, | % | March, | %| % | Dec,
| | 2010 | | 2009 | | | 2009 |
--------------------------------------------------------------------------------
| Software Sales | 149 | 102.8 | 22 | 15.4 | 577.3 | 503 |
| International | | | | | | |
--------------------------------------------------------------------------------
| Software Sales | 34 | 23.4 | 198 | 138.5 | -82.8 | 668 |
| Finland | | | | | | |
--------------------------------------------------------------------------------
| Service and | 41 | 28.3 | 17 | 11.8 | -141.2 | -67 |
| Solutions | | | | | | |
--------------------------------------------------------------------------------
| Not allocated | -79 | -54.5 | -94 | -65.7 | 16.0 | -400 |
--------------------------------------------------------------------------------
| Total | 145 | 100.0 | 143 | 100.0 | 1.4 | 705 |
--------------------------------------------------------------------------------
Software Sales International
Software Sales International business segment´s net sales in January - March
rose 13% from the previous year thanks to higher license sales and were EUR 955
thousand (845). The growth was mainly impacted by higher net sales in Russia
and CIS countries and improved global economic situation. Business operations
in Russia are expected to show continued positive development in the coming
quarters this year. Operating profit rose to EUR 149 thousand (22).
The largest export markets were South Africa, Great Britain, Turkey, Sweden,
Germany, Kazakhstan and United Arab Emirates. QPR delivered software, among
others, to Abu Dhabi Food Control Authority, in Great Britain to Highland
Council, to Latvian State Forests, in Germany to Diehl Aerospace GmbH, in
Russia and CIS countries to Kazzinc and IRKUT, in South Africa to PetroSA and
in the USA to Ferris State University.
Software Sales Finland
Software Sales Finland -business segment´s net sales in January - March
decreased by 24% due to decline in license sales and was EUR 424 thousand
(561). The decline is attributable to the Company´s transition to subscription
software sales in Finland. Software Sales Finland acquired however, clearly
more new customers than in previous year, and the Company sees good potential
for add-on sales to these new customers. Furthermore, the Company believes that
the subscription based business model enables significant expansion in its
potential customer base. Operating profit declined, due to decreased net sales,
to EUR 34 thousand (198).
In Finland QPR delivered software, among others, to Cargotec Corporation,
Finnritilä Ltd, Larox Flowsys Group, Metso Automation, Oy Metsa-Botnia Ab,
Oriola-KD Corporation, Outokumpu Oyj, Samlink Plc, Savon Voima Oyj and Tecwell
Ltd as well as to City of Vaasa, Lapland and Pirkanmaa health care districts,
Häme University of applied sciences and to the KuntaIt unit of Finnish ministry
of Finance.
Service and Solutions
Service and Solutions business segment´s net sales and operating profit in
January - March 2010 increased due to improved economic situation and increased
demand for packaged service products. Especially demand for Process management
framework -service product increased markedly. Net sales rose 32% and were EUR
292 thousand (222).
Operating profit improved to EUR 41 thousand (17). Net sales in the review
period were mainly derived from Finland. In its professional service offering,
QPR focuses especially on business process consulting, in which QPR experts
have significant experience across the industries.
FINANCE AND INVESTMENTS
The value of total assets at the end of March 2010 was EUR 7,285 thousand
(5,501).
Cash flow from operating activities was EUR 349 thousand (251). The main reason
for increase in cash flow is a change in working capital compared to same
period in 2009. Cash and cash equivalents at the end of the review period were
EUR 2,091 thousand (1,163).
The Group´s investments based on operating cash-flow in the review period
totaled to EUR 65 thousand (96).
The Group´s interest bearing liabilities were EUR 984 thousand (182) at the end
of the reporting period. The increase was due to EUR 1,132 thousand pension
loan withdrawn during the second quarter of 2009. The gearing ratio was -40.8%
(-39.3). Return on capital employed was 14.2% (21.4).
Short-term liabilities include deferred revenue in total of EUR 1,053 thousand
(901). At the end of reporting period, quick ratio was 2.13 (2.50).
At the end of the reporting period, the Group equity stood at EUR 2,709
thousand (2,495), and equity to assets ratio was 43.5% (66.2). The decrease of
equity to assets ratio is attributable to the debt recorded due to the Russian
business acquisition in the end of 2009 and to EUR 1,132 thousand pension loan
withdrawn during the second quarter of 2009. Return on equity was 14.4% (18.6).
PERSONNEL
At the end of the March 2010, the Group employed a total of 60 persons (57).
Average number of personnel in 2009 was 59 (55).
PRODUCT DEVELOPMENT
The amount of R&D expenses in the review period were EUR 353 thousand (308),
representing 21.1% of net sales (18.9%).
In the review period, R&D expenses have been activated as assets for a total
amount of EUR 48 thousand (19). The depreciation period of capitalized R&D
expenses is 4 years. The depreciation of activated R&D expense was EUR 49
thousand (38).
Product development employed 20 people (17) at the end of the review period,
corresponding to 33% of the total personnel (29). The core know-how of product
development remains centralized within the own organization.
Long-term co-operation continued with established subcontractors. QPR Software
has been a Microsoft Gold Certified Partner since 2007. QPR's software offering
is fully compatible with Microsoft's new Windows 7 operating system.
During the review period, Research & Development activities focused on the
development of a new version of the QPR product family, QPR 8.2, planned to be
released in the first half of 2011 as well as developing concepts and prototypes
for new software products broadening the QPR offering. Furthermore in March QPR
released a new 8.1 version of QPR ProcessGuide Xpress, a desktop version of its
process modeling, publishing and process documentation tool, sold and marketed
through the web.
QPR software products acclaimed international recognition during the review
period. In January technology research and advisory company Gartner Inc.
recognized QPR among the innovative CPM vendors interesting to watch in its
Magic Quadrant for Corporate Performance Management Suites report. In February,
Gartner recognized QPR in the Magic Quadrant for Business Process Analysis
Tools 2010 report to be among the most prominent vendors in the world.
QPR offers an easy-to-use, ready-to-run software that combines process modeling
and analysis (QPR ProcessGuide), performance management and measurement (QPR
ScoreCard), and business intelligence (QPR FactView) into one complete solution
for process management, quality management, risk management and compliance.
With the help of QPR software solutions, organizations optimize business
processes, take control of risk and compliance issues, improve operational
performance and drive strategy throughout their organization in order to comply
with rules and regulation as well as manage transition caused by strategic or
regulatory demands.
The software products developed by QPR are fast to implement and adapt to
customers' evolving requirements and their chosen management methodology. QPR
software applications are especially designed to be compatible with Microsoft
software products and are scalable from a single-user to an organization-wide
management system.
The QPR product family has been localized into 26 languages (26).
COMPANY SHARES AND TRADING IN COMPANY SHARES
The Company's share capital on 31 March, 2010 was EUR 1,359,089.93 divided into
12,444,863 shares. QPR Software Plc has one share class. The book counter value
is EUR 0.11. Each share has one vote and equal right to dividend. The shares
are incorporated to the book-entry system maintained by Euroclear Finland Oy.
At the end of review period, the Company had a total of 618 shareholders (563).
In January — March 2010 trading in company shares amounted to EUR 100 thousand
(91), i.e. an average of EUR 1,620 per trading day (1,465). Trading in share
was in total 104,953 shares (117,258), giving an average of 1,693 shares per
trading day (1,891). Turnover in shares corresponds to 0.8% of the total shares
(0.94) and the average price was EUR 0.93 per share (0.77). The highest closing
price during the period was EUR 0.99 and the lowest EUR 0.92.
The total market value of the company shares was EUR 11,334 thousand (9,956)
with closing price of EUR 0.93 at 31 March, 2010.
OWN SHARES
The Company did not acquire any own shares in January - March 2010. At the end
of March the Company held 258,000 of its own shares with a total book counter
value of EUR 28,380 and a total purchase price of EUR 218,102.93. Own shares
held by the company represented 2.07% of the Company´s capital stock.
The Board of Directors has been granted by the Annual Shareholders Meeting of
March 18, 2010 a share repurchases authorization, valid until next Annual
Shareholders Meeting, to repurchase company shares in total of 250,000 shares
at maximum. According to the authorization the company may acquire own shares
in order to strengthen the company's capital structure, to be used as payment
in corporate acquisitions or when the company acquires assets related to its
business or as part of the company's incentive programs in a manner and to the
extent decided by the Board of Directors, or to be transferred for other
purposes or to be cancelled.
OTHER EVENTS IN THE REPORTING PERIOD
QPR Software's business operations in Russian Federation and CIS countries were
transferred in 2 March, 2010 to OOO QPR Software subsidiary. The company is a
fully owned subsidiary of QPR Software's subsidiary QPR CIS Oy. OOO QPR
Software is domiciled and located in Moscow. It employed 8 persons in the
beginning of April.
The Executive Management Team of QPR Software Plc consists of the following
persons as of 18 February, 2010: Chief Executive Officer Jari Jaakkola
(chairman), Vice President Software Sales International Antti Ainasoja, Vice
President Software Sales Finland Matti Erkheikki, Vice President Services and
Solutions Maija Erkheikki, Vice President Communications and Marketing Jyrki
Karasvirta, Vice President Business Development Teemu Lehto, Chief Financial
Officer Päivi Vahvelainen and Vice President Products and Technology Tony
Virtanen.
STRATEGY
According to the strategic guidelines of the Company, QPR aims to substantially
increase the number of QPR software users both in new and existing customer
organizations. The Company believes that this will have a positive effect also
on the sales of professional services. Pricing will be further simplified, and
affordable solutions are offered also to organizations with large number of
users.
The company aims to accelerate its software sales process and deployment of its
customer solutions by creating service concepts around QPR software, and
offering replicable frameworks that are based on target group specific needs.
In international markets QPR focuses on further diversifying and strengthening
its sales channel. In the near regions QPR will invest especially in sales to
Russia.
Product development is focused on supporting the chosen service offering, by
utilizing both the existing QPR products and their strong Microsoft
compatibility.
The Company continues to follow the structural developments in the software
industry, and aims actively to participate in it.
DECISIONS MADE BY THE ANNUAL SHAREHOLDERS' MEETING AND GOVERNANCE
The Annual Shareholders' Meeting held on 18 March, 2010 made the following
decisions:
The Annual Shareholders' Meeting confirmed the company's financial statements
and the Group's financial statements for the financial period of January 1 -
December 31, 2009 and released the Board of Directors and the Managing Director
from liability.
The Annual Shareholders' Meeting approved the Board's proposals that a per-share
dividend of EUR 0.02, a total of EUR 243,737.26 is paid and a distribution of
EUR 0.01 per share, totaling in EUR 121,868.63 is made to the shareholders from
the invested non-restricted equity fund. The payments were made to shareholders
who were entered in the company's shareholder register, maintained by Euroclear
Finland Oy, on the record date of 23 March, 2010. The date of both payments was
6 April, 2010.
The Annual Shareholders' Meeting resolved that the Board of Directors consists
of five (5) ordinary members. The Annual Shareholders' Meeting elected the
following members to the Board of Directors: Aino-Maija Fagerlund, Jyrki
Kontio, Antti Laine, Vesa-Pekka Leskinen and Asko Piekkola.
In its first meeting immediately following the Annual Shareholders' Meeting, the
Board of Directors elected Vesa-Pekka Leskinen as Chairman of the Board. The
Board of Directors noted that both new members, Aino-Maija Fagerlund and Antti
Laine, are independent from the Company and its main shareholders.
KPMG Oy Ab, Authorized Public Accountants, continues as QPR Software Plc's
Auditors.
The Annual Shareholders' Meeting decided to keep the Board of Directors'
emolument the same as in 2009. A yearly emolument of EUR 25,230 will be paid to
the Chairman of the Board and EUR 16,820 to the other Members of the Board.
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. 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.
The authorization also includes the right to issue special rights, in the
meaning of Chapter 10 Section 1 of the Companies Act, which entitle to the
company's new shares or the company's own shares held by the company against
consideration.
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 550,000 own shares held by the
company can be conveyed. The authorization is in force until the next Annual
Shareholders' Meeting.
The Annual Shareholders' Meeting decided to authorize the Board of Directors to
decide on an acquisition of own shares on the following conditions. 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 is in force
until the next Annual Shareholders' Meeting.
The conditions of all authorizations of the Board are available in their
entirety on the investors section of the company's web site, www.qpr.com, and
on the stock exchange release, published by the company on 18 March, 2010.
CORPORATE GOVERNANCE
QPR Software Plc complies with the NASDAQ OMX Helsinki Ltd's Guidelines for
Insiders issued on 9 October,2009 and the Corporate Governance Code effective
as of 1 January, 2009.
The Company's Corporate Governance Statement is available in the Investor
section of the Company's website, www.qpr.com. Also available in the investor
section is further information, such as, administration of insiders register,
public insiders register, list of major shareholders, articles of association,
charter of the Board, description of how internal control and internal audit is
organized, introductions of the members of the Board and Executive Management
Team, and the information published by the company in the review period.
SHORT-TERM RISKS AND UNCERTAINTIES
Internal control and risk management in QPR Software Plc aims to ensure that the
Company operates efficiently and effectively, distributes reliable information,
complies with regulations and operational principles, reaches its strategic
goals and ensures continuity of its business.
It is the duty of the Board of Directors to monitor the appropriateness,
effectiveness and efficiency of risk management and internal control in QPR
Software Group. The Board of Directors also monitors that the Company has
defined operational principles for internal control and that the Company
monitors the effectiveness of internal control. Risk management report is
presented to the Board in connection with quarterly financial reporting.
Coordination of risk management and internal control and related reporting is
the responsibility of the Chief Financial Officer. QPR Software identifies the
risks by their essentiality: if actualized, the risks selected for monitoring
would have a material impact on the Company's business operations.
QPR has identified the following four groups of risks related to its operations:
risks related to business operations (country, customer, net sales forecasting
process, personnel, legal, financial), risks related to company's general
operational environment (economic fluctuations), risks related to information
and products (QPR products, IPR, data security) and risks related to financing
(foreign currency, bad debt). Property, operational and liability risks are
covered by insurance.
Finacial 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.
External business environment changes, such as economic fluctuations, are
included in the Company´s market and customer risks. The general economic
uncertainty, continuation of negative development or deepening of such a
development may have a negative impact on software market and thus, also to
QPR´s business operations.
QPR´s market and customer risks are mitigated by the following factors: the
Company conducts business in 70 countries (in 2009), both in public and private
sector as well as in several different business verticals. In addition, the
customer benefits produced by QPR´s products and solutions are related to
optimization and streamlining of operations, strategy implementation as well as
risk management and compliance. QPR believes, based on its earlier experiences
from cyclical fluctuations that demand for these customer benefits remains
relatively strong even in recession.
No significant changes have taken place in QPR's short-term risks and
uncertainties during the financial period.
Risks related to QPR Software´s business are further described in the Annual
Report 2009, page 25 onwards (www.qpr.com/annual-reports.html).
FUTURE OUTLOOK
Market forecasts published in the beginning of 2010 estimate that value of
global software sales will increase 5-7% and global professional services sales
will increase 4-5% in 2010 compared to 2009.
Based on current software market growth forecasts, QPR´s own forecasts and
resellers' forecasts, QPR Software estimates net sales and operating profit to
grow in 2010 compared to 2009 (net sales in 2009: EUR 6,618 thousand; operating
profit:
EUR 705 thousand).
The nature of the software license business of the QPR Group is seasonal.
Seasonality of large software deals can affect significantly net sales and
profit of one individual quarter.
QPR SOFTWARE PLC'S FINANCIAL INFORMATION IN 2010
In 2010, QPR Software Plc will publish its financial information as follows:
Interim Report 1-6/2010: Friday, 6 August, 2010
Interim Report 1-9/2010: Friday, 22 October, 2010
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0)40 5026 397
www.qpr.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main Media
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.
APPENDIX: TABLE SECTION
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| CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | Jan - March, | Jan - March, | Jan - Dec, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 1,671 | 1,628 | 6,618 |
--------------------------------------------------------------------------------
| Other operating income | 34 | 7 | 35 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 47 | 112 | 451 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Employee benefits expenses | 1,009 | 895 | 3,524 |
--------------------------------------------------------------------------------
| Depreciation | 129 | 114 | 466 |
--------------------------------------------------------------------------------
| Other operating expenses | 375 | 371 | 1,508 |
--------------------------------------------------------------------------------
| Operating profit | 145 | 143 | 705 |
--------------------------------------------------------------------------------
| Financial income and | -25 | 6 | -37 |
| expenses | | | |
--------------------------------------------------------------------------------
| Profit before tax | 120 | 149 | 668 |
--------------------------------------------------------------------------------
| Income tax expense | -25 | -27 | -150 |
--------------------------------------------------------------------------------
| Profit for the period | 95 | 122 | 517 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income statement items: | |
--------------------------------------------------------------------------------
| Exchange differences on | 48 | 5 | 11 |
| translating foreign | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Income tax relating to | - | - | - |
| components of other | | | |
| comprehensive income | | | |
--------------------------------------------------------------------------------
| Other comprehensive income, | 48 | 5 | 11 |
| net of tax | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 143 | 127 | 528 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the | | | |
--------------------------------------------------------------------------------
| parent company | 95 | 122 | 517 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income | | | |
| attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 143 | 127 | 528 |
--------------------------------------------------------------------------------
| parent company | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | 0.01 | 0.01 | 0.04 |
| (diluted), EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.01 | 0.01 | 0.04 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | March 31, | March 31, | Dec 31, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Tangible assets | 136 | 207 | 145 |
--------------------------------------------------------------------------------
| Other intangible assets | 1,665 | 1,078 | 1,720 |
--------------------------------------------------------------------------------
| Other investments | 5 | 5 | 5 |
--------------------------------------------------------------------------------
| Deferred tax assets | 394 | 521 | 413 |
--------------------------------------------------------------------------------
| Total non-current assets | 2,200 | 1,811 | 2,283 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 2,994 | 2,527 | 2,662 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 2,091 | 1,163 | 1,929 |
--------------------------------------------------------------------------------
| Total current assets | 5,085 | 3,690 | 4,591 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 7,285 | 5,501 | 6,874 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | March 31, | March 31, | Dec 31, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Share capital | 1,359 | 1,359 | 1,359 |
--------------------------------------------------------------------------------
| Reserve fund | 21 | 21 | 21 |
--------------------------------------------------------------------------------
| Invested non-restricted | 127 | 371 | 127 |
| equity fund | | | |
--------------------------------------------------------------------------------
| Translation differences | -46 | -100 | -94 |
--------------------------------------------------------------------------------
| Treasure shares | -218 | -132 | -209 |
--------------------------------------------------------------------------------
| Retained earnings | 1,466 | 976 | 1,371 |
--------------------------------------------------------------------------------
| Equity attributable to | 2,709 | 2,495 | 2,575 |
| shareholders of the | | | |
| parent company | | | |
--------------------------------------------------------------------------------
| Total equity | 2,709 | 2,495 | 2,575 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 679 | 79 | 793 |
--------------------------------------------------------------------------------
| Non-Interest-bearing liabilities | 460 | 0 | 460 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1,139 | 79 | 1,253 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Accounts payables and | 3,132 | 2,824 | 2,741 |
| other payables | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 305 | 103 | 305 |
--------------------------------------------------------------------------------
| Total current liabilities | 3,437 | 2,927 | 3,046 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 4,576 | 3,006 | 4,299 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 7,285 | 5,501 | 6,874 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR 1,000) | Jan - March, | Jan - March, | Jan - Dec, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Profit for the period | 95 | 122 | 517 |
--------------------------------------------------------------------------------
| Adjustments for the profit | | | |
--------------------------------------------------------------------------------
| Depreciation | 129 | 114 | 466 |
--------------------------------------------------------------------------------
| Non-cash transactions | 48 | 0 | 11 |
--------------------------------------------------------------------------------
| Changes in working capital | | | |
--------------------------------------------------------------------------------
| Changes in trade and | -313 | -26 | -53 |
| other receivables | | | |
--------------------------------------------------------------------------------
| Changes in accounts payable | 414 | 35 | 61 |
| and other liabilities | | | |
--------------------------------------------------------------------------------
| Interest expense and other | -18 | 0 | -31 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 1 | 6 | 20 |
| financial income | | | |
--------------------------------------------------------------------------------
| Income taxes paid | -7 | 0 | 38 |
--------------------------------------------------------------------------------
| Net cash from operating | 349 | 251 | 953 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchases of tangible assets | -16 | -16 | -38 |
--------------------------------------------------------------------------------
| Purchases of intangible assets | -49 | -424 | -932 |
--------------------------------------------------------------------------------
| Net cash used in investing | -65 | -440 | -970 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from issuance of | 0 | 11 | 11 |
| share capital | | | |
--------------------------------------------------------------------------------
| Proceeds from long-term loans | 0 | 0 | 1,132 |
--------------------------------------------------------------------------------
| Repayments of long-term loans | -113 | 0 | -217 |
--------------------------------------------------------------------------------
| Purchases of own shares | -9 | -7 | -84 |
--------------------------------------------------------------------------------
| Invested non-restricted | 0 | 0 | -244 |
| equity fund distribution | | | |
--------------------------------------------------------------------------------
| Dividends paid | 0 | -368 | -368 |
--------------------------------------------------------------------------------
| Net cash used in financing | -122 | -364 | 230 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | 162 | -553 | 213 |
| equivalents | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents in | 1,929 | 1,716 | 1,716 |
| the beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents in | 2,091 | 1,163 | 1,929 |
| the end of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY |
| 1 JANUARY - 31 MARCH, 2010 |
--------------------------------------------------------------------------------
| (EUR 1,000) | Share | Reserve| Trans- | Treas- | Invested| Retained| Total |
| |capital | fund | lation | sury | non-.| earnings| |
| | | | differ | shares | restr. | | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehol- | 1,359 | 21 | -94 | -209 | 127 | 1,371 | 2,575 |
| ders' equity| | | | | | | |
| Jan 1, 2010 | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | -9 | | | -9 |
| own shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | 48 | | | 95 | 143 |
| sive income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | 0 | 48 | -9 | 0 | 95 | 134 |
| sharehol- | | | | | | | |
| ders' | | | | | | | |
| equtiy, 1-3 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehol- | 1,359 | 21 | -46 | -218 | 127 | 1,466 | 2,709 |
| ders' equity| | | | | | | |
| March 31, | | | | | | | |
| 2010 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY |
| 1 JANUARY - 31 MARCH, 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | Share | Reserve| Trans- | Treas- | Invested| Retained| Total |
| |capital | fund | lation | sury | non-.| earnings| |
| | | | differ | shares | restr. | | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
| Shareho- | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732 |
| ders' equity| | | | | | | |
| Jan 1, 2009 | | | | | | | |
--------------------------------------------------------------------------------
| Shares | | | | | 11 | | 11 |
| issued | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | -7 | | | -7 |
| own shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | 5 | | | 122 | 127 |
| sive income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | 0 | 5 | -7 | 11 | -246 | -237 |
| sharehol- | | | | | | | |
| ders' | | | | | | | |
| equity, 1-3 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehol- | 1,359 | 21 | -100 | -132 | 371 | 976 | 2,495 |
| ders' equity| | | | | | | |
| March 31, | | | | | | | |
| 2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY |
| 1 JANUARY - 31 DECEMBER, 2009
|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | Share | Reserve| Trans- | Treas- | Invested| Retained| Total |
| |capital | fund | lation | sury | non-.| earnings| |
| | | | differ | shares | restr. | | |
| | | | | | equity | | |
| | | | | | fund | | |
--------------------------------------------------------------------------------
| Sharehol- | 1,359 | 21 | -105 | -125 | 360 | 1,222 | 2,732 |
| ders' equity| | | | | | | |
| Jan 1, 2009 | | | | | | | |
--------------------------------------------------------------------------------
| Shares | | | | | 11 | | 11 |
| issued | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -368 | -368 |
| paid | | | | | | | |
--------------------------------------------------------------------------------
| Invested | | | | | -244 | | -244 |
| non-restric-| | | | | | | |
| ted equity | | | | | | | |
| fund | | | | | | | |
| distribution| | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | - 84 | | | -84 |
| own shares | | | | | | | |
--------------------------------------------------------------------------------
| Comprehen- | | | 11 | | | 517 | 528 |
| sive income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in | 0 | 0 | 11 | -84 | -233 | 149 | -157 |
| sharehol- | | | | | | | |
| ders' | | | | | | | |
| equity, 1-12| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehol- | 1,359 | 21 | -94 | -209 | 127 | 1,371 | 2,575 |
| ders' equity| | | | | | | |
| Dec 31,2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP COMMITMENTS AND CONTINGENT LIABILITIES
|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | March 31, | March 31, | Dec 31, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business mortgage | 1,337 | 0 | 1,337 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current lease liabilities | | | |
--------------------------------------------------------------------------------
| Liabilities maturing during one year | 223 | 228 | 222 |
--------------------------------------------------------------------------------
| Liabilities maturing 2-5 years | 204 | 15 | 261 |
--------------------------------------------------------------------------------
| Total | 427 | 243 | 483 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total commitments and contingent | 1,764 | 243 | 1,820 |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP INTANGIBLE AND TANGIBLE ASSETS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in intangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | March 31, | March 31, | Dec 31, 2009 |
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost, Jan 1 | 3,494 | 2,506 | 2,506 |
--------------------------------------------------------------------------------
| Increase | 49 | 23 | 988 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in tangible assets | | | |
--------------------------------------------------------------------------------
| (EUR 1,000) | March 31, | March 31, | Dec 31, 2009 |
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost, Jan 1 | 983 | 945 | 945
|
-------------------------------------------------------------------------------
| Increase | 16 | 16 | 38 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN GROUP INTEREST BEARING LOANS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | March 31, | March 31, | Dec 31, 2009 |
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest bearing loans, Jan 1 | 1,098 | 182 | 182 |
--------------------------------------------------------------------------------
| Withdrawals | 0 | 0 | 1,132 |
--------------------------------------------------------------------------------
| Repayments | -113 | 0 | -217 |
--------------------------------------------------------------------------------
| Interest bearing loans, | 984 | 182 | 1 098 |
| 31 March/31 December | | | |
------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES BY BUSINESS SEGMENT ( | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 January - 31 March 2010 | | | | | |
--------------------------------------------------------------------------------
| (1,000 EUR) | Software | Service | Software| Not | Group |
| | Sales | & | Sales | allo- | Total |
| | Interna- | Solutions| Finland | cated | |
| | tional | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME STATEMENT INFORMATION | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 955 | 292 | 424 | 0 | 1,671 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit of | 149 | 41 | 34 | -79 | 145 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | 145 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income and | | | | -25 | -25 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | | -25 | -25 |
--------------------------------------------------------------------------------
| Profit for the period | 149 | 41 | 34 | -129 | 95 |
--------------------------------------------------------------------------------
| Profit for the period | | | | | 95 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER INFORMATION | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 62 | 10 | 57 | 0 | 129 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 January - 31 March 2009 | | | | | |
--------------------------------------------------------------------------------
| (1,000 EUR) | Software | Service | Software| Not | Group |
| | Sales | & | Sales | allo- | Total |
| | Interna- | Solutions| Finland | cated | |
| | tional | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME STATEMENT INFORMATION | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 845 | 222 | 561 | 0 | 1,628 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit of | 22 | 17 | 198 | -94 | 143 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | 143 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income and | | | | 6 | 6 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | | -27 | -27 |
--------------------------------------------------------------------------------
| Profit for the period | 22 | 17 | 198 | -115 | 122 |
--------------------------------------------------------------------------------
| Profit for the period | | | | | 122 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER INFORMATION | | | | | |
--------------------------------------------------------------------------------
| Depreciation | 58 | 11 | 45 | 0 | 114 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT PER QUARTER | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | Jan - | Jan - | April- | July- | Oct - |
| | March, | March, | June, | Sept, | Dec, |
| | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 1,671 | 1,628 | 1,688 | 1,501 | 1,801 |
--------------------------------------------------------------------------------
| Other operating income | 34 | 7 | 25 | 3 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Material and services | 47 | 112 | 117 | 134 | 88 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 1,009 | 895 | 890 | 748 | 991 |
--------------------------------------------------------------------------------
| Depreciation | 129 | 114 | 95 | 126 | 131 |
--------------------------------------------------------------------------------
| Other operating expenses | 375 | 371 | 427 | 337 | 373 |
--------------------------------------------------------------------------------
| Operating profit | 145 | 143 | 184 | 159 | 218 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | -25 | 6 | -5 | -10 | -28 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 120 | 149 | 179 | 149 | 190 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expenses | -25 | -27 | -34 | -33 | -56 |
--------------------------------------------------------------------------------
| Profit for the period | 95 | 122 | 145 | 116 | 134 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROUP KEY FIGURES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR (1,000) | Jan - March, | Jan - March, | Jan - Dec, |
| | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 1,671 | 1,628 | 6,618 |
--------------------------------------------------------------------------------
| Net sales growth,% | 2.6 | -7.2 | -11.9 |
--------------------------------------------------------------------------------
| Operating profit | 145 | 143 | 705 |
--------------------------------------------------------------------------------
| % of net sales | 8.7 | 8,8 | 10.6 |
--------------------------------------------------------------------------------
| Profit or loss before tax | 120 | 149 | 668 |
--------------------------------------------------------------------------------
| % of net sales | 7.2 | 9.2 | 10.1 |
--------------------------------------------------------------------------------
| Profit for the period | 95 | 122 | 517 |--------------------------------------------------------------------------------
| % of net sales | 5.7 | 7.5 | 7.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity,% | 14.4 | 18.6 | 19.5 |
--------------------------------------------------------------------------------
| Return on investment,% | 14.2 | 21.4 | 21.4 |
--------------------------------------------------------------------------------
| Interest bearing liabilities | 984 | 182 | 1,098 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 2,091 | 1,163 | 1,929 |
--------------------------------------------------------------------------------
| Net liabilities | -1,107 | -981 | -831 |
--------------------------------------------------------------------------------
| Equity | 2,709 | 2,495 | 2,575 |
--------------------------------------------------------------------------------
| Gearing,% | -40.8 | -39.3 | -32.3 |
--------------------------------------------------------------------------------
| Equity ratio,% | 43.5 | 66.2 | 42.5 |
--------------------------------------------------------------------------------
| Total balance sheet | 7,285 | 5,501 | 6,874 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in non-current | 65 | 96 | 1,026 |
| assets | | | |
--------------------------------------------------------------------------------
| % of net sales | 3.9 | 5.9 | 15.5 |
--------------------------------------------------------------------------------
| Research and development | 353 | 308 | 1,325 |
| expenses | | | |
--------------------------------------------------------------------------------
| % of net sales | 21.1 | 18.9 | 20.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of personnel | 59 | 57 | 57 |
--------------------------------------------------------------------------------
| Personnel at the beginning of | 57 | 55 | 55 |
| period | | | |
--------------------------------------------------------------------------------
| Personnel at the end of period | 60 | 57 | 57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share,€ | 0.01 | 0.01 | 0.04 |
--------------------------------------------------------------------------------
| Earnings per share (diluted), € | 0.01 | 0.01 | 0.04 |
--------------------------------------------------------------------------------
| Equity per share, € | 0.22 | 0.20 | 0.21 |
--------------------------------------------------------------------------------
The company has changed its principles in booking deferred revenue as of July 1,
2009. Equity to assets ratios in previous quarters have been revised
accordingly.
--------------------------------------------------------------------------------
| MAJOR SHAREHOLDERS MARCH 31, 2010 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Number of | Percentage of |
| | shares | shares and |
| | | votes |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ulkomarkkinat Oy | 1,600,000 | 12.86% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jouko Pelkonen | 422,000 | 3.39% |
--------------------------------------------------------------------------------
| Pohjolan Rahoitus Oy | 736,000 | 5.91% |
--------------------------------------------------------------------------------
| Electrosale Oy | 200,000 | 1.61% |
--------------------------------------------------------------------------------
| Total | 1,358,000 | 10.91% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vesa-Pekka Leskinen | 851,400 | 6.84% |
--------------------------------------------------------------------------------
| Kauppamainos Oy | 475,170 | 3.82% |
--------------------------------------------------------------------------------
| Total | 1,326,570 | 10.66% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Alesco S.A | 1,300,000 | 10.45% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Autocarrera Oy Ab | 1,245,817 | 10.01% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kari Junkkonen | 512,016 | 4.11% |
--------------------------------------------------------------------------------
| Fortel Invest Oy | 422,321 | 3.39% |
--------------------------------------------------------------------------------
| SR Fides New Media | 341,800 | 2.75% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Päivi Marttila | 292,972 | 2.35% |
--------------------------------------------------------------------------------
| Edina Oy | 33,900 | 0.27% |
--------------------------------------------------------------------------------
| Total | 326,872 | 2.63% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Asko Piekkola | 316,438 | 2.54% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jari Jaakkola | 235,000 | 1.89% |
--------------------------------------------------------------------------------
| Value FM Oy | 15,000 | 0.12% |
--------------------------------------------------------------------------------
| Total | 250,000 | 2.01% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Esa Pääkkönen | 246,054 | 1.98% |
--------------------------------------------------------------------------------
| Veli-Mikko Leskinen | 232,530 | 1.87% |
--------------------------------------------------------------------------------
| Matti Kanninen | 195,826 | 1.57% |
--------------------------------------------------------------------------------
| Tony Virtanen | 172,112 | 1.38% |
--------------------------------------------------------------------------------
| Janne Laakso | 140,287 | 1.13% |
--------------------------------------------------------------------------------
| Kai-Erik Becker | 140,000 | 1.12% |
--------------------------------------------------------------------------------
| Teemu Lehto | 136,468 | 1.10% |
--------------------------------------------------------------------------------
| Other shareholders | 2,179,752 | 17.52% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 12,444,863 | 100.0% |
--------------------------------------------------------------------------------
CALCULATION OF KEY INDICATORS:
Return on equity (ROE).% (counted on yearly level):
Profit for the period x 100
________________________________________________
Shareholders' equity + minority interest (average)
Return on capital employed (ROCE).% (counted on yearly level):
Profit before taxes + interest and other financial expenses x 100
__________________________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio.%:
Shareholders' equity x 100
______________________________________
Balance sheet total - deferred revenue
Gearing.%:
Interest bearing liabilities - cash and cash equivalents x 100
______________________________________________________________
Shareholders' equity
Earnings per share. Euro:
Profit for the period attributable to parent company shareholders
_________________________________________________________________
Adjusted number of shares over the financial year (average)
Equity per share. Euro:
Profit for the period attributable to parent company shareholders
_________________________________________________________________
Adjusted number of shares at the end of the financial period
Dividend per share. Euro:
Total dividend paid
___________________________________________________________
Adjusted number of shares at the end of the financial period
Market value of share capital:
(Number of shares - 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 - deferred revenue
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