2011-04-27 08:00:00 CEST
2011-04-27 08:00:05 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
INTERIM REPORT JANUARY 1 - MARCH 31, 2011
QPR SOFTWARE'S NET SALES ROSE TO EUR 1.8 MILLION, OPERATING MARGIN 8.9%
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 27, 2011 AT 9.00 AM
INTERIM REPORT JANUARY 1 - MARCH 31, 2011
QPR SOFTWARE'S NET SALES ROSE TO EUR 1.8 MILLION, OPERATING MARGIN 8.9%
Summary
January - March 2011:
-- Net sales EUR 1,768 thousand (January - March 2010: 1,671), growth 5.8%
-- Net sales in Finland grew 10.3% and international net sales grew 2.5%
-- Operating profit EUR 157 thousand (145), growth 8.3%
-- Operating margin 8.9% (8.7) of consolidated net sales
-- Cash flow from operating activities was EUR 521 thousand (349), growth
49.3%
-- Earnings per share EUR 0.01 (0.01)
Outlook 2011:
QPR Software estimates the consolidated net sales 2011 to grow faster than in
the previous year (growth in year 2010: 4.8%) and operating margin to remain
approximately 10% of net sales. In Finland, growth is expected especially in
software subscription net sales and enterprise architecture services sales. In
international markets, growth is expected from Russia and CIS countries.
KEY FIGURES
(EUR 1,000) Jan - March, Jan - March, Change- Jan - Dec,
2011 2010 % 2010
Net sales 1,768 1,671 5.8 6,937
Operating profit 157 145 8.3 752
% of net sales 8.9 8.7 10.8
Profit before tax 141 120 17.5 707
Profit for the period 100 95 5.3 527
% of net sales 5.7 5.7 7.6
Earnings per share, EUR 0.01 0.01 0.04
EPS (diluted), EUR 0.01 0.01 0.04
Equity per share, EUR 0.22 0.22 0.22
Cash flow from operating 521 349 860
activities
Cash and cash equivalents 1,995 2,091 1,703
Net liabilities -1,315 -1,107 -910
Gearing, % -47.8 -40.8 -33.8
Equity ratio, % 48.7 43.5 42.6
Return on equity, % 14.6 14.4 20.0
Return on investment, % 18.0 14.2 21.0
REPORTING
This interim report complies with accounting and valuation principles of IFRS,
but in preparations not all the requirements of the IAS 34 standard have been
considered. The accounting and valuation principles are the same as they were
in the 2010 financial statements. This report is unaudited.
QPR Software´s business operations consist of software license, subscription,
maintenance and professional services sales.
As of January 1, 2011 QPR Software has two segments; Software Sales
International (software license and subscription sales, maintenance and
professional services sales outside of Finland) and Business Operations Finland
(software license and subscription sales, maintenance and professional services
sales in Finland).
NET SALES
QPR Software Group´s net sales in the reporting period were EUR 1,768 thousand
(1,671) and grew 5.8% compared to the equivalent period in the previous year.
QPR Software´s net sales in Finland rose 10.3 %, mainly due to strong growth in
software net sales. Net sales were strong especially in software subscription
sales aiming at process and enterprise architecture development. Professional
services net sales was on the same level as last year and focused in particular
to process development and software deployment services for customers.
The Company delivered software and professional services in the reporting
period, among others, to Carea, DNA Oyj, Mikkeli University of Applied
Sciences, Onninen Group, Outotec Corporation, Patria Corporation, SATO
Corporation, Vacon Oyj and to City of Varkaus.
The Company acquired new customers also for its new QPR ProcessAnalyzer product
and its process analysis services. QPR ProcessAnalyzer allows automatic and
fast discovery of actual processes in the organization, utilizing data from
business applications. Data is used to discover patterns and it is visualized
as a process model. Apart from being fast, it also ensures an objective
evaluation of the current state of business in light of time, cost and quality
parameters.
International net sales grew 2.5% compared to previous year. International
channel net sales were slightly lower than in the previous year. The difference
is entirely due to currency exchange rate changes.
QPR´s net sales in Russia and CIS countries grew 36%. Net sales growth was due
to positive development in professional services net sales. The Company
acquired business operations of its Russian resellers in November 2009, and has
since the beginning of 2010 operated locally in Russia through its subsidiary
OOO QPR Software. The resources in the subsidiary will be further increased
this year.
The largest markets outside Finland in the reporting period were Russia,
Sweden, South Africa and Belgium. The Company delivered software, among others,
to Abu Dhabi Sewerage Services Company in United Arab Emirates, Anglo Platinum
in South Africa, City of Antwerp in Belgium, IRKUT in Russia, The Ministry of
Health in Lithuania, The Ministry of Justice in Lithuania, City of Ludovika in
Sweden, Millard Filters in Spain, The University of Santiago in Chile, United
Chemical Company in Kazakhstan and Vattenfall in Sweden.
Consolidated net sales by business segments, (EUR 1,000):
Software Sales Business Operations Total
International Finland
Jan-March, 2011 984 784 1,768
Share-% 55.7 44.3 100.0
Jan-March, 2010 960 711 1,671
Share-% 57.5 42.5 100.0
Change-% 2.5 10.3 5.8
Jan-Dec, 2010 4,077 2,860 6,937
Consolidated net sales by product group (EUR 1,000):
Software Maintenance Professional Total
licenses services services
Jan-March, 2011 448 950 370 1,768
Share-% 25.3 53.7 21.0 100.0
Jan-March, 2010 485 878 308 1,671
Share-% 29.0 52.6 18.4 100.0
Change-% -7.6 8.2 20.1 5.8
Jan-Dec, 2010 2,101 3,622 1,214 6,937
PROFIT DEVELOPMENT
QPR Software's consolidated operating profit in the reporting period rose 8.3%
and was EUR 157 thousand (145). Depreciation and amortization remained in the
same level as in the previous year and were EUR 130 thousand (129). Growth in
operating profit was due to positive net sales development in Business
Operations Finland. Growth in operating profit was adversely impacted by 5.0%
rise in costs. Cost increase was due to outlays in business development.
Outlays in the reporting period were focused mainly on Finnish and Russian
markets, and the largest share of those were salary costs.
In the reporting period, resources were increased in Finland especially in
development of new software product, QPR ProcessAnalyzer and in enterprise
architecture consulting. QPR ProcessAnalyzer 2.0 version was launched in
February and was well received both in Finland and in international markets.
In enterprise architecture consulting services QPR focused on offering
development, service product development and marketing. Within these services,
QPR believes that there is significant short term growth potential, especially
in the Finnish public sector.
Operating profit by segments (EUR 1,000):
Software Sales Business Operations Not allocated Total
International Finland
Jan-March, 2011 154 87 -84 157
Jan-March, 2010 154 71 -80 145
Change-% 0.0 22.5 -5.0 8.3
Jan-Dec, 2010 777 320 -345 752
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 521 thousand (349). Strong growth
in subscription sales in the reporting period had a positive effect in cash
flow from operating activities.
Cash and cash equivalents at the end of reporting period were EUR 1,995
thousand (2,091).
The Group's investments totaled to EUR 92 thousand (65). The majority of the
investments were made in product development.
The purchase price for business operations bought from QPR´s Russian resellers
in November 2009 was set at EUR 272 thousand, including transaction costs. The
price was set according to the terms agreed in purchase agreement and the
financial results of the acquired operations between 1 March 2010 and 28
February 2011. The realized purchase price is in line with the valuation for
the deal entered in QPR's financial statements 2010. The price is compensation
for business operations that were transferred into OOO QPR Software and it will
be paid in 2011. As part of the purchase price, the sellers received also 20 %
share ownership in OOO QPR Software. For this 20% shareholding, a call option
for QPR and put option for the sellers, have been agreed. These options can be
exercised in January 2014, the earliest.
The Group´s interest bearing liabilities decreased and were EUR 680 thousand
(984) at the end of reporting period. The gearing ratio was -47.8% (-40.8).
Return on capital employed was 18.0% (14.2).
Current liabilities include deferred revenue in total of EUR 1,299 thousand
(1,053). At the end of the reporting period, quick ratio was 2.16 (2.13).
At the end of the reporting period, consolidated shareholders' equity stood at
EUR 2,758 thousand (2,709) and equity to assets ratio was 48.7% (43.5). Return
on equity was 14.6% (14.4).
As of 31 March 2011, the remaining amount of deferred tax in consolidated
balance sheet is EUR 191 thousand (394).
PERSONNEL
At the end of the reporting period, the Group employed a total of 68 persons
(60). Out of them 10 were employed by Group's Russian subsidiary. Average
number of personnel in the reporting period was 68 (59).
PRODUCT AND SERVICE DEVELOPMENT
The amount of product development expenses in the reporting period were EUR 347
thousand (353), representing 19.6% (21.1) of consolidated net sales.
In the reporting period, product development expenses have been activated as
assets for a total amount of EUR 72 thousand (41). The amortization period for
capitalized product development expenses is 4 years. Amortization of product
development expenses in the reporting period was EUR 41 thousands (49).
Product development employed 17 persons at the end of reporting period, which
corresponds to 25% of the total personnel.
Product development activities in the reporting period focused on development
of a new version of the QPR product family, planned to be released at the end
of 2011.
Development of QPR ProcessAnalyzer, a software tool for Automated Business
Process Discovery, continued. The software executes automatically visual
process analysis from depository data in business applications.
QPR ProcessAnalyzer product version 2.0 was launched in February 2011. Also in
February, QPR and Marketing Resultant GmbH from Germany introduced a solution
for call centers, utilizing automated business process discovery by QPR
ProcessAnalyzer. In March, QPR and Nobultec Oy introduced an automated business
process discovery solution for SAP-running companies.
QPR added resources into its enterprise architecture services business in early
2011. In February, the Company introduced a solution for public sector
enterprise architecture, based on public JHS 179 recommendation.
SHARES AND TRADING WITH COMPANY'S SHARES
Trading of shares Jan - March, Jan - March, Jan - Dec,
2011 2010 2010
Shares traded, pcs 134,806 104,953 881,585
Volume, EUR 121,753 100,444 805,808
% of shares 1.1 0.8 7.1
Shares and market values March 31, March 31, December 31,
2011 2010 2010
Total number of shares, pcs 12,444,863 12,444,863 12,444,863
Treasury shares, pcs 349,000 258,000 322,212
Book counter value, EUR 0.11 0.11 0.11
Outstanding shares, pcs 12,095,863 12,186,863 12,122,651
Number of Shareholders 593 608 600
Closing price, EUR 0.90 0.93 0.91
Market value, EUR 10,886,277 11,333,783 11,031,612
Acquired treasury shares 26,788 0 64,212
at reporting period, pcs
Book counter value of treasury shares, 38,390 28,380 35,443
EUR
Total purchase value of treasury 298,914 218,103 274,701
shares, EUR
Treasury shares % 2.8 2.1 2.6
Company does not have active option schemes.
OTHER EVENTS IN THE REPORTING PERIOD
Sami Tähtinen (34) was appointed as Vice President, Products and Technology and
Member of Executive Management Team at QPR Software Plc in January 24, 2011. He
moved to QPR from CCC Corporation Ltd. Prior to this Mr. Tähtinen worked as
Chief Technology Officer in Frends Technology from 2002 to 2009. Sami Tähtinen
holds a Master's degree in Engineering.
As of January 24, 2011 QPR Software Plc's Executive Management Team consists of
Chief Executive Officer Jari Jaakkola (chairman); Vice President, Software
Sales International Antti Ainasoja; Vice President Business Operations Finland
Matti Erkheikki; Vice President, Communications and Marketing Jyrki Karasvirta;
Vice President, Business Development Teemu Lehto; Chief Financial Officer Päivi
Martti; and Vice President, Products and Technology Sami Tähtinen.
QPR Software Plc's Management System received ISO 9001: 2008 quality
certification covering the Company's all actions on January 27, 2011. Scope of
the certification is design, marketing and delivery of software, services and
solutions for Process Excellence.
QPR Software Plc's Board of Directors decided on 25 March 2011 a new
share-based incentive plan for the Group's executive management team. The plan
aims to align the objectives of shareholders and key employees to increase
shareholders value, to commit key employees to the company and to offer them a
competitive reward plan based on ownership of shares in the company.
GOVERNANCE
The Annual Shareholders' Meeting held on 18 March, 2011 approved the Board's
proposal that a per-share dividend of EUR 0.03 (0.02), a total of EUR 362,876,
is paid for the financial year 2010 (243,737). The dividend was paid to
shareholders entered in the company's shareholder register, maintained by
Euroclear Finland Oy, on the record date of 23 March, 2011. The dividend
payment date was 1 April, 2011
The Annual Shareholders' Meeting resolved that the Board of Directors consists
of four (4) ordinary members. The Annual Shareholders' Meeting elected the
following members to the Board of Directors: Aino-Maija Gerdt, Jyrki Kontio,
Vesa-Pekka Leskinen and Asko Piekkola. In its first meeting immediately
following the Annual Shareholders' Meeting, the Board of Directors elected
Vesa-Pekka Leskinen as Chairman of the Board.
KPMG Oy Ab, Authorized Public Accountants, continues as QPR Software Plc's
Auditors.
The Annual Shareholders' Meeting decided to authorize the Board of Directors to
decide on an issue of new shares and acquisition of its own shares from the
market.
The conditions of all authorizations of the Board and other decisions made by
the Annual Shareholders' Meeting are available in their entirety on the stock
exchange release published by the Company on 18 March, 2011 and available on
the investors section of the company's web site, www.qpr.com.
SHORT-TEM RISK AND UNCERTAINTIES
Internal control and risk management in QPR Software Plc aims to ensure that
the Company operates efficiently and effectively, distributes reliable
information, complies with regulations and operational principles, reaches its
strategic goals and ensures continuity of its business.
QPR has identified the following three groups of risks related to its
operations: risks related to business operations (country, customer, net sales
forecasting process, personnel, legal and financial), risks related to
information and products (QPR products, IPR, data security) and risks related
to financing (foreign currency, bad debt). Property, operational and liability
risks are covered by insurance. QPR monitors country, customer, personnel and
finance risks also in the Russian subsidiary OOO QPR Software.
Financial risks include reasonable credit risk concerning individual business
partners, which is characteristic to any international business. QPR seeks to
limit this credit risk by continuous monitoring of standard payment terms,
receivables and credit limits. The management of QPR estimates that the
company´s credit loss risk is on a customary and reasonable level.
The Company has hedged 6.8% of its foreign currency (non-Euro) cash flow.
No significant changes have taken place in QPR's short-term risks and
uncertainties during the reporting period. Risks related to QPR Software´s
business are further described in the Annual Report 2010, page 15 onwards
(www.qpr.com/annual-reports.html).
FUTURE OUTLOOK
Market forecasts published in the beginning of 2011 estimate that the value of
global software sales will increase approximately 7.5% and global professional
services sales will increase 5-8% in 2011 compared to 2010.
QPR Software estimates its consolidated net sales in 2011 to grow faster than
in the previous year and operating margin to remain approximately 10% of net
sales. In Finland, growth is expected especially in software subscription net
sales and enterprise architecture services sales. In international markets,
growth is expected especially from Russia and CIS countries.
Seasonality of large software deals can affect significantly net sales and
profit of one individual quarter.
QPR SOFTWARE PLC'S FINANCIAL INFORMATION IN 2011
In 2011, QPR Software Plc will publish its interim report as follows:
- Interim Report 1-6/2011: Thursday, July 28, 2011
- Interim Report 1-9/2011: Thursday, October 20, 2011
QPR SOFWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0)40 5026 397
www.qpr.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
Neither this press release nor any copy of it may be taken, transmitted into or
distributed in the United States of America or its territories or possessions.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) Jan Jan - Jan -
-March, March, Dec,
2011 2010 2010
Net sales 1,768 1,671 6,937
Other operating income 21 34 94
Material and services 34 47 227
Employee benefits expenses 1,122 1,009 4,094
Depreciation 130 129 532
Other operating expenses 346 375 1,426
Operating profit 157 145 752
Financial income and expenses -16 -25 -45
Profit before tax 141 120 707
Income tax expense -41 -25 -180
Profit for the period 100 95 527
Profit for the period attributable to:
Equity holders of the parent company 106 95 527
Non-controlling interest -6 0 0
100 95 527
Earnings per share (diluted), EUR 0.01 0.01 0.04
Earnings per share, EUR 0.01 0.01 0.04
Consolidated Statement of comprehensive income:
Profit for the period 100 95 527
Exchange differences on translating foreign -12 48 23
operations
Income tax relating to components of other - - -
comprehensive income
Total comprehensive income 88 143 550
Total comprehensive income attributable to:
Equity holders of the parent company 94 143 550
Non-controlling interest -6 0 0
88 143 550
CONSOLIDATED BALANCE SHEET
(EUR 1,000) March 31, March 31, Dec 31,
2011 2010 2010
Assets
Non-current assets
Tangible assets 85 136 85
Other intangible assets 1,368 1,665 1,400
Other investments 5 5 5
Other long-term receivables 26 0 43
Deferred tax assets 191 394 233
Total non-current assets 1,675 2,200 1,766
Current assets
Trade and other receivables 3,292 2,994 3,781
Cash and cash equivalents 1,995 2,091 1,703
Total current assets 5,287 5,085 5,484
Total assets 6,962 7,285 7,250
Equity and liabilities March 31, March 31, Dec 31,
2011 2010 2010
Equity
Share capital 1,359 1,359 1,359
Reserve fund 21 21 21
Invested non-restricted equity fund 5 127 5
Translation differences -82 -46 -70
Treasure shares -299 -218 -275
Retained earnings 1,760 1,466 1,653
Equity attributable to shareholders of 2,764 2,709 2,693
the parent company
Non-controlling interest -6 0 1
Total equity 2,758 2,709 2,694
Non-current liabilities
Interest-bearing liabilities 453 679 566
Non-Interest-bearing liabilities 0 460 0
Total non-current liabilities 453 1,139 566
Current liabilities
Accounts payables and other payables 3,524 3,132 3,763
Interest-bearing liabilities 227 305 227
Total current liabilities 3,751 3,437 3,990
Total liabilities 4,204 4,576 4,556
Total equity and liabilities 6,962 7,285 7,250
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) Jan - Jan - Jan -
March, March, Dec,
2011 2010 2010
Cash flow from operating activities
Profit for the period 100 95 527
Adjustments for the profit
Depreciation 130 129 532
Non-cash transactions -12 48 24
Changes in working capital
Changes in trade and other receivables 543 -313 -908
Changes in accounts payable and -238 414 759
other liabilities
Interest expense and other financial -4 -18 -42
expenses
Interest income and other financial income 2 1 8
Income taxes paid 0 -7 -40
Net cash from operating activities 521 349 860
Cash flow from investing activities
Purchases of tangible assets -19 -16 -39
Purchases of intangible assets -73 -49 -311
Net cash used in investing activities -92 -65 -350
Cash flow from financing activities
Repayments of long term loans -113 -113 -305
Purchases of own shares -24 -9 -66
Invested non-restricted equity fund 0 0 -122
distribution
Dividends paid 0 0 -244
Net cash used in financing activities -137 -122 -736
Net change in cash and cash equivalents 292 162 -226
Cash and cash equivalents in the beginning 1,703 1,929 1,929
of period
Cash and cash equivalents in the end of 1,995 2,091 1,703
period
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
JANUARY 1 - MARCH 31, 2011
(EUR 1,000) Jan 1, Purchase Comprehensi March 31,
2011 of ve 2011
own shares income
Share capital 1,359 1,359
Reserve fund 21 21
Translation difference -70 -12 -82
Treasury shares -275 -24 -299
Invested non-restricted 5 5
equity fund
Retained earnings 1,653 106 1,760
Non-controlling interest 1 -6 -6
Total 2,694 -24 88 2,758
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
JANUARY 1 - MARCH 31, 2010
(EUR 1,000) Jan 1, Purchase Comprehensi March 31,
2010 of ve 2010
own shares income
Share capital 1,359 1,359
Reserve fund 21 21
Translation difference -94 48 -46
Treasury shares -209 -9 -218
Invested non-restricted 127 127
equity fund
Retained earnings 1,371 95 1,466
Total 2,575 -9 143 2,709
APPENDIX
ACCOUNTING PRICIPLES OF CONSOLIDATED FINANCIAL STATEMENTS
The Interim Report has been prepared in accordance with the IAS 34 Interim
report standard. The company has adopted certain new or revised IFRS standards
and IFRIC interpretations at the beginning of the financial period as
descripted in the Financial Statements for 2010. However, the adoption of these
new and amended standards has not yet had an effect on the reported figures in
practice. In other respects, the same accounting policies have been followed as
in the Financial Statements for 2010.
Upon closing of consolidated financial statements, the Group makes estimates
and assumptions regarding the future and makes considerations on the adoption
of accounting principles, which means that the actual results may differ from
those reported.
The amounts presented in the income statement and balance sheet are
consolidated figures.
The amounts presented in the report are rounded, so the sum of individual
figures may differ from the sum reported. The Interim report is unaudited.
GROUP COMMITMENTS AND CONTINGENT LIABILTIIES
(EUR 1,000) March 31, March 31, Dec 31,
2011 2010 2010
Business mortgage 1,337 1,337 1,337
Current lease liabilities
Liabilities maturing during one year 255 223 235
Liabilities maturing 2-5 years 137 204 53
Total 392 427 288
Total commitments and contingent 1,729 1,764 1,625
liabilities
Currency Hedging (EUR 1,000) March 31, March 31, Dec 31,
2011 2010 2010
Nominal value 58 0 260
Current value 55 0 258
GROUP INTANGIBLE AND TANGIBLE ASSETS
Change in intangible assets
(EUR 1,000) March 31, 2011 March 31, 2010
Acquisition cost Jan 1 3,608 3,494
Increase 73 49
Change in tangible assets
(EUR 1,000) March 31, 2011 March 31, 2010
Acquisition cost Jan 1 1,021 983
Increase 19 16
CHANGE IN GROUP'S INTEREST BEARING LIABILITIES
(EUR 1,000) March 31, 2011 March 31, 2010
Interest bearing loans Jan 1 793 1,098
Withdrawals 0 0
Repayments -113 -113
Interest bearing loans 680 984
31 March
CONSOLIDATED INCOME STATEMENT PER QUARTER
(EUR 1,000) Jan - Jan - April - July - Oct -
March, March, June, Sept, Dec,
2011 2010 2010 2010 2010
Net sales 1,768 1,671 1,773 1,574 1,920
Other operating income 21 34 3 13 44
Material and services 34 47 63 50 67
Employee benefits 1,122 1,009 1,040 925 1,120
expenses
Depreciation 130 129 151 151 101
Other operating 346 375 351 297 403
expenses
Operating profit 157 145 171 164 273
Financial income and -16 -25 -45 -11 34
expenses
Profit before tax 141 120 126 153 307
Income tax expenses -41 -25 -33 -55 -66
Profit for the period 100 95 93 98 241
CONSOLIDATED INCOME STATEMENT BY SEGMENT
(EUR 1,000) Jan - March, Jan - March, Jan - Dec,
2011 2010 2010
Net sales
Software Sales International 984 960 4,077
Business Operations Finland 784 711 2,860
Not allocated 0 0 0
Total net sales 1,768 1,671 6,937
Operating profit
Software Sales International 154 154 777
Business Operations Finland 87 71 320
Not allocated -84 -80 -345
Total operating profit 157 145 752
Financial income and expenses -16 -25 -45
Income tax expense -41 -25 -180
Profit for the period 100 95 527
Other information
Depreciation
Software Sales International 66 62 267
Business Operations Finland 64 67 265
Total depreciation 130 129 532
GROUP KEY FIGURES
EUR (1,000) Jan - March, 2011 Jan - March, 2010
Net sales 1,768 1,671
Net sales growth,% 5.8 2.6
Operating profit 157 145
% of net sales 8.9 8.7
Profit or loss before tax 141 120
% of net sales 8.0 7.2
Profit for the period 100 95
% of net sales 5.7 5.7
Return on equity,% 14.6 14.4
Return on investment,% 18.0 14.2
Interest bearing liabilities 680 984
Cash and cash equivalents 1,995 2,091
Net liabilities -1,315 -1,107
Equity 2,758 2,709
Gearing,% -47.8 -40.8
Equity ratio,% 48.7 43.5
Total balance sheet 6,962 7,285
Investments in non-current assets 92 65
% of net sales 5.2 3.9
Research and development expenses 347 353
% of net sales 19.6 21.1
Average number of personnel 68 59
Personnel at the beginning of period 65 57
Personnel at the end of period 68 60
Earnings per share, € 0.01 0.01
Earnings per share (diluted), € 0.01 0.01
Equity per share, € 0.22 0.22
CALCULATION OF KEY INDICATORS
Return on equity (ROE), %:
Profit for the period x 100
_________________________
Shareholders' equity (average)
Return on investment (ROI), %:
Profit before taxes + interest and other financial expenses x 100
___________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio, %:
Shareholders' equity x 100
_______________________________
Balance sheet total - deferred revenue
Gearing, %:
Interest bearing liabilities - cash and cash equivalents x 100
________________________________________________
Shareholders' equity
Earnings per share, euro:
Profit for period
_________________________________________________
Adjusted number of shares over the financial year (average)
Equity per share, euro:
Shareholders' equity
________________________________________________
Adjusted number of shares at the end of the financial period
Dividend per share, euro:
Total dividend paid
________________________________________________
Adjusted number of shares at the end of the financial period
Dividend / profit, %:
Dividend per share x 100
____________________
Earnings per share
Effective dividend yield, %:
Dividend per share (adjusted) x 100
___________________________________________
Adjusted share price at the end of the financial period
Price-earnings ratio (P/E):
Adjusted share price at the end of the financial period
___________________________________________
Earnings per share (adjusted)
Market value of share capital:
(Number of shares - own shares) x share price at the end of the financial period
Turnover of shares, % of share capital:
Turnover (number of shares) x 100
_____________________________
Number of shares issued (average)
Quick ratio:
Current assets - inventories
______________________________
Current liabilities - advances received
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