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