2010-10-22 08:30:00 CEST
2010-10-22 08:30:03 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
QPR SOFTWARE´S NET SALES ROSE TO EUR 5 MILLION, OPERATING MARGIN 9.6%
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE, 22 OCTOBER, 2010 9.30 AM INTERIM REPORT 1 JANUARY - 30 SEPTEMBER, 2010 QPR SOFTWARE´S NET SALES ROSE TO EUR 5 MILLION, OPERATING MARGIN 9.6% Summary July - September 2010: - Net sales EUR 1,574 thousand (7-9/2009: 1,501), growth 5% - Estimated revenue to be recognized for current subscription agreements in the next twelve months is EUR 288 thousand (0) - The Company won a corporate framework agreement with Vattenfall AB for Business Process Modeling tool - Operating profit EUR 164 thousand (159) - Operating margin 10.4% of net sales (10.6) - Cash flow from operations EUR 274 thousand (156) - Earnings per share EUR 0.01 (0.01). January - September 2010: - Net sales EUR 5,017 thousand (1-9/2009: 4,817), growth 4% - Operating profit EUR 480 thousand (486) - Operating margin 9.6% of net sales (10.1) - Cash flow from operations EUR 762 thousand (399) - Earnings per share were EUR 0.02 (0.03) Outlook 2010: 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). Maintenance, subscription and professional services net sales are expected to show clear improvement in the second half of 2010 compared to the same period in 2009. KEY FIGURES -------------------------------------------------------------------------------- | (EUR 1,000) | July- | July- |Change-| Jan- | Jan- |Change- | Jan- | | | Sept | Sept | % | Sept, | Sept, | % | Dec, | | | 2010 | 2009 | | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 1,574 | 1,501 | 4.9 | 5,017 | 4,817 | 4.2 | 6,618 | -------------------------------------------------------------------------------- | Operating profit | 164 | 159 | 3.1 | 480 | 486 | -1.2 | 705 | -------------------------------------------------------------------------------- | % of net sales | 10.4 | 10.6 | | 9.6 | 10.1 | | 10.6 | -------------------------------------------------------------------------------- | Profit before | 153 | 149 | 2.7 | 400 | 477 | -16.1 | 668 | | tax | | | | | | | | -------------------------------------------------------------------------------- | Profit for the | 98 | 116 | -15.5 | 286 | 383 | -25.3 | 517 | | period | | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 6.2 | 7.7 | | 5.7 | 8.0 | | 7.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | | | | 0.02 | 0.03 | | 0.04 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- | EPS (diluted), | | | | 0.02 | 0.03 | | 0.04 | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Equity per | | | | 0.20 | 0.22 | | 0.21 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from | | | | 762 | 399 | | 953 | | operating | | | | | | | | | activities | | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | | | | 1,833 | 2,042 | | 1,929 | | equivalents | | | | | | | | -------------------------------------------------------------------------------- | Net liabilities | | | | -962 | -842 | | -831 | -------------------------------------------------------------------------------- | Gearing, % | | | | -38.1 | -31.4 | | -32.3 | -------------------------------------------------------------------------------- | Equity ratio, % | | | | 44.6 | 50.9 | | 42.5 | -------------------------------------------------------------------------------- | Return on | | | | 14.9 | 18.9 | | 19.5 | | equity, % | | | | | | | | -------------------------------------------------------------------------------- | Return on | | | | 16.3 | 19.7 | | 21.4 | | investment, % | | | | | | | | -------------------------------------------------------------------------------- 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. NET SALES QPR Software Group´s net sales in July - September were EUR 1,574 thousand (1,501), representing a growth of 4.9% compared to the equivalent period last year. In January - September, net sales rose 4.2% to EUR 5,017 thousand (4,817). Group net sales by geography, (EUR 1,000): -------------------------------------------------------------------------------- | | Domestic | International | Total | -------------------------------------------------------------------------------- | July - Sept, 2010 | 613 | 961 | 1,574 | -------------------------------------------------------------------------------- | Share-% | 38.9 | 61.1 | 100.0 | -------------------------------------------------------------------------------- | July - Sept, 2009 | 577 | 924 | 1,501 | -------------------------------------------------------------------------------- | Share-% | 38.4 | 61.6 | 100.0 | -------------------------------------------------------------------------------- | Change-% | 6.2 | 4.0 | 4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Sept, 2010 | 2,053 | 2,964 | 5,017 | -------------------------------------------------------------------------------- | Share-% | 40.9 | 59.1 | 100.0 | -------------------------------------------------------------------------------- | Jan - Sept, 2009 | 2,103 | 2,714 | 4,817 | -------------------------------------------------------------------------------- | Share-% | 43.7 | 56.3 | 100.0 | -------------------------------------------------------------------------------- | Change-% | -2.4 | 9.2 | 4.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Dec, 2009 | 2,783 | 3,835 | 6,618 | -------------------------------------------------------------------------------- Net sales from international operations were in July - September EUR 961 thousand (924). The growth is due to higher net sales in Russian market. In January - September, international net sales development has been positive: net sales grew 9.2% to EUR 2,964 thousand (2,714). Demand for QPR´s products has in many markets been stronger than in the previous year, although there are still large variances in demand after the recession in various markets. In July - September net sales in Finland grew 6,2% thanks to better software sales than in previous year and was EUR 613 thousand (577). An increasing share of Finnish software net sales is subscription sales, which forms a solid foundation for further net sales growth. 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. QPR started selling software in Finland as a subscription in autumn 2009. This has had a negative impact on net sales in Finland, although new software sales have been strong. Net sales in Finland in January - September were EUR 2,053 thousand (2,103). Group net sales divided into software licenses, maintenance services and professional services as follows, (EUR 1,000): -------------------------------------------------------------------------------- | | Software | Maintenance | Professional | Total | | | licenses | services | services | | -------------------------------------------------------------------------------- | July - Sept, | 470 | 884 | 220 | 1,574 | | 2010 | | | | | -------------------------------------------------------------------------------- | Share-% | 29.9 | 56.1 | 14.0 | 100.0 | -------------------------------------------------------------------------------- | July - Sept, | 494 | 812 | 195 | 1,501 | | 2009 | | | | | -------------------------------------------------------------------------------- | Share-% | 32.9 | 54.1 | 13.0 | 100.0 | -------------------------------------------------------------------------------- | Change-% | -4.9 | 8.9 | 12.8 | 4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Sept, | 1,439 | 2,692 | 886 | 5,017 | | 2010 | | | | | -------------------------------------------------------------------------------- | Share-% | 28.7 | 53.6 | 17.7 | 100.0 | -------------------------------------------------------------------------------- | Jan - Sept, | 1,652 | 2,522 | 643 | 4,817 | | 2009 | | | | | -------------------------------------------------------------------------------- | Share-% | 34.3 | 52.4 | 13.3 | 100.0 | -------------------------------------------------------------------------------- | Change-% | -12.9 | 6.7 | 37.8 | 4.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Dec, 2009 | 2,394 | 3,338 | 886 | 6,618 | -------------------------------------------------------------------------------- License net sales in July - September decreased 4.9 % and were EUR 470 thousand (494). The largest markets for license sales were Finland, South Africa, Russia and United Arab Emirates. Maintenance services net sales (including software subscription sales) grew 8.9% and were EUR 884 thousand (812). The increase is attributable to growth in subscription net sales. Maintenance net sales were negatively affected by currency changes. The estimated revenue to be recognized for current subscription agreements in the next twelve months is EUR 288 thousand (0), assuming similar churn rate as in maintenance service contracts. Professional services net sales in July - September increased 12.8% and were EUR 220 thousand (195). Professional services net sales were positively impacted by the initiation of direct sales in Russia. Group net sales by business segments, (EUR 1,000): -------------------------------------------------------------------------------- | | Software | Software | Service and | Total | | | Sales | Sales | Solutions | | | | International | Finland | | | -------------------------------------------------------------------------------- | July - Sept, | 956 | 456 | 162 | 1,574 | | 2010 | | | | | -------------------------------------------------------------------------------- | Share-% | 60.7 | 29.0 | 10.3 | 100.0 | -------------------------------------------------------------------------------- | July - Sept, | 917 | 410 | 174 | 1,501 | | 2009 | | | | | -------------------------------------------------------------------------------- | Share-% | 61.1 | 27.3 | 11.6 | 100.0 | -------------------------------------------------------------------------------- | Change-% | 4.3 | 11.2 | -6.9 | 4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Sept, | 2,928 | 1,307 | 782 | 5,017 | | 2010 | | | | | -------------------------------------------------------------------------------- | Share-% | 58.4 | 26.0 | 15.6 | 100.0 | -------------------------------------------------------------------------------- | Jan - Sept, | 2,664 | 1,547 | 606 | 4,817 | | 2009 | | | | | -------------------------------------------------------------------------------- | Share-% | 55.3 | 32.1 | 12.6 | 100.0 | -------------------------------------------------------------------------------- | Change-% | 9.9 | -15.5 | 29.0 | 4,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Dec, 2009 | 3,728 | 2,042 | 848 | 6,618 | -------------------------------------------------------------------------------- Software Sales Finland business segment´s net sales in July - September rose 11.2% and were EUR 456 thousand (410). QPR delivered software, among others, to Aalto University, Alma Media Corporation, City of Järvenpää, Kymenlaakso Joint Authority for Health and Social Care (Carea), Cargotec Corporation, Oulu Region Joint Authority for Education (OSEKK), Pohjois-Pohjanmaa Healthcare District, Samlink Ltd, Satakunta University of Applied Sciences, Finnish Funding Agency for Technology and Innovation and to the KuntaIT unit of the Finnish Ministry of Finance. Software Sales Finland´s net sales in January - September decreased 15.5% from previous year and were EUR 1,307 thousand (1,547). The decrease was due to the transition to software subscription sales. Software Sales International business segment´s net sales in July - September were EUR 956 thousand (917). The growth is due to higher net sales in Russian market. In the review period, QPR signed a corporate, 3-year framework agreement with Vattenfall AB. Agreement icludes options for continuation for 4 years at maximum. Vattenfall chose QPR ProcessGuide for their Group Business Process Modeling tool. The contract is estimated to have a positive impact on QPR´s license and maintenance service sales for the next three years. Software Sales International´s net sales in January - September grew 9.9%, thanks to improved maintenance and services sales and were EUR 2,928 thousand (2,664). In January - September, QPR and its resellers sold software to 68 countries. Service and Solutions business segment´s net sales in July - September were EUR 162 thousand (174) and decreased 6.9%. The segment´s net sales are expected to significantly increase in the last quarter of 2010 when service projects that have started after the summer holidays are delivered. In January - September, the segment´s net sales developped very favorably and were EUR 782 thousand (606), representing a growth of 29.0%. The growth was mainly due to good demand for QPR´s service products. Especially demand for Process management framework -service product increased markedly during the period. PROFIT DEVELOPMENT Operating profit in July - September rose slightly from the previous year and was EUR 164 thousand (159). Depreciation grew EUR 25 thousand compared to July - September 2009. Increase in depreciation is mainly attributable to the acquisition of Russian business operations in the end of 2009 and amortization of R&D expenses. January - September operating profit was almost in same level than last year and was EUR 480 thousand (486). Costs were higher than in the previous year, which was attributable to investments made in commencing direct sales in the Russian market and development of service business in Finland. Depreciation in January - September grew to EUR 431 thousand (335). Group operating profit by business segments, (EUR 1,000): -------------------------------------------------------------------------------- | | Software | Software | Service | Not | Total | | | Sales | Sales | and | allocated | | | | Inter- | Finland | Solutions | | | | | national | | | | | -------------------------------------------------------------------------------- | July - Sept, | 176 | 132 | -54 | -90 | 164 | | 2010 | | | | | | -------------------------------------------------------------------------------- | July - Sept, | 165 | 109 | -24 | -91 | 159 | | 2009 | | | | | | -------------------------------------------------------------------------------- | Change-% | 6.7 | 21.1 | -125.0 | 1.1 | 3.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Sept, | 488 | 215 | 28 | -251 | 480 | | 2010 | | | | | | -------------------------------------------------------------------------------- | Jan - Sept, | 254 | 525 | -21 | -272 | 486 | | 2009 | | | | | | -------------------------------------------------------------------------------- | Change-% | 92.1 | -59.0 | 233.3 | 7.7 | -1.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jan - Dec, | 503 | 668 | -67 | -400 | 705 | | 2009 | | | | | | -------------------------------------------------------------------------------- Software Sales Finland´s operating profit in July - September rose 21.1% to EUR 132 thousand (109) due to positive development in net sales. Profitability in January - September was lower than in the previous year due to transition to subscription based software sales. Operating profit in January - September was EUR 215 thousand (525). Software Sales International business segment´s operating profit in July - September increased 6.7% and reached EUR 176 thousand (165). The increase was a result of net sales growth in Russia. In January - September, Software Sales International´s operating profit grew 92.1% due to improved net sales to EUR 488 thousand (254). Service and Solutions business segment´s operating profit in July - September decreased to EUR -54 thousand (-24). The decrease was mainly attributable to increased personnel recruitments. Recruitments are increased, because service sales growth plays an important part in the Company´s strategy. Operating profit in January - September increased to EUR 28 thousand (-21) thanks to net sales growth. Profit before taxes in July - September was EUR 153 thousand (149). Net financial items were EUR 11 thousand (10). Profit after taxes in July - September was EUR 98 thousand (116) and earnings per share were EUR 0.01 (0.01). Profit before taxes in January - September was EUR 400 thousand (477). Net financial items rose to EUR 80 (9), which was mainly attributable to booked currency losses. Net interest costs in January - September were EUR 15 thousand (1). Profit after taxes in January - September was EUR 286 thousand (383) and earnings per share were EUR 0.02 (0.03). FINANCE AND INVESTMENTS The value of total assets at the end of September 2010 was EUR 6,892 thousand (6,170). Cash flow from operating activities was EUR 762 thousand (399). The main reason for increase in cash flow is the change in working capital. Cash and cash equivalents at the end of the review period were EUR 1,833 thousand (2,042). A dividend of EUR 244 thousand (368) and a distribution of EUR 122 thousand (0) from the invested non-restricted equity fund were paid during the reporting period. The Group´s investments in the review period totaled to EUR 227 thousand (649). A significant part of the investments were R&D investments. The Group´s interest bearing liabilities decreased and were EUR 871 thousand (1,200) at the end of the reporting period. The gearing ratio was -38.1% (-31.4). Return on capital employed was 16.3% (19.7). Short-term liabilities include deferred revenue in total of EUR 1,222 thousand (901). At the end of reporting period, quick ratio was 2.33 (2.50). At the end of the reporting period, the Group equity stood at EUR 2,529 thousand (2,684), and equity to assets ratio was 44.6% (50.9). The decrease in equity to assets ratio is attributable to the Russian business acquisition in the end of 2009 and acquisition of own shares. Return on equity was 14.9% (18.9). PERSONNEL At the end of the September 2010, the Group employed a total of 62 persons (59). Out of them eight were employed by QPR's Russian subsidiary, OOO QPR Software, in Moscow (0). Average number of personnel in the review period was 63 (56). PRODUCT AND SERVICES DEVELOPMENT The amount of product development expenses in the review period were EUR 943 thousand (884), representing 18.8 % of net sales (18.4%). During the review period, product development expenses have been activated as assets for a total amount of EUR 162 thousand (87). The depreciation period of capitalized product development expenses is 4 years. The depreciation of activated product development expense was EUR 146 thousand (118). Product development employed 15 (20) people at the end of the review period, corresponding to 24.1 % of the total personnel (34%). During the review period, product 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. In addition development of a new tool for automatic process analysis, QPR ProcessAnalyzer, was continued. QPR started development of QPR Enterprise Architecture Management Framework and continued investments in Process Management Framework launched in Autumn 2009. Professional Services offering to the domestic market was strengthened by developing vertical applications from the QPR ScoreCard Rapid Implementation service for public and health care sectors. SHARES AND TRADING WITH COMPANY'S SHARES -------------------------------------------------------------------------------- | Trading of shares | Jan - Sept, | Jan - Sept, | | | | 2010 | 2009 | | -------------------------------------------------------------------------------- | Shares traded, pcs | 759,446 | 592,817 | | -------------------------------------------------------------------------------- | Volume, EUR | 698,995 | 510,799 | | -------------------------------------------------------------------------------- | % of shares | 6.1 | 4.8 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shares and market values | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Total number of shares, pcs | 12,444,863 | 12,444,863 | 12,444,863 | -------------------------------------------------------------------------------- | Treasury shares, pcs | 291,534 | 258,000 | 258,000 | -------------------------------------------------------------------------------- | Book counter value, EUR | 0.11 | 0.11 | 0.11 | -------------------------------------------------------------------------------- | Outstanding shares, pcs | 12,153,329 | 12,186,863 | 12,186,863 | -------------------------------------------------------------------------------- | Number of Shareholders | 605 | 579 | 608 | -------------------------------------------------------------------------------- | Closing price, EUR | 0.95 | 0.89 | 0.95 | -------------------------------------------------------------------------------- | Market value, EUR | 11,545,663 | 10,846,308 | 11,577,520 | -------------------------------------------------------------------------------- | Acquired treasury shares | 33,534 | 97,850 | 97,850 | | Jan - Sept 2010, pcs | | | | -------------------------------------------------------------------------------- | Book counter value of treasury | 32,069 | 28,380 | 28,380 | | shares, EUR | | | | -------------------------------------------------------------------------------- | Total purchase value of treasury | 247,629 | 209,103 | 209,103 | | shares, EUR | | | | -------------------------------------------------------------------------------- | Treasury shares % | 2.3 | 2.1 | 2.1 | -------------------------------------------------------------------------------- The Company has no active option schemes. OTHER EVENTS IN THE REPORTING PERIOD Subsidiary OOO QPR Software started its operations in Russian Federation and CIS countries as of 2 March, 2010. The company is a fully owned subsidiary of QPR Software's subsidiary QPR CIS Oy. OOO QPR Software is domiciled and located in Moscow and employed eight persons at the end of September. The distribution of EMT responsibilities were reorganized as of 18 February 2010 when EMT's secretary Jyrki Karasvirta received responsibility for Company's marketing and communications as an EMT member and Teemu Lehto for business development. The Executive Management Team of QPR Software Plc consists of the following persons as of 1 July, 2010: Chief Executive Officer Jari Jaakkola (chairman), Vice President Software Sales International Antti Ainasoja, Vice President Business Operations Finland Matti Erkheikki, Vice President Marketing and Communications Jyrki Karasvirta, Vice President Business Development Teemu Lehto, Chief Financial Officer Päivi Martti (previously Vahvelainen) and Vice President Products and Technology Tony Virtanen. STRATEGY The Board of Directors has approved a new strategy and business targets for years 2011 - 2014 for QPR Software. The Group targets for profitable growth and pursues to double its 2009 net sales by year 2014. QPR aims to accelerate its growth by expanding its offering to small and medium sized organizations. For these organizations, QPR and its resellers offer software subscriptions without any upfront investments, as well as service products that support software implementations and management methods chosen by the customers. QPR expands its domestic service offering to large enterprises especially in enterprise architecture consulting services. The Company believes that the demand for these services will show strong increase in Finnish public and private sectors. The Company delivers its international resellers, in addition to software, service products that support software sales. These service products have experienced strong demand in Finland in the past year. The Company also strengthens its reseller network for QPR ProcessGuide software. QPR pursues strong growth in Russia, where it started its operations this year after acquiring its Russian resellers´ business operations. Russian market is in a strong growth phase, and offers significant opportunities to QPR´s technology products and services. The Company´s product development focuses on further development of existing products and building innovations aimed at process development. The company continues its close co-operation with Microsoft. GOVERNANCE The Annual Shareholders' Meeting held on 18 March, 2010 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 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). 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, 2010 and available on the investors section of the company's web site, www.qpr.com. 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. 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. 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 17.4% of its foreign currency (non-Euro) cash flow. 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 the 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 The unaudited financial results for year 2010 are published on Friday, 18 February, 2011. 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 -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | July- | July- | Jan- | Jan- | Jan- | | | Sept | Sept | Sept, | Sept, | Dec, | | | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 1,574 | 1,501 | 5,017 | 4,817 | 6,618 | -------------------------------------------------------------------------------- | Other operating income | 13 | 3 | 50 | 35 | 35 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Material and services | 50 | 134 | 160 | 363 | 451 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Employee benefits expenses | 925 | 748 | 2,974 | 2,533 | 3,524 | -------------------------------------------------------------------------------- | Depreciation | 151 | 126 | 431 | 335 | 466 | -------------------------------------------------------------------------------- | Other operating expenses | 297 | 337 | 1,023 | 1,135 | 1,508 | -------------------------------------------------------------------------------- | Operating profit | 164 | 159 | 480 | 486 | 705 | -------------------------------------------------------------------------------- | Financial income and expenses | -11 | -10 | -80 | -9 | -37 | -------------------------------------------------------------------------------- | Profit before tax | 153 | 149 | 400 | 477 | 668 | -------------------------------------------------------------------------------- | Income tax expense | -55 | -33 | -114 | -94 | -150 | -------------------------------------------------------------------------------- | Profit for the period | 98 | 116 | 286 | 383 | 517 | -------------------------------------------------------------------------------- | Profit for the period attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the | | | | | | | parent company | 92 | 116 | 287 | 383 | 517 | -------------------------------------------------------------------------------- | Non-controlling interests | 6 | 0 | -1 | 0 | 0 | -------------------------------------------------------------------------------- | | 98 | 116 | 286 | 383 | 517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (diluted), EUR | 0,01 | 0,01 | 0,02 | 0,03 | 0,04 | -------------------------------------------------------------------------------- | Earnings per share, EUR | 0,01 | 0,01 | 0,02 | 0,03 | 0,04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of comprehensive income: | | | | -------------------------------------------------------------------------------- | Profit for the period | 98 | 116 | 286 | 383 | 517 | -------------------------------------------------------------------------------- | Exchange differences on translating | -21 | 15 | 72 | 10 | 11 | | foreign operations | | | | | | -------------------------------------------------------------------------------- | Income tax relating to components of | - | - | - | - | - | | other comprehensive income | | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 77 | 131 | 358 | 393 | 528 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | | attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | 71 | 131 | 359 | 393 | 528 | -------------------------------------------------------------------------------- | Non-controlling interests | 6 | 0 | -1 | 0 | 0 | -------------------------------------------------------------------------------- | | 77 | 131 | 358 | 393 | 528 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (EUR 1,000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Tangible assets | 102 | 163 | 145 | -------------------------------------------------------------------------------- | Other intangible assets | 1,558 | 1,258 | 1,720 | -------------------------------------------------------------------------------- | Other investments | 5 | 5 | 5 | -------------------------------------------------------------------------------- | Deferred tax assets | 306 | 464 | 413 | -------------------------------------------------------------------------------- | Total non-current assets | 1,971 | 1,890 | 2,283 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 3,088 | 2,238 | 2,662 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1,833 | 2,042 | 1,929 | -------------------------------------------------------------------------------- | Total current assets | 4,921 | 4,280 | 4,591 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 6,892 | 6,170 | 6,874 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | 1,359 | 1,359 | 1,359 | -------------------------------------------------------------------------------- | Reserve fund | 21 | 21 | 21 | -------------------------------------------------------------------------------- | Invested non-restricted equity fund | 5 | 371 | 127 | -------------------------------------------------------------------------------- | Translation differences | -22 | -95 | -94 | -------------------------------------------------------------------------------- | Treasure shares | -248 | -209 | -209 | -------------------------------------------------------------------------------- | Retained earnings | 1,413 | 1,237 | 1,371 | -------------------------------------------------------------------------------- | Equity attributable to shareholders | 2,528 | 2,684 | 2,575 | | of the parent company | | | | -------------------------------------------------------------------------------- | Non-controlling interest | 1 | 0 | 0 | -------------------------------------------------------------------------------- | Total equity | 2,529 | 2,684 | 2,575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 566 | 974 | 793 | -------------------------------------------------------------------------------- | Non-Interest-bearing liabilities | 0 | 0 | 460 | -------------------------------------------------------------------------------- | Total non-current liabilities | 566 | 974 | 1,253 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payables and other payables | 3,492 | 2,286 | 2,741 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 305 | 226 | 305 | -------------------------------------------------------------------------------- | Total current liabilities | 3,797 | 2,512 | 3,046 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 4,363 | 3,486 | 4,299 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 6,892 | 6,170 | 6,874 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- | (EUR 1,000) | Jan - Sept,| Jan - Sept,| Jan - Dec,| | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | | | | -------------------------------------------------------------------------------- | Profit for the period | 286 | 383 | 517 | -------------------------------------------------------------------------------- | Adjustments for the profit | | | | -------------------------------------------------------------------------------- | Depreciation | 431 | 335 | 466 | -------------------------------------------------------------------------------- | Non-cash transactions | 73 | -58 | 11 | -------------------------------------------------------------------------------- | Changes in working capital | | | | -------------------------------------------------------------------------------- | Changes in trade and other | -276 | 245 | -53 | | receivables | | | | -------------------------------------------------------------------------------- | Changes in accounts payable and | 291 | -461 | 61 | | other liabilities | | | | -------------------------------------------------------------------------------- | Interest expense and other | -33 | -21 | -31 | | financial expenses | | | | -------------------------------------------------------------------------------- | Interest income and other | 18 | 8 | 20 | | financial income | | | | -------------------------------------------------------------------------------- | Income taxes paid | -28 | -32 | -38 | -------------------------------------------------------------------------------- | Net cash from operating activities | 762 | 399 | 953 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases of tangible assets | -32 | -27 | -38 | -------------------------------------------------------------------------------- | Purchases of intangible assets | -195 | -622 | -932 | -------------------------------------------------------------------------------- | Net cash used in investing | -227 | -649 | -970 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from issuance of share | 0 | 11 | 11 | | capital | | | | -------------------------------------------------------------------------------- | Proceeds from long-term loans | 0 | 1,131 | 1,132 | -------------------------------------------------------------------------------- | Repayments of long term loans | -226 | -113 | -217 | -------------------------------------------------------------------------------- | Purchases of own shares | -39 | -84 | -84 | -------------------------------------------------------------------------------- | Invested non-restricted equity fund | -122 | 0 | -244 | | distribution | | | | -------------------------------------------------------------------------------- | Dividends paid | -244 | -368 | -368 | -------------------------------------------------------------------------------- | Net cash used in financing | -631 | 576 | 230 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | -96 | 326 | 213 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents in | 1,929 | 1,716 | 1,716 | | the beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents in | 1,833 | 2,042 | 1,929 | | the end of period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | | 1 JANUARY - 30 SEPTEMBER, 2010 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | Jan 1, | Shares | Divi- | Purchase | Compre- | Sept 30, | | | 2010 | issued | dends | of own | hensive | 2010 | | | | | paid | shares | income | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | 1,359 | | | | | 1,359 | -------------------------------------------------------------------------------- | Reserve fund | 21 | | | | | 21 | -------------------------------------------------------------------------------- | Translation | -94 | | | | 72 | -22 | | differences | | | | | | | -------------------------------------------------------------------------------- | Treasure shares | -209 | | | -39 | | -248 | -------------------------------------------------------------------------------- | Invested | 127 | | -122 | | | 5 | | non-restricted | | | | | | | | equity fund | | | | | | | -------------------------------------------------------------------------------- | Retained earnings | 1,371 | | -244 | | 286 | 1,413 | -------------------------------------------------------------------------------- | Non-controlling | 0 | | | | 1 | 1 | | interest | | | | | | | -------------------------------------------------------------------------------- | Total | 2,575 | 0 | -366 | -39 | 359 | 2,529 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY | | 1 JANUARY - 30 SEPTEMBER, 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | Jan 1, | Shares | Divi- | Purchase | Compre- | Sept 30, | | | 2009 | issued | dends | of own | hensive | 2009 | | | | | paid | shares | income | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | 1,359 | | | | | 1,359 | -------------------------------------------------------------------------------- | Reserve fund | 21 | | | | | 21 | -------------------------------------------------------------------------------- | Translation | -105 | | | | 10 | -95 | | differences | | | | | | | -------------------------------------------------------------------------------- | Treasure shares | -125 | | | -84 | | -209 | -------------------------------------------------------------------------------- | Invested | 360 | 11 | | | | 371 | | non-restricted | | | | | | | | equity fund | | | | | | | -------------------------------------------------------------------------------- | Retained earnings | 1,222 | | -368 | | 383 | 1,237 | -------------------------------------------------------------------------------- | Total | 2,732 | 11 | -368 | -84 | 393 | 2,684 | -------------------------------------------------------------------------------- APPENDIX: ACCOUNTING PRINCIPLES 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. Apart from the changes in accounting principles stated below, the accounting principles applied in the interim report are the same as in the financial statements at December 31, 2009. Changes in the accounting principles The Group adopted the following standards, amendments to standard interpretations from 1 January 2010 onwards: - Revised IFRS 3 Business Combinations - Revised IAS 27 Consolidated and Separate Financial Statements. Following newly adopted standards and interpretations have not had any effect on interim financial statements: - Revised IFRS 2 Share-based Payment - Revised IAS 39 Financial Instruments: recognition and measurement - IFRIC 17 Distributions of Non-cash Assets to Owners - IFRIC 18 transfer of Assets from customers QPR Software´s business consists of software license sales, software subscription sales, software maintenance sales and professional services. Software subscription net sales are reported as part of maintenance services net sales. 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. The Company introduced hedging for its foreign currency cash flows in June. -------------------------------------------------------------------------------- | GROUP COMMITMENTS AND CONTINGENT LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business mortgage | 1,337 | 1,337 | 1,337 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current lease liabilities | | | | -------------------------------------------------------------------------------- | Liabilities maturing during one year | 201 | 146 | 222 | -------------------------------------------------------------------------------- | Liabilities maturing 2-5 years | 107 | 33 | 261 | -------------------------------------------------------------------------------- | Total | 308 | 179 | 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total commitments and contingent | 1,645 | 1,516 | 1,820 | | liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency Hedging (EUR 1,000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Nominal value | 155 | 0 | 0 | -------------------------------------------------------------------------------- | Current value | 162 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP INTANGIBLE AND TANGIBLE ASSETS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in intangible assets | | | | -------------------------------------------------------------------------------- | (EUR 1,000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost Jan 1 | 3,494 | 2,528 | 2,506 | -------------------------------------------------------------------------------- | Increase | 195 | 424 | 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in tangible assets | | | | -------------------------------------------------------------------------------- | (EUR 1 000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost Jan 1 | 983 | 1,099 | 945 | -------------------------------------------------------------------------------- | Increase | 32 | 27 | 38 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN GROUP INTEREST BEARING LOANS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | Sept 30, | Sept 30, | Dec 31, | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest bearing loans Jan 1 | 1,098 | 182 | 182 | -------------------------------------------------------------------------------- | Withdrawals | 0 | 1,131 | 1,132 | -------------------------------------------------------------------------------- | Repayments | -226 | -113 | -217 | -------------------------------------------------------------------------------- | Interest bearing loans | 871 | 1,200 | 1,098 | | 30 September/31 December | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT INFORMATION BY SEGMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (1,000 EUR) | July- | July- | Jan- | Jan- | | | | Sept, | Sept, | Sept, | Sept, | | | | 2010 | 2009 | 2010 | 2009 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Sales | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 956 | 917 | 2,928 | 2,664 | | | | International | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 456 | 410 | 1,307 | 1,547 | | | | Finland | | | | | | -------------------------------------------------------------------------------- | | Service & | 162 | 174 | 782 | 606 | | | | Solutions | | | | | | -------------------------------------------------------------------------------- | Total Net Sales | 1,574 | 1,501 | 5,017 | 4,817 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating Profit | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 176 | 165 | 488 | 254 | | | | International | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 132 | 109 | 215 | 525 | | | | Finland | | | | | | -------------------------------------------------------------------------------- | | Service & | -54 | -24 | 28 | -21 | | | | Solutions | | | | | | -------------------------------------------------------------------------------- | | Not allocated | -90 | -91 | -251 | -272 | | -------------------------------------------------------------------------------- | Total Operating | 164 | 159 | 480 | 486 | | | Profit | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | -11 | -10 | -80 | -9 | | | and expenses | | | | | | -------------------------------------------------------------------------------- | Income tax expense | -55 | -33 | -114 | -94 | | -------------------------------------------------------------------------------- | Profit for the | 98 | 116 | 286 | 383 | | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other information | | | | | | -------------------------------------------------------------------------------- | Depreciation | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 84 | 61 | 230 | 175 | | | | International | | | | | | -------------------------------------------------------------------------------- | | Software Sales | 57 | 54 | 172 | 129 | | | | Finland | | | | | | -------------------------------------------------------------------------------- | | Service & | 9 | 11 | 28 | 31 | | | | Solutions | | | | | | -------------------------------------------------------------------------------- | Total depreciation | 151 | 126 | 431 | 335 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT PER QUARTER -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | Jan- | Jan- | Apr- | Apr- | July- | July- | Oct- | | | March,| March,| June,| June, | Sept, | Sept, | Dec, | | | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 1,671 | 1,628 | 1,773| 1,688 | 1,574 | 1,501 | 1,801 | -------------------------------------------------------------------------------- | Other operating | 34 | 7 | 3 | 25 | 13 | 3 | 0 | | income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Material and | 47 | 112 | 63 | 117 | 50 | 134 | 88 | | services | | | | | | | | -------------------------------------------------------------------------------- | Employee benefits | 1,009 | 895 |1,040 | 890 | 925 | 748 | 991 | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | 129 | 114 | 151 | 95 | 151 | 126 | 131 | -------------------------------------------------------------------------------- | Other operating | 375 | 371 | 351 | 427 | 297 | 337 | 373 | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 145 | 143 | 171 | 184 | 164 | 159 | 218 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | -25 | 6 | -45 | -5 | -11 | -10 | -28 | | and expenses | | | | | | | | -------------------------------------------------------------------------------- | Profit before tax | 120 | 149 | 126 | 179 | 153 | 149 | 190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | -25 | -27 | -33 | -34 | -55 | -33 | -56 | | expenses | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the | 95 | 122 | 93 | 145 | 98 | 116 | 134 | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR (1,000) |Jan - Sept,| Jan - Sept,| Jan - Dec,| | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 5,017 | 4,817 | 6,618 | -------------------------------------------------------------------------------- | Net sales growth, % | 4.2 | -11.7 | -11.9 | -------------------------------------------------------------------------------- | Operating profit | 480 | 486 | 705 | -------------------------------------------------------------------------------- | % of net sales | 9.6 | 10.1 | 10.6 | -------------------------------------------------------------------------------- | Profit or loss before tax | 400 | 477 | 668 | -------------------------------------------------------------------------------- | % of net sales | 8.0 | 9.9 | 10.1 | -------------------------------------------------------------------------------- | Profit for the period | 286 | 383 | 517 | -------------------------------------------------------------------------------- | % of net sales | 5.7 | 8.0 | 7.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity,% | 14.9 | 18.9 | 19.5 | -------------------------------------------------------------------------------- | Return on investment,% | 16.3 | 19.7 | 21.4 | -------------------------------------------------------------------------------- | Interest bearing liabilities | 871 | 1,200 | 1,098 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1,833 | 2,042 | 1,929 | -------------------------------------------------------------------------------- | Net liabilities | -962 | -842 | -831 | -------------------------------------------------------------------------------- | Equity | 2,529 | 2,684 | 2,575 | -------------------------------------------------------------------------------- | Gearing,% | -38.1 | -31.4 | -32.3 | -------------------------------------------------------------------------------- | Equity ratio,% | 44.6 | 50.9 | 42.5 | -------------------------------------------------------------------------------- | Total balance sheet | 6,892 | 6,170 | 6,874 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments in non-current assets | 227 | 649 | 1,026 | -------------------------------------------------------------------------------- | % of net sales | 4.5 | 13.5 | 15.5 | -------------------------------------------------------------------------------- | Research and development expenses | 943 | 884 | 1,325 | -------------------------------------------------------------------------------- | % of net sales | 18.8 | 18.4 | 20.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of personnel | 63 | 56 | 57 | -------------------------------------------------------------------------------- | Personnel at the beginning of period | 57 | 55 | 55 | -------------------------------------------------------------------------------- | Personnel at the end of period | 62 | 59 | 57 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share,€ | 0.02 | 0.03 | 0.04 | -------------------------------------------------------------------------------- | Earnings per share (diluted), € | 0.02 | 0.03 | 0.04 | -------------------------------------------------------------------------------- | Equity per share, € | 0.20 | 0.22 | 0.21 | -------------------------------------------------------------------------------- CALCULATION OF KEY INDICATORS: Return on equity (ROE), % (counted on yearly level): Profit for the period x 100 ________________________________________________ Shareholders' equity + non-controlling 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 - treasury 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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