2016-08-11 07:00:13 CEST
2016-08-11 07:00:13 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Qt Group Oyj - Half Year financial report
QT GROUP PLC HALF YEAR FINANCIAL REPORT 1 JANUARY 2016–30 JUNE 2016
QT GROUP PLC STOCK EXCHANGE RELEASE, 11 AUGUST 2016 at 8:00
CONTINUED STRONG GROWTH
Qt Group Plc was formed as a result of the partial demerger of Digia Plc, which
took effect on 1 May 2016. As such, Qt Group Plc has not constituted a separate
legal group prior to the date in question. The carve-out financial information
presented in this half year financial report reflect the financial information
of the companies that previously constituted the Digia Group’s Qt segment. The
balance sheet and related key figures for 30 June 2016 are based on actual
figures, while the income statement, cash flow and comparison figures are based
on financial carve-out information. There have been no changes to the carve-out
calculation principles, which were described in detail in the demerger
prospectus published by Digia Plc on 3 March 2016.
SUMMARY
January–June 2016:
- Net sales EUR 16,084 thousand (EUR 12,873 thousand): up 24.9 per cent
- Comparable operating profit EUR 1,181 (1,120) thousand, comparable operating
margin (EBIT %) 7.3 (8.7) per cent.
- The comparable operating profit for 2015 includes restructuring costs
totalling EUR 36 thousand, while the comparable operating profit for 2016
includes non-recurring costs totalling EUR 1,712 thousand arising from fees paid
to external service providers in relation to the demerger as well as costs
associated with Digia’s share-based remuneration system.
- Operating result EUR -530 thousand (EUR 1,084 thousand), operating margin
(EBIT %) -3.3 (8.4) per cent.
- Earnings per share EUR -0.04
April–June 2016:
- Net sales EUR 8,935 thousand (EUR 6,620 thousand): up 35.0 per cent
- Comparable operating profit EUR 721 (655) thousand, comparable operating
margin (EBIT %) 8.1 (9.9) per cent.
- The comparable operating profit for 2016 includes non-recurring costs
totalling EUR 1,504 thousand arising from fees paid to external service
providers in relation to the demerger as well as costs associated with Digia’s
share-based remuneration system.
- Operating profit EUR -783 thousand (EUR 655 thousand), operating margin (EBIT
%) -8.8 (9.9) per cent.
- Earnings per share EUR -0.04
Qt has applied the ESMA (European Securities and Markets Authority) guidance on
Alternative Performance Measures (see page 11). The guidance entered into effect
on 3 July 2016.
This half year financial report has not been audited.
KEY FIGURES (EUR thousand)
+------------+-------+---------+-------+---------+---------+-------+-------+
| | carve|carve out|Change,|carve out|carve out|Change,| carve|
| |out 4| 4-6/2015| % | 1-6/2016| 1-6/2015| %| out|
| |-6/2016| | | | | | 2015|
+------------+-------+---------+-------+---------+---------+-------+-------+
|Net sales | 8,935 | 6,620 | 35.0% | 16,084 | 12,873 | 24.9% |26,934 |
+------------+-------+---------+-------+---------+---------+-------+-------+
|Operating | -783 | 655 | | -530 | 1,084 | | 1,786 |
|result | | | | | | | |
+------------+-------+---------+-------+---------+---------+-------+-------+
|- % of net | -8.8% | 9.9% | | -3.3% | 8.4% | | 6.6% |
|sales | | | | | | | |
+------------+-------+---------+-------+---------+---------+-------+-------+
|Net profit | -917 | 619 | | -837 | 1,042 | | 981 |
+------------+-------+---------+-------+---------+---------+-------+-------+
|- % of net |-10.3% | 9.4% | | -5.2% | 8.1% | | 3.6% |
|sales | | | | | | | |
+------------+-------+---------+-------+---------+---------+-------+-------+
|Earnings per| -0.04 | | | -0.04 | | | |
|share, EUR | | | | | | | |
+------------+-------+---------+-------+---------+---------+-------+-------+
BUSINESS
Qt is responsible for Qt development, productisation and licensing under
commercial and open source licences. The Qt offering includes a development
environment that enables the reuse of software code across numerous different
operating systems, platforms and screen types, ranging from desktops and
embedded systems to wearables and mobile devices. Qt is used by approximately 1
million developers worldwide and is the leading independent technology behind
millions of devices and applications. Qt is the platform of choice for in
-vehicle systems, industrial automation devices and other business critical
applications manufacturers, and is used by leading global players in 70+
industries. Qt has operating locations in Finland, Norway, Germany, the United
States, Russia, China, Japan and Korea.
Juha Varelius, President and CEO:
The past six months were a successful period for the Qt Group. The Group’s net
sales saw strong growth, particularly from significant deals completed in the
second quarter.
The rate of growth compared to the previous year was especially strong
considering the fact that, in the first half of 2015, the Qt business recorded
approximately EUR 0.9 million in net sales based on an exceptional licensing
deal made with Nokia Corporation in 2012, but this deal no longer generates any
net sales in 2016.
As expected, the Group’s operating result showed a loss. The loss was primarily
attributable to fees paid to external service providers in relation to the Digia
demerger as well as costs arising from Digia’s share-based remuneration system.
Said non-recurring costs totalled EUR 1.7 million in the first half of the year.
The comparison of the Group’s profit performance with the previous year is also
affected by the heavier cost structure arising from the setting up of
administrative functions required for the Group to operate independently. The
Group’s operational efficiency has not otherwise deteriorated.
During the first half of the year, we released the new versions Qt 5.6 and Qt
5.7. With the release of Qt 5.7, we changed the open source licensing terms with
the aim of promoting the sale of licences to commercial operators. The effects
of this change are expected to materialize in the coming years.
In the first half of the year, we opened a new office in Japan to boost local
sales. We have also otherwise increased our sales resources, particularly in
Asia.
Investments in business development have been particularly allocated to the
consumer electronics and automotive segments. In the first half of the year, we
unveiled the Qt Automotive Suite, a product targeted at the automotive segment
and developed in co-operation with our key partners. The new product complements
our basic product offering by introducing added value components developed
specifically to serve the needs of the automotive industry.
Our quality management system received ISO9001:2008 certification during the
first half of the year.
NET SALES
Qt’s net sales for the first half of the year amounted to EUR 16,084 thousand
(EUR 12,873 thousand), up 24.9 per cent.
Qt’s net sales for the second quarter amounted to EUR 8,935 thousand (EUR 6,620
thousand), up 35.0 per cent.
PROFIT PERFORMANCE
Qt’s operating result for the first half of the year was EUR -530 thousand (EUR
1,084 thousand). The operating result for the second quarter was EUR -783
thousand (EUR 655 thousand).
The result for the first half of the year includes non-recurring costs totalling
EUR 1,712 thousand, attributable to fees paid to external service providers in
relation to the Digia demerger as well as costs arising from Digia’s share-based
remuneration system. The comparable operating profit for the first half of the
year was EUR 1,181 (1,120) thousand and the comparable operating margin (EBIT %)
was 7.3 (8.7) per cent.
The Group’s operating expenses, including materials & services, personnel
expenses, depreciation and other operating expenses, amounted to EUR 16,666
thousand (EUR 12,512 thousand) in the first half of the year, up 33.2 per cent
year-on-year. Personnel expenses accounted for 68.6 per cent (70.6%) of
operating expenses, or EUR 11,438 thousand (EUR 8,839 thousand). Taking the
items affecting comparability, EUR 1,712 thousand (EUR 36 thousand), into
account, fixed costs increased by 19.9 per cent.
The Group’s financial expenses in the second quarter amounted to EUR 219
thousand (EUR 16 thousand) due to fees totalling EUR 210 thousand related to the
drawing down of a loan of EUR 6.0 million granted by Ilmarinen Mutual Pension
Insurance Company.
Qt’s earnings before tax for the first half of the year totalled EUR -817
thousand (EUR 1,080 thousand) and the result was EUR -837 thousand (EUR 1,042
thousand). Taxes for the review period amounted to EUR 19 thousand (EUR 38
thousand).
Earnings per share were EUR -0.04 in the first half of the year.
FINANCING AND INVESTMENTS
The comparison figures presented in this section are carve out figures for 31
December 2015.
Cash flow from operating activities was EUR -2,050 thousand (EUR 1,165 thousand)
in the first half of the year due to the operating result and cash being tied up
in working capital.
Qt’s cash and cash equivalents totalled EUR 5,693 thousand (EUR 3,577 thousand)
at the end of the first half of the year. A loan of EUR 6.0 million, granted by
Ilmarinen Mutual Pension Insurance Company, was drawn down in two instalments in
May 2016. The loan will mature in its entirety in November 2017 and the Group
will pay interest on the loan semiannually.
The Qt Group’s consolidated balance sheet total at the end of the first half of
the year stood at EUR 29,653 thousand (EUR 23,869 thousand). Net cash flow from
investments in the first half of the year was EUR -283 thousand (EUR -233
thousand).
The equity ratio stood at 41.5 per cent (54.7%) and gearing was 6.8 per cent (
-24.8%). Interest-bearing liabilities amounted to EUR 6,302 thousand (EUR 1,365
thousand), of which short-term loans accounted for EUR 194 thousand (EUR 553
thousand).
In the first half of the year, return on investment was -3.5 per cent (25.0%)
and return on equity was -9.3 per cent (11.0%).
PERSONNEL, MANAGEMENT AND ADMINISTRATION
The number of Qt’s personnel was 213 (174) on average during the quarter and 214
(174) at the end of the quarter.
The geographical distribution of personnel:
+----------+--+------+------+-------+------+------+-------+------+
|Personnel | |4–6/20|4–6/20|Change,|1–6/20|1–6/20|Change,|1-12/2|
| | |16 |15 |% |16 |15 |% |015 |
+----------+--+------+------+-------+------+------+-------+------+
|(in an | | | | | | | |
|employment | | | | | | | |
|relationship,| | | | | | | |
|on average) | | | | | | | |
+----------+--+------+------+-------+------+------+-------+------+
|Finland | |66 |51 |29% |64 |51 |26% |52 |
+----------+--+------+------+-------+------+------+-------+------+
|Europe & |117 |102 |15% |115 |102 |12% |106 |
|APAC | | | | | | | |
+----------+--+------+------+-------+------+------+-------+------+
|North |30 |21 |39% |28 |21 |31% |22 |
|America | | | | | | | |
+----------+--+------+------+-------+------+------+-------+------+
| | | | | | | | | |
+----------+--+------+------+-------+------+------+-------+------+
|Group total |213 |174 |22% |207 |174 |19% |180 |
+----------+--+------+------+-------+------+------+-------+------+
At the end of the quarter, international personnel represented 69 per cent (71%)
of the total.
At Digia Plc’s Annual General Meeting held on 16 March 2016, Robert Ingman,
Matti Rossi, Leena Saarinen, Tommi Uhari and Kai Öistämö were elected as members
of Qt Group Plc’s Board of Directors. At the Board’s organisation meeting,
Robert Ingman was elected Chairman of the Board and Tommi Uhari was elected Vice
Chairman.
Juha Varelius has been Qt Group Plc’s President and CEO since 1 May 2016.
KPMG Oy Ab, Authorised Public Accountants, has served as the auditor of the Qt
Group since 1 May 2016, with Authorised Public Accountant Kim Järvi as the
principal auditor.
OTHER EVENTS IN THE REVIEW PERIOD
Qt Group Plc was established by a partial demerger decided on by Digia Plc’s
Annual General Meeting on 16 March 2016. The partial demerger was registered on
1 May 2016.
Trading in Qt Group Plc (trading code: QTCOM) shares began on the Nasdaq
Helsinki stock exchange on 2 May 2016.
The Annual General Meeting that decided on the partial demerger of Digia Plc
approved the articles of association of Qt Group Plc and resolved on the
remuneration of the company’s Board of Directors and auditors, decided that the
number of members on the Board of Directors would be five (5) and elected the
company’s Board of Directors and auditor.
The Annual General Meeting granted the following authorisations to the Board of
Directors of Qt Group Plc:
Authorising the Board of Directors to decide on repurchasing the company’s own
shares and/or accepting them as collateral
The Annual General Meeting authorised the Board of Directors of Qt Group Plc to
decide on the repurchase and/or acceptance as collateral of a maximum of
1,000,000 of the company’s own shares. This repurchase can only be executed by
means of the company’s unrestricted equity. The Board shall decide on how these
shares are to be purchased. The shares may be repurchased in a proportion other
than that of the shares held by the current shareholders. The authorisation also
includes acquisition of shares through public trading organised by NASDAQ
Helsinki Oy in accordance with the rules and instructions of NASDAQ Helsinki and
Euroclear Finland Ltd, or through offers made to shareholders. Shares may be
acquired in order to improve the company’s capital structure, to finance or
carry out acquisitions or other arrangements, to implement share-based incentive
schemes, to be transferred for other purposes, or to be cancelled. The shares
shall be repurchased for a price based on the fair value quoted in public
trading. The authorisation is valid until 16 September 2017. The Board of
Directors of Qt Group Plc can take a decision based on this authorisation only
after the implementation of the demerger has been registered.
Authorising the Board of Directors to decide on a share issue and the granting
of special rights entitling to shares
The Annual General Meeting authorised the Board of Directors of Qt Group Plc to
decide on a share issue and the granting of special rights prescribed in Chapter
10, Section 1 of the Companies Act, either subject to or free of charge, in one
or several instalments on the following terms: The maximum total number of
shares to be issued by virtue of the authorisation is 2,000,000. The
authorisation concerns both the issuance of new shares and the transfer of
treasury shares. By virtue of the authorisation, the Board of Directors is
entitled to decide on share issues and the granting of special rights waiving
the pre-emptive subscription rights of the shareholders (directed issue). The
authorisation may be used in order to finance or carry out acquisitions or other
arrangements, to implement the company's share-based incentive schemes and to
improve the capital structure of the company, or to be used for other purposes
decided by the Board of Directors. The authorisation includes the Board of
Directors' right to decide on all terms relating to the share issue and the
granting of special rights, including the subscription price, its payment not
only by cash, but also entirely or partly by other assets (property given as
capital contribution) or setting the subscription price off against a
subscriber’s receivable, and the entry into the company's balance sheet. The
authorisation is valid until 16 September 2017. The Board of Directors of Qt
Group Plc can take a decision based on this authorisation only after the
implementation of the demerger has been registered.
By virtue of the authorisation granted to it by the Annual General Meeting, the
Board of Directors of Qt Group Plc decided at its meeting on 22 June 2016 to
issue stock options to the key persons of the company or its Group companies on
the following terms and conditions:
The maximum total number of stock options issued is 2,000,000, and they entitle
their holders to subscribe for a maximum total of 2,000,000 new shares in the
company. The stock options shall be marked with the symbol 2016. No stock option
certificates shall be issued for the stock options. The stock options shall be
issued gratuitously to the company’s key persons.
Each stock option entitles its holder to subscribe for one (1) new share in the
company or an existing share held by the company. The share subscription price
shall be credited to the company’s reserve for invested unrestricted equity.
The share subscription period for the stock options shall be 19 December 2019–31
December 2022. A precondition for the share subscription is that the value of
the company’s share based on the trade volume weighted average quotation on the
NASDAQ OMX Helsinki Ltd is at least five euros and eighty-five cents (EUR 5.85)
between 18 November 2019 and 13 December 2019.
The share subscription price for the stock options shall be the trade volume
weighted average quotation of the company’s share between 1 June 2016 and 30
June 2016 and the share subscription price shall, nevertheless, always amount to
at least the highest share price quoted on the closing day 22 June 2016 when the
stock options have been issued and assigned to the key persons added with one
euro cent (EUR 0.01). The subscription price was determined to be EUR 4.84 based
on the highest share price quoted on 22 June being EUR 4.83 and the trade volume
weighted average quotation between 1 June 2016 and 30 June 2016 being EUR
4.6102.
RISKS AND UNCERTAINTIES
The company’s short-term risks and uncertainties are related to potential
significant changes in the company’s business operations, ensuring adequate
financing for operations as well as the retention and recruitment of the
personnel required for business development.
Exchange rate fluctuations, particularly between the US dollar and euro, may
have a large impact on the development of Qt’s net sales. Another factor
contributing to considerable fluctuation in quarterly net sales and
profitability in particular is contract turnaround times which, in the major
customer segment, are very long at up to 18 months.
The company’s business risks and preparations for them are also described on the
company website at www.qt.io.
FUTURE PROSPECTS
Operating environment and market outlook
Considering the time of year and general market situation, demand for the
Group’s services is at a moderate level, and the long-term business outlook is
promising.
The Group’s business development efforts will particularly focus on embedded
systems in the automotive sector, digital TV and industrial automation. Areas
targeted in product development include value-added features and tools required
for building embedded systems.
Sales growth associated with embedded systems will also reflect on the earnings
logic. Licence revenue from these sales accumulates over the long term, as
opposed to one-off licence payments. Consequently, the company anticipates no
major impact from embedded systems sales growth on consolidated net sales in
2016.
Outlook 2016
The company estimates that the growth of net sales will slow down in the second
half of 2016 compared to the growth figures posted earlier in the year. The
company estimates that full-year net sales for 2016 will show year-on-year
growth of approximately 15 per cent. An exceptional licensing deal made with
Nokia Corporation in 2012 in connection with the acquisition of the Qt business
will no longer generate net sales in 2016. In 2015, net sales of a total of
about EUR 1.4 million were still recognised from this deal.
Digia's demerger and the resulting establishment of Qt as an independent public
listed company involve considerable expenses that weigh down on the Group’s
profitability. Due to these expenses and growth investments, the company
estimates that its reported operating profit will remain in the red in 2016.
Helsinki, 11 August 2016
Qt Group Plc
Board of Directors
BRIEFING
Qt Group will hold a briefing on this half year financial report for analysts on
Thursday, 11 August 2016 at 11:00 am, in the Eino Leino cabinet of Hotel Kämp,
Pohjoisesplanadi 29, 00100 Helsinki, Finland. Welcome.
FURTHER INFORMATION
Juha Varelius, CEO, tel. +358 400 855 849
The half year financial report and CEO’s presentation will be available in the
Investors section at www.qt.io from 11:00 am on 11 August 2016.
DISTRIBUTION
NASDAQ Helsinki
Key media
CONDENSED FINANCIAL STATEMENTS AND NOTES 1 JANUARY–30 JUNE 2016
CONSOLIDATED INCOME STATEMENT, EUR 1,000
+----------------+------+------+-------+------+------+-------+------+
|EUR 1,000 | carve| carve|Change,| carve| carve|Change,| carve|
| | out| out| % | out| out| % | out|
| |4–6/20|4–6/20| |1–6/20|1–6/20| |1-12/2|
| | 16 | 15 | | 16 | 15 | | 015 |
+----------------+------+------+-------+------+------+-------+------+
|NET SALES | 8 935| 6 620| 35,0 %| 16| 12| 24,9 %| 26|
| | | | | 084| 873| | 934|
+----------------+------+------+-------+------+------+-------+------+
|Other operating | 10| 364|-97,3 %| 52| 723|-92,8 %| 1 821|
|income | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Materials and | -508| -242|109,7 %| -679| -494| 37,4 %| -1|
|services | | | | | | | 003|
+----------------+------+------+-------+------+------+-------+------+
|Personnel | -6| -4| 44,8 %| -11| -8| 29,4 %| -17|
|expenses | 367| 396| | 438| 839| | 348|
+----------------+------+------+-------+------+------+-------+------+
|Depreciation, | -229| -185| 24,1 %| -367| -372| -1,5 %| -954|
|amortisation and| | | | | | | |
|impairment | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Other operating | -2| -1| 74,2 %| -4| -2| 49,0 %| -7|
|expenses | 624| 507| | 183| 807| | 662|
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Operating | -783| 655| | -530| 1 084| | 1 788|
|profit | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Financial | -219| -16| 1282,7| -287| -4| 7541,2| -195|
|expenses (net) | | | %| | | %| |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Profit before | -1| 639| | -817| 1 080| | 1 593|
|taxes | 003| | | | | | |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Income taxes | 86| -20| | -19| -38|-49,5 %| -610|
+----------------+------+------+-------+------+------+-------+------+
|NET PROFIT | -917| 619| | -837| 1 042| | 983|
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Other | | | | | | | |
|comprehensive | | | | | | | |
|income: | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Items which may | | | | | | | |
|be reclassified | | | | | | | |
|subsequently to | | | | | | | |
|profit or loss: | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Exchange | 124| 20| | 84| 59| | 118|
|differences on | | | | | | | |
|translation of | | | | | | | |
|foreign | | | | | | | |
|operations | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|TOTAL | -793| 639| | -753| 1 101| | 1 101|
|COMPREHENSIVE | | | | | | | |
|INCOME | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Distribution of | | | | | | | |
|net profit: | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Parent company | -917| 619| | -837| 1 042| | 983|
|shareholders | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Distribution of | | | | | | | |
|comprehensive | | | | | | | |
|income: | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Parent company | -793| 639| | -753| 1 101| | 1 101|
|shareholders | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
| | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
|Earnings per | -0,04| | | -0,04| | | |
|share, EUR | | | | | | | |
+----------------+------+------+-------+------+------+-------+------+
CONSOLIDATED BALANCE SHEET, EUR 1,000
+-----------------------------+----------+-----------+----------+
|Assets |30.6.2016 | carve out|Change, % |
| | |31.12.2015 | |
+-----------------------------+----------+-----------+----------+
| | | | |
+-----------------------------+----------+-----------+----------+
|Non-current assets | | | |
+-----------------------------+----------+-----------+----------+
|Goodwill | 6 562| 6 562| 0,0 %|
+-----------------------------+----------+-----------+----------+
|Other intangible assets | 5 648| 5 843| -3,3 %|
+-----------------------------+----------+-----------+----------+
|Tangible assets | 635| 416| 52,8 %|
+-----------------------------+----------+-----------+----------+
|Long-term receivables | 97| 42| 129,8 %|
+-----------------------------+----------+-----------+----------+
| | | | |
+-----------------------------+----------+-----------+----------+
|Total non-current assets | 12 943| 12 863| 0,6 %|
+-----------------------------+----------+-----------+----------+
| | | | |
+-----------------------------+----------+-----------+----------+
|Current assets | | | |
+-----------------------------+----------+-----------+----------+
|Trade and other receivables | 11 018| 7 429| 48,3 %|
+-----------------------------+----------+-----------+----------+
|Cash and cash equivalents | 5 693| 3 577| 59,1 %|
+-----------------------------+----------+-----------+----------+
| | | | |
+-----------------------------+----------+-----------+----------+
|Total current assets | 16 710| 11 006| 51,8 %|
+-----------------------------+----------+-----------+----------+
| | | | |
+-----------------------------+----------+-----------+----------+
|Total assets | 29 653| 23 869| 24,2 %|
+-----------------------------+----------+-----------+----------+
+-------------------------+----------+-----------+----------+
|Shareholders’ equity and |30.6.2016 | carve out|Change, % |
|liabilities | |31.12.2015 | |
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Share capital | 500| 0 | |
+-------------------------+----------+-----------+----------+
|Unrestricted | 8 720| 0 | |
|shareholders’ equity | | | |
|reserve | | | |
+-------------------------+----------+-----------+----------+
|Translation difference | 689| 605 | 13,9 %|
+-------------------------+----------+-----------+----------+
|Retained earnings | -52| 8,314 | |
+-------------------------+----------+-----------+----------+
|Net profit | -837| 0 | |
+-------------------------+----------+-----------+----------+
|Equity attributable to | 9 021| 8,919 | 1,1 %|
|parent company | | | |
|shareholders | | | |
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Total shareholders’ | 9 021| 8,919 | 1,1 %|
|equity | | | |
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Liabilities | | | |
+-------------------------+----------+-----------+----------+
|Long-term interest | 6 108| 812| 652,2 %|
|-bearing liabilities | | | |
+-------------------------+----------+-----------+----------+
|Deferred tax liabilities | 195| 195| -0,2 %|
+-------------------------+----------+-----------+----------+
|Other long-term | 390| 875| -55,4 %|
|liabilities | | | |
+-------------------------+----------+-----------+----------+
|Total long-term | 6 693| 1 882| 255,6 %|
|liabilities | | | |
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Short-term interest | 194| 553| -65,0 %|
|-bearing liabilities | | | |
+-------------------------+----------+-----------+----------+
|Other short-term | 13 745| 12 515| 9,8 %|
|liabilities | | | |
+-------------------------+----------+-----------+----------+
|Total short-term | 13 938| 13 068| 6,7 %|
|liabilities | | | |
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Total liabilities | 20 632| 14 950| 38,0 %|
+-------------------------+----------+-----------+----------+
| | | | |
+-------------------------+----------+-----------+----------+
|Shareholders’ equity and | 29 653| 23 869| 24,2 %|
|liabilities | | | |
+-------------------------+----------+-----------+----------+
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
+------------------------+-------------------+--------------------+
| | carve out| carve out|
| |1.1.2016-30.6.2016 |1.1.2015-31.12.2015 |
+------------------------+-------------------+--------------------+
|Cash flow from | | |
|operations: | | |
+------------------------+-------------------+--------------------+
|Net profit | -817| 981 |
+------------------------+-------------------+--------------------+
|Adjustments to net | 654| 1,936 |
|profit | | |
+------------------------+-------------------+--------------------+
|Change in working | -1 580| -946 |
|capital | | |
+------------------------+-------------------+--------------------+
|Interest paid | -287| -196 |
+------------------------+-------------------+--------------------+
|Interest income | 0| 0 |
+------------------------+-------------------+--------------------+
|Taxes paid | -19| -610 |
+------------------------+-------------------+--------------------+
|Cash flow from | -2 050| 1,165 |
|operations | | |
+------------------------+-------------------+--------------------+
| | | |
+------------------------+-------------------+--------------------+
|Cash flow from | | |
|investments: | | |
+------------------------+-------------------+--------------------+
|Purchases of tangible | -283| -233 |
|and intangible assets | | |
+------------------------+-------------------+--------------------+
|Cash flow from | -283| -233 |
|investments | | |
+------------------------+-------------------+--------------------+
| | | |
+------------------------+-------------------+--------------------+
|Cash flow from | | |
|financing: | | |
+------------------------+-------------------+--------------------+
|Proceeds from share | 0 | 0 |
|issue | | |
+------------------------+-------------------+--------------------+
|Acquisition of own | 0 | 0 |
|shares | | |
+------------------------+-------------------+--------------------+
|Demerger-related | | |
|transactions | | |
+------------------------+-------------------+--------------------+
|Repayments of current | -359| -303 |
|loans | | |
+------------------------+-------------------+--------------------+
|Repayments of non | -1 188| 0 |
|-current loans | | |
+------------------------+-------------------+--------------------+
|Withdrawals of current | 0| 0 |
|loans | | |
+------------------------+-------------------+--------------------+
|Withdrawals of non | 6 000| 0 |
|-current loans | | |
+------------------------+-------------------+--------------------+
|Dividends paid and other| 0 | 0 |
|profit distribution | | |
+------------------------+-------------------+--------------------+
|Cash flow from financing| 4 453| -303 |
| | | |
+------------------------+-------------------+--------------------+
| | | |
+------------------------+-------------------+--------------------+
|Change in cash and cash | 2 120| 629 |
|equivalents | | |
+------------------------+-------------------+--------------------+
| | | |
+------------------------+-------------------+--------------------+
|Cash and cash | 3 577| 2,857 |
|equivalents at beginning| | |
|of period | | |
+------------------------+-------------------+--------------------+
|Net foreign exchange | -4| 91 |
|difference | | |
+------------------------+-------------------+--------------------+
|Change in cash and cash | 2 120| 629 |
|equivalents | | |
+------------------------+-------------------+--------------------+
|Cash and cash | 5 693| 3,577 |
|equivalents at end of | | |
|period | | |
+------------------------+-------------------+--------------------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, EUR 1,000
+--------------+--------+--------+-------------+-----------+---------+----------
---+
| |Invested| Share| Unrestricted|Translation| Retained|
Total|
| |
equity |capital |shareholders’|difference |earnings |shareholders’|
| | | | equity| | |
equity |
| | | | reserve | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|SHAREHOLDERS’ | 8 314| 0| 0| 605| 0| 8
919|
|EQUITY | | | | | |
|
|1.1.2016* | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Comprehensive | | | | | |
|
|income | | | | | |
|
|for the period| | | | | |
|
|1–4/16* | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Net profit* | 526| | | | 0|
526|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Other | | | | 97| |
97|
|comprehensive | | | | | |
|
|income* | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Demerger | 855| | | | |
855|
|-related | | | | | |
|
|transactions* | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Demerger | -9 695| 500| 8 720| | 474|
0|
|30.4.2016* | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|SHAREHOLDERS’ | 0| 500| 8 720| 702| 474| 10
396|
|EQUITY | | | | | |
|
|30.4.2016 | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Comprehensive | | | | | |
|
|income | | | | | |
|
|for the period| | | | | |
|
|5–6/16 | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Net profit | | | | | -1 362| -1
362|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|Other | | | | -13| |
-13|
|comprehensive | | | | | |
|
|income | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
|SHAREHOLDERS’ | | 500| 8 720| 689| -888| 9
021|
|EQUITY | | | | | |
|
|30.6.2016 | | | | | |
|
+--------------+--------+--------+-------------+-----------+---------+----------
---+
*carve out
ACCOUNTING PRINCIPLES
This half-year financial report was prepared in compliance with IAS 34 Interim
Financial Reporting. The information presented in this half year financial
report has not been audited.
The preparation of IFRS financial statements requires the application of
judgement by the management to make estimates and assumptions that affect the
reported amounts of assets and liabilities on the balance sheet date and the
reported amounts of income and expenses for the financial year. The management
also has to make judgements when applying the accounting policies of the Group.
As the estimates and related assumptions are based on the management’s view at
the end of the review period, they include risks and uncertainties. Actual
results may differ from the estimates and assumptions used. The figures shown in
the income statement and balance sheet are consolidated figures. As the figures
in this report are independently rounded, the sums of individual figures may
deviate from the sum figures shown.
Background information
Qt Group Plc was established by the partial demerger of Digia Plc on 1 May 2016,
which saw Digia’s Qt business transferred to a new parent company. As such, Qt
did not constitute a separate legal group prior to 1 May 2016. The balance sheet
and related key figures for 30 June 2016 are based on actual figures, while the
income statement, cash flow statement and comparison figures are based on carve
-out financial information.
The carve-out financial information presented herein reflect the income,
expenses, assets, liabilities and cash flows of the companies that previously
constituted the Digia Group’s Qt business. Following the demerger, they now
constitute a separate legal group referred to as “the Qt Group” or “the Group”
in the carve-out financial information presented in this half year financial
report.
There have been no changes to the carve-out calculation principles, which were
described in detail in the demerger prospectus.
ALTERNATIVE PERFORMANCE MEASURES
Qt has applied the new guidance from ESMA (European Securities and Markets
Authority) on Alternative Performance Measures, which entered into force on 3
July 2016, and presents the following alternative performance measure in
addition to its consolidated IFRS financial statements. The purpose of this
alternative performance measure is to illustrate the company’s operational
profit performance.
Comparable operating profit is defined as operating profit + items affecting
comparability.
Result mEASURES and items affecting comparability
+------------------------+------+---------+---------+---------------------+
|EUR 1,000 |carve |carve |carve |carve out 1–6/2015 |
| |out |out |out | |
| |4–6/20|4–6/2015 |1–6/2016 | |
| |16 | | | |
+------------------------+------+---------+---------+---------------------+
|Comparable operating |721 |655 |1181 |1120 |
|result | | | | |
+------------------------+------+---------+---------+---------------------+
| | | | | |
+------------------------+------+---------+---------+---------------------+
|Items affecting |0 |0 |0 |0 |
|comparability: | | | | |
+------------------------+------+---------+---------+---------------------+
| Personnel-related|1139 |0 |1139 |36 |
|expenses | | | | |
+------------------------+------+---------+---------+---------------------+
| Other expenses |365 |0 |573 |0 |
|related to the Digia | | | | |
|demerger | | | | |
+------------------------+------+---------+---------+---------------------+
|Items affecting |1504 |0 |1712 |36 |
|comparability, total | | | | |
+------------------------+------+---------+---------+---------------------+
| | | | | |
+------------------------+------+---------+---------+---------------------+
|Operating result |-783 |655 |-530 |1084 |
+------------------------+------+---------+---------+---------------------+
SEGMENT REPORTING
Qt reports one business segment. The reported segment covers the entire Group
and its figures are congruent with the consolidated figures.
THE GROUP’S PLEDGES, MORTGAGES AND CONTINGENT LIABILITIES
EUR thousand 30.6.2016 31.12.2015
Pledges given on own behalf
Corporate mortgage 7,800 2,600
Guarantees 440 369
Total 8,240 2,969
Pledges given on behalf of subsidiaries
and other Group companies
Guarantees 48 48
Other own commitments
Leasing commitments
Lease liabilities maturing within one year 203 143
Lease liabilities maturing within five years 121 108
Lease liabilities maturing later 0 0
Total 324 251
Rental liabilities
Rental liabilities maturing within one year 656 900
Rental liabilities maturing within five years 1,931 1,266
Rental liabilities maturing later 63 158
Total 2,650 2,325
Own commitments total 2,974 2,576
Pledges, mortgages and contingent liabilities total 11,261 5,592
CONSOLIDATED KEY FIGURES, EUR 1,000
+-----------------------------+---------+-------------------+-------------------
-+
| |carve out|carve out 1–6/2016 |carve out
1–12/2015 |
| |4–6/2016 | |
|
+-----------------------------+---------+-------------------+-------------------
-+
|Net sales | 8 935| 16 084| 26
934|
+-----------------------------+---------+-------------------+-------------------
-+
|Comparable operating result | 721| 1 181| 1
924|
+-----------------------------+---------+-------------------+-------------------
-+
|- % of net sales | 8,1 %| 7,3 %| 7,1
%|
+-----------------------------+---------+-------------------+-------------------
-+
|Operating profit | -783| -530| 1
788|
+-----------------------------+---------+-------------------+-------------------
-+
|- % of net sales | -8,8 %| -3,3 %| 6,6
%|
+-----------------------------+---------+-------------------+-------------------
-+
|Net profit | -917| -837|
983|
+-----------------------------+---------+-------------------+-------------------
-+
|- % of net sales | -10,3 %| -5,2 %| 3,6
%|
+-----------------------------+---------+-------------------+-------------------
-+
| | | |
|
+-----------------------------+---------+-------------------+-------------------
-+
|Return on equity % | -10,2 %| -9,3 %| 11,0
%|
+-----------------------------+---------+-------------------+-------------------
-+
|Return on investment % | -5,1 %| -3,5 %| 25,0
%|
+-----------------------------+---------+-------------------+-------------------
-+
|Interest-bearing liabilities | 6 302| 6 302| 1
364|
+-----------------------------+---------+-------------------+-------------------
-+
|Cash and cash equivalents | 5 693| 5 693| 3
577|
+-----------------------------+---------+-------------------+-------------------
-+
|Net gearing % | 6,8 %| 6,8 %| -24,8
%|
+-----------------------------+---------+-------------------+-------------------
-+
|Equity ratio % | 41,5 %| 41,5 %| 54,7
%|
+-----------------------------+---------+-------------------+-------------------
-+
| | | |
|
+-----------------------------+---------+-------------------+-------------------
-+
|Earnings per share, EUR | -0,04| -0,04|
0,05|
+-----------------------------+---------+-------------------+-------------------
-+
CALCULATION FORMULAS FOR KEY FIGURES
Return on
equity:
Calculation Profit/loss x 100
formula: before taxes
– taxes
Shareholders’
equity +
minority
interest
(average)
Return on
investment:
Calculation (Profit/loss x100
formula: before taxes
+ interest
and other
financing
costs)
Balance sheet
total – non
-interest
bearing
liabilities
(average)
Gearing:
Calculation Interest x100
formula: -bearing
liabilities –
cash, bank
receivables
and financial
securities
Shareholders’
equity
Equity
ratio:
Calculation Shareholders’ x100
formula: equity +
minority
share
Balance sheet
total –
advance
payments
received
SHARE AND SHAREHOLDERS
On 30 June 2016, the number of Qt Plc shares totalled 20,818,273.
According to Euroclear Finland Ltd, the company had 4,262 shareholders on 30
June 2016.
The ten largest shareholders were:
+-------------------------------------------+-------------------------------+
|Shareholder |Percentage of shares and votes |
+-------------------------------------------+-------------------------------+
|INGMAN DEVELOPMENT OY AB | 21.4% |
+-------------------------------------------+-------------------------------+
|ILMARINEN MUTUAL PENSION INSURANCE COMPANY | 14.6% |
+-------------------------------------------+-------------------------------+
|HALLIKAINEN JYRKI SAKARI | 7.4% |
+-------------------------------------------+-------------------------------+
|KARVINEN KARI JUHANI | 4.8% |
+-------------------------------------------+-------------------------------+
|VARMA MUTUAL PENSION INSURANCE COMPANY | 4.7% |
+-------------------------------------------+-------------------------------+
|SAVOLAINEN MATTI ILMARI | 4.3% |
+-------------------------------------------+-------------------------------+
|AKTIA CAPITAL INVESTMENT FUND | 3.3% |
+-------------------------------------------+-------------------------------+
|AKTIA NORDIC SMALL CAP INVESTMENT FUND | 1.6% |
+-------------------------------------------+-------------------------------+
|SÄÄSTÖPANKKI SMALL CAP INVESTMENT FUND | 1.4% |
+-------------------------------------------+-------------------------------+
|VARELIUS JUHA PEKKA | 1.1% |
+-------------------------------------------+-------------------------------+
Distribution of holdings by number of shares held on 30 June 2016
+----------------------+-------------+-------------------------------+
|Number of shares |Shareholders |Percentage of shares and votes |
+----------------------+-------------+-------------------------------+
|1 – 100 | 27.7% | 0.4% |
+----------------------+-------------+-------------------------------+
|101 – 1,000 | 55.1% | 4.9% |
+----------------------+-------------+-------------------------------+
|1,001 – 10,000 | 15.1% | 8.6% |
+----------------------+-------------+-------------------------------+
|10,001 – 100,000 | 1.5% | 10.0% |
+----------------------+-------------+-------------------------------+
|100,001 – 1,000,000 | 0.5% | 32.8% |
+----------------------+-------------+-------------------------------+
|1,000,001 – 9,999,999 | 0.1% | 43.4% |
+----------------------+-------------+-------------------------------+
Shareholding by sector on 30 June 2016
+-----------------------------------------------+-------------+-------+
| |Shareholders |Shares |
+-----------------------------------------------+-------------+-------+
|Non-financial corporations |4.1% |27.8% |
+-----------------------------------------------+-------------+-------+
|Financial and insurance corporations |0.4% |10.3% |
+-----------------------------------------------+-------------+-------+
|General government |0.0% |19.3% |
+-----------------------------------------------+-------------+-------+
|Not-for-profit institutions serving households |0.2% |0.4% |
+-----------------------------------------------+-------------+-------+
|Households |94.6% |40.5% |
+-----------------------------------------------+-------------+-------+
|Foreign holding |0.7% |1.8% |
+-----------------------------------------------+-------------+-------+
The number of outstanding shares at the end of the reporting period was
20,818,273.
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