2007-10-25 08:30:05 CEST
2007-10-25 08:30:05 CEST
REGULATED INFORMATION
QPR Software - Quarterly report
QPR SOFTWARE PLC´S NET SALES WERE MEUR 1.2 IN THE THIRD QUARTER, OPERATING PROFIT WAS MEUR -0.3
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 25 October 2007 at 9.30 AM
INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2007
QPR SOFTWARE PLC´S NET SALES WERE MEUR 1.2 IN THE THIRD QUARTER,
OPERATING PROFIT WAS MEUR -0.3
JANUARY-SEPTEMBER NET SALES WERE MEUR 5.1, OPERATING PROFIT -0.8%
OF NET SALES
QPR Software Group's net sales were MEUR 1.205 (1.362) in the
third quarter of 2007, and thus lower than in the previous year´s
corresponding quarter. Net sales from international operations
were MEUR 0.823 (0.906), representing 68.3% (66.5%) of the net
sales. Operating profit was MEUR -0.293 (0.013).
In January-September, the Group´s net sales reached MEUR 5.064
(5.114). Operating profit was MEUR -0.041 (0.474), corresponding
to -0.8% (9.3%) of the net sales. Earnings per share were 0.00
(0.03). Net sales from QPR Software´s international operations
grew 7.8% and were MEUR 3.586 (3.325). The Group delivered
software licenses and services to 54 countries. The international
operations represented 70.8% (65.0%) of the net sales.
KEY FIGURES
(EUR 1000) 7-9/ 7-9/ 1-9/ 1-9/ Change 1-12/
2007 2006 2007 2006 -% 2006
Net Sales 1 205 1 362 5 064 5 114 -1.0 6 901
Operating profit -293 13 -41 474 -108.6 517
% of net sales -24.3 1.0 -0.8 9.3 7.5
Profit before tax -289 26 -14 519 -102.6 577
Profit for the period -221 18 -18 388 -104.6 702
% of net sales -18.3 1.3 -0.4 7.6 10.2
Earnings per share, EUR 0.00 0.03 -104.6 0.06
EPS (diluted), EUR 0.00 0.03 -104.6 0.06
Equity per share, EUR 0.17 0.19 -9.6 0.21
Cash flow from operating activities 850 823 976
Cash and cash equivalents 1 757 1 853 1 884
Net liabilities -1 388 -1 376 -1 408
Gearing, % -67.1 -60.9 -54.4
Equity ratio, % 58.9 59.4 59.0
Return on equity, % -1.0 23.8 30.0
Return of investment, % -0.5 24.3 19.2
OUTLOOK FOR YEAR 2007
The management of QPR Software estimates, based on its business
reviews for the rest of the year, that the net sales in 2007 will
be on the same level as in the previous year (2006: net sales
MEUR 6.901). Operating profit is estimated to grow in the fourth
quarter of 2007 compared to the corresponding period previous year.
The operating profit for the financial year 2007 is estimated to be
positive, but will be smaller than in the previous year (2006:
operating profit MEUR 0.517).
The nature of the software license business of the QPR Group is
seasonal. Seasonality of large software deals can affect
significantly net sales and profit of one individual quarter.
REPORTING
This interim report complies with accounting- and valuation
principles of IFRS. The accounting- and valuation principles are
the same as they were in 2006 financial statements. This interim
report is not audited.
BUSINESS HIGHLIGHTS IN THE THIRD QUARTER
QPR Software Group's net sales in the third quarter of the year
2007 were MEUR 1.205 (1.362) and thus lower than in the corresponding
period previous year. The decrease in net sales was mainly due to
declined sales in Finland and South Africa compared to the third
quarter in the previous year. Sales outlook in these markets, for
October-December, shows clear improvement compared to reported third
quarter sales.
In September QPR launched a new Business Process Management Suite
and QPR WorkFlow -product. The sales of the new product have
started both in Finland and in international channel, and it is
estimated to have an increasing impact to QPR net sales from the
beginning of next year.
Net sales from international operations in the third quarter were
MEUR 0.823 (0.906), and corresponded to 68.3% (66.5%) of the
Group´s total net sales.
Software license sales and maintenance service sales grew to 89.5%
(87.1%) of the total net sales of the Group.
The geographical break-down of the net sales was as follows, (EUR 000):
7-9/ Share-% 7-9/ Share-% Change-%
2007 2006
Domestic 382 31.7 456 33.5 -16.3
International 823 68.3 906 66.5 -9.1
Total 1 205 100.0 1 362 100.0 -11.5
The break-down of net sales during the review period was as follows,
(EUR 000):
7-9/ Share-% 7-9/ Share-% Change-%
2007 2006
Software licenses 352 29.2 548 40.2 -35.9
Maintenance services 726 60.3 638 46.8 13.9
Professional services 127 10.6 176 12.9 -27.6
Total 1 205 100.0 1 362 100.0 -11.5
Operating profit of the third quarter was MEUR -0.293 (0.013)
representing -24.3% (1.0%) of the net sales. Operating profit was
negatively affected by the recorded bad debt provisions in third
quarter of MEUR 0.060 (0.025). Operating profit was also
influenced by the launching costs of QPR Business Process
Management Suite and QPR WorkFlow -product in September.
The profit for the period was negative MEUR 0.221 (0.018),
representing -18.3 % (1.3%) of net sales.
NET SALES AND FINANCIAL PERFORMANCE 1-9/2007
In January-September QPR Software Group´s net sales reached MEUR
5.064 (5.114). Net sales from international operations increased
7.8% and the Group delivered software licenses and services to 54
countries. The share of international business of the total net
sales increased to 70.8% (65.0%).
Geographically, the biggest export markets during the period
January through September were South Africa, Japan, Sweden and the
United Kingdom.
The geographical break-down of the net sales was as follows, (EUR 000):
1-9/ Share-% 1-9/ Share-% Change-% 1-12/ Share-%
2007 2006 2006
Domestic 1 478 29.2 1 789 35.0 -17.4 2 288 43.6
International 3 586 70.8 3 325 65.0 7.8 4 613 56.4
Total 5 064 100.0 5 114 100.0 -1.0 6 901 100.0
The break-down of net sales during the review period was as follows,
(EUR 000):
1-9/ Share-% 1-9/ Share-% Change-% 1-12/
2007 2006 2006
Software licenses 2 432 48.0 2 518 49.2 -3.4 3 256
Maintenance services 2 056 40.6 1 841 36.0 11.7 2 509
Professional services 576 11.4 755 14.8 -23.8 1 136
Total 5 064 100.0 5 114 100.0 -1.0 6 901
Operating profit in the review period was MEUR -0.041 (0.474), and
its share from net sales was -0.8% (9.3%). Profit for the period
in January-September was negative of MEUR 0.018 (0.388),
representing -0.4% (7.6%) of the net sales.
The retained losses, for which no entry has been made in the
parent company's books as deferred tax assets, neither in the
closure of the review period nor earlier, are approximately MEUR
2.0, corresponding to approximately MEUR 0.5 deferred tax assets.
In the Group´s balance sheet as of September 30, 2007, the
remaining amount of deferred tax is 368 thousand euros.
Diluted earnings per share were EUR 0.00 (0.03).
FINANCE AND INVESTMENTS
The value of the total assets was MEUR 4.799 (5.312) at the end of
September. The Group's investments in non-current assets during
the review period totaled to MEUR 0.386 (0.234).
Cash flow from operating activities was positive during the review
period and reached MEUR 0.850 (0.823). The value of accounts receivable
and other receivables decreased by MEUR 0.834 during the
review period, which affected positively Group´s cash flow and cash. Cash
and cash equivalents at the end of the review period were MEUR 1.757
(1.853).
The Group's interest-bearing liabilities decreased by MEUR 0.108
and were MEUR 0.368 (0.476). Gearing was -67.1% (-60.9%). Return
on investment was 0.5% (24.4%).
The total amount of dividend paid was MEUR 0.489 (0.243) in the
review period.
Short-term liabilities contain deferred revenue in total of MEUR
1.286 (1.513). At the end of review period, quick ratio was 3.1 (4.2).
At the end of the review period, the Group's equity stood at MEUR
2.069 (2.258) and the Group's equity ratio was 58.9% (59.4%).
Return on equity was -1.0% (23.7%).
PERSONNEL
At the end of the review period, the Group employed a total of 63
people (57).
For incentive and commitment purposes, the Group has personnel
bonus scheme covering the whole personnel and personnel stock
option plan.
TRANSACTION OF INSIDERS
QPR Software Plc´s Board members and managing director and their
related parties held on September 30, 2007 in total of 1.886.115
QPR Software Plc´s shares, which represented 15.3% of Group´s
shares and votes. Corresponding ownership was 18.3% on December
31, 2006. These figures include their own holdings and the
holdings of their spouses, persons under guardianship and
controlled corporations.
The Board members and managing director (and their related
parties) did not hold any issued options as at September 30, 2007.
The Group management, which includes Board members, managing
director and executive management team, received salaries,
compensation fees and fringe benefits EUR 522 (537) thousand in total.
PRODUCT DEVELOPMENT
The amount of R&D expenses in the review period totaled to MEUR
0.974 (0.938), representing 19.2% (18.3%) of net sales.
During the review period, R&D expenses have been capitalized for a
total amount of 187 (93) thousand euros. The depreciation period
of capitalized R&D expenses is 4 years.
Product development employed 14 (12) people at the end of the
review period, corresponding to 22% of the total personnel. The
core know-how of product development remains centralized within
the own organization. QPR continued long-term co-operation with
its established subcontractors.
During the review period, Research & Development activities
focused on finalizing new product and product version releases. As
a result, in September 2007, QPR released a new software product,
QPR WorkFlow, which is based on OEM technology, for automating
human centric business processes. At the same time, QPR released
new versions of all other products in the QPR 7 software suite.
This broadened the scope of the QPR software offering,
particularly in the area of Business Process Management (BPM) by
introducing full support for the BPMN and BPEL standards and
workflow modeling. The QPR product family also became fully
compatible with Microsoft Windows Vista™. As a proof of this
compatibility, QPR ProcessGuide has been Certified for Microsoft
Windows Vista™. During the review period QPR achieved the
Microsoft Gold Certified Partner status.
QPR 7 suite is an interactive, easy-to-use, ready-to-run software
solution that combines strategic performance management (QPR
ScoreCard), process modeling and analysis (QPR ProcessGuide),
business process automation (QPR WorkFlow) and business analytics
(QPR FactView) into one complete Business Process Management
solution. With the help of QPR software solutions, organizations
streamline their business processes and bring clarity to
organizations' objectives, enhance their people's commitment
hereto and improve the organizations' ability to adapt to change.
The software products developed by QPR are fast to implement and
adapt to customers' evolving requirements and their chosen
management methodology. QPR software applications are scalable
from a single-user to an organization-wide management system, and
integrate seamlessly to the customers' existing information
systems.
QPR 7 product family has been localized into 22 languages.
DECISIONS MADE BY THE ANNUAL SHAREHOLDERS' MEETING, AND GOVERNANCE
The Annual Shareholders' Meeting held on 14 March 2007 made the
following decisions:
The Annual Shareholders' Meeting confirmed the company's financial
statements and the group's financial statements for the financial
period 1 January - 31 December 2006 and released the Board of
Directors and the Managing Director from liability.
The Annual Shareholders' Meeting approved the Board's proposal
that a per-share dividend of EUR 0.04, a total of EUR 489,430.56,
be paid for the financial year 2006. The record date for the
payment of dividend was 19 March 2007 and the dividend payment
date was 26 March 2007.
The Annual Shareholders' Meeting resolved that the Board of
Directors consist of five (5) ordinary members. The Annual
Shareholders' Meeting elected the following members to the Board
of Directors: Vesa-Pekka Leskinen, Asko Piekkola, Topi Piela,
Jarmo Niemi and Niklas Sonkin. In its first meeting immediately
following the Annual Shareholders' Meeting, the Board of Directors
elected Vesa-Pekka Leskinen as Chairman of the Board.
KPMG Oy Ab, Authorized Public Accountants, continues as QPR
Software Plc's auditor, and Authorized Public Accountant Sixten
Nyman as the principle auditor.
The Annual Shareholders' Meeting decided that the emoluments to
the Chairman of the Board and the other Members of the Board shall
be the same as in previous year.
The Annual Shareholders' Meeting decided to renew the articles of
association. The primary content of the amendment was as follows:
- The provisions on minimum and maximum share capital were
deleted (3§);
- The provisions on minimum and maximum amount of shares were
deleted (4 §);
- The provisions on the record date were deleted (6§);
- The provisions on representation of the company were amended
to correspond to the terminology of the new Companies Act 8§);
- The Articles of Association were amended so that the company
has one (1) auditor, which is required to be an auditing company
approved by the Central Chamber of Commerce (9§);
- The agenda of the Annual Shareholders Meeting was amended to
Correspond to the contents of the new Companies Act and the
Article 13 of the current Articles Of Association - according
to which the Annual Shareholders' Meeting shall be held in
Helsinki, Espoo or Vantaa as decided by the Board of Directors -
was included to the same section (11§); and
- The numbering of the Articles of Association was amended accordingly.
The company's articles of association is available in its entirety
on the investors section of the company's internet pages, and on
the stock exchange release, published by the company on 14 March 2007.
The Annual Shareholders' Meeting decided to authorize the Board of
Directors to decide on an issue of new shares and conveyance of
the own shares held by the company (share issue) either in one or
in several occasions. In the share issue and/or based on the
special rights a maximum of 4,000,000 new shares can be issued and
a maximum of 250,000 own shares held by the company can be
conveyed. The authorization shall be in force until the next
Annual Shareholders' Meeting. The conditions of the authorization
of the Board are available in their entirety on the investors
section of the company's internet pages, and on the stock exchange
release, published by the company on 14 March 2007.
The Annual Shareholders' Meeting decided to authorize the Board of
Directors to decide on an acquisition of own shares. Based on the
authorization own shares may be acquired, either in one or in
several occasions, the aggregate maximum amount of 250,000 shares.
The authorization shall be in force until the next Annual
Shareholders' Meeting. The conditions of the authorization of the
Board are available in their entirety on the investors section of
the company's internet pages, and on the stock exchange release,
published by the company on 14 March 2007.
COMPANY SHARES AND TRADING IN COMPANY SHARES 1-9/2007
The Company's share capital at the end of the review period was
EUR 1,359,089.93 divided into 12,355,363 shares, the book-counter
value being EUR 0.11.
The share capital was increased once during the review period when
119,599 new shares were subscribed based on the stock option
programs 2003/II, 2003/III and 2005/I. The corresponding increase
of EUR 13,155.89 in the Company's share capital was entered in the
Finnish trade register on June 11, 2007.
The Group announced 21 August 2007 of holding changes in
accordance with chapter 2, section 10 of the security market act.
The holding of Kauppamainos Oy (Company ID 0109754-5) in QPR
Software Plc had decreased under one-twentieth (1/20) from 5.73%
to 3.85% of QPR Software Plc's share capital and votes.
The Group announced 24 September 2007 of holding changes in
accordance with chapter 2, section 10 of the security market act.
The holding of Oy Autocarrera Ab (Company ID 0628902-8) in QPR
Software Plc had increased above one-twentieth (1/20) to 5.67% of
QPR Software Plc's share capital and votes.
At the end of review period, the Company had a total of 647
shareholders. During the review period, trading in company shares
amounted to MEUR 2.267, i.e. an average of EUR 11,996 per trading
day. Trading in shares totaled 2,737,421 shares, giving an average
of 14,484 shares per trading day. Turnover in shares corresponds
to 22 % of the total shares and the average price was EUR 0.83 per
share.
At the end of the review period, the total market value of the
company shares was MEUR 10.996 at the review period's closing
price of EUR 0.89.
OWN SHARES
QPR Software Plc has one share class and company has repurchased
57,031 of its shares during the period under review for an average
price of EUR 0.77 per share.
At the end of the review the company held 57,031 of its shares
with a total nominal value of EUR 6,273.41 and a total purchase
price of EUR 44,056.15. These shares represent 0.46% of the
company´s capital stock. The purchase cost has been deducted from
shareholders´ equity in the consolidated financial statements.
The Board of Directors has been granted by the Annual Shareholder´s
Meeting of 14 March 2007, a share repurchase authorization, valid
until next Annual Shareholders´ Meeting, to repurchase company shares
in total of 250,000 shares at maximum.
STOCK OPTION PROGRAMS
During the review period, the Company had three prevailing stock
option programs. Each stock option issued under these stock option
programs entitle to subscribe one new share in the Company.
Based on stock option program 2003/II, there are no more
unconverted stock options on 30 September 2007. At the end of the
review period, QPR Software Plc or any of its subsidiaries held no
more stock options of the stock option program 2003/II.
At the end of the review period, based on stock option program
2003/III, in total of 202.500 hitherto unconverted stock options
have been issued, and 121,290 stock options are held by the
Company's subsidiary. The subscription time will end December 31,
2008.
Based on stock option program 2005/I, there are no more
unconverted stock options on 30 September 2007. QPR Software
Plc´s subsidiary held still 150,401 stock options, but the
subscription period had ended.
At the end of the review period, in total of 202,500 hitherto
unconverted stock options have been issued, and in addition, in
total of 121,290 stock options were in the possession of the
Company's subsidiary, to be given to present and future employees
and management.
CORPORATE GOVERNANCE
QPR Software Plc complies with the Helsinki Exchanges' Guidelines
for Insiders entered into force on 1 January 2006 and the
Recommendation on Corporate Governance entered into force on 1
July 2004. The Company's Corporate Governance Statement is
available in the Investor sector of the Company's website.
OTHER EVENTS AFTER THE REVIEW PERIOD
The Group announced its preliminary financial information on
October 2, 2007, because it had earlier estimated its net sales
and operating profit to increase in financial year 2007 compared
to previous year. In the stock exchange release the Company
estimated based on its business reviews, that the net sales of the
Group will be on a level similar to the previous year (2006: net
sales MEUR 6.901) and its operating profit to increase in the fourth
quarter, but operating profit for financial year 2007 will be smaller
than previous year. (2006: operating profit MEUR 0.517).
RISKS AND FACTORS OF UNCERTAINTY IN THE NEAR FUTURE
In the financial statements of 2006 the risks related to the
company's activities have been reported in more detail. It is the
duty of the Board of Directors to approve QPR's risk management
and reporting procedures, and to monitor the adequacy,
appropriateness and effectiveness of the company's risk
management. Risk management relating to company's business
operations is supported by continuous development of the company´s
operating processes. Reasonable credit risk concerning individual
business partners is characteristic to any international business.
QPR seeks to limit this credit risk by continuous monitoring of
receivables and credit limits. The growth of QPR´s international
business and growing average deal size have increased credit loss
risk related to due accounts receivable. To prepare for possible
credit losses, the Group recorded MEUR 0.205 bad debt provision
during the review period.
FUTURE OUTLOOK
The management of QPR Software Group estimates, based on its
business reviews for the rest of the year, that net sales in 2007
will be on the same level as in the previous year. (2006: net sales
MEUR 6.901). Operating profit is estimated to grow in the fourth
quarter in 2007 compared with corresponding period in previous
year. The operating profit for the financial year 2007 is estimated to
be positive, but will be smaller than in the previous year (2006:
operating profit MEUR 0.517).
The nature of the software license business of the QPR Group is
seasonal. Seasonality of large software deals can affect
significantly net sales and profit of one individual quarter.
The Company aims at strengthening its product offering portfolio
by establishment of business alliances with selected software
product vendors, and by investments into its internal product
development. The Company's product development will continue to
focus on developing ready-to-run software products for business
performance management and business process management. Product
versions will be released to offer added value through expansion
to new solution areas, and by introducing further versatility of
product functionality.
In addition, the Company further intends to follow the
developments in the re-structuring of software industry, and aims
to actively participate in it.
ENCLOSURES: TABLE PART
GROUP`S INCOME STATEMENT 1.1.-30.9.2007
(EUR 1000) 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2007 2006 2007 2006 2006
Net sales 1 205 1 362 5 064 5 114 6 901
Other operating income 7 0 43 161 268
Material and services 82 126 538 519 736
Employee benefits expenses 879 799 2 983 2 706 3 846
Depreciation 56 50 146 148 206
Other operating expenses 488 374 1 481 1 428 1 864
OPERATING PROFIT -293 13 -41 474 517
Finance income and expenses 4 12 27 45 60
PROFIT BEFORE TAX -289 26 -14 519 577
Income tax expense 68 -7 -4 -131 125
PROFIT FOR THE PERIOD -221 18 -18 388 702
Sharing of profit:
To the parent company's
shareholders share -221 18 -18 388 702
Earnings per share (diluted),EUR 0.00 0.03 0.06
Earnings per share, EUR 0.00 0.03 0.06
GROUP`S BALANCE SHEET 30.9.2007
NON-CURRENT ASSETS
(EUR 1000) 30.9.2007 30.9.2006 31.12.2006
NON-CURRENT ASSETS
Tangible assets 339 277 307
Other intangible assets 420 171 213
Trade and other receivables 75 271 75
Deferred tax assets 368 67 330
NON-CURRENT ASSETS 1 202 786 925
CURRENT ASSETS
Trade and other receivables 1 840 2 674 3 104
Cash and cash equivalents 1 757 1 853 1 884
CURRENT ASSETS 3 597 4 526 4 988
TOTAL ASSETS 4 799 5 312 5 913
EQUITY AND LIABILITIES
(EUR 1000)
EQUITY
Share capital 1 359 1 341 1 346
Share issue 0 7 0
Share premium 231 189 195
Reserve fund 22 21 21
Translation difference -64 -47 -49
Retained earnings 521 748 1 072
PARENT COMPANY'S SHAREHOLDERS' 2 069 2 258 2 586
INTEREST
TOTAL EQUITY 2 069 2 258 2 586
NON-CURRENT LIABILITIES
Interest-bearing liabilities 285 476 285
NON-CURRENT LIABILITIES 285 476 285
CURRENT LIABILITIES
Trade and other payables 2 362 2 578 2 850
Interest-bearing liabilities 83 0 191
CURRENT LIABILITIES 2 445 2 578 3 041
LIABILITIES 2 731 3 054 3 327
TOTAL EQUITY AND LIABILITIES 4 799 5 312 5 913
GROUP`S CASH FLOW STATEMENT
(EUR 1000) 1.1.-30.9/ 1.1.-30.9/ 1.1.-31.12/
2007 2006 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period -18 388 702
Adjustment for the profit
Deprecation 146 148 206
Non-cash transactions 4 -232 -354
Changes in working capital:
Changes in trade and other receivables 1 227 315 55
Changes in trade payables and
other liabilities -494 162 323
Interest expense and other
financial liabilities -4 5 5
Interest income
and other financial income 31 41 55
Income taxes paid -42 -3 -16
Net cash from operating activities 850 823 976
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of tangible assets -123 -105 -173
Purchases of intangible assets -263 -129 -188
Net cash used in investing activities -386 -234 -361
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital 49 20 25
Repayments of financial leases 0 -2 0
Repayments of long term borrowings -108 -95 -95
Purchase of own shares -44 0 0
Dividends paid -489 -243 -243
Net cash used in financing activities -592 -320 -313
Net change in cash and cash equivalents -127 271 302
Cash and cash equivalents at the
beginning of period 1 884 1 582 1 582
Cash and cash equivalents at the
end of period 1 757 1 853 1 884
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-30.9.2007
Share- Trans-
(EUR 1.000) holders' Share Share lation Retained
SHAREHOLDERS´ equity issue premium Differ. earnings Total
EQUITY 1.1.2007 1 346 0 217 -49 1 072 2 586
Shares issued 13 13
Issue premium 36 36
Employees options 0 0
Dividends paid -489 -489
Translation differences -15 -15
Purchase of own shares -44 -44
Profit for the period -18 -18
CHANGE IN
SHAREHOLDERS'EQUITY 1-9 13 0 36 -15 -551 -517
EQUITY 30.9.2007 1 359 0 253 -64 521 2 069
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ 1.1.-30.9.2006
Share- Trans-
(EUR 1.000) holders´ Share Share lation Retained
SHAREHOLDERS´ equity issue premium differ. earnings Total
EQUITY 1.1.2006 1 335 0 203 -48 602 2 091
Subscription,options 7 7
Shares issued 6 6
Share premium 7 7
Dividends paid -243 -243
Translation differences 1 1
Profit for the period 388 388
CHANGE IN
SHAREHOLDERS'EQUITY 1-9 6 7 7 1 145 166
EQUITY 30.9.2006 1 341 7 210 -47 748 2 258
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY 1.1.-31.12.2006
Share- Trans-
holders´ Share Share ation Retained
(EUR 1.000) equity issue premium differ. earnings Total
SHAREHOLDERS´
EQUITY 1.1.2006 1 335 0 203 -48 602 2 091
Shares issued 11 11
Share premium 14 14
Employees options 10 10
Dividends paid -243 -243
Translation differences -1 -1
Profit for the period 702 702
CHANGE IN
SHAREHOLDERS'EQUITY 1-12 11 0 14 -1 470 494
EQUITY 31.12.2006 1 346 0 217 -49 1 072 2 586
GROUP´S COMMITMENTS AND CONTINGENT LIABILITIES
(EUR 000) 30.9.2007 31.12.2006
Commitments
Guarantees 513 636
Lease leabilities 513 636
Current lease liabilities
Lease liabilities maturing during one year 30 15
Lease liabilities maturing 2-5 years 28 18
Total 58 33
Total commitments and contingent liabilities 571 669
GROUP`S INTANGIBLE AND TANGIBLE ASSETS
Increase of intangible assets:
(EUR 000) 30.9.2007 30.9.2006 31.12.2006
Cost 1.1. 437 238 238
Increase 263 129 199
Increase of tangible assets
(EUR 000) 30.9.2007 30.9.2006 31.12.2006
Cost 1.1. 748 586 586
Increase 123 105 162
GROUP INCOME STATEMENT PER QUARTER
1-3/ 1-3/ 4-6/ 4-6/ 7-9/ 7-9/ 10-12/
(EUR 1000) 2007 2006 2007 2006 2007 2006 2006
Net sales 1 634 1 671 2 225 2 081 1 205 1 362 1 787
Other operating income 19 159 17 2 7 0 107
Material and services 73 120 383 273 82 126 217
Employee benefits expenses 1 044 948 1 059 960 879 799 1 140
Depreciation 42 48 48 49 56 50 58
Other operating expenses 476 482 518 572 488 374 436
Operating profit 19 232 233 228 -293 13 43
Financial income/expenses 15 25 8 8 4 12 15
PROFIT BEFORE TAX 34 257 241 236 -289 26 58
Income tax expense -15 -71 -58 -53 68 -7 256
PROFIT FOR THE PERIOD 19 186 183 184 -221 18 314
GROUP KEY FIGURES
Key figures illustrating the financial development of the Group
EUR (000) 1-9/2007 1-9/2006 2006
Net sales 5 064 5 114 6 901
Growth of net sales % -1.0 12.2 8.4
Operating profit -41 474 517
% of net sales -0.8 9.3 7.5
Profit or loss before tax -14 519 577
% of net sales -0.3 10.2 8.4
Net Profit -18 388 702
% of net sales -0.4 7.6 10.2
Return of equity,% -1.0 23.7 30.0
Return of investments,% -0.5 24.4 19.2
Interest bearing liabilities 369 476 476
Cash and cash equivalents 1 757 1 853 1 884
Net liabilities -1 388 -1 376 -1 408
Equity 2 069 2 258 2 586
Gearing,% -67.1 -60.9 -54.4
Equity ratio, % 58.9 59.4 59.0
Total balance sheet 4 799 5 312 5 913
Investment in non-current assets 386 234 361
% of net sales 7.6 4.1 5.2
Research and development expenses 974 938 1 245
% of net sales 19.2 18.3 18.0
Personnel average for period 61 57 59
Personnel at the beginning of period 58 56 56
Personnel at the end of period 63 57 58
Earnings per share, e 0.00 0.03 0.06
Earnings per share /diluted), e 0.00 0.03 0.06
Equity per share, e 0.17 0.19 0.21
CALCULATION OF KEY INDICATORS
Return on equity (ROE), % *:
Profit/loss before tax - taxes X 100
__________________________________________________
Shareholders´ equity + minority interest (average)
Return on investment (ROI), % *:
Profit/loss before tax + interest and other financial expenses x 100
____________________________________________________________________
Balance sheet total - non-interest bearing liabilities (average)
Equity ratio, %:
Shareholders´ equity + minority interest x 100
______________________________________________
Balance sheet total - advances received
Gearing, %:
Interest bearing liabilities - cash and cash equivalents x 100
______________________________________________________________
Shareholders´ equity + minority interest
Earnings per share, Euro:
Profit before tax - taxes -/+ minority interest
_____________________________________________________________
Adjusted number of shares over the financial period (average)
Equity per share, Euro:
Shareholders´ equity
____________________________________________________________
Adjusted number of shares at the end of the financial period
Quick ratio:
Current assets - inventories
_______________________________________
Current liabilities - advances received
*) Return of equity and return of investment are adjusted to
correspond the yearly level returns by multiplying the profit for
period.
MAJOR SHAREHOLDERS 30.9.2007
Number Shares and
of shares votes %
Ulkomarkkinat Oy 1 600 000 12.95 %
Vesa-Pekka Leskinen 851 400 6.89 %
Kauppamainos Oy 475 170 3.85 %
Total 1 326 570 10.74 %
Alesco S.A 1 300 000 10.52 %
Jouko Pelkonen 382 000 3.09 %
Pohjolan Rahoitus Oy 451 500 3.65 %
Electrosale Oy 322 000 2.61 %
Total 1 155 500 9.35 %
Autocarrera Oy Ab 700 416 5.67 %
Kari Junkkonen 512 016 4.14 %
Fortel Invest Oy 425 326 3.44 %
SR EQ Technology 376 000 3.04 %
Päivi Marttila 293 072 2.37 %
Edina Oy 33 900 0.27 %
Total 326 972 2.65 %
Asko Piekkola 316 438 2.56 %
Jaakkola Jari 243 170 1.97 %
Value FM Oy 57 000 0.46 %
Total 300 170 2.43 %
Pääkkönen Esa 246 054 1.99 %
Other shareholders 4 470 317 36.18 %
Total 12 355 363 100.00 %
Helsinki 25 October 2007
QPR SOFTWARE PLC
The Board of Directors
For more information, please contact:
QPR SOFTWARE PLC
Matti Kanninen, CEO
Tel. +358 40 545 5877
matti.kanninen@qpr.com
http://www.qpr.com
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