2012-04-26 08:45:00 CEST
2012-04-26 08:45:05 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
QPR SOFTWARE’S NET SALES ROSE 25%, OPERATING PROFIT INCREASED 27%
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 26, 2012 AT 9.45 AM
INTERIM REPORT JANUARY 1 - MARCH 31, 2012
QPR SOFTWARE'S NET SALES ROSE 25%, OPERATING PROFIT INCREASED 27%
Summary
January - March 2012:
-- Net sales EUR 2,212 thousand (January - March 2011: 1,768), growth 25%.
Growth was due to accelerated organic business growth and the consolidation
of Nobultec Ltd, acquired in 2011.
-- Operating profit EUR 199 thousand (157), growth 27%.
-- Operating margin 9.0% (8.9).
-- Cash flow from operating activities was EUR 1,580 thousand (521), growth
203%. Strong growth was due to accelerated turnover of receivables and good
development in software subscription sales.
-- Profit before taxes EUR 197 thousand, growth 40%.
-- Profit for the period EUR 149 thousand, growth 49%.
-- Earnings per share EUR 0.01 (0.01).
-- QPR filed patent applications in respect of five separate inventions in
Finland and the USA.
Outlook 2012:
QPR Software estimates the consolidated net sales 2012 to show significantly
faster growth than in the previous year (growth in year 2011: 8.7%) and
operating profit in Euro to remain on the same level as in the previous year,
or to improve slightly. The Company expects significant growth especially in
software subscription net sales (software rentals), SAP consulting, process
analysis business and enterprise architecture services.
In 2012, QPR aims to make significant investments in the development of its new
software products QPR ProcessAnalyzer and QPR EnterpriseArchitect, as well as
related services. This will, in short term, have a negative impact on
profitability. The Company believes that these outlays are well justified,
since these businesses have good growth prospects.
The Company focuses on recruiting new channel partners especially for its QPR
ProcessAnalyzer and QPR EnterpriseArchitect software products and also
increases significantly its personnel resources for service offering
development in 2012. Through service offering development the Company aims to
grow its local business in Finland, and to accelerate its international
software sales by offering complementary service concepts and solutions to its
channel partners.
KEY FIGURES
(EUR 1,000) Jan - March Jan - March Change, Jan -
2012 2011 % Dec,
2011
Net sales 2,212 1,768 25.1 7,539
Operating profit 199 157 26.8 755
% of net sales 9.0 8.9 10.0
Profit before tax 197 141 39.7 705
Profit for the period 149 100 49.0 521
% of net sales 6.7 5.7 6.9
Earnings per share, EUR 0.01 0.01 0.0 0.04
EPS (diluted), EUR 0.01 0.01 0.0 0.04
Equity per share, EUR 0.24 0.22 9.1 0.24
Cash flow from operating 1,580 521 203.3 1,261
activities
Cash and cash equivalents 2,283 1,995 14.4 1,020
Free cash flow 1,405 429 227.5 570
Net liabilities -1,831 -1,315 39.2 -454
Gearing, % -60.2 -47.8 -15.3
Equity ratio, % 53.3 48.7 44.2
Return on equity, % 19.7 14.6 18.4
Return on investment, % 22.6 18.0 21.5
REPORTING
This interim report complies with requirements of IAS 34 ”Interim Financial
Reporting”. Starting from the beginning of the reporting period, the Group has
applied certain new or revised IFRS standards and IFRIC interpretations as
described in the Consolidated Financial Statements 2011. The implementation of
these new and revised requirements have not materially impacted the reported
figures. For all other parts, the accounting and valuation principles are the
same as they were in the 2011 financial statements. This interim report is
unaudited.
QPR Software´s business operations consist of software sales and professional
services sales. The Company reports income for products and services as
follows: Software license sales, Software maintenance services, Software
rentals and Professional services.
QPR reports the following business segments, based on geographic location:
Software sales International (software license and rental sales, maintenance
and professional services sales outside of Finland) and Business Operations
Finland (software license and rental sales, maintenance and professional
services sales in Finland).
NET SALES
QPR Software´s consolidated net sales in the reporting period January - March
were EUR 2,212 thousand (1,768) and grew 25.1% compared to the equivalent
period in the previous year.
QPR Software´s net sales in Finland rose 61.1 %. Strong growth was due to
organic growth in QPR´s software and professional services sales and the
consolidation of Nobultec Ltd. Organic growth in Business Operations Finland
was 29.6 %. Net sales were strong especially in software aimed at process and
enterprise architecture development, and in related professional services. QPR
continued to strengthen its personnel resources in these businesses during the
reporting period.
The Company delivered software and professional services in the reporting
period, among others, to Certia, Finland´s Environmental Administration, The
Finnish Communication Regulatory Authority, The Finnish Defence Forces, The
Finnish Tax Administration, The Finnish National Board of Education, Metso
Paper, Lassila & Tikanoja Group, Outotec Group, Public Sector ICT Unit at The
Ministry of Finance,Rautaruukki Corporation, SOK, Tuko Logistics Cooperative
and Vaisala Corporation
International net sales were down 3.6% compared to the equivalent period last
year. International channel net sales rose from the previous year, but net
sales in the Company´s Russian subsidiary decreased.
The Company delivered software, among others, to Highland Council in the UK,
City of Istanbul in Turkey, Malaysian Administrative Modernisation and
Management Planning Unit, City of Pessac and Pouey International in France,
Pädagogische Hochschule PHBern and SVA Aargau Sozialversicherung AG in
Switzerland, Vattenfall AB in Sweden, and United Chemical Company in
Kazakhstan.
Consolidated net sales by business segments, (EUR 1,000):
Jan - March, Jan - March, Change, Jan - Dec,
2012 2011 % 2011
Software Sales 949 984 -3.6 3,836
International
Business Operations 1,263 784 61.1 3,703
Finland
--------------------------------------------------------------------------------
Total 2,212 1,768 25.1 7,539
Consolidated net sales by product group (EUR 1,000):
Jan - March, Jan - March, Change, Jan - Dec,
2012 2011 % 2011
Software license sales 452 448 0.9 1,822
Software maintenance 777 837 -7.2 3,181
services
Software rentals 269 113 138.1 606
Professional services 714 370 93.0 1,930
--------------------------------------------------------------------------------
Total 2,212 1,768 25.1 7,539
Software license sales were on the same level as in the previous year, but
software subscription net sales (software rentals) showed very strong growth.
The estimated revenue to be recognized for current subscription agreements in
the next twelve months is EUR 1.1 million (0.5 million). Recurring revenue
(including net sales from software maintenance services and software rentals)
grew 10.1%.
Strong growth of professional services was due to organic growth and the
consolidation of Nobultec Ltd, acquired in 2011.
PROFIT DEVELOPMENT
QPR Software's consolidated operating profit in the first quarter grew by
26.8%, due to strong growth in net sales, and was EUR 199 thousand (157).
Expenses increased by 23.9%, which was mainly due to the consolidation of
Nobultec Ltd and outlays in the Company´s growth areas. Personnel resources
were increased in the reporting period mainly in enterprise architecture
services, process analysis services and software product development. Marketing
expenses were also increased compared to equivalent period in the previous
year.
Depreciation and amortization grew to EUR 167 thousand (130), which was mainly
due to the consolidation of Nobultec Ltd and increase in the amortization of
capitalized product development expenses. 40% of the Group's depreciation and
amortization arise from corporate and business acquisitions made in 2008 -
2011.
Net financing expenses were EUR 2 thousand (16), of which net interest expenses
were EUR 2 thousand (6). Profit before taxes was EUR 197 thousand (141).
Income taxes were EUR 48 thousand (41) and net profit for the period was EUR
149 thousand (100). Earnings per share were EUR 0.01 (0.01).
Operating profit by segment (EUR 1,000):
Jan - March, Jan - March, Change, Jan - Dec,
2012 2011 % 2011
Software Sales 81 154 -47.4 472
International
Business Operations 223 87 156.3 646
Finland
Not allocated -105 -84 -25.0 -363
--------------------------------------------------------------------------------
Total 199 157 26.8 755
FINANCE AND INVESTMENTS
Cash flow from operating activities developed favorably in the reporting period
and was EUR 1,580 thousand (521). Strong growth was due to accelerated turnover
of receivables and good development in software subscription sales.
Cash and cash equivalents at the end of the reporting period were EUR 2,283
thousand (1,995).
The Group's investments totaled EUR 175 thousand (92) in the reporting period.
The majority of the investments were made in product development.
Equity ratio improved from last year and was 53.3% (48.7). Interest-bearing
liabilities decreased and were EUR 452 thousand (680) at the end of the
reporting period. The gearing ratio was -60.2% (-47.8). Return on investment
rose to 22.6% (18.0).
Current liabilities include deferred revenue in total of EUR 1,938 thousand
(1,299). At the end of the reporting period, quick ratio was 1.20 (2.16).
At the end of the reporting period, the consolidated shareholders' equity stood
at EUR 3,046 thousand (2,758). Return on equity was 19.7% (14.6).
PERSONNEL
At the end of the reporting period, the Group employed a total of 73 persons
(68). Average number of personnel in the reporting period was 74 (68).
PRODUCT AND SERVICE DEVELOPMENT
Product development expenses in the reporting period were EUR 403 thousand
(347), representing 18.2% of consolidated net sales (19.6).
In the reporting period, product development expenses have been capitalized for
a total amount of EUR 101 thousand (72). The amortization period for
capitalized product development expenses is four years. The amortization of
capitalized product development expenses in the reporting period was EUR 67
thousand (41).
Product development employed 24 persons at the end of the reporting period,
which corresponds to 32.9% of the total personnel (25).
In the reporting period, product development activities focused on the
development of a new version of the QPR product family, planned to be released
in the autumn 2012. Product development activities are especially focused on
the QPR ProcessAnalyzer and QPR EnterpriseArchitect products.
In its new processs analysis business, the Company has adopted a more active
IPR strategy than previously. As a result of this, QPR filed patent
applications in respect of five separate inventions in Finland and the USA in
the first quarter. The inventions relate to automated business process
discovery based on processing event data.
The Company aims to significantly increase its personnel resources for service
offering development in 2012. Through service offering development the Company
aims to grow its local business in Finland, and to accelerate its international
software sales by offering complementary service concepts and solutions to its
channel partners.
SHARES AND TRADING IN THE COMPANY'S SHARES
Trading of shares Jan - March, Jan - March, Jan - Dec,
2012 2011 2011
--------------------------------------------------------------------------------
Shares traded, pcs 122,084 134,806 1,122,981
Volume, EUR 104,310 121,753 953,083
% of shares 1.0 1.1 9.0
--------------------------------------------------------------------------------
Shares and market values Jan - March, Jan - March, Jan - Dec,
2012 2011 2011
--------------------------------------------------------------------------------
Total number of shares, pcs 12,444,863 12,444,863 12,444,863
Treasury shares, pcs 201,055 349,000 179,405
Book counter value, EUR 0.11 0.11 0.11
Outstanding shares, pcs 12,243,808 12,095,863 12,265,458
Number of Shareholders 588 593 588
Closing price, EUR 0.89 0.90 0.88
Market value, EUR 10,896,989 10,886,277 10,793,603
Acquired treasury shares in 21,650 26,788 132,591
reporting period, pcs
Released of treasury in reporting 0 0 -249,021
period, pcs
Book counter value of treasury 22,116 38,390 19,735
shares, EUR
Total purchase value of treasury 185,958 298,914 182,484
shares, EUR
Treasury shares % 1.6 2.8 1.4
--------------------------------------------------------------------------------
INCENTIVE PLANS
QPR Software's has a share-based incentive plan for the Group's executive
management team. The plan includes three one-year earning periods, which are
the calendar years 2011, 2012 and 2013, In addition to this incentive plan, the
Company has a separate bonus system that covers the whole personnel. (More
information in QPR Software Plc's 2011 Annual Report: www.qpr.com --> Investors
section).
OTHER EVENTS IN THE REPORTING PERIOD
QPR started the integration of Nobultec Ltd´s business into its Finnish
business operations. In connection with the integration, the Group´s service
offering, consulting and sales resources will be strengthened and a process
driven operating model, suitable for the requirements of growing business, will
be adopted. This development work advanced as planned in the reporting period
and will be finalized in the current quarter.
GOVERNANCE
The Annual General Meeting held on March 22, 2012 approved the Board's proposal
that a per-share dividend of EUR 0.03 (0.03), a total of EUR 367,314 (362,876),
is paid for the financial year 2011. The dividend was paid to shareholders
entered in the Company's shareholder register, maintained by Euroclear Finland
Oy, on the record date of March 27, 2012. The dividend payment date was April
3, 2012.
The Annual General Meeting resolved that the Board of Directors consists of
four (4) ordinary members. The Annual General Meeting elected the following
members to the Board of Directors: Kirsi Eräkangas, Jyrki Kontio, Vesa-Pekka
Leskinen and Topi Piela. In its first meeting immediately following the Annual
General Meeting, the Board of Directors elected Vesa-Pekka Leskinen as Chairman
of the Board.
KPMG Oy Ab, Authorized Public Accountants, continues as QPR Software Plc's
auditors.
The Annual General Meeting decided to authorize the Board of Directors to
decide on an issue of new shares and acquisition of the Company's own shares
from the market.
The conditions of all authorizations of the Board and other decisions made by
the Annual General Meeting are available in their entirety on the stock
exchange release published by the Company on March 22, 2012 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 the continuity of its business.
QPR has identified the following four groups of risks related to its
operations: risks related to business operations (country, customer, service
delivery, personnel, legal and financial risks as well as risks related to the
Company´s resellers), risks related to information and products (QPR products,
IPR, data security), risks related to financing (foreign currency, bad debt),
and risks related to new businesses (growth of new business, product
development outlays in new business). The Company has an insurance policy for
property, operational and liability risks. The Company monitors country,
customer, personnel and finance risks also in the Russian subsidiary OOO QPR
Software.
Financial risks include reasonable credit risk concerning individual business
partners, which is characteristic to any international business. QPR seeks to
limit this credit risk by continuous monitoring of standard payment terms,
receivables and credit limits. Management estimates that the Company´s credit
loss risk is on a customary and reasonable level.
At the end of the reporting period, the Company had not hedged its foreign
currency (non-Euro) trade receivables.
No significant changes have taken place in QPR's short-term risks and
uncertainties during the reporting period. Risks related to the Company's
business are further described in the Annual Report 2011, page 16 onwards
(www.qpr.com/annual-reports.html).
FUTURE OUTLOOK
Recent forecasts published by market research firms estimate that the value of
global software sales will increase approximately 6% and global professional
services sales will increase approximately 4% in 2012 compared to 2011.
QPR Software estimates the consolidated net sales 2012 to show significantly
faster growth than in the previous year (growth in year 2011: 8.7%) and
operating profit in euros to remain on the same level as in the previous year,
or to improve slightly. The Company expects significant growth especially in
software subscription net sales (software rentals), SAP consulting, process
analysis business and enterprise architecture services.
In 2012, QPR aims to make significant investments in the development of its new
software products QPR ProcessAnalyzer and QPR EnterpriseArchitect, as well as
related services. This will, in short term, have a negative impact on
profitability. The Company believes that these outlays are well justified,
since these businesses have good growth prospects.
The Company focuses on recruiting new channel partners especially for its QPR
ProcessAnalyzer and QPR EnterpriseArchitect software products and also
increases significantly its personnel resources for service offering
development in 2012. Through service offering development the Company aims to
grow its local business in Finland, and to accelerate its international
software sales by offering complementary service concepts and solutions to its
channel partners.
The timing of large software deals can significantly affect net sales and
profit for individual quarters.
FINANCIAL INFORMATION
In 2012, QPR Software publishes interim reports in English and Finnish on the
following dates:
-- Interim Report Jan-June 2012: Wednesday, August 1, 2012
-- Interim Report Jan-Sep 2012: Thursday, October 25, 2012
QPR SOFWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0) 40 5026 397
www.qpr.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
Neither this press release nor any copy of it may be taken, transmitted into or
distributed in the United States of America or its territories or possessions.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) Jan - Jan - Change Jan -
March, 2012 March, 2011 , Dec,
% 2011
Net sales 2,212 1,768 25.1 7,539
Other operating income 15 21 -28.6 79
Materials and services 87 34 155.9 250
Employee benefit expenses 1,294 1,122 15.3 4,594
Other operating expenses 480 346 38.7 1,448
--------------------------------------------------------------------------------
EBITDA 366 287 27.5 1,326
Depreciation and amortization 167 130 28.5 572
--------------------------------------------------------------------------------
Operating profit 199 157 26.8 755
Financial income and expenses -2 -16 87.5 -50
--------------------------------------------------------------------------------
Profit before tax 197 141 39.7 705
Income taxes -48 -41 17.1 -184
--------------------------------------------------------------------------------
Profit for the period 149 100 49.0 521
Profit for the period attributable to:
Shareholders of the parent company 173 106 530
Non-controlling interests -24 -6 -9
--------------------------------------------------------------------------------
149 100 521
Earnings per share (diluted), EUR 0.01 0.01 0.04
Earnings per share, EUR 0.01 0.01 0.04
Consolidated statement of comprehensive income:
Profit for the period 149 100 521
Exchange rate differences from -48 -12 4
translating foreign operations
Income tax relating to components of - - -
other comprehensive income
--------------------------------------------------------------------------------
Total comprehensive income 101 88 525
Total comprehensive income attributable to:
Shareholders of the parent company 125 94 534
Non-controlling interests -24 -6 -9
--------------------------------------------------------------------------------
101 88 525
CONSOLIDATED BALANCE SHEET
(EUR 1,000) March Dec 31, March 31,
31,2012 2011 2011
Assets
Non-current assets
Intangible assets 1,745 1,760 1,368
Goodwill 513 513 0
Tangible assets 141 118 85
Other non-current assets 84 102 222
--------------------------------------------------------------------------------
Total non-current assets 2,483 2,493 1,675
Current assets
Trade and other receivables 2,870 4,248 3,292
Cash and cash equivalents 2,283 1,020 1,995
--------------------------------------------------------------------------------
Total current assets 5,153 5,268 5,287
Total assets 7,636 7,761 6,962
================================================================================
Equity and liabilities March Dec 31, March 31,
31,2012 2011 2011
Equity
Share capital 1,359 1,359 1,359
Other funds 21 21 21
Treasury shares -186 -158 -299
Translation differences -114 -66 -82
Invested non-restricted equity fund 5 5 5
Retained earnings 1,993 1,820 1,760
--------------------------------------------------------------------------------
Equity attributable to shareholders of the 3,078 2,981 2,764
parent company
Non-controlling interests -32 -8 -6
--------------------------------------------------------------------------------
Total equity 3,046 2,973 2,758
Non-current liabilities
Interest-bearing liabilities 226 340 453
Non-interest-bearing liabilities 85 146 0
--------------------------------------------------------------------------------
Total non-current liabilities 311 486 453
Current liabilities
Trade and other payables 4,053 4,076 3,524
Interest-bearing liabilities 226 226 227
--------------------------------------------------------------------------------
Total current liabilities 4,279 4,302 3,751
Total liabilities 4,590 4,788 4,204
Total equity and liabilities 7,636 7,761 6,962
================================================================================
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) March 31, March 31, Dec 31,
2012 2011 2011
Cash flow from operating activities
Profit for the period 149 100 521
Adjustments for the profit 142 118 718
Working capital changes 1,297 305 28
Interest and other financial expenses paid -11 -4 -23
Interest and other financial income 3 2 27
received
Income taxes paid 0 0 -10
--------------------------------------------------------------------------------
Net cash from operating activities 1,580 521 1,261
Cash flow from investing activities
Acquired subsidiaries 0 0 -565
Purchases of tangible and intangible assets -175 -92 -691
--------------------------------------------------------------------------------
Net cash used in investing activities -175 -92 -1,256
Cash flow from financing activities
Repayments of long-term borrowings -113 -113 -226
Repurchase of shares -28 -24 -100
Dividends paid 0 0 -362
--------------------------------------------------------------------------------
Net cash used in financing activities -141 -137 -688
Net change in cash and cash equivalents 1,264 292 -683
Cash and cash equivalents at the beginning 1,020 1,702 1,702
of the period
Effects of exchange rate changes on cash -1 1 1
and cash equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the 2,283 1,995 1,020
period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JANUARY 1 - MARCH 31, 2012
(EUR Share Other Translat Treasu Invested Retain Non-cont Total
1,000) capita funds ion ry non-restric ed rolling
l differen shares ted equity earnin interest
ces fund gs s
Equity 1,359 21 -66 -158 5 1,820 -8 2,973
Jan 1,
2012
Repurcha -28 -28
se of
shares
Comprehe -48 173 -24 101
nsive
income
--------------------------------------------------------------------------------
Change 0 0 -48 -28 0 173 -24 73
in
equity
--------------------------------------------------------------------------------
Equity 1,359 21 -114 -186 5 1,993 -32 3,046
March
31,
2012
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JANUARY 1 - DECEMBER 31,
2011
(EUR Share Other Translat Treasu Invested Retain Non-cont Total
1,000) capita funds ion ry non-restric ed rolling
l differen shares ted equity earnin interest
ces fund gs s
Equity 1,359 21 -70 -275 5 1,653 1 2,694
Jan 1,
2011
Dividend -362 -362
s paid
Repurcha -100 -100
se of
shares
Disposal 217 217
of
treasur
y shares
Comprehe 4 529 -9 524
nsive
income
--------------------------------------------------------------------------------
Change 0 0 4 117 0 167 -9 279
in
equity
--------------------------------------------------------------------------------
Equity 1,359 21 -66 -158 5 1,820 -8 2,973
Dec 31,
2011
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JANUARY 1 - MARCH
31, 2011
(EUR Share Other Translat Treasu Invested Retain Non-cont Total
1,000) capita funds ion ry non-restric ed rolling
l differen shares ted equity earnin interest
ces fund gs s
Equity 1,359 21 -70 -275 5 1,653 1 2,694
Jan 1,
2011
Repurcha -24 -24
se of
shares
Comprehe -12 106 -6 88
nsive
income
--------------------------------------------------------------------------------
Change 0 0 -12 -24 0 106 -6 64
in
equity
--------------------------------------------------------------------------------
Equity 1,359 21 -82 -299 5 1,760 -6 2,758
March
31,
2011
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRICIPLES
This interim report complies with requirements of IAS 34 ”Interim Financial
Reporting”. Starting from the beginning of the reporting period, the Group has
applied certain new or revised IFRS standards and IFRIC interpretations as
described in the Consolidated Financial Statements 2011. The implementation of
these new and revised requirements have not materially impacted the reported
figures. For all other parts, the accounting and valuation principles are the
same as they were in the 2011 financial statements.
When preparing the consolidated financial statements, management is required to
make estimates and assumptions regarding the future and to consider the
appropriate application of accounting principles, which means that actual
results may differ from those estimated.
All amounts presented in this interim report are consolidated figures, unless
otherwise noted.
The amounts presented in the report are rounded, so the sum of individual
figures may differ from the sum reported. This interim report is unaudited.
GROUP COMMITMENTS AND CONTINGENT LIABILITIES
(EUR 1,000) March 31, Dec 31, March 31,
2012 2011 2011
Business mortgage 1,337 1,337 1337
Current lease liabilities
Liabilities maturing during one year 205 231 255
Liabilities maturing 2-5 years 77 77 137
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lease liabilities total 282 308 392
Total commitments and contingent 1,619 1,645 1,729
liabilities
CURRENCY HEDGING
(EUR 1,000) March 31, Dec 31, March 31,
2012 2011 2011
Nominal value 0 0 58
Fair value 0 0 55
GROUP INTANGIBLE AND TANGIBLE ASSETS
Increases in intangible assets
(EUR 1,000) March 31, 2012 Dec 31, 2011 March 31, 2011
Acquisition cost Jan 1 4,491 3,608 3,608
Increase 129 883 73
Increases in tangible assets
(EUR 1,000) March 31, 2012 Dec 31, March 31, 2011
2011
Acquisition cost Jan 1 1,158 1,021 1,021
Increase 46 137 19
CHANGE IN GROUP INTEREST-BEARING LOANS
(EUR 1,000) March 31, 2012 Dec 31, March 31, 2011
2011
Interest-bearing loans Jan 1 566 792 792
Repayments -113 -226 -113
---------------------------------------------------------------------
---------------------------------------------------------------------
Interest-bearing loans 452 566 680
March 31/Dec 31
CONSOLIDATED INCOME STATEMENT BY QUARTER
(EUR 1,000) Jan -March, Oct - Dec, July - April Jan -March,
2012 2011 Sept, 2011 -June, 2011
2011
Net sales 2,212 2,215 1,772 1,784 1,768
Other operating 15 29 12 17 21
income
Materials and 87 66 78 72 34
services
Employee benefit 1,294 1,361 1,058 1,053 1,122
expenses
Other operating 480 400 339 363 346
expenses
--------------------------------------------------------------------------------
EBITDA 366 417 309 313 287
Depreciation and 167 151 157 134 130
amortization
--------------------------------------------------------------------------------
Operating profit 199 267 152 179 157
Financial income -2 -24 -2 -8 -16
and expenses
--------------------------------------------------------------------------------
Profit before tax 197 243 150 171 141
Income taxes -48 -82 -36 -24 -41
--------------------------------------------------------------------------------
Profit for the 149 161 113 147 100
period
SEGMENT INFORMATION
(1,000 EUR) Jan - March, 2012 Jan - March, 2011 Jan - Dec,
2011
Net sales
Software Sales 949 984 3,836
International
Business Operations Finland 1,263 784 3,703
Not allocated 0 0 0
------------------------------------------------------------------------------
Total net sales 2,212 1,768 7,539
EBITDA
Software Sales 148 220 764
International
Business Operations Finland 324 151 925
Not allocated -105 -84 -363
------------------------------------------------------------------------------
Total EBITDA 366 287 1,326
Operating profit
Software Sales 81 154 472
International
Business Operations Finland 223 87 646
Not allocated -105 -84 -363
------------------------------------------------------------------------------
Total operating profit 199 157 755
Financial income and expenses -2 -16 -50
Income taxes -48 -41 -184
--------------------------------------------------------------------------------
Profit for the period 149 100 521
Other information
Depreciation and amortization
Software Sales 66 66 292
International
Business Operations Finland 101 64 280
------------------------------------------------------------------------------
Total depreciation and 167 130 572
amortization
GROUP KEY FIGURES
EUR (1,000) Jan - March, Jan - March, Jan - Dec,
2012 2011 2011
Net sales 2,212 1,768 7,539
Net sales growth, % 25.1 5.8 8.7
Operating profit 199 157 755
% of net sales 9.0 8.9 10.0
Profit before tax 197 141 705
% of net sales 8.9 8.0 9.4
Profit for the period 149 100 521
% of net sales 6.7 5.7 6.9
Return on equity, % 19.7 14.6 18.4
Return on investment ,% 22.6 18.0 21.5
Interest bearing liabilities 452 680 566
Cash and cash equivalents 2,283 1,995 1,020
Free cash flow 1,405 429 570
Net liabilities -1,831 -1,315 -454
Equity 3,046 2,758 2,973
Gearing, % -60.2 -47.8 -15.3
Equity ratio, % 53.3 48.7 44.2
Total balance sheet 7,636 6,962 7,761
Investments in non-current 175 92 1,478
assets
% of net sales 7.9 5.1 19.6
Development expenses 403 347 1,313
% of net sales 18.2 19.6 17.4
Average number of personnel 74 68 72
Personnel at the beginning of 73 65 65
period
Personnel at the end of period 73 68 73
Earnings per share, € 0.01 0.01 0.04
Earnings per share (diluted), € 0.01 0.01 0.04
Equity per share, € 0.24 0.22 0.24
Definitions of key figures are presented on page 45 in the Annual Report 2011.
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