2013-04-25 08:30:01 CEST
2013-04-25 08:30:11 CEST
REGULATED INFORMATION
QPR Software - Interim report (Q1 and Q3)
INTERIM REPORT JANUARY-MARCH 2013: NET SALES EUR 2.1 MILLION, OPERATING PROFIT SLIGHTLY NEGATIVE
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE APRIL 25, 2013 AT 9.30 AM
INTERIM REPORT JANUARY-MARCH 2013
NET SALES EUR 2.1 MILLION, OPERATING PROFIT SLIGHTLY NEGATIVE
Summary January-March 2013
-- Net sales EUR 2,082 thousand (2012: 2,212).
-- Net sales decreased 6% due to a significant decrease in software license
net sales. Net sales from software rentals increased 45%.
-- Recurring revenues (software rentals and maintenance services) increased
11% and were 56% of total net sales (47).
-- Operating profit negative EUR 31 thousand (positive 199).
-- Cash flow from operating activities EUR 1,269 thousand (1,580).
-- Profit before taxes negative EUR 42 thousand (positive 197).
-- Profit for the period negative EUR 36 thousand (positive 149).
-- Earnings per share negative EUR 0.003 (positive 0.012).
Outlook 2013
QPR estimates its net sales in 2013 to remain on the same level or to grow
slightly compared to previous year (2012: EUR 9.3 million). Especially net
sales from software rentals and enterprise architecture services are expected
to grow, but license net sales to decrease. Operating profit is likely to be
smaller than in previous year (2012: EUR 0.9 million), but to improve
significantly from the level in January-March 2013.
In 2013, the Company aims to continue investments in the development of its new
software products. In recent years, QPR has launched two new software products
that have excellent growth prospects. The strong growth of QPR
EnterpriseArchitect business in Finland is estimated to continue, and in 2013
the Company is building a new international reseller network for the product.
QPR EnterpriseArchitect is software for agile management of all dimensions in
the enterprise architecture. The Company also invests in recruiting OEM
partners for its innovative new QPR ProcessAnalyzer software product, which
offers a fast way to automatically discover business processes by using data
stored in the IT systems of an organization.
The Company is also developing its professional service offering, with the aim
to grow its local business in Finland and to accelerate its international
software sales. Internationally, this happens by offering complementary service
concepts and solutions to the Company's reseller partners.
KEY FIGURES
EUR in thousands, unless otherwise Jan-Mar Jan-Mar Change, Jan-Dec
indicated 2013 2012 % 2012
--------------------------------------------------------------------------------
Net sales 2,082 2,212 -5.9 9,321
Operating profit -31 199 -115.6 874
% of net sales -1.5 9.0 9.4
Profit before tax -42 197 -121.3 833
Profit for the period -36 149 -124.2 662
% of net sales -1.7 6.7 7.1
Earnings per share, EUR -0.003 0.012 -125.0 0.054
Equity per share, EUR 0.236 0.245 -3.7 0.240
Cash flow from operating activities 1,269 1,580 -19.7 1,777
Cash and cash equivalents 2,443 2,283 7.0 1,404
Free cash flow 1,055 1,405 -24.9 1,165
Net liabilities -2,104 -1,831 14.9 -1,065
Gearing, % -71.7 -60.2 -35.7
Equity ratio, % 53.1 53.3 51.3
Return on equity, % -4.9 19.7 22.2
Return on investment, % -3.4 22.6 25.5
--------------------------------------------------------------------------------
REPORTING
This report complies with requirements of IAS 34 ”Interim Financial Reporting”.
Starting from the beginning of 2013, the Company has applied certain new or
revised IFRS standards and IFRIC interpretations as described in the
Consolidated Financial Statements 2012. 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 2012 financial statements. This report is unaudited.
QPR Software's business operations consist of software 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: Direct and OEM business (software
license and rental sales, maintenance and professional services sales to direct
customers and OEM customers) and Resellers (software license and rental sales,
maintenance and professional services sales through resellers and the Russian
subsidiary).
NET SALES
Net sales in January-March were EUR 2,082 thousand (2,212) and decreased 6%
from the corresponding period of the previous year. Net sales decreased due to
a clear and stronger than expected decline in software license sales, which was
not fully compensated by the continued strong growth in software rental net
sales.
Net sales by product group
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Change, % Jan-Dec
2012
--------------------------------------------------------------------------------
Software licenses 198 452 -56 1,797
Software maintenance 771 777 -1 3,223
services
Software rentals 390 269 45 1,221
Professional services 722 714 1 3,080
--------------------------------------------------------------------------------
Total 2,082 2,212 -6 9,321
--------------------------------------------------------------------------------
New software sales by QPR are increasingly made through software rentals rather
than perpetual license sales, which is reflected as decline in software license
net sales and increase in software rental net sales. In Finland, clear majority
of new sales are made on a rental basis. Internationally, the transition is
still ongoing.
In the first quarter, software license net sales decreased 56%, which the
growth of 45% in software rental net sales was not able to fully compensate.
The comparative figure for software license net sales in 2012 was positively
impacted by a very significant license sale to the Malaysian public
administration. Net sales from software maintenance services and professional
services remained roughly on the same level as in the corresponding period last
year. In professional services, net sales from enterprise architecture services
grew strongly, while net sales from other professional services decreased due
to, among others, changes in project timing. QPR expects net sales from
professional services to grow during the rest of the year, compared to the
level in the first quarter.
Total recurring revenue (net sales from software maintenance services and
software rentals) grew 11% in the first quarter. The share of recurring revenue
of total net sales increased to 56% (47).
Net sales by business segment
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Change, % Jan-Dec 2012
----------------------------------------------------------------------------
Direct and OEM business 1,349 1,263 7 5,491
Resellers 733 949 -23 3,830
----------------------------------------------------------------------------
Total 2,082 2,212 -6 9,321
----------------------------------------------------------------------------
In the first quarter, net sales in the Direct and OEM business grew 7% from the
corresponding period last year. The growth was especially strong in net sales
from software and services aiming at developing enterprise architecture. During
the quarter, QPR strengthened further its personnel resources in this business.
Net sales in the Resellers unit decreased 23% in the first quarter, mainly due
to decline in software license net sales, which was not fully compensated by
the growth in software rental net sales.
FINANCIAL PERFORMANCE
Operating profit by business segment:
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Change, % Jan-Dec 2012
----------------------------------------------------------------------------
Direct and OEM business 18 223 -92 848
Resellers 40 81 -51 402
Unallocated -89 -105 -15 -376
----------------------------------------------------------------------------
Total -31 199 -116 874
----------------------------------------------------------------------------
The Group's operating profit in the first quarter was negative, as net sales
declined by 6%. Operating profit in the Direct and OEM business declined due to
continued outlays in the growth businesses. Operating profit in the Resellers
unit declined in the first quarter mainly due to lower net sales.
The Group's expenses grew 6% due to outlays in the growth businesses. Personnel
expenses grew 18% and were 71% of total expenses (64).
Net financial expenses were EUR 11 thousand (2). Profit before taxes was
negative EUR 42 thousand (positive 197). Profit for the period was negative EUR
36 thousand (positive 149) and earnings per share was negative EUR 0.003
(positive 0.012).
FINANCE AND INVESTMENTS
Cash flow from operating activities was EUR 1,269 thousand (1,580). Cash and
cash equivalents at the end of the reporting period were EUR 2,443 thousand
(2,283).
Investments in the reporting period totaled EUR 214 thousand (175). Slightly
more than half of the investments were made in product development.
Interest-bearing liabilities decreased and were EUR 339 thousand (452) at the
end of the reporting period. The gearing ratio was -72% (-60). Current
liabilities include deferred revenue in total of EUR 2,028 thousand (1,938).
Return on investment was negative 3% (positive 23).
Equity ratio was 53% (53). The consolidated shareholders' equity stood at EUR
2,935 thousand (3,046). Return on equity was negative 5% (positive 20).
The Annual General Meeting on March 14, 2013 authorized the Board of Directors
to decide on issuing a maximum of 4,000,000 new shares, to decide on conveyance
of a maximum of 550,000 own shares held by the Company, and to decide on
acquiring a maximum of 250,000 own shares. The authorizations are in force
until the next Annual General Meeting. On March 20, 2013, the Company issued a
stock exchange release on a decision to start acquiring own shares through
public trading in NASDAQ OMX Helsinki Ltd.
PRODUCT AND SERVICE DEVELOPMENT
Product development expenses in the reporting period were EUR 461 thousand
(403), representing 22% (18) of net sales. Product development expenses do not
include amortization of capitalized product development expenses.
During the quarter, product development expenses were capitalized for a total
amount of EUR 110 thousand (101). The amortization period for capitalized
product development expenses is four years. The amortization of capitalized
product development expenses in the reporting period was EUR 69 thousand (67).
Product development employed 28 persons at the end of the quarter, which
corresponds to 33% of the total personnel.
In the reporting period, product development activities were especially focused
on the QPR ProcessAnalyzer and QPR EnterpriseArchitect products.
By developing its service products, 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 reseller partners.
PERSONNEL
At the end of the quarter, QPR employed a total of 84 persons (73). Average
number of personnel in the reporting period was 84 (74). Personnel expenses in
the quarter totaled EUR 1,528 thousand (1,294).
For incentive purposes, the Company has a bonus program that covers all
employees. Short-term remuneration of the top management consists of salary,
fringe benefits and a possible annual bonus based on net sales and operating
profit performance. The maximum annual bonus of executive management team,
including the CEO, is 40% of the annual base salary. Long-term remuneration of
the executive management team consists of a share-based incentive plan.
Information on incentive plans in the Annual Report 2012: www.qpr.com -->
“Investors” section.
SHARES AND SHAREHOLDERS
Trading of shares Jan-Mar 2013 Jan-Mar Jan-Dec
2012 2012
--------------------------------------------------------------------------------
Shares traded, pcs 183,806 122,084 501,186
Volume, EUR 175,137 104,310 437,890
% of shares 1.5 1.0 4.0
--------------------------------------------------------------------------------
Shares and market capitalization Mar 31, Mar 31, Dec 31,
2013 2012 2012
--------------------------------------------------------------------------------
Total number of shares, pcs 12,444,863 12,444,863 12,444,863
Treasury shares, pcs 302,603 201,055 285,887
Book counter value, EUR 0.11 0.11 0.11
Outstanding shares, pcs 12,142,260 12,243,808 12,158,976
Number of shareholders 617 588 597
Closing price, EUR 0.94 0.89 0.95
Market capitalization, EUR 11,413,724 10,896,989 11,551,027
Acquired treasury shares in reporting 16,716 21,650 106,482
period, pcs
Book counter value of treasury shares, 33,286 22,116 31,448
EUR
Total purchase value of treasury shares, 273,256 185,958 260,906
EUR
Treasury shares, % of all shares 2.4 1.6 2.3
--------------------------------------------------------------------------------
The Annual General Meeting held on March 14, 2013 approved the Board's proposal
that a per-share dividend of EUR 0.04 (0.03), a total of EUR 486 thousand
(367), is paid for the financial year 2012. The dividend was paid to
shareholders entered in the Company's shareholder register, maintained by
Euroclear Finland Oy, on the record date of March 19, 2013. The dividend
payment date was April 3, 2013.
OTHER EVENTS IN THE REPORTING PERIOD
In March, QPR and the German software company JobRouter AG announced a new
process analysis service based on QPR ProcessAnalyzer software. The companies
have agreed on cooperation, where JobRouter will use QPR ProcessAnalyzer
software in fact-based visualizing and analysis of their customers' processes
in the JobRouter workflow solution.
SUBSEQUENT EVENTS
In April, after a tender competition, Hansel Oy, the central procurement unit
of the Finnish Government, elected QPR Software as one of the frame agreement
providers of management consulting services for years 2013-2017. The frame
agreement enables QPR to offer its professional services in simplified tender
competitions by government entities in their operational development and
enterprise architecture projects.
In April, QPR Software published an agreement with CGI, the leading IT and
business process services company, for a new process analysis service based on
QPR ProcessAnalyzer software product. With the service, CGI will be able to
show their customers the real state of their processes and help support them in
reaching operational efficiency. For QPR, the partnership gives the opportunity
to bring QPR ProcessAnalyzer to a larger audience.
GOVERNANCE
The Annual General Meeting on March 14, 2013 resolved that the Board of
Directors consists of four (4) ordinary members. The AGM elected the following
members to the Board of Directors: Kirsi Eräkangas, Jyrki Kontio, Vesa-Pekka
Leskinen and Topi Piela. In its first meeting following the Annual General
Meeting, the Board of Directors elected Vesa-Pekka Leskinen as Chairman of the
Board.
The AGM elected KPMG Oy Ab, Authorized Public Accountants, as QPR Software
Plc's auditors, with Kirsi Jantunen, Authorized Public Accountant, acting as
principal auditor.
The AGM authorized the Board to decide on issuing new shares and repurchasing
the Company's own shares.
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 14, 2013 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, reacts to changes in the market and operational environment,
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 investments 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. The escalated economic crisis in the euro area
has, according to management's estimate, to some extent increased the credit
risk that has remained on a moderate level in recent years. In the reporting
period, EUR 21 thousand (30) of credit losses were recorded. The amount of
trade receivables over 60 days past due was 8% (21) of total trade receivables
at the end of the quarter.
Approximately 70% of Group's trade receivables are in euro. At the end of the
quarter, 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 and risk management related to
the Company's business are further described in the Annual Report 2012, pages
14-15 (www.qpr.com/investors/key-figures-and-reports.htm).
OUTLOOK 2013
QPR estimates its net sales in 2013 to remain on the same level or to grow
slightly compared to previous year (2012: EUR 9.3 million). Especially net
sales from software rentals and enterprise architecture services are expected
to grow, but license net sales to decrease. Operating profit is likely to be
smaller than in previous year (2012: EUR 0.9 million), but to improve
significantly from the level in January-March 2013.
In 2013, the Company aims to continue investments in the development of its new
software products. In recent years, QPR has launched two new software products
that have excellent growth prospects. The strong growth of QPR
EnterpriseArchitect business in Finland is estimated to continue, and in 2013
the Company is building a new international reseller network for the product.
QPR EnterpriseArchitect is software for agile management of all dimensions in
the enterprise architecture. The Company also invests in recruiting OEM
partners for its innovative new QPR ProcessAnalyzer software product, which
offers a fast way to automatically discover business processes by using data
stored in the IT systems of an organization.
The Company is also developing its professional service offering, with the aim
to grow its local business in Finland and to accelerate its international
software sales. Internationally, this happens by offering complementary service
concepts and solutions to the Company's reseller partners.
FINANCIAL INFORMATION
In 2013, QPR Software will publish interim reports on the following dates:
-- Interim Report Q2/2013: Tuesday, July 30, 2013
-- Interim Report Q3/2013: Tuesday, October 29, 2013
QPR SOFTWARE PLC
BOARD OF DIRECTORS
Further information:
Jari Jaakkola, CEO
Tel. +358 (0) 40 5026 397
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 in thousands, Jan-Mar Jan-Mar Change, Jan-Dec
unless otherwise indicated 2013 2012 % 2012
--------------------------------------------------------------------------------
Net sales 2,082 2,212 -6 9,321
Other operating income 32 15 113 158
Materials and services 61 87 -30 402
Employee benefit expenses 1,528 1,294 18 5,491
Other operating expenses 383 480 -20 2,031
--------------------------------------------------------------------------------
EBITDA 142 366 -61 1,555
Depreciation and amortization 173 167 4 681
--------------------------------------------------------------------------------
Operating profit -31 199 -116 874
Financial income and expenses -11 -2 450 -41
--------------------------------------------------------------------------------
Profit before tax -42 197 -121 833
Income taxes 6 -48 -113 -171
--------------------------------------------------------------------------------
Profit for the period -36 149 -124 662
Profit for the period attributable
to:
Shareholders of the parent company -36 173 662
Non-controlling interests - -24 -
--------------------------------------------------------------------------------
Total -36 149 662
Earnings per share, EUR (basic and -0.003 0.012 -125 0.054
diluted)
Consolidated statement of
comprehensive income:
Profit for the period -36 149 662
Other items that may be
reclassified
subsequently to profit or loss:
Exchange rate differences from
translating foreign operations 2 -48 -103
Income tax related to other items - - -
--------------------------------------------------------------------------------
Total comprehensive income -34 101 559
Total comprehensive income
attributable to:
Shareholders of the parent company -34 125 559
Non-controlling interests - -24 -
--------------------------------------------------------------------------------
Total -34 101 559
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
EUR in thousands Mar Mar Dec Change
31, 31, 31, ,
2013 2012 2012 %
--------------------------------------------------------------------------------
Assets
Non-current assets:
Intangible assets 1,540 1,745 1,557 -1
Goodwill 513 513 513 0
Tangible assets 197 141 140 41
Other non-current assets 122 84 120 2
--------------------------------------------------------------------------------
Total non-current assets 2,372 2,483 2,330 2
Current assets:
Trade and other receivables 2,745 2,870 3,111 -12
Cash and cash equivalents 2,443 2,283 1,404 74
--------------------------------------------------------------------------------
Total current assets 5,188 5,153 4,515 15
Total assets 7,560 7,636 6,845 10
================================================================================
Equity and liabilities
Equity:
Share capital 1,359 1,359 1,359 0
Other funds 21 21 21 0
Treasury shares -273 -186 -261 5
Translation differences -167 -114 -169 -1
Invested non-restricted equity fund 5 5 5 0
Retained earnings 1,990 1,993 2,026 -2
--------------------------------------------------------------------------------
Equity attributable to shareholders of the 2,935 3,078 2,981 -2
parent company
Non-controlling interests - -32 -
--------------------------------------------------------------------------------
Total equity 2,935 3,046 2,981 -2
Non-current liabilities:
Interest-bearing liabilities 113 226 113 0
Non-interest-bearing liabilities 66 85 71 -7
--------------------------------------------------------------------------------
Total non-current liabilities 179 311 184 -3
Current liabilities:
Trade and other payables 4,219 4,053 3,452 22
Interest-bearing liabilities 226 226 226 0
--------------------------------------------------------------------------------
Total current liabilities 4,445 4,279 3,678 21
Total liabilities 4,625 4,590 3,862 20
Total equity and liabilities 7,560 7,636 6,845 10
================================================================================
CONSOLIDATED CASH FLOW STATEMENT
EUR in thousands Jan-Mar Jan-Mar Change, Jan-Dec
2013 2012 % 2012
--------------------------------------------------------------------------------
Cash flow from operating activities:
Profit for the period -36 149 -124 662
Adjustments to the profit 166 142 17 548
Working capital changes 1,188 1,297 -8 744
Interest and other financial expenses -4 -11 -64 -39
paid
Interest and other financial income 2 3 -33 21
received
Income taxes paid -47 0 -159
--------------------------------------------------------------------------------
Net cash from operating activities 1,269 1,580 -20 1,777
Cash flow from investing activities:
Acquired subsidiaries -3 - -81
Purchases of tangible and intangible -214 -175 22 -612
assets
--------------------------------------------------------------------------------
Net cash used in investing activities -217 -175 24 -693
Cash flow from financing activities:
Repayments of long-term borrowings - -113 -226
Repurchase of shares -12 -28 -57 -103
Dividends paid - - -367
--------------------------------------------------------------------------------
Net cash used in financing activities -12 -141 -91 -696
Net change in cash and cash 1,040 1,264 -18 388
equivalents
Cash and cash equivalents at the 1,404 1,020 38 1,020
beginning of the period
Effects of exchange rate changes on -1 -1 -4
cash and cash equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end 2,443 2,283 7 1,404
of the period
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR in Share Other Transla Treasu Invested Retain Non-con Total
thousands capita funds tion ry non-rest ed trollin
l differe shares ricted earnin g
nces equity gs interes
fund ts
--------------------------------------------------------------------------------
Equity Jan 1, 1,359 21 -66 -158 5 1,820 -8 2,973
2012
Repurchase of -28 -28
shares
Comprehensive -48 173 -24 101
income
--------------------------------------------------------------------------------
Equity Mar 1,359 21 -114 -186 5 1,993 -32 3,046
31, 2012
--------------------------------------------------------------------------------
Dividends -367 -367
paid
Acquisition -89 8 -81
of the
remaining
20% share in
QPR CIS Oy
Repurchase of -75 -75
shares
Comprehensive -55 489 24 458
income
--------------------------------------------------------------------------------
Equity Dec 1,359 21 -169 -261 5 2,026 - 2,981
31, 2012
--------------------------------------------------------------------------------
Repurchase of -12 -12
shares
Comprehensive 2 -36 -34
income
--------------------------------------------------------------------------------
Equity Mar 1,359 21 -167 -273 5 1,990 - 2,935
31, 2013
--------------------------------------------------------------------------------
NOTES TO INTERIM FINANCIAL STATEMENTS
ACCOUNTING PRICIPLES
This report complies with requirements of IAS 34 ”Interim Financial Reporting”.
Starting from the beginning of 2013, the Company has applied certain new or
revised IFRS standards and IFRIC interpretations as described in the
Consolidated Financial Statements 2012. 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 2012 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 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 report is unaudited.
During the reporting period, the Group did not have any financial instruments
measured at fair value.
GROUP INTANGIBLE AND TANGIBLE ASSETS
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Jan-Dec 2012
-----------------------------------------------------------------------------
Increase in intangible assets:
Acquisition cost Jan 1 5,428 5,004 5,004
Increase 138 129 427
Increase in tangible assets:
Acquisition cost Jan 1 1,234 1,159 1,159
Increase 76 46 117
-----------------------------------------------------------------------------
CHANGE IN GROUP INTEREST-BEARING LIABILITIES
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Jan-Dec 2012
-----------------------------------------------------------------------------
Interest-bearing liabilities Jan 1 339 566 566
Repayments - -113 -226
-----------------------------------------------------------------------------
Interest-bearing liabilities Mar 31 339 452 339
-----------------------------------------------------------------------------
GROUP COMMITMENTS AND CONTINGENT LIABILITIES
EUR in thousands Mar 31, Mar 31, Dec 31, Change,
2013 2012 2012 %
--------------------------------------------------------------------------------
Business mortgage 1,337 1,337 1,337 0
Lease liabilities
Liabilities maturing in one year 404 205 397 2
Liabilities maturing in 2-5 years 11 77 91 -88
--------------------------------------------------------------------------------
Lease liabilities total 415 282 488
Total commitments and contingent 1,752 1,619 1,825 -4
liabilities
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR in thousands Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
--------------------------------------------------------------------------------
Net sales 2,082 2,693 2,011 2,404 2,212
Other operating 32 104 18 21 15
income
Materials and 61 100 100 115 87
services
Employee benefit 1,528 1,626 1,211 1,360 1,294
expenses
Other operating 383 620 379 552 480
expenses
--------------------------------------------------------------------------------
EBITDA 142 451 339 398 366
Depreciation and 173 171 174 168 167
amortization
--------------------------------------------------------------------------------
Operating profit -31 281 165 230 199
Financial income -11 -9 4 -34 -2
and expenses
--------------------------------------------------------------------------------
Profit before tax -42 271 169 196 197
Income taxes 6 -34 -17 -72 -48
--------------------------------------------------------------------------------
Profit for the -36 237 152 124 149
period
--------------------------------------------------------------------------------
SEGMENT INFORMATION
--------------------------------------------------------------------------------
EUR in thousands Jan-Mar 2013 Jan-Mar 2012 Change, Jan-Dec 2012
%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales
Direct and OEM 1,349 1,263 7 5,491
business
Resellers 733 949 -23 3,830
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total 2,082 2,212 -6 9,321
EBITDA
Direct and OEM 118 324 -64 1,251
business
Resellers 113 148 -24 680
Unallocated -89 -105 -15 -376
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total 142 366 -61 1,555
Operating profit
Direct and OEM 18 223 -92 848
business
Resellers 40 81 -51 402
Unallocated -89 -105 -15 -376
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total -31 199 -116 874
Financial income and -11 -2 450 -41
expenses
Income taxes 6 -48 -113 -171
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for the period -36 149 -124 662
Other information:
Depreciation and
amortization
Direct and OEM 100 101 -1 403
business
Resellers 73 66 11 278
-----------------------------------------------------------------------
Total 173 167 4 681
--------------------------------------------------------------------------------
Names of the segments have been changed in 2013. Earlier, these segments were
called Finland operations and International operations.
GROUP KEY FIGURES
EUR in thousands, unless Jan-Mar or Mar Jan-Mar or Mar Jan-Dec or Dec
otherwise indicated 31, 2013 31, 2012 31, 2012
--------------------------------------------------------------------------------
Net sales 2,082 2,212 9,321
Net sales growth, % -5.9 8.7 23.6
Operating profit -31 199 874
% of net sales -1.5 9.0 9.4
Profit before tax -42 197 833
% of net sales -2.0 8.9 8.9
Profit for the period -36 149 662
% of net sales -1.7 6.7 7.1
Return on equity, % -4.9 19.7 22.2
Return on investment ,% -3.4 22.6 25.5
Interest-bearing 339 452 339
liabilities
Cash and cash equivalents 2,443 2,283 1,404
Free cash flow 1,055 1,405 1,165
Net liabilities -2,103 -1,831 -1,065
Equity 2,935 3,046 2,981
Gearing, % -71.7 -60.2 -35.7
Equity ratio, % 53.1 53.3 51.3
Total balance sheet 7,560 7,636 6,845
Investments in non-current 214 175 518
assets
% of net sales 10.3 7.9 5.6
Product development 461 403 1,619
expenses
% of net sales 22.1 18.2 17.4
Average number of personnel 84 74 78
Personnel at the beginning 81 73 73
of period
Personnel at the end of 84 73 81
period
Earnings per share, EUR -0.003 0.012 0.054
Equity per share, EUR 0.236 0.245 0.240
--------------------------------------------------------------------------------
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