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2007-10-25 08:30:05 CEST 2007-10-25 08:30:05 CEST REGULATED INFORMATION QPR Software - Quarterly reportQPR SOFTWARE PLC´S NET SALES WERE MEUR 1.2 IN THE THIRD QUARTER, OPERATING PROFIT WAS MEUR -0.3QPR 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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